# EDGAR Filing Document

**Accession Number:** 0000723620
**File Stem:** 0000898432-26-000013
**Filing Date:** 2026-1
**Character Count:** 1196800
**Document Hash:** 7bd0aa01c41a2e235c89f4c44539f6aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898432-26-000013.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0000898432-26-000013

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**EFFECTIVENESS DATE**: 20260102

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEUBERGER BERMAN INCOME FUNDS
- **CENTRAL INDEX KEY:** 0000723620

**ORGANIZATION NAME:**
- **EIN:** 133179654
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03802
- **FILM NUMBER:** 26502159

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104
- **BUSINESS PHONE:** (212) 476-8800

**MAIL ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEHMAN BROTHERS INCOME FUNDS
- **DATE OF NAME CHANGE:** 20070601

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEUBERGER BERMAN INCOME FUNDS
- **DATE OF NAME CHANGE:** 19981105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEUBERGER & BERMAN INCOME FUNDS
- **DATE OF NAME CHANGE:** 19930701

## Series and Classes Contracts Data

### Neuberger Berman High Income Bond Fund (Series ID: S000007832)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021322 | Investor Class      | NHINX           |
| C000064460 | Institutional Class | NHILX           |
| C000077167 | Class A             | NHIAX           |
| C000077168 | Class C             | NHICX           |
| C000077170 | Class R3            | NHIRX           |
| C000125075 | Class R6            | NRHIX           |
| C000228875 | Class E Shares      | NHIEX           |

### Neuberger Berman Municipal Intermediate Bond Fund (Series ID: S000007833)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021323 | Investor Class      | NMUIX           |
| C000089977 | Class A             | NMNAX           |
| C000089978 | Class C             | NMNCX           |
| C000089979 | Institutional Class | NMNLX           |

### Neuberger Berman Strategic Income Fund (Series ID: S000007834)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021324 | Institutional Class | NSTLX           |
| C000044074 | Trust Class         | NSTTX           |
| C000057302 | Class A             | NSTAX           |
| C000057303 | Class C             | NSTCX           |
| C000125076 | Class R6            | NRSIX           |

### Neuberger Berman Core Bond Fund (Series ID: S000007835)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021325 | Investor Class      | NCRIX           |
| C000021326 | Institutional Class | NCRLX           |
| C000057304 | Class A             | NCRAX           |
| C000057305 | Class C             | NCRCX           |
| C000153036 | Class R6            | NRCRX           |

### Neuberger Berman Floating Rate Income Fund (Series ID: S000027216)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000082158 | Class A             | NFIAX           |
| C000082159 | Class C             | NFICX           |
| C000082160 | Institutional Class | NFIIX           |

### Neuberger Berman Municipal Impact Fund (Series ID: S000039521)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000121799 | Institutional Class | NMIIX           |
| C000201844 | Class A             | NIMAX           |
| C000201845 | Class C             | NIMCX           |

### Neuberger Berman Municipal High Income Fund (Series ID: S000049669)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000157071 | Class A             | NMHAX           |
| C000157072 | Class C             | NMHCX           |
| C000157073 | Institutional Class | NMHIX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

As filed with the Securities and Exchange Commission on January 2, 2026

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: 811-03802

#### NEUBERGER BERMAN INCOME FUNDS
(Exact Name of Registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Address of Principal Executive Offices – Zip Code)

Joseph V. Amato

Chief Executive Officer and President

Neuberger Berman Income Funds

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

Lori L. Schneider, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

Registrant's telephone number, including area code: (212) 476-8800

Date of fiscal year end: October 31

Date of reporting period: October 31, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

#### Item 1. Reports to Shareholders.
(a) Following are copies of the annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.

# Neuberger Berman

# Floating Rate Income Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Institutional Class: NFIIX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/floatingrate-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the year?
(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** |
| Institutional Class | $62 | 0.60% |

---

## How did the Fund perform last year?
The Fund's absolute return was positive. Its underweighting, versus the Morningstar LSTA U.S. Leveraged Loan Index (Index), to and security selection in Auto Components and Chemicals, and its Professional Services security selection, were top performance contributors. Security selection in Containers & Packaging, Capital Markets, and Media, and Media underweighting, were detractors. Respecting ratings, CCC rated issuer security selection and underweighting were top contributors, followed by B & BB rated issuers security selection. An underweight to BBB rated issuers slightly detracted from returns.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Underweight to and security selection within Auto Components and Chemicals versus the Index

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within Professional Services

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection in and the underweight to CCC rated issuers relative to the Index

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection in B and BB rated issuers

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection within Containers & Packaging

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight to and security selection in Media versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection within Capital Markets

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight to BBB rated issuers versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](i807a80fecbc94a58e707ea12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class $1,636,000** | **Bloomberg U.S. Aggregate Bond Index $1,207,100** | **Morningstar LSTA U.S. Leveraged Loan Index $1,710,900** |
| **10/31/15** | $1000000 | $1000000 | $1000000 |
| **10/31/16** | $1045200 | $1043700 | $1065300 |
| **10/31/17** | $1088500 | $1053100 | $1119200 |
| **10/31/18** | $1126000 | $1031500 | $1170000 |
| **10/31/19** | $1149900 | $1150200 | $1201200 |
| **10/31/20** | $1182400 | $1221400 | $1221900 |
| **10/31/21** | $1278400 | $1215500 | $1325400 |
| **10/31/22** | $1240500 | $1024900 | $1300500 |
| **10/31/23** | $1385400 | $1028600 | $1455500 |
| **10/31/24** | $1535400 | $1137000 | $1609200 |
| **10/31/25** | $1636000 | $1207100 | $1710900 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 6.55% | 6.71% | 5.05% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |
| **Morningstar LSTA U.S. Leveraged Loan Index** | 6.32% | 6.96% | 5.52% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $518631551 |
| Number of Portfolio Holdings | 414 |
| Portfolio Turnover Rate | 64% |
| Total Investment Advisory Fees Paid | $1605469 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund Premier Class | 5.2% |
| CSC Holdings LLC | 0.8% |
| Anticimex International AB | 0.7% |
| Acrisure LLC | 0.7% |
| Altice France SA | 0.6% |
| Proofpoint, Inc. | 0.6% |
| Dayforce, Inc. | 0.6% |
| Allied Universal Holdco LLC | 0.6% |
| Bausch & Lomb Corp. | 0.5% |
| MH Sub I LLC | 0.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Industry Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Software | 10.3% |
| Health Care Providers & Services | 5.9% |
| Oil, Gas & Consumable Fuels | 5.2% |
| Investment Companies | 5.2% |
| Commercial Services & Supplies | 5.0% |
| Hotels, Restaurants & Leisure | 4.1% |
| Capital Markets | 3.8% |
| Insurance | 3.7% |
| Diversified Telecommunication Services | 3.6% |
| Containers & Packaging | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/floatingrate-documents.

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0245 12/25
Annual Shareholder Report

October 31, 2025

Institutional Class: NFIIX

# Neuberger Berman

# Floating Rate Income Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class A: NFIAX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/floatingrate-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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 | $100 | 0.97% |

---

## How did the Fund perform last year?
The Fund's absolute return was positive. Its underweighting, versus the Morningstar LSTA U.S. Leveraged Loan Index (Index), to and security selection in Auto Components and Chemicals, and its Professional Services security selection, were top performance contributors. Security selection in Containers & Packaging, Capital Markets, and Media, and Media underweighting, were detractors. Respecting ratings, CCC rated issuer security selection and underweighting were top contributors, followed by B & BB rated issuers security selection. An underweight to BBB rated issuers slightly detracted from returns.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Underweight to and security selection within Auto Components and Chemicals versus the Index

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within Professional Services

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection in and the underweight to CCC rated issuers relative to the Index

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection in B and BB rated issuers

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection within Containers & Packaging

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight to and security selection in Media versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection within Capital Markets

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight to BBB rated issuers versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib182404d19028eb124db0dd2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge) $15,108** | **Bloomberg U.S. Aggregate Bond Index $12,071** | **Morningstar LSTA U.S. Leveraged Loan Index $17,109** |
| **10/31/15** | $9575 | $10000 | $10000 |
| **10/31/16** | $9978 | $10437 | $10653 |
| **10/31/17** | $10353 | $10531 | $11192 |
| **10/31/18** | $10671 | $10315 | $11700 |
| **10/31/19** | $10857 | $11502 | $12012 |
| **10/31/20** | $11123 | $12214 | $12219 |
| **10/31/21** | $11982 | $12155 | $13254 |
| **10/31/22** | $11583 | $10249 | $13005 |
| **10/31/23** | $12888 | $10286 | $14555 |
| **10/31/24** | $14231 | $11370 | $16092 |
| **10/31/25** | $15108 | $12071 | $17109 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 6.16% | 6.32% | 4.67% |
| **Class A (including sales charge)** | 1.63% | 5.39% | 4.21% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |
| **Morningstar LSTA U.S. Leveraged Loan Index** | 6.32% | 6.96% | 5.52% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $518631551 |
| Number of Portfolio Holdings | 414 |
| Portfolio Turnover Rate | 64% |
| Total Investment Advisory Fees Paid | $1605469 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund Premier Class | 5.2% |
| CSC Holdings LLC | 0.8% |
| Anticimex International AB | 0.7% |
| Acrisure LLC | 0.7% |
| Altice France SA | 0.6% |
| Proofpoint, Inc. | 0.6% |
| Dayforce, Inc. | 0.6% |
| Allied Universal Holdco LLC | 0.6% |
| Bausch & Lomb Corp. | 0.5% |
| MH Sub I LLC | 0.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Industry Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Software | 10.3% |
| Health Care Providers & Services | 5.9% |
| Oil, Gas & Consumable Fuels | 5.2% |
| Investment Companies | 5.2% |
| Commercial Services & Supplies | 5.0% |
| Hotels, Restaurants & Leisure | 4.1% |
| Capital Markets | 3.8% |
| Insurance | 3.7% |
| Diversified Telecommunication Services | 3.6% |
| Containers & Packaging | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/floatingrate-documents.

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0243 12/25
Annual Shareholder Report

October 31, 2025

Class A: NFIAX

# Neuberger Berman

# Floating Rate Income Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class C: NFICX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/floatingrate-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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 | $177 | 1.72% |

---

## How did the Fund perform last year?
The Fund's absolute return was positive. Its underweighting, versus the Morningstar LSTA U.S. Leveraged Loan Index (Index), to and security selection in Auto Components and Chemicals, and its Professional Services security selection, were top performance contributors. Security selection in Containers & Packaging, Capital Markets, and Media, and Media underweighting, were detractors. Respecting ratings, CCC rated issuer security selection and underweighting were top contributors, followed by B & BB rated issuers security selection. An underweight to BBB rated issuers slightly detracted from returns.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Underweight to and security selection within Auto Components and Chemicals versus the Index

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within Professional Services

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection in and the underweight to CCC rated issuers relative to the Index

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection in B and BB rated issuers

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection within Containers & Packaging

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight to and security selection in Media versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection within Capital Markets

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight to BBB rated issuers versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i83ebd01ae2e900f4bd571098.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charge) $14,614** | **Bloomberg U.S. Aggregate Bond Index $12,071** | **Morningstar LSTA U.S. Leveraged Loan Index $17,109** |
| **10/31/15** | $10000 | $10000 | $10000 |
| **10/31/16** | $10336 | $10437 | $10653 |
| **10/31/17** | $10644 | $10531 | $11192 |
| **10/31/18** | $10889 | $10315 | $11700 |
| **10/31/19** | $10997 | $11502 | $12012 |
| **10/31/20** | $11182 | $12214 | $12219 |
| **10/31/21** | $11944 | $12155 | $13254 |
| **10/31/22** | $11470 | $10249 | $13005 |
| **10/31/23** | $12667 | $10286 | $14555 |
| **10/31/24** | $13869 | $11370 | $16092 |
| **10/31/25** | $14614 | $12071 | $17109 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 5.37% | 5.50% | 3.87% |
| **Class C (including sales charge)** | 4.38% | 5.50% | 3.87% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |
| **Morningstar LSTA U.S. Leveraged Loan Index** | 6.32% | 6.96% | 5.52% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $518631551 |
| Number of Portfolio Holdings | 414 |
| Portfolio Turnover Rate | 64% |
| Total Investment Advisory Fees Paid | $1605469 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund Premier Class | 5.2% |
| CSC Holdings LLC | 0.8% |
| Anticimex International AB | 0.7% |
| Acrisure LLC | 0.7% |
| Altice France SA | 0.6% |
| Proofpoint, Inc. | 0.6% |
| Dayforce, Inc. | 0.6% |
| Allied Universal Holdco LLC | 0.6% |
| Bausch & Lomb Corp. | 0.5% |
| MH Sub I LLC | 0.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Industry Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Software | 10.3% |
| Health Care Providers & Services | 5.9% |
| Oil, Gas & Consumable Fuels | 5.2% |
| Investment Companies | 5.2% |
| Commercial Services & Supplies | 5.0% |
| Hotels, Restaurants & Leisure | 4.1% |
| Capital Markets | 3.8% |
| Insurance | 3.7% |
| Diversified Telecommunication Services | 3.6% |
| Containers & Packaging | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/floatingrate-documents.

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0244 12/25
Annual Shareholder Report

October 31, 2025

Class C: NFICX

# Neuberger Berman

# High Income Bond Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Investor Class: NHINX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/highincomebond-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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** |
| Investor Class | $92 | 0.88% |

---

## How did the Fund perform last year?
Security selection within Gas Distribution, Super Retail and Utilities were the top contributors to performance relative to the ICE BofA U.S. High Yield Constrained Index (the Index). From a ratings perspective, security selection within B and CCC & below rated securities were the top performers. Conversely, an underweight in Media-Broadcast and security selection within Chemicals and Real Estate & Homebuilders detracted the most from performance. From a ratings perspective, the overweight to CCC & below and underweight to BB rated bonds versus the Index detracted modestly from returns.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within Gas Distribution, Super Retail and Utilities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within B rated securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within CCC & below rated securities

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight in Media-Broadcast versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection within Chemicals and Real Estate & Homebuilders

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Overweight to CCC & below and underweight to BB rated bonds modestly detracted 

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](if8173cf44e21f50f4727978c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class $16,021** | **Bloomberg U.S. Aggregate Bond Index $12,071** | **ICE BofA U.S. High Yield Constrained Index $17,575** |
| **10/31/15** | $10000 | $10000 | $10000 |
| **10/31/16** | $10790 | $10437 | $11018 |
| **10/31/17** | $11528 | $10531 | $12025 |
| **10/31/18** | $11544 | $10315 | $12129 |
| **10/31/19** | $12435 | $11502 | $13138 |
| **10/31/20** | $12789 | $12214 | $13459 |
| **10/31/21** | $13968 | $12155 | $14906 |
| **10/31/22** | $12344 | $10249 | $13199 |
| **10/31/23** | $12842 | $10286 | $13966 |
| **10/31/24** | $14835 | $11370 | $16268 |
| **10/31/25** | $16021 | $12071 | $17575 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 7.99% | 4.61% | 4.83% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |
| **ICE BofA U.S. High Yield Constrained Index** | 8.03% | 5.48% | 5.80% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $562776977 |
| Number of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 77% |
| Total Investment Advisory Fees Paid | $2793028 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund Premier Class | 2.8% |
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.6% |
| NRG Energy, Inc. | 1.2% |
| Venture Global LNG, Inc. | 1.0% |
| CSC Holdings LLC | 1.0% |
| Cloud Software Group, Inc. | 0.9% |
| OneMain Finance Corp. | 0.9% |
| TransDigm, Inc. | 0.8% |
| Acrisure LLC/Acrisure Finance, Inc. | 0.8% |
| Level 3 Financing, Inc. | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Industry Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Pipelines | 7.4% |
| Commercial Services | 6.1% |
| Oil & Gas | 5.3% |
| Telecommunications | 5.1% |
| Diversified Financial Services | 5.0% |
| Electric | 4.0% |
| Media | 3.9% |
| Insurance | 3.8% |
| Building Materials | 3.7% |
| Real Estate Investment Trusts | 3.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/highincomebond-documents.

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0249 12/25
Annual Shareholder Report

October 31, 2025

Investor Class: NHINX

# Neuberger Berman

# High Income Bond Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Institutional Class: NHILX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/highincomebond-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the year?
(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** |
| Institutional Class | $75 | 0.72% |

---

## How did the Fund perform last year?
Security selection within Gas Distribution, Super Retail and Utilities were the top contributors to performance relative to the ICE BofA U.S. High Yield Constrained Index (the Index). From a ratings perspective, security selection within B and CCC & below rated securities were the top performers. Conversely, an underweight in Media-Broadcast and security selection within Chemicals and Real Estate & Homebuilders detracted the most from performance. From a ratings perspective, the overweight to CCC & below and underweight to BB rated bonds versus the Index detracted modestly from returns.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within Gas Distribution, Super Retail and Utilities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within B rated securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within CCC & below rated securities

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight in Media-Broadcast versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection within Chemicals and Real Estate & Homebuilders

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Overweight to CCC & below and underweight to BB rated bonds modestly detracted 

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](i35fd52c7715c0dd48dfe5f00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class $1,625,000** | **Bloomberg U.S. Aggregate Bond Index $1,207,100** | **ICE BofA U.S. High Yield Constrained Index $1,757,500** |
| **10/31/15** | $1000000 | $1000000 | $1000000 |
| **10/31/16** | $1081700 | $1043700 | $1101800 |
| **10/31/17** | $1155500 | $1053100 | $1202500 |
| **10/31/18** | $1159100 | $1031500 | $1212900 |
| **10/31/19** | $1250500 | $1150200 | $1313800 |
| **10/31/20** | $1288200 | $1221400 | $1345900 |
| **10/31/21** | $1409100 | $1215500 | $1490600 |
| **10/31/22** | $1247600 | $1024900 | $1319900 |
| **10/31/23** | $1300000 | $1028600 | $1396600 |
| **10/31/24** | $1504300 | $1137000 | $1626800 |
| **10/31/25** | $1625000 | $1207100 | $1757500 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 8.03% | 4.75% | 4.98% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |
| **ICE BofA U.S. High Yield Constrained Index** | 8.03% | 5.48% | 5.80% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $562776977 |
| Number of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 77% |
| Total Investment Advisory Fees Paid | $2793028 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund Premier Class | 2.8% |
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.6% |
| NRG Energy, Inc. | 1.2% |
| Venture Global LNG, Inc. | 1.0% |
| CSC Holdings LLC | 1.0% |
| Cloud Software Group, Inc. | 0.9% |
| OneMain Finance Corp. | 0.9% |
| TransDigm, Inc. | 0.8% |
| Acrisure LLC/Acrisure Finance, Inc. | 0.8% |
| Level 3 Financing, Inc. | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Industry Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Pipelines | 7.4% |
| Commercial Services | 6.1% |
| Oil & Gas | 5.3% |
| Telecommunications | 5.1% |
| Diversified Financial Services | 5.0% |
| Electric | 4.0% |
| Media | 3.9% |
| Insurance | 3.8% |
| Building Materials | 3.7% |
| Real Estate Investment Trusts | 3.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/highincomebond-documents.

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0254 12/25
Annual Shareholder Report

October 31, 2025

Institutional Class: NHILX

# Neuberger Berman

# High Income Bond Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class A: NHIAX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/highincomebond-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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 | $115 | 1.11% |

---

## How did the Fund perform last year?
Security selection within Gas Distribution, Super Retail and Utilities were the top contributors to performance relative to the ICE BofA U.S. High Yield Constrained Index (the Index). From a ratings perspective, security selection within B and CCC & below rated securities were the top performers. Conversely, an underweight in Media-Broadcast and security selection within Chemicals and Real Estate & Homebuilders detracted the most from performance. From a ratings perspective, the overweight to CCC & below and underweight to BB rated bonds versus the Index detracted modestly from returns.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within Gas Distribution, Super Retail and Utilities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within B rated securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within CCC & below rated securities

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight in Media-Broadcast versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection within Chemicals and Real Estate & Homebuilders

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Overweight to CCC & below and underweight to BB rated bonds modestly detracted 

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i55e386995faac2a446fa1343.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge) $14,927** | **Bloomberg U.S. Aggregate Bond Index $12,071** | **ICE BofA U.S. High Yield Constrained Index $17,575** |
| **10/31/15** | $9575 | $10000 | $10000 |
| **10/31/16** | $10304 | $10437 | $11018 |
| **10/31/17** | $10973 | $10531 | $12025 |
| **10/31/18** | $10959 | $10315 | $12129 |
| **10/31/19** | $11774 | $11502 | $13138 |
| **10/31/20** | $12076 | $12214 | $13459 |
| **10/31/21** | $13152 | $12155 | $14906 |
| **10/31/22** | $11593 | $10249 | $13199 |
| **10/31/23** | $12033 | $10286 | $13966 |
| **10/31/24** | $13871 | $11370 | $16268 |
| **10/31/25** | $14927 | $12071 | $17575 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 7.61% | 4.33% | 4.54% |
| **Class A (including sales charge)** | 3.04% | 3.43% | 4.09% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |
| **ICE BofA U.S. High Yield Constrained Index** | 8.03% | 5.48% | 5.80% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $562776977 |
| Number of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 77% |
| Total Investment Advisory Fees Paid | $2793028 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund Premier Class | 2.8% |
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.6% |
| NRG Energy, Inc. | 1.2% |
| Venture Global LNG, Inc. | 1.0% |
| CSC Holdings LLC | 1.0% |
| Cloud Software Group, Inc. | 0.9% |
| OneMain Finance Corp. | 0.9% |
| TransDigm, Inc. | 0.8% |
| Acrisure LLC/Acrisure Finance, Inc. | 0.8% |
| Level 3 Financing, Inc. | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Industry Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Pipelines | 7.4% |
| Commercial Services | 6.1% |
| Oil & Gas | 5.3% |
| Telecommunications | 5.1% |
| Diversified Financial Services | 5.0% |
| Electric | 4.0% |
| Media | 3.9% |
| Insurance | 3.8% |
| Building Materials | 3.7% |
| Real Estate Investment Trusts | 3.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/highincomebond-documents.

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0250 12/25
Annual Shareholder Report

October 31, 2025

Class A: NHIAX

# Neuberger Berman

# High Income Bond Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class C: NHICX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/highincomebond-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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 | $193 | 1.87% |

---

## How did the Fund perform last year?
Security selection within Gas Distribution, Super Retail and Utilities were the top contributors to performance relative to the ICE BofA U.S. High Yield Constrained Index (the Index). From a ratings perspective, security selection within B and CCC & below rated securities were the top performers. Conversely, an underweight in Media-Broadcast and security selection within Chemicals and Real Estate & Homebuilders detracted the most from performance. From a ratings perspective, the overweight to CCC & below and underweight to BB rated bonds versus the Index detracted modestly from returns.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within Gas Distribution, Super Retail and Utilities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within B rated securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within CCC & below rated securities

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight in Media-Broadcast versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection within Chemicals and Real Estate & Homebuilders

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Overweight to CCC & below and underweight to BB rated bonds modestly detracted 

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iab359aca382d471a670450d2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charge) $14,531** | **Bloomberg U.S. Aggregate Bond Index $12,071** | **ICE BofA U.S. High Yield Constrained Index $17,575** |
| **10/31/15** | $10000 | $10000 | $10000 |
| **10/31/16** | $10698 | $10437 | $11018 |
| **10/31/17** | $11315 | $10531 | $12025 |
| **10/31/18** | $11210 | $10315 | $12129 |
| **10/31/19** | $11973 | $11502 | $13138 |
| **10/31/20** | $12181 | $12214 | $13459 |
| **10/31/21** | $13189 | $12155 | $14906 |
| **10/31/22** | $11547 | $10249 | $13199 |
| **10/31/23** | $11879 | $10286 | $13966 |
| **10/31/24** | $13589 | $11370 | $16268 |
| **10/31/25** | $14531 | $12071 | $17575 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 6.93% | 3.59% | 3.81% |
| **Class C (including sales charge)** | 5.93% | 3.59% | 3.81% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |
| **ICE BofA U.S. High Yield Constrained Index** | 8.03% | 5.48% | 5.80% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $562776977 |
| Number of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 77% |
| Total Investment Advisory Fees Paid | $2793028 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund Premier Class | 2.8% |
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.6% |
| NRG Energy, Inc. | 1.2% |
| Venture Global LNG, Inc. | 1.0% |
| CSC Holdings LLC | 1.0% |
| Cloud Software Group, Inc. | 0.9% |
| OneMain Finance Corp. | 0.9% |
| TransDigm, Inc. | 0.8% |
| Acrisure LLC/Acrisure Finance, Inc. | 0.8% |
| Level 3 Financing, Inc. | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Industry Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Pipelines | 7.4% |
| Commercial Services | 6.1% |
| Oil & Gas | 5.3% |
| Telecommunications | 5.1% |
| Diversified Financial Services | 5.0% |
| Electric | 4.0% |
| Media | 3.9% |
| Insurance | 3.8% |
| Building Materials | 3.7% |
| Real Estate Investment Trusts | 3.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/highincomebond-documents.

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0253 12/25
Annual Shareholder Report

October 31, 2025

Class C: NHICX

# Neuberger Berman

# High Income Bond Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class R3: NHIRX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/highincomebond-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the year?
(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 | $142 | 1.37% |

---

## How did the Fund perform last year?
Security selection within Gas Distribution, Super Retail and Utilities were the top contributors to performance relative to the ICE BofA U.S. High Yield Constrained Index (the Index). From a ratings perspective, security selection within B and CCC & below rated securities were the top performers. Conversely, an underweight in Media-Broadcast and security selection within Chemicals and Real Estate & Homebuilders detracted the most from performance. From a ratings perspective, the overweight to CCC & below and underweight to BB rated bonds versus the Index detracted modestly from returns.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within Gas Distribution, Super Retail and Utilities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within B rated securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within CCC & below rated securities

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight in Media-Broadcast versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection within Chemicals and Real Estate & Homebuilders

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Overweight to CCC & below and underweight to BB rated bonds modestly detracted 

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i6f72effa1f6cd52820731176.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3 $15,245** | **Bloomberg U.S. Aggregate Bond Index $12,071** | **ICE BofA U.S. High Yield Constrained Index $17,575** |
| **10/31/15** | $10000 | $10000 | $10000 |
| **10/31/16** | $10748 | $10437 | $11018 |
| **10/31/17** | $11414 | $10531 | $12025 |
| **10/31/18** | $11358 | $10315 | $12129 |
| **10/31/19** | $12195 | $11502 | $13138 |
| **10/31/20** | $12481 | $12214 | $13459 |
| **10/31/21** | $13565 | $12155 | $14906 |
| **10/31/22** | $11932 | $10249 | $13199 |
| **10/31/23** | $12354 | $10286 | $13966 |
| **10/31/24** | $14203 | $11370 | $16268 |
| **10/31/25** | $15245 | $12071 | $17575 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R3** | 7.33% | 4.08% | 4.31% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |
| **ICE BofA U.S. High Yield Constrained Index** | 8.03% | 5.48% | 5.80% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $562776977 |
| Number of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 77% |
| Total Investment Advisory Fees Paid | $2793028 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund Premier Class | 2.8% |
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.6% |
| NRG Energy, Inc. | 1.2% |
| Venture Global LNG, Inc. | 1.0% |
| CSC Holdings LLC | 1.0% |
| Cloud Software Group, Inc. | 0.9% |
| OneMain Finance Corp. | 0.9% |
| TransDigm, Inc. | 0.8% |
| Acrisure LLC/Acrisure Finance, Inc. | 0.8% |
| Level 3 Financing, Inc. | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Industry Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Pipelines | 7.4% |
| Commercial Services | 6.1% |
| Oil & Gas | 5.3% |
| Telecommunications | 5.1% |
| Diversified Financial Services | 5.0% |
| Electric | 4.0% |
| Media | 3.9% |
| Insurance | 3.8% |
| Building Materials | 3.7% |
| Real Estate Investment Trusts | 3.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/highincomebond-documents.

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0251 12/25
Annual Shareholder Report

October 31, 2025

Class R3: NHIRX

# Neuberger Berman

# High Income Bond Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class R6: NRHIX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/highincomebond-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the year?
(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 | $65 | 0.62% |

---

## How did the Fund perform last year?
Security selection within Gas Distribution, Super Retail and Utilities were the top contributors to performance relative to the ICE BofA U.S. High Yield Constrained Index (the Index). From a ratings perspective, security selection within B and CCC & below rated securities were the top performers. Conversely, an underweight in Media-Broadcast and security selection within Chemicals and Real Estate & Homebuilders detracted the most from performance. From a ratings perspective, the overweight to CCC & below and underweight to BB rated bonds versus the Index detracted modestly from returns.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within Gas Distribution, Super Retail and Utilities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within B rated securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within CCC & below rated securities

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight in Media-Broadcast versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection within Chemicals and Real Estate & Homebuilders

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Overweight to CCC & below and underweight to BB rated bonds modestly detracted 

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i9a16c15dc065ab8da027a755.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6 $16,421** | **Bloomberg U.S. Aggregate Bond Index $12,071** | **ICE BofA U.S. High Yield Constrained Index $17,575** |
| **10/31/15** | $10000 | $10000 | $10000 |
| **10/31/16** | $10826 | $10437 | $11018 |
| **10/31/17** | $11588 | $10531 | $12025 |
| **10/31/18** | $11617 | $10315 | $12129 |
| **10/31/19** | $12560 | $11502 | $13138 |
| **10/31/20** | $12953 | $12214 | $13459 |
| **10/31/21** | $14181 | $12155 | $14906 |
| **10/31/22** | $12571 | $10249 | $13199 |
| **10/31/23** | $13113 | $10286 | $13966 |
| **10/31/24** | $15186 | $11370 | $16268 |
| **10/31/25** | $16421 | $12071 | $17575 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6** | 8.13% | 4.86% | 5.08% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |
| **ICE BofA U.S. High Yield Constrained Index** | 8.03% | 5.48% | 5.80% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $562776977 |
| Number of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 77% |
| Total Investment Advisory Fees Paid | $2793028 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund Premier Class | 2.8% |
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.6% |
| NRG Energy, Inc. | 1.2% |
| Venture Global LNG, Inc. | 1.0% |
| CSC Holdings LLC | 1.0% |
| Cloud Software Group, Inc. | 0.9% |
| OneMain Finance Corp. | 0.9% |
| TransDigm, Inc. | 0.8% |
| Acrisure LLC/Acrisure Finance, Inc. | 0.8% |
| Level 3 Financing, Inc. | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Industry Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Pipelines | 7.4% |
| Commercial Services | 6.1% |
| Oil & Gas | 5.3% |
| Telecommunications | 5.1% |
| Diversified Financial Services | 5.0% |
| Electric | 4.0% |
| Media | 3.9% |
| Insurance | 3.8% |
| Building Materials | 3.7% |
| Real Estate Investment Trusts | 3.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/highincomebond-documents.

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0252 12/25
Annual Shareholder Report

October 31, 2025

Class R6: NRHIX

# Neuberger Berman

# High Income Bond Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class E: NHIEX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/highincomebond-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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 E | $9 | 0.09% |

---

## How did the Fund perform last year?
Security selection within Gas Distribution, Super Retail and Utilities were the top contributors to performance relative to the ICE BofA U.S. High Yield Constrained Index (the Index). From a ratings perspective, security selection within B and CCC & below rated securities were the top performers. Conversely, an underweight in Media-Broadcast and security selection within Chemicals and Real Estate & Homebuilders detracted the most from performance. From a ratings perspective, the overweight to CCC & below and underweight to BB rated bonds versus the Index detracted modestly from returns.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within Gas Distribution, Super Retail and Utilities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within B rated securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection within CCC & below rated securities

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight in Media-Broadcast versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection within Chemicals and Real Estate & Homebuilders

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Overweight to CCC & below and underweight to BB rated bonds modestly detracted 

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i51fde1e288049791411b8886.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $16,493** | **Bloomberg U.S. Aggregate Bond Index $12,071** | **ICE BofA U.S. High Yield Constrained Index $17,575** |
| **10/31/15** | $10000 | $10000 | $10000 |
| **10/31/16** | $10790 | $10437 | $11018 |
| **10/31/17** | $11528 | $10531 | $12025 |
| **10/31/18** | $11544 | $10315 | $12129 |
| **10/31/19** | $12435 | $11502 | $13138 |
| **10/31/20** | $12789 | $12214 | $13459 |
| **10/31/21** | $13968 | $12155 | $14906 |
| **10/31/22** | $12410 | $10249 | $13199 |
| **10/31/23** | $13013 | $10286 | $13966 |
| **10/31/24** | $15153 | $11370 | $16268 |
| **10/31/25** | $16493 | $12071 | $17575 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class E** | 8.84% | 5.22% | 5.13% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |
| **ICE BofA U.S. High Yield Constrained Index** | 8.03% | 5.48% | 5.80% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The performance prior to Class E's inception date of January 11, 2022 is that of the Fund's Investor Class, which had higher expenses than Class E so its performance typically would have been lower than that of Class E. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $562776977 |
| Number of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 77% |
| Total Investment Advisory Fees Paid | $2793028 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund Premier Class | 2.8% |
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.6% |
| NRG Energy, Inc. | 1.2% |
| Venture Global LNG, Inc. | 1.0% |
| CSC Holdings LLC | 1.0% |
| Cloud Software Group, Inc. | 0.9% |
| OneMain Finance Corp. | 0.9% |
| TransDigm, Inc. | 0.8% |
| Acrisure LLC/Acrisure Finance, Inc. | 0.8% |
| Level 3 Financing, Inc. | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Industry Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Pipelines | 7.4% |
| Commercial Services | 6.1% |
| Oil & Gas | 5.3% |
| Telecommunications | 5.1% |
| Diversified Financial Services | 5.0% |
| Electric | 4.0% |
| Media | 3.9% |
| Insurance | 3.8% |
| Building Materials | 3.7% |
| Real Estate Investment Trusts | 3.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/highincomebond-documents.

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0317 12/25
Annual Shareholder Report

October 31, 2025

Class E: NHIEX

# Neuberger Berman

# Municipal High Income Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Institutional Class: NMHIX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/munihighincome-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the year?
(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** |
| Institutional Class | $51 | 0.50% |

---

## How did the Fund perform last year?
Having a shorter duration than the 65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index (the Index) detracted from returns as interest rates moved lower over the period. Several of the Fund's project-specific securities also negatively impacted returns. On the upside, security selection contributed to performance. Our overweight to securities rated BBB versus the Index was also beneficial.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Overweight to BBB rated bonds versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Duration positioning versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Project-specific finance securities

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](idcb1c4013c086de2a8e736dd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class $1,326,600** | **Bloomberg Municipal Bond Index $1,270,700** | **65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index $1,360,300** |
| **10/31/15** | $1000000 | $1000000 | $1000000 |
| **10/31/16** | $1067000 | $1040600 | $1056400 |
| **10/31/17** | $1090900 | $1063400 | $1082600 |
| **10/31/18** | $1108500 | $1057900 | $1096700 |
| **10/31/19** | $1215200 | $1157600 | $1208500 |
| **10/31/20** | $1220800 | $1199200 | $1243000 |
| **10/31/21** | $1316500 | $1230800 | $1310000 |
| **10/31/22** | $1095300 | $1083400 | $1132400 |
| **10/31/23** | $1104500 | $1112000 | $1167600 |
| **10/31/24** | $1280200 | $1219800 | $1312000 |
| **10/31/25** | $1326600 | $1270700 | $1360300 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 3.63% | 1.68% | 2.87% |
| **Bloomberg Municipal Bond Index** | 4.17% | 1.16% | 2.42% |
| **65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index** | 3.68% | 1.82% | 3.12% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $65818789 |
| Number of Portfolio Holdings | 140 |
| Portfolio Turnover Rate | 91% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten States

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Texas | 9.4% |
| California | 8.3% |
| Wisconsin | 7.8% |
| New York | 7.1% |
| Alabama | 6.1% |
| Georgia | 5.0% |
| Florida | 4.7% |
| New Jersey | 4.6% |
| Ohio | 3.9% |
| Colorado | 3.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Asset Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)
![Group By Sector Chart](ic78522ccebd4957066fd32a6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue Bonds | 86.1% |
| General Obligations | 6.4% |
| Special Assessment | 3.0% |
| Tax Allocation | 2.4% |
| Pre-Refunded | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/munihighincome-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0263 12/25
Annual Shareholder Report

October 31, 2025

Institutional Class: NMHIX

# Neuberger Berman

# Municipal High Income Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class A: NMHAX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/munihighincome-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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 | $88 | 0.87% |

---

## How did the Fund perform last year?
Having a shorter duration than the 65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index (the Index) detracted from returns as interest rates moved lower over the period. Several of the Fund's project-specific securities also negatively impacted returns. On the upside, security selection contributed to performance. Our overweight to securities rated BBB versus the Index was also beneficial.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Overweight to BBB rated bonds versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Duration positioning versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Project-specific finance securities

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ibb932677f0c3d1f4efb15b62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge) $12,230** | **Bloomberg Municipal Bond Index $12,707** | **65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index $13,603** |
| **10/31/15** | $9575 | $10000 | $10000 |
| **10/31/16** | $10168 | $10406 | $10564 |
| **10/31/17** | $10358 | $10634 | $10826 |
| **10/31/18** | $10486 | $10579 | $10967 |
| **10/31/19** | $11443 | $11576 | $12085 |
| **10/31/20** | $11453 | $11992 | $12430 |
| **10/31/21** | $12306 | $12308 | $13100 |
| **10/31/22** | $10210 | $10834 | $11324 |
| **10/31/23** | $10258 | $11120 | $11676 |
| **10/31/24** | $11833 | $12198 | $13120 |
| **10/31/25** | $12230 | $12707 | $13603 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 3.35% | 1.32% | 2.48% |
| **Class A (including sales charge)** | (1.04)% | 0.44% | 2.03% |
| **Bloomberg Municipal Bond Index** | 4.17% | 1.16% | 2.42% |
| **65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index** | 3.68% | 1.82% | 3.12% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $65818789 |
| Number of Portfolio Holdings | 140 |
| Portfolio Turnover Rate | 91% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten States

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Texas | 9.4% |
| California | 8.3% |
| Wisconsin | 7.8% |
| New York | 7.1% |
| Alabama | 6.1% |
| Georgia | 5.0% |
| Florida | 4.7% |
| New Jersey | 4.6% |
| Ohio | 3.9% |
| Colorado | 3.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Asset Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)
![Group By Sector Chart](ic78522ccebd4957066fd32a6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue Bonds | 86.1% |
| General Obligations | 6.4% |
| Special Assessment | 3.0% |
| Tax Allocation | 2.4% |
| Pre-Refunded | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/munihighincome-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0261 12/25
Annual Shareholder Report

October 31, 2025

Class A: NMHAX

# Neuberger Berman

# Municipal High Income Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class C: NMHCX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/munihighincome-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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 | $164 | 1.62% |

---

## How did the Fund perform last year?
Having a shorter duration than the 65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index (the Index) detracted from returns as interest rates moved lower over the period. Several of the Fund's project-specific securities also negatively impacted returns. On the upside, security selection contributed to performance. Our overweight to securities rated BBB versus the Index was also beneficial.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Overweight to BBB rated bonds versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Duration positioning versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Project-specific finance securities

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i0827366df2c8a492ad22be33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charge) $11,887** | **Bloomberg Municipal Bond Index $12,707** | **65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index $13,603** |
| **10/31/15** | $10000 | $10000 | $10000 |
| **10/31/16** | $10552 | $10406 | $10564 |
| **10/31/17** | $10679 | $10634 | $10826 |
| **10/31/18** | $10720 | $10579 | $10967 |
| **10/31/19** | $11622 | $11576 | $12085 |
| **10/31/20** | $11556 | $11992 | $12430 |
| **10/31/21** | $12322 | $12308 | $13100 |
| **10/31/22** | $10139 | $10834 | $11324 |
| **10/31/23** | $10111 | $11120 | $11676 |
| **10/31/24** | $11588 | $12198 | $13120 |
| **10/31/25** | $11887 | $12707 | $13603 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 2.59% | 0.57% | 1.74% |
| **Class C (including sales charge)** | 1.59% | 0.57% | 1.74% |
| **Bloomberg Municipal Bond Index** | 4.17% | 1.16% | 2.42% |
| **65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index** | 3.68% | 1.82% | 3.12% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $65818789 |
| Number of Portfolio Holdings | 140 |
| Portfolio Turnover Rate | 91% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten States

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Texas | 9.4% |
| California | 8.3% |
| Wisconsin | 7.8% |
| New York | 7.1% |
| Alabama | 6.1% |
| Georgia | 5.0% |
| Florida | 4.7% |
| New Jersey | 4.6% |
| Ohio | 3.9% |
| Colorado | 3.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Asset Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)
![Group By Sector Chart](ic78522ccebd4957066fd32a6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue Bonds | 86.1% |
| General Obligations | 6.4% |
| Special Assessment | 3.0% |
| Tax Allocation | 2.4% |
| Pre-Refunded | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/munihighincome-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0262 12/25
Annual Shareholder Report

October 31, 2025

Class C: NMHCX

# Neuberger Berman

# Municipal Impact Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Institutional Class: NMIIX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/muniimpact-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the year?
(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** |
| Institutional Class | $44 | 0.43% |

---

## How did the Fund perform last year?
Having a shorter duration than the Bloomberg Municipal Bond Index (the Index) detracted from returns as interest rates moved lower over the period. Our overweight to securities rated BBB versus the Index was also a modest drag on returns, as was our positioning in the general obligation (G.O.) sector. On the upside, security selection contributed to performance. The Fund's yield curve positioning was also beneficial, as was our revenue bond positioning.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Yield curve positioning

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Revenue bonds

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Duration positioning versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Overweight securities rated BBB

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)G.O. bonds

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](i4c7afee184af6f9b90ba8510.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class $1,186,300** | **Bloomberg Municipal Bond Index $1,270,700** |
| **10/31/15** | $1000000 | $1000000 |
| **10/31/16** | $1033800 | $1040600 |
| **10/31/17** | $1042400 | $1063400 |
| **10/31/18** | $1025700 | $1057900 |
| **10/31/19** | $1117200 | $1157600 |
| **10/31/20** | $1153900 | $1199200 |
| **10/31/21** | $1172300 | $1230800 |
| **10/31/22** | $1044800 | $1083400 |
| **10/31/23** | $1056500 | $1112000 |
| **10/31/24** | $1143900 | $1219800 |
| **10/31/25** | $1186300 | $1270700 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 3.71% | 0.56% | 1.72% |
| **Bloomberg Municipal Bond Index** | 4.17% | 1.16% | 2.42% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The Fund had a different goal and different principal investment strategies, which included a policy to invest 80% of its net assets in securities of municipal issuers that provide interest income that is exempt from New York State and New York City personal income taxes and invest in only investment grade securities, prior to June 16, 2018. Its performance prior to that date might have been different if the current goal and investment strategy had been in effect. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $79767964 |
| Number of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 48% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten States

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Texas | 11.8% |
| Michigan | 9.5% |
| Pennsylvania | 7.5% |
| New York | 6.5% |
| Kentucky | 6.4% |
| Georgia | 6.2% |
| Illinois | 5.8% |
| Alabama | 4.9% |
| South Carolina | 4.8% |
| West Virginia | 4.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Asset Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)
![Group By Sector Chart](ib86a5d99212ad733599d09b8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue Bonds | 71.8% |
| General Obligations | 24.1% |
| Certificates of Participation | 2.1% |
| Pre-Refunded | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/muniimpact-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0277 12/25
Annual Shareholder Report

October 31, 2025

Institutional Class: NMIIX

# Neuberger Berman

# Municipal Impact Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class A: NIMAX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/muniimpact-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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 | $81 | 0.80% |

---

## How did the Fund perform last year?
Having a shorter duration than the Bloomberg Municipal Bond Index (the Index) detracted from returns as interest rates moved lower over the period. Our overweight to securities rated BBB versus the Index was also a modest drag on returns, as was our positioning in the general obligation (G.O.) sector. On the upside, security selection contributed to performance. The Fund's yield curve positioning was also beneficial, as was our revenue bond positioning.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Yield curve positioning

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Revenue bonds

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Duration positioning versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Overweight securities rated BBB

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)G.O. bonds

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i6eb4045fe64b2d45de8f4a1f.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge) $11,059** | **Bloomberg Municipal Bond Index $12,707** |
| **10/31/15** | $9575 | $10000 |
| **10/31/16** | $9898 | $10406 |
| **10/31/17** | $9981 | $10634 |
| **10/31/18** | $9807 | $10579 |
| **10/31/19** | $10648 | $11576 |
| **10/31/20** | $10957 | $11992 |
| **10/31/21** | $11091 | $12308 |
| **10/31/22** | $9842 | $10834 |
| **10/31/23** | $9921 | $11120 |
| **10/31/24** | $10696 | $12198 |
| **10/31/25** | $11059 | $12707 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 3.39% | 0.18% | 1.45% |
| **Class A (including sales charge)** | (1.01)% | (0.68)% | 1.01% |
| **Bloomberg Municipal Bond Index** | 4.17% | 1.16% | 2.42% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25%. The performance prior to Class A's inception date of June 19, 2018, is that of the Fund's Institutional Class, which had lower expenses than Class A so its performance typically would have been higher than that of Class A. The Fund had a different goal and different principal investment strategies, which included a policy to invest 80% of its net assets in securities of municipal issuers that provide interest income that is exempt from New York State and New York City personal income taxes and invest in only investment grade securities, prior to June 16, 2018. Its performance prior to that date might have been different if the current goal and investment strategy had been in effect. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $79767964 |
| Number of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 48% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten States

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Texas | 11.8% |
| Michigan | 9.5% |
| Pennsylvania | 7.5% |
| New York | 6.5% |
| Kentucky | 6.4% |
| Georgia | 6.2% |
| Illinois | 5.8% |
| Alabama | 4.9% |
| South Carolina | 4.8% |
| West Virginia | 4.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Asset Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)
![Group By Sector Chart](ib86a5d99212ad733599d09b8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue Bonds | 71.8% |
| General Obligations | 24.1% |
| Certificates of Participation | 2.1% |
| Pre-Refunded | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/muniimpact-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0275 12/25
Annual Shareholder Report

October 31, 2025

Class A: NIMAX

# Neuberger Berman

# Municipal Impact Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class C: NIMCX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/muniimpact-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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 | $157 | 1.55% |

---

## How did the Fund perform last year?
Having a shorter duration than the Bloomberg Municipal Bond Index (the Index) detracted from returns as interest rates moved lower over the period. Our overweight to securities rated BBB versus the Index was also a modest drag on returns, as was our positioning in the general obligation (G.O.) sector. On the upside, security selection contributed to performance. The Fund's yield curve positioning was also beneficial, as was our revenue bond positioning.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Yield curve positioning

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Revenue bonds

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Duration positioning versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Overweight securities rated BBB

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)G.O. bonds

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i749caa5e98fd0eab715f7ebe.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (including sales charge) $10,927** | **Bloomberg Municipal Bond Index $12,707** |
| **10/31/15** | $10000 | $10000 |
| **10/31/16** | $10338 | $10406 |
| **10/31/17** | $10424 | $10634 |
| **10/31/18** | $10214 | $10579 |
| **10/31/19** | $11005 | $11576 |
| **10/31/20** | $11241 | $11992 |
| **10/31/21** | $11292 | $12308 |
| **10/31/22** | $9946 | $10834 |
| **10/31/23** | $9951 | $11120 |
| **10/31/24** | $10648 | $12198 |
| **10/31/25** | $10927 | $12707 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 2.62% | (0.56)% | 0.89% |
| **Class C (including sales charge)** | 1.62% | (0.56)% | 0.89% |
| **Bloomberg Municipal Bond Index** | 4.17% | 1.16% | 2.42% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. The performance prior to Class C's inception date of June 19, 2018, is that of the Fund's Institutional Class, which had lower expenses than Class C so its performance typically would have been higher than that of Class C. The Fund had a different goal and different principal investment strategies, which included a policy to invest 80% of its net assets in securities of municipal issuers that provide interest income that is exempt from New York State and New York City personal income taxes and invest in only investment grade securities, prior to June 16, 2018. Its performance prior to that date might have been different if the current goal and investment strategy had been in effect. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $79767964 |
| Number of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 48% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten States

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Texas | 11.8% |
| Michigan | 9.5% |
| Pennsylvania | 7.5% |
| New York | 6.5% |
| Kentucky | 6.4% |
| Georgia | 6.2% |
| Illinois | 5.8% |
| Alabama | 4.9% |
| South Carolina | 4.8% |
| West Virginia | 4.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Asset Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)
![Group By Sector Chart](ib86a5d99212ad733599d09b8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue Bonds | 71.8% |
| General Obligations | 24.1% |
| Certificates of Participation | 2.1% |
| Pre-Refunded | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/muniimpact-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0276 12/25
Annual Shareholder Report

October 31, 2025

Class C: NIMCX

# Neuberger Berman

# Municipal Intermediate Bond Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Investor Class: NMUIX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/muniintermediate-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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** |
| Investor Class | $46 | 0.45% |

---

## How did the Fund perform last year?
The Fund's yield curve positioning was the largest detractor from performance, as the Fund maintained a barbelled approach, whereas the Bloomberg 7-Year General Obligation (G.O.) Index (the Index) was bulleted in the intermediate portion of the yield curve. Security selection was also a small headwind for returns. On the upside, the Fund's duration positioning contributed to performance. In particular, having a duration that was longer than the Index was beneficial as interest rates moved lower over the period. Sector positioning was also additive for returns, driven by our revenue bond positioning.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Duration positioning versus the Index

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Sector positioning

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Yield curve positioning versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i83710a71362d58effde56d18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class $11,988** | **Bloomberg Municipal Bond Index $12,707** | **Bloomberg 7-Year G.O. Index $12,372** |
| **10/31/15** | $10000 | $10000 | $10000 |
| **10/31/16** | $10309 | $10406 | $10304 |
| **10/31/17** | $10440 | $10634 | $10458 |
| **10/31/18** | $10325 | $10579 | $10348 |
| **10/31/19** | $11199 | $11576 | $11241 |
| **10/31/20** | $11425 | $11992 | $11743 |
| **10/31/21** | $11752 | $12308 | $11868 |
| **10/31/22** | $10382 | $10834 | $10842 |
| **10/31/23** | $10619 | $11120 | $11046 |
| **10/31/24** | $11495 | $12198 | $11759 |
| **10/31/25** | $11988 | $12707 | $12372 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 4.29% | 0.97% | 1.83% |
| **Bloomberg Municipal Bond Index** | 4.17% | 1.16% | 2.42% |
| **Bloomberg 7-Year G.O. Index** | 5.22% | 1.05% | 2.15% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $190397561 |
| Number of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 83% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten States

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| New York | 18.0% |
| Illinois | 12.3% |
| Pennsylvania | 9.8% |
| Georgia | 5.6% |
| Texas | 4.9% |
| California | 4.7% |
| New Jersey | 3.9% |
| Massachusetts | 3.8% |
| Washington | 3.6% |
| Alabama | 3.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Asset Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)
![Group By Sector Chart](i94a42cb068d2f04921a38bff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue Bonds | 69.8% |
| General Obligations | 26.2% |
| Pre-Refunded | 1.6% |
| Special Assessment | 1.3% |
| Tax Allocation | 0.9% |
| Certificates of Participation | 0.2% |
| Special Tax | 0.0%<sup>Footnote Reference\*\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents less than 0.05% of total investments of the Fund. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/muniintermediate-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0267 12/25
Annual Shareholder Report

October 31, 2025

Investor Class: NMUIX

# Neuberger Berman

# Municipal Intermediate Bond Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Institutional Class: NMNLX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/muniintermediate-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the year?
(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** |
| Institutional Class | $31 | 0.30% |

---

## How did the Fund perform last year?
The Fund's yield curve positioning was the largest detractor from performance, as the Fund maintained a barbelled approach, whereas the Bloomberg 7-Year General Obligation (G.O.) Index (the Index) was bulleted in the intermediate portion of the yield curve. Security selection was also a small headwind for returns. On the upside, the Fund's duration positioning contributed to performance. In particular, having a duration that was longer than the Index was beneficial as interest rates moved lower over the period. Sector positioning was also additive for returns, driven by our revenue bond positioning.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Duration positioning versus the Index

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Sector positioning

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Yield curve positioning versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](i1170ed075942faf7fc57000d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class $1,216,900** | **Bloomberg Municipal Bond Index $1,270,700** | **Bloomberg 7-Year G.O. Index $1,237,200** |
| **10/31/15** | $1000000 | $1000000 | $1000000 |
| **10/31/16** | $1032400 | $1040600 | $1030400 |
| **10/31/17** | $1047100 | $1063400 | $1045800 |
| **10/31/18** | $1037100 | $1057900 | $1034800 |
| **10/31/19** | $1126700 | $1157600 | $1124100 |
| **10/31/20** | $1151100 | $1199200 | $1174300 |
| **10/31/21** | $1185800 | $1230800 | $1186800 |
| **10/31/22** | $1049000 | $1083400 | $1084200 |
| **10/31/23** | $1074600 | $1112000 | $1104600 |
| **10/31/24** | $1165100 | $1219800 | $1175900 |
| **10/31/25** | $1216900 | $1270700 | $1237200 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 4.44% | 1.12% | 1.98% |
| **Bloomberg Municipal Bond Index** | 4.17% | 1.16% | 2.42% |
| **Bloomberg 7-Year G.O. Index** | 5.22% | 1.05% | 2.15% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $190397561 |
| Number of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 83% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten States

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| New York | 18.0% |
| Illinois | 12.3% |
| Pennsylvania | 9.8% |
| Georgia | 5.6% |
| Texas | 4.9% |
| California | 4.7% |
| New Jersey | 3.9% |
| Massachusetts | 3.8% |
| Washington | 3.6% |
| Alabama | 3.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Asset Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)
![Group By Sector Chart](i94a42cb068d2f04921a38bff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue Bonds | 69.8% |
| General Obligations | 26.2% |
| Pre-Refunded | 1.6% |
| Special Assessment | 1.3% |
| Tax Allocation | 0.9% |
| Certificates of Participation | 0.2% |
| Special Tax | 0.0%<sup>Footnote Reference\*\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents less than 0.05% of total investments of the Fund. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/muniintermediate-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0270 12/25
Annual Shareholder Report

October 31, 2025

Institutional Class: NMNLX

# Neuberger Berman

# Municipal Intermediate Bond Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class A: NMNAX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/muniintermediate-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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 | $68 | 0.67% |

---

## How did the Fund perform last year?
The Fund's yield curve positioning was the largest detractor from performance, as the Fund maintained a barbelled approach, whereas the Bloomberg 7-Year General Obligation (G.O.) Index (the Index) was bulleted in the intermediate portion of the yield curve. Security selection was also a small headwind for returns. On the upside, the Fund's duration positioning contributed to performance. In particular, having a duration that was longer than the Index was beneficial as interest rates moved lower over the period. Sector positioning was also additive for returns, driven by our revenue bond positioning.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Duration positioning versus the Index

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Sector positioning

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Yield curve positioning versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](icaae65b463e23ab55378ac98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge) $11,234** | **Bloomberg Municipal Bond Index $12,707** | **Bloomberg 7-Year G.O. Index $12,372** |
| **10/31/15** | $9575 | $10000 | $10000 |
| **10/31/16** | $9854 | $10406 | $10304 |
| **10/31/17** | $9948 | $10634 | $10458 |
| **10/31/18** | $9817 | $10579 | $10348 |
| **10/31/19** | $10625 | $11576 | $11241 |
| **10/31/20** | $10816 | $11992 | $11743 |
| **10/31/21** | $11101 | $12308 | $11868 |
| **10/31/22** | $9783 | $10834 | $10842 |
| **10/31/23** | $9985 | $11120 | $11046 |
| **10/31/24** | $10786 | $12198 | $11759 |
| **10/31/25** | $11234 | $12707 | $12372 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 4.16% | 0.76% | 1.61% |
| **Class A (including sales charge)** | (0.31)% | (0.11)% | 1.17% |
| **Bloomberg Municipal Bond Index** | 4.17% | 1.16% | 2.42% |
| **Bloomberg 7-Year G.O. Index** | 5.22% | 1.05% | 2.15% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $190397561 |
| Number of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 83% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten States

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| New York | 18.0% |
| Illinois | 12.3% |
| Pennsylvania | 9.8% |
| Georgia | 5.6% |
| Texas | 4.9% |
| California | 4.7% |
| New Jersey | 3.9% |
| Massachusetts | 3.8% |
| Washington | 3.6% |
| Alabama | 3.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Asset Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)
![Group By Sector Chart](i94a42cb068d2f04921a38bff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue Bonds | 69.8% |
| General Obligations | 26.2% |
| Pre-Refunded | 1.6% |
| Special Assessment | 1.3% |
| Tax Allocation | 0.9% |
| Certificates of Participation | 0.2% |
| Special Tax | 0.0%<sup>Footnote Reference\*\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents less than 0.05% of total investments of the Fund. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/muniintermediate-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0268 12/25
Annual Shareholder Report

October 31, 2025

Class A: NMNAX

# Neuberger Berman

# Municipal Intermediate Bond Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class C: NMNCX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/muniintermediate-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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 | $144 | 1.42% |

---

## How did the Fund perform last year?
The Fund's yield curve positioning was the largest detractor from performance, as the Fund maintained a barbelled approach, whereas the Bloomberg 7-Year General Obligation (G.O.) Index (the Index) was bulleted in the intermediate portion of the yield curve. Security selection was also a small headwind for returns. On the upside, the Fund's duration positioning contributed to performance. In particular, having a duration that was longer than the Index was beneficial as interest rates moved lower over the period. Sector positioning was also additive for returns, driven by our revenue bond positioning.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Duration positioning versus the Index

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Sector positioning

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Yield curve positioning versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Security selection

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iffe4e7d780469c7ccacaf9f7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charge) $10,890** | **Bloomberg Municipal Bond Index $12,707** | **Bloomberg 7-Year G.O. Index $12,372** |
| **10/31/15** | $10000 | $10000 | $10000 |
| **10/31/16** | $10218 | $10406 | $10304 |
| **10/31/17** | $10248 | $10634 | $10458 |
| **10/31/18** | $10029 | $10579 | $10348 |
| **10/31/19** | $10774 | $11576 | $11241 |
| **10/31/20** | $10895 | $11992 | $11743 |
| **10/31/21** | $11098 | $12308 | $11868 |
| **10/31/22** | $9708 | $10834 | $10842 |
| **10/31/23** | $9834 | $11120 | $11046 |
| **10/31/24** | $10543 | $12198 | $11759 |
| **10/31/25** | $10890 | $12707 | $12372 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 3.28% | (0.01)% | 0.86% |
| **Class C (including sales charge)** | 2.28% | (0.01)% | 0.86% |
| **Bloomberg Municipal Bond Index** | 4.17% | 1.16% | 2.42% |
| **Bloomberg 7-Year G.O. Index** | 5.22% | 1.05% | 2.15% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $190397561 |
| Number of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 83% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten States

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| New York | 18.0% |
| Illinois | 12.3% |
| Pennsylvania | 9.8% |
| Georgia | 5.6% |
| Texas | 4.9% |
| California | 4.7% |
| New Jersey | 3.9% |
| Massachusetts | 3.8% |
| Washington | 3.6% |
| Alabama | 3.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Asset Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)
![Group By Sector Chart](i94a42cb068d2f04921a38bff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue Bonds | 69.8% |
| General Obligations | 26.2% |
| Pre-Refunded | 1.6% |
| Special Assessment | 1.3% |
| Tax Allocation | 0.9% |
| Certificates of Participation | 0.2% |
| Special Tax | 0.0%<sup>Footnote Reference\*\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents less than 0.05% of total investments of the Fund. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/muniintermediate-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0269 12/25
Annual Shareholder Report

October 31, 2025

Class C: NMNCX

# Neuberger Berman

# Core Bond Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Investor Class: NCRIX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/corebond-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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** |
| Investor Class | $80 | 0.78% |

---

## How did the Fund perform last year?
The Fund's absolute performance was positive. Its largest performance contributor relative to the Bloomberg U.S. Aggregate Bond Index (the Index), was a Securitized Credit allocation (Credit Risk Transfers, and Commercial Mortgage-Backed, Asset-Backed, and Non-Agency Mortgage-Backed securities). Investment Grade & High-Yield bonds were also additive for returns as credit spreads narrowed. Duration and yield curve positioning were also additive. On the downside, an underweighting to U.S. Treasury Securities versus the Index and an Emerging Market Debt securities allocation were modest detractors.

### Performance Attribution

#### Top Contributors

#### Top Detractors

#### Derivatives
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Securitized Credit and Investment-Grade bonds 

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)High-Yield Corporate bonds

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Duration and yield curve positioning

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight to U.S. Treasury Securities versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Emerging Market Debt securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Futures Contracts

TEXT

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ia3ed8f769a31cfce45c2ee07.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class $11,918** | **Bloomberg U.S. Aggregate Bond Index $12,071** |
| **10/31/15** | $10000 | $10000 |
| **10/31/16** | $10416 | $10437 |
| **10/31/17** | $10472 | $10531 |
| **10/31/18** | $10176 | $10315 |
| **10/31/19** | $11276 | $11502 |
| **10/31/20** | $12039 | $12214 |
| **10/31/21** | $12156 | $12155 |
| **10/31/22** | $10132 | $10249 |
| **10/31/23** | $10125 | $10286 |
| **10/31/24** | $11248 | $11370 |
| **10/31/25** | $11918 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 5.95% | (0.20)% | 1.77% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1139229261 |
| Number of Portfolio Holdings | 868 |
| Portfolio Turnover Rate | 151% |
| Total Investment Advisory Fees Paid | $1482813 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Federal Home Loan Mortgage Corp. | 13.5% |
| Federal National Mortgage Association | 12.6% |
| U.S. Treasury | 9.8% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 3.1% |
| Government National Mortgage Association | 2.6% |
| Oracle Corp. | 1.4% |
| BX Trust | 1.2% |
| Foundry JV Holdco LLC | 1.1% |
| Imperial Brands Finance PLC | 1.0% |
| Meta Platforms, Inc. | 0.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Portfolio by Investment Type

### (as a % of Total Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 39.5% |
| Corporate Bonds | 30.9% |
| Asset-Backed Securities | 13.3% |
| U.S. Treasury Obligations | 9.9% |
| Foreign Government Securities | 3.8% |
| U.S. Government Agency Securities | 0.8% |
| Short-Term Investments | 3.1% |
| Liabilities Less Other Assets | (1.3)%<sup>Footnote Reference\*\*</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/corebond-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0227 12/25
Annual Shareholder Report

October 31, 2025

Investor Class: NCRIX

# Neuberger Berman

# Core Bond Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Institutional Class: NCRLX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/corebond-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the year?
(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** |
| Institutional Class | $39 | 0.38% |

---

## How did the Fund perform last year?
The Fund's absolute performance was positive. Its largest performance contributor relative to the Bloomberg U.S. Aggregate Bond Index (the Index), was a Securitized Credit allocation (Credit Risk Transfers, and Commercial Mortgage-Backed, Asset-Backed, and Non-Agency Mortgage-Backed securities). Investment Grade & High-Yield bonds were also additive for returns as credit spreads narrowed. Duration and yield curve positioning were also additive. On the downside, an underweighting to U.S. Treasury Securities versus the Index and an Emerging Market Debt securities allocation were modest detractors.

### Performance Attribution

#### Top Contributors

#### Top Detractors

#### Derivatives
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Securitized Credit and Investment-Grade bonds 

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)High-Yield Corporate bonds

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Duration and yield curve positioning

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight to U.S. Treasury Securities versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Emerging Market Debt securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Futures Contracts

TEXT

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](i1652bdff9589e75c0d4642db.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class $1,240,700** | **Bloomberg U.S. Aggregate Bond Index $1,207,100** |
| **10/31/15** | $1000000 | $1000000 |
| **10/31/16** | $1046700 | $1043700 |
| **10/31/17** | $1056600 | $1053100 |
| **10/31/18** | $1030000 | $1031500 |
| **10/31/19** | $1145700 | $1150200 |
| **10/31/20** | $1229100 | $1221400 |
| **10/31/21** | $1244900 | $1215500 |
| **10/31/22** | $1041100 | $1024900 |
| **10/31/23** | $1045900 | $1028600 |
| **10/31/24** | $1165000 | $1137000 |
| **10/31/25** | $1240700 | $1207100 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 6.49% | 0.19% | 2.18% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1139229261 |
| Number of Portfolio Holdings | 868 |
| Portfolio Turnover Rate | 151% |
| Total Investment Advisory Fees Paid | $1482813 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Federal Home Loan Mortgage Corp. | 13.5% |
| Federal National Mortgage Association | 12.6% |
| U.S. Treasury | 9.8% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 3.1% |
| Government National Mortgage Association | 2.6% |
| Oracle Corp. | 1.4% |
| BX Trust | 1.2% |
| Foundry JV Holdco LLC | 1.1% |
| Imperial Brands Finance PLC | 1.0% |
| Meta Platforms, Inc. | 0.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Portfolio by Investment Type

### (as a % of Total Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 39.5% |
| Corporate Bonds | 30.9% |
| Asset-Backed Securities | 13.3% |
| U.S. Treasury Obligations | 9.9% |
| Foreign Government Securities | 3.8% |
| U.S. Government Agency Securities | 0.8% |
| Short-Term Investments | 3.1% |
| Liabilities Less Other Assets | (1.3)%<sup>Footnote Reference\*\*</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/corebond-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0228 12/25
Annual Shareholder Report

October 31, 2025

Institutional Class: NCRLX

# Neuberger Berman

# Core Bond Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class A: NCRAX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/corebond-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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 | $80 | 0.78% |

---

## How did the Fund perform last year?
The Fund's absolute performance was positive. Its largest performance contributor relative to the Bloomberg U.S. Aggregate Bond Index (the Index), was a Securitized Credit allocation (Credit Risk Transfers, and Commercial Mortgage-Backed, Asset-Backed, and Non-Agency Mortgage-Backed securities). Investment Grade & High-Yield bonds were also additive for returns as credit spreads narrowed. Duration and yield curve positioning were also additive. On the downside, an underweighting to U.S. Treasury Securities versus the Index and an Emerging Market Debt securities allocation were modest detractors.

### Performance Attribution

#### Top Contributors

#### Top Detractors

#### Derivatives
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Securitized Credit and Investment-Grade bonds 

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)High-Yield Corporate bonds

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Duration and yield curve positioning

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight to U.S. Treasury Securities versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Emerging Market Debt securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Futures Contracts

TEXT

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i6df9cdc11aa9202dabccfb47.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge) $11,420** | **Bloomberg U.S. Aggregate Bond Index $12,071** |
| **10/31/15** | $9575 | $10000 |
| **10/31/16** | $9982 | $10437 |
| **10/31/17** | $10036 | $10531 |
| **10/31/18** | $9752 | $10315 |
| **10/31/19** | $10807 | $11502 |
| **10/31/20** | $11538 | $12214 |
| **10/31/21** | $11650 | $12155 |
| **10/31/22** | $9697 | $10249 |
| **10/31/23** | $9701 | $10286 |
| **10/31/24** | $10766 | $11370 |
| **10/31/25** | $11420 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 6.08% | (0.20)% | 1.78% |
| **Class A (including sales charge)** | 1.57% | (1.06)% | 1.34% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1139229261 |
| Number of Portfolio Holdings | 868 |
| Portfolio Turnover Rate | 151% |
| Total Investment Advisory Fees Paid | $1482813 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Federal Home Loan Mortgage Corp. | 13.5% |
| Federal National Mortgage Association | 12.6% |
| U.S. Treasury | 9.8% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 3.1% |
| Government National Mortgage Association | 2.6% |
| Oracle Corp. | 1.4% |
| BX Trust | 1.2% |
| Foundry JV Holdco LLC | 1.1% |
| Imperial Brands Finance PLC | 1.0% |
| Meta Platforms, Inc. | 0.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Portfolio by Investment Type

### (as a % of Total Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 39.5% |
| Corporate Bonds | 30.9% |
| Asset-Backed Securities | 13.3% |
| U.S. Treasury Obligations | 9.9% |
| Foreign Government Securities | 3.8% |
| U.S. Government Agency Securities | 0.8% |
| Short-Term Investments | 3.1% |
| Liabilities Less Other Assets | (1.3)%<sup>Footnote Reference\*\*</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/corebond-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0230 12/25
Annual Shareholder Report

October 31, 2025

Class A: NCRAX

# Neuberger Berman

# Core Bond Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class C: NCRCX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/corebond-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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 | $157 | 1.53% |

---

## How did the Fund perform last year?
The Fund's absolute performance was positive. Its largest performance contributor relative to the Bloomberg U.S. Aggregate Bond Index (the Index), was a Securitized Credit allocation (Credit Risk Transfers, and Commercial Mortgage-Backed, Asset-Backed, and Non-Agency Mortgage-Backed securities). Investment Grade & High-Yield bonds were also additive for returns as credit spreads narrowed. Duration and yield curve positioning were also additive. On the downside, an underweighting to U.S. Treasury Securities versus the Index and an Emerging Market Debt securities allocation were modest detractors.

### Performance Attribution

#### Top Contributors

#### Top Detractors

#### Derivatives
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Securitized Credit and Investment-Grade bonds 

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)High-Yield Corporate bonds

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Duration and yield curve positioning

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight to U.S. Treasury Securities versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Emerging Market Debt securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Futures Contracts

TEXT

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ide68383b4e6802e5ae2a4a7c.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (including sales charge) $11,070** | **Bloomberg U.S. Aggregate Bond Index $12,071** |
| **10/31/15** | $10000 | $10000 |
| **10/31/16** | $10349 | $10437 |
| **10/31/17** | $10327 | $10531 |
| **10/31/18** | $9960 | $10315 |
| **10/31/19** | $10955 | $11502 |
| **10/31/20** | $11609 | $12214 |
| **10/31/21** | $11634 | $12155 |
| **10/31/22** | $9613 | $10249 |
| **10/31/23** | $9546 | $10286 |
| **10/31/24** | $10515 | $11370 |
| **10/31/25** | $11070 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 5.28% | (0.95)% | 1.02% |
| **Class C (including sales charge)** | 4.28% | (0.95)% | 1.02% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1139229261 |
| Number of Portfolio Holdings | 868 |
| Portfolio Turnover Rate | 151% |
| Total Investment Advisory Fees Paid | $1482813 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Federal Home Loan Mortgage Corp. | 13.5% |
| Federal National Mortgage Association | 12.6% |
| U.S. Treasury | 9.8% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 3.1% |
| Government National Mortgage Association | 2.6% |
| Oracle Corp. | 1.4% |
| BX Trust | 1.2% |
| Foundry JV Holdco LLC | 1.1% |
| Imperial Brands Finance PLC | 1.0% |
| Meta Platforms, Inc. | 0.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Portfolio by Investment Type

### (as a % of Total Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 39.5% |
| Corporate Bonds | 30.9% |
| Asset-Backed Securities | 13.3% |
| U.S. Treasury Obligations | 9.9% |
| Foreign Government Securities | 3.8% |
| U.S. Government Agency Securities | 0.8% |
| Short-Term Investments | 3.1% |
| Liabilities Less Other Assets | (1.3)%<sup>Footnote Reference\*\*</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/corebond-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0231 12/25
Annual Shareholder Report

October 31, 2025

Class C: NCRCX

# Neuberger Berman

# Core Bond Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class R6: NRCRX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/corebond-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the year?
(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 | $29 | 0.28% |

---

## How did the Fund perform last year?
The Fund's absolute performance was positive. Its largest performance contributor relative to the Bloomberg U.S. Aggregate Bond Index (the Index), was a Securitized Credit allocation (Credit Risk Transfers, and Commercial Mortgage-Backed, Asset-Backed, and Non-Agency Mortgage-Backed securities). Investment Grade & High-Yield bonds were also additive for returns as credit spreads narrowed. Duration and yield curve positioning were also additive. On the downside, an underweighting to U.S. Treasury Securities versus the Index and an Emerging Market Debt securities allocation were modest detractors.

### Performance Attribution

#### Top Contributors

#### Top Detractors

#### Derivatives
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Securitized Credit and Investment-Grade bonds 

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)High-Yield Corporate bonds

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Duration and yield curve positioning

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight to U.S. Treasury Securities versus the Index

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Emerging Market Debt securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Futures Contracts

TEXT

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ibe263cc479c7e3634a38de81.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6 $12,491** | **Bloomberg U.S. Aggregate Bond Index $12,071** |
| **10/31/15** | $10000 | $10000 |
| **10/31/16** | $10467 | $10437 |
| **10/31/17** | $10566 | $10531 |
| **10/31/18** | $10300 | $10315 |
| **10/31/19** | $11467 | $11502 |
| **10/31/20** | $12313 | $12214 |
| **10/31/21** | $12484 | $12155 |
| **10/31/22** | $10451 | $10249 |
| **10/31/23** | $10509 | $10286 |
| **10/31/24** | $11732 | $11370 |
| **10/31/25** | $12491 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6** | 6.48% | 0.29% | 2.25% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The performance prior to Class R6's inception date of January 18, 2019 is that of the Fund's Institutional Class, which had higher expenses than Class R6 so its performance typically would have been lower than that of Class R6. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1139229261 |
| Number of Portfolio Holdings | 868 |
| Portfolio Turnover Rate | 151% |
| Total Investment Advisory Fees Paid | $1482813 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Federal Home Loan Mortgage Corp. | 13.5% |
| Federal National Mortgage Association | 12.6% |
| U.S. Treasury | 9.8% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 3.1% |
| Government National Mortgage Association | 2.6% |
| Oracle Corp. | 1.4% |
| BX Trust | 1.2% |
| Foundry JV Holdco LLC | 1.1% |
| Imperial Brands Finance PLC | 1.0% |
| Meta Platforms, Inc. | 0.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Portfolio by Investment Type

### (as a % of Total Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 39.5% |
| Corporate Bonds | 30.9% |
| Asset-Backed Securities | 13.3% |
| U.S. Treasury Obligations | 9.9% |
| Foreign Government Securities | 3.8% |
| U.S. Government Agency Securities | 0.8% |
| Short-Term Investments | 3.1% |
| Liabilities Less Other Assets | (1.3)%<sup>Footnote Reference\*\*</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/corebond-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0229 12/25
Annual Shareholder Report

October 31, 2025

Class R6: NRCRX

# Neuberger Berman

# Strategic Income Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Trust Class: NSTTX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/strategicincome-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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** |
| Trust Class | $98 | 0.94% |

---

## How did the Fund perform last year?
The Fund had a positive return. Top contributors to its performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index), included allocations to U.S. and non-U.S. developed markets High-Yield Corporate Bonds, duration positioning, security selection in and an overweight to Securitized Credit, and positioning in Agency Mortgage-Backed Securities (MBS), Emerging Market Debt, and Corporate and Financial Hybrid Debt. Top performance detractors were underweights to U.S. and non-U.S. developed markets Investment-Grade Credit and U.S. Treasury Securities versus the Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors

#### Derivatives
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Allocation across U.S. and non-U.S. developed markets High-Yield Credit

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Duration positioning

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection in and an overweight to Securitized Credit relative to the Index

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Positioning in Agency MBS, Emerging Market Debt and Corporate and Financial Hybrid Debt

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweights to U.S. and non-U.S. developed markets Investment-Grade Credit

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight to U.S. Treasury Securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Futures contracts

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Swaps

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Forward foreign currency contracts

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i3a94add639e8530c02685e46.jpg)

---

| | | |
|:---|:---|:---|
| | **Trust Class $14,612** | **Bloomberg U.S. Aggregate Bond Index $12,071** |
| **10/31/15** | $10000 | $10000 |
| **10/31/16** | $10591 | $10437 |
| **10/31/17** | $11024 | $10531 |
| **10/31/18** | $10886 | $10315 |
| **10/31/19** | $11714 | $11502 |
| **10/31/20** | $12114 | $12214 |
| **10/31/21** | $13105 | $12155 |
| **10/31/22** | $11295 | $10249 |
| **10/31/23** | $11771 | $10286 |
| **10/31/24** | $13452 | $11370 |
| **10/31/25** | $14612 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Trust Class** | 8.63% | 3.82% | 3.87% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $7239889732 |
| Number of Portfolio Holdings | 2540 |
| Portfolio Turnover Rate | 120% |
| Total Investment Advisory Fees Paid | $24953089 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Securities | 10.9% |
| Federal National Mortgage Association | 8.9% |
| Federal Home Loan Mortgage Corp. | 6.6% |
| U.S. Treasury | 6.4% |
| Government National Mortgage Association | 3.2% |
| Federal National Mortgage Association Connecticut Avenue Securities | 2.7% |
| Federal Home Loan Mortgage Corp. STACR REMIC Trust | 2.4% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 2.4% |
| BX Trust | 1.5% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Portfolio by Investment Type

### (as a % of Total Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 52.0% |
| Corporate Bonds | 31.9% |
| Asset-Backed Securities | 12.0% |
| U.S. Treasury Obligations | 7.4% |
| Foreign Government Securities | 4.5% |
| Exchange-Traded Funds | 3.8% |
| Municipal Notes | 0.6% |
| Loan Assignments | 0.4% |
| U.S. Government Agency Securities | 0.0%<sup>Footnote Reference\*</sup> |
| Preferred Stocks | 0.0%<sup>Footnote Reference\*</sup> |
| Common Stocks | 0.0%<sup>Footnote Reference\*</sup> |
| Closed-End Funds | 0.0%<sup>Footnote Reference\*</sup> |
| Short-Term Investments | 2.8% |
| Liabilities Less Other Assets | (15.4)%<sup>Footnote Reference\*\*</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents less than 0.05% of net assets of the Fund. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/strategicincome-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0291 12/25
Annual Shareholder Report

October 31, 2025

Trust Class: NSTTX

# Neuberger Berman

# Strategic Income Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Institutional Class: NSTLX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/strategicincome-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the year?
(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** |
| Institutional Class | $62 | 0.59% |

---

## How did the Fund perform last year?
The Fund had a positive return. Top contributors to its performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index), included allocations to U.S. and non-U.S. developed markets High-Yield Corporate Bonds, duration positioning, security selection in and an overweight to Securitized Credit, and positioning in Agency Mortgage-Backed Securities (MBS), Emerging Market Debt, and Corporate and Financial Hybrid Debt. Top performance detractors were underweights to U.S. and non-U.S. developed markets Investment-Grade Credit and U.S. Treasury Securities versus the Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors

#### Derivatives
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Allocation across U.S. and non-U.S. developed markets High-Yield Credit

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Duration positioning

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection in and an overweight to Securitized Credit relative to the Index

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Positioning in Agency MBS, Emerging Market Debt and Corporate and Financial Hybrid Debt

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweights to U.S. and non-U.S. developed markets Investment-Grade Credit

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight to U.S. Treasury Securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Futures contracts

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Swaps

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Forward foreign currency contracts

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](ica46679ecef3625087c8b0db.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class $1,514,600** | **Bloomberg U.S. Aggregate Bond Index $1,207,100** |
| **10/31/15** | $1000000 | $1000000 |
| **10/31/16** | $1063800 | $1043700 |
| **10/31/17** | $1111100 | $1053100 |
| **10/31/18** | $1101200 | $1031500 |
| **10/31/19** | $1187900 | $1150200 |
| **10/31/20** | $1233800 | $1221400 |
| **10/31/21** | $1339500 | $1215500 |
| **10/31/22** | $1157500 | $1024900 |
| **10/31/23** | $1210500 | $1028600 |
| **10/31/24** | $1388100 | $1137000 |
| **10/31/25** | $1514600 | $1207100 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 9.11% | 4.19% | 4.24% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $7239889732 |
| Number of Portfolio Holdings | 2540 |
| Portfolio Turnover Rate | 120% |
| Total Investment Advisory Fees Paid | $24953089 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Securities | 10.9% |
| Federal National Mortgage Association | 8.9% |
| Federal Home Loan Mortgage Corp. | 6.6% |
| U.S. Treasury | 6.4% |
| Government National Mortgage Association | 3.2% |
| Federal National Mortgage Association Connecticut Avenue Securities | 2.7% |
| Federal Home Loan Mortgage Corp. STACR REMIC Trust | 2.4% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 2.4% |
| BX Trust | 1.5% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Portfolio by Investment Type

### (as a % of Total Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 52.0% |
| Corporate Bonds | 31.9% |
| Asset-Backed Securities | 12.0% |
| U.S. Treasury Obligations | 7.4% |
| Foreign Government Securities | 4.5% |
| Exchange-Traded Funds | 3.8% |
| Municipal Notes | 0.6% |
| Loan Assignments | 0.4% |
| U.S. Government Agency Securities | 0.0%<sup>Footnote Reference\*</sup> |
| Preferred Stocks | 0.0%<sup>Footnote Reference\*</sup> |
| Common Stocks | 0.0%<sup>Footnote Reference\*</sup> |
| Closed-End Funds | 0.0%<sup>Footnote Reference\*</sup> |
| Short-Term Investments | 2.8% |
| Liabilities Less Other Assets | (15.4)%<sup>Footnote Reference\*\*</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents less than 0.05% of net assets of the Fund. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/strategicincome-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0295 12/25
Annual Shareholder Report

October 31, 2025

Institutional Class: NSTLX

# Neuberger Berman

# Strategic Income Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class A: NSTAX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/strategicincome-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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 | $100 | 0.96% |

---

## How did the Fund perform last year?
The Fund had a positive return. Top contributors to its performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index), included allocations to U.S. and non-U.S. developed markets High-Yield Corporate Bonds, duration positioning, security selection in and an overweight to Securitized Credit, and positioning in Agency Mortgage-Backed Securities (MBS), Emerging Market Debt, and Corporate and Financial Hybrid Debt. Top performance detractors were underweights to U.S. and non-U.S. developed markets Investment-Grade Credit and U.S. Treasury Securities versus the Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors

#### Derivatives
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Allocation across U.S. and non-U.S. developed markets High-Yield Credit

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Duration positioning

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection in and an overweight to Securitized Credit relative to the Index

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Positioning in Agency MBS, Emerging Market Debt and Corporate and Financial Hybrid Debt

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweights to U.S. and non-U.S. developed markets Investment-Grade Credit

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight to U.S. Treasury Securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Futures contracts

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Swaps

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Forward foreign currency contracts

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ic42d2c6ccb87ecd1ebe37c03.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge) $14,198** | **Bloomberg U.S. Aggregate Bond Index $12,071** |
| **10/31/15** | $9750 | $10000 |
| **10/31/16** | $10328 | $10437 |
| **10/31/17** | $10744 | $10531 |
| **10/31/18** | $10606 | $10315 |
| **10/31/19** | $11395 | $11502 |
| **10/31/20** | $11789 | $12214 |
| **10/31/21** | $12747 | $12155 |
| **10/31/22** | $10973 | $10249 |
| **10/31/23** | $11432 | $10286 |
| **10/31/24** | $13060 | $11370 |
| **10/31/25** | $14198 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 8.71% | 3.79% | 3.83% |
| **Class A (including sales charge)** | 6.04% | 3.27% | 3.57% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 2.50%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $7239889732 |
| Number of Portfolio Holdings | 2540 |
| Portfolio Turnover Rate | 120% |
| Total Investment Advisory Fees Paid | $24953089 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Securities | 10.9% |
| Federal National Mortgage Association | 8.9% |
| Federal Home Loan Mortgage Corp. | 6.6% |
| U.S. Treasury | 6.4% |
| Government National Mortgage Association | 3.2% |
| Federal National Mortgage Association Connecticut Avenue Securities | 2.7% |
| Federal Home Loan Mortgage Corp. STACR REMIC Trust | 2.4% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 2.4% |
| BX Trust | 1.5% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Portfolio by Investment Type

### (as a % of Total Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 52.0% |
| Corporate Bonds | 31.9% |
| Asset-Backed Securities | 12.0% |
| U.S. Treasury Obligations | 7.4% |
| Foreign Government Securities | 4.5% |
| Exchange-Traded Funds | 3.8% |
| Municipal Notes | 0.6% |
| Loan Assignments | 0.4% |
| U.S. Government Agency Securities | 0.0%<sup>Footnote Reference\*</sup> |
| Preferred Stocks | 0.0%<sup>Footnote Reference\*</sup> |
| Common Stocks | 0.0%<sup>Footnote Reference\*</sup> |
| Closed-End Funds | 0.0%<sup>Footnote Reference\*</sup> |
| Short-Term Investments | 2.8% |
| Liabilities Less Other Assets | (15.4)%<sup>Footnote Reference\*\*</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents less than 0.05% of net assets of the Fund. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/strategicincome-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0293 12/25
Annual Shareholder Report

October 31, 2025

Class A: NSTAX

# Neuberger Berman

# Strategic Income Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class C: NSTCX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/strategicincome-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the year?
(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 | $176 | 1.69% |

---

## How did the Fund perform last year?
The Fund had a positive return. Top contributors to its performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index), included allocations to U.S. and non-U.S. developed markets High-Yield Corporate Bonds, duration positioning, security selection in and an overweight to Securitized Credit, and positioning in Agency Mortgage-Backed Securities (MBS), Emerging Market Debt, and Corporate and Financial Hybrid Debt. Top performance detractors were underweights to U.S. and non-U.S. developed markets Investment-Grade Credit and U.S. Treasury Securities versus the Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors

#### Derivatives
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Allocation across U.S. and non-U.S. developed markets High-Yield Credit

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Duration positioning

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection in and an overweight to Securitized Credit relative to the Index

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Positioning in Agency MBS, Emerging Market Debt and Corporate and Financial Hybrid Debt

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweights to U.S. and non-U.S. developed markets Investment-Grade Credit

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight to U.S. Treasury Securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Futures contracts

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Swaps

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Forward foreign currency contracts

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i0762edf875ca3d9b6bf8b994.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (including sales charge) $13,573** | **Bloomberg U.S. Aggregate Bond Index $12,071** |
| **10/31/15** | $10000 | $10000 |
| **10/31/16** | $10513 | $10437 |
| **10/31/17** | $10861 | $10531 |
| **10/31/18** | $10656 | $10315 |
| **10/31/19** | $11369 | $11502 |
| **10/31/20** | $11670 | $12214 |
| **10/31/21** | $12542 | $12155 |
| **10/31/22** | $10719 | $10249 |
| **10/31/23** | $11087 | $10286 |
| **10/31/24** | $12576 | $11370 |
| **10/31/25** | $13573 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 7.93% | 3.07% | 3.10% |
| **Class C (including sales charge)** | 6.93% | 3.07% | 3.10% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $7239889732 |
| Number of Portfolio Holdings | 2540 |
| Portfolio Turnover Rate | 120% |
| Total Investment Advisory Fees Paid | $24953089 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Securities | 10.9% |
| Federal National Mortgage Association | 8.9% |
| Federal Home Loan Mortgage Corp. | 6.6% |
| U.S. Treasury | 6.4% |
| Government National Mortgage Association | 3.2% |
| Federal National Mortgage Association Connecticut Avenue Securities | 2.7% |
| Federal Home Loan Mortgage Corp. STACR REMIC Trust | 2.4% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 2.4% |
| BX Trust | 1.5% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Portfolio by Investment Type

### (as a % of Total Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 52.0% |
| Corporate Bonds | 31.9% |
| Asset-Backed Securities | 12.0% |
| U.S. Treasury Obligations | 7.4% |
| Foreign Government Securities | 4.5% |
| Exchange-Traded Funds | 3.8% |
| Municipal Notes | 0.6% |
| Loan Assignments | 0.4% |
| U.S. Government Agency Securities | 0.0%<sup>Footnote Reference\*</sup> |
| Preferred Stocks | 0.0%<sup>Footnote Reference\*</sup> |
| Common Stocks | 0.0%<sup>Footnote Reference\*</sup> |
| Closed-End Funds | 0.0%<sup>Footnote Reference\*</sup> |
| Short-Term Investments | 2.8% |
| Liabilities Less Other Assets | (15.4)%<sup>Footnote Reference\*\*</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents less than 0.05% of net assets of the Fund. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/strategicincome-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0294 12/25
Annual Shareholder Report

October 31, 2025

Class C: NSTCX

# Neuberger Berman

# Strategic Income Fund
![Image](i8826ff95ba682ef738b26d6f.jpg)

Annual Shareholder Report

October 31, 2025

# Class R6: NRSIX
This annual shareholder report contains important information about the Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at nb.com/strategicincome-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the year?
(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 | $51 | 0.49% |

---

## How did the Fund perform last year?
The Fund had a positive return. Top contributors to its performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index), included allocations to U.S. and non-U.S. developed markets High-Yield Corporate Bonds, duration positioning, security selection in and an overweight to Securitized Credit, and positioning in Agency Mortgage-Backed Securities (MBS), Emerging Market Debt, and Corporate and Financial Hybrid Debt. Top performance detractors were underweights to U.S. and non-U.S. developed markets Investment-Grade Credit and U.S. Treasury Securities versus the Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors

#### Derivatives
* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Allocation across U.S. and non-U.S. developed markets High-Yield Credit

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Duration positioning

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Security selection in and an overweight to Securitized Credit relative to the Index

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Positioning in Agency MBS, Emerging Market Debt and Corporate and Financial Hybrid Debt

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweights to U.S. and non-U.S. developed markets Investment-Grade Credit

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Underweight to U.S. Treasury Securities

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Futures contracts

* ![Thin up arrow](icb95a02f4cae43e0578c2698.jpg)Swaps

* ![Thin down arrow](i0b30e549976aff334c17b2ef.jpg)Forward foreign currency contracts

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i3761cf537096f8436f4e5ed4.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6 $15,269** | **Bloomberg U.S. Aggregate Bond Index $12,071** |
| **10/31/15** | $10000 | $10000 |
| **10/31/16** | $10636 | $10437 |
| **10/31/17** | $11117 | $10531 |
| **10/31/18** | $11025 | $10315 |
| **10/31/19** | $11905 | $11502 |
| **10/31/20** | $12378 | $12214 |
| **10/31/21** | $13451 | $12155 |
| **10/31/22** | $11633 | $10249 |
| **10/31/23** | $12178 | $10286 |
| **10/31/24** | $13980 | $11370 |
| **10/31/25** | $15269 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6** | 9.22% | 4.29% | 4.32% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24)% | 1.90% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $7239889732 |
| Number of Portfolio Holdings | 2540 |
| Portfolio Turnover Rate | 120% |
| Total Investment Advisory Fees Paid | $24953089 |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Securities | 10.9% |
| Federal National Mortgage Association | 8.9% |
| Federal Home Loan Mortgage Corp. | 6.6% |
| U.S. Treasury | 6.4% |
| Government National Mortgage Association | 3.2% |
| Federal National Mortgage Association Connecticut Avenue Securities | 2.7% |
| Federal Home Loan Mortgage Corp. STACR REMIC Trust | 2.4% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 2.4% |
| BX Trust | 1.5% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Portfolio by Investment Type

### (as a % of Total Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 52.0% |
| Corporate Bonds | 31.9% |
| Asset-Backed Securities | 12.0% |
| U.S. Treasury Obligations | 7.4% |
| Foreign Government Securities | 4.5% |
| Exchange-Traded Funds | 3.8% |
| Municipal Notes | 0.6% |
| Loan Assignments | 0.4% |
| U.S. Government Agency Securities | 0.0%<sup>Footnote Reference\*</sup> |
| Preferred Stocks | 0.0%<sup>Footnote Reference\*</sup> |
| Common Stocks | 0.0%<sup>Footnote Reference\*</sup> |
| Closed-End Funds | 0.0%<sup>Footnote Reference\*</sup> |
| Short-Term Investments | 2.8% |
| Liabilities Less Other Assets | (15.4)%<sup>Footnote Reference\*\*</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents less than 0.05% of net assets of the Fund. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any. |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/strategicincome-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

![Image](i8826ff95ba682ef738b26d6f.jpg)

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0292 12/25
Annual Shareholder Report

October 31, 2025

Class R6: NRSIX

(b) Not applicable to the Registrant.

#### Item 2. Code of Ethics.
The Board of Trustees ("Board") of Neuberger Berman Income Funds ("Registrant") has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Code of Ethics"). During the period covered by this Form N-CSR, there were no substantive amendments to the Code of Ethics and there were no waivers from the Code of Ethics granted to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

A copy of the [Code of Ethics is incorporated by reference to Neuberger High Yield Strategies Fund Inc.'s Form N-CSR, Investment Company Act file number 811-22396 (filed December 30, 2025)](https://www.sec.gov/Archives/edgar/data/1487610/000089843225001054/exh99.htm#EXHIBIT99). The Code of Ethics is also available, without charge, by calling 1-800-877-9700 (toll-free).

#### Item 3. Audit Committee Financial Expert.
The Board has determined that the Registrant has three audit committee financial experts serving on its audit committee. The Registrant's audit committee financial experts are Michael J. Cosgrove, Martha C. Goss and Deborah C. McLean. Mr. Cosgrove, Ms. Goss and Ms. McLean are independent trustees as defined by Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
Ernst & Young, LLP ("E&Y") serves as independent registered public accounting firm to each series of the Registrant.

(a) <u>Audit Fees</u>

The aggregate fees billed for professional services rendered by E&Y for the audit of the annual financial statements or services that are normally provided by E&Y in connection with statutory and regulatory filings or engagements were $423,600 and $386,100 for the fiscal years ended 2024 and 2025, respectively.

(b) <u>Audit-Related Fees</u>

The aggregate fees billed to the Registrant for assurance and related services by E&Y that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported above in Audit Fees were $0 and $0 for the fiscal years ended 2024 and 2025, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

The fees billed to other entities in the investment company complex for assurance and related services by E&Y that are reasonably related to the performance of the audit that the Audit Committee was required to approve because the engagement related directly to the operations and financial reporting of the Registrant were $0 and $0 for the fiscal years ended 2024 and 2025, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(c) <u>Tax Fees</u>

The aggregate fees billed to the Registrant for professional services rendered by E&Y for tax compliance, tax advice, and tax planning were $111,460 and $98,050 for the fiscal years ended 2024 and 2025, respectively. The nature of the services provided includes preparation of the Federal and State tax extensions and tax returns, review of annual excise tax calculations, and preparation of form 8613, in addition to assistance with the identification of Passive Foreign Investment Companies, assistance with determination of various foreign withholding taxes, and assistance with Internal Revenue Code and tax regulation requirements for fund investments. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

The fees billed to other entities in the investment company complex for professional services rendered by E&Y for tax compliance, tax advice, and tax planning that the Audit Committee was required to approve because the engagement related directly to the operations and financial reporting of the Registrant were $0 and $0 for the fiscal years ended 2024 and 2025, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

------

(d) <u>All Other Fees</u>

The aggregate fees billed to the Registrant for products and services provided by E&Y, other than services reported in <u>Audit Fees</u>, <u>Audit-Related Fees</u>, and <u>Tax Fees</u> were $0 and $0 for the fiscal years ended 2024 and 2025, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

The fees billed to other entities in the investment company complex for products and services provided by E&Y, other than services reported in <u>Audit Fees</u>, <u>Audit-Related Fees</u>, and <u>Tax Fees</u> that the Audit Committee was required to approve because the engagement related directly to the operations and financial reporting of the Registrant were $0 and $0 for the fiscal years ended 2024 and 2025, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(e) <u>Audit Committee's Pre-Approval Policies and Procedures</u>

(1) The Audit Committee's pre-approval policies and procedures for the Registrant to engage an accountant to render audit and non-audit services delegate to each member of the Committee the power to pre-approve services between meetings of the Committee.

(2) None of the services described in paragraphs (b) through (d) above were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) <u>Hours Attributed to Other Persons</u>

Not applicable.

(g) <u>Non-Audit Fees</u>

Non-audit fees billed by E&Y for services rendered to the Registrant were $111,460 and $98,050 for the fiscal years ended 2024 and 2025, respectively.

Non-audit fees billed by E&Y for services rendered to the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $0 and $0 for the fiscal years ended 2024 and 2025, respectively.

(h) The Audit Committee of the Board considered whether the provision of non-audit services rendered to the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved by the Audit Committee because the engagement did not relate directly to the operations and financial reporting of the Registrant is compatible with maintaining E&Y's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

#### Item 6. Investments.
(a) The complete schedule of investments for each series is disclosed in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

(b) Not applicable to the Registrant.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
![](img0a9745b71.jpg)

Neuberger Berman

Income Funds

---

| | |
|:---|:---|
| Investor Class Shares | Class C Shares |
| Trust Class Shares | Class R3 Shares |
| Institutional Class Shares | Class R6 Shares |
| Class A Shares | Class E Shares |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Core Bond Fund  |
| Floating Rate Income Fund  |
| High Income Bond Fund  |
| Municipal High Income Fund  |
| Municipal Impact Fund  |
| Municipal Intermediate Bond Fund  |
| Strategic Income Fund  |

---

![](img43eadd222.jpg)

Annual Financial Statements and Other Information

October 31, 2025

------

![](imgb7a2ad413.gif)

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [LEGEND (Form N-CSR Item 7)](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_LEG-TOC-Legend-24_1) | 3 |
| [SCHEDULE OF INVESTMENTS (Form N-CSR Item 7)](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOI-TOC-SOI-24_1) | 5 |
| [Core Bond Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOI-TOC-SOI-24_1) | 5 |
| [Positions by Country](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOI-TOC-SOI-24_16) | 20 |
| [Floating Rate Income Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOI-TOC-SOI-24_19) | 23 |
| [Positions by Country](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOI-TOC-SOI-24_34) | 38 |
| [High Income Bond Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOI-TOC-SOI-24_37) | 41 |
| [Positions by Country](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOI-TOC-SOI-24_53) | 57 |
| [Municipal High Income Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOI-TOC-SOI-24_54) | 58 |
| [Municipal Impact Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOI-TOC-SOI-24_63) | 67 |
| [Municipal Intermediate Bond Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOI-TOC-SOI-24_70) | 74 |
| [Strategic Income Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOI-TOC-SOI-24_79) | 83 |
| [Positions by Country](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOI-TOC-SOI-24_140) | 144 |
| [FINANCIAL STATEMENTS (Form N-CSR Item 7)](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_FS-StatementofAssetsandLiabilities-Intro-24_2) | 156 |
| [Remuneration paid to trustees, officers, and others (Form N-CSR](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOPI-StatementofOperations-Intro-24_1)<br> [Item 10)](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOPI-StatementofOperations-Intro-24_1)<br>| 160 |
| [Core Bond Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOPI-StatementofOperations-Intro-24_1) | 160 |
| [Floating Rate Income Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOPI-StatementofOperations-Intro-24_1) | 160 |
| [High Income Bond Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOPI-StatementofOperations-Intro-24_2) | 161 |
| [Municipal High Income Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOPI-StatementofOperations-Intro-24_2) | 161 |
| [Municipal Impact Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOPI-StatementofOperations-Intro-24_2) | 161 |
| [Municipal Intermediate Bond Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOPI-StatementofOperations-Intro-24_2) | 161 |
| [Strategic Income Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_SOPI-StatementofOperations-Intro-24_2) | 161 |
| [NOTES TO FINANCIAL STATEMENTS (Form N-CSR](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_NTF-TOC-NTFS_1)<br> [Item 7)](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_NTF-TOC-NTFS_1)<br>| 167 |
| [FINANCIAL HIGHLIGHTS (ALL CLASSES) (Form N-CSR](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_FIHIPIV-TOC-PivotedFinancialHighlights-Name-24_1)<br> [Item 7)](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_FIHIPIV-TOC-PivotedFinancialHighlights-Name-24_1)<br>| 190 |
| [Core Bond Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_FIHIPIV-TOC-PivotedFinancialHighlights-Name-24_1) | 190 |
| [Floating Rate Income Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_FIHIPIV-TOC-PivotedFinancialHighlights-Name-24_3) | 192 |
| [High Income Bond Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_FIHIPIV-TOC-PivotedFinancialHighlights-Name-24_3) | 192 |
| [Municipal High Income Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_FIHIPIV-TOC-PivotedFinancialHighlights-Name-24_5) | 194 |
| [Municipal Impact Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_FIHIPIV-TOC-PivotedFinancialHighlights-Name-24_7) | 196 |
| [Municipal Intermediate Bond Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_FIHIPIV-TOC-PivotedFinancialHighlights-Name-24_7) | 196 |
| [Strategic Income Fund](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_FIHIPIV-TOC-PivotedFinancialHighlights-Name-24_9) | 198 |

---

------

![](imgb7a2ad413.gif)

Contents

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm (Form N-CSR](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_AUD-TOC-AuditorsReport-24_1)<br> [Item 7)](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_AUD-TOC-AuditorsReport-24_1)<br>| 204 |
| [Directory (Form N-CSR Item 7)](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_DIRECT-Directory_1) | 206 |
| [Changes in and disagreements with accountants (Form N-CSR Item 8)](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_DISCLOSE-Changesinanddisagreements_1) | 207 |
| [Proxy Disclosures (Form N-CSR Item 9)](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_DISCLOSE-Changesinanddisagreements_1) | 207 |
| [Board Consideration of the Management Agreements (Form N-CSR](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_DISCLOSE-Changesinanddisagreements_2)<br> [Item 11)](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_DISCLOSE-Changesinanddisagreements_2)<br>| 208 |
| [Notice to Shareholders](#xx_074ffcf5-dfbb-4749-a72a-571fea7d907c_DISCLOSE-Changesinanddisagreements_8) | 214 |

---

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA. <sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

------

Legend October 31, 2025 (Unaudited)

**Neuberger Berman Income Funds** 

---

| | |
|:---|:---|
| **Clearinghouses:** | **Clearinghouses:** |
| CME | = CME Group, Inc. |
| ICE CC | = ICE Clear Credit LLC |
| LCH | = LCH Clearnet Limited |
| **Counterparties:** | **Counterparties:** |
| BCB | = Barclays Bank PLC |
| CITI | = Citibank, N.A. |
| DB | = Deutsche Bank AG |
| GSI | = Goldman Sachs International |
| HSBC | = HSBC Bank plc |
| JPM | = JPMorgan Chase Bank N.A. |
| MS | = Morgan Stanley Capital Services LLC |
| SCB | = Standard Chartered Bank |
| **Index Periods/Payment Frequencies:** | **Index Periods/Payment Frequencies:** |
| 1D | = 1 Day |
| 3M | = 3 Months |
| 6M | = 6 Months |
| 1Y | = 1 Year |
| T | = Termination |
| **Non-Deliverable Forward Contracts:** | **Non-Deliverable Forward Contracts:** |
| BRL | = Brazilian Real |
| CLP | = Chilean Peso |
| COP | = Colombian Peso |
| IDR | = Indonesian Rupiah |
| KRW | = South Korean Won |
| KZT | = Kazakhstani Tenge |
| MYR | = Malaysian Ringgit |
| PEN | = Peruvian Nuevo Sol |
| PHP | = Philippine Peso |
| TWD | = Taiwan Dollar |
| **Other Abbreviations:** | **Other Abbreviations:** |
| CJSC | = Closed Joint Stock Company |
| JSC | = Joint Stock Company |
| Management or NBIA | = Neuberger Berman Investment Advisers LLC |
| PJSC | = Public Joint Stock Company |
| **Reference Rate Benchmarks:** | **Reference Rate Benchmarks:** |
| €STR | = Euro Short Term Rate |
| CETIP | = Overnight Brazil Interbank Deposit Rate |
| CPTFEMU | = Eurostat Eurozone Harmonised Indices of Consumer Prices Ex Tobacco Unrevised <br> Series NSA<br>|
| CPURNSA | = US CPI Urban Consumers NSA |
| EURIBOR | = Euro Interbank Offered Rate |
| SOFR | = Secured Overnight Financing Rate |
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | = Australian Dollar |
| BRL | = Brazilian Real |

---

------

Legend October 31, 2025 (Unaudited) (cont'd)

---

| | |
|:---|:---|
| **Currency Abbreviations (cont'd):** | **Currency Abbreviations (cont'd):** |
| CAD | = Canadian Dollar |
| CLP | = Chilean Peso |
| CNH<sup>(a)</sup> | = Chinese Yuan Renminbi |
| COP | = Colombian Peso |
| CZK | = Czech Koruna |
| DKK | = Denmark Krone |
| EUR | = Euro |
| GBP | = Pound Sterling |
| HUF | = Hungarian Forint |
| IDR | = Indonesian Rupiah |
| JPY | = Japanese Yen |
| KRW | = South Korean Won |
| KZT | = Kazakhstani Tenge |
| MXN | = Mexican Peso |
| MYR | = Malaysia Ringgit |
| PEN | = Peruvian Nuevo Sol |
| PHP | = Philippine Peso |
| PLN | = Polish Zloty |
| RON | = Romanian New Leu |
| TRY | = Turkish Lira |
| TWD | = Taiwan Dollar |
| USD | = United States Dollar |
| ZAR | = South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) There is one official currency held in China, the Chinese Yuan Renminbi. CNY is traded onshore, in mainland China and CNH is traded offshore, mainly in the Hong Kong market, each at a different exchange rate.

------

Schedule of Investments Core Bond Fund^

October 31, 2025

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **U.S. Treasury Obligations 9.9%** | **U.S. Treasury Obligations 9.9%** | **U.S. Treasury Obligations 9.9%** |
|  | U.S. Treasury Bonds |  |
| $11540000 | 2.00%, due 11/15/2041 - 8/15/2051 | &nbsp;&nbsp; $7218179 |
| 4360000 | 3.13%, due 2/15/2042 | &nbsp;&nbsp; 3641281 |
| 20835000 | 4.63%, due 5/15/2044 - 2/15/2055 | &nbsp;&nbsp; 20771771 |
| 2175000 | 2.50%, due 2/15/2045 | &nbsp;&nbsp; 1575091 |
| 3660000 | 2.25%, due 8/15/2046 | &nbsp;&nbsp; 2469785 |
| 14195000 | 3.38%, due 11/15/2048 | &nbsp;&nbsp; 11515139 |
| 4485000 | 1.63%, due 11/15/2050 | &nbsp;&nbsp; 2438368 |
| 4420000 | 4.25%, due 8/15/2054 | &nbsp;&nbsp; 4121305 |
| 15215000 | 4.75%, due 5/15/2055 - 8/15/2055 | &nbsp;&nbsp; 15419685 |
|  | U.S. Treasury Notes |  |
| 10415000 | 4.13%, due 10/31/2027 - 7/31/2028 | &nbsp;&nbsp; 10533902 |
| 10970000 | 3.63%, due 3/31/2028 | &nbsp;&nbsp; 10978142 |
| 2240000 | 3.50%, due 2/15/2033 | &nbsp;&nbsp; 2181987 |
| 1515000 | 4.38%, due 5/15/2034 | &nbsp;&nbsp; 1554946 |
| 13895000 | 4.63%, due 2/15/2035 | &nbsp;&nbsp; 14494222 |
| 3750000 | 4.25%, due 5/15/2035 - 8/15/2035 | &nbsp;&nbsp; 3798600 |
| **Total U.S. Treasury Obligations (Cost $111,047,832)** | **Total U.S. Treasury Obligations (Cost $111,047,832)** | &nbsp;&nbsp; **112712403** |
| **U.S. Government Agency Securities 0.8%** | **U.S. Government Agency Securities 0.8%** | **U.S. Government Agency Securities 0.8%** |
| 1985000 | Federal National Mortgage Association Principal Strip, 0.00%, due 7/15/2037 | &nbsp;&nbsp; 1163332<br> <sup>(a)</sup><br>|
|  | Tennessee Valley Authority |  |
| 2160000 | 5.25%, due 2/1/2055 | &nbsp;&nbsp; 2179902 |
| 2005000 | 4.88%, due 5/15/2035 | &nbsp;&nbsp; 2081930 |
| 3520000 | 3.88%, due 8/1/2030 | &nbsp;&nbsp; 3531816 |
| **Total U.S. Government Agency Securities (Cost $9,034,246)** | **Total U.S. Government Agency Securities (Cost $9,034,246)** | &nbsp;&nbsp; **8956980** |
| **Mortgage-Backed Securities 39.5%** | **Mortgage-Backed Securities 39.5%** | **Mortgage-Backed Securities 39.5%** |
| **Collateralized Mortgage Obligations 5.1%** | **Collateralized Mortgage Obligations 5.1%** | **Collateralized Mortgage Obligations 5.1%** |
| 559132 | A&D Mortgage Trust, Series 2025-NQM3, Class A1, 5.37%, due 8/25/2070 | &nbsp;&nbsp; 560208<br> <sup>(b)</sup><br>|
|  | Angel Oak Mortgage Trust |  |
| 39956 | Series 2019-6, Class A1, 2.62%, due 11/25/2059 | &nbsp;&nbsp; 39391<br> <sup>(b)(c)</sup><br>|
| 663174 | Series 2021-3, Class A1, 1.07%, due 5/25/2066 | &nbsp;&nbsp; 578563<br> <sup>(b)(c)</sup><br>|
| 99629 | Series 2022-5, Class A1, 4.50%, due 5/25/2067 | &nbsp;&nbsp; 99031<br> <sup>(b)</sup><br>|
| 778000 | Series 2025-10, Class A2, 5.16%, due 9/25/2070 | &nbsp;&nbsp; 777536<br> <sup>(b)</sup><br>|
|  | Chase Home Lending Mortgage Trust |  |
| 557434 | Series 2024-2, Class A6A, 6.00%, due 2/25/2055 | &nbsp;&nbsp; 560474<br> <sup>(b)(c)</sup><br>|
| 1117738 | Series 2024-4, Class A6, 6.00%, due 3/25/2055 | &nbsp;&nbsp; 1123182<br> <sup>(b)(c)</sup><br>|
| 1821337 | Series 2024-11, Class A4, 6.00%, due 11/25/2055 | &nbsp;&nbsp; 1851504<br> <sup>(b)(c)</sup><br>|
| 1862392 | Series 2025-1, Class A4, 6.00%, due 11/25/2055 | &nbsp;&nbsp; 1887982<br> <sup>(b)(c)</sup><br>|
| 2676509 | Series 2025-10, Class A4A, 5.50%, due 7/25/2056 | &nbsp;&nbsp; 2696979<br> <sup>(b)(c)</sup><br>|
| 475176 | Cross Mortgage Trust, Series 2024-H8, Class A1, 5.55%, due 12/25/2069 | &nbsp;&nbsp; 477880<br> <sup>(b)(c)</sup><br>|
| 1912996 | EFMT, Series 2024-INV2, Class A1, 5.04%, due 10/25/2069 | &nbsp;&nbsp; 1905888<br> <sup>(b)</sup><br>|
| 301091 | Ellington Financial Mortgage Trust, Series 2022-1, Class A1, 2.21%, due 1/25/2067 | &nbsp;&nbsp; 266725<br> <sup>(b)(c)</sup><br>|
|  | Federal Home Loan Mortgage Corp. REMIC |  |
| 1100113 | Series 4018, Class HS, (6.34% - 30 day USD SOFR Average), 2.10%, due 3/15/2042 | &nbsp;&nbsp; 168484<br> <sup>(d)(e)</sup><br>|
| 673991 | Series 4159, Class KS, (6.04% - 30 day USD SOFR Average), 1.80%, due 1/15/2043 | &nbsp;&nbsp; 84853<br> <sup>(d)(e)</sup><br>|
|  | Federal Home Loan Mortgage Corp. STACR REMIC Trust |  |
| 1100000 | Series 2021-DNA7, Class M2, (30 day USD SOFR Average + 1.80%), 5.98%, due 11/25/2041 | &nbsp;&nbsp; 1109471<br> <sup>(b)(d)</sup><br>|
| 550000 | Series 2022-DNA1, Class M2, (30 day USD SOFR Average + 2.50%), 6.68%, due 1/25/2042 | &nbsp;&nbsp; 559468<br> <sup>(b)(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** |
| $1325000 | Series 2022-DNA3, Class M1B, (30 day USD SOFR Average + 2.90%), 7.08%, due 4/25/2042 | &nbsp;&nbsp; $1375895<br> <sup>(b)(d)</sup><br>|
| 31000 | Series 2022-DNA4, Class M1B, (30 day USD SOFR Average + 3.35%), 7.53%, due 5/25/2042 | &nbsp;&nbsp; 32132<br> <sup>(b)(d)</sup><br>|
| 1050000 | Series 2022-DNA6, Class M2, (30 day USD SOFR Average + 5.75%), 9.93%, due 9/25/2042 | &nbsp;&nbsp; 1137584<br> <sup>(b)(d)</sup><br>|
| 2645000 | Series 2024-DNA2, Class M2, (30 day USD SOFR Average + 1.70%), 5.88%, due 5/25/2044 | &nbsp;&nbsp; 2659045<br> <sup>(b)(d)</sup><br>|
|  | Federal National Mortgage Association Connecticut Avenue Securities Trust |  |
| 2161000 | Series 2022-R04, Class 1M2, (30 day USD SOFR Average + 3.10%), 7.28%, due 3/25/2042 | &nbsp;&nbsp; 2221444<br> <sup>(b)(d)</sup><br>|
| 1540000 | Series 2022-R03, Class 1M2, (30 day USD SOFR Average + 3.50%), 7.68%, due 3/25/2042 | &nbsp;&nbsp; 1591107<br> <sup>(b)(d)</sup><br>|
| 1312000 | Series 2022-R07, Class 1M2, (30 day USD SOFR Average + 4.65%), 8.83%, due 6/25/2042 | &nbsp;&nbsp; 1385717<br> <sup>(b)(d)</sup><br>|
| 475000 | Series 2022-R08, Class 1M2, (30 day USD SOFR Average + 3.60%), 7.78%, due 7/25/2042 | &nbsp;&nbsp; 494430<br> <sup>(b)(d)</sup><br>|
| 2118000 | Series 2024-R04, Class 1M2, (30 day USD SOFR Average + 1.65%), 5.83%, due 5/25/2044 | &nbsp;&nbsp; 2129946<br> <sup>(b)(d)</sup><br>|
| 426263 | Series 2025-R04, Class 1M1, (30 day USD SOFR Average + 1.20%), 5.38%, due 5/25/2045 | &nbsp;&nbsp; 426998<br> <sup>(b)(d)</sup><br>|
| 814000 | Series 2025-R06, Class 1M2, (30 day USD SOFR Average + 1.55%), 5.73%, due 9/25/2045 | &nbsp;&nbsp; 815719<br> <sup>(b)(d)</sup><br>|
|  | Federal National Mortgage Association REMIC |  |
| 1157920 | Series 2013-6, Class SB, (5.99% - 30 day USD SOFR Average), 1.80%, due 2/25/2043 | &nbsp;&nbsp; 132852<br> <sup>(d)(e)</sup><br>|
| 679064 | Series 2016-32, Class LI, 3.50%, due 6/25/2046 | &nbsp;&nbsp; 111821<br> <sup>(e)</sup><br>|
|  | GCAT Trust |  |
| 256238 | Series 2019-NQM3, Class A1, 3.69%, due 11/25/2059 | &nbsp;&nbsp; 251361<br> <sup>(b)(c)</sup><br>|
| 976368 | Series 2021-NQM5, Class A1, 1.26%, due 7/25/2066 | &nbsp;&nbsp; 831732<br> <sup>(b)(c)</sup><br>|
|  | Government National Mortgage Association REMIC |  |
| 1246763 | Series 2013-5, Class BI, 3.50%, due 1/20/2043 | &nbsp;&nbsp; 193257<br> <sup>(e)</sup><br>|
| 569976 | Series 2016-77, Class TS, (6.04% - 1 mo. USD Term SOFR), 2.00%, due 12/20/2044 | &nbsp;&nbsp; 53078<br> <sup>(d)(e)</sup><br>|
| 1382097 | Series 2020-112, Class KA, 1.00%, due 8/20/2050 | &nbsp;&nbsp; 1072925 |
| 3051938 | Series 2021-26, Class AI, 2.00%, due 2/20/2051 | &nbsp;&nbsp; 393319<br> <sup>(e)</sup><br>|
| 1173893 | Series 2021-103, Class HE, 2.00%, due 6/20/2051 | &nbsp;&nbsp; 981572 |
| 2477119 | GS Mortgage-Backed Securities Trust, Series 2025-PJ8, Class A5, 5.50%, due 2/25/2056 | &nbsp;&nbsp; 2493516<br> <sup>(b)(c)</sup><br>|
|  | Morgan Stanley Residential Mortgage Loan Trust |  |
| 249744 | Series 2024-3, Class A2, 6.00%, due 7/25/2054 | &nbsp;&nbsp; 251026<br> <sup>(b)(c)</sup><br>|
| 660783 | Series 2025-NQM6, Class A1, 5.15%, due 7/25/2070 | &nbsp;&nbsp; 661559<br> <sup>(b)(c)</sup><br>|
|  | New Residential Mortgage Loan Trust |  |
| 105181 | Series 2019-NQM5, Class A1, 2.71%, due 11/25/2059 | &nbsp;&nbsp; 100387<br> <sup>(b)(c)</sup><br>|
| 2264195 | Series 2025-NQM3, Class A3, 5.99%, due 5/25/2065 | &nbsp;&nbsp; 2288955<br> <sup>(b)</sup><br>|
|  | OBX Trust |  |
| 1029839 | Series 2025-NQM7, Class A1, 5.56%, due 5/25/2055 | &nbsp;&nbsp; 1039214<br> <sup>(b)</sup><br>|
| 846600 | Series 2025-NQM7, Class A2, 5.76%, due 5/25/2055 | &nbsp;&nbsp; 852907<br> <sup>(b)</sup><br>|
| 138327 | Series 2024-NQM4, Class A1, 6.07%, due 1/25/2064 | &nbsp;&nbsp; 139849<br> <sup>(b)</sup><br>|
| 1063666 | Series 2024-NQM6, Class A1, 6.45%, due 2/25/2064 | &nbsp;&nbsp; 1080690<br> <sup>(b)</sup><br>|
| 1302285 | Series 2024-NQM14, Class A1, 4.94%, due 9/25/2064 | &nbsp;&nbsp; 1298929<br> <sup>(b)</sup><br>|
| 1093518 | PRKCM Trust, Series 2025-AFC1, Class A1, 5.10%, due 10/25/2060 | &nbsp;&nbsp; 1092801<br> <sup>(b)(c)</sup><br>|
| 2768473 | Provident Funding Mortgage Trust, Series 2025-4, Class A4, 5.50%, due 9/25/2055 | &nbsp;&nbsp; 2782172<br> <sup>(b)(c)</sup><br>|
|  | Starwood Mortgage Residential Trust |  |
| 563937 | Series 2021-3, Class A1, 1.13%, due 6/25/2056 | &nbsp;&nbsp; 499945<br> <sup>(b)(c)</sup><br>|
| 1456909 | Series 2021-6, Class A1, 1.92%, due 11/25/2066 | &nbsp;&nbsp; 1288132<br> <sup>(b)(c)</sup><br>|
| 1977808 | Towd Point Mortgage Trust, Series 2022-4, Class A1, 3.75%, due 9/25/2062 | &nbsp;&nbsp; 1903262<br> <sup>(b)</sup><br>|
|  | Verus Securitization Trust |  |
| 796155 | Series 2021-3, Class A1, 1.05%, due 6/25/2066 | &nbsp;&nbsp; 701114<br> <sup>(b)(c)</sup><br>|
| 1162393 | Series 2021-6, Class A1, 1.63%, due 10/25/2066 | &nbsp;&nbsp; 1022508<br> <sup>(b)(c)</sup><br>|
| 1329045 | Series 2024-4, Class A1, 6.22%, due 6/25/2069 | &nbsp;&nbsp; 1347048<br> <sup>(b)</sup><br>|
| 2227153 | Series 2025-3, Class A1, 5.62%, due 5/25/2070 | &nbsp;&nbsp; 2248694<br> <sup>(b)</sup><br>|
| 1240618 | Series 2025-6, Class A1, 5.42%, due 7/25/2070 | &nbsp;&nbsp; 1248645<br> <sup>(b)</sup><br>|
| 514564 | Series 2025-7, Class A1, 5.13%, due 8/25/2070 | &nbsp;&nbsp; 515534<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **57896440** |

---

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Commercial Mortgage-Backed 10.9%** | **Commercial Mortgage-Backed 10.9%** | **Commercial Mortgage-Backed 10.9%** |
| $1706000 | 1301 Trust, Series 2025-1301, Class C, 5.64%, due 8/11/2042 | &nbsp;&nbsp; $1729995<br> <sup>(b)(c)</sup><br>|
| 456000 | ALA Trust, Series 2025-OANA, Class C, (1 mo. USD Term SOFR + 2.09%), 6.13%, due 6/15/2040 | &nbsp;&nbsp; 458848<br> <sup>(b)(d)</sup><br>|
|  | BANK |  |
| 1273000 | Series 2022-BNK39, Class A4, 2.93%, due 2/15/2055 | &nbsp;&nbsp; 1157343<br> <sup>(c)</sup><br>|
| 450000 | Series 2023-BNK45, Class A5, 5.20%, due 2/15/2056 | &nbsp;&nbsp; 461852 |
| 640000 | Series 2022-BNK41, Class A4, 3.79%, due 4/15/2065 | &nbsp;&nbsp; 609920<br> <sup>(c)</sup><br>|
|  | BANK5 |  |
| 513000 | Series 2023-5YR2, Class C, 7.16%, due 7/15/2056 | &nbsp;&nbsp; 529248<br> <sup>(c)</sup><br>|
| 1533000 | Series 2024-5YR12, Class C, 6.30%, due 12/15/2057 | &nbsp;&nbsp; 1576629<br> <sup>(c)</sup><br>|
|  | BBCMS Mortgage Trust |  |
| 1393000 | Series 2023-C19, Class A5, 5.45%, due 4/15/2056 | &nbsp;&nbsp; 1451137 |
| 1501000 | Series 2024-5C27, Class A3, 6.01%, due 7/15/2057 | &nbsp;&nbsp; 1578198 |
| 235000 | Series 2024-5C31, Class AS, 5.85%, due 12/15/2057 | &nbsp;&nbsp; 243085<br> <sup>(c)</sup><br>|
| 321000 | Series 2025-5C34, Class C, 6.81%, due 5/15/2058 | &nbsp;&nbsp; 335948<br> <sup>(c)</sup><br>|
|  | Benchmark Mortgage Trust |  |
| 10783544 | Series 2021-B26, Class XA, 0.84%, due 6/15/2054 | &nbsp;&nbsp; 355400<br> <sup>(c)(e)</sup><br>|
| 441234 | Series 2021-B31, Class A5, 2.67%, due 12/15/2054 | &nbsp;&nbsp; 393676 |
| 1079000 | Series 2023-V2, Class C, 6.77%, due 5/15/2055 | &nbsp;&nbsp; 1102098<br> <sup>(c)</sup><br>|
| 1114000 | Series 2023-B39, Class A4, 5.50%, due 7/15/2056 | &nbsp;&nbsp; 1166457 |
| 796000 | Series 2023-V3, Class C, 7.17%, due 7/15/2056 | &nbsp;&nbsp; 808026<br> <sup>(c)</sup><br>|
|  | BX Commercial Mortgage Trust |  |
| 519681 | Series 2021-VOLT, Class C, (1 mo. USD Term SOFR + 1.21%), 5.25%, due 9/15/2036 | &nbsp;&nbsp; 519360<br> <sup>(b)(d)</sup><br>|
| 1840773 | Series 2021-VOLT, Class D, (1 mo. USD Term SOFR + 1.76%), 5.80%, due 9/15/2036 | &nbsp;&nbsp; 1839048<br> <sup>(b)(d)</sup><br>|
|  | BX Trust |  |
| 1847793 | Series 2025-ROIC, Class C, (1 mo. USD Term SOFR + 1.54%), 5.58%, due 3/15/2030 | &nbsp;&nbsp; 1841442<br> <sup>(b)(d)</sup><br>|
| 1918000 | Series 2024-VLT4, Class C, (1 mo. USD Term SOFR + 2.14%), 6.17%, due 6/15/2041 | &nbsp;&nbsp; 1919765<br> <sup>(b)(d)</sup><br>|
| 1730000 | Series 2019-OC11, Class C, 3.86%, due 12/9/2041 | &nbsp;&nbsp; 1650946<br> <sup>(b)</sup><br>|
| 1667000 | Series 2025-GW, Class C, (1 mo. USD Term SOFR + 2.10%), 6.13%, due 7/15/2042 | &nbsp;&nbsp; 1670126<br> <sup>(b)(d)</sup><br>|
| 1703000 | Series 2025-VLT7, Class C, (1 mo. USD Term SOFR + 2.35%), 6.38%, due 7/15/2044 | &nbsp;&nbsp; 1709918<br> <sup>(b)(d)</sup><br>|
| 2119000 | Series 2025-LIFE, Class A, 5.88%, due 6/13/2047 | &nbsp;&nbsp; 2181322<br> <sup>(b)(c)</sup><br>|
| 1445049 | Citigroup Commercial Mortgage Trust, Series 2022-GC48, Class A5, 4.58%, due 5/15/2054 | &nbsp;&nbsp; 1443997<br> <sup>(c)</sup><br>|
| 1469000 | COMM Mortgage Trust, Series 2024-CBM, Class C, 7.15%, due 12/10/2041 | &nbsp;&nbsp; 1515366<br> <sup>(b)(c)</sup><br>|
| 1106000 | &nbsp;&nbsp; CONE Trust, Series 2024-DFW1, Class A, (1 mo. USD Term SOFR + 1.64%), 5.67%, due <br> 8/15/2041<br>| &nbsp;&nbsp; 1104617<br> <sup>(b)(d)</sup><br>|
| 2431787 | CSAIL Commercial Mortgage Trust, Series 2016-C5, Class XA, 0.63%, due 11/15/2048 | &nbsp;&nbsp; 24<br> <sup>(c)(e)</sup><br>|
| 2124000 | Fashion Show Mall LLC, Series 2024-SHOW, Class A, 5.10%, due 10/10/2041 | &nbsp;&nbsp; 2154069<br> <sup>(b)(c)</sup><br>|
|  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |  |
| 19466230 | Series KW03, Class X1, 0.77%, due 6/25/2027 | &nbsp;&nbsp; 174435<br> <sup>(c)(e)</sup><br>|
| 2699329 | Series K512, Class A2, 5.00%, due 11/25/2028 | &nbsp;&nbsp; 2773117 |
| 63186000 | Series K088, Class XAM, 0.42%, due 1/25/2029 | &nbsp;&nbsp; 857175<br> <sup>(c)(e)</sup><br>|
| 2947374 | Series K088, Class A2, 3.69%, due 1/25/2029 | &nbsp;&nbsp; 2926254 |
| 22367748 | Series K090, Class X1, 0.71%, due 2/25/2029 | &nbsp;&nbsp; 476382<br> <sup>(c)(e)</sup><br>|
| 10000000 | Series K098, Class XAM, 1.39%, due 8/25/2029 | &nbsp;&nbsp; 473073<br> <sup>(c)(e)</sup><br>|
| 4916000 | Series K540, Class A2, 4.51%, due 2/25/2030 | &nbsp;&nbsp; 5003641<br> <sup>(c)</sup><br>|
| 3342000 | Series K110, Class A2, 1.48%, due 4/25/2030 | &nbsp;&nbsp; 3013540 |
| 4726000 | Series K547, Class A2, 4.42%, due 5/25/2030 | &nbsp;&nbsp; 4796812<br> <sup>(c)</sup><br>|
| 1550000 | Series K544, Class A2, 4.27%, due 7/25/2030 | &nbsp;&nbsp; 1564583<br> <sup>(c)</sup><br>|
| 2983000 | Series K117, Class A2, 1.41%, due 8/25/2030 | &nbsp;&nbsp; 2648802 |
| 2351000 | Series K548, Class A2, 4.32%, due 9/25/2030 | &nbsp;&nbsp; 2377580<br> <sup>(c)</sup><br>|
| 1680000 | Series K128, Class A2, 2.02%, due 3/25/2031 | &nbsp;&nbsp; 1521035 |
| 2208000 | Series K-1512, Class A2, 2.99%, due 5/25/2031 | &nbsp;&nbsp; 2092934 |

---

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
| $| 3342000 | Series K135, Class A2, 2.15%, due 10/25/2031 | &nbsp;&nbsp; $2998955<br> <sup>(c)</sup><br>|
|  | 3732000 | Series K145, Class A2, 2.58%, due 5/25/2032 | &nbsp;&nbsp; 3392865 |
|  | 2870000 | Series K-171, Class A2, 4.40%, due 6/25/2035 | &nbsp;&nbsp; 2866628<br> <sup>(c)</sup><br>|
|  | 5498000 | Series K-172, Class A2, 4.58%, due 8/25/2035 | &nbsp;&nbsp; 5561735<br> <sup>(c)</sup><br>|
|  | 5732000 | Series K-173, Class A2, 4.60%, due 9/25/2035 | &nbsp;&nbsp; 5798596<br> <sup>(c)</sup><br>|
|  | 5415000 | Federal National Mortgage Association-ACES, Series 2025-M4, Class A2, 4.39%, due 8/25/2035 | &nbsp;&nbsp; 5378690 |
|  | 1607526 | FIVE Mortgage Trust, Series 2023-V1, Class B, 6.30%, due 2/10/2056 | &nbsp;&nbsp; 1652050<br> <sup>(c)</sup><br>|
|  | 2055188 | FREMF Mortgage Trust, Series K760, Class A2, 4.55%, due 1/25/2032 | &nbsp;&nbsp; 2093885<br> <sup>(c)</sup><br>|
|  |  | GS Mortgage Securities Trust |  |
|  | 950000 | Series 2019-GC42, Class A4, 3.00%, due 9/10/2052 | &nbsp;&nbsp; 891923 |
|  | 1200000 | Series 2019-GSA1, Class A4, 3.05%, due 11/10/2052 | &nbsp;&nbsp; 1134213 |
|  | 1274000 | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class C, 5.95%, due 1/13/2040 | &nbsp;&nbsp; 1316912<br> <sup>(b)(c)</sup><br>|
|  | 2086000 | &nbsp;&nbsp; INTOWN Mortgage Trust, Series 2025-STAY, Class C, (1 mo. USD Term SOFR + 2.25%), 6.28%, <br> due 3/15/2042<br>| &nbsp;&nbsp; 2089914<br> <sup>(b)(d)</sup><br>|
|  |  | IP Mortgage Trust |  |
|  | 554000 | Series 2025-IP, Class A, 5.25%, due 6/10/2042 | &nbsp;&nbsp; 562485<br> <sup>(b)(c)</sup><br>|
|  | 826000 | Series 2025-IP, Class C, 5.83%, due 6/10/2042 | &nbsp;&nbsp; 838085<br> <sup>(b)(c)</sup><br>|
|  | 1432000 | IRV Trust, Series 2025-200P, Class C, 5.73%, due 3/14/2047 | &nbsp;&nbsp; 1447937<br> <sup>(b)(c)</sup><br>|
|  |  | JP Morgan Chase Commercial Mortgage Securities Trust |  |
|  | 580000 | Series 2022-OPO, Class A, 3.02%, due 1/5/2039 | &nbsp;&nbsp; 521288<br> <sup>(b)</sup><br>|
|  | 736000 | Series 2022-OPO, Class B, 3.38%, due 1/5/2039 | &nbsp;&nbsp; 652905<br> <sup>(b)</sup><br>|
|  | 2880000 | MAD Commercial Mortgage Trust, Series 2025-11MD, Class C, 5.63%, due 10/15/2042 | &nbsp;&nbsp; 2900479<br> <sup>(b)(c)</sup><br>|
|  | 1529000 | Manhattan West Mortgage Trust, Series 2020-1MW, Class C, 2.33%, due 9/10/2039 | &nbsp;&nbsp; 1455275<br> <sup>(b)(c)</sup><br>|
|  | 1635000 | NY Commercial Mortgage Trust, Series 2025-299P, Class C, 6.17%, due 2/10/2047 | &nbsp;&nbsp; 1683515<br> <sup>(b)(c)</sup><br>|
|  |  | NYC Commercial Mortgage Trust |  |
|  | 958000 | Series 2025-3BP, Class C, (1 mo. USD Term SOFR + 1.89%), 5.92%, due 2/15/2042 | &nbsp;&nbsp; 954407<br> <sup>(b)(d)</sup><br>|
|  | 1040000 | Series 2025-300P, Class C, 5.47%, due 7/13/2042 | &nbsp;&nbsp; 1044472<br> <sup>(b)(c)</sup><br>|
|  | 1633000 | ONNI Commercial Mortgage Trust, Series 2024-APT, Class D, 7.00%, due 7/15/2039 | &nbsp;&nbsp; 1687120<br> <sup>(b)(c)</sup><br>|
|  | 1344000 | ORL Trust, Series 2024-GLKS, Class A, (1 mo. USD Term SOFR + 1.49%), 5.52%, due 12/15/2039 | &nbsp;&nbsp; 1345260<br> <sup>(b)(d)</sup><br>|
|  | 488000 | PRM Trust, Series 2025-PRM6, Class D, 5.68%, due 7/5/2033 | &nbsp;&nbsp; 486725<br> <sup>(b)(c)</sup><br>|
|  | 2330000 | RFR Trust, Series 2025-SGRM, Class A, 5.38%, due 3/11/2041 | &nbsp;&nbsp; 2381144<br> <sup>(b)(c)</sup><br>|
|  | 2416000 | ROCK Trust, Series 2024-CNTR, Class A, 5.39%, due 11/13/2041 | &nbsp;&nbsp; 2479581<br> <sup>(b)</sup><br>|
|  | 1113000 | &nbsp;&nbsp; TCO Commercial Mortgage Trust, Series 2024-DPM, Class A, (1 mo. USD Term SOFR + 1.24%), <br> 5.28%, due 12/15/2039<br>| &nbsp;&nbsp; 1113000<br> <sup>(b)(d)</sup><br>|
|  | 1197000 | &nbsp;&nbsp; TEXAS Commercial Mortgage Trust, Series 2025-TWR, Class A, (1 mo. USD Term SOFR + 1.29%), <br> 5.33%, due 4/15/2042<br>| &nbsp;&nbsp; 1194756<br> <sup>(b)(d)</sup><br>|
|  | 1350000 | Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class A, 5.31%, due 7/15/2035 | &nbsp;&nbsp; 1359988<br> <sup>(b)(c)</sup><br>|
|  |  | WF-RBS Commercial Mortgage Trust |  |
|  | 1241427 | Series 2014-C22, Class XA, 0.24%, due 9/15/2057 | &nbsp;&nbsp; 128<br> <sup>(c)(e)</sup><br>|
|  | 388393 | Series 2014-C22, Class AS, 4.07%, due 9/15/2057 | &nbsp;&nbsp; 368977<br> <sup>(c)</sup><br>|
|  |  |  | &nbsp;&nbsp; **123861116** |
| **Federal Home Loan Mortgage Corp. 9.0%** | **Federal Home Loan Mortgage Corp. 9.0%** | **Federal Home Loan Mortgage Corp. 9.0%** | **Federal Home Loan Mortgage Corp. 9.0%** |
|  |  | Pass-Through Certificates |  |
|  | 629007 | 2.00%, due 3/1/2051 | &nbsp;&nbsp; 517152 |
|  | 8440477 | 2.50%, due 7/1/2050 - 5/1/2052 | &nbsp;&nbsp; 7217918 |
|  | 8019536 | 3.00%, due 2/1/2050 - 1/1/2053 | &nbsp;&nbsp; 7135622 |
|  | 4107519 | 3.50%, due 3/1/2046 - 8/1/2052 | &nbsp;&nbsp; 3812848 |
|  | 11484325 | 4.00%, due 11/1/2047 - 3/1/2054 | &nbsp;&nbsp; 10934725 |
|  | 10398354 | 4.50%, due 6/1/2039 - 1/1/2054 | &nbsp;&nbsp; 10189730 |
|  | 15699019 | 5.00%, due 3/1/2038 - 9/1/2055 | &nbsp;&nbsp; 15673246 |
|  | 26623041 | 5.50%, due 9/1/2052 - 5/1/2055 | &nbsp;&nbsp; 26973774 |

---

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Federal Home Loan Mortgage Corp. – cont'd** | **Federal Home Loan Mortgage Corp. – cont'd** | **Federal Home Loan Mortgage Corp. – cont'd** | **Federal Home Loan Mortgage Corp. – cont'd** |
| $| 18010203 | 6.00%, due 12/1/2052 - 5/1/2055 | &nbsp;&nbsp; $18464412 |
|  | 1331051 | 6.50%, due 7/1/2053 - 2/1/2055 | &nbsp;&nbsp; 1379749 |
|  |  |  | &nbsp;&nbsp; **102299176** |
| **Federal National Mortgage Association 12.1%** | **Federal National Mortgage Association 12.1%** | **Federal National Mortgage Association 12.1%** | **Federal National Mortgage Association 12.1%** |
|  |  | Pass-Through Certificates |  |
|  | 6005168 | 2.00%, due 9/1/2050 - 1/1/2052 | &nbsp;&nbsp; 4921788 |
|  | 18645683 | 2.50%, due 8/1/2050 - 9/1/2052 | &nbsp;&nbsp; 15923128 |
|  | 14917593 | 3.00%, due 1/1/2050 - 9/1/2052 | &nbsp;&nbsp; 13278897 |
|  | 13929938 | 3.50%, due 8/1/2043 - 11/1/2054 | &nbsp;&nbsp; 12904375 |
|  | 20380696 | 4.00%, due 6/1/2046 - 3/1/2055 | &nbsp;&nbsp; 19399995 |
|  | 16651245 | 4.50%, due 4/1/2034 - 3/1/2055 | &nbsp;&nbsp; 16303251 |
|  | 27391622 | 5.00%, due 6/1/2033 - 11/1/2054 | &nbsp;&nbsp; 27355054 |
|  | 18631477 | 5.50%, due 11/1/2052 - 12/1/2054 | &nbsp;&nbsp; 18890699 |
|  | 7807062 | 6.00%, due 5/1/2053 - 10/1/2054 | &nbsp;&nbsp; 8010583 |
|  | 1418822 | 6.50%, due 12/1/2053 - 7/1/2055 | &nbsp;&nbsp; 1469698 |
|  |  |  | &nbsp;&nbsp; **138457468** |
| **Government National Mortgage Association 2.4%** | **Government National Mortgage Association 2.4%** | **Government National Mortgage Association 2.4%** | **Government National Mortgage Association 2.4%** |
|  |  | Pass-Through Certificates |  |
|  | 9843329 | 4.50%, due 3/20/2052 - 4/20/2055 | &nbsp;&nbsp; 9633054 |
|  | 7029861 | 5.00%, due 9/20/2052 - 2/20/2055 | &nbsp;&nbsp; 7033705 |
|  | 7863171 | 5.50%, due 11/20/2052 - 8/20/2055 | &nbsp;&nbsp; 7951334 |
|  | 2751309 | 6.00%, due 12/20/2052 - 8/20/2055 | &nbsp;&nbsp; 2807163 |
|  |  |  | &nbsp;&nbsp; **27425256** |
| **Total Mortgage-Backed Securities (Cost $455,241,445)** | **Total Mortgage-Backed Securities (Cost $455,241,445)** | **Total Mortgage-Backed Securities (Cost $455,241,445)** | &nbsp;&nbsp; **449939456** |
| **Asset-Backed Securities 13.3%** | **Asset-Backed Securities 13.3%** | **Asset-Backed Securities 13.3%** | **Asset-Backed Securities 13.3%** |
| **Automobiles 2.0%** | **Automobiles 2.0%** | **Automobiles 2.0%** | **Automobiles 2.0%** |
|  | 751722 | Ally Bank Auto Credit-Linked Notes, Series 2024-B, Class C, 5.22%, due 9/15/2032 | &nbsp;&nbsp; 754797<br> <sup>(b)</sup><br>|
|  |  | Avis Budget Rental Car Funding AESOP LLC |  |
|  | 1186000 | Series 2021-2A, Class A, 1.66%, due 2/20/2028 | &nbsp;&nbsp; 1153056<br> <sup>(b)</sup><br>|
|  | 723000 | Series 2021-2A, Class B, 1.90%, due 2/20/2028 | &nbsp;&nbsp; 702206<br> <sup>(b)</sup><br>|
|  | 640000 | Series 2025-1A, Class B, 5.24%, due 8/20/2029 | &nbsp;&nbsp; 650628<br> <sup>(b)</sup><br>|
|  | 831430 | BOF VII AL Funding Trust I, Series 2023-CAR3, Class A2, 6.29%, due 7/26/2032 | &nbsp;&nbsp; 844337<br> <sup>(b)</sup><br>|
|  | 749000 | Bridgecrest Lending Auto Securitization Trust, Series 2025-4, Class C, 4.80%, due 8/15/2031 | &nbsp;&nbsp; 748984 |
|  | 2041000 | Exeter Automobile Receivables Trust, Series 2025-1A, Class C, 5.09%, due 5/15/2031 | &nbsp;&nbsp; 2057872 |
|  | 1698000 | Honda Auto Receivables Owner Trust, Series 2025-1, Class A3, 4.57%, due 9/21/2029 | &nbsp;&nbsp; 1714667 |
|  |  | Huntington Bank Auto Credit-Linked Notes |  |
|  | 484454 | Series 2024-1, Class B1, 6.15%, due 5/20/2032 | &nbsp;&nbsp; 491821<br> <sup>(b)</sup><br>|
|  | 526117 | Series 2024-2, Class B1, 5.44%, due 10/20/2032 | &nbsp;&nbsp; 531439<br> <sup>(b)</sup><br>|
|  | 836000 | M&T Bank Auto Receivables Trust, Series 2025-1A, Class A3, 4.73%, due 6/17/2030 | &nbsp;&nbsp; 846185<br> <sup>(b)</sup><br>|
|  | 1946000 | PenFed Auto Receivables Owner Trust, Series 2025-A, Class A3, 4.03%, due 7/15/2030 | &nbsp;&nbsp; 1942661<br> <sup>(b)</sup><br>|
|  | 2788000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class B, 4.88%, due 3/17/2031 | &nbsp;&nbsp; 2804960 |
|  | 2795000 | SCCU Auto Receivables Trust, Series 2025-1A, Class A3, 4.57%, due 1/15/2031 | &nbsp;&nbsp; 2813797<br> <sup>(b)</sup><br>|
|  | 538948 | U.S. Bank NA, Series 2023-1, Class B, 6.79%, due 8/25/2032 | &nbsp;&nbsp; 544768<br> <sup>(b)</sup><br>|
|  |  | Westlake Automobile Receivables Trust |  |
|  | 2206000 | Series 2025-1A, Class C, 5.14%, due 10/15/2030 | &nbsp;&nbsp; 2226236<br> <sup>(b)</sup><br>|
|  | 1682000 | Series 2025-2A, Class C, 4.85%, due 1/15/2031 | &nbsp;&nbsp; 1688511<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **22516925** |

---

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Home Equity 0.5%** | **Home Equity 0.5%** | **Home Equity 0.5%** |
| $7148 | &nbsp;&nbsp; Chase Funding Trust, Series 2004-1, Class 2A2, (1 mo. USD Term SOFR + 0.57%), 4.57%, due <br> 12/25/2033<br>| &nbsp;&nbsp; $7163<br> <sup>(d)</sup><br>|
| 1709145 | COOPR Residential Mortgage Trust, Series 2025-CES1, Class A1A, 5.65%, due 5/25/2060 | &nbsp;&nbsp; 1726913<br> <sup>(b)</sup><br>|
|  | JP Morgan Mortgage Trust |  |
| 643036 | Series 2023-HE2, Class A1, (30 day USD SOFR Average + 1.70%), 5.88%, due 3/20/2054 | &nbsp;&nbsp; 645465<br> <sup>(b)(d)</sup><br>|
| 275614 | Series 2023-HE3, Class A1, (30 day USD SOFR Average + 1.60%), 5.78%, due 5/20/2054 | &nbsp;&nbsp; 276502<br> <sup>(b)(d)</sup><br>|
| 688630 | Series 2024-HE1, Class A1, (30 day USD SOFR Average + 1.50%), 5.68%, due 8/25/2054 | &nbsp;&nbsp; 690734<br> <sup>(b)(d)</sup><br>|
| 2871000 | RCKT Mortgage Trust, Series 2025-CES10, Class A1A, 4.89%, due 11/25/2055 | &nbsp;&nbsp; 2860940<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **6207717** |
| **Other 10.0%** | **Other 10.0%** | **Other 10.0%** |
| 800000 | &nbsp;&nbsp; 522 Funding CLO Ltd., Series 2019-5A, Class AR, (3 mo. USD Term SOFR + 1.33%), 5.23%, due <br> 4/15/2035<br>| &nbsp;&nbsp; 800640<br> <sup>(b)(d)</sup><br>|
| 4550000 | &nbsp;&nbsp; AIMCO CLO, Series 2017-AA, Class AR2, (3 mo. USD Term SOFR + 1.14%), 5.02%, due <br> 1/20/2038<br>| &nbsp;&nbsp; 4546891<br> <sup>(b)(d)</sup><br>|
| 1000000 | &nbsp;&nbsp; Apidos CLO XXXIX Ltd., Series 2022-39A, Class A1R, (3 mo. USD Term SOFR + 1.23%), 5.40%, <br> due 10/21/2038<br>| &nbsp;&nbsp; 1001218<br> <sup>(b)(d)</sup><br>|
| 912898 | Aqua Finance Trust, Series 2021-A, Class A, 1.54%, due 7/17/2046 | &nbsp;&nbsp; 841364<br> <sup>(b)</sup><br>|
| 3000000 | &nbsp;&nbsp; Bain Capital Credit CLO Ltd., Series 2024-2A, Class A1, (3 mo. USD Term SOFR + 1.52%), <br> 5.42%, due 7/15/2037<br>| &nbsp;&nbsp; 3008846<br> <sup>(b)(d)</sup><br>|
| 2347000 | Barings Equipment Finance LLC, Series 2025-A, Class A3, 4.82%, due 8/13/2032 | &nbsp;&nbsp; 2394093<br> <sup>(b)</sup><br>|
| 862800 | Beacon Container Finance II LLC, Series 2021-1A, Class A, 2.25%, due 10/22/2046 | &nbsp;&nbsp; 804194<br> <sup>(b)</sup><br>|
|  | Blue Stream Issuer LLC |  |
| 500000 | Series 2023-1A, Class A2, 5.40%, due 5/20/2053 | &nbsp;&nbsp; 502603<br> <sup>(b)</sup><br>|
| 1098000 | Series 2024-1A, Class A2, 5.41%, due 11/20/2054 | &nbsp;&nbsp; 1110482<br> <sup>(b)</sup><br>|
|  | Business Jet Securities LLC |  |
| 1439839 | Series 2024-1A, Class A, 6.20%, due 5/15/2039 | &nbsp;&nbsp; 1475678<br> <sup>(b)</sup><br>|
| 254792 | Series 2024-2A, Class A, 5.36%, due 9/15/2039 | &nbsp;&nbsp; 256448<br> <sup>(b)</sup><br>|
| 4250000 | &nbsp;&nbsp; Canyon Capital CLO Ltd., Series 2022-2A, Class A1R, (3 mo. USD Term SOFR + 1.18%), 5.08%, <br> due 4/15/2038<br>| &nbsp;&nbsp; 4250393<br> <sup>(b)(d)</sup><br>|
| 2212817 | Castlelake Aircraft Structured Trust, Series 2025-1A, Class A, 5.78%, due 2/15/2050 | &nbsp;&nbsp; 2250270<br> <sup>(b)</sup><br>|
|  | Cloud Capital Holdco LP |  |
| 1249000 | Series 2024-1A, Class A2, 5.78%, due 11/22/2049 | &nbsp;&nbsp; 1264353<br> <sup>(b)</sup><br>|
| 811000 | Series 2024-2A, Class A2, 5.92%, due 11/22/2049 | &nbsp;&nbsp; 827485<br> <sup>(b)</sup><br>|
| 2102000 | &nbsp;&nbsp; Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-1A, Class A2, <br> 6.00%, due 5/20/2055<br>| &nbsp;&nbsp; 2147571<br> <sup>(b)</sup><br>|
| 948909 | Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class A, 6.05%, due 1/20/2031 | &nbsp;&nbsp; 953825<br> <sup>(b)</sup><br>|
|  | CyrusOne Data Centers Issuer I LLC |  |
| 2594000 | Series 2023-2A, Class A2, 5.56%, due 11/20/2048 | &nbsp;&nbsp; 2619570<br> <sup>(b)</sup><br>|
| 346000 | Series 2024-1A, Class A2, 4.76%, due 3/22/2049 | &nbsp;&nbsp; 342334<br> <sup>(b)</sup><br>|
| 1000000 | &nbsp;&nbsp; Eaton Vance CLO Ltd., Series 2013-1A, Class AR4, (3 mo. USD Term SOFR + 1.34%), 5.24%, due <br> 10/15/2038<br>| &nbsp;&nbsp; 1002359<br> <sup>(b)(d)</sup><br>|
| 1900000 | &nbsp;&nbsp; Elmwood CLO III Ltd., Series 2019-3A, Class A1RR, (3 mo. USD Term SOFR + 1.38%), 5.26%, <br> due 7/18/2037<br>| &nbsp;&nbsp; 1904478<br> <sup>(b)(d)</sup><br>|
| 1000000 | &nbsp;&nbsp; Empower CLO Ltd., Series 2022-1A, Class A1R, (3 mo. USD Term SOFR + 1.39%), 5.27%, due <br> 10/20/2037<br>| &nbsp;&nbsp; 1002771<br> <sup>(b)(d)</sup><br>|
|  | Foundation Finance Trust |  |
| 1175161 | Series 2024-2A, Class A, 4.60%, due 3/15/2050 | &nbsp;&nbsp; 1177380<br> <sup>(b)</sup><br>|
| 607650 | Series 2025-2A, Class A, 4.67%, due 4/15/2052 | &nbsp;&nbsp; 609730<br> <sup>(b)</sup><br>|
| 2275000 | Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, due 8/20/2053 | &nbsp;&nbsp; 2303297<br> <sup>(b)</sup><br>|
| 1000000 | &nbsp;&nbsp; Galaxy 36 CLO Ltd., Series 2025-36A, Class A1, (1.23% - 3 mo. USD Term SOFR), 0.00%, due <br> 10/15/2038<br>| &nbsp;&nbsp; 1000274<br> <sup>(b)(d)(f)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ (cont'd)

---

| | |
|:---|:---|
| Principal Amount | Principal Amount |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** |
| $1726000 | GreatAmerica Leasing Receivables Funding LLC, Series 2025-1, Class A3, 4.49%, due 4/16/2029<br> &nbsp;&nbsp; $1740836<br> <sup>(b)</sup><br>|
| 2500000 | &nbsp;&nbsp; Greenacre Park CLO LLC, Series 2021-2A, Class AR, (3 mo. USD Term SOFR + 1.37%), 5.25%, <br> due 7/20/2037<br>&nbsp;&nbsp; 2506991<br> <sup>(b)(d)</sup><br>|
| 1000000 | &nbsp;&nbsp; HalseyPoint CLO 5 Ltd., Series 2021-5A, Class A1A, (3 mo. USD Term SOFR + 1.47%), 5.31%, <br> due 1/30/2035<br>&nbsp;&nbsp; 1000596<br> <sup>(b)(d)</sup><br>|
|  | Hilton Grand Vacations Trust |
| 934587 | Series 2022-2A, Class A, 4.30%, due 1/25/2037<br> &nbsp;&nbsp; 929600<br> <sup>(b)</sup><br>|
| 387742 | Series 2024-1B, Class A, 5.75%, due 9/15/2039<br> &nbsp;&nbsp; 393961<br> <sup>(b)</sup><br>|
| 1431000 | Island Finance Trust, Series 2025-1A, Class A, 6.54%, due 3/19/2035<br> &nbsp;&nbsp; 1447107<br> <sup>(b)</sup><br>|
| 1137000 | Kubota Credit Owner Trust, Series 2024-1A, Class A3, 5.19%, due 7/17/2028<br> &nbsp;&nbsp; 1150678<br> <sup>(b)</sup><br>|
| 2590000 | Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.60%, due 9/20/2065<br> &nbsp;&nbsp; 2618417<br> <sup>(b)</sup><br>|
| 1000000 | &nbsp;&nbsp; Magnetite XXIII Ltd., Series 2019-23A, Class AR, (3 mo. USD Term SOFR + 1.39%), 5.25%, due <br> 1/25/2035<br>&nbsp;&nbsp; 1000707<br> <sup>(b)(d)</sup><br>|
| 900000 | &nbsp;&nbsp; Magnetite XXIV Ltd., Series 2019-24A, Class AR, (3 mo. USD Term SOFR + 1.31%), 5.21%, due <br> 4/15/2035<br>&nbsp;&nbsp; 900744<br> <sup>(b)(d)</sup><br>|
| 2325000 | MetroNet Infrastructure Issuer LLC, Series 2025-2A, Class A2, 5.40%, due 8/20/2055<br> &nbsp;&nbsp; 2352531<br> <sup>(b)</sup><br>|
| 3000000 | &nbsp;&nbsp; Morgan Stanley Eaton Vance CLO Ltd., Series 2025-21A, Class A1, (3 mo. USD Term SOFR + <br> 1.17%), 5.07%, due 4/15/2038<br>&nbsp;&nbsp; 2999484<br> <sup>(b)(d)</sup><br>|
|  | MVW LLC |
| 385810 | Series 2021-2A, Class A, 1.43%, due 5/20/2039<br> &nbsp;&nbsp; 364706<br> <sup>(b)</sup><br>|
| 392232 | Series 2021-2A, Class B, 1.83%, due 5/20/2039<br> &nbsp;&nbsp; 371986<br> <sup>(b)</sup><br>|
| 1373676 | Series 2023-1A, Class A, 4.93%, due 10/20/2040<br> &nbsp;&nbsp; 1387035<br> <sup>(b)</sup><br>|
| 1395591 | Series 2024-2A, Class A, 4.43%, due 3/20/2042<br> &nbsp;&nbsp; 1396015<br> <sup>(b)</sup><br>|
| 658082 | Series 2025-1A, Class B, 5.21%, due 9/22/2042<br> &nbsp;&nbsp; 667416<br> <sup>(b)</sup><br>|
| 535506 | Series 2025-1A, Class C, 5.75%, due 9/22/2042<br> &nbsp;&nbsp; 539985<br> <sup>(b)</sup><br>|
| 937303 | Series 2024-1A, Class A, 5.32%, due 2/20/2043<br> &nbsp;&nbsp; 948976<br> <sup>(b)</sup><br>|
| 1000000 | &nbsp;&nbsp; OCP CLO Ltd., Series 2020-8RA, Class AR2, (3 mo. USD Term SOFR + 1.22%), 5.10%, due <br> 10/17/2038<br>&nbsp;&nbsp; 1001145<br> <sup>(b)(d)</sup><br>|
| 2415000 | &nbsp;&nbsp; OHA Credit Partners XVII Ltd., Series 2024-17A, Class A, (3 mo. USD Term SOFR + 1.32%), <br> 5.20%, due 1/18/2038<br>&nbsp;&nbsp; 2420151<br> <sup>(b)(d)</sup><br>|
| 1616000 | OneMain Financial Issuance Trust, Series 2023-2A, Class A1, 5.84%, due 9/15/2036<br> &nbsp;&nbsp; 1648962<br> <sup>(b)</sup><br>|
| 1622718 | OWN Equipment Fund I LLC, Series 2024-2M, Class A, 5.70%, due 12/20/2032<br> &nbsp;&nbsp; 1615049<br> <sup>(b)</sup><br>|
|  | PFS Financing Corp. |
| 681000 | Series 2024-D, Class A, 5.34%, due 4/15/2029<br> &nbsp;&nbsp; 691695<br> <sup>(b)</sup><br>|
| 2135000 | Series 2025-B, Class A, 4.85%, due 2/15/2030<br> &nbsp;&nbsp; 2164340<br> <sup>(b)</sup><br>|
| 2525000 | Series 2025-D, Class A, 4.47%, due 5/15/2030<br> &nbsp;&nbsp; 2543635<br> <sup>(b)</sup><br>|
| 1495547 | Pk Alift Loan Funding 6 LP, Series 2025-1, Class A, 5.37%, due 11/15/2042<br> &nbsp;&nbsp; 1506016<br> <sup>(b)</sup><br>|
| 1000000 | &nbsp;&nbsp; PPM CLO 3 Ltd., Series 2019-3A, Class AR, (3 mo. USD Term SOFR + 1.35%), 5.23%, due <br> 4/17/2034<br>&nbsp;&nbsp; 1000426<br> <sup>(b)(d)</sup><br>|
| 1600000 | &nbsp;&nbsp; Rad CLO 18 Ltd., Series 2023-18A, Class A1R, (3 mo. USD Term SOFR + 1.40%), 5.30%, due <br> 7/15/2037<br>&nbsp;&nbsp; 1603247<br> <sup>(b)(d)</sup><br>|
| 1000000 | &nbsp;&nbsp; Rad CLO 6 Ltd., Series 2019-6A, Class A1R, (3 mo. USD Term SOFR + 1.39%), 5.27%, due <br> 10/20/2037<br>&nbsp;&nbsp; 1002860<br> <sup>(b)(d)</sup><br>|
| 201000 | SBA Tower Trust, 2.33%, due 7/15/2052<br> &nbsp;&nbsp; 191381<br> <sup>(b)</sup><br>|
|  | Sierra Timeshare Receivables Funding LLC |
| 478636 | Series 2023-2A, Class A, 5.80%, due 4/20/2040<br> &nbsp;&nbsp; 491031<br> <sup>(b)</sup><br>|
| 352822 | Series 2023-3A, Class A, 6.10%, due 9/20/2040<br> &nbsp;&nbsp; 364925<br> <sup>(b)</sup><br>|
| 720724 | Series 2024-2A, Class B, 5.29%, due 6/20/2041<br> &nbsp;&nbsp; 726320<br> <sup>(b)</sup><br>|
| 1823283 | Series 2024-1A, Class A, 5.15%, due 1/20/2043<br> &nbsp;&nbsp; 1848617<br> <sup>(b)</sup><br>|
| 900000 | Series 2025-3A, Class B, 4.64%, due 8/22/2044<br> &nbsp;&nbsp; 894019<br> <sup>(b)</sup><br>|
| 350000 | Series 2025-3A, Class C, 4.98%, due 8/22/2044<br> &nbsp;&nbsp; 347661<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** | **Other – cont'd** | **Other – cont'd** |
| $| 4500000 | &nbsp;&nbsp; Sixth Street CLO XVII Ltd., Series 2021-17A, Class A1R, (3 mo. USD Term SOFR + 1.15%), 5.03%, <br> due 4/17/2038<br>| &nbsp;&nbsp; $4497594<br> <sup>(b)(d)</sup><br>|
|  | 1435000 | Sotheby's Artfi Master Trust, Series 2024-1A, Class A1, 6.43%, due 12/22/2031 | &nbsp;&nbsp; 1442600<br> <sup>(b)</sup><br>|
|  | 2254000 | Stack Infrastructure Issuer LLC, Series 2023-3A, Class A2, 5.90%, due 10/25/2048 | &nbsp;&nbsp; 2276100<br> <sup>(b)</sup><br>|
|  | 643538 | Taco Bell Funding LLC, Series 2021-1A, Class A2I, 1.95%, due 8/25/2051 | &nbsp;&nbsp; 621610<br> <sup>(b)</sup><br>|
|  | 500000 | &nbsp;&nbsp; Thayer Park CLO Ltd., Series 2017-1A, Class A1R, (3 mo. USD Term SOFR + 1.30%), 5.19%, due <br> 4/20/2034<br>| &nbsp;&nbsp; 500177<br> <sup>(b)(d)</sup><br>|
|  | 1653000 | Trafigura Securitisation Finance PLC, Series 2024-1A, Class A2, 5.98%, due 11/15/2027 | &nbsp;&nbsp; 1674856<br> <sup>(b)</sup><br>|
|  | 1000000 | &nbsp;&nbsp; Trestles CLO V Ltd., Series 2021-5A, Class A1R, (3 mo. USD Term SOFR + 1.25%), 5.13%, due <br> 10/20/2034<br>| &nbsp;&nbsp; 1000430<br> <sup>(b)(d)</sup><br>|
|  | 4100000 | &nbsp;&nbsp; Trestles CLO VI Ltd., Series 2023-6A, Class A1R, (3 mo. USD Term SOFR + 1.18%), 5.04%, due <br> 4/25/2038<br>| &nbsp;&nbsp; 4100401<br> <sup>(b)(d)</sup><br>|
|  | 2000000 | &nbsp;&nbsp; Trestles CLO VII Ltd., Series 2024-7A, Class A1, (3 mo. USD Term SOFR + 1.38%), 5.24%, due <br> 10/25/2037<br>| &nbsp;&nbsp; 2005613<br> <sup>(b)(d)</sup><br>|
|  | 2427000 | Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class A2, 5.88%, due 4/20/2055 | &nbsp;&nbsp; 2484268<br> <sup>(b)</sup><br>|
|  | 3316000 | Vantage Data Centers LLC, Series 2025-1A, Class A2, 5.13%, due 8/15/2055 | &nbsp;&nbsp; 3336554<br> <sup>(b)</sup><br>|
|  | 1252965 | Volofin Finance DAC, Series 2024-1A, Class A, 5.94%, due 6/15/2037 | &nbsp;&nbsp; 1276295<br> <sup>(b)</sup><br>|
|  | 914191 | Willis Engine Structured Trust VIII, Series 2025-A, Class A, 5.58%, due 6/15/2050 | &nbsp;&nbsp; 926404<br> <sup>(b)</sup><br>|
|  | 1173000 | Wireless PropCo Funding LLC, Series 2025-1A, Class A2, 4.07%, due 6/25/2055 | &nbsp;&nbsp; 1137004<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **114457704** |
| **Student Loan 0.7%** | **Student Loan 0.7%** | **Student Loan 0.7%** | **Student Loan 0.7%** |
|  |  | Bayview Opportunity Master Fund VII LLC |  |
|  | 244679 | Series 2025-EDU1, Class A, (30 day USD SOFR Average + 1.30%), 5.48%, due 7/27/2048 | &nbsp;&nbsp; 243800<br> <sup>(b)(d)</sup><br>|
|  | 1441652 | Series 2025-EDU1, Class B, (30 day USD SOFR Average + 1.70%), 5.88%, due 7/27/2048 | &nbsp;&nbsp; 1431125<br> <sup>(b)(d)</sup><br>|
|  | 1113782 | Series 2025-EDU1, Class C, (30 day USD SOFR Average + 1.80%), 5.98%, due 7/27/2048 | &nbsp;&nbsp; 1099649<br> <sup>(b)(d)</sup><br>|
|  | 1250501 | ELFI Graduate Loan Program LLC, Series 2024-A, Class A, 5.56%, due 8/25/2049 | &nbsp;&nbsp; 1274984<br> <sup>(b)</sup><br>|
|  |  | Navient Private Education Refi Loan Trust |  |
|  | 297732 | Series 2021-BA, Class A, 0.94%, due 7/15/2069 | &nbsp;&nbsp; 272245<br> <sup>(b)</sup><br>|
|  | 374959 | Series 2021-CA, Class A, 1.06%, due 10/15/2069 | &nbsp;&nbsp; 342782<br> <sup>(b)</sup><br>|
|  | 1129056 | Series 2021-EA, Class A, 0.97%, due 12/16/2069 | &nbsp;&nbsp; 1015467<br> <sup>(b)</sup><br>|
|  | 1230585 | Series 2021-GA, Class A, 1.58%, due 4/15/2070 | &nbsp;&nbsp; 1117598<br> <sup>(b)</sup><br>|
|  | 1550587 | Series 2024-A, Class A, 5.66%, due 10/15/2072 | &nbsp;&nbsp; 1592746<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **8390396** |
| **Telecommunications 0.1%** | **Telecommunications 0.1%** | **Telecommunications 0.1%** | **Telecommunications 0.1%** |
|  | 634000 | Crown Castle Towers LLC, 4.24%, due 7/15/2048 | &nbsp;&nbsp; **628357**<br> <sup>(b)</sup><br>|
| **Total Asset-Backed Securities (Cost $151,399,733)** | **Total Asset-Backed Securities (Cost $151,399,733)** | **Total Asset-Backed Securities (Cost $151,399,733)** | &nbsp;&nbsp; **152201099** |
| **Corporate Bonds 30.9%** | **Corporate Bonds 30.9%** | **Corporate Bonds 30.9%** | **Corporate Bonds 30.9%** |
| **Aerospace & Defense 0.8%** | **Aerospace & Defense 0.8%** | **Aerospace & Defense 0.8%** | **Aerospace & Defense 0.8%** |
|  |  | Boeing Co. |  |
|  | 4379000 | 5.04%, due 5/1/2027 | &nbsp;&nbsp; 4421704 |
|  | 1504000 | 3.90%, due 5/1/2049 | &nbsp;&nbsp; 1133817 |
|  | 3469000 | 5.81%, due 5/1/2050 | &nbsp;&nbsp; 3445434 |
|  |  |  | &nbsp;&nbsp; **9000955** |
| **Agriculture 1.1%** | **Agriculture 1.1%** | **Agriculture 1.1%** | **Agriculture 1.1%** |
|  |  | Imperial Brands Finance PLC |  |
|  | 2640000 | 5.50%, due 2/1/2030 | &nbsp;&nbsp; 2736503<br> <sup>(b)</sup><br>|
|  | 3860000 | 5.63%, due 7/1/2035 | &nbsp;&nbsp; 3939664<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Agriculture – cont'd** | **Agriculture – cont'd** | **Agriculture – cont'd** | **Agriculture – cont'd** |
| $| 4365000 | 6.38%, due 7/1/2055 | &nbsp;&nbsp; $4535085<br> <sup>(b)</sup><br>|
|  | 875000 | JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group, 5.95%, due 4/20/2035 | &nbsp;&nbsp; 915749<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **12127001** |
| **Airlines 0.1%** | **Airlines 0.1%** | **Airlines 0.1%** | **Airlines 0.1%** |
|  | 1591473 | United Airlines Pass-Through Trust, Class A, 5.88%, due 4/15/2029 | &nbsp;&nbsp; **1628172** |
| **Auto Manufacturers 0.6%** | **Auto Manufacturers 0.6%** | **Auto Manufacturers 0.6%** | **Auto Manufacturers 0.6%** |
|  | 3495000 | BMW U.S. Capital LLC, 5.20%, due 8/11/2035 | &nbsp;&nbsp; 3530027<br> <sup>(b)</sup><br>|
|  | 3025000 | General Motors Co., 6.80%, due 10/1/2027 | &nbsp;&nbsp; 3152956 |
|  |  |  | &nbsp;&nbsp; **6682983** |
| **Banks 6.8%** | **Banks 6.8%** | **Banks 6.8%** | **Banks 6.8%** |
|  | 4200000 | Banco Santander SA, 6.92%, due 8/8/2033 | &nbsp;&nbsp; 4658397 |
|  | 8625000 | Bank of America Corp., 5.51%, due 1/24/2036 | &nbsp;&nbsp; 9029751<br> <sup>(g)</sup><br>|
|  | 2575000 | Barclays PLC, 7.12%, due 6/27/2034 | &nbsp;&nbsp; 2882029<br> <sup>(g)</sup><br>|
|  |  | BPCE SA |  |
|  | 2645000 | 6.51%, due 1/18/2035 | &nbsp;&nbsp; 2820392<br> <sup>(b)(g)</sup><br>|
|  | 1330000 | 6.92%, due 1/14/2046 | &nbsp;&nbsp; 1428817<br> <sup>(b)(g)</sup><br>|
|  |  | Citigroup, Inc. |  |
|  | 1835000 | 3.89%, due 1/10/2028 | &nbsp;&nbsp; 1827918<br> <sup>(g)</sup><br>|
|  | 3790000 | 6.02%, due 1/24/2036 | &nbsp;&nbsp; 3965063<br> <sup>(g)</sup><br>|
|  | 2607000 | Deutsche Bank AG, 4.95%, due 8/4/2031 | &nbsp;&nbsp; 2631492<br> <sup>(g)</sup><br>|
|  |  | Goldman Sachs Group, Inc. |  |
|  | 3305000 | 4.37%, due 10/21/2031 | &nbsp;&nbsp; 3290760<br> <sup>(g)</sup><br>|
|  | 3520000 | 4.94%, due 10/21/2036 | &nbsp;&nbsp; 3502809<br> <sup>(g)</sup><br>|
|  | 1345000 | HSBC Holdings PLC, 6.00%, due 5/22/2027 | &nbsp;&nbsp; 1354466<br> <sup>(g)(h)</sup><br>|
|  |  | JPMorgan Chase & Co. |  |
|  | 1120000 | 4.26%, due 10/22/2031 | &nbsp;&nbsp; 1116092<br> <sup>(g)</sup><br>|
|  | 5930000 | 5.50%, due 1/24/2036 | &nbsp;&nbsp; 6222909<br> <sup>(g)</sup><br>|
|  | 2810000 | 4.81%, due 10/22/2036 | &nbsp;&nbsp; 2801034<br> <sup>(g)</sup><br>|
|  | 3415000 | Landwirtschaftliche Rentenbank, 3.63%, due 10/8/2030 | &nbsp;&nbsp; 3396199 |
|  | 2710000 | Lloyds Banking Group PLC, 6.07%, due 6/13/2036 | &nbsp;&nbsp; 2839830<br> <sup>(g)</sup><br>|
|  |  | Morgan Stanley |  |
|  | 2295000 | 3.63%, due 1/20/2027 | &nbsp;&nbsp; 2286350 |
|  | 1225000 | 5.42%, due 7/21/2034 | &nbsp;&nbsp; 1278025<br> <sup>(g)</sup><br>|
|  | 1630000 | 5.83%, due 4/19/2035 | &nbsp;&nbsp; 1737956<br> <sup>(g)</sup><br>|
|  | 1595000 | 4.89%, due 10/22/2036 | &nbsp;&nbsp; 1586228<br> <sup>(g)</sup><br>|
|  | 4230000 | NatWest Group PLC, 5.12%, due 5/23/2031 | &nbsp;&nbsp; 4343241<br> <sup>(g)</sup><br>|
|  |  | PNC Financial Services Group, Inc. |  |
|  | 2040000 | 5.58%, due 1/29/2036 | &nbsp;&nbsp; 2131874<br> <sup>(g)</sup><br>|
|  | 1080000 | 5.37%, due 7/21/2036 | &nbsp;&nbsp; 1109436<br> <sup>(g)</sup><br>|
|  | 695000 | Santander Holdings USA, Inc., 6.12%, due 5/31/2027 | &nbsp;&nbsp; 700918<br> <sup>(g)</sup><br>|
|  | 3945000 | Societe Generale SA, 1.49%, due 12/14/2026 | &nbsp;&nbsp; 3930881<br> <sup>(b)(g)</sup><br>|
|  | 1265000 | UBS AG, 5.65%, due 9/11/2028 | &nbsp;&nbsp; 1321020 |
|  | 2730000 | Wells Fargo & Co., 5.50%, due 1/23/2035 | &nbsp;&nbsp; 2849857<br> <sup>(g)</sup><br>|
|  |  |  | &nbsp;&nbsp; **77043744** |
| **Beverages 0.7%** | **Beverages 0.7%** | **Beverages 0.7%** | **Beverages 0.7%** |
|  | 930000 | Anheuser-Busch InBev Worldwide, Inc., 4.95%, due 1/15/2042 | &nbsp;&nbsp; 899811 |
|  |  | Molson Coors Beverage Co. |  |
|  | 560000 | 5.00%, due 5/1/2042 | &nbsp;&nbsp; 522564 |
|  | 1500000 | 4.20%, due 7/15/2046 | &nbsp;&nbsp; 1226111 |

---

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Beverages – cont'd** | **Beverages – cont'd** | **Beverages – cont'd** | **Beverages – cont'd** |
|  |  | PepsiCo, Inc. |  |
| $| 2135000 | 4.65%, due 7/23/2032 | &nbsp;&nbsp; $2180282 |
|  | 3470000 | 5.00%, due 7/23/2035 | &nbsp;&nbsp; 3551509 |
|  |  |  | &nbsp;&nbsp; **8380277** |
| **Biotechnology 0.6%** | **Biotechnology 0.6%** | **Biotechnology 0.6%** | **Biotechnology 0.6%** |
|  | 2470000 | Gilead Sciences, Inc., 4.75%, due 3/1/2046 | &nbsp;&nbsp; 2275513 |
|  | 4150000 | Royalty Pharma PLC, 5.20%, due 9/25/2035 | &nbsp;&nbsp; 4157611 |
|  |  |  | &nbsp;&nbsp; **6433124** |
| **Chemicals 0.5%** | **Chemicals 0.5%** | **Chemicals 0.5%** | **Chemicals 0.5%** |
|  |  | Dow Chemical Co. |  |
|  | 670000 | 5.65%, due 3/15/2036 | &nbsp;&nbsp; 670649 |
|  | 5630000 | 5.95%, due 3/15/2055 | &nbsp;&nbsp; 5328881 |
|  |  |  | &nbsp;&nbsp; **5999530** |
| **Cosmetics - Personal Care 0.2%** | **Cosmetics - Personal Care 0.2%** | **Cosmetics - Personal Care 0.2%** | **Cosmetics - Personal Care 0.2%** |
|  | 1830000 | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 5.60%, due 1/15/2031 | &nbsp;&nbsp; **1836160**<br> <sup>(b)</sup><br>|
| **Diversified Financial Services 0.9%** | **Diversified Financial Services 0.9%** | **Diversified Financial Services 0.9%** | **Diversified Financial Services 0.9%** |
|  | 855000 | Brookfield Asset Management Ltd., 6.08%, due 9/15/2055 | &nbsp;&nbsp; 885177 |
|  |  | Capital One Financial Corp. |  |
|  | 1145000 | 5.88%, due 7/26/2035 | &nbsp;&nbsp; 1198977<br> <sup>(g)</sup><br>|
|  | 1810000 | 5.20%, due 9/11/2036 | &nbsp;&nbsp; 1797989<br> <sup>(g)</sup><br>|
|  |  | Stellantis Financial Services U.S. Corp. |  |
|  | 2525000 | 4.95%, due 9/15/2028 | &nbsp;&nbsp; 2535656<br> <sup>(b)</sup><br>|
|  | 3410000 | 5.40%, due 9/15/2030 | &nbsp;&nbsp; 3432979<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **9850778** |
| **Electric 2.3%** | **Electric 2.3%** | **Electric 2.3%** | **Electric 2.3%** |
|  | 1035000 | Basin Electric Power Cooperative, 5.85%, due 10/15/2055 | &nbsp;&nbsp; 1036946<br> <sup>(b)</sup><br>|
|  | 1310000 | Dominion Energy, Inc., 5.00%, due 6/15/2030 | &nbsp;&nbsp; 1343817 |
|  | 2840000 | Duke Energy Corp., 5.70%, due 9/15/2055 | &nbsp;&nbsp; 2833346 |
|  | 700000 | Jersey Central Power & Light Co., 5.10%, due 1/15/2035 | &nbsp;&nbsp; 709914 |
|  | 1870000 | National Grid PLC, 5.42%, due 1/11/2034 | &nbsp;&nbsp; 1942304 |
|  | 1515000 | NextEra Energy Capital Holdings, Inc., 4.90%, due 2/28/2028 | &nbsp;&nbsp; 1541325 |
|  |  | NRG Energy, Inc. |  |
|  | 950000 | 4.73%, due 10/15/2030 | &nbsp;&nbsp; 947575<br> <sup>(b)</sup><br>|
|  | 665000 | 5.41%, due 10/15/2035 | &nbsp;&nbsp; 663540<br> <sup>(b)</sup><br>|
|  | 2371000 | NYSEG Storm Funding LLC, 4.71%, due 5/1/2029 | &nbsp;&nbsp; 2388390 |
|  |  | Pacific Gas & Electric Co. |  |
|  | 2220000 | 5.05%, due 10/15/2032 | &nbsp;&nbsp; 2223898 |
|  | 1385000 | 6.40%, due 6/15/2033 | &nbsp;&nbsp; 1490301 |
|  | 1175000 | 5.70%, due 3/1/2035 | &nbsp;&nbsp; 1207595 |
|  | 2815000 | 4.95%, due 7/1/2050 | &nbsp;&nbsp; 2422990 |
|  | 1335000 | 6.10%, due 10/15/2055 | &nbsp;&nbsp; 1334007 |
|  |  | Pinnacle West Capital Corp. |  |
|  | 1602000 | 4.90%, due 5/15/2028 | &nbsp;&nbsp; 1626624 |
|  | 930000 | 5.15%, due 5/15/2030 | &nbsp;&nbsp; 958356 |
|  | 830000 | Public Service Enterprise Group, Inc., 4.90%, due 3/15/2030 | &nbsp;&nbsp; 847166 |
|  | 725000 | Southern California Edison Co., 2.50%, due 6/1/2031 | &nbsp;&nbsp; 645225 |
|  |  |  | &nbsp;&nbsp; **26163319** |

---

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Electronics 0.6%** | **Electronics 0.6%** | **Electronics 0.6%** |
|  | Amphenol Corp. |  |
| $3020000 | 4.40%, due 2/15/2033 | &nbsp;&nbsp; $2986317<br> <sup>(f)</sup><br>|
| 3190000 | 4.63%, due 2/15/2036 | &nbsp;&nbsp; 3135137<br> <sup>(f)</sup><br>|
| 1260000 | 5.30%, due 11/15/2055 | &nbsp;&nbsp; 1226143<br> <sup>(f)</sup><br>|
|  |  | &nbsp;&nbsp; **7347597** |
| **Food 0.1%** | **Food 0.1%** | **Food 0.1%** |
| 729000 | Campbell's Co., 4.75%, due 3/23/2035 | &nbsp;&nbsp; **707250** |
| **Food Service 0.1%** | **Food Service 0.1%** | **Food Service 0.1%** |
| 1094000 | Sodexo, Inc., 5.15%, due 8/15/2030 | &nbsp;&nbsp; **1120620**<br> <sup>(b)</sup><br>|
| **Gas 0.1%** | **Gas 0.1%** | **Gas 0.1%** |
| 1915000 | Southern Co. Gas Capital Corp., 1.75%, due 1/15/2031 | &nbsp;&nbsp; **1681316** |
| **Healthcare - Products 0.6%** | **Healthcare - Products 0.6%** | **Healthcare - Products 0.6%** |
| 705000 | 180 Medical, Inc., 5.30%, due 10/8/2035 | &nbsp;&nbsp; 697290<br> <sup>(b)</sup><br>|
| 495000 | GE HealthCare Technologies, Inc., 4.80%, due 8/14/2029 | &nbsp;&nbsp; 505090 |
|  | Thermo Fisher Scientific, Inc. |  |
| 1805000 | 4.47%, due 10/7/2032 | &nbsp;&nbsp; 1804158 |
| 3490000 | 4.79%, due 10/7/2035 | &nbsp;&nbsp; 3498304 |
|  |  | &nbsp;&nbsp; **6504842** |
| **Healthcare - Services 1.0%** | **Healthcare - Services 1.0%** | **Healthcare - Services 1.0%** |
| 3915000 | Cigna Group, 5.25%, due 1/15/2036 | &nbsp;&nbsp; 3976604 |
| 1005000 | HCA, Inc., 5.45%, due 4/1/2031 | &nbsp;&nbsp; 1045998 |
|  | UnitedHealth Group, Inc. |  |
| 1755000 | 4.40%, due 6/15/2028 | &nbsp;&nbsp; 1772278 |
| 3040000 | 4.65%, due 1/15/2031 | &nbsp;&nbsp; 3087864 |
| 1630000 | 5.95%, due 6/15/2055 | &nbsp;&nbsp; 1695948 |
|  |  | &nbsp;&nbsp; **11578692** |
| **Internet 2.4%** | **Internet 2.4%** | **Internet 2.4%** |
|  | Alphabet, Inc. |  |
| 2620000 | 5.25%, due 5/15/2055 | &nbsp;&nbsp; 2596270 |
| 755000 | 5.30%, due 5/15/2065 | &nbsp;&nbsp; 741853 |
|  | AppLovin Corp. |  |
| 3030000 | 5.13%, due 12/1/2029 | &nbsp;&nbsp; 3092814 |
| 1935000 | 5.38%, due 12/1/2031 | &nbsp;&nbsp; 1997151 |
| 5170000 | Beignet Investor LLC, 6.58%, due 5/30/2049 | &nbsp;&nbsp; 5514877<br> <sup>(b)</sup><br>|
|  | Meta Platforms, Inc. |  |
| 1615000 | 4.60%, due 11/15/2032 | &nbsp;&nbsp; 1623118 |
| 930000 | 4.88%, due 11/15/2035 | &nbsp;&nbsp; 934112 |
| 3250000 | 5.50%, due 11/15/2045 | &nbsp;&nbsp; 3221893 |
| 2615000 | 5.63%, due 11/15/2055 | &nbsp;&nbsp; 2595330 |
| 2130000 | 5.75%, due 11/15/2065 | &nbsp;&nbsp; 2112165 |
|  | Uber Technologies, Inc. |  |
| 970000 | 4.15%, due 1/15/2031 | &nbsp;&nbsp; 960472 |
| 1530000 | 4.80%, due 9/15/2035 | &nbsp;&nbsp; 1518426 |
| 635000 | 5.35%, due 9/15/2054 | &nbsp;&nbsp; 614319 |
|  |  | &nbsp;&nbsp; **27522800** |

---

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Media 0.7%** | **Media 0.7%** | **Media 0.7%** |
|  | Charter Communications Operating LLC/Charter Communications Operating Capital |  |
| $1610000 | 5.85%, due 12/1/2035 | &nbsp;&nbsp; $1605648 |
| 1785000 | 3.50%, due 6/1/2041 | &nbsp;&nbsp; 1287585 |
| 5800000 | 6.70%, due 12/1/2055 | &nbsp;&nbsp; 5719387 |
|  |  | &nbsp;&nbsp; **8612620** |
| **Miscellaneous Manufacturer 0.4%** | **Miscellaneous Manufacturer 0.4%** | **Miscellaneous Manufacturer 0.4%** |
|  | Siemens Funding BV |  |
| 1940000 | 4.90%, due 5/28/2032 | &nbsp;&nbsp; 1995495<br> <sup>(b)</sup><br>|
| 1935000 | 5.20%, due 5/28/2035 | &nbsp;&nbsp; 2004252<br> <sup>(b)</sup><br>|
| 510000 | 5.80%, due 5/28/2055 | &nbsp;&nbsp; 544171<br> <sup>(b)</sup><br>|
| 350000 | 5.90%, due 5/28/2065 | &nbsp;&nbsp; 377373<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **4921291** |
| **Multi-National 0.6%** | **Multi-National 0.6%** | **Multi-National 0.6%** |
| 2175000 | Corp. Andina de Fomento, 5.00%, due 1/22/2030 | &nbsp;&nbsp; 2252232 |
| 1575000 | Inter-American Development Bank, 4.38%, due 7/16/2035 | &nbsp;&nbsp; 1601058 |
| 3625000 | International Bank for Reconstruction & Development, 3.50%, due 10/28/2030 | &nbsp;&nbsp; 3581599 |
|  |  | &nbsp;&nbsp; **7434889** |
| **Office - Business Equipment 0.1%** | **Office - Business Equipment 0.1%** | **Office - Business Equipment 0.1%** |
| 798000 | CDW LLC/CDW Finance Corp., 2.67%, due 12/1/2026 | &nbsp;&nbsp; **783832** |
| **Oil & Gas 1.7%** | **Oil & Gas 1.7%** | **Oil & Gas 1.7%** |
| 2970000 | Devon Energy Corp., 5.75%, due 9/15/2054 | &nbsp;&nbsp; 2733355 |
|  | Diamondback Energy, Inc. |  |
| 930000 | 5.20%, due 4/18/2027 | &nbsp;&nbsp; 942728 |
| 1695000 | 5.40%, due 4/18/2034 | &nbsp;&nbsp; 1727963 |
| 3675000 | 5.55%, due 4/1/2035 | &nbsp;&nbsp; 3770528 |
| 2165000 | 5.75%, due 4/18/2054 | &nbsp;&nbsp; 2086317 |
| 4725000 | Occidental Petroleum Corp., 6.05%, due 10/1/2054 | &nbsp;&nbsp; 4598255 |
| 3150000 | Phillips 66, 1.30%, due 2/15/2026 | &nbsp;&nbsp; 3124128 |
|  |  | &nbsp;&nbsp; **18983274** |
| **Pharmaceuticals 1.1%** | **Pharmaceuticals 1.1%** | **Pharmaceuticals 1.1%** |
|  | AbbVie, Inc. |  |
| 1640000 | 4.95%, due 3/15/2031 | &nbsp;&nbsp; 1695963 |
| 772000 | 4.05%, due 11/21/2039 | &nbsp;&nbsp; 692049 |
| 2145000 | Becton Dickinson & Co., 4.67%, due 6/6/2047 | &nbsp;&nbsp; 1899150 |
|  | CVS Health Corp. |  |
| 2065000 | 3.00%, due 8/15/2026 | &nbsp;&nbsp; 2044843 |
| 417000 | 5.63%, due 2/21/2053 | &nbsp;&nbsp; 395086 |
| 431000 | 6.20%, due 9/15/2055 | &nbsp;&nbsp; 442687 |
|  | Eli Lilly & Co. |  |
| 3205000 | 5.55%, due 10/15/2055 | &nbsp;&nbsp; 3282603 |
| 1880000 | 5.65%, due 10/15/2065 | &nbsp;&nbsp; 1936454 |
|  |  | &nbsp;&nbsp; **12388835** |
| **Pipelines 0.5%** | **Pipelines 0.5%** | **Pipelines 0.5%** |
|  | Enbridge, Inc. |  |
| 265000 | 5.30%, due 4/5/2029 | &nbsp;&nbsp; 273481 |
| 1745000 | 5.63%, due 4/5/2034 | &nbsp;&nbsp; 1821234 |
|  | Energy Transfer LP |  |
| 785000 | 6.13%, due 12/15/2045 | &nbsp;&nbsp; 782115 |

---

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Pipelines – cont'd** | **Pipelines – cont'd** | **Pipelines – cont'd** | **Pipelines – cont'd** |
| $| 570000 | 5.00%, due 5/15/2050 | &nbsp;&nbsp; $483384 |
|  |  | Kinder Morgan, Inc. |  |
|  | 510000 | 5.15%, due 6/1/2030 | &nbsp;&nbsp; 525892 |
|  | 615000 | 5.85%, due 6/1/2035 | &nbsp;&nbsp; 648458 |
|  | 1490000 | ONEOK, Inc., 6.25%, due 10/15/2055 | &nbsp;&nbsp; 1491845 |
|  |  |  | &nbsp;&nbsp; **6026409** |
| **Real Estate Investment Trusts 0.3%** | **Real Estate Investment Trusts 0.3%** | **Real Estate Investment Trusts 0.3%** | **Real Estate Investment Trusts 0.3%** |
|  | 3280000 | Prologis Targeted U.S. Logistics Fund LP, 4.75%, due 1/15/2036 | &nbsp;&nbsp; **3210979**<br> <sup>(b)</sup><br>|
| **Semiconductors 2.6%** | **Semiconductors 2.6%** | **Semiconductors 2.6%** | **Semiconductors 2.6%** |
|  |  | Applied Materials, Inc. |  |
|  | 1570000 | 4.00%, due 1/15/2031 | &nbsp;&nbsp; 1557581 |
|  | 920000 | 4.60%, due 1/15/2036 | &nbsp;&nbsp; 909921 |
|  |  | Broadcom, Inc. |  |
|  | 1895000 | 5.05%, due 7/12/2029 | &nbsp;&nbsp; 1951307 |
|  | 1765000 | 4.60%, due 7/15/2030 | &nbsp;&nbsp; 1791056 |
|  | 2250000 | 5.15%, due 11/15/2031 | &nbsp;&nbsp; 2339143 |
|  |  | Foundry JV Holdco LLC |  |
|  | 3365000 | 5.50%, due 1/25/2031 | &nbsp;&nbsp; 3489904<br> <sup>(b)</sup><br>|
|  | 1690000 | 6.25%, due 1/25/2035 | &nbsp;&nbsp; 1798478<br> <sup>(b)</sup><br>|
|  | 4580000 | 6.10%, due 1/25/2036 | &nbsp;&nbsp; 4838130<br> <sup>(b)</sup><br>|
|  | 2200000 | 6.20%, due 1/25/2037 | &nbsp;&nbsp; 2339567<br> <sup>(b)</sup><br>|
|  |  | Intel Corp. |  |
|  | 2380000 | 4.80%, due 10/1/2041 | &nbsp;&nbsp; 2144561 |
|  | 1210000 | 4.75%, due 3/25/2050 | &nbsp;&nbsp; 1024082 |
|  | 3130000 | 5.60%, due 2/21/2054 | &nbsp;&nbsp; 2993126 |
|  | 2595000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 5.25%, due 8/19/2035 | &nbsp;&nbsp; 2618519 |
|  |  |  | &nbsp;&nbsp; **29795375** |
| **Software 2.3%** | **Software 2.3%** | **Software 2.3%** | **Software 2.3%** |
|  |  | Oracle Corp. |  |
|  | 1605000 | 5.20%, due 9/26/2035 | &nbsp;&nbsp; 1580611 |
|  | 1830000 | 5.38%, due 9/27/2054 | &nbsp;&nbsp; 1608733 |
|  | 3575000 | 6.00%, due 8/3/2055 | &nbsp;&nbsp; 3419545 |
|  | 10195000 | 5.95%, due 9/26/2055 | &nbsp;&nbsp; 9665823 |
|  |  | Synopsys, Inc. |  |
|  | 8275000 | 5.15%, due 4/1/2035 | &nbsp;&nbsp; 8405832 |
|  | 1030000 | 5.70%, due 4/1/2055 | &nbsp;&nbsp; 1040567 |
|  |  |  | &nbsp;&nbsp; **25721111** |
| **Telecommunications 1.1%** | **Telecommunications 1.1%** | **Telecommunications 1.1%** | **Telecommunications 1.1%** |
|  | 1570000 | AT&T, Inc., 3.65%, due 6/1/2051 | &nbsp;&nbsp; 1128253 |
|  |  | NTT Finance Corp. |  |
|  | 4495000 | 5.17%, due 7/16/2032 | &nbsp;&nbsp; 4618801<br> <sup>(b)</sup><br>|
|  | 2875000 | 5.50%, due 7/16/2035 | &nbsp;&nbsp; 2996896<br> <sup>(b)</sup><br>|
|  | 2805000 | T-Mobile USA, Inc., 3.38%, due 4/15/2029 | &nbsp;&nbsp; 2726481 |
|  | 1420000 | Verizon Communications, Inc., 4.86%, due 8/21/2046 | &nbsp;&nbsp; 1282004 |
|  |  |  | &nbsp;&nbsp; **12752435** |
| **Total Corporate Bonds (Cost $347,131,786)** | **Total Corporate Bonds (Cost $347,131,786)** | **Total Corporate Bonds (Cost $347,131,786)** | &nbsp;&nbsp; **352240210** |
| **Foreign Government Securities 3.8%** | **Foreign Government Securities 3.8%** | **Foreign Government Securities 3.8%** | **Foreign Government Securities 3.8%** |
|  | 3565000 | Chile Government International Bonds, 5.65%, due 1/13/2037 | &nbsp;&nbsp; 3774266 |

---

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** |
| $| 3145000 | Export-Import Bank of Korea, 3.75%, due 9/22/2030 | &nbsp;&nbsp; $3116298 |
|  | 1500000 | Japan International Cooperation Agency, 4.25%, due 5/22/2030 | &nbsp;&nbsp; 1520877 |
|  | 3235000 | Korea Development Bank, 3.75%, due 9/16/2030 | &nbsp;&nbsp; 3206789 |
|  |  | Mexico Government International Bonds |  |
|  | 830000 | 6.00%, due 5/13/2030 | &nbsp;&nbsp; 873409 |
|  | 1545000 | 5.85%, due 7/2/2032 | &nbsp;&nbsp; 1596758 |
|  | 2011000 | 6.00%, due 5/7/2036 | &nbsp;&nbsp; 2057856 |
|  | 620000 | 6.88%, due 5/13/2037 | &nbsp;&nbsp; 671615 |
|  | 1575000 | 6.63%, due 1/29/2038 | &nbsp;&nbsp; 1663200 |
|  | 790000 | 7.38%, due 5/13/2055 | &nbsp;&nbsp; 886256 |
|  | 1860000 | Province of Alberta, 4.30%, due 11/2/2035 | &nbsp;&nbsp; 1859047<br> <sup>(f)</sup><br>|
|  |  | Province of British Columbia |  |
|  | 2510000 | 3.90%, due 8/27/2030 | &nbsp;&nbsp; 2514150 |
|  | 2070000 | 4.80%, due 6/11/2035 | &nbsp;&nbsp; 2125818 |
|  | 1195000 | Province of Manitoba, 4.90%, due 5/31/2034 | &nbsp;&nbsp; 1239169 |
|  |  | Province of Ontario |  |
|  | 3625000 | 3.90%, due 9/4/2030 | &nbsp;&nbsp; 3630971 |
|  | 1645000 | 4.85%, due 6/11/2035 | &nbsp;&nbsp; 1700947 |
|  | 2635000 | Province of Quebec, 4.63%, due 8/28/2035 | &nbsp;&nbsp; 2676543 |
|  | 4145000 | Province of Saskatchewan, 4.65%, due 1/28/2030 | &nbsp;&nbsp; 4273883 |
|  | 3415000 | Svensk Exportkredit AB, 4.88%, due 10/4/2030 | &nbsp;&nbsp; 3570314 |
| **Total Foreign Government Securities (Cost $41,988,911)** | **Total Foreign Government Securities (Cost $41,988,911)** | **Total Foreign Government Securities (Cost $41,988,911)** | &nbsp;&nbsp; **42958166** |
| Number of Shares | Number of Shares | Number of Shares |  |
| **Short-Term Investments 3.1%** | **Short-Term Investments 3.1%** | **Short-Term Investments 3.1%** | **Short-Term Investments 3.1%** |
| **Investment Companies 3.1%** | **Investment Companies 3.1%** | **Investment Companies 3.1%** | **Investment Companies 3.1%** |
|  | 35237409 | &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, <br> 4.01%<sup>(i)</sup> **(Cost $35,237,409)**<br>| &nbsp;&nbsp; **35237409** |
| **Total Investments 101.3% (Cost $1,151,081,362)** | **Total Investments 101.3% (Cost $1,151,081,362)** | **Total Investments 101.3% (Cost $1,151,081,362)** | &nbsp;&nbsp; **1154245723** |
| Liabilities Less Other Assets (1.3)% | Liabilities Less Other Assets (1.3)% | Liabilities Less Other Assets (1.3)% | &nbsp;&nbsp; (15016462)<sup>(j)</sup><br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$1139229261** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Principal only security. This security entitles the holder to receive principal payments
 from an underlying pool of assets or on the security itself.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended,
 or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from
 registration, may only be sold to qualified institutional investors or may have other restrictions on resale.
 At October 31, 2025, these securities amounted to $317,218,609, which represents 27.8% of net assets of
 the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security where the stated interest rate is not based on
 a published reference rate and spread. Rather, the interest rate adjusts periodically based on changes in current
 interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current
 rate as of October 31, 2025.

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable or floating rate security. The interest rate shown was the current rate as
 of October 31, 2025 and changes periodically.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Interest only security. These securities represent the right to receive the monthly
 interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of
 the "interest only" holding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) When-issued security. Total value of all such securities at October 31, 2025 amounted
 to $10,206,918, which represents 0.9% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Security issued at a fixed coupon rate, which converts to a variable rate at a future
 date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Perpetual security. Perpetual securities have no stated maturity date, but they may
 be called/redeemed by the issuer. The date shown reflects the next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents 7-day effective yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Includes the impact of the Fund's open positions in derivatives at October 31, 2025.

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** |
| **Country** | **Investments at** <br>**Value**<br>| **Percentage of** <br>**Net Assets**<br>|
| United States | &nbsp;&nbsp; $949870769 | 83.4<br> %<br>|
| Cayman Islands | &nbsp;&nbsp; 39390633 | 3.5<br> %<br>|
| United Kingdom | &nbsp;&nbsp; 25270412 | 2.2<br> %<br>|
| Canada | &nbsp;&nbsp; 23000420 | 2.0<br> %<br>|
| Germany | &nbsp;&nbsp; 14479009 | 1.3<br> %<br>|
| France | &nbsp;&nbsp; 9300710 | 0.8<br> %<br>|
| Japan | &nbsp;&nbsp; 9136574 | 0.8<br> %<br>|
| Mexico | &nbsp;&nbsp; 7749094 | 0.7<br> %<br>|
| Supranational | &nbsp;&nbsp; 7434889 | 0.6<br> %<br>|
| Jersey | &nbsp;&nbsp; 7259239 | 0.6<br> %<br>|
| Korea | &nbsp;&nbsp; 6323087 | 0.6<br> %<br>|
| Spain | &nbsp;&nbsp; 4658397 | 0.4<br> %<br>|
| Chile | &nbsp;&nbsp; 3774266 | 0.3<br> %<br>|
| Sweden | &nbsp;&nbsp; 3570314 | 0.3<br> %<br>|
| Ireland | &nbsp;&nbsp; 2951151 | 0.3<br> %<br>|
| Netherlands | &nbsp;&nbsp; 2618519 | 0.2<br> %<br>|
| Switzerland | &nbsp;&nbsp; 1321020 | 0.1<br> %<br>|
| Belgium | &nbsp;&nbsp; 899811 | 0.1<br> %<br>|
| Short-Term Investments and Other Liabilities—Net | &nbsp;&nbsp; 20220947 | 1.8<br> %<br>|
|  | &nbsp;&nbsp; **$1139229261** | **100.0%**<br>|

---

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ (cont'd)

Derivative Instruments

**Futures contracts ("futures")**

At October 31, 2025, open positions in futures for the Fund were as follows:

**Long Futures:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Open Contracts** | **Notional** <br>**Amount**<br>| **Value and** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 12/2025 | &nbsp;&nbsp; 132 | U.S. Treasury Long Bond | &nbsp;&nbsp; $15485250 | &nbsp;&nbsp; $396614 |
| 12/2025 | &nbsp;&nbsp; 329 | U.S. Treasury Note, 10 Year | &nbsp;&nbsp; 37069047 | &nbsp;&nbsp; 218913 |
| 12/2025 | &nbsp;&nbsp; 128 | U.S. Treasury Note, 2 Year | &nbsp;&nbsp; 26655000 | &nbsp;&nbsp; (43258) |
| 12/2025 | &nbsp;&nbsp; 445 | U.S. Treasury Note, 5 Year | &nbsp;&nbsp; 48598868 | &nbsp;&nbsp; 65052 |
| **Total Long Positions** | **Total Long Positions** | **Total Long Positions** | &nbsp;&nbsp; **$127808165** | &nbsp;&nbsp; **$637321** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Short Futures:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Open Contracts** | **Notional** <br>**Amount**<br>| **Value and** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 12/2025 | &nbsp;&nbsp; 415 | U.S. Treasury Note, Ultra 10 Year | &nbsp;&nbsp; $(47926016) | &nbsp;&nbsp; $(571671) |
| 12/2025 | &nbsp;&nbsp; 47 | U.S. Treasury Ultra Bond | &nbsp;&nbsp; (5700219) | &nbsp;&nbsp; (190254) |
| **Total Short Positions** | **Total Short Positions** | **Total Short Positions** | &nbsp;&nbsp; **$(53626235)** | &nbsp;&nbsp; **$(761925)** |
| **Total Futures** | **Total Futures** | **Total Futures** |  | &nbsp;&nbsp; **$(124604)** |

---

At October 31, 2025, the Fund had $1,136,601 deposited in a segregated account to cover margin requirements on open futures.

For the year ended October 31, 2025, the average notional value for the months where the Fund had futures outstanding was $241,523,501 for long positions and $(80,462,106) for short positions.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| U.S. Treasury Obligations | $— | $112712403 | $— | $112712403 |
| U.S. Government Agency Securities |  | 8956980 |  | 8956980 |
| Mortgage-Backed Securities<sup>#</sup> <br>|  | 449939456 |  | 449939456 |
| Asset-Backed Securities<sup>#</sup> <br>|  | 152201099 |  | 152201099 |
| Corporate Bonds<sup>#</sup> <br>|  | 352240210 |  | 352240210 |
| Foreign Government Securities |  | 42958166 |  | 42958166 |
| Short-Term Investments |  | 35237409 |  | 35237409 |
| **Total Investments** | **$—** | **$1154245723** | **$—** | **$1154245723** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

See Notes to Financial Statements

------

Schedule of Investments Core Bond Fund^ (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's derivatives as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures<sup>@</sup> |  |  |  |  |
| Assets | $680579 | $— | $— | $680579 |
| Liabilities | (805183)<br>|  |  | (805183)<br>|
| **Total** | **$(124604)**<br>| **$—** | **$—** | **$(124604)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

@ Futures are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^

October 31, 2025

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Asset-Backed Securities 1.8%** | **Asset-Backed Securities 1.8%** | **Asset-Backed Securities 1.8%** |
| **Other 1.8%** | **Other 1.8%** |  |
| $1000000 | &nbsp;&nbsp; Ballyrock CLO 28 Ltd., Series 2024-28A, Class D, (3 mo. USD Term SOFR + 5.00%), 8.88%, due <br> 1/20/2038<br>| &nbsp;&nbsp; $998939<br> <sup>(a)(b)</sup><br>|
| 1500000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2018-2A, Class D1R, (3 mo. USD Term SOFR + 3.05%), 6.93%, due <br> 10/20/2037<br>| &nbsp;&nbsp; 1506434<br> <sup>(a)(b)</sup><br>|
| 1000000 | &nbsp;&nbsp; Galaxy 31 CLO Ltd., Series 2023-31A, Class ER, (3 mo. USD Term SOFR + 5.50%), 9.40%, due <br> 7/15/2038<br>| &nbsp;&nbsp; 994713<br> <sup>(a)(b)</sup><br>|
| 1000000 | &nbsp;&nbsp; OCP CLO Ltd., Series 2021-21A, Class D1R, (3 mo. USD Term SOFR + 2.65%), 6.53%, due <br> 1/20/2038<br>| &nbsp;&nbsp; 1005945<br> <sup>(a)(b)</sup><br>|
| 1275000 | &nbsp;&nbsp; Palmer Square CLO Ltd., Series 2024-4A, Class E, (3 mo. USD Term SOFR + 5.00%), 8.90%, due <br> 1/15/2038<br>| &nbsp;&nbsp; 1274997<br> <sup>(a)(b)</sup><br>|
| 1000000 | &nbsp;&nbsp; Trestles CLO IX Ltd., Series 2025-9A, Class D2, (3 mo. USD Term SOFR + 3.65%), 7.52%, due <br> 1/15/2039<br>| &nbsp;&nbsp; 1001385<br> <sup>(a)(b)</sup><br>|
| 1250000 | Voya CLO Ltd., Series 2024-2A, Class E, (3 mo. USD Term SOFR + 6.05%), 9.93%, due 7/20/2037 | &nbsp;&nbsp; 1261025<br> <sup>(a)(b)</sup><br>|
| 1300000 | &nbsp;&nbsp; Wellington Management CLO 4 Ltd., Series 2025-4A, Class D1, (3 mo. USD Term SOFR + 2.55%), <br> 6.43%, due 4/18/2038<br>| &nbsp;&nbsp; 1301683<br> <sup>(a)(b)</sup><br>|
| **Total Asset-Backed Securities (Cost $9,293,125)** | **Total Asset-Backed Securities (Cost $9,293,125)** | &nbsp;&nbsp; **9345121** |
| **Corporate Bonds 2.0%** | **Corporate Bonds 2.0%** | **Corporate Bonds 2.0%** |
| **Chemicals 0.4%** | **Chemicals 0.4%** | **Chemicals 0.4%** |
| 400000 | SCIH Salt Holdings, Inc., 4.88%, due 5/1/2028 | &nbsp;&nbsp; 395629<br> <sup>(a)</sup><br>|
| 1305000 | SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, due 11/1/2026 | &nbsp;&nbsp; 1302719<br> <sup>(a)</sup><br>|
| 456000 | WR Grace Holdings LLC, 4.88%, due 6/15/2027 | &nbsp;&nbsp; 451881<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **2150229** |
| **Commercial Services 0.5%** | **Commercial Services 0.5%** | **Commercial Services 0.5%** |
| 700000 | Garda World Security Corp., 4.63%, due 2/15/2027 | &nbsp;&nbsp; 694517<br> <sup>(a)</sup><br>|
|  | Prime Security Services Borrower LLC/Prime Finance, Inc. |  |
| 1170000 | 3.38%, due 8/31/2027 | &nbsp;&nbsp; 1139421<br> <sup>(a)</sup><br>|
| 510000 | 3.38%, due 8/31/2027 | &nbsp;&nbsp; 496671<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **2330609** |
| **Environmental Control 0.1%** | **Environmental Control 0.1%** | **Environmental Control 0.1%** |
| 720000 | Madison IAQ LLC, 4.13%, due 6/30/2028 | &nbsp;&nbsp; **705002**<br> <sup>(a)</sup><br>|
| **Forest Products & Paper 0.1%** | **Forest Products & Paper 0.1%** | **Forest Products & Paper 0.1%** |
| 545000 | Ahlstrom Holding 3 OYJ, 4.88%, due 2/4/2028 | &nbsp;&nbsp; **529919**<br> <sup>(a)</sup><br>|
| **Internet 0.1%** | **Internet 0.1%** | **Internet 0.1%** |
| 525000 | Cablevision Lightpath LLC, 3.88%, due 9/15/2027 | &nbsp;&nbsp; **514318**<br> <sup>(c)</sup><br>|
| **Machinery - Diversified 0.2%** | **Machinery - Diversified 0.2%** | **Machinery - Diversified 0.2%** |
| 870000 | TK Elevator U.S. Newco, Inc., 5.25%, due 7/15/2027 | &nbsp;&nbsp; **868997**<br> <sup>(a)</sup><br>|
| **Media 0.2%** | **Media 0.2%** | **Media 0.2%** |
| 274000 | Cumulus Media New Holdings, Inc., 8.00%, due 7/1/2029 | &nbsp;&nbsp; 78090<br> <sup>(a)</sup><br>|
| 765000 | DISH DBS Corp., 5.25%, due 12/1/2026 | &nbsp;&nbsp; 752694<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **830784** |
| **Pipelines 0.1%** | **Pipelines 0.1%** | **Pipelines 0.1%** |
| 530000 | NGL Energy Operating LLC/NGL Energy Finance Corp., 8.13%, due 2/15/2029 | &nbsp;&nbsp; **542558**<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Software 0.0%**<sup>‡</sup> | **Software 0.0%**<sup>‡</sup> | **Software 0.0%**<sup>‡</sup> |
| $505175 | Rackspace Finance LLC, 3.50%, due 5/15/2028 | &nbsp;&nbsp; **$197018**<br> <sup>(a)</sup><br>|
| **Telecommunications 0.3%** | **Telecommunications 0.3%** | **Telecommunications 0.3%** |
| 325000 | Altice Financing SA, 5.00%, due 1/15/2028 | &nbsp;&nbsp; 242226<br> <sup>(a)</sup><br>|
| 1008831 | Altice France SA, 6.88%, due 10/15/2030 | &nbsp;&nbsp; 986603<br> <sup>(a)</sup><br>|
| 342317 | Zayo Group Holdings, Inc., 9.25%, due 3/9/2030 | &nbsp;&nbsp; 325489<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **1554318** |
| **Total Corporate Bonds (Cost $10,687,747)** | **Total Corporate Bonds (Cost $10,687,747)** | &nbsp;&nbsp; **10223752** |
| **Loan Assignments**<sup>(b)</sup> **92.1%** | **Loan Assignments**<sup>(b)</sup> **92.1%** | **Loan Assignments**<sup>(b)</sup> **92.1%** |
| **Aerospace & Defense 2.6%** | **Aerospace & Defense 2.6%** | **Aerospace & Defense 2.6%** |
| 1793912 | &nbsp;&nbsp; Air Comm Corp. LLC, Term Loan, (1 mo. USD Term SOFR + 2.75%, 3 mo. USD Term SOFR + 2.75%), <br> 6.71% – 6.74%, due 12/11/2031<br>| &nbsp;&nbsp; 1792799<br> <sup>(d)</sup><br>|
| 716000 | &nbsp;&nbsp; Amentum Government Services Holdings LLC, Term Loan B, (1 mo. USD Term SOFR + 2.25%), <br> 6.21%, due 9/29/2031<br>| &nbsp;&nbsp; 714926 |
| 1341951 | &nbsp;&nbsp; Azorra Soar TLB Finance Ltd., Term Loan B, (3 mo. USD Term SOFR + 2.75%), 6.79%, due <br> 10/18/2029<br>| &nbsp;&nbsp; 1346420 |
| 1232420 | Cobham Ultra SeniorCo SARL, Term Loan B, (6 mo. USD Term SOFR + 3.75%), 8.37%, due 8/3/2029 | &nbsp;&nbsp; 1235279 |
|  | Dynasty Acquisition Co., Inc. |  |
| 1287030 | First Lien Term Loan B1, (1 mo. USD Term SOFR + 2.00%), 5.96%, due 10/31/2031 | &nbsp;&nbsp; 1288703 |
| 489545 | First Lien Term Loan B2, (1 mo. USD Term SOFR + 2.00%), 5.96%, due 10/31/2031 | &nbsp;&nbsp; 490182 |
|  | Kaman Corp. |  |
| 17377 | Term Loan, (3 mo. USD Term SOFR + 2.50%), 6.43%, due 2/26/2032 | &nbsp;&nbsp; 17421 |
| 1918726 | &nbsp;&nbsp; Term Loan B, (3 mo. USD Term SOFR + 2.50%, 6 mo. USD Term SOFR + 2.50%), 6.54% – 6.70%, <br> due 2/26/2032<br>| &nbsp;&nbsp; 1923522<br> <sup>(d)</sup><br>|
|  | Peraton Corp. |  |
| 1189566 | Term Loan B, (3 mo. USD Term SOFR + 3.75%), 7.69%, due 2/1/2028 | &nbsp;&nbsp; 1023705 |
| 234174 | Second Lien Term Loan B1, (3 mo. USD Term SOFR + 7.75%), 12.05%, due 2/1/2029 | &nbsp;&nbsp; 116649 |
| 1575763 | Propulsion (BC) Finco SARL, Term Loan B, (3 mo. USD Term SOFR + 2.75%), 6.74%, due 9/14/2029 | &nbsp;&nbsp; 1580554 |
|  | TransDigm, Inc. |  |
| 749141 | Term Loan J, (3 mo. USD Term SOFR + 2.50%), 6.50%, due 2/28/2031 | &nbsp;&nbsp; 749965 |
| 1027740 | Term Loan L, (3 mo. USD Term SOFR + 2.50%), 6.50%, due 1/19/2032 | &nbsp;&nbsp; 1028305 |
|  |  | &nbsp;&nbsp; **13308430** |
| **Air Freight & Logistics 0.3%** | **Air Freight & Logistics 0.3%** | **Air Freight & Logistics 0.3%** |
| 1372037 | &nbsp;&nbsp; Worldwide Express Operations LLC, Term Loan B, (3 mo. USD Term SOFR + 4.00%), 8.00%, due <br> 7/26/2028<br>| &nbsp;&nbsp; **1367990** |
| **Automobile Components 0.6%** | **Automobile Components 0.6%** | **Automobile Components 0.6%** |
| 1710000 | Clarios Global LP, Term Loan B, (1 mo. USD Term SOFR + 2.75%), 6.71%, due 1/28/2032 | &nbsp;&nbsp; 1713745 |
| 1325209 | Dealer Tire Financial LLC, Term Loan B4, (1 mo. USD Term SOFR + 3.00%), 6.96%, due 7/2/2031 | &nbsp;&nbsp; 1313613<br> <sup>(e)</sup><br>|
|  |  | &nbsp;&nbsp; **3027358** |
| **Beverages 0.4%** | **Beverages 0.4%** | **Beverages 0.4%** |
| 1840000 | Sazerac Co., Inc., Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.58%, due 7/9/2032 | &nbsp;&nbsp; **1848335** |
| **Biotechnology 0.2%** | **Biotechnology 0.2%** | **Biotechnology 0.2%** |
| 1045000 | &nbsp;&nbsp; Grifols Worldwide Operations USA, Inc., Term Loan B, (1 mo. USD Term SOFR + 2.00%), 6.06%, due <br> 11/15/2027<br>| &nbsp;&nbsp; **1044875** |
| **Broadline Retail 0.3%** | **Broadline Retail 0.3%** | **Broadline Retail 0.3%** |
|  | Peer Holding III BV |  |
| 1229660 | Term Loan B4B, (3 mo. USD Term SOFR + 2.50%), 6.50%, due 10/28/2030 | &nbsp;&nbsp; 1233890 |

---

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Broadline Retail – cont'd** | **Broadline Retail – cont'd** | **Broadline Retail – cont'd** |
| $267975 | Term Loan B5B, (3 mo. USD Term SOFR + 2.50%), 6.50%, due 7/1/2031 | &nbsp;&nbsp; $268913 |
|  |  | &nbsp;&nbsp; **1502803** |
| **Building Products 1.0%** | **Building Products 1.0%** | **Building Products 1.0%** |
| 1529014 | &nbsp;&nbsp; Cornerstone Building Brands, Inc., Term Loan B, (1 mo. USD Term SOFR + 3.25%), 7.38%, due <br> 4/12/2028<br>| &nbsp;&nbsp; 1396280 |
| 837022 | Jeld-Wen, Inc., Term Loan B, (1 mo. USD Term SOFR), due 7/28/2028 | &nbsp;&nbsp; 792962<br> <sup>(f)(g)</sup><br>|
| 1416414 | LBM Acquisition LLC, Term Loan B, (1 mo. USD Term SOFR + 3.75%), 7.88%, due 6/6/2031 | &nbsp;&nbsp; 1365366 |
| 1215713 | MI Windows & Doors LLC, Term Loan B2, (1 mo. USD Term SOFR + 2.75%), 6.71%, due 3/28/2031 | &nbsp;&nbsp; 1216479 |
| 674075 | Oscar AcquisitionCo LLC, Term Loan B, (3 mo. USD Term SOFR + 4.25%), 8.25%, due 4/29/2029 | &nbsp;&nbsp; 605696 |
|  |  | &nbsp;&nbsp; **5376783** |
| **Capital Markets 3.8%** | **Capital Markets 3.8%** | **Capital Markets 3.8%** |
| 1303209 | Apex Group Treasury LLC, Term Loan B, (3 mo. USD Term SOFR + 3.50%), 7.75%, due 2/27/2032 | &nbsp;&nbsp; 1216872 |
| 1548845 | AqGen Island Holdings, Inc., Term Loan B, (1 mo. USD Term SOFR + 3.00%), 6.96%, due 8/2/2028 | &nbsp;&nbsp; 1549821 |
| 1539700 | Citco Funding LLC, Term Loan B, (3 mo. USD Term SOFR + 2.75%), 6.81%, due 4/27/2028 | &nbsp;&nbsp; 1547399 |
|  | Edelman Financial Center LLC |  |
| 1378889 | Term Loan, (1 mo. USD Term SOFR + 3.00%), 6.96%, due 4/7/2028 | &nbsp;&nbsp; 1383274 |
| 450000 | Second Lien Term Loan, (1 mo. USD Term SOFR + 5.25%), 9.21%, due 10/6/2028 | &nbsp;&nbsp; 450000 |
| 698241 | Focus Financial Partners LLC, Term Loan B, (1 mo. USD Term SOFR + 2.75%), 6.71%, due 9/15/2031 | &nbsp;&nbsp; 699770 |
| 1777110 | &nbsp;&nbsp; Galaxy U.S. Opco, Inc., Term Loan, (3 mo. USD Term SOFR + 2.00%, 3 mo. USD Term SOFR + <br> 3.75%), 3.75% – 5.84%, due 7/31/2030<br>| &nbsp;&nbsp; 1600518<br> <sup>(d)</sup><br>|
| 1637625 | Guggenheim Partners LLC, Term Loan B, (3 mo. USD Term SOFR + 2.50%), 6.50%, due 11/26/2031 | &nbsp;&nbsp; 1642751 |
| 1480929 | &nbsp;&nbsp; Harbourvest Partners LLC, First Lien Term Loan B, (3 mo. USD Term SOFR + 2.25%), 6.25%, due <br> 4/18/2030<br>| &nbsp;&nbsp; 1480929<br> <sup>(e)</sup><br>|
| 1556100 | IMC Financing LLC, Term Loan B, (1 mo. USD Term SOFR + 3.50%), 7.53%, due 6/18/2032 | &nbsp;&nbsp; 1567771<br> <sup>(e)</sup><br>|
|  | NEXUS Buyer LLC |  |
| 1034974 | Term Loan B, (1 mo. USD Term SOFR + 3.50%), 7.46%, due 7/31/2031 | &nbsp;&nbsp; 1027357 |
| 530000 | Second Lien Term Loan B, (1 mo. USD Term SOFR + 5.75%), 9.71%, due 2/16/2032 | &nbsp;&nbsp; 527350 |
|  | Orion U.S. Finco, Inc. |  |
| 1330000 | First Lien Term Loan, (3 mo. USD Term SOFR + 3.50%), 7.43%, due 10/8/2032 | &nbsp;&nbsp; 1335825 |
| 535000 | Second Lien Term Loan, (3 mo. USD Term SOFR + 5.50%), 9.43%, due 5/20/2033 | &nbsp;&nbsp; 537231 |
| 1505707 | &nbsp;&nbsp; Superannuation & Investments U.S. LLC, Term Loan, (1 mo. USD Term SOFR + 3.00%), 6.96%, due <br> 12/1/2028<br>| &nbsp;&nbsp; 1509095 |
| 1695000 | Victory Capital Holdings, Inc., Term Loan, (3 mo. USD Term SOFR + 2.00%), 6.10%, due 9/23/2032 | &nbsp;&nbsp; 1702949 |
|  |  | &nbsp;&nbsp; **19778912** |
| **Chemicals 2.1%** | **Chemicals 2.1%** | **Chemicals 2.1%** |
| 992500 | AAP Buyer, Inc., Term Loan B, (3 mo. USD Term SOFR + 2.75%), 6.75%, due 9/9/2031 | &nbsp;&nbsp; 991259<br> <sup>(e)</sup><br>|
| 1328187 | &nbsp;&nbsp; ECO Services Operations Corp., Term Loan B, (3 mo. USD Term SOFR + 2.00%), 5.84%, due <br> 6/12/2031<br>| &nbsp;&nbsp; 1323207 |
| 1330998 | &nbsp;&nbsp; Groupe Solmax, Inc., Term Loan, (1 mo. USD Term SOFR + 4.75%, 3 mo. USD Term SOFR + 4.75%), <br> 8.83% – 9.01%, due 5/29/2028<br>| &nbsp;&nbsp; 1046510<br> <sup>(d)</sup><br>|
| 855771 | &nbsp;&nbsp; Ineos U.S. Finance LLC, First Lien Term Loan B, (1 mo. USD Term SOFR + 3.00%), 6.96%, due <br> 2/7/2031<br>| &nbsp;&nbsp; 723983 |
| 1404388 | Minerals Technologies, Inc., Term Loan B, (1 mo. USD Term SOFR + 2.00%), 5.97%, due 11/26/2031 | &nbsp;&nbsp; 1404387<br> <sup>(e)</sup><br>|
|  | Olympus Water U.S. Holding Corp. |  |
| 1715124 | Term Loan, (3 mo. USD Term SOFR + 3.00%), 7.00%, due 6/20/2031 | &nbsp;&nbsp; 1696549 |
| 565000 | Term Loan B, (1 mo. USD Term SOFR), due 7/23/2032 | &nbsp;&nbsp; 562175<br> <sup>(f)(g)</sup><br>|
| 1050000 | SCIL IV LLC, Term Loan B, (1 mo. USD Term SOFR), due 10/8/2032 | &nbsp;&nbsp; 1046062<br> <sup>(e)(f)(g)</sup><br>|
| 709267 | SCUR-Alpha 1503 GmbH, Term Loan B1, (3 mo. USD Term SOFR + 5.50%), 9.34%, due 3/29/2030 | &nbsp;&nbsp; 613013 |
| 1334207 | Sparta U.S. HoldCo LLC, Term Loan B, (1 mo. USD Term SOFR + 3.00%), 7.13%, due 8/2/2030 | &nbsp;&nbsp; 1284655 |
|  |  | &nbsp;&nbsp; **10691800** |

---

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Commercial Services & Supplies 5.1%** | **Commercial Services & Supplies 5.1%** | **Commercial Services & Supplies 5.1%** |
| $1624520 | Albion Financing 3 SARL, Term Loan, (3 mo. USD Term SOFR + 3.00%), 7.22%, due 5/21/2031 | &nbsp;&nbsp; $1631635 |
| 3105000 | Allied Universal Holdco LLC, Term Loan B, (1 mo. USD Term SOFR + 3.25%), 7.31%, due 8/20/2032 | &nbsp;&nbsp; 3115961 |
|  | Anticimex International AB |  |
| 919188 | Term Loan B1, (3 mo. USD Term SOFR + 3.40%), 7.76%, due 11/16/2028 | &nbsp;&nbsp; 922138 |
| 992476 | Term Loan B6, (3 mo. USD Term SOFR + 3.40%), 7.76%, due 11/16/2028 | &nbsp;&nbsp; 995890 |
| 1820000 | Term Loan, (1 mo. USD Term SOFR + 3.00%), 3.00%, due 11/17/2031 | &nbsp;&nbsp; 1826825<br> <sup>(e)(f)(g)</sup><br>|
| 954745 | &nbsp;&nbsp; Aramark Services, Inc., Term Loan B8, (1 mo. USD Term SOFR + 2.00%, 3 mo. USD Term SOFR + <br> 2.00%), 5.96% – 6.20%, due 6/22/2030<br>| &nbsp;&nbsp; 955490<br> <sup>(d)</sup><br>|
| 868500 | &nbsp;&nbsp; ASP Dream Acquisition Co. LLC, Term Loan B, (1 mo. USD Term SOFR + 4.25%), 8.31%, due <br> 12/15/2028<br>| &nbsp;&nbsp; 807705<br> <sup>(e)</sup><br>|
| 868713 | Belfor Holdings, Inc., Term Loan B, (1 mo. USD Term SOFR + 2.75%), 6.71%, due 11/1/2030 | &nbsp;&nbsp; 869799<br> <sup>(e)</sup><br>|
| 1444725 | BrightView Landscapes LLC, Term Loan B, (3 mo. USD Term SOFR + 2.00%), 5.84%, due 4/20/2029 | &nbsp;&nbsp; 1441113 |
| 1717003 | Crash Champions LLC, Term Loan B, (3 mo. USD Term SOFR + 4.75%), 8.95%, due 2/23/2029 | &nbsp;&nbsp; 1584468 |
| 1251310 | EnergySolutions LLC, Term Loan B, (1 mo. USD Term SOFR + 3.25%), 7.21%, due 9/20/2030 | &nbsp;&nbsp; 1257179 |
| 1264923 | ERM Emerald U.S., Inc., Term Loan B1, (3 mo. USD Term SOFR + 3.00%), 7.00%, due 7/12/2028 | &nbsp;&nbsp; 1263873 |
| 1397804 | Garda World Security Corp., Term Loan B, (1 mo. USD Term SOFR + 3.00%), 7.05%, due 2/1/2029 | &nbsp;&nbsp; 1396644 |
| 1278575 | &nbsp;&nbsp; Gategroup Fin Luxembourg SA, Term Loan B, (1 mo. USD Term SOFR + 4.25%), 8.38%, due <br> 6/10/2032<br>| &nbsp;&nbsp; 1289366 |
| 1346025 | Iron Mountain, Inc., Term Loan B, (1 mo. USD Term SOFR + 2.00%), 5.96%, due 1/31/2031 | &nbsp;&nbsp; 1345742 |
| 932196 | Legence Holdings LLC, Term Loan B, (1 mo. USD Term SOFR + 2.25%), 6.23%, due 12/16/2031 | &nbsp;&nbsp; 933128 |
| 1996004 | PG Investment Co. 59 SARL, Term Loan B, (1 mo. USD Term SOFR + 2.75%), 6.71%, due 3/26/2031 | &nbsp;&nbsp; 2001992 |
| 992500 | &nbsp;&nbsp; Service Logic Acquisition, Inc., Term Loan B, (1 mo. USD Term SOFR + 3.00%, 3 mo. USD Term SOFR <br> + 3.00%), 6.84% – 6.96%, due 10/29/2027<br>| &nbsp;&nbsp; 996222<br> <sup>(d)(e)</sup><br>|
| 1557929 | TMC Buyer, Inc., Term Loan B, (1 mo. USD Term SOFR + 4.75%), 8.71%, due 11/1/2030 | &nbsp;&nbsp; 1557274 |
|  |  | &nbsp;&nbsp; **26192444** |
| **Communications Equipment 0.5%** | **Communications Equipment 0.5%** | **Communications Equipment 0.5%** |
| 1581038 | Tiger Acquisition LLC, Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.50%, due 8/23/2032 | &nbsp;&nbsp; 1585480 |
| 1265850 | WatchGuard Technologies, Inc., Term Loan, (1 mo. USD Term SOFR + 5.25%), 9.21%, due 7/2/2029 | &nbsp;&nbsp; 1262053 |
|  |  | &nbsp;&nbsp; **2847533** |
| **Construction & Engineering 1.3%** | **Construction & Engineering 1.3%** | **Construction & Engineering 1.3%** |
| 664596 | Archkey Solutions LLC, Term Loan B, (3 mo. USD Term SOFR + 4.25%), 8.25%, due 11/1/2031 | &nbsp;&nbsp; 668085 |
| 1158892 | Artera Services LLC, Term Loan, (3 mo. USD Term SOFR + 4.50%), 8.50%, due 2/15/2031 | &nbsp;&nbsp; 982428 |
| 1700000 | &nbsp;&nbsp; Green Infrastructure Partners, Inc., Term Loan B, (3 mo. USD Term SOFR + 2.75%), 6.75%, due <br> 9/24/2032<br>| &nbsp;&nbsp; 1701071 |
| 1509677 | Pinnacle Buyer LLC, Term Loan, (3 mo. USD Term SOFR + 2.50%), 6.49%, due 10/1/2032 | &nbsp;&nbsp; 1515339 |
| 1810463 | Tecta America Corp., Term Loan B, (1 mo. USD Term SOFR + 3.00%), 6.97%, due 2/18/2032 | &nbsp;&nbsp; 1814988 |
|  |  | &nbsp;&nbsp; **6681911** |
| **Construction Materials 0.7%** | **Construction Materials 0.7%** | **Construction Materials 0.7%** |
| 992500 | Potters Industries LLC, Term Loan B, (1 mo. USD Term SOFR + 3.00%), 6.96%, due 12/14/2027 | &nbsp;&nbsp; 995230 |
| 1710078 | Quikrete Holdings, Inc., Term Loan B, (1 mo. USD Term SOFR + 2.25%), 6.21%, due 2/10/2032 | &nbsp;&nbsp; 1711600 |
| 803786 | Star Holding LLC, First Lien Term Loan B, (1 mo. USD Term SOFR + 4.50%), 8.46%, due 7/31/2031 | &nbsp;&nbsp; 775653 |
|  |  | &nbsp;&nbsp; **3482483** |
| **Consumer Finance 0.3%** | **Consumer Finance 0.3%** | **Consumer Finance 0.3%** |
| 1554300 | CPI Holdco B LLC, Term Loan, (1 mo. USD Term SOFR + 2.00%), 5.96%, due 5/19/2031 | &nbsp;&nbsp; **1553057** |
| **Consumer Staples Distribution & Retail 0.5%** | **Consumer Staples Distribution & Retail 0.5%** | **Consumer Staples Distribution & Retail 0.5%** |
| 1845000 | Boots Group Bidco Ltd., Term Loan, (3 mo. USD Term SOFR + 3.50%), 7.70%, due 8/30/2032 | &nbsp;&nbsp; 1851919 |
| 164020 | Cardenas Markets, Inc., Term Loan, (3 mo. USD Term SOFR + 6.75%), 10.85%, due 8/1/2029 | &nbsp;&nbsp; 129487 |

---

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Consumer Staples Distribution & Retail – cont'd** | **Consumer Staples Distribution & Retail – cont'd** | **Consumer Staples Distribution & Retail – cont'd** |
| $621250 | Northeast Grocery, Inc., Term Loan B, (3 mo. USD Term SOFR + 7.50%), 11.69%, due 12/13/2028 | &nbsp;&nbsp; $622803 |
|  |  | &nbsp;&nbsp; **2604209** |
| **Containers & Packaging 3.2%** | **Containers & Packaging 3.2%** | **Containers & Packaging 3.2%** |
| 1076574 | Altium Packaging LLC, Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.46%, due 6/11/2031 | &nbsp;&nbsp; 1030820 |
| 1776597 | &nbsp;&nbsp; Berlin Packaging LLC, Term Loan B7, (1 mo. USD Term SOFR + 3.25%, 3 mo. USD Term SOFR + <br> 3.25%), 7.24% – 7.38%, due 6/7/2031<br>| &nbsp;&nbsp; 1774270<br> <sup>(d)</sup><br>|
| 1290110 | &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., Term Loan B, (1 mo. USD Term SOFR + 3.25%), 7.21%, due <br> 4/1/2032<br>| &nbsp;&nbsp; 1286640 |
| 1243293 | Glatfelter Corp., Term Loan B, (3 mo. USD Term SOFR + 4.25%), 8.45%, due 11/4/2031 | &nbsp;&nbsp; 1167452 |
| 737398 | IRIS Holdings, Inc., Term Loan, (3 mo. USD Term SOFR + 4.75%), 8.69%, due 6/28/2028 | &nbsp;&nbsp; 714819 |
|  | Klockner-Pentaplast of America, Inc. |  |
| 152134 | Term Loan, (1 mo. USD Term SOFR + 10.00%), 13.99%, due 12/1/2025 | &nbsp;&nbsp; 152134<br> <sup>#(e)(h)</sup><br>|
| 1407649 | Term Loan B, (6 mo. USD Term SOFR + 4.73%), 9.02%, due 2/12/2026 | &nbsp;&nbsp; 595619 |
| 1270455 | &nbsp;&nbsp; Mauser Packaging Solutions Holding Co., Term Loan B, (1 mo. USD Term SOFR + 3.00%), 7.13%, <br> due 4/15/2027<br>| &nbsp;&nbsp; 1270658 |
| 124539 | &nbsp;&nbsp; Mold-Rite Plastics LLC, Term Loan, (1 mo. USD Term SOFR + 1.50%, 1 mo. USD Term SOFR + 2.25%), <br> 2.25% – 5.65%, due 10/4/2028<br>| &nbsp;&nbsp; 99631<br> <sup>(d)(e)</sup><br>|
| 1795975 | Pregis TopCo Corp., Term Loan, (1 mo. USD Term SOFR + 4.00%), 7.96%, due 2/1/2029 | &nbsp;&nbsp; 1806086 |
| 950771 | &nbsp;&nbsp; Ring Container Technologies Group LLC, Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.46%, due <br> 9/15/2032<br>| &nbsp;&nbsp; 950771 |
|  | Spa Holdings 3 Oy |  |
| 645262 | Term Loan B, (3 mo. USD Term SOFR + 4.00%), 8.26%, due 2/4/2028 | &nbsp;&nbsp; 646875 |
| 668325 | Term Loan B, (3 mo. USD Term SOFR + 4.25%), 8.51%, due 5/23/2030 | &nbsp;&nbsp; 671039 |
| 1310117 | SupplyOne, Inc., Term Loan B, (1 mo. USD Term SOFR + 3.50%), 7.46%, due 4/21/2031 | &nbsp;&nbsp; 1311479 |
| 1054350 | Technimark Holdings LLC, Term Loan, (1 mo. USD Term SOFR + 3.25%), 7.25%, due 4/14/2031 | &nbsp;&nbsp; 1052589 |
| 2020485 | Trident TPI Holdings, Inc., Term Loan B7, (3 mo. USD Term SOFR + 3.75%), 7.75%, due 9/15/2028 | &nbsp;&nbsp; 1970297 |
|  |  | &nbsp;&nbsp; **16501179** |
| **Distributors 0.4%** | **Distributors 0.4%** | **Distributors 0.4%** |
| 315000 | PAI Holdco, Inc., Term Loan B, (3 mo. USD Term SOFR), due 10/28/2027 | &nbsp;&nbsp; 262042<br> <sup>(f)(g)</sup><br>|
|  | S&S Holdings LLC |  |
| 1569311 | Term Loan, (1 mo. USD Term SOFR + 5.00%), 9.09%, due 3/11/2028 | &nbsp;&nbsp; 1561857 |
| 225000 | Second Lien Term Loan, (1 mo. USD Term SOFR + 8.75%), 12.84%, due 3/9/2029 | &nbsp;&nbsp; 207376 |
|  |  | &nbsp;&nbsp; **2031275** |
| **Diversified Consumer Services 1.5%** | **Diversified Consumer Services 1.5%** | **Diversified Consumer Services 1.5%** |
| 2260606 | Ascend Learning LLC, Term Loan B, (1 mo. USD Term SOFR + 3.00%), 6.96%, due 12/11/2028 | &nbsp;&nbsp; 2258255 |
| 1762233 | Belron Finance 2019 LLC, Term Loan B, (3 mo. USD Term SOFR + 2.50%), 6.74%, due 10/16/2031 | &nbsp;&nbsp; 1769582 |
| 2055860 | Fugue Finance BV, Term Loan, (3 mo. USD Term SOFR + 2.75%), 6.95%, due 1/9/2032 | &nbsp;&nbsp; 2058430 |
| 1713764 | Wand NewCo 3, Inc., Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.46%, due 1/30/2031 | &nbsp;&nbsp; 1708708 |
|  |  | &nbsp;&nbsp; **7794975** |
| **Diversified Telecommunication Services 3.6%** | **Diversified Telecommunication Services 3.6%** | **Diversified Telecommunication Services 3.6%** |
| 1611698 | Altice Financing SA, First Lien Term Loan, (3 mo. USD Term SOFR + 1.75%), 8.75%, due 1/31/2026 | &nbsp;&nbsp; 1555289<br> <sup>(e)</sup><br>|
|  | Altice France SA |  |
| 722047 | Term Loan B11, (3 mo. USD Term SOFR + 4.13%), 8.11%, due 4/30/2028 | &nbsp;&nbsp; 708964 |
| 954924 | Term Loan B13, (3 mo. USD Term SOFR + 5.38%), 9.36%, due 5/14/2029 | &nbsp;&nbsp; 941794<br> <sup>(e)</sup><br>|
| 720935 | Term Loan B14, (3 mo. USD Term SOFR + 6.88%), 10.86%, due 5/31/2031 | &nbsp;&nbsp; 718873 |
| 215992 | Cable One, Inc., Term Loan B4, (1 mo. USD Term SOFR + 2.00%), 6.08%, due 5/3/2028 | &nbsp;&nbsp; 209918 |
| 1488373 | CommScope, Inc., Term Loan, (1 mo. USD Term SOFR + 4.75%), 8.71%, due 12/17/2029 | &nbsp;&nbsp; 1500101 |
|  | CSC Holdings LLC |  |
| 2334606 | Term Loan B5, (3 mo. USD Term SOFR + 1.50%), 8.50%, due 4/15/2027 | &nbsp;&nbsp; 2196981 |

---

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Diversified Telecommunication Services – cont'd** | **Diversified Telecommunication Services – cont'd** | **Diversified Telecommunication Services – cont'd** |
| $1989164 | Term Loan B6, (1 mo. USD Term SOFR + 4.50%), 8.53%, due 1/18/2028 | &nbsp;&nbsp; $1968298 |
| 1520000 | ITG Communications, LLC, Term Loan B, (3 mo. USD Term SOFR + 4.75%), 8.95%, due 7/9/2031 | &nbsp;&nbsp; 1481058 |
| 2180000 | Level 3 Financing, Inc., Term Loan B4, (1 mo. USD Term SOFR + 3.25%), 7.21%, due 3/29/2032 | &nbsp;&nbsp; 2176185 |
| 519275 | Lumen Technologies, Inc., Term Loan A, (1 mo. USD Term SOFR + 6.00%), 9.96%, due 6/1/2028 | &nbsp;&nbsp; 525766 |
| 514916 | &nbsp;&nbsp; Radiate Holdco LLC, Term Loan, (1 mo. USD Term SOFR + 1.50%, 1 mo. USD Term SOFR + 5.00%), <br> 1.50% – 9.08%, due 9/25/2029<br>| &nbsp;&nbsp; 400991<br> <sup>(d)</sup><br>|
| 1520000 | &nbsp;&nbsp; Sunrise Financing Partnership, Term Loan AAA, (6 mo. USD Term SOFR + 2.50%), 6.69%, due <br> 2/15/2032<br>| &nbsp;&nbsp; 1513874 |
| 330000 | Telesat Canada, Term Loan B5, (3 mo. USD Term SOFR + 2.75%), 7.21%, due 12/7/2026 | &nbsp;&nbsp; 257674 |
| 1385000 | Windstream Services LLC, Term Loan B, (1 mo. USD Term SOFR + 4.75%), 8.81%, due 10/1/2031 | &nbsp;&nbsp; 1374613<br> <sup>(e)(f)(g)</sup><br>|
| 1365328 | &nbsp;&nbsp; Zayo Group Holdings, Inc., Term Loan, (1 mo. USD Term SOFR + 3.50%, 3 mo. USD Term SOFR + <br> 0.50%), 0.50% – 7.58%, due 3/11/2030<br>| &nbsp;&nbsp; 1303465<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **18833844** |
| **Electric Utilities 2.3%** | **Electric Utilities 2.3%** | **Electric Utilities 2.3%** |
| 1587132 | Alpha Generation LLC, Term Loan B, (1 mo. USD Term SOFR + 2.00%), 5.96%, due 9/30/2031 | &nbsp;&nbsp; 1588037 |
| 1598985 | Astoria Energy LLC, Term Loan B, (3 mo. USD Term SOFR + 2.75%), 6.59% – 6.75%, due 6/23/2032 | &nbsp;&nbsp; 1602982<br> <sup>(d)</sup><br>|
| 1545000 | Bayonne Energy Center LLC, Term Loan B, (3 mo. USD Term SOFR + 3.00%), 6.99%, due 10/1/2032 | &nbsp;&nbsp; 1546931 |
| 1565000 | Cornerstone Generation LLC, Term Loan B, (3 mo. USD Term SOFR + 3.25%), 7.48%, due 8/11/2032 | &nbsp;&nbsp; 1578694 |
| 1519760 | EFS Cogen Holdings I LLC, Term Loan B, (3 mo. USD Term SOFR + 3.00%), 7.00%, due 10/3/2031 | &nbsp;&nbsp; 1527359 |
| 1012832 | Hill Top Energy Center LLC, Term Loan B, (1 mo. USD Term SOFR + 3.25%), 7.21%, due 6/26/2032 | &nbsp;&nbsp; 1013784 |
| 1593638 | &nbsp;&nbsp; Lackawanna Energy Center LLC, Term Loan B, (1 mo. USD Term SOFR + 3.00%), 7.11%, due <br> 8/5/2032<br>| &nbsp;&nbsp; 1595630 |
|  | MRP Buyer LLC |  |
| 1636694 | Term Loan, (3 mo. USD Term SOFR + 3.25%), 7.25%, due 6/4/2032 | &nbsp;&nbsp; 1607364 |
| 125579 | Term Loan, (3 mo. USD Term SOFR + 3.25%), 7.25%, due 6/4/2032 | &nbsp;&nbsp; 123328 |
|  |  | &nbsp;&nbsp; **12184109** |
| **Electrical Equipment 0.6%** | **Electrical Equipment 0.6%** | **Electrical Equipment 0.6%** |
| 1915200 | &nbsp;&nbsp; Arcline FM Holdings LLC, First Lien Term Loan, (3 mo. USD Term SOFR + 2.75%), 6.68%, due <br> 6/23/2030<br>| &nbsp;&nbsp; 1920467 |
| 1004258 | WEC U.S. Holdings Ltd., Term Loan, (1 mo. USD Term SOFR + 2.25%), 6.38%, due 1/27/2031 | &nbsp;&nbsp; 1006366 |
|  |  | &nbsp;&nbsp; **2926833** |
| **Electronic Equipment, Instruments & Components 1.0%** | **Electronic Equipment, Instruments & Components 1.0%** | **Electronic Equipment, Instruments & Components 1.0%** |
| 2364075 | Chamberlain Group, Inc., Term Loan B, (1 mo. USD Term SOFR + 3.00%), 6.96%, due 9/8/2032 | &nbsp;&nbsp; 2369985 |
| 1221034 | Ingram Micro, Inc., Term Loan, (3 mo. USD Term SOFR + 2.25%), 6.25%, due 9/22/2031 | &nbsp;&nbsp; 1223574 |
| 1440000 | Mirion Technologies, Inc., Term Loan B, (3 mo. USD Term SOFR + 2.25%), 6.25%, due 6/4/2032 | &nbsp;&nbsp; 1447200 |
|  |  | &nbsp;&nbsp; **5040759** |
| **Energy Equipment & Services 0.5%** | **Energy Equipment & Services 0.5%** | **Energy Equipment & Services 0.5%** |
| 990000 | Brock Holdings III, Inc., Term Loan B, (3 mo. USD Term SOFR + 5.75%), 9.75%, due 5/2/2030 | &nbsp;&nbsp; 987525 |
| 1556100 | Covia Holdings Corp., Term Loan B, (3 mo. USD Term SOFR + 2.75%), 6.71%, due 2/26/2032 | &nbsp;&nbsp; 1557080 |
|  |  | &nbsp;&nbsp; **2544605** |
| **Entertainment 1.3%** | **Entertainment 1.3%** | **Entertainment 1.3%** |
| 1795975 | Creative Artists Agency LLC, Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.46%, due 10/1/2031 | &nbsp;&nbsp; 1797717 |
| 1060342 | EP Purchaser LLC, Term Loan B, (1 mo. USD Term SOFR + 4.50%), 8.58%, due 11/6/2028 | &nbsp;&nbsp; 904610 |
| 1531163 | International Entertainment JJCo 3 Ltd., (1 mo. USD Term SOFR + 3.00%), 6.84%, due 4/29/2032 | &nbsp;&nbsp; 1536904 |
| 1044501 | TKO Worldwide Holdings LLC, Term Loan, (3 mo. USD Term SOFR + 2.00%), 6.04%, due 11/21/2031 | &nbsp;&nbsp; 1046611 |
| 1520000 | &nbsp;&nbsp; Wasserman Media Group LLC, Term Loan B, (1 mo. USD Term SOFR + 3.00%), 6.99%, due <br> 6/23/2032<br>| &nbsp;&nbsp; 1525700<br> <sup>(e)</sup><br>|
|  |  | &nbsp;&nbsp; **6811542** |

---

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Financial Services 1.0%** | **Financial Services 1.0%** | **Financial Services 1.0%** |
| $1581038 | BCPE Pequod Buyer, Inc., Term Loan B, (1 mo. USD Term SOFR + 3.00%), 6.96%, due 11/25/2031 | &nbsp;&nbsp; $1584990 |
| 1795975 | GEN II Fund Services LLC, Term Loan B, (6 mo. USD Term SOFR + 2.75%), 6.75%, due 11/26/2031 | &nbsp;&nbsp; 1794484 |
| 1700000 | Speed Midco 3 SARL, Term Loan, (6 mo. USD Term SOFR + 2.50%), 6.29%, due 10/7/2032 | &nbsp;&nbsp; 1695750<br> <sup>(e)</sup><br>|
|  |  | &nbsp;&nbsp; **5075224** |
| **Food Products 2.7%** | **Food Products 2.7%** | **Food Products 2.7%** |
| 2570000 | Froneri Lux Finco SARL, Term Loan, (6 mo. USD Term SOFR + 2.50%), 6.37%, due 8/2/2032 | &nbsp;&nbsp; 2568098 |
| 771086 | Max U.S. Bidco, Inc., Term Loan B, (3 mo. USD Term SOFR + 5.00%), 9.00%, due 10/2/2030 | &nbsp;&nbsp; 746026 |
| 1152113 | Newly Weds Foods, Inc., Term Loan B, (1 mo. USD Term SOFR + 2.25%), 6.28%, due 3/15/2032 | &nbsp;&nbsp; 1147792 |
| 1510000 | Nomad Foods Europe Midco Ltd., Term Loan B, (1 mo. USD Term SOFR), due 10/27/2032 | &nbsp;&nbsp; 1510000<br> <sup>(f)(g)</sup><br>|
| 1545264 | Nomad Foods U.S. LLC, Term Loan B5, (1 mo. USD Term SOFR + 2.50%), 6.58%, due 11/12/2029 | &nbsp;&nbsp; 1543332 |
| 1230000 | Nourish Buyer I, Inc., Term Loan B, (1 mo. USD Term SOFR + 4.50%), 8.55%, due 7/9/2032 | &nbsp;&nbsp; 1230000<br> <sup>(e)</sup><br>|
| 1394608 | Savor Acquisition, Inc., Term Loan B, (3 mo. USD Term SOFR + 3.00%), 6.84%, due 2/19/2032 | &nbsp;&nbsp; 1399838 |
| 995000 | Solina Bidco, Term Loan B, (3 mo. USD Term SOFR + 3.25%), 7.31%, due 3/12/2029 | &nbsp;&nbsp; 1001219 |
| 1530000 | UTZ Quality Foods LLC, Term Loan B, (3 mo. USD Term SOFR + 2.50%), 6.50%, due 1/29/2032 | &nbsp;&nbsp; 1527904 |
| 1296750 | Wayne Sanderson Farms LLC, Term Loan B, (1 mo. USD Term SOFR + 2.25%), 6.27%, due 5/21/2032 | &nbsp;&nbsp; 1297295 |
|  |  | &nbsp;&nbsp; **13971504** |
| **Gas Utilities 0.3%** | **Gas Utilities 0.3%** | **Gas Utilities 0.3%** |
| 1525688 | Natgasoline LLC, Term Loan B, (3 mo. USD Term SOFR + 5.50%), 9.50%, due 3/29/2030 | &nbsp;&nbsp; **1530768** |
| **Ground Transportation 0.3%** | **Ground Transportation 0.3%** | **Ground Transportation 0.3%** |
| 1069588 | &nbsp;&nbsp; Kenan Advantage Group, Inc., Term Loan B4, (1 mo. USD Term SOFR + 3.25%), 7.21%, due <br> 1/25/2029<br>| &nbsp;&nbsp; 1049533 |
| 543584 | PODS LLC, Term Loan B, (3 mo. USD Term SOFR), due 3/31/2028 | &nbsp;&nbsp; 532517<br> <sup>(f)(g)</sup><br>|
|  |  | &nbsp;&nbsp; **1582050** |
| **Health Care Equipment & Supplies 1.4%** | **Health Care Equipment & Supplies 1.4%** | **Health Care Equipment & Supplies 1.4%** |
| 1519679 | &nbsp;&nbsp; Auris Luxembourg III SARL, Term Loan B, (3 mo. USD Term SOFR + 3.50%, 6 mo. USD Term SOFR + <br> 3.50%), 7.20% – 7.40%, due 2/28/2029<br>| &nbsp;&nbsp; 1523858<br> <sup>(d)</sup><br>|
|  | Bausch & Lomb Corp. |  |
| 784960 | Term Loan, (1 mo. USD Term SOFR + 4.00%), 7.96%, due 9/29/2028 | &nbsp;&nbsp; 786436 |
| 2034900 | Term Loan B, (1 mo. USD Term SOFR + 4.25%), 8.21%, due 1/15/2031 | &nbsp;&nbsp; 2045583 |
| 1750000 | Sharp Services LLC, Term Loan B, (3 mo. USD Term SOFR + 3.00%), 6.99%, due 9/29/2032 | &nbsp;&nbsp; 1754375<br> <sup>(e)</sup><br>|
| 1349800 | Viant Medical Holdings, Inc., Term Loan B, (1 mo. USD Term SOFR + 4.00%), 7.96%, due 10/29/2031 | &nbsp;&nbsp; 1348113 |
|  |  | &nbsp;&nbsp; **7458365** |
| **Health Care Providers & Services 6.0%** | **Health Care Providers & Services 6.0%** | **Health Care Providers & Services 6.0%** |
| 798124 | ADMI Corp., Term Loan B2, (1 mo. USD Term SOFR + 3.38%), 7.45%, due 12/23/2027 | &nbsp;&nbsp; 750236 |
| 1089577 | Agiliti Health, Inc., Term Loan, (6 mo. USD Term SOFR + 3.00%), 6.86%, due 5/1/2030 | &nbsp;&nbsp; 1035098 |
| 1800000 | Aveanna Healthcare LLC, Term Loan B, (1 mo. USD Term SOFR + 3.75%), 7.71%, due 9/17/2032 | &nbsp;&nbsp; 1803474 |
| 1570361 | CNT Holdings I Corp., Term Loan, (3 mo. USD Term SOFR + 2.25%), 6.09%, due 11/8/2032 | &nbsp;&nbsp; 1572418 |
| 691297 | &nbsp;&nbsp; Concentra Health Services, Inc., Term Loan B, (1 mo. USD Term SOFR + 2.00%), 5.96%, due <br> 7/26/2031<br>| &nbsp;&nbsp; 692596 |
| 1802575 | Ensemble RCM LLC, Term Loan B, (3 mo. USD Term SOFR + 3.00%), 6.84%, due 8/1/2029 | &nbsp;&nbsp; 1809046 |
| 2595000 | &nbsp;&nbsp; Global Medical Response, Inc., Term Loan B, (3 mo. USD Term SOFR + 3.50%), 7.38%, due <br> 10/1/2032<br>| &nbsp;&nbsp; 2604991 |
|  | Hanger, Inc. |  |
| 1401588 | Term Loan B, (1 mo. USD Term SOFR + 3.50%), 7.46%, due 10/23/2031 | &nbsp;&nbsp; 1404391 |
| 27069 | Term Loan, (1 mo. USD Term SOFR + 3.50%), 7.46%, due 10/23/2031 | &nbsp;&nbsp; 27123 |
| 1198952 | Heartland Dental LLC, Term Loan, (1 mo. USD Term SOFR + 3.75%), 7.71%, due 8/25/2032 | &nbsp;&nbsp; 1200571 |
| 1363629 | Help At Home, Inc., Term Loan B, (1 mo. USD Term SOFR + 5.00%), 8.96%, due 9/24/2031 | &nbsp;&nbsp; 1221662 |

---

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Health Care Providers & Services – cont'd** | **Health Care Providers & Services – cont'd** | **Health Care Providers & Services – cont'd** |
|  | LifePoint Health, Inc. |  |
| $523681 | &nbsp;&nbsp; First Lien Term Loan B, (1 mo. USD Term SOFR + 3.75%, 3 mo. USD Term SOFR + 3.75%), 7.65% – <br> 7.78%, due 5/19/2031<br>| &nbsp;&nbsp; $523529<br> <sup>(d)</sup><br>|
| 1571043 | Term Loan B1, (3 mo. USD Term SOFR + 3.50%), 7.66%, due 5/19/2031 | &nbsp;&nbsp; 1569079 |
| 889709 | &nbsp;&nbsp; Medical Solutions Holdings, Inc., First Lien Term Loan, (3 mo. USD Term SOFR + 3.50%), 7.44%, due <br> 11/1/2028<br>| &nbsp;&nbsp; 269137 |
|  | National Mentor Holdings, Inc. |  |
| 898259 | &nbsp;&nbsp; Term Loan, (1 mo. USD Term SOFR + 3.75%, 3 mo. USD Term SOFR + 3.75%), 7.81% – 7.85%, <br> due 3/2/2028<br>| &nbsp;&nbsp; 870305<br> <sup>(d)</sup><br>|
| 28758 | Term Loan C, (3 mo. USD Term SOFR + 3.75%), 7.85%, due 3/2/2028 | &nbsp;&nbsp; 27863 |
| 410000 | Second Lien Term Loan, (3 mo. USD Term SOFR + 7.25%), 11.35%, due 3/2/2029 | &nbsp;&nbsp; 383760 |
| 1905911 | Phoenix Guarantor, Inc., Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.46%, due 2/21/2031 | &nbsp;&nbsp; 1910924 |
| 1231044 | &nbsp;&nbsp; Raven Acquisition Holdings LLC, Term Loan B, (1 mo. USD Term SOFR + 3.00%), 6.96%, due <br> 11/19/2031<br>| &nbsp;&nbsp; 1230934 |
|  | Sound Inpatient Physicians |  |
| 841134 | &nbsp;&nbsp; Term Loan, (3 mo. USD Term SOFR + 1.50%, 3 mo. USD Term SOFR + 3.50%), 1.50% – 7.76%, <br> due 6/28/2028<br>| &nbsp;&nbsp; 800658<br> <sup>(d)</sup><br>|
| 125530 | Term Loan, (3 mo. USD Term SOFR + 6.75%), 11.01%, due 6/28/2029 | &nbsp;&nbsp; 111094 |
| 1574938 | &nbsp;&nbsp; Southern Veterinary Partners LLC, Term Loan B, (3 mo. USD Term SOFR + 2.50%), 6.37%, due <br> 12/4/2031<br>| &nbsp;&nbsp; 1573111 |
| 524991 | Star Parent, Inc., Term Loan B, (3 mo. USD Term SOFR + 4.00%), 8.00%, due 9/27/2030 | &nbsp;&nbsp; 525694 |
|  | Summit Behavioral Healthcare LLC |  |
| 1607643 | Term Loan, (3 mo. USD Term SOFR + 4.25%), 8.51%, due 12/31/2029 | &nbsp;&nbsp; 1412716 |
| 272834 | Term Loan, (3 mo. USD Term SOFR + 5.75%), 10.01%, due 12/31/2029 | &nbsp;&nbsp; 279428 |
| 2090913 | Team Health Holdings, Inc., Term Loan B, (3 mo. USD Term SOFR + 4.50%), 8.34%, due 6/30/2028 | &nbsp;&nbsp; 2092648<br> <sup>(f)(g)</sup><br>|
|  | Team Services Group |  |
| 1260475 | Term Loan B, (3 mo. USD Term SOFR + 5.25%), 9.09%, due 12/20/2027 | &nbsp;&nbsp; 1256794 |
| 463265 | Term Loan, (3 mo. USD Term SOFR + 5.00%), 9.10%, due 12/20/2027 | &nbsp;&nbsp; 461430 |
| 75000 | Second Lien Term Loan, (3 mo. USD Term SOFR + 9.00%), 13.10%, due 12/18/2028 | &nbsp;&nbsp; 74625<br> <sup>(e)</sup><br>|
| 1514810 | TTF Holdings LLC, Term Loan, (6 mo. USD Term SOFR + 3.75%), 7.79%, due 7/18/2031 | &nbsp;&nbsp; 1389838 |
|  |  | &nbsp;&nbsp; **30885173** |
| **Health Care Technology 1.5%** | **Health Care Technology 1.5%** | **Health Care Technology 1.5%** |
| 1825084 | Athenahealth Group, Inc., Term Loan B, (1 mo. USD Term SOFR + 2.75%), 6.71%, due 2/15/2029 | &nbsp;&nbsp; 1815667 |
| 2270701 | Cotiviti Corp., Term Loan, (1 mo. USD Term SOFR + 2.75%), 6.88%, due 5/1/2031 | &nbsp;&nbsp; 2183665 |
| 1528265 | Imprivata, Inc., Term Loan B, (3 mo. USD Term SOFR + 3.00%), 7.00%, due 12/1/2027 | &nbsp;&nbsp; 1534958 |
| 708624 | Waystar Technologies, Inc., Term Loan B, (1 mo. USD Term SOFR + 2.00%), 5.96%, due 10/22/2029 | &nbsp;&nbsp; 708036 |
| 1318238 | Zelis Payments Buyer, Inc., Term Loan, (1 mo. USD Term SOFR + 3.25%), 7.21%, due 11/26/2031 | &nbsp;&nbsp; 1305266 |
|  |  | &nbsp;&nbsp; **7547592** |
| **Hotels, Restaurants & Leisure 4.2%** | **Hotels, Restaurants & Leisure 4.2%** | **Hotels, Restaurants & Leisure 4.2%** |
|  | Alterra Mountain Co. |  |
| 884018 | Term Loan B9, (1 mo. USD Term SOFR + 2.50%), 6.46%, due 8/17/2028 | &nbsp;&nbsp; 886228 |
| 1365071 | Term Loan B8, (1 mo. USD Term SOFR + 2.50%), 6.46%, due 5/31/2030 | &nbsp;&nbsp; 1367637 |
| 1070000 | Bingo Holdings I LLC, Term Loan B, (3 mo. USD Term SOFR + 4.75%), 8.75%, due 6/30/2032 | &nbsp;&nbsp; 1057513 |
| 1497200 | Caesars Entertainment, Inc., Term Loan B1, (1 mo. USD Term SOFR + 2.25%), 6.21%, due 2/6/2031 | &nbsp;&nbsp; 1481479 |
| 1515000 | &nbsp;&nbsp; Catawba Nation Gaming Authority, Term Loan B, (1 mo. USD Term SOFR + 4.75%), 8.71%, due <br> 3/29/2032<br>| &nbsp;&nbsp; 1546254 |
| 1276800 | Flutter Financing BV, Term Loan B, (3 mo. USD Term SOFR + 2.00%), 6.00%, due 6/4/2032 | &nbsp;&nbsp; 1268820 |
| 1672363 | GBT U.S. III LLC, Term Loan B1, (3 mo. USD Term SOFR + 2.50%), 6.36%, due 7/25/2031 | &nbsp;&nbsp; 1673985 |
| 1290300 | Golden Entertainment, Inc., Term Loan B, (1 mo. USD Term SOFR + 2.25%), 6.22%, due 5/26/2030 | &nbsp;&nbsp; 1277397<br> <sup>(e)</sup><br>|
| 1422351 | &nbsp;&nbsp; GVC Holdings (Gibraltar) Ltd., Term Loan B6, (3 mo. USD Term SOFR + 2.25%), 6.37%, due <br> 10/31/2029<br>| &nbsp;&nbsp; 1421213 |

---

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Hotels, Restaurants & Leisure – cont'd** | **Hotels, Restaurants & Leisure – cont'd** | **Hotels, Restaurants & Leisure – cont'd** |
| $1546125 | &nbsp;&nbsp; Herschend Entertainment Co. LLC, Term Loan B, (1 mo. USD Term SOFR + 3.25%), 7.21%, due <br> 5/27/2032<br>| &nbsp;&nbsp; $1551923 |
| 1253700 | Jack Ohio Finance LLC, Term Loan B, (1 mo. USD Term SOFR + 4.00%), 7.96%, due 2/2/2032 | &nbsp;&nbsp; 1247431 |
| 1553233 | LC AHAB U.S. Bidco LLC, Term Loan B, (1 mo. USD Term SOFR + 3.00%), 6.96%, due 5/1/2031 | &nbsp;&nbsp; 1555175 |
| 666629 | Life Time Fitness, Inc., Term Loan, (1 mo. USD Term SOFR + 2.00%), 6.11%, due 11/5/2031 | &nbsp;&nbsp; 666523 |
| 1034550 | OEG Borrower LLC, Term Loan B, (1 mo. USD Term SOFR + 3.50%), 7.53%, due 6/30/2031 | &nbsp;&nbsp; 1037136 |
| 1077468 | &nbsp;&nbsp; Peninsula Pacific Entertainment LLC, Term Loan B, (3 mo. USD Term SOFR + 4.75%), 8.74%, due <br> 10/1/2032<br>| &nbsp;&nbsp; 1074775<br> <sup>(e)</sup><br>|
| 1618749 | Scientific Games Holdings LP, Term Loan B, (3 mo. USD Term SOFR + 3.00%), 6.93%, due 4/4/2029 | &nbsp;&nbsp; 1598110 |
| 812695 | &nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc., Term Loan B3, (1 mo. USD Term SOFR + 2.00%), 5.96%, due <br> 12/4/2031<br>| &nbsp;&nbsp; 809648 |
|  |  | &nbsp;&nbsp; **21521247** |
| **Household Durables 0.8%** | **Household Durables 0.8%** | **Household Durables 0.8%** |
| 2098267 | Hunter Douglas, Inc., Term Loan B, (3 mo. USD Term SOFR + 3.25%), 7.25%, due 1/20/2032 | &nbsp;&nbsp; 2100512 |
| 1815000 | Weber-Stephen Products LLC, Term Loan B, (3 mo. USD Term SOFR + 3.75%), 7.74%, due 10/1/2032 | &nbsp;&nbsp; 1808956 |
|  |  | &nbsp;&nbsp; **3909468** |
| **Independent Power & Renewable Electricity Producers 1.5%** | **Independent Power & Renewable Electricity Producers 1.5%** | **Independent Power & Renewable Electricity Producers 1.5%** |
| 803682 | Carroll County Energy LLC, Term Loan B, (3 mo. USD Term SOFR + 3.25%), 7.25%, due 6/30/2031 | &nbsp;&nbsp; 804976 |
| 1000516 | &nbsp;&nbsp; Cogentrix Finance Holdco I LLC, Term Loan B, (1 mo. USD Term SOFR + 2.25%), 6.21%, due <br> 2/26/2032<br>| &nbsp;&nbsp; 1005518 |
| 806662 | &nbsp;&nbsp; Compass Power Generation LLC, Term Loan B, (1 mo. USD Term SOFR + 3.25%), 7.21%, due <br> 4/14/2029<br>| &nbsp;&nbsp; 811453 |
| 1074605 | Eastern Power LLC, Term Loan B, (1 mo. USD Term SOFR + 5.25%), 9.21%, due 4/3/2028 | &nbsp;&nbsp; 1078505 |
| 1031068 | &nbsp;&nbsp; Hamilton Projects Acquiror LLC, Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.46%, due <br> 5/30/2031<br>| &nbsp;&nbsp; 1034223 |
|  | Invenergy Thermal Operating I LLC |  |
| 1311346 | Term Loan B, (3 mo. USD Term SOFR + 3.50%), 7.73%, due 5/17/2032 | &nbsp;&nbsp; 1317090 |
| 93750 | Term Loan C, (3 mo. USD Term SOFR + 3.50%), 7.73%, due 5/17/2032 | &nbsp;&nbsp; 94161 |
| 837710 | &nbsp;&nbsp; Oregon Clean Energy LLC, First Lien Term Loan B, (3 mo. USD Term SOFR + 3.50%), 7.50%, due <br> 7/12/2030<br>| &nbsp;&nbsp; 839335 |
| 874723 | Talen Energy Supply LLC, Term Loan B, (3 mo. USD Term SOFR + 2.50%), 6.73%, due 5/17/2030 | &nbsp;&nbsp; 874845 |
|  |  | &nbsp;&nbsp; **7860106** |
| **Insurance 3.8%** | **Insurance 3.8%** | **Insurance 3.8%** |
|  | Acrisure LLC |  |
| 2326766 | First Lien Term Loan B6, (1 mo. USD Term SOFR + 3.00%), 6.96%, due 11/6/2030 | &nbsp;&nbsp; 2322694 |
| 1356600 | Term Loan B, (1 mo. USD Term SOFR + 3.25%), 7.21%, due 6/21/2032 | &nbsp;&nbsp; 1356180 |
| 2014688 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC, Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.46%, due <br> 9/19/2031<br>| &nbsp;&nbsp; 2012049 |
| 1226173 | AmWINS Group, Inc., Term Loan B, (3 mo. USD Term SOFR + 2.25%), 6.25%, due 1/30/2032 | &nbsp;&nbsp; 1227448 |
| 1954013 | Bella Holding Co. LLC, Term Loan, (1 mo. USD Term SOFR + 3.00%), 6.96%, due 5/10/2028 | &nbsp;&nbsp; 1956729 |
| 2483370 | Broadstreet Partners, Inc., Term Loan B4, (1 mo. USD Term SOFR + 2.75%), 6.71%, due 6/13/2031 | &nbsp;&nbsp; 2488759 |
| 2811038 | Gainwell Acquisition Corp., Term Loan B, (3 mo. USD Term SOFR + 4.00%), 8.10%, due 10/1/2027 | &nbsp;&nbsp; 2782927 |
| 1137786 | HUB International Ltd., Term Loan B, (3 mo. USD Term SOFR + 2.25%), 6.12%, due 6/20/2030 | &nbsp;&nbsp; 1141302 |
| 1980000 | &nbsp;&nbsp; Trucordia Insurance Holdings LLC, Term Loan B, (1 mo. USD Term SOFR + 3.25%), 7.21%, due <br> 6/17/2032<br>| &nbsp;&nbsp; 1984950 |
| 1057298 | Truist Insurance Holdings LLC, Term Loan B, (3 mo. USD Term SOFR + 2.75%), 6.75%, due 5/6/2031 | &nbsp;&nbsp; 1055406 |
| 1117342 | USI, Inc., Term Loan C, (3 mo. USD Term SOFR + 2.25%), 6.25%, due 9/29/2030 | &nbsp;&nbsp; 1117811 |
|  |  | &nbsp;&nbsp; **19446255** |
| **IT Services 1.4%** | **IT Services 1.4%** | **IT Services 1.4%** |
| 1681256 | Ahead DB Holdings LLC, Term Loan B4, (3 mo. USD Term SOFR + 2.75%), 6.75%, due 2/3/2031 | &nbsp;&nbsp; 1684988 |

---

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **IT Services – cont'd** | **IT Services – cont'd** | **IT Services – cont'd** |
| $837038 | Endure Digital, Inc., Term Loan, (1 mo. USD Term SOFR + 3.50%), 7.72%, due 2/10/2028 | &nbsp;&nbsp; $432539 |
| 1156263 | Fortress Intermediate 3, Inc., Term Loan B, (1 mo. USD Term SOFR + 3.00%), 7.11%, due 6/27/2031 | &nbsp;&nbsp; 1157708<br> <sup>(e)</sup><br>|
| 228900 | GTT Communications, Inc., Term Loan, (3 mo. USD Term SOFR + 14.00%), 14.00%, due 7/15/2031 | &nbsp;&nbsp; 188653 |
|  | Rackspace Finance LLC |  |
| 489470 | First Lien Term Loan, (1 mo. USD Term SOFR + 2.75%), 6.91%, due 5/15/2028 | &nbsp;&nbsp; 218886 |
| 328326 | First Lien Term Loan, (1 mo. USD Term SOFR + 6.25%), 10.41%, due 5/15/2028 | &nbsp;&nbsp; 332840 |
| 388490 | Redstone Holdco 2 LP, Term Loan, (3 mo. USD Term SOFR + 4.75%), 8.85%, due 4/27/2028 | &nbsp;&nbsp; 156367 |
| 2351494 | &nbsp;&nbsp; Sedgwick Claims Management Services, Inc., Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.46%, <br> due 7/31/2031<br>| &nbsp;&nbsp; 2350459 |
| 899688 | &nbsp;&nbsp; World Wide Technology Holding Co. LLC, Term Loan B, (1 mo. USD Term SOFR + 2.00%), 5.99%, <br> due 3/1/2030<br>| &nbsp;&nbsp; 900812 |
|  |  | &nbsp;&nbsp; **7423252** |
| **Leisure Products 0.2%** | **Leisure Products 0.2%** | **Leisure Products 0.2%** |
| 1044737 | &nbsp;&nbsp; SRAM LLC, Term Loan B, (1 mo. USD Term SOFR + 2.00%, 6 mo. USD Term SOFR + 2.00%), <br> 5.70%–5.96%, due 2/27/2032<br>| &nbsp;&nbsp; **1039952**<br> <sup>(d)</sup><br>|
| **Life Sciences Tools & Services 0.3%** | **Life Sciences Tools & Services 0.3%** | **Life Sciences Tools & Services 0.3%** |
| 1676259 | Parexel International Corp., Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.46%, due 11/15/2028 | &nbsp;&nbsp; **1680365** |
| **Machinery 2.8%** | **Machinery 2.8%** | **Machinery 2.8%** |
| 250000 | American Trailer World Corp., Term Loan B, (1 mo. USD Term SOFR + 3.75%), 7.81%, due 3/3/2028 | &nbsp;&nbsp; 220260 |
| 1585000 | Astro Acquisition LLC, Term Loan B, (6 mo. USD Term SOFR + 3.25%), 7.12%, due 8/30/2032 | &nbsp;&nbsp; 1592925<br> <sup>(e)</sup><br>|
| 1666625 | Barnes Group, Inc., Term Loan B, (1 mo. USD Term SOFR + 2.75%), 6.71%, due 1/27/2032 | &nbsp;&nbsp; 1664542 |
| 1611880 | &nbsp;&nbsp; Crown Equipment Corp., First Lien Term Loan B, (1 mo. USD Term SOFR + 2.00%), 6.05%, due <br> 10/10/2031<br>| &nbsp;&nbsp; 1618940 |
| 1118721 | EMRLD Borrower LP, Term Loan B, (6 mo. USD Term SOFR + 2.25%), 6.12%, due 8/4/2031 | &nbsp;&nbsp; 1113989 |
|  | Engineered Machinery Holdings, Inc. |  |
| 1222833 | Term Loan, (3 mo. USD Term SOFR + 3.50%), 7.76%, due 5/19/2028 | &nbsp;&nbsp; 1228336 |
| 560792 | Second Lien Term Loan, (3 mo. USD Term SOFR + 6.00%), 10.26%, due 5/21/2029 | &nbsp;&nbsp; 560792 |
| 1785202 | Illuminate Buyer LLC, Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.46%, due 12/31/2029 | &nbsp;&nbsp; 1780739 |
| 1560375 | LSF11 Trinity Bidco, Inc., Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.52%, due 6/14/2030 | &nbsp;&nbsp; 1562325<br> <sup>(e)</sup><br>|
| 999793 | Madison IAQ LLC, Term Loan, (6 mo. USD Term SOFR + 2.50%), 6.70%, due 6/21/2028 | &nbsp;&nbsp; 1001042 |
| 1299742 | TK Elevator Midco GmbH, Term Loan B, (6 mo. USD Term SOFR + 3.00%), 7.20%, due 4/30/2030 | &nbsp;&nbsp; 1307059 |
| 842188 | Vector WP Holdco, Inc., Term Loan B, (1 mo. USD Term SOFR + 5.00%), 9.08%, due 10/12/2028 | &nbsp;&nbsp; 792709 |
|  |  | &nbsp;&nbsp; **14443658** |
| **Media 1.1%** | **Media 1.1%** | **Media 1.1%** |
| 1522350 | &nbsp;&nbsp; ABG Intermediate Holdings 2 LLC, Term Loan, (1 mo. USD Term SOFR + 2.25%), 6.21%, due <br> 2/13/2032<br>| &nbsp;&nbsp; 1518544 |
| 1040632 | &nbsp;&nbsp; Charter Communications Operating LLC, Term Loan B5, (3 mo. USD Term SOFR + 2.25%), 6.24%, <br> due 12/15/2031<br>| &nbsp;&nbsp; 1038270 |
| 1605937 | CMG Media Corp., Term Loan, (3 mo. USD Term SOFR + 3.50%), 7.60%, due 6/18/2029 | &nbsp;&nbsp; 1476965 |
| 1090835 | &nbsp;&nbsp; Eagle Broadband Investments LLC, Term Loan, (3 mo. USD Term SOFR + 3.00%), 7.26%, due <br> 11/12/2027<br>| &nbsp;&nbsp; 1073109 |
| 861955 | Neptune Bidco U.S., Inc., Term Loan B, (3 mo. USD Term SOFR + 5.00%), 9.03%, due 4/11/2029 | &nbsp;&nbsp; 831571 |
|  |  | &nbsp;&nbsp; **5938459** |
| **Metals & Mining 0.7%** | **Metals & Mining 0.7%** | **Metals & Mining 0.7%** |
| 746603 | Arsenal AIC Parent LLC, Term Loan B, (1 mo. USD Term SOFR + 2.75%), 6.71%, due 8/19/2030 | &nbsp;&nbsp; 747536 |
| 1676763 | SCIH Salt Holdings, Inc., Term Loan B, (6 mo. USD Term SOFR + 3.00%), 7.20%, due 1/31/2029 | &nbsp;&nbsp; 1682296 |
| 1087625 | Trulite Holding Corp., Term Loan, (3 mo. USD Term SOFR + 6.00%), 9.98%, due 3/1/2030 | &nbsp;&nbsp; 1079468<br> <sup>(e)</sup><br>|
|  |  | &nbsp;&nbsp; **3509300** |

---

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Mortgage Real Estate Investment Trusts 0.9%** | **Mortgage Real Estate Investment Trusts 0.9%** | **Mortgage Real Estate Investment Trusts 0.9%** |
| $1311713 | &nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc., Term Loan B, (1 mo. USD Term SOFR + 3.25%), 7.28%, <br> due 6/13/2030<br>| &nbsp;&nbsp; $1315818 |
|  | Blackstone Mortgage Trust, Inc. |  |
| 246555 | Term Loan B4, (1 mo. USD Term SOFR + 2.50%), 6.46%, due 5/9/2029 | &nbsp;&nbsp; 246556<br> <sup>(e)</sup><br>|
| 1670813 | Term Loan B6, (1 mo. USD Term SOFR + 3.00%), 6.96%, due 12/10/2030 | &nbsp;&nbsp; 1677078 |
| 1588536 | &nbsp;&nbsp; Starwood Property Trust, Inc., Term Loan B, (1 mo. USD Term SOFR + 1.75%), 5.71%, due <br> 11/18/2027<br>| &nbsp;&nbsp; 1588536<br> <sup>(e)</sup><br>|
|  |  | &nbsp;&nbsp; **4827988** |
| **Oil, Gas & Consumable Fuels 5.3%** | **Oil, Gas & Consumable Fuels 5.3%** | **Oil, Gas & Consumable Fuels 5.3%** |
| 1258856 | &nbsp;&nbsp; AL GCX Fund VIII Holdings LLC, Term Loan B, (1 mo. USD Term SOFR + 2.00%), 6.10%, due <br> 1/30/2032<br>| &nbsp;&nbsp; 1254526 |
| 1215500 | AL GCX Holdings LLC, Term Loan B, (1 mo. USD Term SOFR + 2.00%), 6.10%, due 5/17/2029 | &nbsp;&nbsp; 1212899 |
| 1704037 | AL NGPL Holdings LLC, Term Loan B, (3 mo. USD Term SOFR + 2.25%), 6.19%, due 12/9/2030 | &nbsp;&nbsp; 1699350 |
| 1486896 | &nbsp;&nbsp; BCP Renaissance Parent LLC, Term Loan B3, (3 mo. USD Term SOFR + 2.50%), 6.50%, due <br> 10/31/2028<br>| &nbsp;&nbsp; 1491728 |
| 1680000 | Blackfin Pipeline LLC, Term Loan B, (1 mo. USD Term SOFR + 3.00%), 7.00%, due 9/29/2032 | &nbsp;&nbsp; 1677900 |
| 758578 | Brazos Delaware II LLC, Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.59%, due 2/11/2030 | &nbsp;&nbsp; 758578 |
| 1488727 | &nbsp;&nbsp; CPPIB OVM Member U.S. LLC, Term Loan B, (3 mo. USD Term SOFR + 2.50%), 6.50%, due <br> 8/20/2031<br>| &nbsp;&nbsp; 1491123 |
| 1645000 | Deep Blue Operating I LLC, Term Loan, (1 mo. USD Term SOFR + 2.75%), 6.88%, due 10/1/2032 | &nbsp;&nbsp; 1648093 |
| 1333285 | EMG Utica LLC, Term Loan B, (3 mo. USD Term SOFR + 4.00%), 8.00%, due 4/1/2030 | &nbsp;&nbsp; 1339952<br> <sup>(e)</sup><br>|
| 1162610 | &nbsp;&nbsp; Freeport LNG Investments LLLP, Term Loan B, (3 mo. USD Term SOFR + 3.25%), 7.12%, due <br> 12/21/2028<br>| &nbsp;&nbsp; 1163819 |
| 1372149 | ITT Holdings LLC, Term Loan B, (1 mo. USD Term SOFR + 2.48%), 6.44%, due 10/11/2030 | &nbsp;&nbsp; 1372149 |
| 1499030 | &nbsp;&nbsp; M6 ETX Holdings II Midco LLC, First Lien Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.46%, due <br> 4/1/2032<br>| &nbsp;&nbsp; 1500439 |
| 1483673 | New Fortress Energy, Inc., Term Loan B, (3 mo. USD Term SOFR + 5.50%), 9.57%, due 10/30/2028 | &nbsp;&nbsp; 662623 |
| 807302 | NGL Energy Partners LP, Term Loan B, (1 mo. USD Term SOFR + 3.50%), 7.46%, due 2/3/2031 | &nbsp;&nbsp; 807302 |
| 1582977 | &nbsp;&nbsp; Oryx Midstream Services Permian Basin LLC, Term Loan B, (1 mo. USD Term SOFR + 2.25%), 6.23%, <br> due 10/5/2028<br>| &nbsp;&nbsp; 1585953 |
| 1182989 | Prairie ECI Acquiror LP, Term Loan B, (1 mo. USD Term SOFR + 3.75%), 7.71%, due 8/1/2029 | &nbsp;&nbsp; 1188904 |
| 1580394 | &nbsp;&nbsp; Rockpoint Gas Storage Partners LP, Term Loan B, (3 mo. USD Term SOFR + 2.50%), 6.34%, due <br> 9/18/2031<br>| &nbsp;&nbsp; 1582860 |
| 1600000 | Stakeholder Midstream LLC, Term Loan, (6 mo. USD Term SOFR + 4.00%), 8.04%, due 1/1/2031 | &nbsp;&nbsp; 1614000 |
| 1907402 | &nbsp;&nbsp; Traverse Midstream Partners LLC, Term Loan, (3 mo. USD Term SOFR + 2.50%), 6.34%, due <br> 2/16/2028<br>| &nbsp;&nbsp; 1909787 |
| 1540000 | &nbsp;&nbsp; Whitewater Matterhorn Holdings LLC, Term Loan B, (3 mo. USD Term SOFR + 2.25%), 6.31%, due <br> 6/16/2032<br>| &nbsp;&nbsp; 1540246 |
|  |  | &nbsp;&nbsp; **27502231** |
| **Passenger Airlines 0.6%** | **Passenger Airlines 0.6%** | **Passenger Airlines 0.6%** |
| 1373100 | American Airlines, Inc., Term Loan B, (3 mo. USD Term SOFR + 3.25%), 7.13%, due 5/28/2032 | &nbsp;&nbsp; 1377219 |
| 1584000 | &nbsp;&nbsp; Vista Management Holding, Inc., Term Loan B, (3 mo. USD Term SOFR + 3.75%), 7.74%, due <br> 4/1/2031<br>| &nbsp;&nbsp; 1593900 |
|  |  | &nbsp;&nbsp; **2971119** |
| **Personal Care Products 0.5%** | **Personal Care Products 0.5%** | **Personal Care Products 0.5%** |
| 2720000 | Opal Bidco SAS, First Lien Term Loan B, (3 mo. USD Term SOFR + 3.00%), 6.90%, due 4/28/2032 | &nbsp;&nbsp; **2730635** |
| **Pharmaceuticals 0.8%** | **Pharmaceuticals 0.8%** | **Pharmaceuticals 0.8%** |
| 1590000 | ACP Tara Holdings, Inc., Term Loan B, (1 mo. USD Term SOFR), due 9/17/2032 | &nbsp;&nbsp; 1593975<br> <sup>(e)(f)(g)</sup><br>|
| 2713200 | Bausch Health Cos., Inc., Term Loan B, (1 mo. USD Term SOFR + 6.25%), 10.21%, due 10/8/2030 | &nbsp;&nbsp; 2691847 |
|  |  | &nbsp;&nbsp; **4285822** |

---

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Professional Services 2.5%** | **Professional Services 2.5%** | **Professional Services 2.5%** |
| $1886152 | AAL Delaware Holdco, Inc., Term Loan, (1 mo. USD Term SOFR + 2.75%), 6.71%, due 7/30/2031 | &nbsp;&nbsp; $1887095 |
|  | Amspec Parent LLC |  |
| 191142 | Term Loan, (3 mo. USD Term SOFR + 3.50%), 7.40% – 7.50%, due 12/22/2031 | &nbsp;&nbsp; 192098<br> <sup>(d)</sup><br>|
| 1240558 | Term Loan, (3 mo. USD Term SOFR + 3.50%), 7.50%, due 12/22/2031 | &nbsp;&nbsp; 1246760 |
| 1345000 | Berkeley Research Group LLC, Term Loan B, (3 mo. USD Term SOFR + 3.25%), 7.25%, due 5/1/2032 | &nbsp;&nbsp; 1348551 |
| 646682 | CohnReznick LLP, Term Loan, (3 mo. USD Term SOFR + 3.50%), 7.50%, due 3/31/2032 | &nbsp;&nbsp; 648298 |
| 1547595 | Eisner Advisory Group LLC, Term Loan B, (1 mo. USD Term SOFR + 4.00%), 7.96%, due 2/28/2031 | &nbsp;&nbsp; 1550504 |
| 1351775 | &nbsp;&nbsp; Element Materials Technology Group U.S. Holdings, Inc., Term Loan, (3 mo. USD Term SOFR + <br> 3.68%), 7.68%, due 7/6/2029<br>| &nbsp;&nbsp; 1359386 |
| 2563575 | EOC Borrower LLC, Term Loan B, (1 mo. USD Term SOFR + 3.00%), 6.96%, due 3/24/2032 | &nbsp;&nbsp; 2573188 |
| 542207 | &nbsp;&nbsp; First Advantage Holdings LLC, Term Loan B, (1 mo. USD Term SOFR + 2.75%), 6.71%, due <br> 10/31/2031<br>| &nbsp;&nbsp; 526619 |
| 290064 | &nbsp;&nbsp; Genuine Financial Holdings LLC, Term Loan B, (1 mo. USD Term SOFR + 3.25%), 7.21%, due <br> 9/27/2030<br>| &nbsp;&nbsp; 258262 |
| 1586609 | Ryan LLC, Term Loan, (1 mo. USD Term SOFR + 3.50%), 7.46%, due 11/14/2030 | &nbsp;&nbsp; 1578676 |
|  |  | &nbsp;&nbsp; **13169437** |
| **Real Estate Management & Development 0.3%** | **Real Estate Management & Development 0.3%** | **Real Estate Management & Development 0.3%** |
| 1695626 | &nbsp;&nbsp; Greystar Real Estate Partners LLC, Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.48%, due <br> 8/21/2030<br>| &nbsp;&nbsp; **1699866**<br> <sup>(e)</sup><br>|
| **Software 10.4%** | **Software 10.4%** | **Software 10.4%** |
|  | Applied Systems, Inc. |  |
| 844355 | First Lien Term Loan, (3 mo. USD Term SOFR + 2.25%), 6.25%, due 2/24/2031 | &nbsp;&nbsp; 845520 |
| 500000 | Second Lien Term Loan, (3 mo. USD Term SOFR + 4.50%), 8.50%, due 2/23/2032 | &nbsp;&nbsp; 509585 |
| 1775550 | Avalara, Inc., Term Loan, (3 mo. USD Term SOFR + 2.75%), 6.74%, due 3/26/2032 | &nbsp;&nbsp; 1778444 |
| 1525875 | Bending Spoons U.S., Inc., Term Loan B, (1 mo. USD Term SOFR + 5.25%), 9.35%, due 3/7/2031 | &nbsp;&nbsp; 1509350 |
| 695000 | Calabrio, Inc., Term Loan, (1 mo. USD Term SOFR), due 10/14/2032 | &nbsp;&nbsp; 660250<br> <sup>(e)(f)(g)</sup><br>|
| 340773 | Cast & Crew Payroll LLC, Term Loan, (1 mo. USD Term SOFR + 3.75%), 7.71%, due 12/29/2028 | &nbsp;&nbsp; 277901 |
| 866261 | CCC Intelligent Solutions, Inc., Term Loan, (1 mo. USD Term SOFR + 2.00%), 5.96%, due 1/23/2032 | &nbsp;&nbsp; 866668 |
| 877666 | Central Parent, Inc., Term Loan B, (3 mo. USD Term SOFR + 3.25%), 7.25%, due 7/6/2029 | &nbsp;&nbsp; 720362 |
| 1540000 | Clearwater Analytics LLC, Term Loan B, (6 mo. USD Term SOFR + 2.25%), 6.46%, due 4/21/2032 | &nbsp;&nbsp; 1540970 |
|  | Cloudera, Inc. |  |
| 878925 | Term Loan, (1 mo. USD Term SOFR + 3.75%), 7.81%, due 10/8/2028 | &nbsp;&nbsp; 841571 |
| 495000 | Second Lien Term Loan, (1 mo. USD Term SOFR + 6.00%), 10.06%, due 10/8/2029 | &nbsp;&nbsp; 438446 |
| 1830971 | ConnectWise LLC, Term Loan B, (3 mo. USD Term SOFR + 3.50%), 7.76%, due 9/29/2028 | &nbsp;&nbsp; 1832436 |
| 561933 | Constant Contact, Inc., Term Loan, (3 mo. USD Term SOFR + 4.00%), 8.17%, due 2/10/2028 | &nbsp;&nbsp; 523655 |
|  | Darktrace PLC |  |
| 1402950 | First Lien Term Loan, (3 mo. USD Term SOFR + 3.25%), 7.19%, due 10/9/2031 | &nbsp;&nbsp; 1405363 |
| 470000 | Second Lien Term Loan, (3 mo. USD Term SOFR + 5.25%), 9.19%, due 10/9/2032 | &nbsp;&nbsp; 468003 |
| 3140000 | Dayforce, Inc., Term Loan, (1 mo. USD Term SOFR), due 10/7/2032 | &nbsp;&nbsp; 3128225<br> <sup>(f)(g)</sup><br>|
|  | Ellucian Holdings, Inc. |  |
| 1261277 | First Lien Term Loan B, (1 mo. USD Term SOFR + 2.75%), 6.71%, due 10/9/2029 | &nbsp;&nbsp; 1262462 |
| 470000 | Second Lien Term Loan, (1 mo. USD Term SOFR + 4.75%), 8.71%, due 11/22/2032 | &nbsp;&nbsp; 474554 |
| 1485000 | Entrata, Inc., Term Loan B, (1 mo. USD Term SOFR + 3.00%), 6.99%, due 9/30/2032 | &nbsp;&nbsp; 1488713<br> <sup>(e)</sup><br>|
| 1549350 | Epicor Software Corp., Term Loan E, (1 mo. USD Term SOFR + 2.50%), 6.46%, due 5/30/2031 | &nbsp;&nbsp; 1552263 |
| 765800 | &nbsp;&nbsp; Foundational Education Group, Inc., First Lien Term Loan, (3 mo. USD Term SOFR + 4.25%), 8.35%, <br> due 8/31/2028<br>| &nbsp;&nbsp; 694963 |
| 1819447 | &nbsp;&nbsp; Genesys Cloud Services Holdings II LLC, Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.46%, due <br> 1/30/2032<br>| &nbsp;&nbsp; 1796703 |
| 1610000 | IGT Holding IV AB, Term Loan B5, (3 mo. USD Term SOFR + 3.00%), 6.95%, due 9/1/2031 | &nbsp;&nbsp; 1614025<br> <sup>(e)</sup><br>|
|  | Instructure Holdings, Inc. |  |
| 1576050 | Term Loan, (3 mo. USD Term SOFR + 2.75%), 6.75%, due 11/13/2031 | &nbsp;&nbsp; 1574773 |

---

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Software – cont'd** | **Software – cont'd** | **Software – cont'd** |
| $450000 | Second Lien Term Loan, (6 mo. USD Term SOFR + 5.00%), 9.21%, due 11/12/2032 | &nbsp;&nbsp; $450000 |
|  | Ivanti Software, Inc. |  |
| 706742 | First Lien Term Loan, (3 mo. USD Term SOFR + 4.75%), 9.05%, due 6/1/2029 | &nbsp;&nbsp; 592928 |
| 124512 | Term Loan, (3 mo. USD Term SOFR + 5.75%), 10.05%, due 6/1/2029 | &nbsp;&nbsp; 128870<br> <sup>(e)</sup><br>|
|  | Javelin Buyer, Inc. |  |
| 1109432 | Term Loan, (3 mo. USD Term SOFR + 2.75%), 6.59%, due 12/5/2031 | &nbsp;&nbsp; 1109709 |
| 225000 | Second Lien Term Loan, (3 mo. USD Term SOFR + 5.00%), 9.20%, due 12/6/2032 | &nbsp;&nbsp; 224156 |
|  | Kaseya, Inc. |  |
| 1636775 | First Lien Term Loan B, (1 mo. USD Term SOFR + 3.25%), 7.21%, due 3/20/2032 | &nbsp;&nbsp; 1635924 |
| 540000 | Second Lien Term Loan B, (1 mo. USD Term SOFR + 5.00%), 8.96%, due 3/18/2033 | &nbsp;&nbsp; 533590 |
|  | Maverick Bidco, Inc. |  |
| 1565227 | Term Loan, (3 mo. USD Term SOFR + 3.75%), 7.74%, due 5/18/2028 | &nbsp;&nbsp; 1566213 |
| 245000 | Second Lien Term Loan, (3 mo. USD Term SOFR + 6.75%), 10.74%, due 5/18/2029 | &nbsp;&nbsp; 239029 |
| 523076 | McAfee LLC, First Lien Term Loan B, (1 mo. USD Term SOFR + 3.00%), 6.96%, due 3/1/2029 | &nbsp;&nbsp; 494741 |
|  | MH Sub I LLC |  |
| 1476717 | Term Loan, (3 mo. USD Term SOFR + 4.25%), 8.25%, due 5/3/2028 | &nbsp;&nbsp; 1339574 |
| 465000 | Second Lien Term Loan, (3 mo. USD Term SOFR + 6.25%), 10.09%, due 2/23/2029 | &nbsp;&nbsp; 347588 |
| 1421970 | Term Loan B4, (1 mo. USD Term SOFR + 4.25%), 8.21%, due 12/31/2031 | &nbsp;&nbsp; 1134732 |
| 1925000 | Ping Identity Corp., Term Loan, (1 mo. USD Term SOFR + 2.75%), 2.75%, due 10/29/2032 | &nbsp;&nbsp; 1925000<br> <sup>(e)(f)(g)</sup><br>|
| 762260 | &nbsp;&nbsp; Project Alpha Intermediate Holding, Inc., Second Lien Term Loan, (3 mo. USD Term SOFR + 5.00%), <br> 9.00%, due 5/9/2033<br>| &nbsp;&nbsp; 741298 |
| 585357 | &nbsp;&nbsp; Project Leopard Holdings, Inc., Term Loan B, (3 mo. USD Term SOFR + 5.25%), 9.19%, due <br> 7/20/2029<br>| &nbsp;&nbsp; 509261 |
|  | Proofpoint, Inc. |  |
| 680000 | Term Loan, (1 mo. USD Term SOFR), due 8/31/2028 | &nbsp;&nbsp; 682455<br> <sup>(f)(g)</sup><br>|
| 2461259 | Term Loan, (1 mo. USD Term SOFR + 3.00%), 6.96%, due 8/31/2028 | &nbsp;&nbsp; 2470145 |
| 1580691 | RealPage, Inc., Term Loan, (3 mo. USD Term SOFR + 3.75%), 7.75%, due 4/24/2028 | &nbsp;&nbsp; 1584848 |
| 1525000 | Shift4 Payments LLC, Term Loan, (3 mo. USD Term SOFR + 2.50%), 6.50%, due 6/30/2032 | &nbsp;&nbsp; 1533266 |
| 1870206 | Surf Holdings LLC, Term Loan, (1 mo. USD Term SOFR + 3.50%), 7.58%, due 3/5/2027 | &nbsp;&nbsp; 1870991 |
| 1573100 | UKG, Inc., Term Loan B, (3 mo. USD Term SOFR + 2.50%), 6.34%, due 2/10/2031 | &nbsp;&nbsp; 1571999 |
|  | Vision Solutions, Inc. |  |
| 1431406 | Term Loan, (3 mo. USD Term SOFR + 4.00%), 8.10%, due 4/24/2028 | &nbsp;&nbsp; 1375939 |
| 835000 | Second Lien Term Loan, (3 mo. USD Term SOFR + 7.25%), 11.35%, due 4/23/2029 | &nbsp;&nbsp; 797425 |
| 1538394 | VS Buyer LLC, Term Loan B, (3 mo. USD Term SOFR + 2.25%), 6.09%, due 4/12/2031 | &nbsp;&nbsp; 1523010 |
|  |  | &nbsp;&nbsp; **54187896** |
| **Specialized REITs 0.2%** | **Specialized REITs 0.2%** | **Specialized REITs 0.2%** |
| 1005000 | Windstream Services LLC, Term Loan B, (1 mo. USD Term SOFR + 4.00%), 7.96%, due 10/6/2032 | &nbsp;&nbsp; **992438**<br> <sup>(e)(f)(g)</sup><br>|
| **Specialty Retail 1.9%** | **Specialty Retail 1.9%** | **Specialty Retail 1.9%** |
| 2718803 | Great Outdoors Group LLC, Term Loan B, (1 mo. USD Term SOFR + 3.25%), 7.21%, due 1/23/2032 | &nbsp;&nbsp; 2715976 |
| 42660 | LIDS Holdings, Inc., Term Loan, (1 mo. USD Term SOFR + 5.50%), 9.63%, due 12/14/2026 | &nbsp;&nbsp; 42234<br> <sup>(e)</sup><br>|
| 1835775 | &nbsp;&nbsp; Mavis Tire Express Services Corp., Term Loan, (3 mo. USD Term SOFR + 3.00%), 7.20%, due <br> 5/4/2028<br>| &nbsp;&nbsp; 1838565 |
| 1535990 | Michaels Cos., Inc., Term Loan B, (3 mo. USD Term SOFR + 4.25%), 8.51%, due 4/17/2028 | &nbsp;&nbsp; 1466179 |
| 1459993 | &nbsp;&nbsp; Petco Health & Wellness Co., Inc., Term Loan B, (3 mo. USD Term SOFR + 3.25%), 7.51%, due <br> 3/3/2028<br>| &nbsp;&nbsp; 1436969 |
| 1980000 | PetSmart, Inc., Term Loan B, (1 mo. USD Term SOFR + 4.00%), 8.03%, due 8/18/2032 | &nbsp;&nbsp; 1950300 |
| 580419 | Tailored Brands, Inc., Term Loan, (3 mo. USD Term SOFR + 5.75%), 10.05%, due 2/26/2029 | &nbsp;&nbsp; 580419 |
|  |  | &nbsp;&nbsp; **10030642** |
| **Technology Hardware, Storage & Peripherals 0.6%** | **Technology Hardware, Storage & Peripherals 0.6%** | **Technology Hardware, Storage & Peripherals 0.6%** |
| 1630000 | Spectris PLC, Term Loan, (1 mo. USD Term SOFR), due 9/30/2032 | &nbsp;&nbsp; 1632037<br> <sup>(e)(f)(g)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Technology Hardware, Storage & Peripherals – cont'd** | **Technology Hardware, Storage & Peripherals – cont'd** | **Technology Hardware, Storage & Peripherals – cont'd** |
| $1510000 | Viavi Solutions, Inc., Term Loan B, (3 mo. USD Term SOFR + 2.50%), 6.39%, due 10/16/2032 | &nbsp;&nbsp; $1508747 |
|  |  | &nbsp;&nbsp; **3140784** |
| **Trading Companies & Distributors 3.0%** | **Trading Companies & Distributors 3.0%** | **Trading Companies & Distributors 3.0%** |
| 1839070 | Barentz International BV, Term Loan B, (3 mo. USD Term SOFR + 3.25%), 7.35%, due 3/3/2031 | &nbsp;&nbsp; 1812404 |
| 1908635 | BCPE Empire Holdings, Inc., Term Loan B, (1 mo. USD Term SOFR + 3.25%), 7.21%, due 12/11/2030 | &nbsp;&nbsp; 1904951 |
| 1718825 | CD&R Hydra Buyer, Inc., Term Loan B, (1 mo. USD Term SOFR + 4.00%), 8.06%, due 3/25/2031 | &nbsp;&nbsp; 1714958 |
| 1561954 | Fluid-Flow Products, Inc., Term Loan B, (1 mo. USD Term SOFR + 3.25%), 7.21%, due 3/31/2028 | &nbsp;&nbsp; 1564687 |
| 775000 | Herc Holdings, Inc., Term Loan B, (1 mo. USD Term SOFR + 2.00%), 6.11%, due 6/2/2032 | &nbsp;&nbsp; 777581 |
| 1331550 | Johnstone Supply LLC, Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.50%, due 6/9/2031 | &nbsp;&nbsp; 1333001 |
| 1605971 | &nbsp;&nbsp; PEARLS (Netherlands) Bidco BV, Term Loan B, (3 mo. USD Term SOFR + 3.25%), 7.09%, due <br> 2/26/2029<br>| &nbsp;&nbsp; 1504795 |
| 761222 | QXO, Inc., Term Loan B, (1 mo. USD Term SOFR + 3.00%), 6.96%, due 4/30/2032 | &nbsp;&nbsp; 761732 |
| 1857441 | Veritiv Corp., Term Loan B, (3 mo. USD Term SOFR + 4.00%), 8.00%, due 12/2/2030 | &nbsp;&nbsp; 1781397 |
| 2571886 | White Cap Buyer LLC, Term Loan B, (1 mo. USD Term SOFR + 3.25%), 7.21%, due 10/19/2029 | &nbsp;&nbsp; 2576721 |
|  |  | &nbsp;&nbsp; **15732227** |
| **Transportation Infrastructure 1.0%** | **Transportation Infrastructure 1.0%** | **Transportation Infrastructure 1.0%** |
|  | Brown Group Holding LLC |  |
| 1000640 | Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.46%, due 7/1/2031 | &nbsp;&nbsp; 1003082 |
| 1598792 | &nbsp;&nbsp; Term Loan B2, (1 mo. USD Term SOFR + 2.75%, 3 mo. USD Term SOFR + 2.75%), 6.59% – <br> 6.95%, due 7/1/2031<br>| &nbsp;&nbsp; 1604787<br> <sup>(d)</sup><br>|
| 1572497 | KKR Apple Bidco LLC, Term Loan, (1 mo. USD Term SOFR + 2.50%), 6.46%, due 9/23/2031 | &nbsp;&nbsp; 1576145 |
| 1104146 | Radar Bidco SARL, Term Loan B, (3 mo. USD Term SOFR + 3.25%), 7.19%, due 4/4/2031 | &nbsp;&nbsp; 1111047 |
|  |  | &nbsp;&nbsp; **5295061** |
| **Total Loan Assignments (Cost $481,840,443)** | **Total Loan Assignments (Cost $481,840,443)** | &nbsp;&nbsp; **477366928** |
| Number of Shares | Number of Shares |  |
| **Common Stocks 0.3%** | **Common Stocks 0.3%** | **Common Stocks 0.3%** |
| **Commercial Services 0.1%** | **Commercial Services 0.1%** | **Commercial Services 0.1%** |
| 45996 | Envision Healthcare Corp. | &nbsp;&nbsp; **689940**<br> <sup>\*</sup><br>|
| **Diversified Telecommunication Services 0.1%** | **Diversified Telecommunication Services 0.1%** | **Diversified Telecommunication Services 0.1%** |
| 20026 | Luxco Co. Ltd. | &nbsp;&nbsp; **332586**<br> <sup>\*</sup><br>|
| **Energy Equipment & Services 0.1%** | **Energy Equipment & Services 0.1%** | **Energy Equipment & Services 0.1%** |
| 44476 | Brock Holdings III, Inc. | &nbsp;&nbsp; **619106**<br> <sup>\*#(e)(h)</sup><br>|
| **IT Services 0.0%**<sup>‡</sup> | **IT Services 0.0%**<sup>‡</sup> | **IT Services 0.0%**<sup>‡</sup> |
| 4020 | Riverbed Technology, Inc. | &nbsp;&nbsp; **4**<br> <sup>\*(e)</sup><br>|
| **Total Common Stocks (Cost $1,385,335)** | **Total Common Stocks (Cost $1,385,335)** | &nbsp;&nbsp; **1641636** |

---

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

---

| | |
|:---|:---|
| Number of Shares | Value |
| **Short-Term Investments 5.2%** | **Short-Term Investments 5.2%** |
| **Investment Companies 5.2%** | **Investment Companies 5.2%** |
| 27105492<br> &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, 4.01%<sup>(i)</sup> <br> **(Cost $27,105,492)**<br>| &nbsp;&nbsp; **$27105492** |
| **Total Investments 101.4% (Cost $530,312,142)** | &nbsp;&nbsp; **525682929** |
| Liabilities Less Other Assets (1.4)% | &nbsp;&nbsp; (7051378)<sup>(j)</sup><br>|
| **Net Assets 100.0%** | &nbsp;&nbsp; **$518631551** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(a) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At October 31, 2025, these securities amounted to $18,015,326, which represents 3.5% of net assets of the Fund. 

(b) Variable or floating rate security. The interest rate shown was the current rate as of October 31, 2025 and changes periodically. 

(c) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at October 31, 2025 amounted to $1,553,547, which represents 0.3% of net assets of the Fund. 

(d) The stated interest rates represent the range of rates at October 31, 2025 of the underlying contracts within the Loan Assignment. 

(e) Value determined using significant unobservable inputs.

(f) All or a portion of this security was purchased on a delayed delivery basis.

(g) All or a portion of this security had not settled as of October 31, 2025 and thus may not have an interest rate in effect. Interest rates do not take effect until settlement. 

(h) Security fair valued as of October 31, 2025 in accordance with procedures approved by the valuation designee. Total value of all such securities at October 31, 2025 amounted to $771,240, which represents 0.1% of net assets of the Fund. 

(i) Represents 7-day effective yield as of October 31, 2025.

(j) As of October 31, 2025, the value of unfunded loan commitments was $1,501,087 for the Fund (see Note A of the Notes to Financial Statements). 

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

#

This security is subject to restrictions on resale. Total value of all such securities at October 31, 2025 amounted to $771,240, which represents 0.1% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br>**Date(s)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Acquisition** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value as of** <br>**10/31/2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value** <br>**Percentage** <br>**of Net Assets** <br>**as of** <br>**10/31/2025**<br>|
| Brock Holdings III, Inc. | 1/22/2024 | $536582 | $619106 | 0.1% |
| Klockner-Pentaplast of America, Inc. | 10/22/2025-10/27/2025 | 152134 | 152134 | 0.0% |
| **Total** |  | **$688716** | **$771240** | **0.1%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** |
| **Country** | **Investments at** <br>**Value**<br>| **Percentage of** <br>**Net Assets**<br>|
| United States | &nbsp;&nbsp; $438656431 | 84.6<br> %<br>|
| Cayman Islands | &nbsp;&nbsp; 9389858 | 1.8<br> %<br>|
| United Kingdom | &nbsp;&nbsp; 9105891 | 1.8<br> %<br>|
| Luxembourg | &nbsp;&nbsp; 8050138 | 1.6<br> %<br>|
| Canada | &nbsp;&nbsp; 6679276 | 1.3<br> %<br>|
| Sweden | &nbsp;&nbsp; 5358878 | 1.0<br> %<br>|
| Netherlands | &nbsp;&nbsp; 5171086 | 1.0<br> %<br>|
| France | &nbsp;&nbsp; 3688820 | 0.7<br> %<br>|
| Germany | &nbsp;&nbsp; 2789069 | 0.5<br> %<br>|
| Hong Kong | &nbsp;&nbsp; 2058430 | 0.4<br> %<br>|
| Denmark | &nbsp;&nbsp; 1523858 | 0.3<br> %<br>|
| Jersey | &nbsp;&nbsp; 1301683 | 0.3<br> %<br>|
| Switzerland | &nbsp;&nbsp; 1289366 | 0.3<br> %<br>|
| Ireland | &nbsp;&nbsp; 1268820 | 0.2<br> %<br>|
| Finland | &nbsp;&nbsp; 1200958 | 0.2<br> %<br>|
| Spain | &nbsp;&nbsp; 1044875 | 0.2<br> %<br>|
| Short-Term Investments and Other Liabilities—Net | &nbsp;&nbsp; 20054114 | 3.8<br> %<br>|
|  | &nbsp;&nbsp; **$518631551** | **100.0%**<br>|

---

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Asset-Backed Securities<sup>#</sup> <br>| $— | $9345121 | $— | $9345121 |
| Corporate Bonds<sup>#</sup> <br>|  | 10223752 |  | 10223752 |
| Loan Assignments |  |  |  |  |
| Automobile Components |  | 1713745 | 1313613 | 3027358 |
| Capital Markets |  | 16730212 | 3048700 | 19778912 |
| Chemicals |  | 7250092 | 3441708 | 10691800 |
| Commercial Services & Supplies |  | 21691893 | 4500551 | 26192444 |
| Containers & Packaging |  | 16249414 | 251765 | 16501179 |
| Diversified Telecommunication Services |  | 14962148 | 3871696 | 18833844 |
| Entertainment |  | 5285842 | 1525700 | 6811542 |
| Financial Services |  | 3379474 | 1695750 | 5075224 |
| Food Products |  | 12741504 | 1230000 | 13971504 |
| Health Care Equipment & Supplies |  | 5703990 | 1754375 | 7458365 |
| Health Care Providers & Services |  | 30810548 | 74625 | 30885173 |
| Hotels, Restaurants & Leisure |  | 19169075 | 2352172 | 21521247 |
| IT Services |  | 6265544 | 1157708 | 7423252 |
| Machinery |  | 11288408 | 3155250 | 14443658 |
| Metals & Mining |  | 2429832 | 1079468 | 3509300 |
| Mortgage Real Estate Investment Trusts |  | 2992896 | 1835092 | 4827988 |
| Oil, Gas & Consumable Fuels |  | 26162279 | 1339952 | 27502231 |
| Pharmaceuticals |  | 2691847 | 1593975 | 4285822 |
| Real Estate Management & Development |  |  | 1699866 | 1699866 |
| Software |  | 48371038 | 5816858 | 54187896 |
| Specialized REITs |  |  | 992438 | 992438 |
| Specialty Retail |  | 9988408 | 42234 | 10030642 |
| Technology Hardware, Storage & Peripherals |  | 1508747 | 1632037 | 3140784 |
| Other Loan Assignments<sup>#</sup> <br>|  | 164574459 |  | 164574459 |
| Total Loan Assignments |  | 431961395 | 45405533 | 477366928 |
| Common Stocks |  |  |  |  |
| Energy Equipment & Services |  |  | 619106 | 619106 |
| IT Services |  |  | 4 | 4 |
| Other Common Stocks<sup>#</sup> <br>|  | 1022526 |  | 1022526 |
| Total Common Stocks |  | 1022526 | 619110 | 1641636 |
| Short-Term Investments |  | 27105492 |  | 27105492 |
| **Total Investments** | **$—** | **$479658286** | **$46024643** | **$525682929** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

See Notes to Financial Statements

------

Schedule of Investments Floating Rate Income Fund^ (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) The following is a reconciliation between the beginning and ending balances of investments
 in which significant unobservable inputs (Level 3) were used in determining value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (000's <br>omitted)<br>| Beginning <br>balance as <br>of 11/1/2024<br>| Accrued <br>discounts/ <br>(premiums)<br>| Realized <br>gain/(loss)<br>| Change <br>in unrealized <br>appreciation/ <br>(depreciation)<br>| Purchases | Sales/ <br>Other <br>Reductions<br>| Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>10/31/2025<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>10/31/2025<br>|
| Investments in <br>Securities: <br>|  |  |  |  |  |  |  |  |  |  |
| Loan <br> Assignments<sup>(1)(2)(3)</sup><br>| $15572 | $61 | $(18)<br>| $150 | $36607 | $(10423)<br>| $4477 | $(1020)<br>| $45406 | $164 |
| Common <br> Stocks<sup>(1)(4)</sup><br>| 537 |  | 2 | 82 |  | (2)<br>|  |  | 619 | 82 |
| Total | $16109 | $61 | $(16)<br>| $232 | $36607 | $(10425)<br>| $4477 | $(1020)<br>| $46025 | $246 |
| (1) Includes securities categorized as Level 3 that were valued using a single quotation obtained from a <br> dealer. | (1) Includes securities categorized as Level 3 that were valued using a single quotation obtained from a <br> dealer. | (1) Includes securities categorized as Level 3 that were valued using a single quotation obtained from a <br> dealer. | (1) Includes securities categorized as Level 3 that were valued using a single quotation obtained from a <br> dealer. | (1) Includes securities categorized as Level 3 that were valued using a single quotation obtained from a <br> dealer. | (1) Includes securities categorized as Level 3 that were valued using a single quotation obtained from a <br> dealer. | (1) Includes securities categorized as Level 3 that were valued using a single quotation obtained from a <br> dealer. | (1) Includes securities categorized as Level 3 that were valued using a single quotation obtained from a <br> dealer. | (1) Includes securities categorized as Level 3 that were valued using a single quotation obtained from a <br> dealer. | (1) Includes securities categorized as Level 3 that were valued using a single quotation obtained from a <br> dealer. | (1) Includes securities categorized as Level 3 that were valued using a single quotation obtained from a <br> dealer. |
| (2) Includes securities that at October 31, 2025, were valued in accordance with procedures approved by <br> the valuation designee. These investments did not have a material impact on the Fund's net assets <br> and, therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) Includes securities that at October 31, 2025, were valued in accordance with procedures approved by <br> the valuation designee. These investments did not have a material impact on the Fund's net assets <br> and, therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) Includes securities that at October 31, 2025, were valued in accordance with procedures approved by <br> the valuation designee. These investments did not have a material impact on the Fund's net assets <br> and, therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) Includes securities that at October 31, 2025, were valued in accordance with procedures approved by <br> the valuation designee. These investments did not have a material impact on the Fund's net assets <br> and, therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) Includes securities that at October 31, 2025, were valued in accordance with procedures approved by <br> the valuation designee. These investments did not have a material impact on the Fund's net assets <br> and, therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) Includes securities that at October 31, 2025, were valued in accordance with procedures approved by <br> the valuation designee. These investments did not have a material impact on the Fund's net assets <br> and, therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) Includes securities that at October 31, 2025, were valued in accordance with procedures approved by <br> the valuation designee. These investments did not have a material impact on the Fund's net assets <br> and, therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) Includes securities that at October 31, 2025, were valued in accordance with procedures approved by <br> the valuation designee. These investments did not have a material impact on the Fund's net assets <br> and, therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) Includes securities that at October 31, 2025, were valued in accordance with procedures approved by <br> the valuation designee. These investments did not have a material impact on the Fund's net assets <br> and, therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) Includes securities that at October 31, 2025, were valued in accordance with procedures approved by <br> the valuation designee. These investments did not have a material impact on the Fund's net assets <br> and, therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) Includes securities that at October 31, 2025, were valued in accordance with procedures approved by <br> the valuation designee. These investments did not have a material impact on the Fund's net assets <br> and, therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. |
| (3) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers into of Level 3 were attributable to observable market data becoming unavailable <br> for those securities.Transfers in or out of Level 3 represent the beginning value of any security where a <br> change in the pricing level occurred from the beginning to the end of the period. | (3) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers into of Level 3 were attributable to observable market data becoming unavailable <br> for those securities.Transfers in or out of Level 3 represent the beginning value of any security where a <br> change in the pricing level occurred from the beginning to the end of the period. | (3) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers into of Level 3 were attributable to observable market data becoming unavailable <br> for those securities.Transfers in or out of Level 3 represent the beginning value of any security where a <br> change in the pricing level occurred from the beginning to the end of the period. | (3) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers into of Level 3 were attributable to observable market data becoming unavailable <br> for those securities.Transfers in or out of Level 3 represent the beginning value of any security where a <br> change in the pricing level occurred from the beginning to the end of the period. | (3) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers into of Level 3 were attributable to observable market data becoming unavailable <br> for those securities.Transfers in or out of Level 3 represent the beginning value of any security where a <br> change in the pricing level occurred from the beginning to the end of the period. | (3) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers into of Level 3 were attributable to observable market data becoming unavailable <br> for those securities.Transfers in or out of Level 3 represent the beginning value of any security where a <br> change in the pricing level occurred from the beginning to the end of the period. | (3) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers into of Level 3 were attributable to observable market data becoming unavailable <br> for those securities.Transfers in or out of Level 3 represent the beginning value of any security where a <br> change in the pricing level occurred from the beginning to the end of the period. | (3) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers into of Level 3 were attributable to observable market data becoming unavailable <br> for those securities.Transfers in or out of Level 3 represent the beginning value of any security where a <br> change in the pricing level occurred from the beginning to the end of the period. | (3) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers into of Level 3 were attributable to observable market data becoming unavailable <br> for those securities.Transfers in or out of Level 3 represent the beginning value of any security where a <br> change in the pricing level occurred from the beginning to the end of the period. | (3) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers into of Level 3 were attributable to observable market data becoming unavailable <br> for those securities.Transfers in or out of Level 3 represent the beginning value of any security where a <br> change in the pricing level occurred from the beginning to the end of the period. | (3) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers into of Level 3 were attributable to observable market data becoming unavailable <br> for those securities.Transfers in or out of Level 3 represent the beginning value of any security where a <br> change in the pricing level occurred from the beginning to the end of the period. |
| (4) Quantitative Information about Level 3 Fair Value Measurements: | (4) Quantitative Information about Level 3 Fair Value Measurements: | (4) Quantitative Information about Level 3 Fair Value Measurements: | (4) Quantitative Information about Level 3 Fair Value Measurements: | (4) Quantitative Information about Level 3 Fair Value Measurements: | (4) Quantitative Information about Level 3 Fair Value Measurements: | (4) Quantitative Information about Level 3 Fair Value Measurements: | (4) Quantitative Information about Level 3 Fair Value Measurements: | (4) Quantitative Information about Level 3 Fair Value Measurements: | (4) Quantitative Information about Level 3 Fair Value Measurements: | (4) Quantitative Information about Level 3 Fair Value Measurements: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Investment type | Fair value <br>at <br>10/31/2025<br>| Valuation <br>approach<br>| Significant unobservable <br>input(s)<br>| Input value/ <br>range<br>| Weighted <br>average<sup>(a)</sup><br>| Impact to <br>valuation <br>from <br>increase <br>in input<sup>(b)</sup><br>|
| Common Stocks | $619106 | Market Approach | Enterprise value/ <br>EBITDA multiple (EV/EBITDA)<br>| 9.0x | 9.0x | Increase |
| (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. |

---

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^

October 31, 2025

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Asset-Backed Securities 1.0%** | **Asset-Backed Securities 1.0%** | **Asset-Backed Securities 1.0%** |
| **Other 1.0%** | **Other 1.0%** | **Other 1.0%** |
| $1000000 | &nbsp;&nbsp; Ballyrock CLO 28 Ltd., Series 2024-28A, Class D, (3 mo. USD Term SOFR + 5.00%), 8.88%, due <br> 1/20/2038<br>| &nbsp;&nbsp; $998939<br> <sup>(a)(b)</sup><br>|
| 1500000 | &nbsp;&nbsp; Ballyrock CLO Ltd., Series 2020-2A, Class CR, (3 mo. USD Term SOFR + 3.21%), 7.10%, due <br> 10/20/2031<br>| &nbsp;&nbsp; 1499949<br> <sup>(a)(b)</sup><br>|
| 500000 | &nbsp;&nbsp; Oaktree CLO Ltd., Series 2024-25A, Class E, (3 mo. USD Term SOFR + 6.59%), 10.47%, due <br> 4/20/2037<br>| &nbsp;&nbsp; 503311<br> <sup>(a)(b)</sup><br>|
| 1400000 | &nbsp;&nbsp; Symphony CLO 42 Ltd., Series 2024-42A, Class E, (3 mo. USD Term SOFR + 6.75%), 10.63%, due <br> 4/17/2037<br>| &nbsp;&nbsp; 1422384<br> <sup>(a)(b)</sup><br>|
| 1000000 | &nbsp;&nbsp; Symphony CLO 44 Ltd., Series 2024-44A, Class D, (3 mo. USD Term SOFR + 3.20%), 7.11%, due <br> 7/14/2037<br>| &nbsp;&nbsp; 1005593<br> <sup>(a)(b)</sup><br>|
| **Total Asset-Backed Securities (Cost $5,401,450)** | **Total Asset-Backed Securities (Cost $5,401,450)** | &nbsp;&nbsp; **5430176** |
| **Corporate Bonds 94.6%** | **Corporate Bonds 94.6%** | **Corporate Bonds 94.6%** |
| **Advertising 1.1%** | **Advertising 1.1%** | **Advertising 1.1%** |
|  | Clear Channel Outdoor Holdings, Inc. |  |
| 410000 | 7.75%, due 4/15/2028 | &nbsp;&nbsp; 406896<br> <sup>(a)</sup><br>|
| 425000 | 7.50%, due 6/1/2029 | &nbsp;&nbsp; 417030<br> <sup>(a)</sup><br>|
| 1185000 | 7.88%, due 4/1/2030 | &nbsp;&nbsp; 1242315<br> <sup>(a)</sup><br>|
| 825000 | 7.13%, due 2/15/2031 | &nbsp;&nbsp; 850788<br> <sup>(a)</sup><br>|
| 825000 | 7.50%, due 3/15/2033 | &nbsp;&nbsp; 862673<br> <sup>(a)</sup><br>|
| 555000 | CMG Media Corp., 8.88%, due 6/18/2029 | &nbsp;&nbsp; 485397<br> <sup>(a)</sup><br>|
| 1970000 | Neptune Bidco U.S., Inc., 9.29%, due 4/15/2029 | &nbsp;&nbsp; 1945375<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **6210474** |
| **Aerospace & Defense 2.0%** | **Aerospace & Defense 2.0%** | **Aerospace & Defense 2.0%** |
| 975000 | AAR Escrow Issuer LLC, 6.75%, due 3/15/2029 | &nbsp;&nbsp; 1006693<br> <sup>(a)</sup><br>|
|  | Bombardier, Inc. |  |
| 405000 | 8.75%, due 11/15/2030 | &nbsp;&nbsp; 436793<br> <sup>(a)</sup><br>|
| 1100000 | 7.25%, due 7/1/2031 | &nbsp;&nbsp; 1167562<br> <sup>(a)</sup><br>|
| 1000000 | 7.00%, due 6/1/2032 | &nbsp;&nbsp; 1049891<br> <sup>(a)</sup><br>|
| 505000 | 6.75%, due 6/15/2033 | &nbsp;&nbsp; 530123<br> <sup>(a)</sup><br>|
| 2200000 | Goat Holdco LLC, 6.75%, due 2/1/2032 | &nbsp;&nbsp; 2246558<br> <sup>(a)</sup><br>|
|  | TransDigm, Inc. |  |
| 1115000 | 6.38%, due 3/1/2029 | &nbsp;&nbsp; 1145311<br> <sup>(a)</sup><br>|
| 1205000 | 6.63%, due 3/1/2032 | &nbsp;&nbsp; 1246065<br> <sup>(a)</sup><br>|
| 865000 | 6.38%, due 5/31/2033 | &nbsp;&nbsp; 881722<br> <sup>(a)</sup><br>|
| 1435000 | 6.75%, due 1/31/2034 | &nbsp;&nbsp; 1487066<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **11197784** |
| **Airlines 0.3%** | **Airlines 0.3%** | **Airlines 0.3%** |
| 1700000 | VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.38%, due 2/1/2030 | &nbsp;&nbsp; **1641863**<br> <sup>(a)</sup><br>|
| **Apparel 0.7%** | **Apparel 0.7%** | **Apparel 0.7%** |
| 2510000 | Beach Acquisition Bidco LLC, 10.00% Cash/10.75% PIK, due 7/15/2033 | &nbsp;&nbsp; 2694901<br> <sup>(a)(c)</sup><br>|
| 110000 | Champ Acquisition Corp., 8.38%, due 12/1/2031 | &nbsp;&nbsp; 117158<br> <sup>(a)</sup><br>|
| 250000 | S&S Holdings LLC, 8.38%, due 10/1/2031 | &nbsp;&nbsp; 238832<br> <sup>(a)</sup><br>|
| 960000 | VF Corp., 2.95%, due 4/23/2030 | &nbsp;&nbsp; 843984 |
|  |  | &nbsp;&nbsp; **3894875** |

---

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Auto Manufacturers 0.5%** | **Auto Manufacturers 0.5%** | **Auto Manufacturers 0.5%** |
|  | Nissan Motor Acceptance Co. LLC |  |
| $290000 | 7.05%, due 9/15/2028 | &nbsp;&nbsp; $301702<br> <sup>(a)</sup><br>|
| 240000 | 5.63%, due 9/29/2028 | &nbsp;&nbsp; 239822<br> <sup>(a)</sup><br>|
| 115000 | 5.55%, due 9/13/2029 | &nbsp;&nbsp; 114316<br> <sup>(a)</sup><br>|
| 200000 | 6.13%, due 9/30/2030 | &nbsp;&nbsp; 198273<br> <sup>(a)</sup><br>|
|  | Nissan Motor Co. Ltd. |  |
| 405000 | 7.50%, due 7/17/2030 | &nbsp;&nbsp; 423804<br> <sup>(a)</sup><br>|
| 1000000 | 4.81%, due 9/17/2030 | &nbsp;&nbsp; 937916<br> <sup>(a)</sup><br>|
| 300000 | 7.75%, due 7/17/2032 | &nbsp;&nbsp; 316778<br> <sup>(a)</sup><br>|
| 355000 | 8.13%, due 7/17/2035 | &nbsp;&nbsp; 377561<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **2910172** |
| **Auto Parts & Equipment 1.8%** | **Auto Parts & Equipment 1.8%** | **Auto Parts & Equipment 1.8%** |
| 2640000 | Clarios Global LP/Clarios U.S. Finance Co., 6.75%, due 9/15/2032 | &nbsp;&nbsp; 2701201<br> <sup>(a)</sup><br>|
| 865000 | Dornoch Debt Merger Sub, Inc., 6.63%, due 10/15/2029 | &nbsp;&nbsp; 736883<br> <sup>(a)</sup><br>|
| 1320000 | Forvia SE, 6.75%, due 9/15/2033 | &nbsp;&nbsp; 1338971<br> <sup>(a)</sup><br>|
|  | Goodyear Tire & Rubber Co. |  |
| 270000 | 5.00%, due 7/15/2029 | &nbsp;&nbsp; 256991 |
| 285000 | 5.25%, due 7/15/2031 | &nbsp;&nbsp; 259795 |
| 165000 | 5.63%, due 4/30/2033 | &nbsp;&nbsp; 148749 |
|  | IHO Verwaltungs GmbH |  |
| 1195000 | 7.75% Cash/8.50% PIK, due 11/15/2030 | &nbsp;&nbsp; 1237991<br> <sup>(a)(c)</sup><br>|
| 115000 | 8.00% Cash/8.75% PIK, due 11/15/2032 | &nbsp;&nbsp; 119905<br> <sup>(a)(c)</sup><br>|
|  | ZF North America Capital, Inc. |  |
| 580000 | 6.88%, due 4/14/2028 | &nbsp;&nbsp; 583567<br> <sup>(a)</sup><br>|
| 715000 | 6.75%, due 4/23/2030 | &nbsp;&nbsp; 680622<br> <sup>(a)</sup><br>|
| 560000 | 7.50%, due 3/24/2031 | &nbsp;&nbsp; 538491<br> <sup>(a)</sup><br>|
| 1585000 | 6.88%, due 4/23/2032 | &nbsp;&nbsp; 1446693<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **10049859** |
| **Banks 0.3%** | **Banks 0.3%** | **Banks 0.3%** |
| 1440000 | Walker & Dunlop, Inc., 6.63%, due 4/1/2033 | &nbsp;&nbsp; **1473628**<br> <sup>(a)</sup><br>|
| **Building Materials 3.7%** | **Building Materials 3.7%** | **Building Materials 3.7%** |
|  | Builders FirstSource, Inc. |  |
| 1110000 | 6.38%, due 3/1/2034 | &nbsp;&nbsp; 1149542<br> <sup>(a)</sup><br>|
| 1505000 | 6.75%, due 5/15/2035 | &nbsp;&nbsp; 1580178<br> <sup>(a)</sup><br>|
| 445000 | Camelot Return Merger Sub, Inc., 8.75%, due 8/1/2028 | &nbsp;&nbsp; 411365<br> <sup>(a)</sup><br>|
|  | Cornerstone Building Brands, Inc. |  |
| 505000 | 6.13%, due 1/15/2029 | &nbsp;&nbsp; 383857<br> <sup>(a)</sup><br>|
| 540000 | 9.50%, due 8/15/2029 | &nbsp;&nbsp; 498270<br> <sup>(a)</sup><br>|
|  | EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |
| 1335000 | 6.63%, due 12/15/2030 | &nbsp;&nbsp; 1372422<br> <sup>(a)</sup><br>|
| 775000 | 6.75%, due 7/15/2031 | &nbsp;&nbsp; 804810<br> <sup>(a)</sup><br>|
|  | Jeld-Wen, Inc. |  |
| 990000 | 4.88%, due 12/15/2027 | &nbsp;&nbsp; 962908<br> <sup>(a)</sup><br>|
| 1145000 | 7.00%, due 9/1/2032 | &nbsp;&nbsp; 944623<br> <sup>(a)</sup><br>|
|  | JH North America Holdings, Inc. |  |
| 490000 | 5.88%, due 1/31/2031 | &nbsp;&nbsp; 499072<br> <sup>(a)</sup><br>|
| 645000 | 6.13%, due 7/31/2032 | &nbsp;&nbsp; 661509<br> <sup>(a)</sup><br>|
| 1340000 | Knife River Corp., 7.75%, due 5/1/2031 | &nbsp;&nbsp; 1403741<br> <sup>(a)</sup><br>|
| 1025000 | Masterbrand, Inc., 7.00%, due 7/15/2032 | &nbsp;&nbsp; 1063226<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Building Materials – cont'd** | **Building Materials – cont'd** | **Building Materials – cont'd** | **Building Materials – cont'd** |
| $| 370000 | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, due 4/1/2032 | &nbsp;&nbsp; $379787<br> <sup>(a)</sup><br>|
|  | 1335000 | MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, due 2/1/2030 | &nbsp;&nbsp; 1295349<br> <sup>(a)</sup><br>|
|  | 805000 | Oscar AcquisitionCo LLC/Oscar Finance, Inc., 9.50%, due 4/15/2030 | &nbsp;&nbsp; 586100<br> <sup>(a)</sup><br>|
|  |  | Quikrete Holdings, Inc. |  |
|  | 2970000 | 6.38%, due 3/1/2032 | &nbsp;&nbsp; 3080520<br> <sup>(a)</sup><br>|
|  | 420000 | 6.75%, due 3/1/2033 | &nbsp;&nbsp; 437034<br> <sup>(a)</sup><br>|
|  |  | Standard Building Solutions, Inc. |  |
|  | 1080000 | 6.50%, due 8/15/2032 | &nbsp;&nbsp; 1110242<br> <sup>(a)</sup><br>|
|  | 2035000 | 6.25%, due 8/1/2033 | &nbsp;&nbsp; 2075187<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **20699742** |
| **Chemicals 2.8%** | **Chemicals 2.8%** | **Chemicals 2.8%** | **Chemicals 2.8%** |
|  | 595000 | Ashland, Inc., 6.88%, due 5/15/2043 | &nbsp;&nbsp; 618162 |
|  |  | Avient Corp. |  |
|  | 1555000 | 7.13%, due 8/1/2030 | &nbsp;&nbsp; 1600426<br> <sup>(a)</sup><br>|
|  | 515000 | 6.25%, due 11/1/2031 | &nbsp;&nbsp; 525793<br> <sup>(a)</sup><br>|
|  | 1495000 | Axalta Coating Systems Dutch Holding B BV, 7.25%, due 2/15/2031 | &nbsp;&nbsp; 1567449<br> <sup>(a)</sup><br>|
|  |  | Celanese U.S. Holdings LLC |  |
|  | 650000 | 7.05%, due 11/15/2030 | &nbsp;&nbsp; 661457 |
|  | 300000 | 6.88%, due 7/15/2032 | &nbsp;&nbsp; 301438 |
|  | 290000 | 7.20%, due 11/15/2033 | &nbsp;&nbsp; 297350 |
|  | 1180000 | Inversion Escrow Issuer LLC, 6.75%, due 8/1/2032 | &nbsp;&nbsp; 1152163<br> <sup>(a)</sup><br>|
|  |  | Olympus Water U.S. Holding Corp. |  |
|  | 2355000 | 6.25%, due 10/1/2029 | &nbsp;&nbsp; 2295519<br> <sup>(a)</sup><br>|
|  | 365000 | 7.25%, due 6/15/2031 | &nbsp;&nbsp; 365219<br> <sup>(a)</sup><br>|
|  | 360000 | 7.25%, due 2/15/2033 | &nbsp;&nbsp; 358333<br> <sup>(a)</sup><br>|
|  | 1875000 | SCIH Salt Holdings, Inc., 6.63%, due 5/1/2029 | &nbsp;&nbsp; 1858474<br> <sup>(a)</sup><br>|
|  |  | WR Grace Holdings LLC |  |
|  | 1785000 | 5.63%, due 8/15/2029 | &nbsp;&nbsp; 1633346<br> <sup>(a)</sup><br>|
|  | 1225000 | 7.38%, due 3/1/2031 | &nbsp;&nbsp; 1227332<br> <sup>(a)</sup><br>|
|  | 1225000 | 6.63%, due 8/15/2032 | &nbsp;&nbsp; 1183191<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **15645652** |
| **Commercial Services 6.1%** | **Commercial Services 6.1%** | **Commercial Services 6.1%** | **Commercial Services 6.1%** |
|  | 1800000 | ADT Security Corp., 5.88%, due 10/15/2033 | &nbsp;&nbsp; 1826005<br> <sup>(a)</sup><br>|
|  | 2200000 | Albion Financing 1 SARL/Aggreko Holdings, Inc., 7.00%, due 5/21/2030 | &nbsp;&nbsp; 2270580<br> <sup>(a)</sup><br>|
|  | 1650000 | Allied Universal Holdco LLC, 7.88%, due 2/15/2031 | &nbsp;&nbsp; 1718006<br> <sup>(a)</sup><br>|
|  |  | Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |
|  | 1985000 | 6.00%, due 6/1/2029 | &nbsp;&nbsp; 1940569<br> <sup>(a)</sup><br>|
|  | 755000 | 6.88%, due 6/15/2030 | &nbsp;&nbsp; 774552<br> <sup>(a)</sup><br>|
|  |  | Block, Inc. |  |
|  | 430000 | 5.63%, due 8/15/2030 | &nbsp;&nbsp; 436497<br> <sup>(a)</sup><br>|
|  | 2375000 | 6.50%, due 5/15/2032 | &nbsp;&nbsp; 2464191 |
|  | 430000 | 6.00%, due 8/15/2033 | &nbsp;&nbsp; 439673<br> <sup>(a)</sup><br>|
|  | 1060000 | Champions Financing, Inc., 8.75%, due 2/15/2029 | &nbsp;&nbsp; 1027540<br> <sup>(a)</sup><br>|
|  |  | Garda World Security Corp. |  |
|  | 1100000 | 6.00%, due 6/1/2029 | &nbsp;&nbsp; 1073030<br> <sup>(a)</sup><br>|
|  | 1150000 | 8.25%, due 8/1/2032 | &nbsp;&nbsp; 1170174<br> <sup>(a)</sup><br>|
|  | 1185000 | 8.38%, due 11/15/2032 | &nbsp;&nbsp; 1205713<br> <sup>(a)</sup><br>|
|  |  | Herc Holdings, Inc. |  |
|  | 560000 | 5.50%, due 7/15/2027 | &nbsp;&nbsp; 559860<br> <sup>(a)</sup><br>|
|  | 1565000 | 7.00%, due 6/15/2030 | &nbsp;&nbsp; 1638053<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Commercial Services – cont'd** | **Commercial Services – cont'd** | **Commercial Services – cont'd** | **Commercial Services – cont'd** |
| $| 1969000 | 7.25%, due 6/15/2033 | &nbsp;&nbsp; $2075923<br> <sup>(a)</sup><br>|
|  | 790000 | Mavis Tire Express Services Topco Corp., 6.50%, due 5/15/2029 | &nbsp;&nbsp; 781475<br> <sup>(a)</sup><br>|
|  | 1630000 | Raven Acquisition Holdings LLC, 6.88%, due 11/15/2031 | &nbsp;&nbsp; 1665664<br> <sup>(a)</sup><br>|
|  | 2070000 | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, due 8/15/2032 | &nbsp;&nbsp; 2137965<br> <sup>(a)</sup><br>|
|  | 2185000 | Veritiv Operating Co., 10.50%, due 11/30/2030 | &nbsp;&nbsp; 2273881<br> <sup>(a)</sup><br>|
|  | 1993000 | VM Consolidated, Inc., 5.50%, due 4/15/2029 | &nbsp;&nbsp; 1970884<br> <sup>(a)</sup><br>|
|  | 2265000 | Wand NewCo 3, Inc., 7.63%, due 1/30/2032 | &nbsp;&nbsp; 2367229<br> <sup>(a)</sup><br>|
|  |  | Williams Scotsman, Inc. |  |
|  | 775000 | 6.63%, due 6/15/2029 | &nbsp;&nbsp; 797918<br> <sup>(a)</sup><br>|
|  | 295000 | 6.63%, due 4/15/2030 | &nbsp;&nbsp; 305062<br> <sup>(a)</sup><br>|
|  | 1310000 | 7.38%, due 10/1/2031 | &nbsp;&nbsp; 1371047<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **34291491** |
| **Computers 1.2%** | **Computers 1.2%** | **Computers 1.2%** | **Computers 1.2%** |
|  | 1160000 | Ahead DB Holdings LLC, 6.63%, due 5/1/2028 | &nbsp;&nbsp; 1168560<br> <sup>(a)</sup><br>|
|  | 2020000 | Amentum Holdings, Inc., 7.25%, due 8/1/2032 | &nbsp;&nbsp; 2102224<br> <sup>(a)</sup><br>|
|  | 990000 | CACI International, Inc., 6.38%, due 6/15/2033 | &nbsp;&nbsp; 1029323<br> <sup>(a)</sup><br>|
|  | 1650000 | Fortress Intermediate 3, Inc., 7.50%, due 6/1/2031 | &nbsp;&nbsp; 1720521<br> <sup>(a)</sup><br>|
|  | 1010000 | Science Applications International Corp., 5.88%, due 11/1/2033 | &nbsp;&nbsp; 1007030<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **7027658** |
| **Cosmetics - Personal Care 0.7%** | **Cosmetics - Personal Care 0.7%** | **Cosmetics - Personal Care 0.7%** | **Cosmetics - Personal Care 0.7%** |
|  | 1475000 | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 5.60%, due 1/15/2031 | &nbsp;&nbsp; 1479965<br> <sup>(a)</sup><br>|
|  | 885000 | Opal Bidco SAS, 6.50%, due 3/31/2032 | &nbsp;&nbsp; 911504<br> <sup>(a)</sup><br>|
|  | 1725000 | Perrigo Finance Unlimited Co., 6.13%, due 9/30/2032 | &nbsp;&nbsp; 1739561 |
|  |  |  | &nbsp;&nbsp; **4131030** |
| **Distribution - Wholesale 1.2%** | **Distribution - Wholesale 1.2%** | **Distribution - Wholesale 1.2%** | **Distribution - Wholesale 1.2%** |
|  | 1310000 | Dealer Tire LLC/DT Issuer LLC, 8.00%, due 2/1/2028 | &nbsp;&nbsp; 1271300<br> <sup>(a)</sup><br>|
|  | 540000 | Gates Corp., 6.88%, due 7/1/2029 | &nbsp;&nbsp; 560633<br> <sup>(a)</sup><br>|
|  | 1355000 | RB Global Holdings, Inc., 7.75%, due 3/15/2031 | &nbsp;&nbsp; 1414117<br> <sup>(a)</sup><br>|
|  | 1405000 | Resideo Funding, Inc., 6.50%, due 7/15/2032 | &nbsp;&nbsp; 1438141<br> <sup>(a)</sup><br>|
|  | 1795000 | Windsor Holdings III LLC, 8.50%, due 6/15/2030 | &nbsp;&nbsp; 1894937<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **6579128** |
| **Diversified Financial Services 5.0%** | **Diversified Financial Services 5.0%** | **Diversified Financial Services 5.0%** | **Diversified Financial Services 5.0%** |
|  |  | Azorra Finance Ltd. |  |
|  | 1365000 | 7.75%, due 4/15/2030 | &nbsp;&nbsp; 1439081<br> <sup>(a)</sup><br>|
|  | 520000 | 7.25%, due 1/15/2031 | &nbsp;&nbsp; 543901<br> <sup>(a)</sup><br>|
|  | 745000 | Bread Financial Holdings, Inc., 6.75%, due 5/15/2031 | &nbsp;&nbsp; 750097<br> <sup>(a)(d)</sup><br>|
|  | 1345000 | CrossCountry Intermediate HoldCo LLC, 6.50%, due 10/1/2030 | &nbsp;&nbsp; 1357406<br> <sup>(a)</sup><br>|
|  | 1110000 | Focus Financial Partners LLC, 6.75%, due 9/15/2031 | &nbsp;&nbsp; 1144049<br> <sup>(a)</sup><br>|
|  | 1260000 | Global Aircraft Leasing Co. Ltd., 8.75%, due 9/1/2027 | &nbsp;&nbsp; 1297220<br> <sup>(a)</sup><br>|
|  |  | Jane Street Group/JSG Finance, Inc. |  |
|  | 745000 | 7.13%, due 4/30/2031 | &nbsp;&nbsp; 781779<br> <sup>(a)</sup><br>|
|  | 660000 | 6.13%, due 11/1/2032 | &nbsp;&nbsp; 671600<br> <sup>(a)</sup><br>|
|  | 445000 | 6.75%, due 5/1/2033 | &nbsp;&nbsp; 464211<br> <sup>(a)</sup><br>|
|  |  | Navient Corp. |  |
|  | 1435000 | 5.50%, due 3/15/2029 | &nbsp;&nbsp; 1409216 |
|  | 1055000 | 7.88%, due 6/15/2032 | &nbsp;&nbsp; 1089948 |
|  |  | OneMain Finance Corp. |  |
|  | 680000 | 6.63%, due 5/15/2029 | &nbsp;&nbsp; 699283 |
|  | 1545000 | 6.13%, due 5/15/2030 | &nbsp;&nbsp; 1563169 |

---

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Diversified Financial Services – cont'd** | **Diversified Financial Services – cont'd** | **Diversified Financial Services – cont'd** | **Diversified Financial Services – cont'd** |
| $| 160000 | 7.50%, due 5/15/2031 | &nbsp;&nbsp; $167125 |
|  | 645000 | 7.13%, due 11/15/2031 | &nbsp;&nbsp; 668365 |
|  | 725000 | 6.75%, due 3/15/2032 | &nbsp;&nbsp; 735744 |
|  | 445000 | 7.13%, due 9/15/2032 | &nbsp;&nbsp; 459293 |
|  | 495000 | 6.50%, due 3/15/2033 | &nbsp;&nbsp; 494003 |
|  |  | PennyMac Financial Services, Inc. |  |
|  | 830000 | 7.13%, due 11/15/2030 | &nbsp;&nbsp; 868992<br> <sup>(a)</sup><br>|
|  | 1110000 | 5.75%, due 9/15/2031 | &nbsp;&nbsp; 1107339<br> <sup>(a)</sup><br>|
|  | 535000 | 6.88%, due 5/15/2032 | &nbsp;&nbsp; 558053<br> <sup>(a)</sup><br>|
|  | 1365000 | 6.88%, due 2/15/2033 | &nbsp;&nbsp; 1412007<br> <sup>(a)</sup><br>|
|  | 50000 | 6.75%, due 2/15/2034 | &nbsp;&nbsp; 51249<br> <sup>(a)</sup><br>|
|  | 1790000 | Provident Funding Associates LP/PFG Finance Corp., 9.75%, due 9/15/2029 | &nbsp;&nbsp; 1886281<br> <sup>(a)</sup><br>|
|  |  | Rocket Cos., Inc. |  |
|  | 485000 | 6.50%, due 8/1/2029 | &nbsp;&nbsp; 503059<br> <sup>(a)</sup><br>|
|  | 660000 | 6.13%, due 8/1/2030 | &nbsp;&nbsp; 680792<br> <sup>(a)</sup><br>|
|  | 145000 | 7.13%, due 2/1/2032 | &nbsp;&nbsp; 152237<br> <sup>(a)</sup><br>|
|  | 710000 | 6.38%, due 8/1/2033 | &nbsp;&nbsp; 739628<br> <sup>(a)</sup><br>|
|  | 1250000 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.00%, due 10/15/2033 | &nbsp;&nbsp; 1151111<br> <sup>(a)</sup><br>|
|  | 1735000 | SLM Corp., 6.50%, due 1/31/2030 | &nbsp;&nbsp; 1798888 |
|  |  | UWM Holdings LLC |  |
|  | 1030000 | 6.63%, due 2/1/2030 | &nbsp;&nbsp; 1049349<br> <sup>(a)</sup><br>|
|  | 315000 | 6.25%, due 3/15/2031 | &nbsp;&nbsp; 314433<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **28008908** |
| **Electric 4.0%** | **Electric 4.0%** | **Electric 4.0%** | **Electric 4.0%** |
|  |  | Alpha Generation LLC |  |
|  | 2160000 | 6.75%, due 10/15/2032 | &nbsp;&nbsp; 2219588<br> <sup>(a)</sup><br>|
|  | 1295000 | 6.25%, due 1/15/2034 | &nbsp;&nbsp; 1310049<br> <sup>(a)</sup><br>|
|  | 1350000 | Hawaiian Electric Co., Inc., 6.00%, due 10/1/2033 | &nbsp;&nbsp; 1364865<br> <sup>(a)</sup><br>|
|  | 2074000 | Lightning Power LLC, 7.25%, due 8/15/2032 | &nbsp;&nbsp; 2196901<br> <sup>(a)</sup><br>|
|  |  | NRG Energy, Inc. |  |
|  | 1255000 | 10.25%, due 3/15/2028 | &nbsp;&nbsp; 1377354<br> <sup>(a)(e)(f)</sup><br>|
|  | 925000 | 6.00%, due 2/1/2033 | &nbsp;&nbsp; 943576<br> <sup>(a)</sup><br>|
|  | 2180000 | 5.75%, due 1/15/2034 | &nbsp;&nbsp; 2195370<br> <sup>(a)</sup><br>|
|  | 2320000 | 6.00%, due 1/15/2036 | &nbsp;&nbsp; 2359933<br> <sup>(a)</sup><br>|
|  |  | Talen Energy Supply LLC |  |
|  | 1275000 | 6.25%, due 2/1/2034 | &nbsp;&nbsp; 1307448<br> <sup>(a)</sup><br>|
|  | 1275000 | 6.50%, due 2/1/2036 | &nbsp;&nbsp; 1320522<br> <sup>(a)</sup><br>|
|  | 875000 | Vistra Corp., 7.00%, due 12/15/2026 | &nbsp;&nbsp; 883673<br> <sup>(a)(e)(f)</sup><br>|
|  |  | Vistra Operations Co. LLC |  |
|  | 1305000 | 7.75%, due 10/15/2031 | &nbsp;&nbsp; 1384910<br> <sup>(a)</sup><br>|
|  | 1545000 | 6.88%, due 4/15/2032 | &nbsp;&nbsp; 1622777<br> <sup>(a)</sup><br>|
|  | 2215000 | VoltaGrid LLC, 7.38%, due 11/1/2030 | &nbsp;&nbsp; 2252770<br> <sup>(a)(d)</sup><br>|
|  |  |  | &nbsp;&nbsp; **22739736** |
| **Electrical Components & Equipment 0.6%** | **Electrical Components & Equipment 0.6%** | **Electrical Components & Equipment 0.6%** | **Electrical Components & Equipment 0.6%** |
|  | 1295000 | EnerSys, 6.63%, due 1/15/2032 | &nbsp;&nbsp; 1331023<br> <sup>(a)</sup><br>|
|  |  | WESCO Distribution, Inc. |  |
|  | 975000 | 6.63%, due 3/15/2032 | &nbsp;&nbsp; 1019070<br> <sup>(a)</sup><br>|
|  | 1095000 | 6.38%, due 3/15/2033 | &nbsp;&nbsp; 1143868<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **3493961** |

---

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Electronics 0.4%** | **Electronics 0.4%** | **Electronics 0.4%** |
| $2055000 | Sensata Technologies, Inc., 6.63%, due 7/15/2032 | &nbsp;&nbsp; **$2139290**<br> <sup>(a)</sup><br>|
| **Engineering & Construction 0.4%** | **Engineering & Construction 0.4%** | **Engineering & Construction 0.4%** |
| 925000 | Artera Services LLC, 8.50%, due 2/15/2031 | &nbsp;&nbsp; 798265<br> <sup>(a)</sup><br>|
| 580000 | Brand Industrial Services, Inc., 10.38%, due 8/1/2030 | &nbsp;&nbsp; 558061<br> <sup>(a)</sup><br>|
| 810000 | Global Infrastructure Solutions, Inc., 7.50%, due 4/15/2032 | &nbsp;&nbsp; 848116<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **2204442** |
| **Entertainment 3.5%** | **Entertainment 3.5%** | **Entertainment 3.5%** |
| 1075000 | Caesars Entertainment, Inc., 6.00%, due 10/15/2032 | &nbsp;&nbsp; 1025521<br> <sup>(a)</sup><br>|
|  | Churchill Downs, Inc. |  |
| 125000 | 5.75%, due 4/1/2030 | &nbsp;&nbsp; 125384<br> <sup>(a)</sup><br>|
| 1630000 | 6.75%, due 5/1/2031 | &nbsp;&nbsp; 1666579<br> <sup>(a)</sup><br>|
| 2540000 | Light & Wonder International, Inc., 6.25%, due 10/1/2033 | &nbsp;&nbsp; 2528773<br> <sup>(a)</sup><br>|
| 1930000 | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 5/1/2029 | &nbsp;&nbsp; 1873410<br> <sup>(a)</sup><br>|
|  | Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC |  |
| 1460000 | 8.25%, due 4/15/2030 | &nbsp;&nbsp; 1515675<br> <sup>(a)</sup><br>|
| 275000 | 11.88%, due 4/15/2031 | &nbsp;&nbsp; 286943<br> <sup>(a)</sup><br>|
| 1610000 | Penn Entertainment, Inc., 4.13%, due 7/1/2029 | &nbsp;&nbsp; 1499347<br> <sup>(a)</sup><br>|
| 1530000 | Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, due 3/1/2030 | &nbsp;&nbsp; 1397562<br> <sup>(a)</sup><br>|
| 1150000 | SeaWorld Parks & Entertainment, Inc., 5.25%, due 8/15/2029 | &nbsp;&nbsp; 1127938<br> <sup>(a)</sup><br>|
| 1545000 | Six Flags Entertainment Corp., 7.25%, due 5/15/2031 | &nbsp;&nbsp; 1548795<br> <sup>(a)</sup><br>|
| 445000 | &nbsp;&nbsp; Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., 5.25%, <br> due 7/15/2029<br>| &nbsp;&nbsp; 427703 |
| 985000 | &nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co., 6.63%, due <br> 5/1/2032<br>| &nbsp;&nbsp; 1000190<br> <sup>(a)</sup><br>|
|  | Warnermedia Holdings, Inc. |  |
| 2065000 | 4.28%, due 3/15/2032 | &nbsp;&nbsp; 1891411 |
| 1480000 | 5.05%, due 3/15/2042 | &nbsp;&nbsp; 1188040 |
| 370000 | 5.14%, due 3/15/2052 | &nbsp;&nbsp; 281200 |
| 280000 | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 6.25%, due 3/15/2033 | &nbsp;&nbsp; 284486<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **19668957** |
| **Environmental Control 0.7%** | **Environmental Control 0.7%** | **Environmental Control 0.7%** |
| 1210000 | Luna 1.5 SARL, 12.00%, due 7/1/2032 | &nbsp;&nbsp; 1254308<br> <sup>(a)(c)</sup><br>|
| 3025000 | Madison IAQ LLC, 5.88%, due 6/30/2029 | &nbsp;&nbsp; 2964216<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **4218524** |
| **Food 1.0%** | **Food 1.0%** | **Food 1.0%** |
|  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |
| 665000 | 5.50%, due 3/31/2031 | &nbsp;&nbsp; 670256<br> <sup>(a)(d)</sup><br>|
| 1010000 | 6.25%, due 3/15/2033 | &nbsp;&nbsp; 1038214<br> <sup>(a)</sup><br>|
| 995000 | 5.75%, due 3/31/2034 | &nbsp;&nbsp; 999384<br> <sup>(a)(d)</sup><br>|
| 600000 | Performance Food Group, Inc., 6.13%, due 9/15/2032 | &nbsp;&nbsp; 616019<br> <sup>(a)</sup><br>|
| 510000 | Post Holdings, Inc., 6.38%, due 3/1/2033 | &nbsp;&nbsp; 516525<br> <sup>(a)</sup><br>|
|  | U.S. Foods, Inc. |  |
| 145000 | 4.75%, due 2/15/2029 | &nbsp;&nbsp; 143396<br> <sup>(a)</sup><br>|
| 580000 | 7.25%, due 1/15/2032 | &nbsp;&nbsp; 608518<br> <sup>(a)</sup><br>|
| 775000 | 5.75%, due 4/15/2033 | &nbsp;&nbsp; 785204<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **5377516** |
| **Food Service 0.3%** | **Food Service 0.3%** | **Food Service 0.3%** |
|  | TKC Holdings, Inc. |  |
| 695000 | 6.88%, due 5/15/2028 | &nbsp;&nbsp; 700814<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Food Service – cont'd** | **Food Service – cont'd** | **Food Service – cont'd** | **Food Service – cont'd** |
| $| 1120000 | 10.50%, due 5/15/2029 | &nbsp;&nbsp; $1151780<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1852594** |
| **Forest Products & Paper 0.3%** | **Forest Products & Paper 0.3%** | **Forest Products & Paper 0.3%** | **Forest Products & Paper 0.3%** |
|  | 1540000 | Ahlstrom Holding 3 OYJ, 4.88%, due 2/4/2028 | &nbsp;&nbsp; 1497385<br> <sup>(a)</sup><br>|
|  | 440000 | Magnera Corp., 7.25%, due 11/15/2031 | &nbsp;&nbsp; 379920<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1877305** |
| **Healthcare - Products 0.7%** | **Healthcare - Products 0.7%** | **Healthcare - Products 0.7%** | **Healthcare - Products 0.7%** |
|  | 1845000 | Bausch & Lomb Corp., 8.38%, due 10/1/2028 | &nbsp;&nbsp; 1928025<br> <sup>(a)</sup><br>|
|  | 2265000 | Medline Borrower LP, 5.25%, due 10/1/2029 | &nbsp;&nbsp; 2256381<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **4184406** |
| **Healthcare - Services 3.5%** | **Healthcare - Services 3.5%** | **Healthcare - Services 3.5%** | **Healthcare - Services 3.5%** |
|  |  | Acadia Healthcare Co., Inc. |  |
|  | 870000 | 5.00%, due 4/15/2029 | &nbsp;&nbsp; 851327<br> <sup>(a)</sup><br>|
|  | 810000 | 7.38%, due 3/15/2033 | &nbsp;&nbsp; 837349<br> <sup>(a)</sup><br>|
|  |  | CHS/Community Health Systems, Inc. |  |
|  | 345000 | 6.00%, due 1/15/2029 | &nbsp;&nbsp; 341550<br> <sup>(a)</sup><br>|
|  | 80000 | 6.88%, due 4/15/2029 | &nbsp;&nbsp; 72530<br> <sup>(a)</sup><br>|
|  | 80000 | 6.13%, due 4/1/2030 | &nbsp;&nbsp; 67217<br> <sup>(a)</sup><br>|
|  | 645000 | 5.25%, due 5/15/2030 | &nbsp;&nbsp; 604608<br> <sup>(a)</sup><br>|
|  | 400000 | 10.88%, due 1/15/2032 | &nbsp;&nbsp; 431212<br> <sup>(a)</sup><br>|
|  | 650000 | 9.75%, due 1/15/2034 | &nbsp;&nbsp; 688212<br> <sup>(a)</sup><br>|
|  | 2045000 | Global Medical Response, Inc., 7.38%, due 10/1/2032 | &nbsp;&nbsp; 2139776<br> <sup>(a)</sup><br>|
|  | 245000 | HAH Group Holding Co. LLC, 9.75%, due 10/1/2031 | &nbsp;&nbsp; 232225<br> <sup>(a)</sup><br>|
|  | 810000 | IQVIA, Inc., 6.25%, due 6/1/2032 | &nbsp;&nbsp; 844236<br> <sup>(a)</sup><br>|
|  |  | LifePoint Health, Inc. |  |
|  | 1295000 | 9.88%, due 8/15/2030 | &nbsp;&nbsp; 1398099<br> <sup>(a)</sup><br>|
|  | 2000000 | 10.00%, due 6/1/2032 | &nbsp;&nbsp; 2127276<br> <sup>(a)</sup><br>|
|  | 2775000 | Molina Healthcare, Inc., 6.25%, due 1/15/2033 | &nbsp;&nbsp; 2793135<br> <sup>(a)</sup><br>|
|  | 1595000 | Select Medical Corp., 6.25%, due 12/1/2032 | &nbsp;&nbsp; 1617965<br> <sup>(a)</sup><br>|
|  | 1070000 | Star Parent, Inc., 9.00%, due 10/1/2030 | &nbsp;&nbsp; 1142520<br> <sup>(a)</sup><br>|
|  | 2485000 | Surgery Center Holdings, Inc., 7.25%, due 4/15/2032 | &nbsp;&nbsp; 2556846<br> <sup>(a)</sup><br>|
|  | 955000 | U.S. Acute Care Solutions LLC, 9.75%, due 5/15/2029 | &nbsp;&nbsp; 972486<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **19718569** |
| **Home Builders 1.2%** | **Home Builders 1.2%** | **Home Builders 1.2%** | **Home Builders 1.2%** |
|  | 1520000 | Beazer Homes USA, Inc., 7.50%, due 3/15/2031 | &nbsp;&nbsp; 1538445<br> <sup>(a)</sup><br>|
|  |  | K Hovnanian Enterprises, Inc. |  |
|  | 900000 | 8.00%, due 4/1/2031 | &nbsp;&nbsp; 919536<br> <sup>(a)</sup><br>|
|  | 900000 | 8.38%, due 10/1/2033 | &nbsp;&nbsp; 921365<br> <sup>(a)</sup><br>|
|  |  | LGI Homes, Inc. |  |
|  | 210000 | 4.00%, due 7/15/2029 | &nbsp;&nbsp; 188602<br> <sup>(a)</sup><br>|
|  | 2025000 | 7.00%, due 11/15/2032 | &nbsp;&nbsp; 1943271<br> <sup>(a)</sup><br>|
|  |  | Shea Homes LP/Shea Homes Funding Corp. |  |
|  | 785000 | 4.75%, due 2/15/2028 | &nbsp;&nbsp; 777315 |
|  | 480000 | 4.75%, due 4/1/2029 | &nbsp;&nbsp; 469766 |
|  |  |  | &nbsp;&nbsp; **6758300** |
| **Home Furnishings 0.2%** | **Home Furnishings 0.2%** | **Home Furnishings 0.2%** | **Home Furnishings 0.2%** |
|  |  | Whirlpool Corp. |  |
|  | 560000 | 6.13%, due 6/15/2030 | &nbsp;&nbsp; 554499 |

---

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Home Furnishings – cont'd** | **Home Furnishings – cont'd** | **Home Furnishings – cont'd** | **Home Furnishings – cont'd** |
| $| 565000 | 6.50%, due 6/15/2033 | &nbsp;&nbsp; $551235 |
|  |  |  | &nbsp;&nbsp; **1105734** |
| **Insurance 3.8%** | **Insurance 3.8%** | **Insurance 3.8%** | **Insurance 3.8%** |
|  |  | Acrisure LLC/Acrisure Finance, Inc. |  |
|  | 1445000 | 8.25%, due 2/1/2029 | &nbsp;&nbsp; 1505460<br> <sup>(a)</sup><br>|
|  | 380000 | 8.50%, due 6/15/2029 | &nbsp;&nbsp; 398907<br> <sup>(a)</sup><br>|
|  | 1745000 | 7.50%, due 11/6/2030 | &nbsp;&nbsp; 1804815<br> <sup>(a)</sup><br>|
|  | 815000 | 6.75%, due 7/1/2032 | &nbsp;&nbsp; 835831<br> <sup>(a)</sup><br>|
|  |  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |
|  | 830000 | 7.00%, due 1/15/2031 | &nbsp;&nbsp; 859671<br> <sup>(a)</sup><br>|
|  | 480000 | 6.50%, due 10/1/2031 | &nbsp;&nbsp; 492234<br> <sup>(a)</sup><br>|
|  | 235000 | 7.38%, due 10/1/2032 | &nbsp;&nbsp; 242473<br> <sup>(a)</sup><br>|
|  | 1410000 | Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc., 7.50%, due 7/15/2033 | &nbsp;&nbsp; 1452724<br> <sup>(a)</sup><br>|
|  | 1170000 | Ardonagh Finco Ltd., 7.75%, due 2/15/2031 | &nbsp;&nbsp; 1223764<br> <sup>(a)</sup><br>|
|  | 900000 | Ardonagh Group Finance Ltd., 8.88%, due 2/15/2032 | &nbsp;&nbsp; 939086<br> <sup>(a)</sup><br>|
|  | 1610000 | &nbsp;&nbsp; Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 7.13%, due <br> 5/15/2031<br>| &nbsp;&nbsp; 1652124<br> <sup>(a)</sup><br>|
|  | 1720000 | Broadstreet Partners Group LLC, 5.88%, due 4/15/2029 | &nbsp;&nbsp; 1713875<br> <sup>(a)</sup><br>|
|  |  | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC |  |
|  | 765000 | 7.25%, due 2/15/2031 | &nbsp;&nbsp; 788473<br> <sup>(a)</sup><br>|
|  | 1080000 | 8.13%, due 2/15/2032 | &nbsp;&nbsp; 1114677<br> <sup>(a)</sup><br>|
|  |  | HUB International Ltd. |  |
|  | 1665000 | 7.25%, due 6/15/2030 | &nbsp;&nbsp; 1738257<br> <sup>(a)</sup><br>|
|  | 1060000 | 7.38%, due 1/31/2032 | &nbsp;&nbsp; 1098608<br> <sup>(a)</sup><br>|
|  | 1635000 | Jones Deslauriers Insurance Management, Inc., 6.88%, due 10/1/2033 | &nbsp;&nbsp; 1619876<br> <sup>(a)</sup><br>|
|  | 800000 | Panther Escrow Issuer LLC, 7.13%, due 6/1/2031 | &nbsp;&nbsp; 826782<br> <sup>(a)</sup><br>|
|  | 895000 | USI, Inc., 7.50%, due 1/15/2032 | &nbsp;&nbsp; 926647<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **21234284** |
| **Internet 0.4%** | **Internet 0.4%** | **Internet 0.4%** | **Internet 0.4%** |
|  | 590000 | Cablevision Lightpath LLC, 5.63%, due 9/15/2028 | &nbsp;&nbsp; 583973<br> <sup>(a)</sup><br>|
|  | 800000 | Gen Digital, Inc., 6.25%, due 4/1/2033 | &nbsp;&nbsp; 823554<br> <sup>(a)</sup><br>|
|  | 655000 | Wayfair LLC, 7.25%, due 10/31/2029 | &nbsp;&nbsp; 677316<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **2084843** |
| **Iron - Steel 1.2%** | **Iron - Steel 1.2%** | **Iron - Steel 1.2%** | **Iron - Steel 1.2%** |
|  | 830000 | Champion Iron Canada, Inc., 7.88%, due 7/15/2032 | &nbsp;&nbsp; 870193<br> <sup>(a)</sup><br>|
|  |  | Cleveland-Cliffs, Inc. |  |
|  | 865000 | 6.88%, due 11/1/2029 | &nbsp;&nbsp; 888272<br> <sup>(a)</sup><br>|
|  | 845000 | 7.50%, due 9/15/2031 | &nbsp;&nbsp; 884571<br> <sup>(a)</sup><br>|
|  | 875000 | 7.00%, due 3/15/2032 | &nbsp;&nbsp; 894681<br> <sup>(a)</sup><br>|
|  | 3100000 | Mineral Resources Ltd., 7.00%, due 4/1/2031 | &nbsp;&nbsp; 3209290<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **6747007** |
| **Leisure Time 2.0%** | **Leisure Time 2.0%** | **Leisure Time 2.0%** | **Leisure Time 2.0%** |
|  | 3335000 | Carnival Corp., 6.13%, due 2/15/2033 | &nbsp;&nbsp; 3438951<br> <sup>(a)</sup><br>|
|  | 1390000 | Lindblad Expeditions LLC, 7.00%, due 9/15/2030 | &nbsp;&nbsp; 1415677<br> <sup>(a)</sup><br>|
|  |  | NCL Corp. Ltd. |  |
|  | 1050000 | 5.88%, due 1/15/2031 | &nbsp;&nbsp; 1049503<br> <sup>(a)</sup><br>|
|  | 1560000 | 6.75%, due 2/1/2032 | &nbsp;&nbsp; 1602995<br> <sup>(a)</sup><br>|
|  | 630000 | 6.25%, due 9/15/2033 | &nbsp;&nbsp; 637194<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Leisure Time – cont'd** | **Leisure Time – cont'd** | **Leisure Time – cont'd** | **Leisure Time – cont'd** |
| $| 2825000 | Viking Cruises Ltd., 5.88%, due 10/15/2033 | &nbsp;&nbsp; $2871801<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **11016121** |
| **Lodging 0.2%** | **Lodging 0.2%** | **Lodging 0.2%** | **Lodging 0.2%** |
|  | 845000 | Travel & Leisure Co., 6.13%, due 9/1/2033 | &nbsp;&nbsp; **854216**<br> <sup>(a)</sup><br>|
| **Machinery - Construction & Mining 0.8%** | **Machinery - Construction & Mining 0.8%** | **Machinery - Construction & Mining 0.8%** | **Machinery - Construction & Mining 0.8%** |
|  | 1797000 | Manitowoc Co., Inc., 9.25%, due 10/1/2031 | &nbsp;&nbsp; 1888557<br> <sup>(a)</sup><br>|
|  |  | Terex Corp. |  |
|  | 1145000 | 5.00%, due 5/15/2029 | &nbsp;&nbsp; 1123742<br> <sup>(a)</sup><br>|
|  | 1480000 | 6.25%, due 10/15/2032 | &nbsp;&nbsp; 1501007<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **4513306** |
| **Machinery - Diversified 0.3%** | **Machinery - Diversified 0.3%** | **Machinery - Diversified 0.3%** | **Machinery - Diversified 0.3%** |
|  | 1530000 | SPX FLOW, Inc., 8.75%, due 4/1/2030 | &nbsp;&nbsp; **1565635**<br> <sup>(a)</sup><br>|
| **Media 3.8%** | **Media 3.8%** | **Media 3.8%** | **Media 3.8%** |
|  | 280000 | Cable One, Inc., 4.00%, due 11/15/2030 | &nbsp;&nbsp; 221203<br> <sup>(a)</sup><br>|
|  |  | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
|  | 1945000 | 5.00%, due 2/1/2028 | &nbsp;&nbsp; 1925479<br> <sup>(a)</sup><br>|
|  | 1175000 | 6.38%, due 9/1/2029 | &nbsp;&nbsp; 1184247<br> <sup>(a)</sup><br>|
|  | 1165000 | 4.75%, due 3/1/2030 | &nbsp;&nbsp; 1107758<br> <sup>(a)</sup><br>|
|  | 1725000 | 4.25%, due 2/1/2031 | &nbsp;&nbsp; 1561329<br> <sup>(a)</sup><br>|
|  | 585000 | 7.38%, due 3/1/2031 | &nbsp;&nbsp; 593798<br> <sup>(a)</sup><br>|
|  | 220000 | 4.75%, due 2/1/2032 | &nbsp;&nbsp; 199170<br> <sup>(a)</sup><br>|
|  | 1325000 | 4.50%, due 5/1/2032 | &nbsp;&nbsp; 1178468 |
|  | 785000 | 4.50%, due 6/1/2033 | &nbsp;&nbsp; 680592<br> <sup>(a)</sup><br>|
|  | 895000 | 4.25%, due 1/15/2034 | &nbsp;&nbsp; 751553<br> <sup>(a)</sup><br>|
|  |  | CSC Holdings LLC |  |
|  | 960000 | 5.50%, due 4/15/2027 | &nbsp;&nbsp; 890769<br> <sup>(a)</sup><br>|
|  | 865000 | 5.38%, due 2/1/2028 | &nbsp;&nbsp; 717321<br> <sup>(a)</sup><br>|
|  | 1090000 | 7.50%, due 4/1/2028 | &nbsp;&nbsp; 731728<br> <sup>(a)</sup><br>|
|  | 890000 | 11.25%, due 5/15/2028 | &nbsp;&nbsp; 780871<br> <sup>(a)</sup><br>|
|  | 1485000 | 11.75%, due 1/31/2029 | &nbsp;&nbsp; 1173091<br> <sup>(a)</sup><br>|
|  | 570000 | 6.50%, due 2/1/2029 | &nbsp;&nbsp; 392035<br> <sup>(a)</sup><br>|
|  | 1455000 | 5.75%, due 1/15/2030 | &nbsp;&nbsp; 545241<br> <sup>(a)</sup><br>|
|  | 415000 | 4.50%, due 11/15/2031 | &nbsp;&nbsp; 254210<br> <sup>(a)</sup><br>|
|  | 665000 | Discovery Communications LLC, 4.13%, due 5/15/2029 | &nbsp;&nbsp; 643294 |
|  |  | DISH DBS Corp. |  |
|  | 900000 | 7.38%, due 7/1/2028 | &nbsp;&nbsp; 840978 |
|  | 1050000 | 5.75%, due 12/1/2028 | &nbsp;&nbsp; 1008911<br> <sup>(a)</sup><br>|
|  | 765000 | 5.13%, due 6/1/2029 | &nbsp;&nbsp; 660407 |
|  |  | McGraw-Hill Education, Inc. |  |
|  | 285000 | 8.00%, due 8/1/2029 | &nbsp;&nbsp; 287269<br> <sup>(a)</sup><br>|
|  | 825000 | 7.38%, due 9/1/2031 | &nbsp;&nbsp; 846655<br> <sup>(a)</sup><br>|
|  | 1680000 | Midcontinent Communications, 8.00%, due 8/15/2032 | &nbsp;&nbsp; 1711233<br> <sup>(a)</sup><br>|
|  | 545000 | Sirius XM Radio LLC, 5.50%, due 7/1/2029 | &nbsp;&nbsp; 545763<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **21433373** |
| **Mining 2.3%** | **Mining 2.3%** | **Mining 2.3%** | **Mining 2.3%** |
|  | 1925000 | Capstone Copper Corp., 6.75%, due 3/31/2033 | &nbsp;&nbsp; 1991903<br> <sup>(a)</sup><br>|
|  | 1545000 | Century Aluminum Co., 6.88%, due 8/1/2032 | &nbsp;&nbsp; 1588379<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Mining – cont'd** | **Mining – cont'd** | **Mining – cont'd** | **Mining – cont'd** |
|  |  | First Quantum Minerals Ltd. |  |
| $| 1080000 | 8.00%, due 3/1/2033 | &nbsp;&nbsp; $1147806<br> <sup>(a)</sup><br>|
|  | 870000 | 7.25%, due 2/15/2034 | &nbsp;&nbsp; 903504<br> <sup>(a)</sup><br>|
|  | 1125000 | Fortescue Treasury Pty. Ltd., 6.13%, due 4/15/2032 | &nbsp;&nbsp; 1173914<br> <sup>(a)</sup><br>|
|  | 1915000 | Kaiser Aluminum Corp., 5.88%, due 3/1/2034 | &nbsp;&nbsp; 1907999<br> <sup>(a)(d)</sup><br>|
|  |  | Novelis Corp. |  |
|  | 1035000 | 4.75%, due 1/30/2030 | &nbsp;&nbsp; 1000409<br> <sup>(a)</sup><br>|
|  | 1755000 | 6.88%, due 1/30/2030 | &nbsp;&nbsp; 1821764<br> <sup>(a)</sup><br>|
|  | 1545000 | Taseko Mines Ltd., 8.25%, due 5/1/2030 | &nbsp;&nbsp; 1633470<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **13169148** |
| **Miscellaneous Manufacturer 1.0%** | **Miscellaneous Manufacturer 1.0%** | **Miscellaneous Manufacturer 1.0%** | **Miscellaneous Manufacturer 1.0%** |
|  | 2390000 | Amsted Industries, Inc., 6.38%, due 3/15/2033 | &nbsp;&nbsp; 2473495<br> <sup>(a)</sup><br>|
|  | 1730000 | Calderys Financing II LLC, 11.75% Cash/12.50% PIK, due 6/1/2028 | &nbsp;&nbsp; 1794706<br> <sup>(a)(c)</sup><br>|
|  | 1170000 | Enpro, Inc., 6.13%, due 6/1/2033 | &nbsp;&nbsp; 1196870<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **5465071** |
| **Oil & Gas 5.3%** | **Oil & Gas 5.3%** | **Oil & Gas 5.3%** | **Oil & Gas 5.3%** |
|  |  | Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |
|  | 1330000 | 5.88%, due 6/30/2029 | &nbsp;&nbsp; 1326102<br> <sup>(a)</sup><br>|
|  | 985000 | 6.63%, due 10/15/2032 | &nbsp;&nbsp; 1004500<br> <sup>(a)</sup><br>|
|  | 400000 | 6.63%, due 7/15/2033 | &nbsp;&nbsp; 407151<br> <sup>(a)</sup><br>|
|  | 1635000 | BKV Upstream Midstream LLC, 7.50%, due 10/15/2030 | &nbsp;&nbsp; 1637488<br> <sup>(a)</sup><br>|
|  | 555000 | California Resources Corp., 7.00%, due 1/15/2034 | &nbsp;&nbsp; 552530<br> <sup>(a)</sup><br>|
|  | 1930000 | Caturus Energy LLC, 8.50%, due 2/15/2030 | &nbsp;&nbsp; 1967330<br> <sup>(a)</sup><br>|
|  |  | Civitas Resources, Inc. |  |
|  | 990000 | 8.38%, due 7/1/2028 | &nbsp;&nbsp; 1022902<br> <sup>(a)</sup><br>|
|  | 595000 | 8.63%, due 11/1/2030 | &nbsp;&nbsp; 615137<br> <sup>(a)</sup><br>|
|  | 665000 | 9.63%, due 6/15/2033 | &nbsp;&nbsp; 713438<br> <sup>(a)</sup><br>|
|  |  | Comstock Resources, Inc. |  |
|  | 765000 | 6.75%, due 3/1/2029 | &nbsp;&nbsp; 758375<br> <sup>(a)</sup><br>|
|  | 2525000 | 5.88%, due 1/15/2030 | &nbsp;&nbsp; 2403065<br> <sup>(a)</sup><br>|
|  |  | Crescent Energy Finance LLC |  |
|  | 525000 | 7.63%, due 4/1/2032 | &nbsp;&nbsp; 509010<br> <sup>(a)</sup><br>|
|  | 770000 | 7.38%, due 1/15/2033 | &nbsp;&nbsp; 727252<br> <sup>(a)</sup><br>|
|  | 685000 | 8.38%, due 1/15/2034 | &nbsp;&nbsp; 669978<br> <sup>(a)</sup><br>|
|  |  | Hilcorp Energy I LP/Hilcorp Finance Co. |  |
|  | 495000 | 6.25%, due 11/1/2028 | &nbsp;&nbsp; 495832<br> <sup>(a)</sup><br>|
|  | 492000 | 5.75%, due 2/1/2029 | &nbsp;&nbsp; 482803<br> <sup>(a)</sup><br>|
|  | 1210000 | 6.00%, due 4/15/2030 | &nbsp;&nbsp; 1179943<br> <sup>(a)</sup><br>|
|  | 478000 | 6.00%, due 2/1/2031 | &nbsp;&nbsp; 452580<br> <sup>(a)</sup><br>|
|  | 330000 | 8.38%, due 11/1/2033 | &nbsp;&nbsp; 341368<br> <sup>(a)</sup><br>|
|  | 785000 | 7.25%, due 2/15/2035 | &nbsp;&nbsp; 756174<br> <sup>(a)</sup><br>|
|  |  | Matador Resources Co. |  |
|  | 1035000 | 6.50%, due 4/15/2032 | &nbsp;&nbsp; 1044538<br> <sup>(a)</sup><br>|
|  | 370000 | 6.25%, due 4/15/2033 | &nbsp;&nbsp; 369453<br> <sup>(a)</sup><br>|
|  | 1035000 | Noble Finance II LLC, 8.00%, due 4/15/2030 | &nbsp;&nbsp; 1074167<br> <sup>(a)</sup><br>|
|  | 1080000 | Northern Oil & Gas, Inc., 7.88%, due 10/15/2033 | &nbsp;&nbsp; 1051923<br> <sup>(a)</sup><br>|
|  |  | Permian Resources Operating LLC |  |
|  | 1565000 | 7.00%, due 1/15/2032 | &nbsp;&nbsp; 1623614<br> <sup>(a)</sup><br>|
|  | 1295000 | 6.25%, due 2/1/2033 | &nbsp;&nbsp; 1317573<br> <sup>(a)</sup><br>|
|  | 730000 | SM Energy Co., 7.00%, due 8/1/2032 | &nbsp;&nbsp; 714134<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Oil & Gas – cont'd** | **Oil & Gas – cont'd** | **Oil & Gas – cont'd** | **Oil & Gas – cont'd** |
| $| 2025000 | TGNR Intermediate Holdings LLC, 5.50%, due 10/15/2029 | &nbsp;&nbsp; $1963118<br> <sup>(a)</sup><br>|
|  |  | Transocean International Ltd. |  |
|  | 845000 | 8.25%, due 5/15/2029 | &nbsp;&nbsp; 849947<br> <sup>(a)</sup><br>|
|  | 845000 | 8.50%, due 5/15/2031 | &nbsp;&nbsp; 838928<br> <sup>(a)</sup><br>|
|  | 1065000 | 7.88%, due 10/15/2032 | &nbsp;&nbsp; 1096789<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **29967142** |
| **Oil & Gas Services 1.9%** | **Oil & Gas Services 1.9%** | **Oil & Gas Services 1.9%** | **Oil & Gas Services 1.9%** |
|  | 1260000 | Archrock Partners LP/Archrock Partners Finance Corp., 6.63%, due 9/1/2032 | &nbsp;&nbsp; 1294955<br> <sup>(a)</sup><br>|
|  |  | Kodiak Gas Services LLC |  |
|  | 1250000 | 6.50%, due 10/1/2033 | &nbsp;&nbsp; 1280922<br> <sup>(a)</sup><br>|
|  | 1245000 | 6.75%, due 10/1/2035 | &nbsp;&nbsp; 1282120<br> <sup>(a)</sup><br>|
|  | 2425000 | Star Holding LLC, 8.75%, due 8/1/2031 | &nbsp;&nbsp; 2343866<br> <sup>(a)</sup><br>|
|  |  | USA Compression Partners LP/USA Compression Finance Corp. |  |
|  | 1380000 | 7.13%, due 3/15/2029 | &nbsp;&nbsp; 1425319<br> <sup>(a)</sup><br>|
|  | 995000 | 6.25%, due 10/1/2033 | &nbsp;&nbsp; 998820<br> <sup>(a)</sup><br>|
|  |  | WBI Operating LLC |  |
|  | 1200000 | 6.25%, due 10/15/2030 | &nbsp;&nbsp; 1198860<br> <sup>(a)</sup><br>|
|  | 875000 | 6.50%, due 10/15/2033 | &nbsp;&nbsp; 874886<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **10699748** |
| **Packaging & Containers 2.9%** | **Packaging & Containers 2.9%** | **Packaging & Containers 2.9%** | **Packaging & Containers 2.9%** |
|  | 2490000 | &nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, due <br> 9/1/2029<br>| &nbsp;&nbsp; 2321452<br> <sup>(a)</sup><br>|
|  |  | Clydesdale Acquisition Holdings, Inc. |  |
|  | 430000 | 6.88%, due 1/15/2030 | &nbsp;&nbsp; 434294<br> <sup>(a)</sup><br>|
|  | 320000 | 8.75%, due 4/15/2030 | &nbsp;&nbsp; 320654<br> <sup>(a)</sup><br>|
|  | 555000 | 6.75%, due 4/15/2032 | &nbsp;&nbsp; 556886<br> <sup>(a)</sup><br>|
|  | 1200000 | Graham Packaging Co., Inc., 7.13%, due 8/15/2028 | &nbsp;&nbsp; 1194361<br> <sup>(a)</sup><br>|
|  |  | Mauser Packaging Solutions Holding Co. |  |
|  | 1380000 | 7.88%, due 4/15/2027 | &nbsp;&nbsp; 1383625<br> <sup>(a)</sup><br>|
|  | 3065000 | 9.25%, due 4/15/2027 | &nbsp;&nbsp; 3026413<br> <sup>(a)</sup><br>|
|  | 1535000 | Sealed Air Corp., 6.50%, due 7/15/2032 | &nbsp;&nbsp; 1588418<br> <sup>(a)</sup><br>|
|  | 1080000 | Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, due 2/15/2031 | &nbsp;&nbsp; 1133701<br> <sup>(a)</sup><br>|
|  | 625000 | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, due 5/15/2030 | &nbsp;&nbsp; 585990<br> <sup>(a)</sup><br>|
|  | 1300000 | Trident TPI Holdings, Inc., 12.75%, due 12/31/2028 | &nbsp;&nbsp; 1387598<br> <sup>(a)</sup><br>|
|  |  | Trivium Packaging Finance BV |  |
|  | 1020000 | 8.25%, due 7/15/2030 | &nbsp;&nbsp; 1056694<br> <sup>(a)</sup><br>|
|  | 1265000 | 12.25%, due 1/15/2031 | &nbsp;&nbsp; 1319784<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **16309870** |
| **Pharmaceuticals 1.4%** | **Pharmaceuticals 1.4%** | **Pharmaceuticals 1.4%** | **Pharmaceuticals 1.4%** |
|  | 2850000 | 1261229 BC Ltd., 10.00%, due 4/15/2032 | &nbsp;&nbsp; 2979132<br> <sup>(a)</sup><br>|
|  | 520000 | AdaptHealth LLC, 6.13%, due 8/1/2028 | &nbsp;&nbsp; 519814<br> <sup>(a)</sup><br>|
|  | 140000 | Bausch Health Americas, Inc., 8.50%, due 1/31/2027 | &nbsp;&nbsp; 139388<br> <sup>(a)</sup><br>|
|  |  | Bausch Health Cos., Inc. |  |
|  | 1045000 | 5.00%, due 1/30/2028 | &nbsp;&nbsp; 915033<br> <sup>(a)</sup><br>|
|  | 1795000 | 4.88%, due 6/1/2028 | &nbsp;&nbsp; 1633450<br> <sup>(a)</sup><br>|
|  | 25000 | 11.00%, due 9/30/2028 | &nbsp;&nbsp; 26206<br> <sup>(a)</sup><br>|
|  | 620000 | 5.00%, due 2/15/2029 | &nbsp;&nbsp; 482562<br> <sup>(a)</sup><br>|
|  | 345000 | 5.25%, due 1/30/2030 | &nbsp;&nbsp; 248450<br> <sup>(a)</sup><br>|
|  | 395000 | 5.25%, due 2/15/2031 | &nbsp;&nbsp; 266155<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Pharmaceuticals – cont'd** | **Pharmaceuticals – cont'd** | **Pharmaceuticals – cont'd** | **Pharmaceuticals – cont'd** |
| $| 820000 | Grifols SA, 4.75%, due 10/15/2028 | &nbsp;&nbsp; $792892<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **8003082** |
| **Pipelines 7.4%** | **Pipelines 7.4%** | **Pipelines 7.4%** | **Pipelines 7.4%** |
|  | 2190000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., 6.63%, due 2/1/2032 | &nbsp;&nbsp; 2267270<br> <sup>(a)</sup><br>|
|  | 1765000 | Buckeye Partners LP, 6.75%, due 2/1/2030 | &nbsp;&nbsp; 1842097<br> <sup>(a)</sup><br>|
|  | 765000 | CQP Holdco LP/BIP-V Chinook Holdco LLC, 7.50%, due 12/15/2033 | &nbsp;&nbsp; 827696<br> <sup>(a)</sup><br>|
|  |  | Energy Transfer LP |  |
|  | 315000 | 8.00%, due 5/15/2054 | &nbsp;&nbsp; 336268<br> <sup>(e)</sup><br>|
|  | 165000 | 7.13%, due 10/1/2054 | &nbsp;&nbsp; 170526<br> <sup>(e)</sup><br>|
|  | 775000 | 6.50%, due 2/15/2056 | &nbsp;&nbsp; 767981<br> <sup>(e)</sup><br>|
|  | 595000 | 6.75%, due 2/15/2056 | &nbsp;&nbsp; 596843<br> <sup>(e)</sup><br>|
|  | 2270000 | Excelerate Energy LP, 8.00%, due 5/15/2030 | &nbsp;&nbsp; 2396634<br> <sup>(a)</sup><br>|
|  |  | Genesis Energy LP/Genesis Energy Finance Corp. |  |
|  | 1415000 | 8.25%, due 1/15/2029 | &nbsp;&nbsp; 1478387 |
|  | 822000 | 7.88%, due 5/15/2032 | &nbsp;&nbsp; 846650 |
|  | 610000 | 8.00%, due 5/15/2033 | &nbsp;&nbsp; 630014 |
|  | 1960000 | Global Partners LP/GLP Finance Corp., 7.13%, due 7/1/2033 | &nbsp;&nbsp; 1987755<br> <sup>(a)</sup><br>|
|  | 1865000 | Golar LNG Ltd., 7.50%, due 10/2/2030 | &nbsp;&nbsp; 1843597<br> <sup>(a)</sup><br>|
|  | 2230000 | Harvest Midstream I LP, 7.50%, due 9/1/2028 | &nbsp;&nbsp; 2254430<br> <sup>(a)</sup><br>|
|  |  | Howard Midstream Energy Partners LLC |  |
|  | 2090000 | 7.38%, due 7/15/2032 | &nbsp;&nbsp; 2190034<br> <sup>(a)</sup><br>|
|  | 530000 | 6.63%, due 1/15/2034 | &nbsp;&nbsp; 546173<br> <sup>(a)</sup><br>|
|  | 1300000 | ITT Holdings LLC, 6.50%, due 8/1/2029 | &nbsp;&nbsp; 1259144<br> <sup>(a)</sup><br>|
|  | 470000 | Kinetik Holdings LP, 5.88%, due 6/15/2030 | &nbsp;&nbsp; 473513<br> <sup>(a)</sup><br>|
|  | 1885000 | NGL Energy Operating LLC/NGL Energy Finance Corp., 8.13%, due 2/15/2029 | &nbsp;&nbsp; 1929663<br> <sup>(a)</sup><br>|
|  | 605000 | Northriver Midstream Finance LP, 6.75%, due 7/15/2032 | &nbsp;&nbsp; 616534<br> <sup>(a)</sup><br>|
|  |  | Rockies Express Pipeline LLC |  |
|  | 1080000 | 6.75%, due 3/15/2033 | &nbsp;&nbsp; 1130373<br> <sup>(a)</sup><br>|
|  | 570000 | 7.50%, due 7/15/2038 | &nbsp;&nbsp; 618146<br> <sup>(a)</sup><br>|
|  | 980000 | 6.88%, due 4/15/2040 | &nbsp;&nbsp; 1010427<br> <sup>(a)</sup><br>|
|  |  | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |
|  | 775000 | 7.38%, due 2/15/2029 | &nbsp;&nbsp; 797859<br> <sup>(a)</sup><br>|
|  | 460000 | 6.00%, due 12/31/2030 | &nbsp;&nbsp; 456487<br> <sup>(a)</sup><br>|
|  | 165000 | 6.00%, due 9/1/2031 | &nbsp;&nbsp; 162219<br> <sup>(a)</sup><br>|
|  | 1570000 | 6.75%, due 3/15/2034 | &nbsp;&nbsp; 1557927<br> <sup>(a)</sup><br>|
|  | 1145000 | TransMontaigne Partners LLC, 8.50%, due 6/15/2030 | &nbsp;&nbsp; 1197842<br> <sup>(a)</sup><br>|
|  |  | Venture Global LNG, Inc. |  |
|  | 1215000 | 8.13%, due 6/1/2028 | &nbsp;&nbsp; 1251602<br> <sup>(a)</sup><br>|
|  | 1305000 | 9.50%, due 2/1/2029 | &nbsp;&nbsp; 1404523<br> <sup>(a)</sup><br>|
|  | 760000 | 7.00%, due 1/15/2030 | &nbsp;&nbsp; 769105<br> <sup>(a)</sup><br>|
|  | 920000 | 8.38%, due 6/1/2031 | &nbsp;&nbsp; 944505<br> <sup>(a)</sup><br>|
|  | 1065000 | 9.88%, due 2/1/2032 | &nbsp;&nbsp; 1137582<br> <sup>(a)</sup><br>|
|  |  | Venture Global Plaquemines LNG LLC |  |
|  | 872000 | 7.50%, due 5/1/2033 | &nbsp;&nbsp; 958937<br> <sup>(a)</sup><br>|
|  | 865000 | 6.50%, due 1/15/2034 | &nbsp;&nbsp; 906047<br> <sup>(a)</sup><br>|
|  | 873000 | 7.75%, due 5/1/2035 | &nbsp;&nbsp; 985104<br> <sup>(a)</sup><br>|
|  | 870000 | 6.75%, due 1/15/2036 | &nbsp;&nbsp; 921426<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **41471320** |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
|  | 540000 | Greystar Real Estate Partners LLC, 7.75%, due 9/1/2030 | &nbsp;&nbsp; **570997**<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Real Estate Investment Trusts 3.6%** | **Real Estate Investment Trusts 3.6%** | **Real Estate Investment Trusts 3.6%** |
| $1185000 | Arbor Realty SR, Inc., 7.88%, due 7/15/2030 | &nbsp;&nbsp; $1205820<br> <sup>(a)</sup><br>|
| 1680000 | Blackstone Mortgage Trust, Inc., 7.75%, due 12/1/2029 | &nbsp;&nbsp; 1770429<br> <sup>(a)</sup><br>|
|  | Brandywine Operating Partnership LP |  |
| 1135000 | 8.88%, due 4/12/2029 | &nbsp;&nbsp; 1232956 |
| 480000 | 6.13%, due 1/15/2031 | &nbsp;&nbsp; 482102 |
| 1315000 | &nbsp;&nbsp; EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM, 7.38%, due <br> 9/30/2030<br>| &nbsp;&nbsp; 1318432<br> <sup>(a)</sup><br>|
| 1655000 | Global Net Lease, Inc., 4.50%, due 9/30/2028 | &nbsp;&nbsp; 1623122<br> <sup>(a)</sup><br>|
| 85000 | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, due 7/15/2031 | &nbsp;&nbsp; 89279<br> <sup>(a)</sup><br>|
|  | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |  |
| 1240000 | 5.88%, due 10/1/2028 | &nbsp;&nbsp; 1238892<br> <sup>(a)</sup><br>|
| 1140000 | 7.00%, due 2/1/2030 | &nbsp;&nbsp; 1167440<br> <sup>(a)</sup><br>|
| 995000 | Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, due 10/15/2029 | &nbsp;&nbsp; 1004500<br> <sup>(a)</sup><br>|
| 1030000 | RHP Hotel Properties LP/RHP Finance Corp., 6.50%, due 6/15/2033 | &nbsp;&nbsp; 1063081<br> <sup>(a)</sup><br>|
| 685000 | Rithm Capital Corp., 8.00%, due 7/15/2030 | &nbsp;&nbsp; 694369<br> <sup>(a)</sup><br>|
| 1795000 | RLJ Lodging Trust LP, 4.00%, due 9/15/2029 | &nbsp;&nbsp; 1695062<br> <sup>(a)</sup><br>|
| 955000 | Service Properties Trust, 8.63%, due 11/15/2031 | &nbsp;&nbsp; 1007369<br> <sup>(a)</sup><br>|
|  | Starwood Property Trust, Inc. |  |
| 920000 | 5.25%, due 10/15/2028 | &nbsp;&nbsp; 923333<br> <sup>(a)</sup><br>|
| 300000 | 7.25%, due 4/1/2029 | &nbsp;&nbsp; 315964<br> <sup>(a)</sup><br>|
| 1470000 | 6.50%, due 7/1/2030 | &nbsp;&nbsp; 1528879<br> <sup>(a)</sup><br>|
| 915000 | 6.50%, due 10/15/2030 | &nbsp;&nbsp; 951991<br> <sup>(a)</sup><br>|
| 1130000 | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 6.50%, due 2/15/2029 | &nbsp;&nbsp; 1057596<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **20370616** |
| **Retail 3.1%** | **Retail 3.1%** | **Retail 3.1%** |
|  | Bath & Body Works, Inc. |  |
| 1180000 | 6.63%, due 10/1/2030 | &nbsp;&nbsp; 1212848<br> <sup>(a)</sup><br>|
| 420000 | 6.95%, due 3/1/2033 | &nbsp;&nbsp; 434870 |
| 460000 | 6.88%, due 11/1/2035 | &nbsp;&nbsp; 480927 |
| 1930000 | Cougar JV Subsidiary LLC, 8.00%, due 5/15/2032 | &nbsp;&nbsp; 2056963<br> <sup>(a)</sup><br>|
| 975000 | Group 1 Automotive, Inc., 6.38%, due 1/15/2030 | &nbsp;&nbsp; 994509<br> <sup>(a)</sup><br>|
| 1175000 | LCM Investments Holdings II LLC, 8.25%, due 8/1/2031 | &nbsp;&nbsp; 1236262<br> <sup>(a)</sup><br>|
|  | Michaels Cos., Inc. |  |
| 670000 | 5.25%, due 5/1/2028 | &nbsp;&nbsp; 625633<br> <sup>(a)</sup><br>|
| 760000 | 7.88%, due 5/1/2029 | &nbsp;&nbsp; 666900<br> <sup>(a)</sup><br>|
| 1710000 | Patrick Industries, Inc., 6.38%, due 11/1/2032 | &nbsp;&nbsp; 1743511<br> <sup>(a)</sup><br>|
|  | PetSmart LLC/PetSmart Finance Corp. |  |
| 1540000 | 7.50%, due 9/15/2032 | &nbsp;&nbsp; 1536073<br> <sup>(a)</sup><br>|
| 895000 | 10.00%, due 9/15/2033 | &nbsp;&nbsp; 898787<br> <sup>(a)</sup><br>|
| 2585000 | QXO Building Products, Inc., 6.75%, due 4/30/2032 | &nbsp;&nbsp; 2676129<br> <sup>(a)</sup><br>|
| 1600000 | White Cap Buyer LLC, 6.88%, due 10/15/2028 | &nbsp;&nbsp; 1600015<br> <sup>(a)</sup><br>|
| 1225000 | White Cap Supply Holdings LLC, 7.38%, due 11/15/2030 | &nbsp;&nbsp; 1239152<br> <sup>(a)(d)</sup><br>|
|  |  | &nbsp;&nbsp; **17402579** |
| **Semiconductors 0.4%** | **Semiconductors 0.4%** | **Semiconductors 0.4%** |
| 2215000 | Amkor Technology, Inc., 5.88%, due 10/1/2033 | &nbsp;&nbsp; **2253277**<br> <sup>(a)</sup><br>|
| **Software 2.6%** | **Software 2.6%** | **Software 2.6%** |
| 2325000 | AthenaHealth Group, Inc., 6.50%, due 2/15/2030 | &nbsp;&nbsp; 2276090<br> <sup>(a)</sup><br>|
| 2085000 | Capstone Borrower, Inc., 8.00%, due 6/15/2030 | &nbsp;&nbsp; 2127205<br> <sup>(a)</sup><br>|
|  | Cloud Software Group, Inc. |  |
| 2255000 | 6.50%, due 3/31/2029 | &nbsp;&nbsp; 2272021<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Software – cont'd** | **Software – cont'd** | **Software – cont'd** | **Software – cont'd** |
| $| 1310000 | 9.00%, due 9/30/2029 | &nbsp;&nbsp; $1354985<br> <sup>(a)</sup><br>|
|  | 955000 | 8.25%, due 6/30/2032 | &nbsp;&nbsp; 1003527<br> <sup>(a)</sup><br>|
|  | 530000 | 6.63%, due 8/15/2033 | &nbsp;&nbsp; 531214<br> <sup>(a)</sup><br>|
|  | 885000 | Ellucian Holdings, Inc., 6.50%, due 12/1/2029 | &nbsp;&nbsp; 895679<br> <sup>(a)</sup><br>|
|  | 1180000 | Fair Isaac Corp., 6.00%, due 5/15/2033 | &nbsp;&nbsp; 1201117<br> <sup>(a)</sup><br>|
|  | 709825 | Rackspace Finance LLC, 3.50%, due 5/15/2028 | &nbsp;&nbsp; 276832<br> <sup>(a)</sup><br>|
|  | 2650000 | UKG, Inc., 6.88%, due 2/1/2031 | &nbsp;&nbsp; 2727799<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **14666469** |
| **Telecommunications 5.1%** | **Telecommunications 5.1%** | **Telecommunications 5.1%** | **Telecommunications 5.1%** |
|  |  | Altice Financing SA |  |
|  | 400000 | 5.00%, due 1/15/2028 | &nbsp;&nbsp; 298124<br> <sup>(a)</sup><br>|
|  | 685000 | 5.75%, due 8/15/2029 | &nbsp;&nbsp; 498351<br> <sup>(a)</sup><br>|
|  |  | Altice France SA |  |
|  | 523668 | 9.50%, due 11/1/2029 | &nbsp;&nbsp; 533550<br> <sup>(a)</sup><br>|
|  | 1162851 | 6.88%, due 10/15/2030 | &nbsp;&nbsp; 1137230<br> <sup>(a)</sup><br>|
|  | 1016532 | 6.88%, due 7/15/2032 | &nbsp;&nbsp; 975966<br> <sup>(a)</sup><br>|
|  |  | Bell Telephone Co. of Canada or Bell Canada |  |
|  | 410000 | 6.88%, due 9/15/2055 | &nbsp;&nbsp; 427876<br> <sup>(e)</sup><br>|
|  | 1610000 | 7.00%, due 9/15/2055 | &nbsp;&nbsp; 1692178<br> <sup>(e)</sup><br>|
|  | 1955000 | CommScope LLC, 9.50%, due 12/15/2031 | &nbsp;&nbsp; 1991385<br> <sup>(a)</sup><br>|
|  |  | EchoStar Corp. |  |
|  | 2315000 | 10.75%, due 11/30/2029 | &nbsp;&nbsp; 2548524 |
|  | 1534264 | 6.75% Cash/6.75% PIK, due 11/30/2030 | &nbsp;&nbsp; 1583222<br> <sup>(c)</sup><br>|
|  |  | Fibercop SpA |  |
|  | 1004000 | 6.38%, due 11/15/2033 | &nbsp;&nbsp; 990707<br> <sup>(a)</sup><br>|
|  | 430000 | 6.00%, due 9/30/2034 | &nbsp;&nbsp; 404977<br> <sup>(a)</sup><br>|
|  | 979000 | 7.20%, due 7/18/2036 | &nbsp;&nbsp; 989270<br> <sup>(a)</sup><br>|
|  | 239000 | 7.72%, due 6/4/2038 | &nbsp;&nbsp; 241963<br> <sup>(a)</sup><br>|
|  |  | Iliad Holding SAS |  |
|  | 815000 | 7.00%, due 10/15/2028 | &nbsp;&nbsp; 827144<br> <sup>(a)</sup><br>|
|  | 560000 | 7.00%, due 4/15/2032 | &nbsp;&nbsp; 573088<br> <sup>(a)</sup><br>|
|  |  | Level 3 Financing, Inc. |  |
|  | 555000 | 4.88%, due 6/15/2029 | &nbsp;&nbsp; 530719<br> <sup>(a)</sup><br>|
|  | 455000 | 3.75%, due 7/15/2029 | &nbsp;&nbsp; 401538<br> <sup>(a)</sup><br>|
|  | 755000 | 4.50%, due 4/1/2030 | &nbsp;&nbsp; 697431<br> <sup>(a)</sup><br>|
|  | 675000 | 6.88%, due 6/30/2033 | &nbsp;&nbsp; 691394<br> <sup>(a)</sup><br>|
|  | 2115000 | 7.00%, due 3/31/2034 | &nbsp;&nbsp; 2172957<br> <sup>(a)</sup><br>|
|  | 450000 | Lumen Technologies, Inc., 4.50%, due 1/15/2029 | &nbsp;&nbsp; 416250<br> <sup>(a)</sup><br>|
|  |  | Rogers Communications, Inc. |  |
|  | 470000 | 7.00%, due 4/15/2055 | &nbsp;&nbsp; 491413<br> <sup>(e)</sup><br>|
|  | 1780000 | 7.13%, due 4/15/2055 | &nbsp;&nbsp; 1905162<br> <sup>(e)</sup><br>|
|  | 560000 | SoftBank Group Corp., 7.25%, due 7/10/2032 | &nbsp;&nbsp; 582679<br> <sup>(g)</sup><br>|
|  | 900000 | Vmed O2 U.K. Financing I PLC, 4.75%, due 7/15/2031 | &nbsp;&nbsp; 832946<br> <sup>(a)</sup><br>|
|  | 1130000 | Windstream Services LLC, 7.50%, due 10/15/2033 | &nbsp;&nbsp; 1127955<br> <sup>(a)</sup><br>|
|  | 1695000 | Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, due 10/1/2031 | &nbsp;&nbsp; 1730842<br> <sup>(a)</sup><br>|
|  | 1637161 | Zayo Group Holdings, Inc., 9.25%, due 3/9/2030 | &nbsp;&nbsp; 1556678<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **28851519** |
| **Transportation 0.5%** | **Transportation 0.5%** | **Transportation 0.5%** | **Transportation 0.5%** |
|  | 2725000 | XPO, Inc., 7.13%, due 2/1/2032 | &nbsp;&nbsp; **2865610**<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Trucking & Leasing 0.3%** | **Trucking & Leasing 0.3%** | **Trucking & Leasing 0.3%** |
|  | FTAI Aviation Investors LLC |  |
| $300000 | 7.88%, due 12/1/2030 | &nbsp;&nbsp; $318822<br> <sup>(a)</sup><br>|
| 1345000 | 7.00%, due 5/1/2031 | &nbsp;&nbsp; 1409495<br> <sup>(a)</sup><br>|
| 55000 | 7.00%, due 6/15/2032 | &nbsp;&nbsp; 57605<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **1785922** |
| **Total Corporate Bonds (Cost $520,245,876)** | **Total Corporate Bonds (Cost $520,245,876)** | &nbsp;&nbsp; **532402753** |
| **Loan Assignments**<sup>(b)</sup> **1.5%** | **Loan Assignments**<sup>(b)</sup> **1.5%** | **Loan Assignments**<sup>(b)</sup> **1.5%** |
| **Capital Markets 0.1%** | **Capital Markets 0.1%** | **Capital Markets 0.1%** |
| 750606 | &nbsp;&nbsp; Galaxy U.S. Opco, Inc., Term Loan, (3 mo. USD Term SOFR + 2.00%, 3 mo. USD Term SOFR + <br> 3.75%), 3.75% – 5.84%, due 7/31/2030<br>| &nbsp;&nbsp; **676018**<br> <sup>(h)</sup><br>|
| **Commercial Services & Supplies 0.2%** | **Commercial Services & Supplies 0.2%** | **Commercial Services & Supplies 0.2%** |
| 1057567 | Crash Champions LLC, Term Loan B, (3 mo. USD Term SOFR + 4.75%), 8.95%, due 2/23/2029 | &nbsp;&nbsp; **975934** |
| **Health Care Providers & Services 0.7%** | **Health Care Providers & Services 0.7%** | **Health Care Providers & Services 0.7%** |
| 1180000 | Aveanna Healthcare LLC, Term Loan B, (1 mo. USD Term SOFR + 3.75%), 7.71%, due 9/17/2032 | &nbsp;&nbsp; 1182277 |
|  | National Mentor Holdings, Inc. |  |
| 932136 | &nbsp;&nbsp; Term Loan, (1 mo. USD Term SOFR + 3.75%, 3 mo. USD Term SOFR + 3.75%), 7.81% – 7.85%, <br> due 3/2/2028<br>| &nbsp;&nbsp; 903128<br> <sup>(h)</sup><br>|
| 27219 | Term Loan C, (3 mo. USD Term SOFR + 3.75%), 7.85%, due 3/2/2028 | &nbsp;&nbsp; 26372 |
| 1871690 | Star Parent, Inc., Term Loan B, (3 mo. USD Term SOFR + 4.00%), 8.00%, due 9/27/2030 | &nbsp;&nbsp; 1874198 |
|  |  | &nbsp;&nbsp; **3985975** |
| **Hotels, Restaurants & Leisure 0.2%** | **Hotels, Restaurants & Leisure 0.2%** | **Hotels, Restaurants & Leisure 0.2%** |
| 1245000 | &nbsp;&nbsp; Catawba Nation Gaming Authority, Term Loan B, (1 mo. USD Term SOFR + 4.75%), 8.71%, due <br> 3/29/2032<br>| &nbsp;&nbsp; **1270684** |
| **IT Services 0.1%** | **IT Services 0.1%** | **IT Services 0.1%** |
| 772106 | &nbsp;&nbsp; Rackspace Finance LLC, First Lien Term Loan, (1 mo. USD Term SOFR + 6.25%), 10.41%, due <br> 5/15/2028<br>| &nbsp;&nbsp; **782723** |
| **Machinery 0.1%** | **Machinery 0.1%** | **Machinery 0.1%** |
| 628762 | &nbsp;&nbsp; Engineered Machinery Holdings, Inc., Second Lien Term Loan, (3 mo. USD Term SOFR + 6.00%), <br> 10.26%, due 5/21/2029<br>| &nbsp;&nbsp; **628762** |
| **Media 0.1%** | **Media 0.1%** | **Media 0.1%** |
| 368388 | Neptune Bidco U.S., Inc., Term Loan B, (3 mo. USD Term SOFR + 5.00%), 9.03%, due 4/11/2029 | &nbsp;&nbsp; **355402** |
| **Total Loan Assignments (Cost $8,585,094)** | **Total Loan Assignments (Cost $8,585,094)** | &nbsp;&nbsp; **8675498** |

---

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 0.1%** | **Common Stocks 0.1%** | **Common Stocks 0.1%** |
| **Diversified Telecommunication Services 0.1%** | **Diversified Telecommunication Services 0.1%** | **Diversified Telecommunication Services 0.1%** |
| 15890 | Luxco Co. Ltd. **(Cost $340,495)** | &nbsp;&nbsp; **$263897**<br> <sup>\*</sup><br>|
| **Short-Term Investments 2.8%** | **Short-Term Investments 2.8%** | **Short-Term Investments 2.8%** |
| **Investment Companies 2.8%** | **Investment Companies 2.8%** | **Investment Companies 2.8%** |
| 15857544 | &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, <br> 4.01%<sup>(i)</sup> **(Cost $15,857,544)**<br>| &nbsp;&nbsp; **15857544** |
| **Total Investments 100.0% (Cost $550,430,459)** | **Total Investments 100.0% (Cost $550,430,459)** | &nbsp;&nbsp; **562629868** |
| Other Assets Less Liabilities 0.0%<sup>‡</sup>  | Other Assets Less Liabilities 0.0%<sup>‡</sup>  | &nbsp;&nbsp; 147109 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$562776977** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(a) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At October 31, 2025, these securities amounted to $495,003,323, which represents 88.0% of net assets of the Fund. 

(b) Variable or floating rate security. The interest rate shown was the current rate as of October 31, 2025 and changes periodically. 

(c) Payment-in-kind (PIK) security.

(d) When-issued security. Total value of all such securities at October 31, 2025 amounted to $7,819,658, which represents 1.4% of net assets of the Fund. 

(e) Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end. 

(f) Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date shown reflects the next call date. 

(g) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at October 31, 2025 amounted to $582,679, which represents 0.1% of net assets of the Fund. 

(h) The stated interest rates represent the range of rates at October 31, 2025 of the underlying contracts within the Loan Assignment. 

(i) Represents 7-day effective yield as of October 31, 2025.

See Notes to Financial Statements

------

Schedule of Investments High Income Bond Fund^ (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** |
| **Country** | **Investments at** <br>**Value**<br>| **Percentage of** <br>**Net Assets**<br>|
| United States | &nbsp;&nbsp; $479921618 | 85.3<br> %<br>|
| Canada | &nbsp;&nbsp; 19881998 | 3.5<br> %<br>|
| France | &nbsp;&nbsp; 6561350 | 1.2<br> %<br>|
| Cayman Islands | &nbsp;&nbsp; 5305012 | 0.9<br> %<br>|
| United Kingdom | &nbsp;&nbsp; 4898946 | 0.9<br> %<br>|
| Germany | &nbsp;&nbsp; 4607269 | 0.8<br> %<br>|
| Australia | &nbsp;&nbsp; 4383204 | 0.8<br> %<br>|
| Luxembourg | &nbsp;&nbsp; 4321363 | 0.8<br> %<br>|
| Japan | &nbsp;&nbsp; 2638738 | 0.5<br> %<br>|
| Italy | &nbsp;&nbsp; 2626917 | 0.5<br> %<br>|
| Netherlands | &nbsp;&nbsp; 2376478 | 0.4<br> %<br>|
| Zambia | &nbsp;&nbsp; 2051310 | 0.4<br> %<br>|
| Cameroon, Republic of | &nbsp;&nbsp; 1843597 | 0.3<br> %<br>|
| Switzerland | &nbsp;&nbsp; 1641863 | 0.3<br> %<br>|
| Finland | &nbsp;&nbsp; 1497385 | 0.3<br> %<br>|
| Bermuda | &nbsp;&nbsp; 1422384 | 0.2<br> %<br>|
| Spain | &nbsp;&nbsp; 792892 | 0.1<br> %<br>|
| Short-Term Investments and Other Assets—Net | &nbsp;&nbsp; 16004653 | 2.8<br> %<br>|
|  | &nbsp;&nbsp; **$562776977** | **100.0%**<br>|

---

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Asset-Backed Securities<sup>#</sup> <br>| $— | $5430176 | $— | $5430176 |
| Corporate Bonds<sup>#</sup> <br>|  | 532402753 |  | 532402753 |
| Loan Assignments<sup>#</sup> <br>|  | 8675498 |  | 8675498 |
| Common Stocks<sup>#</sup> <br>|  | 263897 |  | 263897 |
| Short-Term Investments |  | 15857544 |  | 15857544 |
| **Total Investments** | **$—** | **$562629868** | **$—** | **$562629868** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

Schedule of Investments Municipal High Income Fund^

October 31, 2025

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Municipal Notes 100.2%** | **Municipal Notes 100.2%** | **Municipal Notes 100.2%** |
| **Alabama 6.1%** | **Alabama 6.1%** | **Alabama 6.1%** |
| $200000 | &nbsp;&nbsp; Black Belt Energy Gas District (Alabama Gas Prepay Gas Supply Revenue Project No. 7), <br> Series 2021-C-1, 4.00%, due 12/1/2026<br>| &nbsp;&nbsp; $201745 |
|  | Energy Southeast A Cooperative District Revenue |  |
| 1000000 | Series 2024-B, 5.25%, due 7/1/2054 Putable 6/1/2032 | &nbsp;&nbsp; 1098125 |
| 1000000 | Series 2025-A, 5.00%, due 11/1/2035 | &nbsp;&nbsp; 1076720 |
|  | Southeast Energy Authority A Cooperative District Revenue |  |
| 500000 | Series 2025-A, 5.00%, due 1/1/2056 Putable 6/1/2035 | &nbsp;&nbsp; 535257 |
| 1000000 | Series 2025-B, 5.25%, due 3/1/2055 Putable 1/1/2033 | &nbsp;&nbsp; 1077026 |
|  |  | &nbsp;&nbsp; **3988873** |
| **American Samoa 1.2%** | **American Samoa 1.2%** | **American Samoa 1.2%** |
| 750000 | &nbsp;&nbsp; American Samoa Economic Development Authority General Revenue, Series 2021-A, 5.00%, due <br> 9/1/2038<br>| &nbsp;&nbsp; **764073**<br> <sup>(a)</sup><br>|
| **Arizona 3.1%** | **Arizona 3.1%** | **Arizona 3.1%** |
| 500000 | &nbsp;&nbsp; Maricopa County Industrial Development Authority Education Revenue Refunding (Paradise School <br> Project Paragon Management, Inc.), Series 2016, 5.00%, due 7/1/2036<br>| &nbsp;&nbsp; 500890<br> <sup>(a)</sup><br>|
| 100000 | Navajo Nation Revenue Refunding, Series 2015-A, 5.00%, due 12/1/2025 | &nbsp;&nbsp; 100060<br> <sup>(a)</sup><br>|
| 500000 | &nbsp;&nbsp; Phoenix Industrial Development Authority Education Revenue Refunding (Great Hearts Academies), <br> Series 2016-A, 5.00%, due 7/1/2046<br>| &nbsp;&nbsp; 492538 |
| 500000 | &nbsp;&nbsp; Pima County Industrial Development Authority Education Revenue Refunding (American Leadership <br> Academy Project), Series 2015, 5.38%, due 6/15/2035<br>| &nbsp;&nbsp; 500338<br> <sup>(a)</sup><br>|
| 500000 | &nbsp;&nbsp; Sierra Vista Industrial Development Authority Revenue (American Leadership Academy Project), <br> Series 2024, 5.00%, due 6/15/2059<br>| &nbsp;&nbsp; 451585<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **2045411** |
| **California 8.3%** | **California 8.3%** | **California 8.3%** |
| 675000 | &nbsp;&nbsp; California Community Choice Financing Authority Revenue (Clean Energy), Series 2024-B, 5.00%, <br> due 1/1/2055 Putable 12/1/2032<br>| &nbsp;&nbsp; 716887 |
| 65000 | &nbsp;&nbsp; California County Tobacco Securitization Agency Revenue Refunding, Series 2020-B-1, 5.00%, due <br> 6/1/2049<br>| &nbsp;&nbsp; 64971 |
| 901111 | California Housing Finance Agency Municipal Certificate, Series 2019-A, 4.25%, due 1/15/2035 | &nbsp;&nbsp; 933822 |
| 250000 | &nbsp;&nbsp; California Municipal Finance Authority Charter School Lease Revenue (Santa Rosa Academy Project), <br> Series 2015, 5.13%, due 7/1/2035<br>| &nbsp;&nbsp; 250045<br> <sup>(a)</sup><br>|
| 400000 | &nbsp;&nbsp; California Municipal Finance Authority Charter School Revenue (John Adams Academics Project), <br> Series 2019-A, 5.00%, due 10/1/2049<br>| &nbsp;&nbsp; 365154<br> <sup>(a)</sup><br>|
| 500000 | &nbsp;&nbsp; California Municipal Finance Authority Charter School Revenue (Palmdale Aerospace Academy <br> Project), Series 2016, 5.00%, due 7/1/2031<br>| &nbsp;&nbsp; 500450<br> <sup>(a)</sup><br>|
| 400000 | &nbsp;&nbsp; California Municipal Finance Authority Revenue (Baptist University), Series 2015-A, 5.00%, due <br> 11/1/2030<br>| &nbsp;&nbsp; 400301<br> <sup>(a)</sup><br>|
| 245111 | &nbsp;&nbsp; California State Pollution Control Financing Authority Solid Waste Disposal Revenue (Calplant I Green <br> Bond Project), Series 2019, 7.50%, due 12/1/2039<br>| &nbsp;&nbsp; 2<br> <sup>(a)(b)</sup><br>|
| 500000 | &nbsp;&nbsp; California State School Finance Authority Charter School Revenue (Downtown College <br> Prep-Obligation Group), Series 2016, 4.75%, due 6/1/2036<br>| &nbsp;&nbsp; 300000<br> <sup>(a)(b)</sup><br>|
| 600000 | &nbsp;&nbsp; California State School Finance Authority Charter School Revenue (Rocketship Education), <br> Series 2016-A, 5.00%, due 6/1/2031<br>| &nbsp;&nbsp; 589221<br> <sup>(a)</sup><br>|
| 400000 | &nbsp;&nbsp; California Statewide Communities Development Authority Revenue Refunding (Lancer Education <br> Student Housing Project), Series 2016-A, 5.00%, due 6/1/2036<br>| &nbsp;&nbsp; 401290<br> <sup>(a)</sup><br>|
| 500000 | Chino Valley Unified School District General Obligation, Series 2020-B, (AG), 3.38%, due 8/1/2050 | &nbsp;&nbsp; 415647 |
| 500000 | &nbsp;&nbsp; Los Angeles Department of Water & Power Revenue Refunding, Series 2025-A, (BAM), 5.00%, due <br> 7/1/2053<br>| &nbsp;&nbsp; 524192 |
|  |  | &nbsp;&nbsp; **5461982** |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal High Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Colorado 3.3%** | **Colorado 3.3%** | **Colorado 3.3%** |
| $113000 | &nbsp;&nbsp; Crystal Crossing Metropolitan District Refunding General Obligation, Series 2016, 4.50%, due <br> 12/1/2026<br>| &nbsp;&nbsp; $113027 |
|  | &nbsp;&nbsp; Park Creek Metropolitan District Refunding Tax Allocation Revenue (Senior Ltd. Property Tax <br> Supported)<br>|  |
| 250000 | Series 2015-A, 5.00%, due 12/1/2034 Pre-Refunded 12/1/2025 | &nbsp;&nbsp; 250398 |
| 175000 | Series 2015-A, 5.00%, due 12/1/2035 Pre-Refunded 12/1/2025 | &nbsp;&nbsp; 175279 |
| 500000 | Series 2015-A, 5.00%, due 12/1/2045 Pre-Refunded 12/1/2025 | &nbsp;&nbsp; 500797 |
| 166000 | Platte River Metropolitan District General Obligation Refunding, Series 2023-A, 6.50%, due 8/1/2053 | &nbsp;&nbsp; 169465<br> <sup>(a)</sup><br>|
| 495000 | &nbsp;&nbsp; Pueblo Urban Renewal Authority Tax Increment Revenue (Evraz Project), Series 2021-A, 4.75%, due <br> 12/1/2045<br>| &nbsp;&nbsp; 470504<br> <sup>(a)</sup><br>|
| 500000 | Vail Home Partners Corp. Revenue, Series 2025, 6.00%, due 10/1/2064 | &nbsp;&nbsp; 510931<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **2190401** |
| **Connecticut 0.8%** | **Connecticut 0.8%** | **Connecticut 0.8%** |
| 500000 | Stamford Housing Authority Revenue Refunding, Series 2025-D, 6.25%, due 10/1/2060 | &nbsp;&nbsp; **500228** |
| **District of Columbia 2.9%** | **District of Columbia 2.9%** | **District of Columbia 2.9%** |
| 1925000 | &nbsp;&nbsp; Deutsche Bank Spears/Lifers Trust Revenue, (LOC: Deutsche Bank A.G.), Series 2020-DBE-8070, <br> 3.62%, due 8/1/2040<br>| &nbsp;&nbsp; **1925000**<br> <sup>(a)(c)</sup><br>|
| **Florida 4.7%** | **Florida 4.7%** | **Florida 4.7%** |
| 200000 | &nbsp;&nbsp; Capital Trust Agency Senior Living Revenue (H-Bay Ministries, Inc. Superior Residences-Third Tier), <br> Series 2018-C, 7.50%, due 7/1/2053<br>| &nbsp;&nbsp; 4500<br> <sup>(a)(b)</sup><br>|
| 500000 | &nbsp;&nbsp; Capital Trust Agency Senior Living Revenue (Wonderful Foundations School Project), Series 2020-A-1, <br> 5.00%, due 1/1/2055<br>| &nbsp;&nbsp; 423787<br> <sup>(a)</sup><br>|
| 650000 | &nbsp;&nbsp; Florida Development Finance Corp. Education Facilities Revenue Refunding (Pepin Academies, Inc.), <br> Series 2016-A, 5.00%, due 7/1/2036<br>| &nbsp;&nbsp; 645011 |
| 500000 | Lee County Airport Revenue, Series 2024, 5.25%, due 10/1/2054 | &nbsp;&nbsp; 515297 |
| 940000 | &nbsp;&nbsp; Village Community Development District No. 13 Special Assessment Revenue, Series 2019, 3.70%, <br> due 5/1/2050<br>| &nbsp;&nbsp; 766986 |
| 500000 | &nbsp;&nbsp; Village Community Development District No. 15 Special Assessment Revenue, Series 2024, 4.80%, <br> due 5/1/2055<br>| &nbsp;&nbsp; 476112<br> <sup>(a)</sup><br>|
| 250000 | &nbsp;&nbsp; Village Community Development District No. 16 Special Assessment Revenue, Series 2025, 5.13%, <br> due 5/1/2056<br>| &nbsp;&nbsp; 249785<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **3081478** |
| **Georgia 5.0%** | **Georgia 5.0%** | **Georgia 5.0%** |
| 300000 | &nbsp;&nbsp; Atlanta Development Authority Revenue (Westside Gulch Area Project), Series 2024-A, 5.50%, due <br> 4/1/2039<br>| &nbsp;&nbsp; 308213<br> <sup>(a)</sup><br>|
| 200000 | &nbsp;&nbsp; Development Authority Of Floyd County Revenue Refunding (Georgia Power Co. Plant Hammond <br> Project), Series 1996, 4.00%, due 9/1/2026<br>| &nbsp;&nbsp; 200000<br> <sup>(c)</sup><br>|
| 965000 | &nbsp;&nbsp; Main Street Natural Gas, Inc. Gas Supply Revenue, Series 2025-A, 5.00%, due 6/1/2055 Putable <br> 6/1/2032<br>| &nbsp;&nbsp; 1056894 |
| 700000 | &nbsp;&nbsp; Municipal Electric Authority of Georgia Revenue (Plant Vogtle Units 3 & 4 Project M Bonds), <br> Series 2023-A, 5.50%, due 7/1/2064<br>| &nbsp;&nbsp; 718018 |
| 1000000 | &nbsp;&nbsp; Savannah Georgia Convention Center Authority Revenue (Convention Center Hotel-Second Tier), <br> Series 2025-B, 6.25%, due 6/1/2061<br>| &nbsp;&nbsp; 1003871<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **3286996** |
| **Hawaii 0.4%** | **Hawaii 0.4%** | **Hawaii 0.4%** |
| 250000 | &nbsp;&nbsp; Hawaii State Department of Budget & Finance Special Purpose Revenue Refunding, Series 2015-A, <br> 5.00%, due 1/1/2035<br>| &nbsp;&nbsp; **239507**<br> <sup>(a)</sup><br>|
| **Illinois 2.7%** | **Illinois 2.7%** | **Illinois 2.7%** |
| 200000 | &nbsp;&nbsp; Chicago O'Hare International Airport Special Facility Revenue (Trips Obligated Group), Series 2018, <br> 5.00%, due 7/1/2048<br>| &nbsp;&nbsp; 200005 |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal High Income Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Illinois – cont'd** | **Illinois – cont'd** | **Illinois – cont'd** | **Illinois – cont'd** |
| $| 400000 | &nbsp;&nbsp; Illinois Finance Authority Charter School Revenue (Intrinsic School-Belmont School Project), <br> Series 2015-A, 5.75%, due 12/1/2035<br>| &nbsp;&nbsp; $400254<br> <sup>(a)</sup><br>|
|  | 750000 | &nbsp;&nbsp; Illinois Finance Authority Revenue (CenterPoint Joliet Terminal Railroad Project), Series 2010, 4.80%, <br> due 12/1/2043 Putable 7/2/2035<br>| &nbsp;&nbsp; 774996<br> <sup>(a)</sup><br>|
|  | 425000 | &nbsp;&nbsp; Illinois Finance Authority Revenue Refunding (Rosalind Franklin University of Medicine & Science), <br> Series 2017-A, 5.00%, due 8/1/2047<br>| &nbsp;&nbsp; 420944 |
|  |  |  | &nbsp;&nbsp; **1796199** |
| **Indiana 2.0%** | **Indiana 2.0%** | **Indiana 2.0%** | **Indiana 2.0%** |
|  | 650000 | &nbsp;&nbsp; Indiana State Finance Authority Revenue Refunding (Greencroft Obligation Group), Series 2021-A, <br> 4.00%, due 11/15/2043<br>| &nbsp;&nbsp; 564079 |
|  | 750000 | &nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank Revenue (Convention Center Hotel), Series 2023-E, <br> 6.00%, due 3/1/2053<br>| &nbsp;&nbsp; 783855 |
|  |  |  | &nbsp;&nbsp; **1347934** |
| **Kansas 0.8%** | **Kansas 0.8%** | **Kansas 0.8%** | **Kansas 0.8%** |
|  | 500000 | Garden City Revenue (Sports Of The World Bond Project), Series 2025, 5.38%, due 6/1/2039 | &nbsp;&nbsp; **504805**<br> <sup>(a)</sup><br>|
| **Kentucky 2.6%** | **Kentucky 2.6%** | **Kentucky 2.6%** | **Kentucky 2.6%** |
|  | 405000 | &nbsp;&nbsp; Kentucky Economic Development Finance Authority (Senior Next Generation Information Highway <br> Project), Series 2015-A, 4.00%, due 7/1/2029<br>| &nbsp;&nbsp; 405133 |
|  | 500000 | &nbsp;&nbsp; Kentucky Economic Development Finance Authority Revenue Refunding (Owensboro Health), <br> Series 2017-A, 5.00%, due 6/1/2041<br>| &nbsp;&nbsp; 502209 |
|  | 900000 | &nbsp;&nbsp; Kentucky Municipal Power Agency Power System Revenue Refunding (Prairie Saint Project), <br> Series 2019-A, 4.00%, due 9/1/2045<br>| &nbsp;&nbsp; 791361 |
|  |  |  | &nbsp;&nbsp; **1698703** |
| **Louisiana 0.9%** | **Louisiana 0.9%** | **Louisiana 0.9%** | **Louisiana 0.9%** |
|  | 248821 | &nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Authority Revenue <br> (Lafourche Parish Gomesa Project), Series 2019, 3.95%, due 11/1/2043<br>| &nbsp;&nbsp; 224320<br> <sup>(a)</sup><br>|
|  | 400000 | &nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Authority Revenue <br> Refunding (Westside Habilitation Center Project), Series 2017-A, 5.75%, due 2/1/2032<br>| &nbsp;&nbsp; 398502<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **622822** |
| **Maine 0.8%** | **Maine 0.8%** | **Maine 0.8%** | **Maine 0.8%** |
|  | 500000 | Maine State Finance Authority Revenue (TimberHP Madison LLC), Series 2025, 8.50%, due 6/1/2035 | &nbsp;&nbsp; **500000**<br> <sup>#(e)(f)</sup><br>|
| **Maryland 0.6%** | **Maryland 0.6%** | **Maryland 0.6%** | **Maryland 0.6%** |
|  |  | Baltimore Special Obligation Revenue Refunding Senior Lien (Harbor Point Project) |  |
|  | 250000 | Series 2019-A, 3.63%, due 6/1/2046 | &nbsp;&nbsp; 210662<br> <sup>(a)</sup><br>|
|  | 200000 | Series 2022, 5.00%, due 6/1/2051 | &nbsp;&nbsp; 200288 |
|  |  |  | &nbsp;&nbsp; **410950** |
| **Massachusetts 0.8%** | **Massachusetts 0.8%** | **Massachusetts 0.8%** | **Massachusetts 0.8%** |
|  | 100000 | &nbsp;&nbsp; Massachusetts Development Finance Agency Revenue (Care Communities LLC Obligated), <br> Series 2025-A, 6.50%, due 7/15/2060<br>| &nbsp;&nbsp; 99957<br> <sup>(a)</sup><br>|
|  |  | Massachusetts State Education Financing Authority Revenue |  |
|  | 85000 | Series 2023-B, 4.25%, due 7/1/2044 | &nbsp;&nbsp; 85532 |
|  | 350000 | Series 2023-C, 5.00%, due 7/1/2053 | &nbsp;&nbsp; 346691 |
|  |  |  | &nbsp;&nbsp; **532180** |
| **Minnesota 1.1%** | **Minnesota 1.1%** | **Minnesota 1.1%** | **Minnesota 1.1%** |
|  | 500000 | &nbsp;&nbsp; Saint Paul Housing & Redevelopment Authority Charter School Lease Revenue (Academia Cesar <br> Chavez School Project), Series 2015-A, 5.25%, due 7/1/2050<br>| &nbsp;&nbsp; 426149 |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal High Income Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Minnesota – cont'd** | **Minnesota – cont'd** | **Minnesota – cont'd** | **Minnesota – cont'd** |
| $| 300000 | &nbsp;&nbsp; Saint Paul Housing & Redevelopment Authority Charter School Lease Revenue (Twin Cities Academy <br> Project), Series 2015-A, 5.00%, due 7/1/2035<br>| &nbsp;&nbsp; $300023 |
|  |  |  | &nbsp;&nbsp; **726172** |
| **Mississippi 1.8%** | **Mississippi 1.8%** | **Mississippi 1.8%** | **Mississippi 1.8%** |
|  |  | Mississippi Business Finance Corp. Revenue (Chevron USA, Inc. Project) |  |
|  | 355000 | Series 2010-K, 3.90%, due 11/1/2035 | &nbsp;&nbsp; 355000<br> <sup>(c)</sup><br>|
|  | 500000 | Series 2011-A, 3.90%, due 11/1/2035 | &nbsp;&nbsp; 500000<br> <sup>(c)</sup><br>|
|  | 100000 | Series 2011-C, 3.90%, due 11/1/2035 | &nbsp;&nbsp; 100000<br> <sup>(c)</sup><br>|
|  | 235000 | &nbsp;&nbsp; Mississippi Development Bank Special Obligation (Jackson Co. Gomesa Project), Series 2021, 3.63%, <br> due 11/1/2036<br>| &nbsp;&nbsp; 222231<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1177231** |
| **Missouri 0.2%** | **Missouri 0.2%** | **Missouri 0.2%** | **Missouri 0.2%** |
|  | 100000 | &nbsp;&nbsp; Missouri State Health & Educational Facilities Authority Revenue Refunding (St. Louis University), <br> (LOC: Barclays Bank PLC), Series 2008-B-1, 3.80%, due 10/1/2035<br>| &nbsp;&nbsp; **100000**<br> <sup>(c)</sup><br>|
| **Montana 1.0%** | **Montana 1.0%** | **Montana 1.0%** | **Montana 1.0%** |
|  | 1000000 | &nbsp;&nbsp; Gallatin County Industrial Development Revenue (Bozeman Fiber Project), Series 2021-A, 4.00%, due <br> 10/15/2051<br>| &nbsp;&nbsp; **663125**<br> <sup>(a)</sup><br>|
| **Nevada 0.7%** | **Nevada 0.7%** | **Nevada 0.7%** | **Nevada 0.7%** |
|  | 500000 | &nbsp;&nbsp; Director of the State of Nevada Department of Business & Industrial Revenue (Somerset Academy), <br> Series 2015-A, 5.13%, due 12/15/2045<br>| &nbsp;&nbsp; **477345**<br> <sup>(a)</sup><br>|
| **New Hampshire 0.9%** | **New Hampshire 0.9%** | **New Hampshire 0.9%** | **New Hampshire 0.9%** |
|  | 750000 | &nbsp;&nbsp; New Hampshire Business Finance Authority Revenue Refunding (Green Bond), Series 2020-B, 3.75%, <br> due 7/1/2045 Putable 7/2/2040<br>| &nbsp;&nbsp; **621665**<br> <sup>(a)</sup><br>|
| **New Jersey 4.6%** | **New Jersey 4.6%** | **New Jersey 4.6%** | **New Jersey 4.6%** |
|  | 1250000 | &nbsp;&nbsp; New Jersey Economic Development Authority Revenue (Repauno Port & Rail Terminal Project), <br> Series 2025, 6.38%, due 1/1/2035<br>| &nbsp;&nbsp; 1298340<br> <sup>(a)</sup><br>|
|  | 600000 | &nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Transportation Program Revenue, <br> Series 2025-AA, 5.00%, due 6/15/2055<br>| &nbsp;&nbsp; 621927 |
|  | 1000000 | &nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Transportation Program Revenue Refunding, <br> Series 2024-AA, 5.25%, due 6/15/2041<br>| &nbsp;&nbsp; 1120585 |
|  |  |  | &nbsp;&nbsp; **3040852** |
| **New York 7.1%** | **New York 7.1%** | **New York 7.1%** | **New York 7.1%** |
|  | 250000 | &nbsp;&nbsp; Nassau County Industrial Development Agency Revenue Refunding (Cold Spring), (LOC: TD Bank <br> N.A.), Series 1999, 3.85%, due 1/1/2034<br>| &nbsp;&nbsp; 250000<br> <sup>(c)</sup><br>|
|  | 300000 | &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding (Second <br> General Resolution Revenue Bonds), Series 2008, 3.90%, due 6/15/2039<br>| &nbsp;&nbsp; 300000<br> <sup>(c)</sup><br>|
|  |  | New York General Obligation |  |
|  | 700000 | (LOC: TD Bank N.A.), Series 2018-E-5, 4.00%, due 3/1/2048 | &nbsp;&nbsp; 700000<br> <sup>(c)</sup><br>|
|  | 200000 | (LOC: TD Bank N.A.), Series 2025-G-3, 4.00%, due 2/1/2055 | &nbsp;&nbsp; 200000<br> <sup>(c)</sup><br>|
|  | 500000 | New York State Thruway Authority Revenue, Series 2025-B, 5.00%, due 3/15/2056 | &nbsp;&nbsp; 523292 |
|  | 325000 | &nbsp;&nbsp; New York State Transportation Development Corp. Special Facility Revenue (Delta Airlines, <br> Inc.-LaGuardia Airport Terminal C & D Redevelopment), Series 2018, 5.00%, due 1/1/2028<br>| &nbsp;&nbsp; 336849 |
|  | 200000 | &nbsp;&nbsp; New York State Transportation Development Corp. Special Facility Revenue Refunding (American <br> Airlines, Inc., John F. Kennedy International Airport Project), Series 2021, 3.00%, due 8/1/2031<br>| &nbsp;&nbsp; 189274 |
|  | 200000 | Oneida Indian Nation of New York Revenue, Series 2024-B, 6.00%, due 9/1/2043 | &nbsp;&nbsp; 215303<br> <sup>(a)</sup><br>|
|  | 1000000 | &nbsp;&nbsp; Port Authority New York & New Jersey Consolidated Bonds Revenue Refunding (Two Hundred And <br> Thirty Eight), Series 2023-238, 5.00%, due 7/15/2036<br>| &nbsp;&nbsp; 1097553 |
|  | 420000 | &nbsp;&nbsp; Westchester County Local Development Corp. Revenue Refunding (Kendal on Hudson Project), <br> Series 2022-B, 5.00%, due 1/1/2051<br>| &nbsp;&nbsp; 420250 |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal High Income Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **New York – cont'd** | **New York – cont'd** | **New York – cont'd** | **New York – cont'd** |
| $| 420000 | &nbsp;&nbsp; Yonkers Economic Development Corp. Education Revenue (Charter School of Education Excellence <br> Project), Series 2019-A, 5.00%, due 10/15/2039<br>| &nbsp;&nbsp; $421335 |
|  |  |  | &nbsp;&nbsp; **4653856** |
| **Ohio 3.9%** | **Ohio 3.9%** | **Ohio 3.9%** | **Ohio 3.9%** |
|  | 450000 | &nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District Revenue Refunding (Summa Health Systems <br> Obligation), Series 2020, 4.00%, due 11/15/2035 Pre-Refunded 11/15/2030<br>| &nbsp;&nbsp; 475687 |
|  | 1250000 | &nbsp;&nbsp; Buckeye Tobacco Settlement Finance Authority Asset-Backed Senior Revenue Refunding, <br> Series 2020-B-2, 5.00%, due 6/1/2055<br>| &nbsp;&nbsp; 1047549 |
|  | 710000 | &nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority Tax Increment Finance Revenue Refunding (Senior-Flats <br> East Bank Project), Series 2021-A, 4.00%, due 12/1/2055<br>| &nbsp;&nbsp; 571243<br> <sup>(a)</sup><br>|
|  | 500000 | &nbsp;&nbsp; Ohio State Air Quality Development Authority Exempt Facilities Revenue (AMG Vanadium LLC), <br> Series 2019, 5.00%, due 7/1/2049<br>| &nbsp;&nbsp; 459411<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **2553890** |
| **Oregon 0.6%** | **Oregon 0.6%** | **Oregon 0.6%** | **Oregon 0.6%** |
|  | 500000 | Portland General Obligation (Transportation Project), Series 2022-A, 2.25%, due 10/1/2041 | &nbsp;&nbsp; **384721** |
| **Pennsylvania 2.9%** | **Pennsylvania 2.9%** | **Pennsylvania 2.9%** | **Pennsylvania 2.9%** |
|  | 750000 | &nbsp;&nbsp; Pennsylvania Economic Development Financing Authority Revenue (Bridges Finco LP), Series 2016, <br> 5.00%, due 12/31/2038<br>| &nbsp;&nbsp; 753196 |
|  | 500000 | &nbsp;&nbsp; Pennsylvania Economic Development Financing Authority Revenue Refunding (Energy Supply LLC), <br> Series 2009-C, 5.25%, due 12/1/2037 Putable 6/1/2027<br>| &nbsp;&nbsp; 504481 |
|  | 400000 | &nbsp;&nbsp; Pennsylvania Economic Development Financing Authority Revenue Refunding (Tapestry Moon Senior <br> Housing Project), Series 2018-A, 6.75%, due 12/1/2053<br>| &nbsp;&nbsp; 80000<br> <sup>(a)(b)</sup><br>|
|  | 500000 | Philadelphia General Obligation, Series 2025-A, 5.00%, due 8/1/2040 | &nbsp;&nbsp; 560015 |
|  |  |  | &nbsp;&nbsp; **1897692** |
| **Puerto Rico 1.8%** | **Puerto Rico 1.8%** | **Puerto Rico 1.8%** | **Puerto Rico 1.8%** |
|  |  | Puerto Rico Commonwealth General Obligation (Restructured) |  |
|  | 74376 | Series 2021-A, 0.00%, due 7/1/2033 | &nbsp;&nbsp; 53651 |
|  | 63784 | Series 2021-A1, 5.63%, due 7/1/2027 | &nbsp;&nbsp; 65576 |
|  | 62750 | Series 2021-A1, 5.63%, due 7/1/2029 | &nbsp;&nbsp; 67013 |
|  | 60948 | Series 2021-A1, 5.75%, due 7/1/2031 | &nbsp;&nbsp; 67580 |
|  | 57794 | Series 2021-A1, 4.00%, due 7/1/2033 | &nbsp;&nbsp; 57134 |
|  | 51950 | Series 2021-A1, 4.00%, due 7/1/2035 | &nbsp;&nbsp; 51030 |
|  | 44586 | Series 2021-A1, 4.00%, due 7/1/2037 | &nbsp;&nbsp; 42666 |
|  | 60620 | Series 2021-A1, 4.00%, due 7/1/2041 | &nbsp;&nbsp; 55633 |
|  | 813045 | Series 2021-A1, 4.00%, due 7/1/2046 | &nbsp;&nbsp; 717613 |
|  |  |  | &nbsp;&nbsp; **1177896** |
| **South Carolina 1.0%** | **South Carolina 1.0%** | **South Carolina 1.0%** | **South Carolina 1.0%** |
|  | 500000 | &nbsp;&nbsp; Lancaster County Assessment Revenue Refunding (Walnut Creek Improvement District), <br> Series 2016-A-1, 5.00%, due 12/1/2031<br>| &nbsp;&nbsp; 500247 |
|  | 150000 | &nbsp;&nbsp; South Carolina Jobs Economic Development Authority Economic Development Revenue (River Park <br> Senior Living Project), Series 2017-A, 7.75%, due 10/1/2057<br>| &nbsp;&nbsp; 152226 |
|  | 300000 | &nbsp;&nbsp; South Carolina Jobs Economic Development Authority Solid Waste Disposal Revenue (AMT-Green <br> Bond-Last Step Recycling LLC Project), Series 2021-A, 6.50%, due 6/1/2051<br>| &nbsp;&nbsp; 33000<br> <sup>(a)(b)</sup><br>|
|  | 500000 | &nbsp;&nbsp; South Carolina Jobs Economic Development Authority Solid Waste Disposal Revenue (Green <br> Bond-Jasper Pellets LLC Project), Series 2018-A, 7.00%, due 11/1/2038<br>| &nbsp;&nbsp; 500<br> <sup>#(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **685973** |
| **Tennessee 2.1%** | **Tennessee 2.1%** | **Tennessee 2.1%** | **Tennessee 2.1%** |
|  | 500000 | &nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue <br> (Blakeford At Green Hills), Series 2020-A, 4.00%, due 11/1/2045<br>| &nbsp;&nbsp; 426051 |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal High Income Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Tennessee – cont'd** | **Tennessee – cont'd** | **Tennessee – cont'd** | **Tennessee – cont'd** |
| $| 1000000 | &nbsp;&nbsp; Shelby County Health & Educational Facilities Board Revenue (Madrone Memphis Student Housing I <br> LLC), Series 2024-A1, 5.25%, due 6/1/2056<br>| &nbsp;&nbsp; $951111<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1377162** |
| **Texas 9.4%** | **Texas 9.4%** | **Texas 9.4%** | **Texas 9.4%** |
|  | 750000 | &nbsp;&nbsp; Anson Educational Facilities Corp. Educational Revenue (Arlington Classics Academy), Series 2016-A, <br> 5.00%, due 8/15/2045<br>| &nbsp;&nbsp; 743130 |
|  | 95000 | &nbsp;&nbsp; Fort Bend County Industrial Development Corp. Revenue (NRG Energy, Inc.), Series 2012-A, 4.75%, <br> due 5/1/2038<br>| &nbsp;&nbsp; 95025 |
|  | 495000 | &nbsp;&nbsp; Harris County Municipal Utility District No. 489 General Obligation, Series 2023, (AG), 4.00%, due <br> 9/1/2036<br>| &nbsp;&nbsp; 497873 |
|  |  | Hidalgo County Regional Mobility Authority Toll & Vehicle Registration Junior Lien Refunding |  |
|  | 755000 | Series 2022-B, 4.00%, due 12/1/2039 | &nbsp;&nbsp; 706118 |
|  | 1000000 | Series 2022-B, 4.00%, due 12/1/2040 | &nbsp;&nbsp; 921209 |
|  | 500000 | &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Revenue (Beta Academy), Series 2019-A, <br> 5.00%, due 8/15/2049<br>| &nbsp;&nbsp; 453099<br> <sup>(a)</sup><br>|
|  | 1000000 | &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Revenue Refunding (Brazos Presbyterian Homes, <br> Inc. Project), Series 2025, 5.38%, due 1/1/2060<br>| &nbsp;&nbsp; 974436<br> <sup>(d)</sup><br>|
|  | 500000 | &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Senior Living Revenue (Cardinal Bay, Inc. Village <br> On The Park Carriage), Series 2016-C, 5.50%, due 7/1/2046<br>| &nbsp;&nbsp; 250000<br> <sup>(b)</sup><br>|
|  | 500000 | &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Student Housing Revenue (NCCD-College <br> Station Properties LLC), Series 2015-A, 5.00%, due 7/1/2047<br>| &nbsp;&nbsp; 470454<br> <sup>(b)</sup><br>|
|  | 300000 | &nbsp;&nbsp; Port of Beaumont Navigation District Revenue (Jefferson Gulf Coast Energy Project), Series 2024-A, <br> 5.25%, due 1/1/2054<br>| &nbsp;&nbsp; 288153<br> <sup>(a)</sup><br>|
|  | 300000 | &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Revenue Refunding (Baylor Health Care <br> System Project), (LOC: TD Bank N.A.), Series 2011-C, 3.00%, due 11/15/2050<br>| &nbsp;&nbsp; 300000<br> <sup>(c)</sup><br>|
|  | 500000 | &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Revenue Refunding (Methodist Hospitals of <br> Dallas), (LOC: TD Bank N.A.), Series 2008-A, 3.90%, due 10/1/2041<br>| &nbsp;&nbsp; 500000<br> <sup>(c)</sup><br>|
|  |  |  | &nbsp;&nbsp; **6199497** |
| **Utah 2.0%** | **Utah 2.0%** | **Utah 2.0%** | **Utah 2.0%** |
|  |  | Utah Infrastructure Agency Telecommunication Revenue |  |
|  | 600000 | Series 2019-A, 4.00%, due 10/15/2036 | &nbsp;&nbsp; 590428 |
|  | 1000000 | Series 2021-A, 3.00%, due 10/15/2045 | &nbsp;&nbsp; 731034 |
|  |  |  | &nbsp;&nbsp; **1321462** |
| **Vermont 1.0%** | **Vermont 1.0%** | **Vermont 1.0%** | **Vermont 1.0%** |
|  | 500000 | &nbsp;&nbsp; Vermont Economic Development Authority Solid Waste Disposal Revenue (Casella Waste System, Inc.), <br> Series 2013, 4.63%, due 4/1/2036 Putable 4/3/2028<br>| &nbsp;&nbsp; 507469<br> <sup>(a)</sup><br>|
|  | 165000 | Vermont Student Assistant Corp. Education Loan Revenue, Series 2015-A, 4.13%, due 6/15/2028 | &nbsp;&nbsp; 165115 |
|  |  |  | &nbsp;&nbsp; **672584** |
| **West Virginia 3.3%** | **West Virginia 3.3%** | **West Virginia 3.3%** | **West Virginia 3.3%** |
|  |  | West Virginia Hospital Finance Authority Revenue (Vandalia Health Group) |  |
|  | 1500000 | Series 2023-B, 6.00%, due 9/1/2053 | &nbsp;&nbsp; 1630079 |
|  | 500000 | Series 2023-B, (AG), 5.38%, due 9/1/2053 | &nbsp;&nbsp; 529791 |
|  |  |  | &nbsp;&nbsp; **2159870** |
| **Wisconsin 7.8%** | **Wisconsin 7.8%** | **Wisconsin 7.8%** | **Wisconsin 7.8%** |
|  | 300000 | &nbsp;&nbsp; Public Finance Authority Education Revenue (Resh Triangle High School Project), Series 2015-A, <br> 5.38%, due 7/1/2035<br>| &nbsp;&nbsp; 300056<br> <sup>(a)</sup><br>|
|  | 500000 | &nbsp;&nbsp; Public Finance Authority Hospital Revenue (Carson Valley Medical Center), Series 2021-A, 4.00%, due <br> 12/1/2051<br>| &nbsp;&nbsp; 414659<br> <sup>(a)</sup><br>|
|  | 2000000 | &nbsp;&nbsp; Public Finance Authority Revenue (Georgia Sr. 400 Express Lanes Project), Series 2025, 5.75%, due <br> 12/31/2065<br>| &nbsp;&nbsp; 2071491 |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal High Income Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Wisconsin – cont'd** | **Wisconsin – cont'd** | **Wisconsin – cont'd** | **Wisconsin – cont'd** |
| $| 359235 | &nbsp;&nbsp; Public Finance Authority Revenue (Goodwill Industries of Southern Nevada Project), Series 2015-A, <br> 5.50%, due 12/1/2038<br>| &nbsp;&nbsp; $343410 |
|  | 455000 | Public Finance Authority Revenue (Signorelli Project), Series 2024, 5.38%, due 12/15/2032 | &nbsp;&nbsp; 455083<br> <sup>(a)</sup><br>|
|  |  | Public Finance Authority Special Facility Revenue (Sky Harbour Capital LLC Aviation Facility Project) |  |
|  | 500000 | Series 2021, 4.00%, due 7/1/2041 | &nbsp;&nbsp; 454538 |
|  | 500000 | Series 2021, 4.25%, due 7/1/2054 | &nbsp;&nbsp; 415098 |
|  | 200000 | Saint Croix Chippewa Indians of Wisconsin Refunding, Series 2021, 5.00%, due 9/30/2041 | &nbsp;&nbsp; 182463<br> <sup>(a)</sup><br>|
|  | 500000 | &nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority Revenue (Chiara Housing & Services, Inc. Project), <br> Series 2024, 6.00%, due 7/1/2060<br>| &nbsp;&nbsp; 504242 |
|  |  |  | &nbsp;&nbsp; **5141040** |
| **Total Municipal Notes (Cost $68,901,520)** | **Total Municipal Notes (Cost $68,901,520)** | **Total Municipal Notes (Cost $68,901,520)** | &nbsp;&nbsp; **65929575** |
| Number of Shares | Number of Shares | Number of Shares |  |
| **Common Stocks 0.0%**<sup>‡</sup>  | **Common Stocks 0.0%**<sup>‡</sup>  | **Common Stocks 0.0%**<sup>‡</sup>  | **Common Stocks 0.0%**<sup>‡</sup>  |
| **Materials 0.0%**<sup>‡</sup> | **Materials 0.0%**<sup>‡</sup> | **Materials 0.0%**<sup>‡</sup> | **Materials 0.0%**<sup>‡</sup> |
|  | 16031 | TimberHP, Inc. **(Cost $0)** | &nbsp;&nbsp; **0**<br> <sup>#(e)(f)</sup><br>|
| **Total Investments 100.2% (Cost $68,901,520)** | **Total Investments 100.2% (Cost $68,901,520)** | **Total Investments 100.2% (Cost $68,901,520)** | &nbsp;&nbsp; **65929575** |
| Liabilities Less Other Assets (0.2)% | Liabilities Less Other Assets (0.2)% | Liabilities Less Other Assets (0.2)% | &nbsp;&nbsp; (110786)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$65818789** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended,
 or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from
 registration, may only be sold to qualified institutional investors or may have other restrictions on resale.
 At October 31, 2025, these securities amounted to $21,462,551, which represents 32.6% of net assets of
 the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate demand obligation where the stated interest rate is not based on a published
 reference rate and spread. Rather, the interest rate generally resets daily or weekly and is determined
 by the remarketing agent. The rate shown represents the rate in effect at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) When-issued security. Total value of all such securities at October 31, 2025 amounted
 to $1,224,221, which represents 1.9% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Value determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security fair valued as of October 31, 2025 in accordance with procedures approved
 by the valuation designee. Total value of all such securities at October 31, 2025 amounted to $500,000,
 which represents 0.8% of net assets of the Fund.

See Notes to Financial Statements

------

Schedule of Investments Municipal High Income Fund^ (cont'd)

#

This security is subject to restrictions on resale. Total value of all such securities at October 31, 2025 amounted to $500,500, which represents 0.8% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br>**Date(s)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Acquisition** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value as of** <br>**10/31/2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value** <br>**Percentage** <br>**of Net Assets** <br>**as of** <br>**10/31/2025**<br>|
| Maine State Finance Authority Revenue (TimberHP <br> Madison LLC)<br>| 6/20/2025 | $253152 | $500000 | 0.8% |
| South Carolina Jobs Economic Development <br> Authority Solid Waste Disposal Revenue (Green <br> Bond-Jasper Pellets LLC Project)<br>| 12/4/2018-06/25/2020 | 483268 | 500 | 0.0% |
| TimberHP, Inc. | 6/23/2025 |  |  | 0.0% |
| **Total** |  | **$736420** | **$500500** | **0.8%** |

---

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Municipal Notes |  |  |  |  |
| Maine | $— | $— | $500000 | $500000 |
| Other Municipal Notes<sup>#</sup> <br>|  | 65429575 |  | 65429575 |
| Total Municipal Notes |  | 65429575 | 500000 | 65929575 |
| Common Stocks<sup>#</sup> <br>|  |  |  |  |
| **Total Investments** | **$—** | **$65429575** | **$500000** | **$65929575** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry, state/territory or sector categorization.

See Notes to Financial Statements

------

Schedule of Investments Municipal High Income Fund^ (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) The following is a reconciliation between the beginning and ending balances of investments
 in which significant unobservable inputs (Level 3) were used in determining value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (000's <br>omitted)<br>| Beginning <br>balance as <br>of 11/1/2024<br>| Accrued <br>discounts/ <br>(premiums)<br>| Realized <br>gain/(loss)<br>| Change <br>in unrealized <br>appreciation/ <br>(depreciation)<br>| Purchases | Sales/ <br>Other <br>Reductions<br>| Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>10/31/2025<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>10/31/2025<br>|
| Investments in <br>Securities: <br>|  |  |  |  |  |  |  |  |  |  |
| Loan <br> Assignments<sup>(1)</sup><br>| $7 | $— | $(65)<br>| $64 | $— | $(6)<br>| $— | $— | $— | $— |
| Municipal <br> Notes<sup>(2)(3)</sup><br>| 65 | 3 | (165)<br>| 410 | 250 | (22)<br>|  | (41)<br>| 500 | 247 |
| Common <br> Stocks<sup>(4)</sup><br>|  |  |  |  |  |  |  |  |  |  |
| Total | $72 | $3 | $(230)<br>| $474 | $250 | $(28)<br>| $— | $(41)<br>| $500 | $247 |
| (1) At the beginning of the period, these investments were valued in accordance with the procedures <br> approved by the valuation designee. | (1) At the beginning of the period, these investments were valued in accordance with the procedures <br> approved by the valuation designee. | (1) At the beginning of the period, these investments were valued in accordance with the procedures <br> approved by the valuation designee. | (1) At the beginning of the period, these investments were valued in accordance with the procedures <br> approved by the valuation designee. | (1) At the beginning of the period, these investments were valued in accordance with the procedures <br> approved by the valuation designee. | (1) At the beginning of the period, these investments were valued in accordance with the procedures <br> approved by the valuation designee. | (1) At the beginning of the period, these investments were valued in accordance with the procedures <br> approved by the valuation designee. | (1) At the beginning of the period, these investments were valued in accordance with the procedures <br> approved by the valuation designee. | (1) At the beginning of the period, these investments were valued in accordance with the procedures <br> approved by the valuation designee. | (1) At the beginning of the period, these investments were valued in accordance with the procedures <br> approved by the valuation designee. | (1) At the beginning of the period, these investments were valued in accordance with the procedures <br> approved by the valuation designee. |
| (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. |
| (3) Quantitative Information about Level 3 Fair Value Measurements: | (3) Quantitative Information about Level 3 Fair Value Measurements: | (3) Quantitative Information about Level 3 Fair Value Measurements: | (3) Quantitative Information about Level 3 Fair Value Measurements: | (3) Quantitative Information about Level 3 Fair Value Measurements: | (3) Quantitative Information about Level 3 Fair Value Measurements: | (3) Quantitative Information about Level 3 Fair Value Measurements: | (3) Quantitative Information about Level 3 Fair Value Measurements: | (3) Quantitative Information about Level 3 Fair Value Measurements: | (3) Quantitative Information about Level 3 Fair Value Measurements: | (3) Quantitative Information about Level 3 Fair Value Measurements: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Investment type | Fair value <br>at <br>10/31/2025<br>| Valuation <br>approach<br>| Significant unobservable <br>input(s)<br>| Input value/ <br>range<br>| Weighted <br>average<sup>(a)</sup><br>| Impact to <br>valuation <br>from <br>increase <br>in input<sup>(b)</sup><br>|
| Municipal Notes | $500000 | Market Approach | Discount rate | 8.3% | 8.3% | Decrease |
| (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4) At October 31, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented.<br>

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

Schedule of Investments Municipal Impact Fund^

October 31, 2025

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Municipal Notes 98.9%** | **Municipal Notes 98.9%** | **Municipal Notes 98.9%** |
| **Alabama 4.8%** | **Alabama 4.8%** | **Alabama 4.8%** |
| $1000000 | &nbsp;&nbsp; Energy Southeast A Cooperative District Revenue, Series 2024-B, 5.25%, due 7/1/2054 Putable <br> 6/1/2032<br>| &nbsp;&nbsp; $1098124 |
| 565000 | Fort Payne City General Obligation (School Warrants), Series 2018-B, (AG), 5.00%, due 5/1/2027 | &nbsp;&nbsp; 583616 |
| 1300000 | Gadsden General Obligation, Series 2025-A, (BAM), 5.00%, due 10/1/2050 | &nbsp;&nbsp; 1347360 |
| 750000 | Southeast Energy Authority A Cooperative District Revenue, Series 2025-D, 5.00%, due 9/1/2035 | &nbsp;&nbsp; 830852 |
|  |  | &nbsp;&nbsp; **3859952** |
| **Arizona 0.6%** | **Arizona 0.6%** | **Arizona 0.6%** |
| 500000 | &nbsp;&nbsp; Sierra Vista Industrial Development Authority Revenue (American Leadership Academy Project), <br> Series 2024, 5.00%, due 6/15/2059<br>| &nbsp;&nbsp; **451585**<br> <sup>(a)</sup><br>|
| **Arkansas 1.1%** | **Arkansas 1.1%** | **Arkansas 1.1%** |
| 550000 | &nbsp;&nbsp; Benton Washington Regional Public Water Authority Revenue Green Bond, Series 2022, (BAM), <br> 4.00%, due 10/1/2033<br>| &nbsp;&nbsp; 571968 |
| 315000 | Russellville Water & Sewer Revenue, Series 2018, (AG), 4.00%, due 7/1/2028 | &nbsp;&nbsp; 315343 |
|  |  | &nbsp;&nbsp; **887311** |
| **District of Columbia 1.5%** | **District of Columbia 1.5%** | **District of Columbia 1.5%** |
| 400000 | &nbsp;&nbsp; Deutsche Bank Spears/Lifers Trust Revenue, (LOC: Deutsche Bank A.G.), Series 2020-DBE-8070, <br> 3.62%, due 8/1/2040<br>| &nbsp;&nbsp; 400000<br> <sup>(a)(b)</sup><br>|
| 775000 | District of Columbia Revenue Refunding (Gallaudet University), Series 2021-A, 5.00%, due 4/1/2051 | &nbsp;&nbsp; 794180 |
|  |  | &nbsp;&nbsp; **1194180** |
| **Florida 1.4%** | **Florida 1.4%** | **Florida 1.4%** |
| 1000000 | &nbsp;&nbsp; Wildwood Utility Dependent District Revenue (Senior-South Sumter Utilities Project), Series 2021, <br> (BAM), 5.00%, due 10/1/2034<br>| &nbsp;&nbsp; **1106877** |
| **Georgia 6.1%** | **Georgia 6.1%** | **Georgia 6.1%** |
| 520000 | &nbsp;&nbsp; Gainesville & Hall County Hospital Authority Revenue (Northeast Georgia Health System, Inc.), <br> Series 2024, 5.00%, due 10/15/2030<br>| &nbsp;&nbsp; 575117 |
|  | Main Street Natural Gas, Inc. Gas Supply Revenue |  |
| 1000000 | Series 2023-A, 5.00%, due 6/1/2053 Putable 6/1/2030 | &nbsp;&nbsp; 1060146 |
| 625000 | Series 2024-B, 5.00%, due 12/1/2054 Putable 3/1/2032 | &nbsp;&nbsp; 679896 |
| 1420000 | Series 2025-A, 5.00%, due 6/1/2055 Putable 6/1/2032 | &nbsp;&nbsp; 1555222 |
| 1000000 | &nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue Refunding, Series 2016-B, 5.00%, due <br> 7/1/2035 Pre-Refunded 7/1/2026<br>| &nbsp;&nbsp; 1015307 |
|  |  | &nbsp;&nbsp; **4885688** |
| **Illinois 5.7%** | **Illinois 5.7%** | **Illinois 5.7%** |
|  | &nbsp;&nbsp; Cook County Community Consolidated School District No. 21 General Obligation (Wheeling School <br> Building)<br>|  |
| 1000000 | Series 2019-A, (AG), 4.00%, due 12/1/2035 | &nbsp;&nbsp; 1016822 |
| 880000 | Series 2020-A, (BAM), 5.00%, due 12/1/2030 | &nbsp;&nbsp; 944195 |
|  | Illinois State General Obligation |  |
| 670000 | Series 2016, 4.00%, due 1/1/2031 | &nbsp;&nbsp; 670636 |
| 600000 | Series 2023-B, 5.00%, due 5/1/2028 | &nbsp;&nbsp; 630565 |
| 1275000 | &nbsp;&nbsp; Sales Tax Securitization Corp. Senior Lien Revenue Refunding (Social Bonds), Series 2023-A, 4.00%, <br> due 1/1/2042<br>| &nbsp;&nbsp; 1274955 |
|  |  | &nbsp;&nbsp; **4537173** |
| **Indiana 3.0%** | **Indiana 3.0%** | **Indiana 3.0%** |
| 895000 | &nbsp;&nbsp; Anderson School Building Corp. (First Mortgage), Series 2018, (ST INTERCEPT), 5.00%, due <br> 1/15/2026<br>| &nbsp;&nbsp; 898251 |
| 400000 | IPS Multi-School Building Corp. Revenue, Series 2024, (ST INTERCEPT), 5.00%, due 7/15/2039 | &nbsp;&nbsp; 440707 |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal Impact Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Indiana – cont'd** | **Indiana – cont'd** | **Indiana – cont'd** | **Indiana – cont'd** |
| $| 1000000 | Northern Indiana Commuter Transportation District Revenue, Series 2024, 5.00%, due 1/1/2054 | &nbsp;&nbsp; $1045275 |
|  |  |  | &nbsp;&nbsp; **2384233** |
| **Iowa 1.4%** | **Iowa 1.4%** | **Iowa 1.4%** | **Iowa 1.4%** |
|  | 1000000 | &nbsp;&nbsp; Des Moines Metropolitan Wastewater Reclamation Authority Revenue, Series 2024-B, 5.00%, due <br> 6/1/2037<br>| &nbsp;&nbsp; **1106021** |
| **Kentucky 6.3%** | **Kentucky 6.3%** | **Kentucky 6.3%** | **Kentucky 6.3%** |
|  |  | Breathitt County School District Finance Corp. Revenue |  |
|  | 210000 | Series 2021, (ST INTERCEPT), 2.00%, due 4/1/2027 | &nbsp;&nbsp; 205424 |
|  | 835000 | Series 2021, (ST INTERCEPT), 2.00%, due 4/1/2029 | &nbsp;&nbsp; 790654 |
|  | 900000 | &nbsp;&nbsp; Daviess County School District Finance Corp. Revenue, Series 2021-A, (ST INTERCEPT), 2.00%, due <br> 12/1/2031<br>| &nbsp;&nbsp; 814419 |
|  | 650000 | Green County School District Finance Corp., Series 2021, (ST INTERCEPT), 2.00%, due 10/1/2026 | &nbsp;&nbsp; 640063 |
|  | 500000 | &nbsp;&nbsp; Kentucky Economic Development Finance Authority Revenue Refunding (Owensboro Health), <br> Series 2017-A, 5.00%, due 6/1/2041<br>| &nbsp;&nbsp; 502209 |
|  | 1000000 | &nbsp;&nbsp; Logan-Todd Regional Water Commission Revenue Refunding, Series 2016-A, (AG), 5.00%, due <br> 7/1/2028<br>| &nbsp;&nbsp; 1014365 |
|  | 1000000 | &nbsp;&nbsp; Warren County School District General Obligation, Series 2024, (ST INTERCEPT), 5.00%, due <br> 12/1/2029<br>| &nbsp;&nbsp; 1085245 |
|  |  |  | &nbsp;&nbsp; **5052379** |
| **Louisiana 3.0%** | **Louisiana 3.0%** | **Louisiana 3.0%** | **Louisiana 3.0%** |
|  |  | Natchitoches Parish School District No. 9 General Obligation |  |
|  | 505000 | Series 2018, (AG), 5.00%, due 3/1/2027 | &nbsp;&nbsp; 518564 |
|  | 755000 | Series 2018, (AG), 5.00%, due 3/1/2028 | &nbsp;&nbsp; 790601 |
|  | 1000000 | &nbsp;&nbsp; Rapides Parish Consolidated School District No. 62 General Obligation, Series 2024, (BAM), 5.00%, <br> due 3/1/2043<br>| &nbsp;&nbsp; 1052663 |
|  |  |  | &nbsp;&nbsp; **2361828** |
| **Maine 0.3%** | **Maine 0.3%** | **Maine 0.3%** | **Maine 0.3%** |
|  | 200000 | Maine State Finance Authority Revenue (TimberHP Madison LLC), Series 2025, 8.50%, due 6/1/2035 | &nbsp;&nbsp; **200000**<br> <sup>#(c)(d)</sup><br>|
| **Michigan 9.3%** | **Michigan 9.3%** | **Michigan 9.3%** | **Michigan 9.3%** |
|  | 1000000 | Dearborn General Obligation (Sewer), Series 2018, 4.00%, due 4/1/2033 | &nbsp;&nbsp; 1028981 |
|  |  | Detroit General Obligation |  |
|  | 500000 | Series 2021-A, 4.00%, due 4/1/2040 | &nbsp;&nbsp; 490227 |
|  | 250000 | Series 2023-C, 6.00%, due 5/1/2043 | &nbsp;&nbsp; 275666 |
|  | 70000 | &nbsp;&nbsp; Fowlerville Community School District Refunding General Obligation, Series 2022, (Q-SBLF), 4.00%, <br> due 5/1/2033<br>| &nbsp;&nbsp; 74853 |
|  |  | Kent Hospital Finance Authority Revenue (Mary Free Bed Rehabilitation Hospital) |  |
|  | 105000 | Series 2021-A, 5.00%, due 4/1/2028 | &nbsp;&nbsp; 109562 |
|  | 1015000 | Series 2021-A, 4.00%, due 4/1/2033 | &nbsp;&nbsp; 1050509 |
|  | 500000 | Livonia Public School District General Obligation, Series 2016, (AG), 5.00%, due 5/1/2028 | &nbsp;&nbsp; 505200 |
|  | 750000 | &nbsp;&nbsp; Michigan State Housing Development Authority Revenue (Non Ace), Series 2016-B, 2.50%, due <br> 12/1/2026<br>| &nbsp;&nbsp; 743357 |
|  | 290000 | &nbsp;&nbsp; Michigan State Housing Development Authority Revenue Refunding, Series 2018-B, 3.15%, due <br> 4/1/2028<br>| &nbsp;&nbsp; 290725 |
|  | 1000000 | &nbsp;&nbsp; Michigan State Strategic Fund Ltd. Obligation Revenue (Green Bond-Recycled Board Machine Project), <br> Series 2021, 4.00%, due 10/1/2061 Putable 10/1/2026<br>| &nbsp;&nbsp; 999292 |
|  |  | Trenton Public School District General Obligation (School Building & Site) |  |
|  | 785000 | Series 2018-B, (Q-SBLF), 5.00%, due 5/1/2036 | &nbsp;&nbsp; 823531 |
|  | 1025000 | Series 2018-B, (Q-SBLF), 5.00%, due 5/1/2039 | &nbsp;&nbsp; 1063503 |
|  |  |  | &nbsp;&nbsp; **7455406** |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal Impact Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Minnesota 2.3%** | **Minnesota 2.3%** | **Minnesota 2.3%** |
|  | Duluth Economic Development Authority Revenue Refunding (Saint Luke's Hospital of Duluth) |  |
| $310000 | Series 2022-A, 5.00%, due 6/15/2027 | &nbsp;&nbsp; $320153 |
| 410000 | Series 2022-A, 5.00%, due 6/15/2028 | &nbsp;&nbsp; 431970 |
|  | Minnesota Agricultural & Economic Development Board Revenue (HealthPartners Obligated Group) |  |
| 250000 | Series 2024, 5.00%, due 1/1/2036 | &nbsp;&nbsp; 281356 |
| 600000 | Series 2024, 5.25%, due 1/1/2054 | &nbsp;&nbsp; 624424 |
| 210000 | &nbsp;&nbsp; Saint Paul Housing & Redevelopment Authority Charter School Lease Revenue (Metro Deaf School <br> Project), Series 2018-A, 5.00%, due 6/15/2038<br>| &nbsp;&nbsp; 202271<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **1860174** |
| **Mississippi 1.0%** | **Mississippi 1.0%** | **Mississippi 1.0%** |
| 730000 | Gulfport Revenue (Memorial Hospital At Gulfport), Series 2025, 5.00%, due 7/1/2032 | &nbsp;&nbsp; **803919** |
| **Missouri 3.4%** | **Missouri 3.4%** | **Missouri 3.4%** |
| 1000000 | &nbsp;&nbsp; Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue Refunding <br> (Combined Lien Mass Transit Sales Tax Appropriation), Series 2019, 4.00%, due 10/1/2036<br>| &nbsp;&nbsp; 1014790 |
|  | Saint Louis School District General Obligation |  |
| 510000 | Series 2023, (AG), 5.00%, due 4/1/2035 | &nbsp;&nbsp; 571246 |
| 1000000 | Series 2023, (AG), 5.00%, due 4/1/2039 | &nbsp;&nbsp; 1091358 |
|  |  | &nbsp;&nbsp; **2677394** |
| **New Hampshire 1.6%** | **New Hampshire 1.6%** | **New Hampshire 1.6%** |
|  | New Hampshire Business Finance Authority Revenue (Pennichuck Water Works, Inc.) |  |
| 250000 | Series 2024-A, 5.50%, due 4/1/2043 | &nbsp;&nbsp; 257531 |
| 300000 | Series 2024-A, 5.38%, due 4/1/2049 | &nbsp;&nbsp; 301300 |
| 325000 | Series 2024-A, 5.50%, due 4/1/2054 | &nbsp;&nbsp; 327496 |
| 400000 | Series 2024-A, 5.63%, due 4/1/2059 | &nbsp;&nbsp; 405327 |
|  |  | &nbsp;&nbsp; **1291654** |
| **New Jersey 0.8%** | **New Jersey 0.8%** | **New Jersey 0.8%** |
| 100000 | &nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Revenue Refunding, Series 2021-A, 5.00%, due <br> 6/15/2031<br>| &nbsp;&nbsp; 111952 |
| 500000 | &nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Transportation System Revenue Refunding, <br> Series 2019-A, 5.00%, due 12/15/2031<br>| &nbsp;&nbsp; 544355 |
|  |  | &nbsp;&nbsp; **656307** |
| **New Mexico 1.3%** | **New Mexico 1.3%** | **New Mexico 1.3%** |
| 1000000 | &nbsp;&nbsp; New Mexico Municipal Energy Acquisition Authority Revenue Refunding, Series 2025, 5.00%, due <br> 6/1/2054 Putable 11/1/2030<br>| &nbsp;&nbsp; **1073338** |
| **New York 6.5%** | **New York 6.5%** | **New York 6.5%** |
| 250000 | &nbsp;&nbsp; Buffalo Sewer Authority Environmental Impact Revenue (Green Bond), Series 2021, 1.75%, due <br> 6/15/2049<br>| &nbsp;&nbsp; 184070<br> <sup>(e)</sup><br>|
| 200000 | &nbsp;&nbsp; Build NYC Resource Corp. Revenue (New Dawn Charter School Project), Series 2019, 5.75%, due <br> 2/1/2049<br>| &nbsp;&nbsp; 188675<br> <sup>(a)</sup><br>|
| 540000 | &nbsp;&nbsp; Nassau County Industrial Development Agency Revenue Refunding (Cold Spring), (LOC: TD Bank <br> N.A.), Series 1999, 3.85%, due 1/1/2034<br>| &nbsp;&nbsp; 540000<br> <sup>(b)</sup><br>|
| 150000 | &nbsp;&nbsp; Nassau County Local Economic Assistance Corp. Revenue (Catholic Health Services of Long Island <br> Obligated Group Project), Series 2014, 5.00%, due 7/1/2027<br>| &nbsp;&nbsp; 150704 |
| 1090000 | &nbsp;&nbsp; New York City Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development <br> Bonds), Series 2021-F-1, (FHA), 1.25%, due 5/1/2029<br>| &nbsp;&nbsp; 996771 |
| 1250000 | &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding (Second <br> General Resolution Revenue Bonds), Series 2024-BB, 5.25%, due 6/15/2054<br>| &nbsp;&nbsp; 1322822 |
|  | New York General Obligation |  |
| 170000 | (LOC: U.S. Bank N.A.), Series 2008-L4, 3.95%, due 4/1/2038 | &nbsp;&nbsp; 170000<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Municipal Impact Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **New York – cont'd** | **New York – cont'd** | **New York – cont'd** | **New York – cont'd** |
| $| 300000 | Series 2012-2, 3.90%, due 4/1/2042 | &nbsp;&nbsp; $300000<br> <sup>(b)</sup><br>|
|  | 1000000 | &nbsp;&nbsp; New York State Dormitory Authority Revenue (Financing Program), Series 2023-A, (AG), (ST AID <br> WITHHLDG), 5.00%, due 10/1/2036<br>| &nbsp;&nbsp; 1104957 |
|  | 200000 | &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Revenue, (LOC: U.S. Bank N.A.), Series 2003-B-1, 3.95%, due <br> 1/1/2033<br>| &nbsp;&nbsp; 200000<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **5157999** |
| **North Carolina 0.2%** | **North Carolina 0.2%** | **North Carolina 0.2%** | **North Carolina 0.2%** |
|  | 175000 | Scotland County Revenue, Series 2018, 5.00%, due 12/1/2026 | &nbsp;&nbsp; **178657** |
| **Ohio 1.4%** | **Ohio 1.4%** | **Ohio 1.4%** | **Ohio 1.4%** |
|  | 520000 | &nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District (Summa Health Systems Obligation), Series 2020, <br> 4.00%, due 11/15/2036 Pre-Refunded 11/15/2030<br>| &nbsp;&nbsp; 549683 |
|  | 400000 | &nbsp;&nbsp; Cuyahoga Metropolitan Housing Authority Revenue, Series 2021, (2045 Initiative Project), (HUD), <br> 2.00%, due 12/1/2031<br>| &nbsp;&nbsp; 360409 |
|  | 250000 | &nbsp;&nbsp; Ohio State Air Quality Development Authority Exempt Facilities Revenue (AMG Vanadium LLC), <br> Series 2019, 5.00%, due 7/1/2049<br>| &nbsp;&nbsp; 229706<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1139798** |
| **Oklahoma 3.7%** | **Oklahoma 3.7%** | **Oklahoma 3.7%** | **Oklahoma 3.7%** |
|  | 770000 | &nbsp;&nbsp; Johnston County Educational Facility Authority Lease Revenue (Tishomingo Public School Project), <br> Series 2022, 4.00%, due 9/1/2030<br>| &nbsp;&nbsp; 797921 |
|  | 650000 | &nbsp;&nbsp; Lincoln County Education Facility Authority Education Facilities Lease Revenue (Stroud Public School <br> Project), Series 2016, 5.00%, due 9/1/2027<br>| &nbsp;&nbsp; 659643 |
|  | 395000 | &nbsp;&nbsp; Oklahoma County Finance Authority Revenue (Choctaw-Nicoma Park Public Schools Project), <br> Series 2023, 5.00%, due 9/1/2032<br>| &nbsp;&nbsp; 442194 |
|  | 1000000 | &nbsp;&nbsp; Oklahoma County Finance Authority Revenue (Midwest City-Del Public Schools Project), Series 2004, <br> (BAM), 5.00%, due 10/1/2044<br>| &nbsp;&nbsp; 1052774 |
|  |  |  | &nbsp;&nbsp; **2952532** |
| **Pennsylvania 7.4%** | **Pennsylvania 7.4%** | **Pennsylvania 7.4%** | **Pennsylvania 7.4%** |
|  | 400000 | &nbsp;&nbsp; General Authority of Southcentral Pennsylvania Revenue Refunding (Wellspan Health Obligated <br> Group), (LOC: U.S. Bank N.A.), Series 2019-E, 3.95%, due 6/1/2035<br>| &nbsp;&nbsp; 400000<br> <sup>(b)</sup><br>|
|  |  | Pennsylvania Housing Finance Agency Revenue |  |
|  | 395000 | Series 2025-148A, 3.30%, due 10/1/2030 | &nbsp;&nbsp; 398784 |
|  | 1065000 | Series 2025-148A, 3.45%, due 10/1/2031 | &nbsp;&nbsp; 1083150 |
|  | 1000000 | &nbsp;&nbsp; Pennsylvania State Housing Finance Agency Single Family Mortgage Revenue, Series 2018-127B, <br> 2.85%, due 4/1/2026<br>| &nbsp;&nbsp; 998702 |
|  | 1250000 | &nbsp;&nbsp; Philadelphia Authority for Industrial Development Revenue (Rebuilt Project), Series 2025-A, 5.00%, <br> due 12/1/2042<br>| &nbsp;&nbsp; 1375241 |
|  | 1500000 | &nbsp;&nbsp; Redevelopment Authority of the City of Philadelphia Revenue Refunding, Series 2025-A, 5.00%, due <br> 4/15/2030<br>| &nbsp;&nbsp; 1640203 |
|  |  |  | &nbsp;&nbsp; **5896080** |
| **South Carolina 4.7%** | **South Carolina 4.7%** | **South Carolina 4.7%** | **South Carolina 4.7%** |
|  |  | Dillon County School Facility Corp. Certificate of Participation Refunding |  |
|  | 1175000 | Series 2020, 5.00%, due 12/1/2026 | &nbsp;&nbsp; 1199557 |
|  | 445000 | Series 2020, 5.00%, due 12/1/2027 | &nbsp;&nbsp; 463427 |
|  | 1000000 | Newberry Investing in Children's Education Revenue Refunding, Series 2025, 5.00%, due 12/1/2029 | &nbsp;&nbsp; 1079234 |
|  | 150000 | &nbsp;&nbsp; South Carolina Jobs Economic Development Authority Solid Waste Disposal Revenue (AMT-Green <br> Bond-Last Step Recycling LLC Project), Series 2021-A, 6.50%, due 6/1/2051<br>| &nbsp;&nbsp; 16500<br> <sup>(a)(f)</sup><br>|
|  | 175000 | &nbsp;&nbsp; South Carolina Jobs Economic Development Authority Solid Waste Disposal Revenue (Green <br> Bond-Jasper Pellets LLC Project), Series 2018-A, 7.00%, due 11/1/2038<br>| &nbsp;&nbsp; 175<br> <sup>#(a)(f)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Municipal Impact Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **South Carolina – cont'd** | **South Carolina – cont'd** | **South Carolina – cont'd** | **South Carolina – cont'd** |
| $| 1000000 | &nbsp;&nbsp; South Carolina State Housing Finance & Development Authority Revenue (573 Meeting Street <br> Project), Series 2024, (HUD), 3.00%, due 4/1/2043 Putable 4/1/2027<br>| &nbsp;&nbsp; $999523 |
|  |  |  | &nbsp;&nbsp; **3758416** |
| **Tennessee 1.6%** | **Tennessee 1.6%** | **Tennessee 1.6%** | **Tennessee 1.6%** |
|  | 1000000 | &nbsp;&nbsp; Tennessee Energy Acquisition Corp. Revenue Refunding (Gas Project), Series 2023-A-1, 5.00%, due <br> 5/1/2053 Putable 5/1/2028<br>| &nbsp;&nbsp; 1036253 |
|  | 235000 | &nbsp;&nbsp; Tennessee Housing Development Agency Residential Finance Program Revenue, Series 2019, 3.25%, <br> due 7/1/2032<br>| &nbsp;&nbsp; 235222 |
|  |  |  | &nbsp;&nbsp; **1271475** |
| **Texas 11.7%** | **Texas 11.7%** | **Texas 11.7%** | **Texas 11.7%** |
|  | 780000 | Anna Independent School District General Obligation, Series 2023, (PSF-GTD), 4.13%, due 2/15/2053 | &nbsp;&nbsp; 735445 |
|  | 1000000 | &nbsp;&nbsp; Dallas Independent School District General Obligation, Series 2025-C, (PSF-GTD), 5.00%, due <br> 2/15/2034<br>| &nbsp;&nbsp; 1165977 |
|  | 500000 | El Paso TX Water & Sewer Revenue Refunding, Series 2025, 5.00%, due 3/1/2032 | &nbsp;&nbsp; 566095 |
|  | 1000000 | &nbsp;&nbsp; EP Tuscany Zaragosa PFC Revenue (Home Essential Function Housing Program), Series 2023, 4.00%, <br> due 12/1/2033<br>| &nbsp;&nbsp; 997011 |
|  | 625000 | &nbsp;&nbsp; Hidalgo County Regional Mobility Authority Revenue Toll & Vehicle Registration Junior Lien Refunding, <br> Series 2022-B, 4.00%, due 12/1/2038<br>| &nbsp;&nbsp; 593469 |
|  | 275000 | &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Revenue Refunding (Baylor Scott & White <br> Health Project), (LOC: JP Morgan Chase Bank N.A.), Series 2024-A, 2.78%, due 11/15/2050<br>| &nbsp;&nbsp; 275000<br> <sup>(b)</sup><br>|
|  | 500000 | &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Revenue Refunding (Methodist Hospitals of <br> Dallas), (LOC: TD Bank N.A.), Series 2008-A, 3.90%, due 10/1/2041<br>| &nbsp;&nbsp; 500000<br> <sup>(b)</sup><br>|
|  |  | Texas Water Development Board Revenue (Master Trust) |  |
|  | 795000 | Series 2020, 4.00%, due 10/15/2031 | &nbsp;&nbsp; 839011 |
|  | 1000000 | Series 2022, 5.00%, due 10/15/2047 | &nbsp;&nbsp; 1047095 |
|  | 500000 | Series 2023-A, 5.00%, due 10/15/2058 | &nbsp;&nbsp; 519705 |
|  | 1015000 | Weslaco General Obligation Refunding, Series 2017, (AG), 5.00%, due 8/15/2027 | &nbsp;&nbsp; 1050067 |
|  | 1000000 | &nbsp;&nbsp; Ysleta Independent School District General Obligation (School Building), Series 2017-B, (PSF-GTD), <br> 5.00%, due 8/15/2041<br>| &nbsp;&nbsp; 1006214 |
|  |  |  | &nbsp;&nbsp; **9295089** |
| **Utah 0.5%** | **Utah 0.5%** | **Utah 0.5%** | **Utah 0.5%** |
|  | 410000 | Utah Infrastructure Agency Telecommunication Revenue, Series 2024, 5.25%, due 10/15/2039 | &nbsp;&nbsp; **436487** |
| **Washington 2.0%** | **Washington 2.0%** | **Washington 2.0%** | **Washington 2.0%** |
|  | 1000000 | Discovery Clean Water Alliance Sewer Revenue, Series 2022, 5.00%, due 12/1/2037 | &nbsp;&nbsp; 1103309 |
|  | 466076 | Washington State Housing Finance Commission, Series 2021-A-1, 3.50%, due 12/20/2035 | &nbsp;&nbsp; 453277 |
|  |  |  | &nbsp;&nbsp; **1556586** |
| **West Virginia 4.3%** | **West Virginia 4.3%** | **West Virginia 4.3%** | **West Virginia 4.3%** |
|  | 500000 | &nbsp;&nbsp; West Virginia Hospital Finance Authority Revenue (Improvement West Virginia University Health <br> System Obligated Group), Series 2018-A, 5.00%, due 6/1/2052<br>| &nbsp;&nbsp; 502861 |
|  | 500000 | &nbsp;&nbsp; West Virginia Hospital Finance Authority Revenue (Vandalia Health Group), Series 2023-B, 6.00%, <br> due 9/1/2053<br>| &nbsp;&nbsp; 543359 |
|  | 700000 | &nbsp;&nbsp; West Virginia Hospital Finance Authority Revenue (West Virginia University Health Systems), <br> Series 2017-A, 5.00%, due 6/1/2035<br>| &nbsp;&nbsp; 716940 |
|  | 600000 | &nbsp;&nbsp; West Virginia Hospital Finance Authority Revenue Refunding (Cabell Huntington Hospital Obligated <br> Group), Series 2018-A, 5.00%, due 1/1/2035<br>| &nbsp;&nbsp; 606282 |
|  | 990000 | &nbsp;&nbsp; West Virginia Water Development Authority Revenue Refunding (Loan Program), Series 2018-A-IV, <br> 5.00%, due 11/1/2036<br>| &nbsp;&nbsp; 1022601 |
|  |  |  | &nbsp;&nbsp; **3392043** |
| **Total Municipal Notes (Cost $79,534,398)** | **Total Municipal Notes (Cost $79,534,398)** | **Total Municipal Notes (Cost $79,534,398)** | &nbsp;&nbsp; **78880581** |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal Impact Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 0.0%**<sup>‡</sup>  | **Common Stocks 0.0%**<sup>‡</sup>  | **Common Stocks 0.0%**<sup>‡</sup>  |
| **Materials 0.0%**<sup>‡</sup> | **Materials 0.0%**<sup>‡</sup> | **Materials 0.0%**<sup>‡</sup> |
| 40078 | TimberHP, Inc. **(Cost $0)** | &nbsp;&nbsp; **$0**<br> <sup>#(c)(d)</sup><br>|
| **Total Investments 98.9% (Cost $79,534,398)** | **Total Investments 98.9% (Cost $79,534,398)** | &nbsp;&nbsp; **78880581** |
| Other Assets Less Liabilities 1.1% | Other Assets Less Liabilities 1.1% | &nbsp;&nbsp; 887383 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$79767964** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended,
 or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from
 registration, may only be sold to qualified institutional investors or may have other restrictions on resale.
 At October 31, 2025, these securities amounted to $1,488,912, which represents 1.9% of net assets of the
 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate demand obligation where the stated interest rate is not based on a published
 reference rate and spread. Rather, the interest rate generally resets daily or weekly and is determined
 by the remarketing agent. The rate shown represents the rate in effect at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Value determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security fair valued as of October 31, 2025 in accordance with procedures approved
 by the valuation designee. Total value of all such securities at October 31, 2025 amounted to $200,000,
 which represents 0.3% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Step Bond. Coupon rate is a fixed rate for an initial period that either resets at
 a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown was the
 current rate as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Defaulted security.

# This security is subject to restrictions on resale. Total value of all such securities at October 31, 2025 amounted to $200,175, which represents 0.3% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br>**Date(s)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Acquisition** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value as of** <br>**10/31/2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value** <br>**Percentage** <br>**of Net Assets** <br>**as of** <br>**10/31/2025**<br>|
| Maine State Finance Authority Revenue (TimberHP <br> Madison LLC)<br>| 6/20/2025 | $101261 | $200000 | 0.3% |
| South Carolina Jobs Economic Development Authority Solid <br> Waste Disposal Revenue (Green Bond-Jasper Pellets LLC <br> Project)<br>| 12/4/2018 | 171341 | 175 | 0.0% |
| TimberHP, Inc. | 6/23/2025 |  |  | 0.0% |
| **Total** |  | **$272602** | **$200175** | **0.3%** |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal Impact Fund^ (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Municipal Notes |  |  |  |  |
| Maine | $— | $— | $200000 | $200000 |
| Other Municipal Notes<sup>#</sup> <br>|  | 78680581 |  | 78680581 |
| Total Municipal Notes |  | 78680581 | 200000 | 78880581 |
| Common Stocks<sup>#</sup> <br>|  |  |  |  |
| **Total Investments** | **$—** | **$78680581** | **$200000** | **$78880581** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the state/territory or industry categorization.

(a) The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (000's <br>omitted)<br>| Beginning <br>balance as <br>of 11/1/2024<br>| Accrued <br>discounts/ <br>(premiums)<br>| Realized <br>gain/(loss)<br>| Change <br>in unrealized <br>appreciation/ <br>(depreciation)<br>| Purchases | Sales/ <br>Other <br>Reductions<br>| Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>10/31/2025<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>10/31/2025<br>|
| Investments in <br>Securities: <br>|  |  |  |  |  |  |  |  |  |  |
| Municipal <br> Notes<sup>(1)(2)</sup><br>| $14 | $1 | $— | $99 | $100 | $— | $— | $(14)<br>| $200 | $99 |
| Common <br> Stocks<sup>(3)</sup><br>|  |  |  |  |  |  |  |  |  |  |
| Total | $14 | $1 | $— | $99 | $100 | $— | $— | $(14)<br>| $200 | $99 |
| (1) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. |
| (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Investment type | Fair value <br>at <br>10/31/2025<br>| Valuation <br>approach<br>| Significant unobservable <br>input(s)<br>| Input value/ <br>range<br>| Weighted <br>average<sup>(a)</sup><br>| Impact to <br>valuation <br>from <br>increase <br>in input<sup>(b)</sup><br>|
| Municipal Notes | $200000 | Market Approach | Discount rate | 8.3% | 8.3% | Decrease |
| (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(3) At October 31, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented.<br>

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

Schedule of Investments Municipal Intermediate Bond Fund^

October 31, 2025

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Municipal Notes 99.4%** | **Municipal Notes 99.4%** | **Municipal Notes 99.4%** |
| **Alabama 3.0%** | **Alabama 3.0%** | **Alabama 3.0%** |
| $330000 | &nbsp;&nbsp; Black Belt Energy Gas District (Alabama Gas Prepay Gas Supply Revenue Project No. 7), <br> Series 2021-C-1, 4.00%, due 10/1/2052 Putable 12/1/2026<br>| &nbsp;&nbsp; $332272 |
|  | Black Belt Energy Gas District Revenue |  |
| 135000 | Series 2024-B, 5.00%, due 10/1/2055 Putable 9/1/2032 | &nbsp;&nbsp; 146582 |
| 2000000 | Series 2024-D, 5.00%, due 3/1/2055 Putable 11/1/2034 | &nbsp;&nbsp; 2168690 |
|  | Energy Southeast A Cooperative District Revenue |  |
| 1380000 | Series 2024-B, 5.25%, due 7/1/2054 Putable 6/1/2032 | &nbsp;&nbsp; 1515412 |
| 395000 | Series 2025-A, 5.00%, due 11/1/2035 | &nbsp;&nbsp; 425305 |
| 1000000 | &nbsp;&nbsp; Southeast Alabama Gas Supply District Revenue Refunding, Series 2024, 5.00%, due 6/1/2049 <br> Putable 5/1/2032<br>| &nbsp;&nbsp; 1083120 |
|  |  | &nbsp;&nbsp; **5671381** |
| **Arizona 0.2%** | **Arizona 0.2%** | **Arizona 0.2%** |
| 15000 | &nbsp;&nbsp; Maricopa County Industrial Development Authority Revenue Refunding (Banner Health Obligated <br> Group), Series 2016-A, 5.00%, due 1/1/2029<br>| &nbsp;&nbsp; 16032 |
| 500000 | &nbsp;&nbsp; Sierra Vista Industrial Development Authority Revenue (American Leadership Academy Project), <br> Series 2024, 5.00%, due 6/15/2059<br>| &nbsp;&nbsp; 451585<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **467617** |
| **Arkansas 0.7%** | **Arkansas 0.7%** | **Arkansas 0.7%** |
| 735000 | Mountain Home Arkansas Sales & Use Tax Revenue, Series 2021-B, 2.00%, due 9/1/2038 | &nbsp;&nbsp; 560920 |
| 800000 | Searcy City Sales & Use Tax Revenue, Series 2024, 5.00%, due 11/1/2029 | &nbsp;&nbsp; 861835 |
|  |  | &nbsp;&nbsp; **1422755** |
| **California 4.7%** | **California 4.7%** | **California 4.7%** |
| 1000000 | &nbsp;&nbsp; California Community Choice Financing Authority Revenue (Clean Energy), Series 2024-B, 5.00%, <br> due 1/1/2055 Putable 12/1/2032<br>| &nbsp;&nbsp; 1062055 |
| 4155000 | California General Obligation Refunding, Series 2025, 3.25%, due 8/1/2031 | &nbsp;&nbsp; 4274159 |
| 1370917 | California Housing Finance Agency Municipal Certificate, Series 2019-2, 4.00%, due 3/20/2033 | &nbsp;&nbsp; 1407516 |
| 300000 | &nbsp;&nbsp; California Municipal Finance Authority Revenue (Northbay Healthcare Group), Series 2017-A, <br> 5.25%, due 11/1/2036<br>| &nbsp;&nbsp; 302205 |
| 25000 | &nbsp;&nbsp; California Statewide Communities Development Authority Revenue (Kaiser Permanente), <br> Series 2004-MR, 5.00%, due 4/1/2038 Putable 11/1/2029<br>| &nbsp;&nbsp; 27258 |
| 535000 | &nbsp;&nbsp; Contra Costa County Redevelopment Agency Successor Agency Tax Allocation Refunding, <br> Series 2017-A, (BAM), 5.00%, due 8/1/2032<br>| &nbsp;&nbsp; 557337 |
|  | Fresno Joint Power Financing Authority Lease Revenue Refunding (Master Lease Project) |  |
| 115000 | Series 2017-A, (AG), 5.00%, due 4/1/2027 | &nbsp;&nbsp; 119045 |
| 280000 | Series 2017-A, (AG), 5.00%, due 4/1/2032 | &nbsp;&nbsp; 289522 |
| 760000 | &nbsp;&nbsp; Los Angeles Department of Water & Power Revenue Refunding, Series 2024-C, 5.00%, due <br> 7/1/2037<br>| &nbsp;&nbsp; 852788 |
| 50000 | &nbsp;&nbsp; San Francisco City & County Redevelopment Agency Successor Agency Refunding (Community <br> Facilities District No. 6), Series 2023, (AG), 5.25%, due 8/1/2042<br>| &nbsp;&nbsp; 55568 |
|  |  | &nbsp;&nbsp; **8947453** |
| **Colorado 0.6%** | **Colorado 0.6%** | **Colorado 0.6%** |
| 130000 | &nbsp;&nbsp; Colorado State Certificate of Participation (Health Sciences Facilities), Series 2024-A, 5.00%, due <br> 11/1/2053<br>| &nbsp;&nbsp; 136688 |
| 360000 | &nbsp;&nbsp; Denver City & County School District No. 1 General Obligation, Series 2025-A, (ST AID WITHHLDG), <br> 5.25%, due 12/1/2041<br>| &nbsp;&nbsp; 407796 |
| 340000 | &nbsp;&nbsp; Denver Health & Hospital Authority Healthcare Revenue Refunding, Series 2019-A, 4.00%, due <br> 12/1/2037<br>| &nbsp;&nbsp; 333321 |
| 250000 | Westminster Public Schools Certificate of Participation, Series 2019, (AG), 5.00%, due 12/1/2030 | &nbsp;&nbsp; 266638 |
|  |  | &nbsp;&nbsp; **1144443** |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal Intermediate Bond Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Connecticut 1.0%** | **Connecticut 1.0%** | **Connecticut 1.0%** |
| $1045000 | Connecticut State Special Tax Revenue, Series 2024-A-2, 5.00%, due 7/1/2038 | &nbsp;&nbsp; $1192612 |
| 600000 | Connecticut State Special Tax Revenue Refunding, Series 2024-B, 5.00%, due 7/1/2029 | &nbsp;&nbsp; 650527 |
|  |  | &nbsp;&nbsp; **1843139** |
| **District of Columbia 1.6%** | **District of Columbia 1.6%** | **District of Columbia 1.6%** |
| 300000 | &nbsp;&nbsp; Deutsche Bank Spears/Lifers Trust Revenue, (LOC: Deutsche Bank A.G.), Series 2020-DBE-8070, <br> 3.62%, due 8/1/2040<br>| &nbsp;&nbsp; 300000<br> <sup>(a)(b)</sup><br>|
| 1850000 | District of Columbia General Obligation, Series 2019-A, 5.00%, due 10/15/2036 | &nbsp;&nbsp; 1965056 |
| 785000 | Washington Convention & Sports Authority Revenue, Series 2021-A, 5.00%, due 10/1/2027 | &nbsp;&nbsp; 820725 |
|  |  | &nbsp;&nbsp; **3085781** |
| **Florida 2.3%** | **Florida 2.3%** | **Florida 2.3%** |
| 700000 | Cape Coral Special Obligation Revenue Refunding, Series 2015, 4.00%, due 10/1/2030 | &nbsp;&nbsp; 700844 |
| 175000 | &nbsp;&nbsp; City Of South Miami Health Facilities Authority, Inc. Revenue Refunding (Baptist Health South Florida <br> Obligated Group), Series 2017, 5.00%, due 8/15/2029<br>| &nbsp;&nbsp; 181389 |
| 270000 | &nbsp;&nbsp; Cityplace Community Development District Special Assessment Revenue Refunding, Series 2012, <br> 5.00%, due 5/1/2026<br>| &nbsp;&nbsp; 271885 |
|  | Florida Development Finance Corp. Revenue (Tampa General Hospital Project) |  |
| 75000 | Series 2024-A, 5.00%, due 8/1/2028 | &nbsp;&nbsp; 79014 |
| 35000 | Series 2024-A, 5.00%, due 8/1/2029 | &nbsp;&nbsp; 37491 |
|  | &nbsp;&nbsp; Palm Beach County Health Facilities Authority Revenue (Baptist Health South Florida Obligated <br> Group)<br>|  |
| 40000 | Series 2019, 5.00%, due 8/15/2031 | &nbsp;&nbsp; 42995 |
| 50000 | Series 2019, 5.00%, due 8/15/2034 | &nbsp;&nbsp; 53223 |
| 10000 | Series 2019, 5.00%, due 8/15/2036 | &nbsp;&nbsp; 10566 |
| 390000 | &nbsp;&nbsp; Village Community Development District No. 13 Special Assessment Revenue, Series 2019, 3.00%, <br> due 5/1/2029<br>| &nbsp;&nbsp; 384273 |
| 500000 | &nbsp;&nbsp; Village Community Development District No. 15 Special Assessment Revenue, Series 2024, 4.80%, <br> due 5/1/2055<br>| &nbsp;&nbsp; 476112<br> <sup>(a)</sup><br>|
| 750000 | &nbsp;&nbsp; Village Community Development District No. 16 Special Assessment Revenue, Series 2025, 5.13%, <br> due 5/1/2056<br>| &nbsp;&nbsp; 749355<br> <sup>(c)</sup><br>|
|  | Wildwood Utility Dependent District Revenue (Senior-South Sumter Utilities Project) |  |
| 350000 | Series 2021, (BAM), 5.00%, due 10/1/2034 | &nbsp;&nbsp; 387407 |
| 300000 | Series 2021, (BAM), 5.00%, due 10/1/2035 | &nbsp;&nbsp; 330151 |
| 250000 | Series 2021, (BAM), 5.00%, due 10/1/2036 | &nbsp;&nbsp; 273620 |
| 300000 | Series 2021, (BAM), 5.00%, due 10/1/2037 | &nbsp;&nbsp; 326597 |
|  |  | &nbsp;&nbsp; **4304922** |
| **Georgia 5.6%** | **Georgia 5.6%** | **Georgia 5.6%** |
| 1450000 | Georgia State Revenue Refunding, Series 2023-C, 5.00%, due 1/1/2033 | &nbsp;&nbsp; 1687920 |
| 5065000 | &nbsp;&nbsp; Main Street Natural Gas, Inc. Gas Supply Revenue, Series 2024-B, 5.00%, due 12/1/2054 Putable <br> 3/1/2032<br>| &nbsp;&nbsp; 5509877 |
| 2500000 | &nbsp;&nbsp; Monroe County Development Authority PCR Revenue (Georgia Power Co. Plant-Scherer Project), <br> Series 2009, 1.00%, due 7/1/2049 Putable 8/21/2026<br>| &nbsp;&nbsp; 2443447 |
|  | Municipal Electric Authority of Georgia (Plant Vogtle Units 3 & 4 Project M Bonds) |  |
| 345000 | Series 2019-A, 5.00%, due 1/1/2032 | &nbsp;&nbsp; 363205 |
| 100000 | Series 2019-A, 5.00%, due 1/1/2033 | &nbsp;&nbsp; 105140 |
| 500000 | &nbsp;&nbsp; Savannah Georgia Convention Center Authority Revenue (Convention Center Hotel-Third Tier), <br> Series 2025-C, (AG), 5.00%, due 6/1/2058<br>| &nbsp;&nbsp; 513971 |
|  |  | &nbsp;&nbsp; **10623560** |
| **Illinois 12.3%** | **Illinois 12.3%** | **Illinois 12.3%** |
| 170000 | &nbsp;&nbsp; Bureau County Township High School District No. 502 General Obligation, Series 2017-A, (BAM), <br> 5.00%, due 12/1/2033 Pre-Refunded 12/1/2027<br>| &nbsp;&nbsp; 177901 |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal Intermediate Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Illinois – cont'd** | **Illinois – cont'd** | **Illinois – cont'd** | **Illinois – cont'd** |
| $| 200000 | Chicago Refunding General Obligation, Series 2020-A, 5.00%, due 1/1/2026 | &nbsp;&nbsp; $200531 |
|  |  | Cook County Sales Tax Revenue Refunding |  |
|  | 3340000 | Series 2021-A, 5.00%, due 11/15/2031 | &nbsp;&nbsp; 3723992 |
|  | 1415000 | Series 2021-A, 5.00%, due 11/15/2032 | &nbsp;&nbsp; 1570687 |
|  | 735000 | &nbsp;&nbsp; Illinois Finance Authority Revenue (Government Program-Brookfield Lagrange Park School District <br> No. 95 Project), Series 2018, 4.00%, due 12/1/2038<br>| &nbsp;&nbsp; 738437 |
|  |  | Illinois Finance Authority Revenue (Government Program-E Prairie School District No. 73 Project) |  |
|  | 965000 | Series 2018, (BAM), 5.00%, due 12/1/2029 | &nbsp;&nbsp; 1012230 |
|  | 35000 | Series 2018, (BAM), 4.00%, due 12/1/2042 | &nbsp;&nbsp; 35046 |
|  | 50000 | &nbsp;&nbsp; Illinois Finance Authority Revenue Refunding (Carle Foundation), Series 2021-A, 5.00%, due <br> 8/15/2033<br>| &nbsp;&nbsp; 55388 |
|  |  | &nbsp;&nbsp; Illinois State Finance Authority Revenue (Downers Grove Community High School District No. 99 <br> Project)<br>|  |
|  | 900000 | Series 2019, 4.00%, due 12/15/2030 | &nbsp;&nbsp; 928271 |
|  | 900000 | Series 2019, 4.00%, due 12/15/2031 | &nbsp;&nbsp; 923631 |
|  |  | Illinois State General Obligation |  |
|  | 3605000 | Series 2017-D, 5.00%, due 11/1/2027 | &nbsp;&nbsp; 3749447 |
|  | 2815000 | Series 2017-D, 5.00%, due 11/1/2028 | &nbsp;&nbsp; 2925363 |
|  | 1800000 | Series 2020, 5.75%, due 5/1/2045 | &nbsp;&nbsp; 1897402 |
|  |  | Peoria School District No. 150 General Obligation Refunding |  |
|  | 395000 | Series 2020-A, (AG), 4.00%, due 12/1/2026 | &nbsp;&nbsp; 399897 |
|  | 1795000 | Series 2020-A, (AG), 4.00%, due 12/1/2027 | &nbsp;&nbsp; 1820257 |
|  | 975000 | Series 2020-A, (AG), 4.00%, due 12/1/2028 | &nbsp;&nbsp; 989159 |
|  | 585000 | Sales Tax Securitization Corp. Revenue Refunding, Series 2017-A, 5.00%, due 1/1/2028 | &nbsp;&nbsp; 610828 |
|  | 530000 | Sales Tax Securitization Corp. Revenue Refunding Second Lien, Series 2020-A, 5.00%, due 1/1/2026 | &nbsp;&nbsp; 531761 |
|  | 1060000 | &nbsp;&nbsp; Sales Tax Securitization Corp. Senior Lien Revenue Refunding (Social Bonds), Series 2023-A, 4.00%, <br> due 1/1/2042<br>| &nbsp;&nbsp; 1059963 |
|  |  |  | &nbsp;&nbsp; **23350191** |
| **Indiana 1.4%** | **Indiana 1.4%** | **Indiana 1.4%** | **Indiana 1.4%** |
|  | 770000 | Fairfield School Building Corp. Revenue, Series 2021, (ST INTERCEPT), 3.00%, due 7/15/2028 | &nbsp;&nbsp; 766772 |
|  | 500000 | &nbsp;&nbsp; Indiana State Finance Authority Revenue Refunding (Greencroft Obligation Group), Series 2021-A, <br> 4.00%, due 11/15/2043<br>| &nbsp;&nbsp; 433907 |
|  | 515000 | Indiana State Municipal Power Agency Revenue Refunding, Series 2016-C, 5.00%, due 1/1/2027 | &nbsp;&nbsp; 522182 |
|  | 1000000 | &nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank Revenue (Convention Center Hotel), <br> Series 2023-E, 6.00%, due 3/1/2053<br>| &nbsp;&nbsp; 1045139 |
|  |  |  | &nbsp;&nbsp; **2768000** |
| **Iowa 0.9%** | **Iowa 0.9%** | **Iowa 0.9%** | **Iowa 0.9%** |
|  | 1050000 | &nbsp;&nbsp; Iowa Higher Education Loan Authority Revenue (Private College Des Moines University Project), <br> Series 2020, 5.00%, due 10/1/2027<br>| &nbsp;&nbsp; 1083457 |
|  | 640000 | &nbsp;&nbsp; Iowa State Finance Authority Single Family Mortgage Revenue (Non Ace-Mortgage-Backed Security <br> Program), Series 2017-C, (FHLMC), (FNMA), (GNMA), 2.30%, due 1/1/2026<br>| &nbsp;&nbsp; 638141 |
|  |  |  | &nbsp;&nbsp; **1721598** |
| **Kansas 0.9%** | **Kansas 0.9%** | **Kansas 0.9%** | **Kansas 0.9%** |
|  | 500000 | Garden City Revenue (Sports Of The World Bond Project), Series 2025, 5.38%, due 6/1/2039 | &nbsp;&nbsp; 504805<br> <sup>(a)</sup><br>|
|  | 1085000 | &nbsp;&nbsp; Wichita Sales Tax Special Obligation Revenue (River District Stadium Star Bond Project), Series 2018, <br> 5.00%, due 9/1/2027<br>| &nbsp;&nbsp; 1128295 |
|  |  |  | &nbsp;&nbsp; **1633100** |
| **Kentucky 1.4%** | **Kentucky 1.4%** | **Kentucky 1.4%** | **Kentucky 1.4%** |
|  | 1550000 | Kentucky Public Energy Authority Revenue, Series 2024-A, 5.00%, due 5/1/2055 Putable 7/1/2030 | &nbsp;&nbsp; 1647068 |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal Intermediate Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Kentucky – cont'd** | **Kentucky – cont'd** | **Kentucky – cont'd** | **Kentucky – cont'd** |
|  |  | Kentucky State Property & Building Commission Revenue (Project No.128) |  |
| $| 785000 | Series 2023-A, 5.00%, due 11/1/2035 | &nbsp;&nbsp; $895533 |
|  | 120000 | Series 2023-A, 5.50%, due 11/1/2043 | &nbsp;&nbsp; 133120 |
|  |  |  | &nbsp;&nbsp; **2675721** |
| **Louisiana 1.3%** | **Louisiana 1.3%** | **Louisiana 1.3%** | **Louisiana 1.3%** |
|  |  | Louisiana Stadium & Exposition District Revenue Refunding |  |
|  | 50000 | Series 2023-A, 5.00%, due 7/1/2037 | &nbsp;&nbsp; 55764 |
|  | 1600000 | Series 2023-A, 5.00%, due 7/1/2048 | &nbsp;&nbsp; 1640978 |
|  | 750000 | &nbsp;&nbsp; Saint John the Baptist Parish LA Revenue Refunding (Marathon Oil Corp. Project), Subseries <br> 2017-B-2, 2.38%, due 6/1/2037 Putable 7/1/2026<br>| &nbsp;&nbsp; 747318 |
|  |  |  | &nbsp;&nbsp; **2444060** |
| **Maryland 1.9%** | **Maryland 1.9%** | **Maryland 1.9%** | **Maryland 1.9%** |
|  | 1825000 | &nbsp;&nbsp; Maryland State Housing & Community Development Administration Department Revenue <br> Refunding, Series 2020-D, 1.95%, due 9/1/2035<br>| &nbsp;&nbsp; 1525266 |
|  | 1840000 | Montgomery County General Obligation, Series 2019-A, 5.00%, due 11/1/2029 | &nbsp;&nbsp; 2019481 |
|  |  |  | &nbsp;&nbsp; **3544747** |
| **Massachusetts 3.8%** | **Massachusetts 3.8%** | **Massachusetts 3.8%** | **Massachusetts 3.8%** |
|  | 1945000 | Commonwealth of Massachusetts General Obligation, Series 2024-A, 5.00%, due 1/1/2035 | &nbsp;&nbsp; 2261820 |
|  | 1450000 | &nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Revenue (Rail Enhancement Program), <br> Series 2022-B, 5.00%, due 6/1/2052<br>| &nbsp;&nbsp; 1507070 |
|  | 1860000 | &nbsp;&nbsp; Massachusetts Bay Transportation Authority Sales Tax Revenue, Series 2023-A-1, 5.00%, due <br> 7/1/2040<br>| &nbsp;&nbsp; 2055086 |
|  | 1145000 | Massachusetts School Building Authority Revenue Refunding, Series 2025-B, 5.00%, due 2/15/2038 | &nbsp;&nbsp; 1358783 |
|  |  |  | &nbsp;&nbsp; **7182759** |
| **Michigan 0.8%** | **Michigan 0.8%** | **Michigan 0.8%** | **Michigan 0.8%** |
|  |  | Walled Lake Consolidated School District |  |
|  | 690000 | Series 2020, (Q-SBLF), 5.00%, due 5/1/2032 | &nbsp;&nbsp; 756352 |
|  | 675000 | Series 2020, (Q-SBLF), 5.00%, due 5/1/2033 | &nbsp;&nbsp; 737189 |
|  |  |  | &nbsp;&nbsp; **1493541** |
| **Minnesota 0.5%** | **Minnesota 0.5%** | **Minnesota 0.5%** | **Minnesota 0.5%** |
|  | 540000 | Minnesota State General Obligation Refunding, Series 2023-D, 5.00%, due 8/1/2031 | &nbsp;&nbsp; 613223 |
|  | 400000 | &nbsp;&nbsp; Saint Paul Housing & Redevelopment Authority Health Care Revenue Refunding (Fairview Health <br> Services Obligated Group), Series 2017-A, 4.00%, due 11/15/2043<br>| &nbsp;&nbsp; 357288 |
|  |  |  | &nbsp;&nbsp; **970511** |
| **Mississippi 0.4%** | **Mississippi 0.4%** | **Mississippi 0.4%** | **Mississippi 0.4%** |
|  | 400000 | &nbsp;&nbsp; Mississippi Business Finance Corp. Revenue (Chevron USA, Inc. Project), Series 2010-G, 3.90%, due <br> 11/1/2035<br>| &nbsp;&nbsp; 400000<br> <sup>(b)</sup><br>|
|  | 325000 | Mississippi State General Obligation Refunding, Series 2015-C, 5.00%, due 10/1/2026 | &nbsp;&nbsp; 326705 |
|  |  |  | &nbsp;&nbsp; **726705** |
| **Missouri 0.5%** | **Missouri 0.5%** | **Missouri 0.5%** | **Missouri 0.5%** |
|  | 800000 | &nbsp;&nbsp; Missouri State Health & Educational Facilities Authority Revenue (Mercy Health), Series 2023, 5.50%, <br> due 12/1/2040<br>| &nbsp;&nbsp; 899107 |
|  |  | &nbsp;&nbsp; Missouri State Housing Development Commission Single Family Mortgage Revenue (Non-AMT <br> Special Homeownership Loan Program)<br>|  |
|  | 90000 | Series 2014-A, (FHLMC), (FNMA), (GNMA), 3.80%, due 11/1/2034 | &nbsp;&nbsp; 90006 |
|  | 50000 | Series 2014-A, (FHLMC), (FNMA), (GNMA), 4.00%, due 11/1/2039 | &nbsp;&nbsp; 49718 |
|  |  |  | &nbsp;&nbsp; **1038831** |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal Intermediate Bond Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Nebraska 1.4%** | **Nebraska 1.4%** | **Nebraska 1.4%** |
| $2520000 | &nbsp;&nbsp; Central Plains Energy Project Revenue Refunding, Series 2023-A, 5.00%, due 5/1/2054 Putable <br> 11/1/2029<br>| &nbsp;&nbsp; **$2701666** |
| **New Jersey 3.9%** | **New Jersey 3.9%** | **New Jersey 3.9%** |
| 1500000 | &nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority Contract Revenue Refunding (Hospital Asset <br> Transportation Program), Series 2017, 5.00%, due 10/1/2028<br>| &nbsp;&nbsp; 1578899 |
| 1130000 | &nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group), <br> Series 2017-A, 5.00%, due 7/1/2029<br>| &nbsp;&nbsp; 1167320 |
| 600000 | New Jersey State Transportation Trust Fund Authority, Series 2019-BB, 5.00%, due 6/15/2029 | &nbsp;&nbsp; 641262 |
| 1270000 | &nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Transportation Program Revenue, <br> Series 2024-CC, 5.00%, due 6/15/2031<br>| &nbsp;&nbsp; 1422495 |
| 1130000 | &nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Transportation Program Revenue Refunding, <br> Series 2024-AA, 5.25%, due 6/15/2041<br>| &nbsp;&nbsp; 1266261 |
| 565000 | &nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Transportation System Revenue Refunding, <br> Series 2019-A, 5.00%, due 12/15/2028<br>| &nbsp;&nbsp; 603663 |
| 750000 | Newark General Obligation, Series 2020-A, (AG), (ST AID WITHHLDG), 5.00%, due 10/1/2027 | &nbsp;&nbsp; 780805 |
|  |  | &nbsp;&nbsp; **7460705** |
| **New York 17.9%** | **New York 17.9%** | **New York 17.9%** |
| 140000 | &nbsp;&nbsp; Albany Capital Resource Corp. Revenue Refunding (Albany College of Pharmacy & Health Sciences), <br> Series 2014-A, 5.00%, due 12/1/2026<br>| &nbsp;&nbsp; 140118 |
| 410000 | &nbsp;&nbsp; Broome County Local Development Corp. Revenue (Good Shepherd Village at Endwell, Inc. Project), <br> Series 2021, 4.00%, due 7/1/2047<br>| &nbsp;&nbsp; 343400 |
| 200000 | &nbsp;&nbsp; Deutsche Bank Spears/Lifers Trust Revenue, (LOC: Deutsche Bank A.G.), Series 2023-DB-8201, <br> 4.00%, due 11/15/2046<br>| &nbsp;&nbsp; 200000<br> <sup>(a)</sup><br>|
| 100000 | &nbsp;&nbsp; Dutchess County Local Development Corp. Revenue Refunding (Culinary Institute of America <br> Project), Series 2021, 4.00%, due 7/1/2036<br>| &nbsp;&nbsp; 101358 |
| 635000 | Empire State Development Corp. Revenue, Series 2024-A, 5.00%, due 3/15/2038 | &nbsp;&nbsp; 724259 |
| 825000 | &nbsp;&nbsp; Monroe County General Obligation (Public Improvement), Series 2019-A, (BAM), 4.00%, due <br> 6/1/2028<br>| &nbsp;&nbsp; 831347 |
| 500000 | &nbsp;&nbsp; New Paltz Central School District General Obligation, Series 2019, (ST AID WITHHLDG), 4.00%, due <br> 2/15/2029<br>| &nbsp;&nbsp; 509159 |
| 2375000 | &nbsp;&nbsp; New York City Housing Development Corp. Revenue, Series 2020-C, (FNMA), (HUD), 2.15%, due <br> 8/1/2035<br>| &nbsp;&nbsp; 2050559 |
| 1000000 | &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding <br> (Second General Resolution Revenue Bonds), Series 2023-DD, 5.25%, due 6/15/2047<br>| &nbsp;&nbsp; 1063063 |
|  | New York City Transitional Finance Authority Revenue (Future Tax Secured) |  |
| 3730000 | Series 2016-A-1, 5.00%, due 5/1/2040 | &nbsp;&nbsp; 3750336 |
| 800000 | Series 2024-C, 5.00%, due 5/1/2041 | &nbsp;&nbsp; 880069 |
| 1525000 | Series 2024-C, 5.00%, due 5/1/2045 | &nbsp;&nbsp; 1621679 |
| 500000 | Series 2025-E, 5.00%, due 11/1/2036 | &nbsp;&nbsp; 574296 |
| 1830000 | Subseries 2016-A-1, 4.00%, due 5/1/2031 | &nbsp;&nbsp; 1838655 |
| 345000 | &nbsp;&nbsp; New York City Transitional Finance Authority Revenue Refunding (Future Tax Secured), <br> Series 2025-F-1, 5.00%, due 11/1/2038<br>| &nbsp;&nbsp; 390817 |
|  | New York City Trust for Cultural Resource Revenue Refunding (Carnegie Hall) |  |
| 160000 | Series 2019, 5.00%, due 12/1/2037 | &nbsp;&nbsp; 170666 |
| 765000 | Series 2019, 5.00%, due 12/1/2038 | &nbsp;&nbsp; 812813 |
| 370000 | Series 2019, 5.00%, due 12/1/2039 | &nbsp;&nbsp; 391564 |
|  | New York General Obligation |  |
| 90000 | Series 2018 E-1, 5.00%, due 3/1/2031 | &nbsp;&nbsp; 94633 |
| 1900000 | Series 2024-C1, 5.00%, due 9/1/2047 | &nbsp;&nbsp; 1994116 |
| 250000 | Subseries 2018-F-1, 5.00%, due 4/1/2034 | &nbsp;&nbsp; 262534 |
| 4000000 | New York General Obligation Refunding, Series 2011-D, 5.00%, due 10/1/2038 | &nbsp;&nbsp; 4542793 |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal Intermediate Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **New York – cont'd** | **New York – cont'd** | **New York – cont'd** | **New York – cont'd** |
| $| 150000 | &nbsp;&nbsp; New York Liberty Development Corp. Revenue Refunding Green Bonds (4 World Trade Center <br> Project), Series 2021-A, 2.50%, due 11/15/2036<br>| &nbsp;&nbsp; $128583 |
|  |  | New York State Dormitory Authority Revenue Refunding |  |
|  | 1275000 | Series 2024-A, 5.00%, due 3/15/2035 | &nbsp;&nbsp; 1474431 |
|  | 500000 | Series 2025-A, 5.00%, due 3/15/2041 | &nbsp;&nbsp; 556245 |
|  | 750000 | Series 2025-C, 5.00%, due 3/15/2034 | &nbsp;&nbsp; 875458 |
|  | 1500000 | Series 2025-C, 5.00%, due 3/15/2039 | &nbsp;&nbsp; 1702593 |
|  | 1000000 | &nbsp;&nbsp; New York State Transportation Development Corp. Special Facility Revenue Refunding (JFK <br> International Airport Terminal 4 Project), Series 2020-C, 5.00%, due 12/1/2038<br>| &nbsp;&nbsp; 1063616 |
|  | 300000 | Oneida Indian Nation of New York Revenue, Series 2024-B, 6.00%, due 9/1/2043 | &nbsp;&nbsp; 322955<br> <sup>(a)</sup><br>|
|  | 320000 | Onondaga Civic Development Corp. (Le Moyne Collage Project), Series 2021, 5.00%, due 7/1/2034 | &nbsp;&nbsp; 339372 |
|  |  | Onondaga Civic Development Corp. Refunding (Le Moyne Collage Project) |  |
|  | 300000 | Series 2022, 4.00%, due 7/1/2034 | &nbsp;&nbsp; 303013 |
|  | 150000 | Series 2022, 4.00%, due 7/1/2036 | &nbsp;&nbsp; 149080 |
|  | 350000 | Series 2022, 4.00%, due 7/1/2039 | &nbsp;&nbsp; 335811 |
|  | 350000 | Series 2022, 4.00%, due 7/1/2042 | &nbsp;&nbsp; 318093 |
|  | 815000 | &nbsp;&nbsp; Port Authority New York & New Jersey Consolidated Bonds Revenue Refunding (Two Hundred And <br> Fifty), Series 2025-250, 5.00%, due 10/15/2032<br>| &nbsp;&nbsp; 942171 |
|  | 1000000 | &nbsp;&nbsp; Schenectady County Capital Resource Corp. Revenue (One Broadway Center Project), Series 2025-A, <br> 5.25%, due 1/1/2050<br>| &nbsp;&nbsp; 1060211 |
|  |  | Triborough Bridge & Tunnel Authority Revenue |  |
|  | 100000 | (LOC: U.S. Bank N.A.), Series 2003-B-1, 3.95%, due 1/1/2033 | &nbsp;&nbsp; 100000<br> <sup>(b)</sup><br>|
|  | 210000 | Series 2025-A, 5.50%, due 12/1/2059 | &nbsp;&nbsp; 226785 |
|  | 500000 | &nbsp;&nbsp; Westchester County Local Development Corp. Revenue Refunding (Kendal on Hudson Project), <br> Series 2022-B, 5.00%, due 1/1/2041<br>| &nbsp;&nbsp; 515013 |
|  | 450000 | &nbsp;&nbsp; Yonkers Economic Development Corp. Education Revenue (Charter School of Education Excellence <br> Project), Series 2019-A, 5.00%, due 10/15/2049<br>| &nbsp;&nbsp; 417383 |
|  |  |  | &nbsp;&nbsp; **34119047** |
| **North Carolina 0.6%** | **North Carolina 0.6%** | **North Carolina 0.6%** | **North Carolina 0.6%** |
|  | 1000000 | Mecklenburg County Obligation Refunding, Series 2025-A, 5.00%, due 2/1/2037 | &nbsp;&nbsp; **1158778** |
| **Ohio 1.9%** | **Ohio 1.9%** | **Ohio 1.9%** | **Ohio 1.9%** |
|  |  | Allen County Hospital Facilities Revenue Refunding (Bon Secours Mercy Health) |  |
|  | 10000 | Series 2017-A, 5.00%, due 8/1/2027 | &nbsp;&nbsp; 10382 |
|  | 10000 | Series 2017-A, 5.00%, due 8/1/2029 | &nbsp;&nbsp; 10460 |
|  | 45000 | Series 2020-A, 5.00%, due 12/1/2027 | &nbsp;&nbsp; 46914 |
|  | 3110000 | &nbsp;&nbsp; Buckeye Tobacco Settlement Finance Authority Asset-Backed Senior Revenue Refunding, <br> Series 2020-B-2, 5.00%, due 6/1/2055<br>| &nbsp;&nbsp; 2606302 |
|  | 1000000 | &nbsp;&nbsp; Ohio State Air Quality Development Authority Revenue (American Electric Power Co. Project), <br> Series 2014-A, 2.40%, due 12/1/2038 Putable 10/1/2029<br>| &nbsp;&nbsp; 948942 |
|  |  | Ohio State Revenue Refunding (Cleveland Clinic Health System Obligated Group) |  |
|  | 15000 | Series 2017-A, 5.00%, due 1/1/2027 | &nbsp;&nbsp; 15377 |
|  | 20000 | Series 2017-A, 5.00%, due 1/1/2032 | &nbsp;&nbsp; 20902 |
|  | 20000 | Series 2021-B, 5.00%, due 1/1/2034 | &nbsp;&nbsp; 22360 |
|  |  |  | &nbsp;&nbsp; **3681639** |
| **Oklahoma 1.8%** | **Oklahoma 1.8%** | **Oklahoma 1.8%** | **Oklahoma 1.8%** |
|  | 1620000 | &nbsp;&nbsp; Canadian County Educational Facilities Authority Revenue (Piedmont Public Schools Project), <br> Series 2024, 4.00%, due 8/15/2032<br>| &nbsp;&nbsp; 1698944 |
|  | 1565000 | &nbsp;&nbsp; Weatherford Industrial Trust Education Facility Lease Revenue (Weatherford Public School Project), <br> Series 2019, 5.00%, due 3/1/2033<br>| &nbsp;&nbsp; 1654849 |
|  |  |  | &nbsp;&nbsp; **3353793** |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal Intermediate Bond Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Pennsylvania 9.8%** | **Pennsylvania 9.8%** | **Pennsylvania 9.8%** |
| $85000 | &nbsp;&nbsp; Bethlehem Area School District Refunding General Obligation, Series 2020-A, (AG), (ST AID <br> WITHHLDG), 5.00%, due 1/15/2030<br>| &nbsp;&nbsp; $93406 |
| 910000 | &nbsp;&nbsp; Geisinger Authority Revenue Refunding (Geisinger Health Systems Obligated Group), Series 2020-A, <br> 5.00%, due 4/1/2050<br>| &nbsp;&nbsp; 924339 |
|  | Lackawanna County Industrial Development Authority Revenue Refunding (University of Scranton) |  |
| 940000 | Series 2017, 5.00%, due 11/1/2028 | &nbsp;&nbsp; 972644 |
| 565000 | Series 2017, 5.00%, due 11/1/2029 | &nbsp;&nbsp; 585028 |
| 500000 | Series 2017, 5.00%, due 11/1/2030 | &nbsp;&nbsp; 518128 |
|  | Luzerne County General Obligation Refunding |  |
| 150000 | Series 2017-A, (AG), 5.00%, due 12/15/2027 | &nbsp;&nbsp; 156925 |
| 70000 | Series 2017-B, (AG), 5.00%, due 12/15/2026 | &nbsp;&nbsp; 71673 |
|  | Luzerne County Industrial Development Authority Lease Revenue Refunding Guaranteed |  |
| 350000 | Series 2017, (AG), 5.00%, due 12/15/2025 | &nbsp;&nbsp; 350756 |
| 525000 | Series 2017, (AG), 5.00%, due 12/15/2026 Pre-Refunded 12/15/2025 | &nbsp;&nbsp; 526257 |
| 250000 | Series 2017, (AG), 5.00%, due 12/15/2027 Pre-Refunded 12/15/2025 | &nbsp;&nbsp; 250598 |
| 3420000 | &nbsp;&nbsp; Pennsylvania State Turnpike Commission Oil Franchise Tax Revenue Refunding, Series 2021-B, <br> 5.00%, due 12/1/2046<br>| &nbsp;&nbsp; 3564712 |
| 2090000 | &nbsp;&nbsp; Pennsylvania State Turnpike Commission Revenue Refunding, Series 2016, 5.00%, due 6/1/2027 <br> Pre-Refunded 12/1/2025<br>| &nbsp;&nbsp; 2093412 |
| 580000 | &nbsp;&nbsp; Pennsylvania State Turnpike Commission Turnpike Revenue, Subseries 2019-A, 5.00%, due <br> 12/1/2033<br>| &nbsp;&nbsp; 627917 |
| 5040000 | &nbsp;&nbsp; Philadelphia Authority for Industrial Development Revenue (Rebuilt Project), Series 2025-A, 5.00%, <br> due 12/1/2031<br>| &nbsp;&nbsp; 5682070 |
| 500000 | &nbsp;&nbsp; Philadelphia Energy Authority Revenue (Philadelphia Street Lighting Project), Series 2023-A, 5.00%, <br> due 11/1/2034<br>| &nbsp;&nbsp; 571236 |
| 1000000 | Philadelphia Gas Works Co. Revenue, Series 2024-A, (AG), 5.25%, due 8/1/2054 | &nbsp;&nbsp; 1054491 |
| 545000 | &nbsp;&nbsp; Philadelphia School District General Obligation, Series 2018-A, (ST AID WITHHLDG), 5.00%, due <br> 9/1/2028<br>| &nbsp;&nbsp; 576961 |
|  |  | &nbsp;&nbsp; **18620553** |
| **Rhode Island 0.5%** | **Rhode Island 0.5%** | **Rhode Island 0.5%** |
| 595000 | &nbsp;&nbsp; Providence Public Building Authority Revenue (Capital Improvement Program), Series 2024-A, (AG), <br> 5.00%, due 9/15/2039<br>| &nbsp;&nbsp; 655287 |
| 330000 | &nbsp;&nbsp; Rhode Island Health and Educational Building Corp. Revenue (Lifespan Obligation Group), <br> Series 2024, 5.25%, due 5/15/2049<br>| &nbsp;&nbsp; 337064 |
|  |  | &nbsp;&nbsp; **992351** |
| **South Carolina 0.8%** | **South Carolina 0.8%** | **South Carolina 0.8%** |
| 5000 | &nbsp;&nbsp; Lexington County Health Services District, Inc. Revenue Refunding (Lexmed Obligated Group), <br> Series 2017, 5.00%, due 11/1/2029<br>| &nbsp;&nbsp; 5207 |
| 1860000 | &nbsp;&nbsp; South Carolina State Housing Finance & Development Authority Mortgage Revenue, Series 2021-A, <br> 1.85%, due 7/1/2036<br>| &nbsp;&nbsp; 1503407 |
|  |  | &nbsp;&nbsp; **1508614** |
| **Tennessee 0.7%** | **Tennessee 0.7%** | **Tennessee 0.7%** |
| 1230000 | &nbsp;&nbsp; Tennessee Housing Development Agency Residential Finance Program Revenue, Series 2019-2, <br> 3.00%, due 7/1/2039<br>| &nbsp;&nbsp; 1115926 |
| 265000 | Williamson County General Obligation, Series 2024, 5.00%, due 4/1/2033 | &nbsp;&nbsp; 307330 |
|  |  | &nbsp;&nbsp; **1423256** |
| **Texas 4.9%** | **Texas 4.9%** | **Texas 4.9%** |
| 590000 | &nbsp;&nbsp; Central Texas Regional Mobility Authority Senior Lien Revenue Refunding, Series 2020-A, 5.00%, <br> due 1/1/2027<br>| &nbsp;&nbsp; 603664 |
| 450000 | &nbsp;&nbsp; East Montgomery County Improvement District Sales Tax Revenue, Series 2024, (AG), 5.00%, due <br> 8/15/2031<br>| &nbsp;&nbsp; 501417 |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal Intermediate Bond Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Texas – cont'd** | **Texas – cont'd** | **Texas – cont'd** | **Texas – cont'd** |
| $| 380000 | &nbsp;&nbsp; EP Essential Housing WF PFC Revenue (Home Essential Function Housing Program), Series 2024, <br> 4.25%, due 12/1/2034<br>| &nbsp;&nbsp; $384727 |
|  | 975000 | &nbsp;&nbsp; Harris County Improvement District No. 18 General Obligation, Series 2024-A, (BAM), 4.00%, due <br> 9/1/2035<br>| &nbsp;&nbsp; 1001204 |
|  |  | Harris County Municipal Utility District No. 489 General Obligation |  |
|  | 900000 | Series 2023, (AG), 4.00%, due 9/1/2036 | &nbsp;&nbsp; 905224 |
|  | 195000 | Series 2023, (AG), 4.00%, due 9/1/2037 | &nbsp;&nbsp; 195287 |
|  | 250000 | Hidalgo County Regional Mobility Authority Revenue, Series 2022-B, 4.00%, due 12/1/2041 | &nbsp;&nbsp; 225881 |
|  | 70000 | &nbsp;&nbsp; Irving Independent School District General Obligation, Series 2023, (PSF-GTD), 5.00%, due <br> 2/15/2043<br>| &nbsp;&nbsp; 74559 |
|  | 400000 | &nbsp;&nbsp; Killeen Independent School District General Obligation, Series 2018, (PSF-GTD), 5.00%, due <br> 2/15/2037<br>| &nbsp;&nbsp; 415567 |
|  | 250000 | &nbsp;&nbsp; La Joya Independent School District Refunding General Obligation, Series 2013, (PSF-GTD), 5.00%, <br> due 2/15/2033<br>| &nbsp;&nbsp; 262818 |
|  | 835000 | &nbsp;&nbsp; McGregor Independent School District General Obligation, Series 2024, (PSF-GTD), 5.00%, due <br> 2/15/2040<br>| &nbsp;&nbsp; 917406 |
|  | 345000 | &nbsp;&nbsp; Montgomery County Municipal Utility District No. 99 General Obligation, Series 2025, (AG), 6.50%, <br> due 9/1/2027<br>| &nbsp;&nbsp; 365545 |
|  | 500000 | &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Revenue Refunding (Brazos Presbyterian <br> Homes, Inc. Project), Series 2025, 5.38%, due 1/1/2060<br>| &nbsp;&nbsp; 487218<br> <sup>(c)</sup><br>|
|  | 700000 | &nbsp;&nbsp; North East Texas Regional Mobility Authority Revenue Refunding, Series 2025-B, 5.25%, due <br> 1/1/2046<br>| &nbsp;&nbsp; 737156 |
|  | 400000 | &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Revenue Refunding (Baylor Health Care <br> System Project), (LOC: TD Bank N.A.), Series 2011-C, 3.00%, due 11/15/2050<br>| &nbsp;&nbsp; 400000<br> <sup>(b)</sup><br>|
|  | 1730000 | Texas Water Development Board Revenue (Master Trust), Series 2022, 5.00%, due 10/15/2047 | &nbsp;&nbsp; 1811475 |
|  |  |  | &nbsp;&nbsp; **9289148** |
| **Utah 2.1%** | **Utah 2.1%** | **Utah 2.1%** | **Utah 2.1%** |
|  |  | Midvale Redevelopment Agency Tax Increment & Sales Tax Revenue |  |
|  | 660000 | Series 2018, 5.00%, due 5/1/2032 | &nbsp;&nbsp; 690850 |
|  | 380000 | Series 2018, 5.00%, due 5/1/2034 | &nbsp;&nbsp; 395533 |
|  | 200000 | Utah Infrastructure Agency Telecommunication Revenue, Series 2019-A, 4.00%, due 10/15/2036 | &nbsp;&nbsp; 196809 |
|  | 2005000 | &nbsp;&nbsp; Utah State Transit Authority Sales Tax Revenue Refunding, Series 2007-A, (NPFG), 5.00%, due <br> 6/15/2031<br>| &nbsp;&nbsp; 2220887 |
|  | 565000 | &nbsp;&nbsp; Weber County Special Assessment (Summit Mountain Assessment Area), Series 2013, 5.50%, due <br> 1/15/2028<br>| &nbsp;&nbsp; 566074 |
|  |  |  | &nbsp;&nbsp; **4070153** |
| **Virginia 1.1%** | **Virginia 1.1%** | **Virginia 1.1%** | **Virginia 1.1%** |
|  | 1515000 | Virginia Public School Authority Revenue, Series 2024, 5.00%, due 10/1/2035 | &nbsp;&nbsp; 1751925 |
|  | 265000 | &nbsp;&nbsp; Virginia Small Business Financing Authority Revenue (Bon Secours Mercy Health, Inc.), Series 2022-A, <br> 5.00%, due 10/1/2041<br>| &nbsp;&nbsp; 283102 |
|  |  |  | &nbsp;&nbsp; **2035027** |
| **Washington 3.6%** | **Washington 3.6%** | **Washington 3.6%** | **Washington 3.6%** |
|  | 85000 | &nbsp;&nbsp; North Thurston Public Schools General Obligation, Series 2016, (SCH BD GTY), 4.00%, due <br> 12/1/2028<br>| &nbsp;&nbsp; 85696 |
|  | 2000000 | Washington General Obligation, Series 2025-A, 5.00%, due 8/1/2039 | &nbsp;&nbsp; 2283562 |
|  |  | Washington State General Obligation |  |
|  | 1050000 | Series 2022-C, 5.00%, due 2/1/2037 | &nbsp;&nbsp; 1163789 |
|  | 2300000 | Series 2024-C, 5.00%, due 2/1/2046 | &nbsp;&nbsp; 2445592 |
|  | 800000 | &nbsp;&nbsp; Whitman County School District No. 267 Pullman General Obligation, Series 2016, (SCH BD GTY), <br> 4.00%, due 12/1/2029<br>| &nbsp;&nbsp; 806707 |
|  |  |  | &nbsp;&nbsp; **6785346** |

---

See Notes to Financial Statements

------

Schedule of Investments Municipal Intermediate Bond Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **West Virginia 1.8%** | **West Virginia 1.8%** | **West Virginia 1.8%** |
| $1210000 | &nbsp;&nbsp; West Virginia Hospital Finance Authority Revenue (University Health System Obligated Group), <br> Series 2023-A, 5.00%, due 6/1/2043<br>| &nbsp;&nbsp; $1270216 |
| 1500000 | &nbsp;&nbsp; West Virginia Hospital Finance Authority Revenue (Vandalia Health Group), Series 2023-B, (AG), <br> 5.38%, due 9/1/2053<br>| &nbsp;&nbsp; 1589373 |
| 500000 | &nbsp;&nbsp; West Virginia Hospital Finance Authority Revenue Refunding (Cabell Huntington Hospital Obligated <br> Group), Series 2018-A, 5.00%, due 1/1/2029<br>| &nbsp;&nbsp; 516628 |
| 30000 | &nbsp;&nbsp; West Virginia Hospital Finance Authority Revenue Refunding (West Virgina United Health System <br> Obligated Group), Series 2016-A, 4.00%, due 6/1/2029<br>| &nbsp;&nbsp; 30152 |
|  |  | &nbsp;&nbsp; **3406369** |
| **Wisconsin 0.8%** | **Wisconsin 0.8%** | **Wisconsin 0.8%** |
| 290000 | Oshkosh General Obligation, Series 2024-A, 5.00%, due 6/1/2031 | &nbsp;&nbsp; 323005 |
| 500000 | &nbsp;&nbsp; Public Finance Authority Hospital Revenue (Carson Valley Medical Center), Series 2021-A, 4.00%, <br> due 12/1/2051<br>| &nbsp;&nbsp; 414659<br> <sup>(a)</sup><br>|
| 455000 | Public Finance Authority Revenue (Signorelli Project), Series 2024, 5.38%, due 12/15/2032 | &nbsp;&nbsp; 455083<br> <sup>(a)</sup><br>|
| 500000 | &nbsp;&nbsp; Public Finance Authority Senior Revenue (Wonderful Foundations Charter School Portfolio Project), <br> Series 2020-A-1, 5.00%, due 1/1/2055<br>| &nbsp;&nbsp; 423787<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **1616534** |
| **Total Investments 99.4% (Cost $190,390,268)** | **Total Investments 99.4% (Cost $190,390,268)** | &nbsp;&nbsp; **189283794** |
| Other Assets Less Liabilities 0.6% | Other Assets Less Liabilities 0.6% | &nbsp;&nbsp; 1113767 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$190397561** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended,
 or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from
 registration, may only be sold to qualified institutional investors or may have other restrictions on resale.
 At October 31, 2025, these securities amounted to $3,548,986, which represents 1.9% of net assets of the
 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate demand obligation where the stated interest rate is not based on a published
 reference rate and spread. Rather, the interest rate generally resets daily or weekly and is determined
 by the remarketing agent. The rate shown represents the rate in effect at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) When-issued security. Total value of all such securities at October 31, 2025 amounted
 to $1,236,573, which represents 0.6% of net assets of the Fund.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Municipal Notes<sup>#</sup> <br>| $— | $189283794 | $— | $189283794 |
| **Total Investments** | **$—** | **$189283794** | **$—** | **$189283794** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the state/territory categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^

October 31, 2025

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **U.S. Treasury Obligations 7.4%** | **U.S. Treasury Obligations 7.4%** | **U.S. Treasury Obligations 7.4%** |
| $16580000 | U.S. Treasury Bills, 4.12%, due 1/8/2026 | &nbsp;&nbsp; $16465025<br> <sup>(b)</sup><br>|
|  | U.S. Treasury Bonds |  |
| 3045000 | 3.88%, due 8/15/2040 - 2/15/2043 | &nbsp;&nbsp; 2829799 |
| 2475000 | 2.00%, due 11/15/2041 - 8/15/2051 | &nbsp;&nbsp; 1643897 |
| 1200000 | 3.38%, due 8/15/2042 | &nbsp;&nbsp; 1031016 |
| 1195000 | 4.00%, due 11/15/2042 | &nbsp;&nbsp; 1113731 |
| 3480000 | 3.63%, due 8/15/2043 - 2/15/2053 | &nbsp;&nbsp; 2957268 |
| 1120000 | 4.50%, due 2/15/2044 | &nbsp;&nbsp; 1104075 |
| 2685000 | 4.63%, due 5/15/2044 - 11/15/2044 | &nbsp;&nbsp; 2683146 |
| 1150000 | 4.13%, due 8/15/2044 | &nbsp;&nbsp; 1076373 |
| 1375000 | 2.25%, due 8/15/2046 - 8/15/2049 | &nbsp;&nbsp; 913780 |
| 1065000 | 1.63%, due 11/15/2050 | &nbsp;&nbsp; 579011 |
| 390000 | 1.88%, due 2/15/2051 | &nbsp;&nbsp; 225454 |
| 985000 | 2.38%, due 5/15/2051 | &nbsp;&nbsp; 640866 |
| 345000 | 2.88%, due 5/15/2052 | &nbsp;&nbsp; 248791 |
| 3375000 | 4.25%, due 2/15/2054 | &nbsp;&nbsp; 3145474 |
| 4475000 | 4.75%, due 5/15/2055 - 8/15/2055 | &nbsp;&nbsp; 4533765 |
|  | U.S. Treasury Inflation-Indexed Bonds |  |
| 3725357 | 3.63%, due 4/15/2028 | &nbsp;&nbsp; 3938529<br> <sup>(c)</sup><br>|
| 1976567 | 2.50%, due 1/15/2029 | &nbsp;&nbsp; 2055157<br> <sup>(c)</sup><br>|
| 2039519 | 3.88%, due 4/15/2029 | &nbsp;&nbsp; 2216890<br> <sup>(c)</sup><br>|
| 4489623 | 3.38%, due 4/15/2032 | &nbsp;&nbsp; 5005904<br> <sup>(c)</sup><br>|
| 3205783 | 1.00%, due 2/15/2046 - 2/15/2049 | &nbsp;&nbsp; 2440022<br> <sup>(c)</sup><br>|
| 2469262 | 0.88%, due 2/15/2047 | &nbsp;&nbsp; 1844381<br> <sup>(c)</sup><br>|
| 1493124 | 0.25%, due 2/15/2050 | &nbsp;&nbsp; 895576<br> <sup>(c)</sup><br>|
| 11683407 | 0.13%, due 2/15/2051 - 2/15/2052 | &nbsp;&nbsp; 6544010<br> <sup>(c)</sup><br>|
| 21463611 | 1.50%, due 2/15/2053 | &nbsp;&nbsp; 17397237<br> <sup>(c)</sup><br>|
| 1435521 | 2.13%, due 2/15/2054 | &nbsp;&nbsp; 1340869<br> <sup>(c)</sup><br>|
| 24125335 | 2.38%, due 2/15/2055 | &nbsp;&nbsp; 23837093<br> <sup>(c)</sup><br>|
|  | U.S. Treasury Inflation-Indexed Notes |  |
| 4143505 | 0.38%, due 1/15/2027 | &nbsp;&nbsp; 4099704<br> <sup>(c)</sup><br>|
| 31290205 | 0.13%, due 4/15/2027 - 1/15/2032 | &nbsp;&nbsp; 29708191<br> <sup>(c)</sup><br>|
| 7560000 | 1.25%, due 4/15/2028 | &nbsp;&nbsp; 7559757<br> <sup>(c)</sup><br>|
| 5118931 | 0.88%, due 1/15/2029 | &nbsp;&nbsp; 5062500<br> <sup>(c)</sup><br>|
| 169744518 | 2.13%, due 4/15/2029 - 1/15/2035 | &nbsp;&nbsp; 174630513<br> <sup>(c)</sup><br>|
| 1552919 | 1.63%, due 4/15/2030 | &nbsp;&nbsp; 1571834<br> <sup>(c)</sup><br>|
| 5758418 | 1.13%, due 1/15/2033 | &nbsp;&nbsp; 5573575<br> <sup>(c)</sup><br>|
| 1354633 | 1.38%, due 7/15/2033 | &nbsp;&nbsp; 1332794<br> <sup>(c)</sup><br>|
| 4320826 | 1.75%, due 1/15/2034 | &nbsp;&nbsp; 4337001<br> <sup>(c)</sup><br>|
|  | U.S. Treasury Notes |  |
| 6695000 | 4.50%, due 5/15/2027 - 11/15/2033 | &nbsp;&nbsp; 6832078 |
| 5755000 | 0.50%, due 5/31/2027 | &nbsp;&nbsp; 5482087 |
| 7670000 | 2.75%, due 7/31/2027 - 5/31/2029 | &nbsp;&nbsp; 7511567 |
| 4755000 | 0.38%, due 7/31/2027 | &nbsp;&nbsp; 4496633 |
| 12135000 | 3.50%, due 1/31/2028 - 9/30/2029 | &nbsp;&nbsp; 12105174 |
| 37895000 | 3.88%, due 6/15/2028 - 8/15/2033 | &nbsp;&nbsp; 38132048 |
| 4475000 | 2.88%, due 8/15/2028 | &nbsp;&nbsp; 4389521 |
| 41545000 | 4.25%, due 2/28/2029 - 8/15/2035 | &nbsp;&nbsp; 42183155 |
| 56320000 | 4.00%, due 7/31/2029 - 4/30/2032 | &nbsp;&nbsp; 57001026 |
| 1305000 | 3.63%, due 8/31/2029 | &nbsp;&nbsp; 1303420 |
| 4185000 | 4.63%, due 9/30/2030 - 5/31/2031 | &nbsp;&nbsp; 4358950 |

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **U.S. Treasury Obligations – cont'd** | **U.S. Treasury Obligations – cont'd** | **U.S. Treasury Obligations – cont'd** | **U.S. Treasury Obligations – cont'd** |
| $| 2000000 | 4.13%, due 7/31/2031 | &nbsp;&nbsp; $2034766 |
|  | 4090000 | 1.25%, due 8/15/2031 | &nbsp;&nbsp; 3553986 |
|  | 2450000 | 3.75%, due 8/31/2031 | &nbsp;&nbsp; 2443875 |
|  | 2670000 | 4.38%, due 5/15/2034 | &nbsp;&nbsp; 2740400 |
| **Total U.S. Treasury Obligations (Cost $528,170,000)** | **Total U.S. Treasury Obligations (Cost $528,170,000)** | **Total U.S. Treasury Obligations (Cost $528,170,000)** | &nbsp;&nbsp; **537151694** |
| **U.S. Government Agency Securities 0.0%**<sup>‡</sup> | **U.S. Government Agency Securities 0.0%**<sup>‡</sup> | **U.S. Government Agency Securities 0.0%**<sup>‡</sup> | **U.S. Government Agency Securities 0.0%**<sup>‡</sup> |
|  | 2030000 | Federal National Mortgage Association, 5.63%, due 7/15/2037 | &nbsp;&nbsp; 2257914 |
|  | 340000 | Tennessee Valley Authority, 5.25%, due 2/1/2055 | &nbsp;&nbsp; 343133 |
| **Total U.S. Government Agency Securities (Cost $2,899,127)** | **Total U.S. Government Agency Securities (Cost $2,899,127)** | **Total U.S. Government Agency Securities (Cost $2,899,127)** | &nbsp;&nbsp; **2601047** |
| **Mortgage-Backed Securities 52.0%** | **Mortgage-Backed Securities 52.0%** | **Mortgage-Backed Securities 52.0%** | **Mortgage-Backed Securities 52.0%** |
| **Collateralized Mortgage Obligations 14.3%** | **Collateralized Mortgage Obligations 14.3%** | **Collateralized Mortgage Obligations 14.3%** | **Collateralized Mortgage Obligations 14.3%** |
|  |  | A&D Mortgage Trust |  |
|  | 1050000 | Series 2024-NQM6, Class M1, 6.57%, due 1/25/2070 | &nbsp;&nbsp; 1066104<br> <sup>(d)(e)</sup><br>|
|  | 414280 | Series 2025-NQM2, Class A1, 5.79%, due 6/25/2070 | &nbsp;&nbsp; 417461<br> <sup>(d)(e)</sup><br>|
|  | 1010000 | Angel Oak Mortgage Trust, Series 2025-10, Class A1, 4.96%, due 9/25/2070 | &nbsp;&nbsp; 1009404<br> <sup>(d)(e)</sup><br>|
|  |  | Chase Home Lending Mortgage Trust |  |
|  | 5892686 | Series 2024-3, Class A6, 6.00%, due 2/25/2055 | &nbsp;&nbsp; 5937030<br> <sup>(d)(e)</sup><br>|
|  | 6375387 | Series 2024-4, Class A6, 6.00%, due 3/25/2055 | &nbsp;&nbsp; 6406436<br> <sup>(d)(e)</sup><br>|
|  | 4509365 | Series 2024-5, Class A6, 6.00%, due 4/25/2055 | &nbsp;&nbsp; 4557898<br> <sup>(d)(e)</sup><br>|
|  | 4923910 | Series 2024-10, Class A4A, 5.50%, due 10/25/2055 | &nbsp;&nbsp; 4943514<br> <sup>(d)(e)</sup><br>|
|  | 7691156 | Series 2024-11, Class A4, 6.00%, due 11/25/2055 | &nbsp;&nbsp; 7818545<br> <sup>(d)(e)</sup><br>|
|  | 2780881 | Series 2024-11, Class A9A, 6.00%, due 11/25/2055 | &nbsp;&nbsp; 2805175<br> <sup>(d)(e)</sup><br>|
|  | 1197265 | Series 2024-11, Class A9, 6.30%, due 11/25/2055 | &nbsp;&nbsp; 1236929<br> <sup>(d)(e)</sup><br>|
|  | 7798362 | Series 2025-10, Class A9B, 5.50%, due 7/25/2056 | &nbsp;&nbsp; 7840099<br> <sup>(d)(e)</sup><br>|
|  | 4376940 | COLT Mortgage Loan Trust, Series 2024-2, Class A1, 6.13%, due 4/25/2069 | &nbsp;&nbsp; 4417685<br> <sup>(d)</sup><br>|
|  |  | Cross Mortgage Trust |  |
|  | 2683188 | Series 2024-H8, Class A1, 5.55%, due 12/25/2069 | &nbsp;&nbsp; 2698457<br> <sup>(d)(e)</sup><br>|
|  | 2211565 | Series 2024-H8, Class A3, 5.96%, due 12/25/2069 | &nbsp;&nbsp; 2225497<br> <sup>(d)</sup><br>|
|  | 1250000 | Series 2024-H8, Class M1, 6.32%, due 12/25/2069 | &nbsp;&nbsp; 1266783<br> <sup>(d)(e)</sup><br>|
|  |  | EFMT |  |
|  | 2974082 | Series 2024-INV2, Class A3, 5.44%, due 10/25/2069 | &nbsp;&nbsp; 2968884<br> <sup>(d)</sup><br>|
|  | 3500000 | Series 2024-INV2, Class M1, 5.73%, due 10/25/2069 | &nbsp;&nbsp; 3487997<br> <sup>(d)(e)</sup><br>|
|  | 3186000 | Series 2025-NQM5, Class A1, 5.03%, due 11/25/2070 | &nbsp;&nbsp; 3178407<br> <sup>(d)(e)(f)</sup><br>|
|  | 5758000 | Series 2025-NQM5, Class A3, 5.34%, due 11/25/2070 | &nbsp;&nbsp; 5744054<br> <sup>(d)(f)</sup><br>|
|  |  | Federal Home Loan Mortgage Corp. REMIC |  |
|  | 3184944 | Series 4117, Class IO, 4.00%, due 10/15/2042 | &nbsp;&nbsp; 563665<br> <sup>(g)</sup><br>|
|  | 2270819 | Series 4627, Class SA, (5.89% - 30 day USD SOFR Average), 1.65%, due 10/15/2046 | &nbsp;&nbsp; 332128<br> <sup>(g)(h)</sup><br>|
|  | 11848205 | Series 5149, Class DI, 4.00%, due 10/25/2048 | &nbsp;&nbsp; 2240532<br> <sup>(g)</sup><br>|
|  | 3917454 | Series 4994, Class LI, 4.00%, due 12/25/2048 | &nbsp;&nbsp; 754565<br> <sup>(g)</sup><br>|
|  | 2896029 | Series 5146, Class EC, 1.50%, due 2/25/2049 | &nbsp;&nbsp; 2377430 |
|  | 3104084 | Series 4953, Class BI, 4.50%, due 2/25/2050 | &nbsp;&nbsp; 640620<br> <sup>(g)</sup><br>|
|  | 8909558 | Series 4977, Class IO, 4.50%, due 5/25/2050 | &nbsp;&nbsp; 1709211<br> <sup>(g)</sup><br>|
|  | 8659084 | Series 4975, Class EI, 4.50%, due 5/25/2050 | &nbsp;&nbsp; 1585177<br> <sup>(g)</sup><br>|
|  | 11115901 | Series 5392, Class HI, 3.50%, due 7/25/2051 | &nbsp;&nbsp; 2076382<br> <sup>(g)</sup><br>|
|  | 12542776 | Series 5471, Class FK, (30 day USD SOFR Average + 1.15%), 5.33%, due 8/25/2054 | &nbsp;&nbsp; 12572044<br> <sup>(h)</sup><br>|
|  | 2748055 | Series 5438, Class FE, (30 day USD SOFR Average + 1.30%), 5.48%, due 8/25/2054 | &nbsp;&nbsp; 2760533<br> <sup>(h)</sup><br>|
|  | 14631623 | Series 5474, Class FB, (30 day USD SOFR Average + 1.15%), 5.33%, due 11/25/2054 | &nbsp;&nbsp; 14665379<br> <sup>(h)</sup><br>|
|  | 14822351 | Series 5473, Class FH, (30 day USD SOFR Average + 1.15%), 5.33%, due 11/25/2054 | &nbsp;&nbsp; 14856192<br> <sup>(h)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | |
|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> |
| **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** |
| $7642434 | Series 5468, Class FB, (30 day USD SOFR Average + 1.20%), 5.38%, due 11/25/2054<br> &nbsp;&nbsp; $7640473<br> <sup>(h)</sup><br>|
| 5899635 | Series 5475, Class FB, (30 day USD SOFR Average + 1.35%), 5.53%, due 11/25/2054<br> &nbsp;&nbsp; 5910600<br> <sup>(h)</sup><br>|
| 14982922 | Series 5513, Class FJ, (30 day USD SOFR Average + 1.80%), 5.98%, due 11/25/2054<br> &nbsp;&nbsp; 15122176<br> <sup>(h)</sup><br>|
| 7126529 | Series 5505, Class FB, (30 day USD SOFR Average + 1.50%), 5.68%, due 2/25/2055<br> &nbsp;&nbsp; 7204839<br> <sup>(h)</sup><br>|
| 15278393 | Series 5518, Class FD, (30 day USD SOFR Average + 1.70%), 5.88%, due 3/25/2055<br> &nbsp;&nbsp; 15390342<br> <sup>(h)</sup><br>|
| 15048423 | Series 5521, Class FB, (30 day USD SOFR Average + 1.70%), 5.88%, due 3/25/2055<br> &nbsp;&nbsp; 15163504<br> <sup>(h)</sup><br>|
| 4766408 | Series 5534, Class AF, (30 day USD SOFR Average + 1.60%), 5.78%, due 5/25/2055<br> &nbsp;&nbsp; 4792980<br> <sup>(h)</sup><br>|
| 9630923 | Series 5561, Class FD, (30 day USD SOFR Average + 1.35%), 5.53%, due 7/25/2055<br> &nbsp;&nbsp; 9686672<br> <sup>(h)</sup><br>|
| 14000000 | Series 5600, Class FA, (30 day USD SOFR Average + 1.30%), 5.55%, due 11/25/2055<br> &nbsp;&nbsp; 14013237<br> <sup>(h)</sup><br>|
| 14000000 | Series 5597, Class FA, (30 day USD SOFR Average + 1.40%), 5.73%, due 11/25/2055<br> &nbsp;&nbsp; 14299333<br> <sup>(h)</sup><br>|
|  | Federal Home Loan Mortgage Corp. STACR REMIC Trust |
| 3000000 | &nbsp;&nbsp; Series 2021-HQA3, Class B1, (30 day USD SOFR Average + 3.35%), 7.53%, due <br> 9/25/2041<br>&nbsp;&nbsp; 3049680<br> <sup>(d)(h)</sup><br>|
| 12066000 | &nbsp;&nbsp; Series 2021-DNA6, Class B1, (30 day USD SOFR Average + 3.40%), 7.58%, due <br> 10/25/2041<br>&nbsp;&nbsp; 12322178<br> <sup>(d)(h)</sup><br>|
| 11002000 | &nbsp;&nbsp; Series 2021-DNA7, Class B1, (30 day USD SOFR Average + 3.65%), 7.83%, due <br> 11/25/2041<br>&nbsp;&nbsp; 11282661<br> <sup>(d)(h)</sup><br>|
| 2450000 | &nbsp;&nbsp; Series 2021-HQA4, Class B1, (30 day USD SOFR Average + 3.75%), 7.93%, due <br> 12/25/2041<br>&nbsp;&nbsp; 2510490<br> <sup>(d)(h)</sup><br>|
| 18564000 | &nbsp;&nbsp; Series 2022-DNA1, Class M2, (30 day USD SOFR Average + 2.50%), 6.68%, due <br> 1/25/2042<br>&nbsp;&nbsp; 18883561<br> <sup>(d)(h)</sup><br>|
| 6402920 | &nbsp;&nbsp; Series 2022-DNA1, Class B1, (30 day USD SOFR Average + 3.40%), 7.58%, due <br> 1/25/2042<br>&nbsp;&nbsp; 6563416<br> <sup>(d)(h)</sup><br>|
| 2765000 | &nbsp;&nbsp; Series 2022-DNA1, Class B2, (30 day USD SOFR Average + 7.10%), 11.28%, due <br> 1/25/2042<br>&nbsp;&nbsp; 2926959<br> <sup>(d)(h)</sup><br>|
| 13314000 | &nbsp;&nbsp; Series 2022-DNA2, Class M2, (30 day USD SOFR Average + 3.75%), 7.93%, due <br> 2/25/2042<br>&nbsp;&nbsp; 13768242<br> <sup>(d)(h)</sup><br>|
| 2775000 | &nbsp;&nbsp; Series 2022-DNA2, Class B1, (30 day USD SOFR Average + 4.75%), 8.93%, due <br> 2/25/2042<br>&nbsp;&nbsp; 2895798<br> <sup>(d)(h)</sup><br>|
| 8855000 | &nbsp;&nbsp; Series 2022-DNA2, Class B2, (30 day USD SOFR Average + 8.50%), 12.68%, due <br> 2/25/2042<br>&nbsp;&nbsp; 9571174<br> <sup>(d)(h)</sup><br>|
| 14125000 | &nbsp;&nbsp; Series 2022-HQA1, Class M2, (30 day USD SOFR Average + 5.25%), 9.43%, due <br> 3/25/2042<br>&nbsp;&nbsp; 14875461<br> <sup>(d)(h)</sup><br>|
| 7520000 | &nbsp;&nbsp; Series 2022-HQA1, Class B1, (30 day USD SOFR Average + 7.00%), 11.18%, due <br> 3/25/2042<br>&nbsp;&nbsp; 8086705<br> <sup>(d)(h)</sup><br>|
| 500000 | &nbsp;&nbsp; Series 2022-DNA3, Class M1B, (30 day USD SOFR Average + 2.90%), 7.08%, due <br> 4/25/2042<br>&nbsp;&nbsp; 519206<br> <sup>(d)(h)</sup><br>|
| 12919000 | &nbsp;&nbsp; Series 2022-DNA3, Class M2, (30 day USD SOFR Average + 4.35%), 8.53%, due <br> 4/25/2042<br>&nbsp;&nbsp; 13522015<br> <sup>(d)(h)</sup><br>|
| 11525000 | &nbsp;&nbsp; Series 2022-DNA3, Class B1, (30 day USD SOFR Average + 5.65%), 9.83%, due <br> 4/25/2042<br>&nbsp;&nbsp; 12223761<br> <sup>(d)(h)</sup><br>|
| 5761000 | &nbsp;&nbsp; Series 2022-DNA4, Class B1, (30 day USD SOFR Average + 6.25%), 10.43%, due <br> 5/25/2042<br>&nbsp;&nbsp; 6187660<br> <sup>(d)(h)</sup><br>|
| 2304000 | &nbsp;&nbsp; Series 2022-DNA5, Class M1B, (30 day USD SOFR Average + 4.50%), 8.68%, due <br> 6/25/2042<br>&nbsp;&nbsp; 2432172<br> <sup>(d)(h)</sup><br>|
| 10972000 | &nbsp;&nbsp; Series 2022-DNA6, Class M1B, (30 day USD SOFR Average + 3.70%), 7.88%, due <br> 9/25/2042<br>&nbsp;&nbsp; 11501870<br> <sup>(d)(h)</sup><br>|
| 17407000 | &nbsp;&nbsp; Series 2022-DNA6, Class M2, (30 day USD SOFR Average + 5.75%), 9.93%, due <br> 9/25/2042<br>&nbsp;&nbsp; 18858982<br> <sup>(d)(h)</sup><br>|
| 8395000 | &nbsp;&nbsp; Series 2024-DNA1, Class M2, (30 day USD SOFR Average + 1.95%), 6.13%, due <br> 2/25/2044<br>&nbsp;&nbsp; 8480019<br> <sup>(d)(h)</sup><br>|
| 9839000 | &nbsp;&nbsp; Series 2024-HQA1, Class M2, (30 day USD SOFR Average + 2.00%), 6.18%, due <br> 3/25/2044<br>&nbsp;&nbsp; 9940937<br> <sup>(d)(h)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | |
|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> |
| **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** |
| $5474000 | &nbsp;&nbsp; Series 2024-DNA3, Class M2, (30 day USD SOFR Average + 1.45%), 5.63%, due <br> 10/25/2044<br>&nbsp;&nbsp; $5475695<br> <sup>(d)(h)</sup><br>|
| 765415 | &nbsp;&nbsp; Series 2025-DNA1, Class M1, (30 day USD SOFR Average + 1.05%), 5.23%, due <br> 1/25/2045<br>&nbsp;&nbsp; 765650<br> <sup>(d)(h)</sup><br>|
| 750475 | &nbsp;&nbsp; Series 2025-HQA1, Class M1, (30 day USD SOFR Average + 1.15%), 5.33%, due <br> 2/25/2045<br>&nbsp;&nbsp; 750946<br> <sup>(d)(h)</sup><br>|
| 4500000 | &nbsp;&nbsp; Series 2025-DNA4, Class M2, (30 day USD SOFR Average + 1.55%), 5.74%, due <br> 10/25/2045<br>&nbsp;&nbsp; 4502812<br> <sup>(d)(h)</sup><br>|
|  | Federal National Mortgage Association Connecticut Avenue Securities Trust |
| 2225000 | &nbsp;&nbsp; Series 2020-R02, Class 2B1, (30 day USD SOFR Average + 3.11%), 7.30%, due <br> 1/25/2040<br>&nbsp;&nbsp; 2271924<br> <sup>(d)(h)</sup><br>|
| 11349000 | &nbsp;&nbsp; Series 2020-R01, Class 1B1, (30 day USD SOFR Average + 3.36%), 7.55%, due <br> 1/25/2040<br>&nbsp;&nbsp; 11632323<br> <sup>(d)(h)</sup><br>|
| 8605000 | &nbsp;&nbsp; Series 2021-R01, Class 1B1, (30 day USD SOFR Average + 3.10%), 7.28%, due <br> 10/25/2041<br>&nbsp;&nbsp; 8776672<br> <sup>(d)(h)</sup><br>|
| 1020000 | &nbsp;&nbsp; Series 2021-R01, Class 1B2, (30 day USD SOFR Average + 6.00%), 10.18%, due <br> 10/25/2041<br>&nbsp;&nbsp; 1060168<br> <sup>(d)(h)</sup><br>|
| 5176000 | &nbsp;&nbsp; Series 2021-R03, Class 1B1, (30 day USD SOFR Average + 2.75%), 6.93%, due <br> 12/25/2041<br>&nbsp;&nbsp; 5273837<br> <sup>(d)(h)</sup><br>|
| 8267000 | &nbsp;&nbsp; Series 2022-R01, Class 1B2, (30 day USD SOFR Average + 6.00%), 10.18%, due <br> 12/25/2041<br>&nbsp;&nbsp; 8654139<br> <sup>(d)(h)</sup><br>|
| 17453000 | &nbsp;&nbsp; Series 2022-R02, Class 2B1, (30 day USD SOFR Average + 4.50%), 8.68%, due <br> 1/25/2042<br>&nbsp;&nbsp; 18106932<br> <sup>(d)(h)</sup><br>|
| 6161000 | &nbsp;&nbsp; Series 2022-R02, Class 2B2, (30 day USD SOFR Average + 7.65%), 11.83%, due <br> 1/25/2042<br>&nbsp;&nbsp; 6571963<br> <sup>(d)(h)</sup><br>|
| 13817000 | &nbsp;&nbsp; Series 2022-R04, Class 1M2, (30 day USD SOFR Average + 3.10%), 7.28%, due <br> 3/25/2042<br>&nbsp;&nbsp; 14203467<br> <sup>(d)(h)</sup><br>|
| 9814962 | &nbsp;&nbsp; Series 2022-R03, Class 1M2, (30 day USD SOFR Average + 3.50%), 7.68%, due <br> 3/25/2042<br>&nbsp;&nbsp; 10140684<br> <sup>(d)(h)</sup><br>|
| 5000000 | &nbsp;&nbsp; Series 2022-R03, Class 1B1, (30 day USD SOFR Average + 6.25%), 10.43%, due <br> 3/25/2042<br>&nbsp;&nbsp; 5334400<br> <sup>(d)(h)</sup><br>|
| 1075000 | &nbsp;&nbsp; Series 2022-R04, Class 1B2, (30 day USD SOFR Average + 9.50%), 13.68%, due <br> 3/25/2042<br>&nbsp;&nbsp; 1183681<br> <sup>(d)(h)</sup><br>|
| 3620000 | &nbsp;&nbsp; Series 2022-R03, Class 1B2, (30 day USD SOFR Average + 9.85%), 14.03%, due <br> 3/25/2042<br>&nbsp;&nbsp; 4006287<br> <sup>(d)(h)</sup><br>|
| 11495000 | &nbsp;&nbsp; Series 2022-R06, Class 1B1, (30 day USD SOFR Average + 6.35%), 10.53%, due <br> 5/25/2042<br>&nbsp;&nbsp; 12377502<br> <sup>(d)(h)</sup><br>|
| 1000000 | &nbsp;&nbsp; Series 2022-R07, Class 1B2, (30 day USD SOFR Average + 12.00%), 16.18%, due <br> 6/25/2042<br>&nbsp;&nbsp; 1157032<br> <sup>(d)(h)</sup><br>|
| 4006624 | &nbsp;&nbsp; Series 2022-R08, Class 1M2, (30 day USD SOFR Average + 3.60%), 7.78%, due <br> 7/25/2042<br>&nbsp;&nbsp; 4170517<br> <sup>(d)(h)</sup><br>|
| 8407200 | &nbsp;&nbsp; Series 2022-R08, Class 1B1, (30 day USD SOFR Average + 5.60%), 9.78%, due <br> 7/25/2042<br>&nbsp;&nbsp; 9017416<br> <sup>(d)(h)</sup><br>|
| 3083000 | &nbsp;&nbsp; Series 2022-R09, Class 2B1, (30 day USD SOFR Average + 6.75%), 10.93%, due <br> 9/25/2042<br>&nbsp;&nbsp; 3382637<br> <sup>(d)(h)</sup><br>|
| 6543000 | &nbsp;&nbsp; Series 2023-R01, Class 1M2, (30 day USD SOFR Average + 3.75%), 7.93%, due <br> 12/25/2042<br>&nbsp;&nbsp; 6870260<br> <sup>(d)(h)</sup><br>|
| 6443000 | &nbsp;&nbsp; Series 2023-R02, Class 1M2, (30 day USD SOFR Average + 3.35%), 7.53%, due <br> 1/25/2043<br>&nbsp;&nbsp; 6721033<br> <sup>(d)(h)</sup><br>|
| 1725000 | &nbsp;&nbsp; Series 2023-R02, Class 1B1, (30 day USD SOFR Average + 5.55%), 9.73%, due <br> 1/25/2043<br>&nbsp;&nbsp; 1869995<br> <sup>(d)(h)</sup><br>|
| 5975000 | &nbsp;&nbsp; Series 2023-R04, Class 1B1, (30 day USD SOFR Average + 5.35%), 9.53%, due <br> 5/25/2043<br>&nbsp;&nbsp; 6497812<br> <sup>(d)(h)</sup><br>|
| 12168000 | &nbsp;&nbsp; Series 2023-R05, Class 1B1, (30 day USD SOFR Average + 4.75%), 8.93%, due <br> 6/25/2043<br>&nbsp;&nbsp; 13073056<br> <sup>(d)(h)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | |
|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> |
| **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** |
| $4500000 | &nbsp;&nbsp; Series 2023-R06, Class 1M2, (30 day USD SOFR Average + 2.70%), 6.88%, due <br> 7/25/2043<br>&nbsp;&nbsp; $4630954<br> <sup>(d)(h)</sup><br>|
| 600683 | &nbsp;&nbsp; Series 2024-R01, Class 1M1, (30 day USD SOFR Average + 1.05%), 5.23%, due <br> 1/25/2044<br>&nbsp;&nbsp; 600683<br> <sup>(d)(h)</sup><br>|
| 1975000 | &nbsp;&nbsp; Series 2024-R01, Class 1B1, (30 day USD SOFR Average + 2.70%), 6.88%, due <br> 1/25/2044<br>&nbsp;&nbsp; 2030198<br> <sup>(d)(h)</sup><br>|
| 1563000 | &nbsp;&nbsp; Series 2024-R01, Class 1B2, (30 day USD SOFR Average + 4.00%), 8.18%, due <br> 1/25/2044<br>&nbsp;&nbsp; 1654936<br> <sup>(d)(h)</sup><br>|
| 380000 | &nbsp;&nbsp; Series 2024-R02, Class 1B2, (30 day USD SOFR Average + 3.70%), 7.88%, due <br> 2/25/2044<br>&nbsp;&nbsp; 399950<br> <sup>(d)(h)</sup><br>|
| 11506000 | &nbsp;&nbsp; Series 2025-R01, Class 1B1, (30 day USD SOFR Average + 1.70%), 5.88%, due <br> 1/25/2045<br>&nbsp;&nbsp; 11466579<br> <sup>(d)(h)</sup><br>|
| 858219 | &nbsp;&nbsp; Series 2025-R02, Class 1M1, (30 day USD SOFR Average + 1.15%), 5.33%, due <br> 2/25/2045<br>&nbsp;&nbsp; 859287<br> <sup>(d)(h)</sup><br>|
| 7532000 | &nbsp;&nbsp; Series 2025-R02, Class 1M2, (30 day USD SOFR Average + 1.60%), 5.78%, due <br> 2/25/2045<br>&nbsp;&nbsp; 7536759<br> <sup>(d)(h)</sup><br>|
| 5230000 | &nbsp;&nbsp; Series 2025-R02, Class 1B1, (30 day USD SOFR Average + 1.95%), 6.13%, due <br> 2/25/2045<br>&nbsp;&nbsp; 5243125<br> <sup>(d)(h)</sup><br>|
| 3776000 | &nbsp;&nbsp; Series 2025-R04, Class 1M2, (30 day USD SOFR Average + 1.50%), 5.68%, due <br> 5/25/2045<br>&nbsp;&nbsp; 3783738<br> <sup>(d)(h)</sup><br>|
| 10556000 | &nbsp;&nbsp; Series 2025-R05, Class 2M2, (30 day USD SOFR Average + 1.60%), 5.78%, due <br> 7/25/2045<br>&nbsp;&nbsp; 10591498<br> <sup>(d)(h)</sup><br>|
| 3650000 | &nbsp;&nbsp; Series 2025-R06, Class 1M2, (30 day USD SOFR Average + 1.55%), 5.73%, due <br> 9/25/2045<br>&nbsp;&nbsp; 3657708<br> <sup>(d)(h)</sup><br>|
| 9600000 | &nbsp;&nbsp; Series 2025-R06, Class 1B1, (30 day USD SOFR Average + 1.85%), 6.03%, due <br> 9/25/2045<br>&nbsp;&nbsp; 9641830<br> <sup>(d)(h)</sup><br>|
|  | Federal National Mortgage Association Interest Strip |
| 6287665 | Series 418, Class C24, 4.00%, due 8/25/2043<br> &nbsp;&nbsp; 1126372<br> <sup>(g)</sup><br>|
| 17035272 | Series 437, Class C29, 3.36%, due 5/25/2053<br> &nbsp;&nbsp; 2728136<br> <sup>(e)(g)</sup><br>|
|  | Federal National Mortgage Association REMIC |
| 5676229 | &nbsp;&nbsp; Series 2018-18, Class ST, (5.99% - 30 day USD SOFR Average), 1.80%, due <br> 12/25/2044<br>&nbsp;&nbsp; 614846<br> <sup>(g)(h)</sup><br>|
| 5659849 | &nbsp;&nbsp; Series 2019-33, Class SN, (5.99% - 30 day USD SOFR Average), 1.80%, due <br> 7/25/2049<br>&nbsp;&nbsp; 510107<br> <sup>(g)(h)</sup><br>|
| 11158468 | Series 2021-76, Class AI, 3.50%, due 11/25/2051<br> &nbsp;&nbsp; 1946973<br> <sup>(g)</sup><br>|
| 7744746 | &nbsp;&nbsp; Series 2024-61, Class FD, (30 day USD SOFR Average + 1.00%), 5.18%, due <br> 3/25/2053<br>&nbsp;&nbsp; 7738495<br> <sup>(h)</sup><br>|
| 10348892 | &nbsp;&nbsp; Series 2024-40, Class FA, (30 day USD SOFR Average + 1.15%), 5.33%, due <br> 3/25/2054<br>&nbsp;&nbsp; 10369386<br> <sup>(h)</sup><br>|
| 13089467 | &nbsp;&nbsp; Series 2024-67, Class FA, (30 day USD SOFR Average + 1.17%), 5.35%, due <br> 9/25/2054<br>&nbsp;&nbsp; 13119646<br> <sup>(h)</sup><br>|
| 18295156 | &nbsp;&nbsp; Series 2024-70, Class DF, (30 day USD SOFR Average + 1.00%), 5.18%, due <br> 10/25/2054<br>&nbsp;&nbsp; 18278224<br> <sup>(h)</sup><br>|
| 12159083 | &nbsp;&nbsp; Series 2024-76, Class JF, (30 day USD SOFR Average + 1.25%), 5.43%, due <br> 11/25/2054<br>&nbsp;&nbsp; 12202325<br> <sup>(h)</sup><br>|
| 11023579 | Series 2025-6, Class FC, (30 day USD SOFR Average + 1.60%), 5.78%, due 2/25/2055<br> &nbsp;&nbsp; 11081064<br> <sup>(h)</sup><br>|
| 14775409 | Series 2025-6, Class LF, (30 day USD SOFR Average + 1.80%), 5.98%, due 2/25/2055<br> &nbsp;&nbsp; 14906358<br> <sup>(h)</sup><br>|
| 2490939 | Series 2025-1, Class AF, (30 day USD SOFR Average + 1.85%), 6.00%, due 2/25/2055<br> &nbsp;&nbsp; 2517143<br> <sup>(h)</sup><br>|
| 13228295 | Series 2025-6, Class FB, (30 day USD SOFR Average + 2.00%), 6.00%, due 2/25/2055<br> &nbsp;&nbsp; 13386507<br> <sup>(h)</sup><br>|
| 10909823 | &nbsp;&nbsp; Series 2025-35, Class HF, (30 day USD SOFR Average + 1.70%), 5.88%, due <br> 5/25/2055<br>&nbsp;&nbsp; 10987497<br> <sup>(h)</sup><br>|
|  | GCAT Trust |
| 4591470 | Series 2025-NQM2, Class A3, 6.01%, due 4/25/2070<br> &nbsp;&nbsp; 4635168<br> <sup>(d)</sup><br>|
| 2542000 | Series 2025-NQM2, Class M1, 6.33%, due 4/25/2070<br> &nbsp;&nbsp; 2568014<br> <sup>(d)(e)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** |
|  | Government National Mortgage Association REMIC |  |
| $3863876 | Series 2015-187, Class AI, 4.50%, due 12/20/2045 | &nbsp;&nbsp; $790648<br> <sup>(g)</sup><br>|
| 6708789 | Series 2020-86, Class WK, 1.00%, due 6/20/2050 | &nbsp;&nbsp; 5209442 |
| 6568382 | Series 2020-112, Class KA, 1.00%, due 8/20/2050 | &nbsp;&nbsp; 5099050 |
| 7308773 | Series 2020-151, Class MI, 2.50%, due 10/20/2050 | &nbsp;&nbsp; 1084151<br> <sup>(g)</sup><br>|
| 5829304 | Series 2021-103, Class HE, 2.00%, due 6/20/2051 | &nbsp;&nbsp; 4874281 |
| 6018284 | Series 2021-119, Class NC, 1.50%, due 7/20/2051 | &nbsp;&nbsp; 5011305 |
| 16980251 | Series 2021-139, Class IE, 3.50%, due 8/20/2051 | &nbsp;&nbsp; 3226368<br> <sup>(g)</sup><br>|
| 12493617 | Series 2021-177, Class IG, 3.50%, due 10/20/2051 | &nbsp;&nbsp; 1909280<br> <sup>(g)</sup><br>|
| 9101441 | Series 2022-29, Class PI, 3.50%, due 2/20/2052 | &nbsp;&nbsp; 1129729<br> <sup>(g)</sup><br>|
| 3765291 | &nbsp;&nbsp; Series 2024-61, Class FA, (30 day USD SOFR Average + 1.15%), 5.33%, due <br> 4/20/2054<br>| &nbsp;&nbsp; 3772352<br> <sup>(h)</sup><br>|
| 10047812 | Series 2025-4, Class FY, (30 day USD SOFR Average + 1.60%), 5.78%, due 1/20/2055 | &nbsp;&nbsp; 10113417<br> <sup>(h)</sup><br>|
|  | GS Mortgage-Backed Securities Trust |  |
| 481368 | Series 2025-PJ8, Class A5, 5.50%, due 2/25/2056 | &nbsp;&nbsp; 484554<br> <sup>(d)(e)</sup><br>|
| 3779337 | Series 2025-PJ8, Class A19, 6.00%, due 2/25/2056 | &nbsp;&nbsp; 3819345<br> <sup>(d)(e)</sup><br>|
|  | JP Morgan Mortgage Trust |  |
| 592057 | Series 2024-2, Class A6A, 6.00%, due 8/25/2054 | &nbsp;&nbsp; 590567<br> <sup>(d)(e)</sup><br>|
| 767123 | Series 2025-2, Class A4, 6.00%, due 7/25/2055 | &nbsp;&nbsp; 777384<br> <sup>(d)(e)</sup><br>|
| 4636703 | Series 2025-2, Class A9A, 6.00%, due 7/25/2055 | &nbsp;&nbsp; 4679991<br> <sup>(d)(e)</sup><br>|
| 2725465 | Series 2025-NQM3, Class A2, 5.65%, due 11/25/2065 | &nbsp;&nbsp; 2738853<br> <sup>(d)</sup><br>|
| 1970000 | Series 2025-NQM3, Class M1A, 5.97%, due 11/25/2065 | &nbsp;&nbsp; 1983224<br> <sup>(d)(e)</sup><br>|
| 14325000 | LHOME Mortgage Trust, Series 2024-RTL4, Class A1, 5.92%, due 7/25/2039 | &nbsp;&nbsp; 14393611<br> <sup>(d)</sup><br>|
|  | Morgan Stanley Residential Mortgage Loan Trust |  |
| 674537 | Series 2024-2, Class A5, 6.00%, due 3/25/2054 | &nbsp;&nbsp; 675732<br> <sup>(d)(e)</sup><br>|
| 1557200 | Series 2024-3, Class A2, 6.00%, due 7/25/2054 | &nbsp;&nbsp; 1565193<br> <sup>(d)(e)</sup><br>|
| 2840263 | Series 2024-NQM3, Class A3, 5.40%, due 7/25/2069 | &nbsp;&nbsp; 2838806<br> <sup>(d)</sup><br>|
| 2195000 | Series 2024-NQM3, Class M1, 5.61%, due 7/25/2069 | &nbsp;&nbsp; 2181304<br> <sup>(d)(e)</sup><br>|
| 6227329 | Series 2024-NQM5, Class A1, 5.65%, due 10/25/2069 | &nbsp;&nbsp; 6258456<br> <sup>(d)(e)</sup><br>|
| 2096958 | Series 2024-NQM5, Class A3, 6.00%, due 10/25/2069 | &nbsp;&nbsp; 2110253<br> <sup>(d)</sup><br>|
| 1384000 | Series 2024-NQM5, Class M1, 6.52%, due 10/25/2069 | &nbsp;&nbsp; 1402465<br> <sup>(d)(e)</sup><br>|
|  | New Residential Mortgage Loan Trust |  |
| 7627000 | Series 2024-RTL2, Class A1, 5.44%, due 9/25/2039 | &nbsp;&nbsp; 7671559<br> <sup>(d)</sup><br>|
| 2796000 | Series 2025-NQM3, Class M1, 6.32%, due 5/25/2065 | &nbsp;&nbsp; 2842367<br> <sup>(d)(e)</sup><br>|
| 4927097 | Series 2025-NQM4, Class A3, 5.81%, due 7/25/2065 | &nbsp;&nbsp; 4957006<br> <sup>(d)</sup><br>|
| 1496000 | Series 2025-NQM4, Class M1, 6.08%, due 7/25/2065 | &nbsp;&nbsp; 1507107<br> <sup>(d)(e)</sup><br>|
| 8007018 | NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A, 6.55%, due 3/25/2032 | &nbsp;&nbsp; 8076575<br> <sup>(d)</sup><br>|
|  | NYMT Loan Trust |  |
| 2503408 | Series 2024-INV1, Class A1, 5.38%, due 6/25/2069 | &nbsp;&nbsp; 2509488<br> <sup>(d)(e)</sup><br>|
| 4998160 | Series 2024-INV1, Class A3, 5.83%, due 6/25/2069 | &nbsp;&nbsp; 5035653<br> <sup>(d)</sup><br>|
|  | OBX Trust |  |
| 5594076 | Series 2025-NQM7, Class A3, 5.86%, due 5/25/2055 | &nbsp;&nbsp; 5631121<br> <sup>(d)</sup><br>|
| 6530601 | Series 2021-NQM4, Class A1, 1.96%, due 10/25/2061 | &nbsp;&nbsp; 5641503<br> <sup>(d)(e)</sup><br>|
| 2497253 | Series 2024-NQM14, Class A2, 5.20%, due 9/25/2064 | &nbsp;&nbsp; 2490319<br> <sup>(d)</sup><br>|
| 5090000 | Series 2024-NQM14, Class M1, 5.58%, due 9/25/2064 | &nbsp;&nbsp; 5064976<br> <sup>(d)(e)</sup><br>|
| 2240282 | Series 2025-NQM10, Class A3, 5.71%, due 5/25/2065 | &nbsp;&nbsp; 2263819<br> <sup>(d)</sup><br>|
| 3015000 | Series 2025-NQM10, Class M1, 6.04%, due 5/25/2065 | &nbsp;&nbsp; 3036821<br> <sup>(d)(e)</sup><br>|
|  | Sequoia Mortgage Trust |  |
| 4718938 | Series 2024-4, Class A10, 6.00%, due 5/25/2054 | &nbsp;&nbsp; 4740259<br> <sup>(d)(e)</sup><br>|
| 1541893 | Series 2024-7, Class A12, 5.50%, due 8/25/2054 | &nbsp;&nbsp; 1540658<br> <sup>(d)(e)</sup><br>|
| 9289090 | SG Residential Mortgage Trust, Series 2021-2, Class A1, 1.74%, due 12/25/2061 | &nbsp;&nbsp; 8071608<br> <sup>(d)(e)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** |
| $| 17668623 | Starwood Mortgage Residential Trust, Series 2021-5, Class A1, 1.92%, due 9/25/2066 | &nbsp;&nbsp; $15438852<br> <sup>(d)(e)</sup><br>|
|  | 4629709 | Towd Point Mortgage Trust, Series 2022-4, Class A1, 3.75%, due 9/25/2062 | &nbsp;&nbsp; 4455209<br> <sup>(d)</sup><br>|
|  |  | Verus Securitization Trust |  |
|  | 16489247 | Series 2021-6, Class A1, 1.63%, due 10/25/2066 | &nbsp;&nbsp; 14504893<br> <sup>(d)(e)</sup><br>|
|  | 4240777 | Series 2021-6, Class A3, 1.89%, due 10/25/2066 | &nbsp;&nbsp; 3742854<br> <sup>(d)(e)</sup><br>|
|  | 2531487 | Series 2024-5, Class A1, 6.19%, due 6/25/2069 | &nbsp;&nbsp; 2564532<br> <sup>(d)</sup><br>|
|  | 2956225 | Series 2024-5, Class A2, 6.45%, due 6/25/2069 | &nbsp;&nbsp; 2991390<br> <sup>(d)</sup><br>|
|  | 5557991 | Series 2024-7, Class A1, 5.10%, due 9/25/2069 | &nbsp;&nbsp; 5559471<br> <sup>(d)(e)</sup><br>|
|  | 3848685 | Series 2024-7, Class A3, 5.40%, due 9/25/2069 | &nbsp;&nbsp; 3842993<br> <sup>(d)</sup><br>|
|  | 905442 | Series 2024-8, Class A2, 5.62%, due 10/25/2069 | &nbsp;&nbsp; 909025<br> <sup>(d)</sup><br>|
|  | 5255000 | Series 2024-8, Class M1, 5.99%, due 10/25/2069 | &nbsp;&nbsp; 5277769<br> <sup>(d)(e)</sup><br>|
|  | 3753359 | Series 2025-4, Class A3, 5.75%, due 5/25/2070 | &nbsp;&nbsp; 3771834<br> <sup>(d)</sup><br>|
|  | 1733000 | Series 2025-4, Class M1, 6.30%, due 5/25/2070 | &nbsp;&nbsp; 1757122<br> <sup>(d)(e)</sup><br>|
|  | 4975000 | Series 2025-3, Class M1, 6.65%, due 5/25/2070 | &nbsp;&nbsp; 5063821<br> <sup>(d)(e)</sup><br>|
|  | 9858571 | Series 2025-6, Class A3, 5.72%, due 7/25/2070 | &nbsp;&nbsp; 9905257<br> <sup>(d)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1031035288** |
| **Commercial Mortgage-Backed 7.9%** | **Commercial Mortgage-Backed 7.9%** | **Commercial Mortgage-Backed 7.9%** | **Commercial Mortgage-Backed 7.9%** |
|  | 6290000 | 1211 Avenue of the Americas Trust, Series 2015-1211, Class B, 4.09%, due 8/10/2035 | &nbsp;&nbsp; 5944050<br> <sup>(d)(e)</sup><br>|
|  | 7000000 | 1301 Trust, Series 2025-1301, Class D, 6.22%, due 8/11/2042 | &nbsp;&nbsp; 7102392<br> <sup>(d)(e)</sup><br>|
|  | 1342000 | &nbsp;&nbsp; ALA Trust, Series 2025-OANA, Class D, (1 mo. USD Term SOFR + 3.09%), 7.12%, due <br> 6/15/2040<br>| &nbsp;&nbsp; 1347033<br> <sup>(d)(h)</sup><br>|
|  | 6690000 | BAHA Trust, Series 2024-MAR, Class A, 5.97%, due 12/10/2041 | &nbsp;&nbsp; 6919659<br> <sup>(d)(e)</sup><br>|
|  | 4725000 | &nbsp;&nbsp; BAMLL Trust, Series 2024-BHP, Class B, (1 mo. USD Term SOFR + 2.90%), 6.93%, due <br> 8/15/2039<br>| &nbsp;&nbsp; 4747576<br> <sup>(d)(h)</sup><br>|
|  |  | BANK |  |
|  | 5302000 | Series 2019-BN17, Class C, 4.51%, due 4/15/2052 | &nbsp;&nbsp; 4940674<br> <sup>(e)</sup><br>|
|  | 1376000 | Series 2021-BN38, Class C, 3.22%, due 12/15/2064 | &nbsp;&nbsp; 1151754<br> <sup>(e)</sup><br>|
|  |  | BANK5 |  |
|  | 2647000 | Series 2024-5YR5, Class B, 6.54%, due 2/15/2029 | &nbsp;&nbsp; 2747822<br> <sup>(e)</sup><br>|
|  | 2138000 | Series 2023-5YR3, Class C, 7.32%, due 9/15/2056 | &nbsp;&nbsp; 2226301<br> <sup>(e)</sup><br>|
|  | 1700000 | Series 2024-5YR7, Class D, 4.00%, due 6/15/2057 | &nbsp;&nbsp; 1516495<br> <sup>(d)</sup><br>|
|  | 3843000 | Series 2024-5YR7, Class B, 6.94%, due 6/15/2057 | &nbsp;&nbsp; 4046714 |
|  | 3039000 | Series 2024-5YR12, Class C, 6.30%, due 12/15/2057 | &nbsp;&nbsp; 3125489<br> <sup>(e)</sup><br>|
|  | 2665000 | Series 2025-5YR17, Class D, 4.50%, due 11/15/2058 | &nbsp;&nbsp; 2350147<br> <sup>(d)</sup><br>|
|  | 3220000 | Series 2025-5YR17, Class C, 5.89%, due 11/15/2058 | &nbsp;&nbsp; 3225992<br> <sup>(e)</sup><br>|
|  | 3236000 | Barclays Commercial Mortgage Trust, Series 2019-C5, Class C, 3.71%, due 11/15/2052 | &nbsp;&nbsp; 2856854 |
|  |  | BBCMS Mortgage Trust |  |
|  | 2570000 | Series 2018-TALL, Class A, (1 mo. USD Term SOFR + 0.92%), 4.95%, due 3/15/2037 | &nbsp;&nbsp; 2422225<br> <sup>(d)(h)</sup><br>|
|  | 3623000 | Series 2018-TALL, Class B, (1 mo. USD Term SOFR + 1.17%), 5.20%, due 3/15/2037 | &nbsp;&nbsp; 3351275<br> <sup>(d)(h)</sup><br>|
|  | 3000000 | Series 2018-TALL, Class C, (1 mo. USD Term SOFR + 1.32%), 5.35%, due 3/15/2037 | &nbsp;&nbsp; 2730000<br> <sup>(d)(h)</sup><br>|
|  | 2370000 | Series 2018-TALL, Class D, (1 mo. USD Term SOFR + 1.65%), 5.68%, due 3/15/2037 | &nbsp;&nbsp; 2109300<br> <sup>(d)(h)</sup><br>|
|  | 90264265 | Series 2021-C11, Class XA, 1.32%, due 9/15/2054 | &nbsp;&nbsp; 4765682<br> <sup>(e)(g)</sup><br>|
|  | 32827172 | Series 2022-C17, Class XA, 1.15%, due 9/15/2055 | &nbsp;&nbsp; 2071168<br> <sup>(e)(g)</sup><br>|
|  | 2167000 | Series 2024-5C31, Class C, 5.76%, due 12/15/2057 | &nbsp;&nbsp; 2166966<br> <sup>(e)</sup><br>|
|  |  | Benchmark Mortgage Trust |  |
|  | 1600000 | Series 2020-B16, Class C, 3.64%, due 2/15/2053 | &nbsp;&nbsp; 1321434<br> <sup>(e)</sup><br>|
|  | 257000 | Series 2020-B17, Class B, 2.92%, due 3/15/2053 | &nbsp;&nbsp; 218270 |
|  | 46855882 | Series 2021-B30, Class XA, 0.80%, due 11/15/2054 | &nbsp;&nbsp; 1776213<br> <sup>(e)(g)</sup><br>|
|  | 2077000 | Series 2023-B40, Class C, 7.41%, due 12/15/2056 | &nbsp;&nbsp; 2163546<br> <sup>(e)</sup><br>|
|  | 1509000 | Series 2024-V5, Class C, 6.97%, due 1/10/2057 | &nbsp;&nbsp; 1553552<br> <sup>(e)</sup><br>|
|  | 1759000 | Series 2024-V6, Class D, 4.00%, due 3/15/2057 | &nbsp;&nbsp; 1587400 |

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
| $2222000 | Series 2024-V6, Class C, 6.67%, due 3/15/2057 | &nbsp;&nbsp; $2281763 |
|  | BLP Commercial Mortgage Trust |  |
| 7977000 | Series 2025-IND, Class A, (1 mo. USD Term SOFR + 1.20%), 5.23%, due 3/15/2042 | &nbsp;&nbsp; 7949579<br> <sup>(d)(h)</sup><br>|
| 1832000 | Series 2025-IND, Class C, (1 mo. USD Term SOFR + 1.80%), 5.83%, due 3/15/2042 | &nbsp;&nbsp; 1823985<br> <sup>(d)(h)</sup><br>|
|  | BMO Mortgage Trust |  |
| 1346000 | Series 2024-5C3, Class B, 6.56%, due 2/15/2057 | &nbsp;&nbsp; 1389468<br> <sup>(e)</sup><br>|
| 2250000 | Series 2024-5C3, Class C, 6.86%, due 2/15/2057 | &nbsp;&nbsp; 2309571<br> <sup>(e)</sup><br>|
| 1695000 | Series 2024-5C8, Class C, 5.74%, due 12/15/2057 | &nbsp;&nbsp; 1689986<br> <sup>(e)</sup><br>|
| 1875000 | Series 2025-5C10, Class D, 4.50%, due 5/15/2058 | &nbsp;&nbsp; 1669421<br> <sup>(d)</sup><br>|
| 1856674 | BWAY Mortgage Trust, Series 2013-1515, Class A2, 3.45%, due 3/10/2033 | &nbsp;&nbsp; 1768812<br> <sup>(d)</sup><br>|
|  | BX Commercial Mortgage Trust |  |
| 4984382 | Series 2024-KING, Class C, (1 mo. USD Term SOFR + 1.94%), 5.97%, due 5/15/2034 | &nbsp;&nbsp; 4990612<br> <sup>(d)(h)</sup><br>|
| 5704896 | Series 2024-KING, Class D, (1 mo. USD Term SOFR + 2.49%), 6.52%, due 5/15/2034 | &nbsp;&nbsp; 5722634<br> <sup>(d)(h)</sup><br>|
| 968828 | Series 2021-VOLT, Class A, (1 mo. USD Term SOFR + 0.81%), 4.85%, due 9/15/2036 | &nbsp;&nbsp; 968230<br> <sup>(d)(h)</sup><br>|
| 615034 | Series 2021-VOLT, Class D, (1 mo. USD Term SOFR + 1.76%), 5.80%, due 9/15/2036 | &nbsp;&nbsp; 614458<br> <sup>(d)(h)</sup><br>|
| 4844141 | Series 2021-VOLT, Class E, (1 mo. USD Term SOFR + 2.11%), 6.15%, due 9/15/2036 | &nbsp;&nbsp; 4839599<br> <sup>(d)(h)</sup><br>|
| 9482890 | Series 2021-VOLT, Class F, (1 mo. USD Term SOFR + 2.51%), 6.55%, due 9/15/2036 | &nbsp;&nbsp; 9473999<br> <sup>(d)(h)</sup><br>|
| 425904 | Series 2024-MF, Class C, (1 mo. USD Term SOFR + 1.94%), 5.97%, due 2/15/2039 | &nbsp;&nbsp; 426303<br> <sup>(d)(h)</sup><br>|
| 2359065 | Series 2024-XL4, Class C, (1 mo. USD Term SOFR + 2.19%), 6.22%, due 2/15/2039 | &nbsp;&nbsp; 2364963<br> <sup>(d)(h)</sup><br>|
| 7161556 | Series 2024-MF, Class D, (1 mo. USD Term SOFR + 2.69%), 6.72%, due 2/15/2039 | &nbsp;&nbsp; 7177222<br> <sup>(d)(h)</sup><br>|
| 2040625 | Series 2023-XL3, Class D, (1 mo. USD Term SOFR + 3.59%), 7.62%, due 12/9/2040 | &nbsp;&nbsp; 2044451<br> <sup>(d)(h)</sup><br>|
| 5558586 | Series 2024-XL5, Class D, (1 mo. USD Term SOFR + 2.69%), 6.72%, due 3/15/2041 | &nbsp;&nbsp; 5569008<br> <sup>(d)(h)</sup><br>|
| 1000000 | Series 2024-GPA2, Class A, (1 mo. USD Term SOFR + 1.54%), 5.57%, due 11/15/2041 | &nbsp;&nbsp; 1000000<br> <sup>(d)(h)</sup><br>|
| 7230000 | Series 2024-GPA2, Class C, (1 mo. USD Term SOFR + 2.19%), 6.22%, due 11/15/2041 | &nbsp;&nbsp; 7243460<br> <sup>(d)(h)</sup><br>|
|  | BX Trust |  |
| 996115 | Series 2025-ROIC, Class A, (1 mo. USD Term SOFR + 1.14%), 5.18%, due 3/15/2030 | &nbsp;&nbsp; 993936<br> <sup>(d)(h)</sup><br>|
| 13461498 | Series 2025-ROIC, Class D, (1 mo. USD Term SOFR + 1.99%), 6.02%, due 3/15/2030 | &nbsp;&nbsp; 13411017<br> <sup>(d)(h)</sup><br>|
| 793182 | Series 2021-LBA, Class AV, (1 mo. USD Term SOFR + 0.91%), 4.95%, due 2/15/2036 | &nbsp;&nbsp; 792468<br> <sup>(d)(h)</sup><br>|
| 9726000 | Series 2024-BIO, Class C, (1 mo. USD Term SOFR + 2.64%), 6.67%, due 2/15/2041 | &nbsp;&nbsp; 9695870<br> <sup>(d)(h)</sup><br>|
| 9937000 | Series 2024-VLT4, Class E, (1 mo. USD Term SOFR + 2.89%), 6.92%, due 6/15/2041 | &nbsp;&nbsp; 9937000<br> <sup>(d)(h)</sup><br>|
| 1320000 | Series 2019-OC11, Class C, 3.86%, due 12/9/2041 | &nbsp;&nbsp; 1259681<br> <sup>(d)</sup><br>|
| 5000000 | Series 2019-OC11, Class E, 3.94%, due 12/9/2041 | &nbsp;&nbsp; 4592308<br> <sup>(d)(e)</sup><br>|
| 7275000 | Series 2025-GW, Class D, (1 mo. USD Term SOFR + 2.75%), 6.78%, due 7/15/2042 | &nbsp;&nbsp; 7302281<br> <sup>(d)(h)</sup><br>|
| 273000 | Series 2025-VLT7, Class C, (1 mo. USD Term SOFR + 2.35%), 6.38%, due 7/15/2044 | &nbsp;&nbsp; 274109<br> <sup>(d)(h)</sup><br>|
| 9761000 | Series 2025-VLT7, Class D, (1 mo. USD Term SOFR + 3.25%), 7.28%, due 7/15/2044 | &nbsp;&nbsp; 9815686<br> <sup>(d)(h)</sup><br>|
| 12431000 | Series 2025-LIFE, Class A, 5.88%, due 6/13/2047 | &nbsp;&nbsp; 12796611<br> <sup>(d)(e)</sup><br>|
|  | BXP Trust |  |
| 7600000 | Series 2017-GM, Class C, 3.42%, due 6/13/2039 | &nbsp;&nbsp; 7354436<br> <sup>(d)(e)</sup><br>|
| 4150000 | Series 2017-GM, Class D, 3.42%, due 6/13/2039 | &nbsp;&nbsp; 3997461<br> <sup>(d)(e)</sup><br>|
|  | CHI Commercial Mortgage Trust |  |
| 6017000 | Series 2025-SFT, Class B, 5.87%, due 4/15/2042 | &nbsp;&nbsp; 6165155<br> <sup>(d)(e)</sup><br>|
| 1835000 | Series 2025-SFT, Class C, 6.60%, due 4/15/2042 | &nbsp;&nbsp; 1902058<br> <sup>(d)(e)</sup><br>|
|  | Citigroup Commercial Mortgage Trust |  |
| 2425000 | Series 2023-PRM3, Class C, 6.36%, due 7/10/2028 | &nbsp;&nbsp; 2487878<br> <sup>(d)(e)</sup><br>|
| 2776000 | Series 2023-SMRT, Class C, 5.85%, due 10/12/2040 | &nbsp;&nbsp; 2811600<br> <sup>(d)(e)</sup><br>|
| 894000 | Series 2017-P8, Class C, 4.25%, due 9/15/2050 | &nbsp;&nbsp; 705283<br> <sup>(e)</sup><br>|
|  | COMM Mortgage Trust |  |
| 572000 | Series 2025-167G, Class E, 8.20%, due 8/10/2040 | &nbsp;&nbsp; 572776<br> <sup>(d)(e)</sup><br>|
| 3733000 | Series 2024-CBM, Class D, 7.93%, due 12/10/2041 | &nbsp;&nbsp; 3829288<br> <sup>(d)(e)</sup><br>|
| 5507000 | Series 2024-277P, Class B, 7.00%, due 8/10/2044 | &nbsp;&nbsp; 5847332<br> <sup>(d)(e)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
|  | CONE Trust |  |
| $3816000 | Series 2024-DFW1, Class A, (1 mo. USD Term SOFR + 1.64%), 5.67%, due 8/15/2041 | &nbsp;&nbsp; $3811230<br> <sup>(d)(h)</sup><br>|
| 2900000 | Series 2024-DFW1, Class D, (1 mo. USD Term SOFR + 3.04%), 7.07%, due 8/15/2041 | &nbsp;&nbsp; 2895510<br> <sup>(d)(h)</sup><br>|
| 4793000 | DC Office Trust, Series 2019-MTC, Class D, 3.07%, due 9/15/2045 | &nbsp;&nbsp; 4071569<br> <sup>(d)(e)</sup><br>|
|  | ELM Trust |  |
| 6141000 | Series 2024-ELM, Class D10, 6.63%, due 6/10/2039 | &nbsp;&nbsp; 6177058<br> <sup>(d)(e)</sup><br>|
| 3950000 | Series 2024-ELM, Class D15, 6.67%, due 6/10/2039 | &nbsp;&nbsp; 3972505<br> <sup>(d)(e)</sup><br>|
| 5464000 | Fashion Show Mall LLC, Series 2024-SHOW, Class C, 6.07%, due 10/10/2041 | &nbsp;&nbsp; 5499522<br> <sup>(d)(e)</sup><br>|
|  | Federal Home Loan Mortgage Corp. Multiclass Certificates |  |
| 61820000 | Series 2020-RR03, Class X1, 1.71%, due 7/27/2028 | &nbsp;&nbsp; 2338836<br> <sup>(g)</sup><br>|
| 27400000 | Series 2020-RR02, Class DX, 1.82%, due 9/27/2028 | &nbsp;&nbsp; 1187195<br> <sup>(e)(g)</sup><br>|
| 65436000 | Series 2020-RR04, Class X, 2.13%, due 2/27/2029 | &nbsp;&nbsp; 3412756<br> <sup>(e)(g)</sup><br>|
| 18835000 | Series 2020-RR02, Class CX, 1.27%, due 3/27/2029 | &nbsp;&nbsp; 670287<br> <sup>(e)(g)</sup><br>|
| 2651658 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, <br> Series 2024-MN8, Class M1, (30 day USD SOFR Average + 2.85%), 7.03%, due <br> 5/25/2044<br>| &nbsp;&nbsp; 2691747<br> <sup>(d)(h)</sup><br>|
|  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |  |
| 70984000 | Series K083, Class XAM, 0.05%, due 10/25/2028 | &nbsp;&nbsp; 217041<br> <sup>(e)(g)</sup><br>|
| 77922000 | Series K085, Class XAM, 0.06%, due 10/25/2028 | &nbsp;&nbsp; 215228<br> <sup>(e)(g)</sup><br>|
|  | GS Mortgage Securities Trust |  |
| 14531 | Series 2011-GC5, Class XA, 0.00%, due 8/10/2044 | &nbsp;&nbsp; 10<br> <sup>(d)(e)(g)</sup><br>|
| 1001474 | Series 2015-GS1, Class AS, 4.04%, due 11/10/2048 | &nbsp;&nbsp; 992661<br> <sup>(e)</sup><br>|
| 3237000 | Series 2016-GS2, Class C, 4.69%, due 5/10/2049 | &nbsp;&nbsp; 3142884<br> <sup>(e)</sup><br>|
| 2360000 | Series 2019-GC42, Class B, 3.36%, due 9/10/2052 | &nbsp;&nbsp; 2133338 |
| 3284000 | Series 2019-GC42, Class C, 3.70%, due 9/10/2052 | &nbsp;&nbsp; 2812107<br> <sup>(e)</sup><br>|
|  | Hilton USA Trust |  |
| 1534500 | Series 2016-HHV, Class C, 4.19%, due 11/5/2038 | &nbsp;&nbsp; 1520802<br> <sup>(d)(e)</sup><br>|
| 3000000 | Series 2016-HHV, Class E, 4.19%, due 11/5/2038 | &nbsp;&nbsp; 2953425<br> <sup>(d)(e)</sup><br>|
| 1000000 | Series 2016-HHV, Class B, 4.19%, due 11/5/2038 | &nbsp;&nbsp; 993577<br> <sup>(d)(e)</sup><br>|
|  | Hudson Yards Mortgage Trust |  |
| 1035000 | Series 2016-10HY, Class A, 2.84%, due 8/10/2038 | &nbsp;&nbsp; 1018639<br> <sup>(d)</sup><br>|
| 1691058 | Series 2016-10HY, Class C, 2.98%, due 8/10/2038 | &nbsp;&nbsp; 1656514<br> <sup>(d)(e)</sup><br>|
| 6032000 | Series 2025-SPRL, Class D, 6.34%, due 1/13/2040 | &nbsp;&nbsp; 6266891<br> <sup>(d)(e)</sup><br>|
| 3116000 | Series 2025-SPRL, Class E, 6.68%, due 1/13/2040 | &nbsp;&nbsp; 3218853<br> <sup>(d)(e)</sup><br>|
| 6413000 | &nbsp;&nbsp; INTOWN Mortgage Trust, Series 2025-STAY, Class C, (1 mo. USD Term SOFR + 2.25%), <br> 6.28%, due 3/15/2042<br>| &nbsp;&nbsp; 6425034<br> <sup>(d)(h)</sup><br>|
|  | IP Mortgage Trust |  |
| 2816000 | Series 2025-IP, Class A, 5.25%, due 6/10/2042 | &nbsp;&nbsp; 2859129<br> <sup>(d)(e)</sup><br>|
| 3899000 | Series 2025-IP, Class D, 6.31%, due 6/10/2042 | &nbsp;&nbsp; 3947459<br> <sup>(d)(e)</sup><br>|
| 3277000 | Series 2025-IP, Class E, 6.85%, due 6/10/2042 | &nbsp;&nbsp; 3323398<br> <sup>(d)(e)</sup><br>|
| 8722000 | IRV Trust, Series 2025-200P, Class C, 5.73%, due 3/14/2047 | &nbsp;&nbsp; 8819071<br> <sup>(d)(e)</sup><br>|
|  | JP Morgan Chase Commercial Mortgage Securities Trust |  |
| 800000 | Series 2016-NINE, Class A, 2.85%, due 9/6/2038 | &nbsp;&nbsp; 787122<br> <sup>(d)(e)</sup><br>|
| 6038000 | Series 2022-OPO, Class D, 3.45%, due 1/5/2039 | &nbsp;&nbsp; 4870666<br> <sup>(d)(e)</sup><br>|
| 346000 | Series 2022-OPO, Class C, 3.45%, due 1/5/2039 | &nbsp;&nbsp; 285984<br> <sup>(d)(e)</sup><br>|
|  | MAD Commercial Mortgage Trust |  |
| 11300000 | Series 2025-11MD, Class D, 6.36%, due 10/15/2042 | &nbsp;&nbsp; 11307850<br> <sup>(d)(e)</sup><br>|
| 6200000 | Series 2025-11MD, Class E, 7.33%, due 10/15/2042 | &nbsp;&nbsp; 6173964<br> <sup>(d)(e)</sup><br>|
|  | Manhattan West Mortgage Trust |  |
| 7703000 | Series 2020-1MW, Class D, 2.33%, due 9/10/2039 | &nbsp;&nbsp; 7265506<br> <sup>(d)(e)</sup><br>|
| 6402000 | Series 2020-1MW, Class C, 2.33%, due 9/10/2039 | &nbsp;&nbsp; 6093308<br> <sup>(d)(e)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
| $4677000 | &nbsp;&nbsp; MED Commercial Mortgage Trust, Series 2024-MOB, Class C, (1 mo. USD Term SOFR + <br> 2.29%), 6.32%, due 5/15/2041<br>| &nbsp;&nbsp; $4619430<br> <sup>(d)(h)</sup><br>|
|  | Morgan Stanley Bank of America Merrill Lynch Trust |  |
| 1341000 | Series 2017-C33, Class C, 4.56%, due 5/15/2050 | &nbsp;&nbsp; 1248088<br> <sup>(e)</sup><br>|
| 5156000 | Series 2025-5C1, Class C, 6.64%, due 3/15/2058 | &nbsp;&nbsp; 5349661<br> <sup>(e)</sup><br>|
| 5820000 | Series 2025-C35, Class C, 6.35%, due 8/15/2058 | &nbsp;&nbsp; 6035909<br> <sup>(e)</sup><br>|
|  | Morgan Stanley Capital I Trust |  |
| 1291000 | Series 2017-H1, Class B, 4.08%, due 6/15/2050 | &nbsp;&nbsp; 1253628 |
| 2504550 | Series 2017-H1, Class C, 4.28%, due 6/15/2050 | &nbsp;&nbsp; 2352222<br> <sup>(e)</sup><br>|
| 1301000 | Series 2018-H4, Class C, 5.05%, due 12/15/2051 | &nbsp;&nbsp; 1202177<br> <sup>(e)</sup><br>|
|  | MSWF Commercial Mortgage Trust |  |
| 2302000 | Series 2023-1, Class C, 6.68%, due 5/15/2056 | &nbsp;&nbsp; 2426167<br> <sup>(e)</sup><br>|
| 1812000 | Series 2023-2, Class C, 7.02%, due 12/15/2056 | &nbsp;&nbsp; 1919347<br> <sup>(e)</sup><br>|
| 2420000 | NXPT Commercial Mortgage Trust, Series 2024-STOR, Class C, 4.98%, due 11/5/2041 | &nbsp;&nbsp; 2414552<br> <sup>(d)(e)</sup><br>|
| 1870000 | NY Commercial Mortgage Trust, Series 2025-299P, Class C, 6.17%, due 2/10/2047 | &nbsp;&nbsp; 1925488<br> <sup>(d)(e)</sup><br>|
|  | NYC Commercial Mortgage Trust |  |
| 732000 | Series 2025-3BP, Class A, (1 mo. USD Term SOFR + 1.21%), 5.25%, due 2/15/2042 | &nbsp;&nbsp; 727425<br> <sup>(d)(h)</sup><br>|
| 4651000 | Series 2025-3BP, Class C, (1 mo. USD Term SOFR + 1.89%), 5.92%, due 2/15/2042 | &nbsp;&nbsp; 4633559<br> <sup>(d)(h)</sup><br>|
| 5166000 | Series 2025-3BP, Class D, (1 mo. USD Term SOFR + 2.44%), 6.47%, due 2/15/2042 | &nbsp;&nbsp; 5168316<br> <sup>(d)(h)</sup><br>|
|  | One Market Plaza Trust |  |
| 2585000 | Series 2017-1MKT, Class B, 3.85%, due 2/10/2032 | &nbsp;&nbsp; 2462408<br> <sup>(d)</sup><br>|
| 2807000 | Series 2017-1MKT, Class C, 4.02%, due 2/10/2032 | &nbsp;&nbsp; 2666861<br> <sup>(d)</sup><br>|
| 2476000 | Series 2017-1MKT, Class D, 4.15%, due 2/10/2032 | &nbsp;&nbsp; 2327623<br> <sup>(d)</sup><br>|
|  | ONE Mortgage Trust |  |
| 1537000 | Series 2021-PARK, Class D, (1 mo. USD Term SOFR + 1.61%), 5.65%, due 3/15/2036 | &nbsp;&nbsp; 1459073<br> <sup>(d)(h)</sup><br>|
| 4391000 | Series 2021-PARK, Class E, (1 mo. USD Term SOFR + 1.86%), 5.90%, due 3/15/2036 | &nbsp;&nbsp; 4143696<br> <sup>(d)(h)</sup><br>|
| 6725000 | ONNI Commercial Mortgage Trust, Series 2024-APT, Class C, 6.43%, due 7/15/2039 | &nbsp;&nbsp; 6874996<br> <sup>(d)(e)</sup><br>|
| 264925 | &nbsp;&nbsp; OPEN Trust, Series 2023-AIR, Class A, (1 mo. USD Term SOFR + 3.09%), 7.12%, due <br> 11/15/2040<br>| &nbsp;&nbsp; 264925<br> <sup>(d)(h)</sup><br>|
|  | ORL Trust |  |
| 1000000 | Series 2024-GLKS, Class A, (1 mo. USD Term SOFR + 1.49%), 5.52%, due 12/15/2039 | &nbsp;&nbsp; 1000938<br> <sup>(d)(h)</sup><br>|
| 5189000 | Series 2024-GLKS, Class D, (1 mo. USD Term SOFR + 2.79%), 6.82%, due 12/15/2039 | &nbsp;&nbsp; 5197108<br> <sup>(d)(h)</sup><br>|
| 9430000 | PRM Trust, Series 2025-PRM6, Class E, 6.58%, due 7/5/2033 | &nbsp;&nbsp; 9413806<br> <sup>(d)(e)</sup><br>|
| 14793000 | ROCK Trust, Series 2024-CNTR, Class D, 7.11%, due 11/13/2041 | &nbsp;&nbsp; 15464450<br> <sup>(d)</sup><br>|
| 9192000 | &nbsp;&nbsp; SDAL Trust, Series 2025-DAL, Class C, (1 mo. USD Term SOFR + 3.94%), 7.97%, due <br> 4/15/2042<br>| &nbsp;&nbsp; 9266100<br> <sup>(d)(h)</sup><br>|
|  | SFO Commercial Mortgage Trust |  |
| 5365000 | Series 2021-555, Class B, (1 mo. USD Term SOFR + 1.61%), 5.65%, due 5/15/2038 | &nbsp;&nbsp; 5321409<br> <sup>(d)(h)</sup><br>|
| 4310000 | Series 2021-555, Class C, (1 mo. USD Term SOFR + 1.91%), 5.95%, due 5/15/2038 | &nbsp;&nbsp; 4266900<br> <sup>(d)(h)</sup><br>|
| 6077000 | Series 2021-555, Class D, (1 mo. USD Term SOFR + 2.51%), 6.55%, due 5/15/2038 | &nbsp;&nbsp; 6001037<br> <sup>(d)(h)</sup><br>|
| 7187163 | &nbsp;&nbsp; SMRT Commercial Mortgage Trust, Series 2022-MINI, Class E, (1 mo. USD Term SOFR + <br> 2.70%), 6.73%, due 1/15/2039<br>| &nbsp;&nbsp; 7142243<br> <sup>(d)(h)</sup><br>|
|  | TCO Commercial Mortgage Trust |  |
| 7404000 | Series 2024-DPM, Class B, (1 mo. USD Term SOFR + 1.59%), 5.62%, due 12/15/2039 | &nbsp;&nbsp; 7404000<br> <sup>(d)(h)</sup><br>|
| 3121000 | Series 2024-DPM, Class C, (1 mo. USD Term SOFR + 1.99%), 6.02%, due 12/15/2039 | &nbsp;&nbsp; 3124901<br> <sup>(d)(h)</sup><br>|
| 3577000 | &nbsp;&nbsp; TEXAS Commercial Mortgage Trust, Series 2025-TWR, Class A, (1 mo. USD Term SOFR + <br> 1.29%), 5.33%, due 4/15/2042<br>| &nbsp;&nbsp; 3570293<br> <sup>(d)(h)</sup><br>|
|  | TRTX Issuer Ltd. |  |
| 9331000 | Series 2025-FL6, Class A, (1 mo. USD Term SOFR + 1.54%), 5.57%, due 9/18/2042 | &nbsp;&nbsp; 9344921<br> <sup>(d)(h)</sup><br>|
| 4876000 | Series 2025-FL7, Class C, (2.20% - 1 mo. USD Term SOFR), 0.00%, due 6/18/2043 | &nbsp;&nbsp; 4879041<br> <sup>(d)(h)(i)</sup><br>|
| 4660000 | Series 2025-FL7, Class D, (2.65% - 1 mo. USD Term SOFR), 0.00%, due 6/18/2043 | &nbsp;&nbsp; 4668224<br> <sup>(d)(h)(i)</sup><br>|
| 2069000 | Series 2025-FL7, Class E, (3.25% - 1 mo. USD Term SOFR), 0.00%, due 6/18/2043 | &nbsp;&nbsp; 2074105<br> <sup>(d)(h)(i)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
|  |  | U.S. Bank NA |  |
| $| 4613360 | &nbsp;&nbsp; Series 2025-SUP1, Class C, (30 day USD SOFR Average + 1.90%), 6.08%, due <br> 2/25/2032<br>| &nbsp;&nbsp; $4593503<br> <sup>(d)(h)</sup><br>|
|  | 3459104 | &nbsp;&nbsp; Series 2025-SUP1, Class D, (30 day USD SOFR Average + 2.70%), 6.88%, due <br> 2/25/2032<br>| &nbsp;&nbsp; 3450129<br> <sup>(d)(h)</sup><br>|
|  |  | Wells Fargo Commercial Mortgage Trust |  |
|  | 3709000 | Series 2024-1CHI, Class C, 6.23%, due 7/15/2035 | &nbsp;&nbsp; 3740627<br> <sup>(d)(e)</sup><br>|
|  | 2914000 | Series 2024-1CHI, Class D, 6.71%, due 7/15/2035 | &nbsp;&nbsp; 2942742<br> <sup>(d)(e)</sup><br>|
|  | 1730000 | Series 2016-NXS6, Class C, 4.34%, due 11/15/2049 | &nbsp;&nbsp; 1645076<br> <sup>(e)</sup><br>|
|  | 5525000 | Series 2017-C39, Class C, 4.12%, due 9/15/2050 | &nbsp;&nbsp; 5006709 |
|  | 5086000 | Series 2025-5C3, Class C, 6.23%, due 1/15/2058 | &nbsp;&nbsp; 5178443<br> <sup>(e)</sup><br>|
|  |  | WF-RBS Commercial Mortgage Trust |  |
|  | 102868000 | Series 2013-C14, Class XB, 0.00%, due 6/15/2046 | &nbsp;&nbsp; 1029<br> <sup>(e)(g)</sup><br>|
|  | 1527861 | Series 2014-C22, Class XA, 0.24%, due 9/15/2057 | &nbsp;&nbsp; 158<br> <sup>(e)(g)</sup><br>|
|  |  |  | &nbsp;&nbsp; **574549860** |
| **Federal Home Loan Mortgage Corp. 5.1%** | **Federal Home Loan Mortgage Corp. 5.1%** | **Federal Home Loan Mortgage Corp. 5.1%** | **Federal Home Loan Mortgage Corp. 5.1%** |
|  |  | Pass-Through Certificates |  |
|  | 16713915 | 2.50%, due 9/1/2051 - 10/1/2052 | &nbsp;&nbsp; 14236594 |
|  | 25878114 | 3.00%, due 11/1/2050 - 8/1/2052 | &nbsp;&nbsp; 23019434 |
|  | 34011263 | 3.50%, due 6/1/2052 - 11/1/2054 | &nbsp;&nbsp; 31421563 |
|  | 21272485 | 4.00%, due 8/1/2052 - 3/1/2054 | &nbsp;&nbsp; 20285809 |
|  | 16574645 | 4.50%, due 8/1/2052 - 12/1/2054 | &nbsp;&nbsp; 16196256 |
|  | 63418016 | 5.00%, due 10/1/2052 - 9/1/2055 | &nbsp;&nbsp; 63298550 |
|  | 89690119 | 5.50%, due 11/1/2052 - 9/1/2055 | &nbsp;&nbsp; 91016556 |
|  | 109680596 | 6.00%, due 12/1/2052 - 10/1/2055 | &nbsp;&nbsp; 112519871 |
|  |  |  | &nbsp;&nbsp; **371994633** |
| **Federal National Mortgage Association 8.5%** | **Federal National Mortgage Association 8.5%** | **Federal National Mortgage Association 8.5%** | **Federal National Mortgage Association 8.5%** |
|  |  | Pass-Through Certificates |  |
|  | 32938033 | 2.50%, due 5/1/2051 - 7/1/2053 | &nbsp;&nbsp; 28175052 |
|  | 69531086 | 3.00%, due 6/1/2050 - 7/1/2052 | &nbsp;&nbsp; 61837720 |
|  | 47534156 | 3.50%, due 8/1/2051 - 4/1/2053 | &nbsp;&nbsp; 44034950 |
|  | 42122186 | 4.00%, due 2/1/2052 - 7/1/2055 | &nbsp;&nbsp; 40108028 |
|  | 49591630 | 4.50%, due 7/1/2052 - 12/1/2054 | &nbsp;&nbsp; 48516718 |
|  | 98971158 | 5.00%, due 8/1/2052 - 9/1/2055 | &nbsp;&nbsp; 98764200 |
|  | 146220651 | 5.50%, due 12/1/2052 - 9/1/2055 | &nbsp;&nbsp; 148197245 |
|  | 143586714 | 6.00%, due 1/1/2053 - 9/1/2055 | &nbsp;&nbsp; 147431270 |
|  |  |  | &nbsp;&nbsp; **617065183** |
| **Government National Mortgage Association 3.7%** | **Government National Mortgage Association 3.7%** | **Government National Mortgage Association 3.7%** | **Government National Mortgage Association 3.7%** |
|  |  | Pass-Through Certificates |  |
|  | 199 | 7.00%, due 8/15/2032 | &nbsp;&nbsp; 209 |
|  | 152390000 | 5.00%, TBA, 30 Year Maturity | &nbsp;&nbsp; 151908935<br> <sup>(j)</sup><br>|
|  | 89925000 | 5.50%, TBA, 30 Year Maturity | &nbsp;&nbsp; 90666581<br> <sup>(j)</sup><br>|
|  | 22960000 | 6.00%, TBA, 30 Year Maturity | &nbsp;&nbsp; 23366430<br> <sup>(j)</sup><br>|
|  |  |  | &nbsp;&nbsp; **265942155** |
| **Uniform Mortgage-Backed Securities 12.5%** | **Uniform Mortgage-Backed Securities 12.5%** | **Uniform Mortgage-Backed Securities 12.5%** | **Uniform Mortgage-Backed Securities 12.5%** |
|  |  | Pass-Through Certificates |  |
|  | 107170000 | 2.50%, TBA, 30 Year Maturity | &nbsp;&nbsp; 90973018<br> <sup>(j)</sup><br>|
|  | 110310000 | 3.50%, TBA, 30 Year Maturity | &nbsp;&nbsp; 101690499<br> <sup>(j)</sup><br>|
|  | 184435000 | 4.00%, TBA, 30 Year Maturity | &nbsp;&nbsp; 174974864<br> <sup>(j)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Uniform Mortgage-Backed Securities – cont'd** | **Uniform Mortgage-Backed Securities – cont'd** | **Uniform Mortgage-Backed Securities – cont'd** | **Uniform Mortgage-Backed Securities – cont'd** |
| $| 122570000 | 4.50%, TBA, 30 Year Maturity | &nbsp;&nbsp; $119459354<br> <sup>(j)</sup><br>|
|  | 90355000 | 5.00%, TBA, 30 Year Maturity | &nbsp;&nbsp; 89893013<br> <sup>(j)</sup><br>|
|  | 239735000 | 5.50%, TBA, 30 Year Maturity | &nbsp;&nbsp; 242203470<br> <sup>(j)</sup><br>|
|  | 86050000 | 6.00%, TBA, 30 Year Maturity | &nbsp;&nbsp; 87991027<br> <sup>(j)</sup><br>|
|  |  |  | &nbsp;&nbsp; **907185245** |
| **Total Mortgage-Backed Securities (Cost $3,776,317,450)** | **Total Mortgage-Backed Securities (Cost $3,776,317,450)** | **Total Mortgage-Backed Securities (Cost $3,776,317,450)** | &nbsp;&nbsp; **3767772364** |
| **Asset-Backed Securities 12.0%** | **Asset-Backed Securities 12.0%** | **Asset-Backed Securities 12.0%** | **Asset-Backed Securities 12.0%** |
| **Automobiles 2.3%** | **Automobiles 2.3%** | **Automobiles 2.3%** | **Automobiles 2.3%** |
|  |  | Ally Bank Auto Credit-Linked Notes |  |
|  | 940256 | Series 2024-A, Class C, 6.02%, due 5/17/2032 | &nbsp;&nbsp; 952978<br> <sup>(d)</sup><br>|
|  | 461062 | Series 2024-A, Class D, 6.32%, due 5/17/2032 | &nbsp;&nbsp; 467329<br> <sup>(d)</sup><br>|
|  | 1398728 | Series 2024-A, Class E, 7.92%, due 5/17/2032 | &nbsp;&nbsp; 1424161<br> <sup>(d)</sup><br>|
|  | 492311 | Series 2024-B, Class C, 5.22%, due 9/15/2032 | &nbsp;&nbsp; 494326<br> <sup>(d)</sup><br>|
|  | 2076544 | Series 2024-B, Class E, 6.68%, due 9/15/2032 | &nbsp;&nbsp; 2090073<br> <sup>(d)</sup><br>|
|  | 6622920 | Series 2025-A, Class C, 4.84%, due 6/15/2033 | &nbsp;&nbsp; 6638284<br> <sup>(d)</sup><br>|
|  | 4863077 | Series 2025-A, Class D, 4.99%, due 6/15/2033 | &nbsp;&nbsp; 4877134<br> <sup>(d)</sup><br>|
|  |  | Avis Budget Rental Car Funding AESOP LLC |  |
|  | 2220000 | Series 2022-5A, Class C, 6.24%, due 4/20/2027 | &nbsp;&nbsp; 2226930<br> <sup>(d)</sup><br>|
|  | 1000000 | Series 2021-2A, Class B, 1.90%, due 2/20/2028 | &nbsp;&nbsp; 971239<br> <sup>(d)</sup><br>|
|  | 3423000 | Series 2023-1A, Class C, 6.23%, due 4/20/2029 | &nbsp;&nbsp; 3516968<br> <sup>(d)</sup><br>|
|  | 3130000 | Series 2023-8A, Class B, 6.66%, due 2/20/2030 | &nbsp;&nbsp; 3314163<br> <sup>(d)</sup><br>|
|  | 3636000 | Series 2024-1A, Class C, 6.48%, due 6/20/2030 | &nbsp;&nbsp; 3773125<br> <sup>(d)</sup><br>|
|  | 2920000 | Series 2025-2A, Class B, 5.51%, due 8/20/2031 | &nbsp;&nbsp; 3001727<br> <sup>(d)</sup><br>|
|  | 1766000 | Series 2025-2A, Class C, 6.24%, due 8/20/2031 | &nbsp;&nbsp; 1838607<br> <sup>(d)</sup><br>|
|  | 1381724 | &nbsp;&nbsp; Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class C, (30 day USD SOFR <br> Average + 1.50%), 5.68%, due 12/26/2031<br>| &nbsp;&nbsp; 1385907<br> <sup>(d)(h)</sup><br>|
|  | 262954 | &nbsp;&nbsp; BMW Vehicle Lease Trust, Series 2024-2, Class A2B, (30 day USD SOFR Average + <br> 0.42%), 4.60%, due 1/25/2027<br>| &nbsp;&nbsp; 263005<br> <sup>(h)</sup><br>|
|  |  | Bridgecrest Lending Auto Securitization Trust |  |
|  | 4611000 | Series 2025-4, Class C, 4.80%, due 8/15/2031 | &nbsp;&nbsp; 4610899 |
|  | 6190000 | Series 2025-4, Class D, 5.41%, due 8/15/2031 | &nbsp;&nbsp; 6172366 |
|  | 135594 | &nbsp;&nbsp; Capital One Prime Auto Receivables Trust, Series 2024-1, Class A2B, (30 day USD SOFR <br> Average + 0.32%), 4.55%, due 10/15/2027<br>| &nbsp;&nbsp; 135595<br> <sup>(h)</sup><br>|
|  | 138135 | &nbsp;&nbsp; CarMax Auto Owner Trust, Series 2024-4, Class A2B, (30 day USD SOFR Average + <br> 0.45%), 4.68%, due 12/15/2027<br>| &nbsp;&nbsp; 138213<br> <sup>(h)</sup><br>|
|  | 320058 | Chase Auto Credit Linked Notes, Series 2025-1, Class B, 4.75%, due 2/25/2033 | &nbsp;&nbsp; 321266<br> <sup>(d)</sup><br>|
|  | 14653000 | Exeter Automobile Receivables Trust, Series 2025-1A, Class D, 5.49%, due 5/15/2031 | &nbsp;&nbsp; 14761667 |
|  |  | Exeter Select Automobile Receivables Trust |  |
|  | 500000 | Series 2025-2, Class A3, 4.43%, due 8/15/2030 | &nbsp;&nbsp; 502166 |
|  | 4656000 | Series 2025-2, Class C, 4.91%, due 12/15/2031 | &nbsp;&nbsp; 4653504 |
|  | 2307166 | Flagship Credit Auto Trust, Series 2021-2, Class D, 1.59%, due 6/15/2027 | &nbsp;&nbsp; 2277756<br> <sup>(d)</sup><br>|
|  | 146166 | &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series 2024-B, Class A2B, (30 day USD SOFR Average + <br> 0.40%), 4.63%, due 2/15/2027<br>| &nbsp;&nbsp; 146185<br> <sup>(h)</sup><br>|
|  |  | Ford Credit Auto Owner Trust |  |
|  | 311731 | &nbsp;&nbsp; Series 2024-C, Class A2B, (30 day USD SOFR Average + 0.40%), 4.63%, due <br> 8/15/2027<br>| &nbsp;&nbsp; 311867<br> <sup>(h)</sup><br>|
|  | 271224 | &nbsp;&nbsp; Series 2025-A, Class A2B, (30 day USD SOFR Average + 0.41%), 4.64%, due <br> 12/15/2027<br>| &nbsp;&nbsp; 271413<br> <sup>(h)</sup><br>|
|  |  | GLS Auto Receivables Issuer Trust |  |
|  | 334000 | Series 2025-2A, Class A3, 4.75%, due 1/16/2029 | &nbsp;&nbsp; 335569<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Automobiles – cont'd** | **Automobiles – cont'd** | **Automobiles – cont'd** |
| $2746000 | Series 2024-1A, Class D, 5.95%, due 12/17/2029 | &nbsp;&nbsp; $2792070<br> <sup>(d)</sup><br>|
| 3479000 | Series 2025-2A, Class D, 5.59%, due 1/15/2031 | &nbsp;&nbsp; 3513168<br> <sup>(d)</sup><br>|
|  | GLS Auto Select Receivables Trust |  |
| 546000 | Series 2025-3A, Class A2, 4.46%, due 10/15/2030 | &nbsp;&nbsp; 548152<br> <sup>(d)</sup><br>|
| 1900000 | Series 2024-4A, Class C, 4.75%, due 11/15/2030 | &nbsp;&nbsp; 1912035<br> <sup>(d)</sup><br>|
| 2771000 | Series 2024-4A, Class D, 5.28%, due 10/15/2031 | &nbsp;&nbsp; 2806199<br> <sup>(d)</sup><br>|
| 273303 | &nbsp;&nbsp; GM Financial Automobile Leasing Trust, Series 2024-3, Class A2B, (30 day USD SOFR <br> Average + 0.47%), 4.65%, due 1/20/2027<br>| &nbsp;&nbsp; 273424<br> <sup>(h)</sup><br>|
| 266155 | &nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2024-4, Class A2B, (30 day <br> USD SOFR Average + 0.40%), 4.60%, due 10/18/2027<br>| &nbsp;&nbsp; 266232<br> <sup>(h)</sup><br>|
| 231554 | Harley-Davidson Motorcycle Trust, Series 2025-A, Class A2A, 4.71%, due 7/17/2028 | &nbsp;&nbsp; 232038 |
|  | Huntington Bank Auto Credit-Linked Notes |  |
| 4493799 | Series 2024-1, Class B1, 6.15%, due 5/20/2032 | &nbsp;&nbsp; 4562135<br> <sup>(d)</sup><br>|
| 587326 | &nbsp;&nbsp; Series 2024-2, Class B2, (30 day USD SOFR Average + 1.35%), 5.53%, due <br> 10/20/2032<br>| &nbsp;&nbsp; 589047<br> <sup>(d)(h)</sup><br>|
| 1437202 | Series 2024-2, Class C, (30 day USD SOFR Average + 2.60%), 6.78%, due 10/20/2032 | &nbsp;&nbsp; 1439080<br> <sup>(d)(h)</sup><br>|
|  | Hyundai Auto Receivables Trust |  |
| 318171 | &nbsp;&nbsp; Series 2024-C, Class A2B, (30 day USD SOFR Average + 0.40%), 4.63%, due <br> 9/15/2027<br>| &nbsp;&nbsp; 318316<br> <sup>(h)</sup><br>|
| 270749 | &nbsp;&nbsp; Series 2025-A, Class A2B, (30 day USD SOFR Average + 0.34%), 4.57%, due <br> 12/15/2027<br>| &nbsp;&nbsp; 270851<br> <sup>(h)</sup><br>|
|  | Mercedes-Benz Auto Lease Trust |  |
| 138631 | &nbsp;&nbsp; Series 2024-B, Class A2B, (30 day USD SOFR Average + 0.44%), 4.67%, due <br> 12/15/2026<br>| &nbsp;&nbsp; 138657<br> <sup>(h)</sup><br>|
| 111058 | &nbsp;&nbsp; Series 2024-A, Class A2B, (30 day USD SOFR Average + 0.42%), 4.65%, due <br> 2/16/2027<br>| &nbsp;&nbsp; 111084<br> <sup>(h)</sup><br>|
| 301297 | &nbsp;&nbsp; Nissan Auto Receivables Owner Trust, Series 2024-B, Class A2B, (30 day USD SOFR <br> Average + 0.38%), 4.61%, due 6/15/2027<br>| &nbsp;&nbsp; 301377<br> <sup>(h)</sup><br>|
| 338000 | PenFed Auto Receivables Owner Trust, Series 2025-A, Class A3, 4.03%, due 7/15/2030 | &nbsp;&nbsp; 337420<br> <sup>(d)</sup><br>|
| 134122 | &nbsp;&nbsp; Porsche Financial Auto Securitization Trust, Series 2024-1A, Class A2B, (30 day USD <br> SOFR Average + 0.28%), 4.46%, due 1/24/2028<br>| &nbsp;&nbsp; 134110<br> <sup>(d)(h)</sup><br>|
| 169603 | &nbsp;&nbsp; Porsche Innovative Lease Owner Trust, Series 2024-2A, Class A2B, (30 day USD SOFR <br> Average + 0.44%), 4.62%, due 12/21/2026<br>| &nbsp;&nbsp; 169651<br> <sup>(d)(h)</sup><br>|
| 7355000 | Prestige Auto Receivables Trust, Series 2021-1A, Class D, 2.08%, due 2/15/2028 | &nbsp;&nbsp; 7283154<br> <sup>(d)</sup><br>|
|  | Santander Drive Auto Receivables Trust |  |
| 2132000 | Series 2024-1, Class C, 5.45%, due 3/15/2030 | &nbsp;&nbsp; 2153825 |
| 15813000 | Series 2025-1, Class D, 5.43%, due 3/17/2031 | &nbsp;&nbsp; 15956969 |
|  | SCCU Auto Receivables Trust |  |
| 29581 | Series 2024-1A, Class A2, 5.45%, due 12/15/2027 | &nbsp;&nbsp; 29617<br> <sup>(d)</sup><br>|
| 3760000 | Series 2025-1A, Class A4, 4.68%, due 9/15/2031 | &nbsp;&nbsp; 3808493<br> <sup>(d)</sup><br>|
| 3422000 | Series 2025-1A, Class B, 4.78%, due 12/15/2031 | &nbsp;&nbsp; 3445538<br> <sup>(d)</sup><br>|
| 2214000 | Series 2025-1A, Class C, 5.08%, due 2/17/2032 | &nbsp;&nbsp; 2228089<br> <sup>(d)</sup><br>|
|  | SFS Auto Receivables Securitization Trust |  |
| 32546 | Series 2024-2A, Class A2, 5.71%, due 10/20/2027 | &nbsp;&nbsp; 32567<br> <sup>(d)</sup><br>|
| 4009000 | Series 2024-1A, Class C, 5.51%, due 1/20/2032 | &nbsp;&nbsp; 4111504<br> <sup>(d)</sup><br>|
|  | Stellantis Financial Underwritten Enhanced Lease Trust |  |
| 3154000 | Series 2025-BA, Class B, 4.47%, due 7/20/2029 | &nbsp;&nbsp; 3158469<br> <sup>(d)</sup><br>|
| 2905000 | Series 2025-BA, Class C, 4.71%, due 1/22/2030 | &nbsp;&nbsp; 2912645<br> <sup>(d)</sup><br>|
| 82823 | &nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-B, Class A2B, (30 day USD SOFR Average + 0.59%), <br> 4.77%, due 1/20/2027<br>| &nbsp;&nbsp; 82845<br> <sup>(d)(h)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Automobiles – cont'd** | **Automobiles – cont'd** | **Automobiles – cont'd** | **Automobiles – cont'd** |
|  |  | Toyota Auto Receivables Owner Trust |  |
| $| 264452 | &nbsp;&nbsp; Series 2024-D, Class A2B, (30 day USD SOFR Average + 0.39%), 4.62%, due <br> 8/16/2027<br>| &nbsp;&nbsp; $264506<br> <sup>(h)</sup><br>|
|  | 399934 | &nbsp;&nbsp; Series 2025-A, Class A2B, (30 day USD SOFR Average + 0.33%), 4.56%, due <br> 11/15/2027<br>| &nbsp;&nbsp; 399971<br> <sup>(h)</sup><br>|
|  | 600000 | &nbsp;&nbsp; Toyota Lease Owner Trust, Series 2025-B, Class A2B, (30 day USD SOFR Average + <br> 0.34%), 4.52%, due 5/22/2028<br>| &nbsp;&nbsp; 599543<br> <sup>(d)(h)</sup><br>|
|  | 1861936 | U.S. Bank NA, Series 2023-1, Class B, 6.79%, due 8/25/2032 | &nbsp;&nbsp; 1882043<br> <sup>(d)</sup><br>|
|  |  | Volkswagen Auto Lease Trust |  |
|  | 146076 | &nbsp;&nbsp; Series 2024-A, Class A2B, (30 day USD SOFR Average + 0.47%), 4.65%, due <br> 12/21/2026<br>| &nbsp;&nbsp; 146144<br> <sup>(h)</sup><br>|
|  | 600000 | &nbsp;&nbsp; Series 2025-B, Class A2B, (30 day USD SOFR Average + 0.37%), 4.55%, due <br> 4/20/2028<br>| &nbsp;&nbsp; 599881<br> <sup>(h)</sup><br>|
|  |  | Volkswagen Auto Loan Enhanced Trust |  |
|  | 178428 | &nbsp;&nbsp; Series 2024-1, Class A2B, (30 day USD SOFR Average + 0.36%), 4.54%, due <br> 11/22/2027<br>| &nbsp;&nbsp; 178492<br> <sup>(h)</sup><br>|
|  | 254474 | &nbsp;&nbsp; Series 2025-1, Class A2B, (30 day USD SOFR Average + 0.44%), 4.62%, due <br> 1/20/2028<br>| &nbsp;&nbsp; 254555<br> <sup>(h)</sup><br>|
|  |  | Westlake Automobile Receivables Trust |  |
|  | 8358000 | Series 2025-1A, Class D, 5.54%, due 11/15/2030 | &nbsp;&nbsp; 8476570<br> <sup>(d)</sup><br>|
|  | 6439000 | Series 2025-2A, Class C, 4.85%, due 1/15/2031 | &nbsp;&nbsp; 6463925<br> <sup>(d)</sup><br>|
|  | 9527000 | Series 2025-2A, Class D, 5.08%, due 5/15/2031 | &nbsp;&nbsp; 9546397<br> <sup>(d)</sup><br>|
|  |  | World Omni Auto Receivables Trust |  |
|  | 227275 | Series 2024-C, Class A2A, 4.78%, due 1/18/2028 | &nbsp;&nbsp; 227596 |
|  | 408398 | &nbsp;&nbsp; Series 2025-A, Class A2B, (30 day USD SOFR Average + 0.33%), 4.56%, due <br> 4/17/2028<br>| &nbsp;&nbsp; 408390<br> <sup>(h)</sup><br>|
|  | 248150 | &nbsp;&nbsp; World Omni Automobile Lease Securitization Trust, Series 2025-A, Class A2B, (30 day <br> USD SOFR Average + 0.39%), 4.62%, due 12/15/2027<br>| &nbsp;&nbsp; 248275<br> <sup>(h)</sup><br>|
|  |  |  | &nbsp;&nbsp; **167489471** |
| **Credit Card 0.1%** | **Credit Card 0.1%** | **Credit Card 0.1%** | **Credit Card 0.1%** |
|  | 2170000 | BA Credit Card Trust, Series 2023-A1, Class A1, 4.79%, due 5/15/2028 | &nbsp;&nbsp; 2178578 |
|  | 275000 | &nbsp;&nbsp; Citibank Credit Card Issuance Trust, Series 2017-A6, Class A6, (1 mo. USD Term SOFR + <br> 0.88%), 4.93%, due 5/14/2029<br>| &nbsp;&nbsp; 277239<br> <sup>(h)</sup><br>|
|  |  | Evergreen Credit Card Trust |  |
|  | 560000 | &nbsp;&nbsp; Series 2024-1A, Class A, (Secured Overnight Financing Rate + 0.68%), 4.83%, due <br> 7/15/2028<br>| &nbsp;&nbsp; 561348<br> <sup>(d)(h)</sup><br>|
|  | 150000 | &nbsp;&nbsp; Series 2025-1A, Class A, (Secured Overnight Financing Rate + 0.59%), 4.83%, due <br> 10/15/2029<br>| &nbsp;&nbsp; 150043<br> <sup>(d)(h)</sup><br>|
|  | 275000 | &nbsp;&nbsp; Trillium Credit Card Trust II, Series 2024-1A, Class A, (Secured Overnight Financing Rate <br> + 0.75%), 4.86%, due 12/26/2028<br>| &nbsp;&nbsp; 275212<br> <sup>(d)(h)</sup><br>|
|  |  |  | &nbsp;&nbsp; **3442420** |
| **Home Equity 0.6%** | **Home Equity 0.6%** | **Home Equity 0.6%** | **Home Equity 0.6%** |
|  |  | JP Morgan Mortgage Trust |  |
|  | 1564229 | &nbsp;&nbsp; Series 2023-HE2, Class M1, (30 day USD SOFR Average + 2.25%), 6.43%, due <br> 3/20/2054<br>| &nbsp;&nbsp; 1574270<br> <sup>(d)(h)</sup><br>|
|  | 2444062 | &nbsp;&nbsp; Series 2023-HE3, Class M1, (30 day USD SOFR Average + 2.10%), 6.28%, due <br> 5/20/2054<br>| &nbsp;&nbsp; 2457558<br> <sup>(d)(h)</sup><br>|
|  | 605375 | &nbsp;&nbsp; Series 2023-HE3, Class M2, (30 day USD SOFR Average + 2.50%), 6.68%, due <br> 5/20/2054<br>| &nbsp;&nbsp; 609828<br> <sup>(d)(h)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Home Equity – cont'd** | **Home Equity – cont'd** | **Home Equity – cont'd** | **Home Equity – cont'd** |
| $| 2156000 | &nbsp;&nbsp; Series 2024-HE1, Class M1, (30 day USD SOFR Average + 2.00%), 6.18%, due <br> 8/25/2054<br>| &nbsp;&nbsp; $2169169<br> <sup>(d)(h)</sup><br>|
|  | 1606000 | &nbsp;&nbsp; Series 2024-HE1, Class M2, (30 day USD SOFR Average + 2.40%), 6.58%, due <br> 8/25/2054<br>| &nbsp;&nbsp; 1617422<br> <sup>(d)(h)</sup><br>|
|  | 598653 | &nbsp;&nbsp; Series 2024-HE2, Class A1, (30 day USD SOFR Average + 1.20%), 5.38%, due <br> 10/20/2054<br>| &nbsp;&nbsp; 598650<br> <sup>(d)(h)</sup><br>|
|  | 744056 | &nbsp;&nbsp; Series 2025-HE1, Class A1, (30 day USD SOFR Average + 1.15%), 5.33%, due <br> 7/20/2055<br>| &nbsp;&nbsp; 742980<br> <sup>(d)(h)</sup><br>|
|  |  | OBX Trust |  |
|  | 9871093 | &nbsp;&nbsp; Series 2025-HE1, Class A1, (30 day USD SOFR Average + 1.60%), 5.78%, due <br> 2/25/2055<br>| &nbsp;&nbsp; 9915846<br> <sup>(d)(h)</sup><br>|
|  | 1874000 | &nbsp;&nbsp; Series 2025-HE1, Class M1, (30 day USD SOFR Average + 1.90%), 6.08%, due <br> 2/25/2055<br>| &nbsp;&nbsp; 1883692<br> <sup>(d)(h)</sup><br>|
|  |  | RCKT Mortgage Trust |  |
|  | 2303000 | Series 2025-CES10, Class A1A, 4.89%, due 11/25/2055 | &nbsp;&nbsp; 2294930<br> <sup>(d)</sup><br>|
|  | 2315000 | Series 2025-CES10, Class A2, 5.16%, due 11/25/2055 | &nbsp;&nbsp; 2306982<br> <sup>(d)</sup><br>|
|  | 5775000 | Series 2025-CES10, Class A3, 5.31%, due 11/25/2055 | &nbsp;&nbsp; 5753471<br> <sup>(d)</sup><br>|
|  |  | Towd Point Mortgage Trust |  |
|  | 6383048 | Series 2024-CES1, Class A1A, 5.85%, due 1/25/2064 | &nbsp;&nbsp; 6418317<br> <sup>(d)</sup><br>|
|  | 737396 | Series 2024-CES1, Class A1B, 6.05%, due 1/25/2064 | &nbsp;&nbsp; 741397<br> <sup>(d)</sup><br>|
|  | 6445177 | Series 2024-CES2, Class A1A, 6.13%, due 2/25/2064 | &nbsp;&nbsp; 6501348<br> <sup>(d)</sup><br>|
|  |  |  | &nbsp;&nbsp; **45585860** |
| **Other 8.4%** | **Other 8.4%** | **Other 8.4%** | **Other 8.4%** |
|  | 3000000 | &nbsp;&nbsp; 1988 CLO 1 Ltd., Series 2022-1A, Class ER, (3 mo. USD Term SOFR + 6.10%), 10.00%, <br> due 10/15/2039<br>| &nbsp;&nbsp; 2994340<br> <sup>(d)(h)</sup><br>|
|  | 1500000 | &nbsp;&nbsp; 1988 CLO 2 Ltd., Series 2023-2A, Class ER, (3 mo. USD Term SOFR + 5.25%), 9.15%, <br> due 4/15/2038<br>| &nbsp;&nbsp; 1446701<br> <sup>(d)(h)</sup><br>|
|  |  | AASET Trust |  |
|  | 273449 | Series 2020-1A, Class A, 3.35%, due 1/16/2040 | &nbsp;&nbsp; 269059<br> <sup>(d)</sup><br>|
|  | 6142696 | Series 2025-1A, Class A, 5.94%, due 2/16/2050 | &nbsp;&nbsp; 6251038<br> <sup>(d)</sup><br>|
|  | 1000000 | &nbsp;&nbsp; AB BSL CLO 5 Ltd., Series 2024-5A, Class E, (3 mo. USD Term SOFR + 6.10%), 9.98%, <br> due 1/20/2038<br>| &nbsp;&nbsp; 1005165<br> <sup>(d)(h)</sup><br>|
|  | 1570000 | &nbsp;&nbsp; AGL CLO 33 Ltd., Series 2024-33A, Class A1, (3 mo. USD Term SOFR + 1.35%), 5.22%, <br> due 7/21/2037<br>| &nbsp;&nbsp; 1573861<br> <sup>(d)(h)</sup><br>|
|  | 1000000 | &nbsp;&nbsp; AIMCO CLO, Series 2018-AA, Class ER, (3 mo. USD Term SOFR + 5.25%), 9.13%, due <br> 10/17/2037<br>| &nbsp;&nbsp; 998702<br> <sup>(d)(h)</sup><br>|
|  | 1000000 | &nbsp;&nbsp; Amur Equipment Finance Receivables XIII LLC, Series 2024-1A, Class C, 5.55%, due <br> 1/21/2031<br>| &nbsp;&nbsp; 1019697<br> <sup>(d)</sup><br>|
|  | 445000 | &nbsp;&nbsp; Amur Equipment Finance Receivables XV LLC, Series 2025-1A, Class D, 5.68%, due <br> 8/20/2032<br>| &nbsp;&nbsp; 452232<br> <sup>(d)</sup><br>|
|  | 2000000 | &nbsp;&nbsp; Apidos CLO LII Ltd., Series 2025-52A, Class D1, (3 mo. USD Term SOFR + 2.40%), <br> 6.28%, due 4/20/2038<br>| &nbsp;&nbsp; 1999987<br> <sup>(d)(h)</sup><br>|
|  | 4000000 | &nbsp;&nbsp; Apidos CLO XLVI Ltd., Series 2023-46A, Class A1R, (1.20% - 3 mo. USD Term SOFR), <br> 0.00%, due 10/24/2038<br>| &nbsp;&nbsp; 4001092<br> <sup>(d)(h)(i)</sup><br>|
|  |  | ARES LIII CLO Ltd. |  |
|  | 3250000 | &nbsp;&nbsp; Series 2019-53A, Class D1R, (3 mo. USD Term SOFR + 3.10%), 6.97%, due <br> 10/24/2036<br>| &nbsp;&nbsp; 3242506<br> <sup>(d)(h)</sup><br>|
|  | 1700000 | &nbsp;&nbsp; Series 2019-53A, Class ER, (3 mo. USD Term SOFR + 7.00%), 10.87%, due <br> 10/24/2036<br>| &nbsp;&nbsp; 1704451<br> <sup>(d)(h)</sup><br>|
|  | 2650000 | &nbsp;&nbsp; ARES LVI CLO Ltd., Series 2020-56A, Class D1R2, (3 mo. USD Term SOFR + 2.85%), <br> 6.71%, due 1/25/2038<br>| &nbsp;&nbsp; 2657125<br> <sup>(d)(h)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | |
|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** |
| $250000 | &nbsp;&nbsp; Assurant CLO II Ltd., Series 2018-2A, Class D, (3 mo. USD Term SOFR + 3.11%), 7.00%, <br> due 4/20/2031<br>&nbsp;&nbsp; $247734<br> <sup>(d)(h)</sup><br>|
| 26241 | Auxilior Term Funding LLC, Series 2024-1A, Class A2, 5.84%, due 3/15/2027<br> &nbsp;&nbsp; 26334<br> <sup>(d)</sup><br>|
|  | Bain Capital Credit CLO Ltd. |
| 2000000 | Series 2024-4A, Class D1, (3 mo. USD Term SOFR + 3.10%), 6.96%, due 10/23/2037<br> &nbsp;&nbsp; 2009938<br> <sup>(d)(h)</sup><br>|
| 1375000 | Series 2023-2A, Class ER, (3 mo. USD Term SOFR + 5.25%), 9.13%, due 7/18/2038<br> &nbsp;&nbsp; 1339807<br> <sup>(d)(h)</sup><br>|
| 1500000 | Series 2025-3A, Class E, (3 mo. USD Term SOFR + 5.45%), 9.66%, due 7/23/2038<br> &nbsp;&nbsp; 1482216<br> <sup>(d)(h)</sup><br>|
| 1000000 | Series 2025-4A, Class E, (3 mo. USD Term SOFR + 4.95%), 8.81%, due 1/17/2039<br> &nbsp;&nbsp; 999991<br> <sup>(d)(h)</sup><br>|
| 1000000 | &nbsp;&nbsp; Ballyrock CLO 14 Ltd., Series 2020-14A, Class C1R, (3 mo. USD Term SOFR + 3.00%), <br> 6.88%, due 7/20/2037<br>&nbsp;&nbsp; 1004394<br> <sup>(d)(h)</sup><br>|
| 1000000 | &nbsp;&nbsp; Ballyrock CLO 26 Ltd., Series 2024-26A, Class D, (3 mo. USD Term SOFR + 6.10%), <br> 9.96%, due 7/25/2037<br>&nbsp;&nbsp; 1009151<br> <sup>(d)(h)</sup><br>|
| 4250000 | &nbsp;&nbsp; Ballyrock CLO 27 Ltd., Series 2024-27A, Class C1, (3 mo. USD Term SOFR + 2.90%), <br> 6.76%, due 10/25/2037<br>&nbsp;&nbsp; 4260157<br> <sup>(d)(h)</sup><br>|
|  | Barings CLO Ltd. |
| 2750000 | Series 2025-3A, Class E, (3 mo. USD Term SOFR + 5.00%), 9.06%, due 3/31/2038<br> &nbsp;&nbsp; 2744674<br> <sup>(d)(h)</sup><br>|
| 3200000 | Series 2025-2A, Class E, (3 mo. USD Term SOFR + 5.75%), 10.02%, due 7/20/2038<br> &nbsp;&nbsp; 3235405<br> <sup>(d)(h)</sup><br>|
| 1800000 | Series 2025-5A, Class E, (3 mo. USD Term SOFR + 5.00%), 8.97%, due 10/15/2038<br> &nbsp;&nbsp; 1798586<br> <sup>(d)(h)</sup><br>|
| 1000000 | &nbsp;&nbsp; Battalion CLO XXI Ltd., Series 2021-21A, Class D, (3 mo. USD Term SOFR + 3.56%), <br> 7.47%, due 7/15/2034<br>&nbsp;&nbsp; 959026<br> <sup>(d)(h)</sup><br>|
| 1500000 | &nbsp;&nbsp; Benefit Street Partners CLO 43 Ltd., Series 2025-43A, Class E, (3 mo. USD Term SOFR + <br> 4.70%), 8.62%, due 10/20/2038<br>&nbsp;&nbsp; 1493349<br> <sup>(d)(h)</sup><br>|
| 2500000 | &nbsp;&nbsp; Benefit Street Partners CLO XVII Ltd., Series 2019-17A, Class D1R2, (3 mo. USD Term <br> SOFR + 3.15%), 7.05%, due 10/15/2037<br>&nbsp;&nbsp; 2514234<br> <sup>(d)(h)</sup><br>|
| 1000000 | &nbsp;&nbsp; Benefit Street Partners CLO XX Ltd., Series 2020-20A, Class ERR, (3 mo. USD Term SOFR <br> + 4.90%), 8.80%, due 10/15/2038<br>&nbsp;&nbsp; 995446<br> <sup>(d)(h)</sup><br>|
| 6350000 | Blue Stream Issuer LLC, Series 2024-1A, Class A2, 5.41%, due 11/20/2054<br> &nbsp;&nbsp; 6422188<br> <sup>(d)</sup><br>|
|  | Business Jet Securities LLC |
| 5276037 | Series 2024-1A, Class A, 6.20%, due 5/15/2039<br> &nbsp;&nbsp; 5407362<br> <sup>(d)</sup><br>|
| 1868165 | Series 2024-1A, Class C, 9.13%, due 5/15/2039<br> &nbsp;&nbsp; 1918633<br> <sup>(d)</sup><br>|
| 3694485 | Series 2024-2A, Class B, 5.75%, due 9/15/2039<br> &nbsp;&nbsp; 3682375<br> <sup>(d)</sup><br>|
| 1000000 | &nbsp;&nbsp; Canyon Capital CLO Ltd., Series 2021-1A, Class E, (3 mo. USD Term SOFR + 6.67%), <br> 10.58%, due 4/15/2034<br>&nbsp;&nbsp; 978752<br> <sup>(d)(h)</sup><br>|
|  | Canyon CLO Ltd. |
| 500000 | Series 2025-1A, Class D1, (3 mo. USD Term SOFR + 2.75%), 6.65%, due 4/15/2038<br> &nbsp;&nbsp; 502546<br> <sup>(d)(h)</sup><br>|
| 1125000 | Series 2025-1A, Class E, (3 mo. USD Term SOFR + 4.75%), 8.65%, due 4/15/2038<br> &nbsp;&nbsp; 1123212<br> <sup>(d)(h)</sup><br>|
| 3000000 | Series 2025-3A, Class D1, (2.70% - 3 mo. USD Term SOFR), 0.00%, due 1/15/2039<br> &nbsp;&nbsp; 3000000<br> <sup>(d)(h)(i)</sup><br>|
| 3300000 | Series 2025-3A, Class E, (5.00% - 3 mo. USD Term SOFR), 0.00%, due 1/15/2039<br> &nbsp;&nbsp; 3300000<br> <sup>(d)(h)(i)</sup><br>|
| 1000000 | &nbsp;&nbsp; Carbone CLO Ltd., Series 2017-1A, Class C, (3 mo. USD Term SOFR + 2.86%), 6.75%, <br> due 1/20/2031<br>&nbsp;&nbsp; 1000714<br> <sup>(d)(h)</sup><br>|
|  | Castlelake Aircraft Structured Trust |
| 4644583 | Series 2025-1A, Class C, 7.75%, due 2/15/2050<br> &nbsp;&nbsp; 4666989<br> <sup>(d)</sup><br>|
| 10096182 | Series 2025-2A, Class A, 5.47%, due 8/15/2050<br> &nbsp;&nbsp; 10203113<br> <sup>(d)</sup><br>|
|  | CCG Receivables Trust |
| 68328 | Series 2023-1, Class A2, 5.82%, due 9/16/2030<br> &nbsp;&nbsp; 68652<br> <sup>(d)</sup><br>|
| 2495000 | Series 2024-1, Class C, 5.22%, due 3/15/2032<br> &nbsp;&nbsp; 2533126<br> <sup>(d)</sup><br>|
| 3788000 | Series 2024-1, Class D, 5.80%, due 3/15/2032<br> &nbsp;&nbsp; 3855041<br> <sup>(d)</sup><br>|
| 1147000 | Series 2025-1, Class A2, 4.48%, due 10/14/2032<br> &nbsp;&nbsp; 1150897<br> <sup>(d)</sup><br>|
| 1113000 | Series 2025-1, Class B, 4.69%, due 10/14/2032<br> &nbsp;&nbsp; 1125520<br> <sup>(d)</sup><br>|
| 2291000 | Series 2025-1, Class C, 4.89%, due 10/14/2032<br> &nbsp;&nbsp; 2310023<br> <sup>(d)</sup><br>|
| 1575000 | Series 2025-1, Class D, 5.28%, due 10/14/2032<br> &nbsp;&nbsp; 1583647<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** | **Other – cont'd** |
| $6461538 | Centersquare Issuer LLC, Series 2025-4A, Class A2, 5.20%, due 8/25/2055 | &nbsp;&nbsp; $6104773 |
| 2000000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2024-4A, Class D1, (3 mo. USD Term SOFR + 2.95%), 6.84%, <br> due 10/16/2037<br>| &nbsp;&nbsp; 2010781<br> <sup>(d)(h)</sup><br>|
|  | Cloud Capital Holdco LP |  |
| 8621000 | Series 2024-1A, Class A2, 5.78%, due 11/22/2049 | &nbsp;&nbsp; 8726972<br> <sup>(d)</sup><br>|
| 4959000 | Series 2024-2A, Class A2, 5.92%, due 11/22/2049 | &nbsp;&nbsp; 5059799<br> <sup>(d)</sup><br>|
| 1500000 | &nbsp;&nbsp; Clover CLO LLC, Series 2020-1A, Class DRR, (3 mo. USD Term SOFR + 3.10%), 7.00%, <br> due 7/15/2037<br>| &nbsp;&nbsp; 1507041<br> <sup>(d)(h)</sup><br>|
|  | CNH Equipment Trust |  |
| 47156 | &nbsp;&nbsp; Series 2024-B, Class A2B, (30 day USD SOFR Average + 0.40%), 4.63%, due <br> 10/15/2027<br>| &nbsp;&nbsp; 47170<br> <sup>(h)</sup><br>|
| 234678 | &nbsp;&nbsp; Series 2024-C, Class A2B, (30 day USD SOFR Average + 0.42%), 4.65%, due <br> 2/18/2028<br>| &nbsp;&nbsp; 234706<br> <sup>(h)</sup><br>|
| 261945 | &nbsp;&nbsp; Series 2025-A, Class A2B, (30 day USD SOFR Average + 0.33%), 4.56%, due <br> 8/15/2028<br>| &nbsp;&nbsp; 261866<br> <sup>(h)</sup><br>|
|  | Compass Datacenters Issuer II LLC |  |
| 3335000 | Series 2024-1A, Class A1, 5.25%, due 2/25/2049 | &nbsp;&nbsp; 3360431<br> <sup>(d)</sup><br>|
| 2362000 | Series 2024-1A, Class A2, 5.75%, due 2/25/2049 | &nbsp;&nbsp; 2386663<br> <sup>(d)</sup><br>|
| 2760000 | Series 2024-1A, Class B, 7.00%, due 2/25/2049 | &nbsp;&nbsp; 2825727<br> <sup>(d)</sup><br>|
| 7780000 | Series 2024-2A, Class A1, 5.02%, due 8/25/2049 | &nbsp;&nbsp; 7814012<br> <sup>(d)</sup><br>|
|  | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC |  |
| 10224000 | Series 2025-1A, Class A2, 6.00%, due 5/20/2055 | &nbsp;&nbsp; 10445652<br> <sup>(d)</sup><br>|
| 6600000 | Series 2025-1A, Class C, 9.41%, due 5/20/2055 | &nbsp;&nbsp; 6902548<br> <sup>(d)</sup><br>|
|  | Crockett Partners Equipment Co. IIA LLC |  |
| 3699045 | Series 2024-1C, Class A, 6.05%, due 1/20/2031 | &nbsp;&nbsp; 3718210<br> <sup>(d)</sup><br>|
| 1854545 | Series 2024-1C, Class C, 10.16%, due 1/20/2031 | &nbsp;&nbsp; 1838598<br> <sup>(d)</sup><br>|
| 3000000 | &nbsp;&nbsp; Crown City CLO III, Series 2021-1A, Class C, (3 mo. USD Term SOFR + 3.56%), 7.45%, <br> due 7/20/2034<br>| &nbsp;&nbsp; 2999992<br> <sup>(d)(h)</sup><br>|
| 1500000 | &nbsp;&nbsp; Crown City CLO VI, Series 2024-6A, Class D1, (3 mo. USD Term SOFR + 3.50%), 7.40%, <br> due 7/15/2037<br>| &nbsp;&nbsp; 1508085<br> <sup>(d)(h)</sup><br>|
|  | CyrusOne Data Centers Issuer I LLC |  |
| 2650000 | Series 2023-1A, Class A2, 4.30%, due 4/20/2048 | &nbsp;&nbsp; 2614654<br> <sup>(d)</sup><br>|
| 2422000 | Series 2023-2A, Class A2, 5.56%, due 11/20/2048 | &nbsp;&nbsp; 2445874<br> <sup>(d)</sup><br>|
| 130000 | Series 2024-1A, Class A2, 4.76%, due 3/22/2049 | &nbsp;&nbsp; 128623<br> <sup>(d)</sup><br>|
|  | Dell Equipment Finance Trust |  |
| 123000 | Series 2025-1, Class A2, 4.68%, due 7/22/2027 | &nbsp;&nbsp; 123432<br> <sup>(d)</sup><br>|
| 15225 | Series 2024-1, Class A2, 5.58%, due 3/22/2030 | &nbsp;&nbsp; 15235<br> <sup>(d)</sup><br>|
| 2330000 | Series 2024-1, Class D, 6.12%, due 9/23/2030 | &nbsp;&nbsp; 2367982<br> <sup>(d)</sup><br>|
| 149000 | DLLAD LLC, Series 2025-1A, Class A2, 4.46%, due 11/20/2028 | &nbsp;&nbsp; 149576<br> <sup>(d)</sup><br>|
| 300000 | &nbsp;&nbsp; Dryden 53 CLO Ltd., Series 2017-53A, Class D, (3 mo. USD Term SOFR + 2.66%), <br> 6.57%, due 1/15/2031<br>| &nbsp;&nbsp; 296357<br> <sup>(d)(h)</sup><br>|
|  | Eaton Vance CLO Ltd. |  |
| 850000 | Series 2015-1A, Class DR, (3 mo. USD Term SOFR + 2.76%), 6.65%, due 1/20/2030 | &nbsp;&nbsp; 855419<br> <sup>(d)(h)</sup><br>|
| 2000000 | &nbsp;&nbsp; Series 2020-2A, Class D1R2, (3 mo. USD Term SOFR + 3.20%), 7.10%, due <br> 10/15/2037<br>| &nbsp;&nbsp; 2010188<br> <sup>(d)(h)</sup><br>|
| 5500000 | &nbsp;&nbsp; Elmwood CLO 30 Ltd., Series 2024-6A, Class A, (3 mo. USD Term SOFR + 1.43%), <br> 5.31%, due 7/17/2037<br>| &nbsp;&nbsp; 5513876<br> <sup>(d)(h)</sup><br>|
|  | Elmwood CLO 44 Ltd. |  |
| 1250000 | Series 2025-7A, Class D, (3 mo. USD Term SOFR + 2.60%), 6.56%, due 10/20/2038 | &nbsp;&nbsp; 1252183<br> <sup>(d)(h)</sup><br>|
| 1250000 | Series 2025-7A, Class E, (3 mo. USD Term SOFR + 4.70%), 8.66%, due 10/20/2038 | &nbsp;&nbsp; 1249245<br> <sup>(d)(h)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | |
|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** |
| $1500000 | &nbsp;&nbsp; Empower CLO Ltd., Series 2024-2A, Class D, (3 mo. USD Term SOFR + 3.20%), 7.10%, <br> due 7/15/2037<br>&nbsp;&nbsp; $1507491<br> <sup>(d)(h)</sup><br>|
| 3000000 | &nbsp;&nbsp; Flatiron CLO 20 Ltd., Series 2020-1A, Class D1R2, (3 mo. USD Term SOFR + 2.65%), <br> 6.67%, due 11/20/2038<br>&nbsp;&nbsp; 3000598<br> <sup>(d)(h)</sup><br>|
| 1000000 | &nbsp;&nbsp; Flatiron RR CLO 27 Ltd., Series 2024-3A, Class D1, (3 mo. USD Term SOFR + 2.90%), <br> 6.78%, due 10/18/2037<br>&nbsp;&nbsp; 1001991<br> <sup>(d)(h)</sup><br>|
|  | Foundation Finance Trust |
| 4270004 | Series 2024-2A, Class B, 4.93%, due 3/15/2050<br> &nbsp;&nbsp; 4272321<br> <sup>(d)</sup><br>|
| 1414201 | Series 2024-2A, Class C, 5.32%, due 3/15/2050<br> &nbsp;&nbsp; 1414313<br> <sup>(d)</sup><br>|
| 4998318 | Series 2024-2A, Class D, 6.59%, due 3/15/2050<br> &nbsp;&nbsp; 5031101<br> <sup>(d)</sup><br>|
| 784139 | Series 2025-1A, Class A, 4.95%, due 4/15/2050<br> &nbsp;&nbsp; 792307<br> <sup>(d)</sup><br>|
|  | Frontier Issuer LLC |
| 9566748 | Series 2023-1, Class A2, 6.60%, due 8/20/2053<br> &nbsp;&nbsp; 9685741<br> <sup>(d)</sup><br>|
| 8855000 | Series 2024-1, Class B, 7.02%, due 6/20/2054<br> &nbsp;&nbsp; 9166162<br> <sup>(d)</sup><br>|
| 2000000 | &nbsp;&nbsp; Galaxy 31 CLO Ltd., Series 2023-31A, Class ER, (3 mo. USD Term SOFR + 5.50%), <br> 9.40%, due 7/15/2038<br>&nbsp;&nbsp; 1989426<br> <sup>(d)(h)</sup><br>|
| 2500000 | &nbsp;&nbsp; Galaxy 36 CLO Ltd., Series 2025-36A, Class A1, (1.23% - 3 mo. USD Term SOFR), <br> 0.00%, due 10/15/2038<br>&nbsp;&nbsp; 2500685<br> <sup>(d)(h)(i)</sup><br>|
| 8604000 | &nbsp;&nbsp; Gracie Point International Funding LLC, Series 2024-1A, Class A, (90 day USD SOFR <br> Average + 1.70%), 6.06%, due 3/1/2028<br>&nbsp;&nbsp; 8617272<br> <sup>(d)(h)</sup><br>|
| 41000 | &nbsp;&nbsp; GreatAmerica Leasing Receivables Funding LLC, Series 2025-1, Class A2, 4.52%, due <br> 10/15/2027<br>&nbsp;&nbsp; 41115<br> <sup>(d)</sup><br>|
|  | GreenSky Home Improvement Issuer Trust |
| 549899 | Series 2025-1A, Class A2, 5.12%, due 3/25/2060<br> &nbsp;&nbsp; 552025<br> <sup>(d)</sup><br>|
| 4217000 | Series 2025-1A, Class B, 5.39%, due 3/25/2060<br> &nbsp;&nbsp; 4267120<br> <sup>(d)</sup><br>|
| 3292000 | Series 2025-1A, Class C, 5.69%, due 3/25/2060<br> &nbsp;&nbsp; 3331351<br> <sup>(d)</sup><br>|
| 3368000 | Series 2025-2A, Class B, 5.07%, due 6/25/2060<br> &nbsp;&nbsp; 3391629<br> <sup>(d)</sup><br>|
| 2375000 | Series 2025-2A, Class C, 5.26%, due 6/25/2060<br> &nbsp;&nbsp; 2391826<br> <sup>(d)</sup><br>|
| 1936000 | Series 2025-2A, Class D, 5.56%, due 6/25/2060<br> &nbsp;&nbsp; 1948493<br> <sup>(d)</sup><br>|
|  | GreenSky Home Improvement Trust |
| 7556840 | Series 2024-1, Class B, 5.87%, due 6/25/2059<br> &nbsp;&nbsp; 7695203<br> <sup>(d)</sup><br>|
| 2499934 | Series 2024-1, Class C, 6.36%, due 6/25/2059<br> &nbsp;&nbsp; 2556035<br> <sup>(d)</sup><br>|
| 2138981 | Series 2024-1, Class D, 7.33%, due 6/25/2059<br> &nbsp;&nbsp; 2211469<br> <sup>(d)</sup><br>|
| 1000000 | &nbsp;&nbsp; HalseyPoint CLO 4 Ltd., Series 2021-4A, Class E, (3 mo. USD Term SOFR + 6.97%), <br> 10.86%, due 4/20/2034<br>&nbsp;&nbsp; 983082<br> <sup>(d)(h)</sup><br>|
|  | Hilton Grand Vacations Trust |
| 728643 | Series 2022-1D, Class D, 6.79%, due 6/20/2034<br> &nbsp;&nbsp; 726423<br> <sup>(d)</sup><br>|
| 1143475 | Series 2022-2A, Class B, 4.74%, due 1/25/2037<br> &nbsp;&nbsp; 1139702<br> <sup>(d)</sup><br>|
| 1555127 | Series 2024-2A, Class B, 5.65%, due 3/25/2038<br> &nbsp;&nbsp; 1580922<br> <sup>(d)</sup><br>|
| 3119609 | Series 2024-2A, Class C, 5.99%, due 3/25/2038<br> &nbsp;&nbsp; 3163286<br> <sup>(d)</sup><br>|
| 1884276 | Series 2024-2A, Class D, 6.91%, due 3/25/2038<br> &nbsp;&nbsp; 1934471<br> <sup>(d)</sup><br>|
| 891023 | Series 2024-1B, Class B, 5.99%, due 9/15/2039<br> &nbsp;&nbsp; 904524<br> <sup>(d)</sup><br>|
| 779481 | Series 2024-1B, Class D, 8.85%, due 9/15/2039<br> &nbsp;&nbsp; 801881<br> <sup>(d)</sup><br>|
| 9441373 | Series 2025-2A, Class B, 4.73%, due 5/25/2044<br> &nbsp;&nbsp; 9474160<br> <sup>(d)</sup><br>|
| 4450343 | Series 2025-2A, Class C, 5.12%, due 5/25/2044<br> &nbsp;&nbsp; 4468360<br> <sup>(d)</sup><br>|
|  | HPEFS Equipment Trust |
| 45368 | Series 2024-2A, Class A2, 5.50%, due 10/20/2031<br> &nbsp;&nbsp; 45401<br> <sup>(d)</sup><br>|
| 5731000 | Series 2024-2A, Class D, 5.82%, due 4/20/2032<br> &nbsp;&nbsp; 5850475<br> <sup>(d)</sup><br>|
| 117000 | Series 2025-1A, Class A2, 4.49%, due 9/20/2032<br> &nbsp;&nbsp; 117373<br> <sup>(d)</sup><br>|
|  | Invesco U.S. CLO Ltd. |
| 1000000 | Series 2025-2A, Class E, (3 mo. USD Term SOFR + 5.00%), 9.29%, due 7/15/2038<br> &nbsp;&nbsp; 995110<br> <sup>(d)(h)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** | **Other – cont'd** |
| $2800000 | Series 2023-3A, Class ER, (3 mo. USD Term SOFR + 5.75%), 9.65%, due 7/15/2038 | &nbsp;&nbsp; $2762573<br> <sup>(d)(h)</sup><br>|
| 1000000 | Series 2025-1A, Class E, (3 mo. USD Term SOFR + 6.00%), 10.28%, due 7/15/2038 | &nbsp;&nbsp; 1004714<br> <sup>(d)(h)</sup><br>|
| 7719000 | Island Finance Trust, Series 2025-1A, Class A, 6.54%, due 3/19/2035 | &nbsp;&nbsp; 7805885<br> <sup>(d)</sup><br>|
|  | John Deere Owner Trust |  |
| 376384 | Series 2023-C, Class A3, 5.48%, due 5/15/2028 | &nbsp;&nbsp; 379648 |
| 295000 | &nbsp;&nbsp; Series 2025-B, Class A2B, (30 day USD SOFR Average + 0.30%), 4.53%, due <br> 7/17/2028<br>| &nbsp;&nbsp; 294910<br> <sup>(h)</sup><br>|
|  | Kubota Credit Owner Trust |  |
| 50305 | Series 2024-2A, Class A2, 5.45%, due 4/15/2027 | &nbsp;&nbsp; 50513<br> <sup>(d)</sup><br>|
| 771000 | Series 2025-2A, Class A2, 4.48%, due 4/17/2028 | &nbsp;&nbsp; 774056<br> <sup>(d)</sup><br>|
| 14948000 | Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.60%, due 9/20/2065 | &nbsp;&nbsp; 15112005<br> <sup>(d)</sup><br>|
| 1250000 | &nbsp;&nbsp; Magnetite LI Ltd., Series 2025-51A, Class E, (4.60% - 3 mo. USD Term SOFR), 0.00%, <br> due 10/25/2038<br>| &nbsp;&nbsp; 1250000<br> <sup>(d)(h)(i)</sup><br>|
| 1000000 | &nbsp;&nbsp; Magnetite XLVIII Ltd., Series 2025-48A, Class E, (3 mo. USD Term SOFR + 4.85%), <br> 9.14%, due 10/15/2038<br>| &nbsp;&nbsp; 999506<br> <sup>(d)(h)</sup><br>|
| 4500000 | &nbsp;&nbsp; Magnetite XXVIII Ltd., Series 2020-28A, Class ERR, (3 mo. USD Term SOFR + 4.70%), <br> 8.60%, due 1/15/2038<br>| &nbsp;&nbsp; 4484116<br> <sup>(d)(h)</sup><br>|
|  | MetroNet Infrastructure Issuer LLC |  |
| 13431000 | Series 2025-2A, Class A2, 5.40%, due 8/20/2055 | &nbsp;&nbsp; 13590039<br> <sup>(d)</sup><br>|
| 8095000 | Series 2025-2A, Class C, 7.83%, due 8/20/2055 | &nbsp;&nbsp; 8173313<br> <sup>(d)</sup><br>|
| 2000000 | &nbsp;&nbsp; MidOcean Credit CLO XXI, Series 2025-21A, Class D1, (3 mo. USD Term SOFR + 2.80%), <br> 6.66%, due 10/20/2038<br>| &nbsp;&nbsp; 2002016<br> <sup>(d)(h)</sup><br>|
| 615000 | MMAF Equipment Finance LLC, Series 2023-A, Class A3, 5.54%, due 12/13/2029 | &nbsp;&nbsp; 624897<br> <sup>(d)</sup><br>|
| 1000000 | &nbsp;&nbsp; Morgan Stanley Eaton Vance CLO LLC, Series 2022-16A, Class D1, (3 mo. USD Term <br> SOFR + 3.25%), 7.15%, due 4/15/2035<br>| &nbsp;&nbsp; 1001496<br> <sup>(d)(h)</sup><br>|
|  | MVW LLC |  |
| 678972 | Series 2020-1A, Class B, 2.73%, due 10/20/2037 | &nbsp;&nbsp; 668021<br> <sup>(d)</sup><br>|
| 661998 | Series 2020-1A, Class C, 4.21%, due 10/20/2037 | &nbsp;&nbsp; 656106<br> <sup>(d)</sup><br>|
| 1063077 | Series 2021-2A, Class B, 1.83%, due 5/20/2039 | &nbsp;&nbsp; 1008205<br> <sup>(d)</sup><br>|
| 1560936 | Series 2022-1A, Class B, 4.40%, due 11/21/2039 | &nbsp;&nbsp; 1547965<br> <sup>(d)</sup><br>|
| 1971142 | Series 2023-2A, Class C, 7.06%, due 11/20/2040 | &nbsp;&nbsp; 2024896<br> <sup>(d)</sup><br>|
| 666928 | Series 2023-2A, Class D, 9.33%, due 11/20/2040 | &nbsp;&nbsp; 686500<br> <sup>(d)</sup><br>|
| 5614976 | Series 2024-2A, Class B, 4.58%, due 3/20/2042 | &nbsp;&nbsp; 5584730<br> <sup>(d)</sup><br>|
| 3658332 | Series 2024-2A, Class C, 4.92%, due 3/20/2042 | &nbsp;&nbsp; 3603313<br> <sup>(d)</sup><br>|
| 3807659 | Series 2025-1A, Class B, 5.21%, due 9/22/2042 | &nbsp;&nbsp; 3861665<br> <sup>(d)</sup><br>|
| 3802443 | Series 2025-1A, Class C, 5.75%, due 9/22/2042 | &nbsp;&nbsp; 3834247<br> <sup>(d)</sup><br>|
| 2863403 | Series 2024-1A, Class B, 5.51%, due 2/20/2043 | &nbsp;&nbsp; 2900344<br> <sup>(d)</sup><br>|
| 1809805 | Series 2024-1A, Class C, 6.20%, due 2/20/2043 | &nbsp;&nbsp; 1842291<br> <sup>(d)</sup><br>|
| 6474989 | NRM FNT1 Excess LLC, Series 2024-FNT1, Class A, 7.40%, due 11/25/2031 | &nbsp;&nbsp; 6586318<br> <sup>(d)</sup><br>|
|  | Oaktree CLO Ltd. |  |
| 1000000 | Series 2024-26A, Class E, (3 mo. USD Term SOFR + 6.50%), 10.38%, due 4/20/2037 | &nbsp;&nbsp; 1006306<br> <sup>(d)(h)</sup><br>|
| 4000000 | Series 2025-33A, Class E, (5.10% - 3 mo. USD Term SOFR), 0.00%, due 1/20/2039 | &nbsp;&nbsp; 4000000<br> <sup>(d)(h)(i)</sup><br>|
|  | OCP CLO Ltd. |  |
| 3000000 | Series 2024-35A, Class D1, (3 mo. USD Term SOFR + 3.10%), 6.96%, due 10/25/2037 | &nbsp;&nbsp; 3016464<br> <sup>(d)(h)</sup><br>|
| 2000000 | &nbsp;&nbsp; Series 2017-13A, Class ER2, (3 mo. USD Term SOFR + 5.90%), 9.77%, due <br> 11/26/2037<br>| &nbsp;&nbsp; 1976792<br> <sup>(d)(h)</sup><br>|
| 3000000 | Series 2021-21A, Class D1R, (3 mo. USD Term SOFR + 2.65%), 6.53%, due 1/20/2038 | &nbsp;&nbsp; 3017836<br> <sup>(d)(h)</sup><br>|
| 3500000 | Series 2018-15A, Class ER, (3 mo. USD Term SOFR + 5.10%), 8.98%, due 1/20/2038 | &nbsp;&nbsp; 3438860<br> <sup>(d)(h)</sup><br>|
| 2000000 | Series 2025-46A, Class E, (4.55% - 3 mo. USD Term SOFR), 0.00%, due 10/15/2038 | &nbsp;&nbsp; 2000000<br> <sup>(d)(h)(i)</sup><br>|
| 4000000 | &nbsp;&nbsp; OHA Credit Funding 17 Ltd., Series 2024-17A, Class A, (3 mo. USD Term SOFR + <br> 1.48%), 5.36%, due 4/20/2037<br>| &nbsp;&nbsp; 4013633<br> <sup>(d)(h)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | |
|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** |
| $2500000 | &nbsp;&nbsp; OHA Credit Funding 6 Ltd., Series 2020-6A, Class D1R2, (3 mo. USD Term SOFR + <br> 2.85%), 6.73%, due 10/20/2037<br>&nbsp;&nbsp; $2506728<br> <sup>(d)(h)</sup><br>|
|  | OneMain Financial Issuance Trust |
| 1000000 | Series 2023-2A, Class A1, 5.84%, due 9/15/2036<br> &nbsp;&nbsp; 1020397<br> <sup>(d)</sup><br>|
| 2556000 | Series 2023-1A, Class B, 5.94%, due 6/14/2038<br> &nbsp;&nbsp; 2651180<br> <sup>(d)</sup><br>|
|  | OWN Equipment Fund I LLC |
| 8479571 | Series 2024-2M, Class A, 5.70%, due 12/20/2032<br> &nbsp;&nbsp; 8439498<br> <sup>(d)</sup><br>|
| 2601783 | Series 2024-2M, Class B, 6.43%, due 12/20/2032<br> &nbsp;&nbsp; 2497213<br> <sup>(d)</sup><br>|
| 1225000 | &nbsp;&nbsp; Palmer Square CLO Ltd., Series 2024-4A, Class E, (3 mo. USD Term SOFR + 5.00%), <br> 8.90%, due 1/15/2038<br>&nbsp;&nbsp; 1224997<br> <sup>(d)(h)</sup><br>|
| 2000000 | &nbsp;&nbsp; Parallel Ltd., Series 2020-1A, Class DR, (3 mo. USD Term SOFR + 6.76%), 10.65%, due <br> 7/20/2034<br>&nbsp;&nbsp; 2004531<br> <sup>(d)(h)</sup><br>|
|  | PFS Financing Corp. |
| 280000 | Series 2024-E, Class A, (30 day USD SOFR Average + 0.85%), 5.08%, due 7/15/2028<br> &nbsp;&nbsp; 280574<br> <sup>(d)(h)</sup><br>|
| 664000 | Series 2024-D, Class A, 5.34%, due 4/15/2029<br> &nbsp;&nbsp; 674428<br> <sup>(d)</sup><br>|
| 300000 | &nbsp;&nbsp; PPM CLO 3 Ltd., Series 2019-3A, Class DR, (3 mo. USD Term SOFR + 3.36%), 7.24%, <br> due 4/17/2034<br>&nbsp;&nbsp; 297330<br> <sup>(d)(h)</sup><br>|
| 3000000 | &nbsp;&nbsp; RAD CLO 28 Ltd., Series 2024-28A, Class E, (3 mo. USD Term SOFR + 5.25%), 9.13%, <br> due 4/20/2038<br>&nbsp;&nbsp; 2950505<br> <sup>(d)(h)</sup><br>|
| 2000000 | &nbsp;&nbsp; Rad CLO 30 Ltd., Series 2025-30A, Class D, (3 mo. USD Term SOFR + 5.10%), 9.07%, <br> due 10/15/2038<br>&nbsp;&nbsp; 1999376<br> <sup>(d)(h)</sup><br>|
| 3000000 | &nbsp;&nbsp; Regatta 30 Funding Ltd., Series 2024-4A, Class A1, (3 mo. USD Term SOFR + 1.32%), <br> 5.18%, due 1/25/2038<br>&nbsp;&nbsp; 3006354<br> <sup>(d)(h)</sup><br>|
| 2500000 | &nbsp;&nbsp; RR 34 Ltd., Series 2024-34RA, Class DR, (3 mo. USD Term SOFR + 5.50%), 9.40%, due <br> 10/15/2039<br>&nbsp;&nbsp; 2525649<br> <sup>(d)(h)</sup><br>|
| 1000000 | &nbsp;&nbsp; RR 36 Ltd., Series 2024-36RA, Class DR, (3 mo. USD Term SOFR + 5.25%), 9.15%, due <br> 1/15/2040<br>&nbsp;&nbsp; 1003385<br> <sup>(d)(h)</sup><br>|
| 2150000 | &nbsp;&nbsp; RRE 10 Loan Management DAC, Series 10A, Class DR, (5.30% - 3 mo. EUR EURIBOR), <br> 0.00%, due 3/15/2038<br>&nbsp;&nbsp; 2478198<br> <sup>(d)(h)(i)</sup><br>|
| $1000000 | &nbsp;&nbsp; Sandstone Peak Ltd., Series 2021-1A, Class E, (3 mo. USD Term SOFR + 7.06%), <br> 10.97%, due 10/15/2034<br>&nbsp;&nbsp; 996245<br> <sup>(d)(h)</sup><br>|
|  | Sierra Timeshare Receivables Funding LLC |
| 146397 | Series 2021-2A, Class C, 1.95%, due 9/20/2038<br> &nbsp;&nbsp; 144887<br> <sup>(d)</sup><br>|
| 716756 | Series 2021-2A, Class D, 3.23%, due 9/20/2038<br> &nbsp;&nbsp; 710548<br> <sup>(d)</sup><br>|
| 914168 | Series 2022-1A, Class D, 6.00%, due 10/20/2038<br> &nbsp;&nbsp; 911282<br> <sup>(d)</sup><br>|
| 526697 | Series 2023-1A, Class C, 7.00%, due 1/20/2040<br> &nbsp;&nbsp; 541037<br> <sup>(d)</sup><br>|
| 529507 | Series 2023-2A, Class C, 7.30%, due 4/20/2040<br> &nbsp;&nbsp; 548824<br> <sup>(d)</sup><br>|
| 889764 | Series 2023-2A, Class D, 9.72%, due 4/20/2040<br> &nbsp;&nbsp; 935929<br> <sup>(d)</sup><br>|
| 241935 | Series 2023-3A, Class C, 7.12%, due 9/20/2040<br> &nbsp;&nbsp; 250155<br> <sup>(d)</sup><br>|
| 2799048 | Series 2024-2A, Class C, 5.83%, due 6/20/2041<br> &nbsp;&nbsp; 2839329<br> <sup>(d)</sup><br>|
| 4812260 | Series 2024-3A, Class C, 5.32%, due 8/20/2041<br> &nbsp;&nbsp; 4833567<br> <sup>(d)</sup><br>|
| 1597166 | Series 2024-3A, Class D, 6.93%, due 8/20/2041<br> &nbsp;&nbsp; 1609422<br> <sup>(d)</sup><br>|
| 666361 | Series 2025-1A, Class A, 4.81%, due 1/21/2042<br> &nbsp;&nbsp; 669976<br> <sup>(d)</sup><br>|
| 5476821 | Series 2025-1A, Class D, 6.86%, due 1/21/2042<br> &nbsp;&nbsp; 5504714<br> <sup>(d)</sup><br>|
| 1899152 | Series 2024-1A, Class C, 5.94%, due 1/20/2043<br> &nbsp;&nbsp; 1927353<br> <sup>(d)</sup><br>|
| 552070 | Series 2024-1A, Class D, 8.02%, due 1/20/2043<br> &nbsp;&nbsp; 567391<br> <sup>(d)</sup><br>|
| 3271010 | Series 2025-2A, Class B, 4.93%, due 4/20/2044<br> &nbsp;&nbsp; 3276861<br> <sup>(d)</sup><br>|
| 2516162 | Series 2025-2A, Class C, 5.32%, due 4/20/2044<br> &nbsp;&nbsp; 2520471<br> <sup>(d)</sup><br>|
| 3015200 | Series 2025-2A, Class D, 6.79%, due 4/20/2044<br> &nbsp;&nbsp; 3020628<br> <sup>(d)</sup><br>|
| 4400000 | Series 2025-3A, Class D, 6.54%, due 8/22/2044<br> &nbsp;&nbsp; 4371343<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | |
|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** |
|  | Signal Peak CLO 11 Ltd. |
| $2000000 | Series 2024-11A, Class D1, (3 mo. USD Term SOFR + 3.10%), 6.98%, due 7/18/2037<br> &nbsp;&nbsp; $2006381<br> <sup>(d)(h)</sup><br>|
| 1000000 | Series 2024-11A, Class E, (3 mo. USD Term SOFR + 6.00%), 9.88%, due 7/18/2037<br> &nbsp;&nbsp; 1006203<br> <sup>(d)(h)</sup><br>|
|  | Sotheby's Artfi Master Trust |
| 7654000 | Series 2024-1A, Class A1, 6.43%, due 12/22/2031<br> &nbsp;&nbsp; 7694537<br> <sup>(d)</sup><br>|
| 2068000 | Series 2024-1A, Class D, 7.91%, due 12/22/2031<br> &nbsp;&nbsp; 2074564<br> <sup>(d)</sup><br>|
|  | Stack Infrastructure Issuer LLC |
| 1250000 | Series 2023-2A, Class A2, 5.90%, due 7/25/2048<br> &nbsp;&nbsp; 1255630<br> <sup>(d)</sup><br>|
| 7090000 | Series 2023-3A, Class A2, 5.90%, due 10/25/2048<br> &nbsp;&nbsp; 7159515<br> <sup>(d)</sup><br>|
| 7719000 | Series 2025-1A, Class A2, 5.00%, due 5/25/2050<br> &nbsp;&nbsp; 7696185<br> <sup>(d)</sup><br>|
| 3000000 | &nbsp;&nbsp; Stannaway Park CLO DAC, Series 1A, Class E, (5.40% - 3 mo. EUR EURIBOR), 0.00%, <br> due 1/23/2038<br>&nbsp;&nbsp; 3457950<br> <sup>(d)(h)(i)</sup><br>|
| $1250000 | &nbsp;&nbsp; Symphony CLO 34-PS Ltd., Series 2022-34A, Class ER2, (3 mo. USD Term SOFR + <br> 6.00%), 9.87%, due 7/24/2038<br>&nbsp;&nbsp; 1257664<br> <sup>(d)(h)</sup><br>|
| 1100000 | &nbsp;&nbsp; Symphony CLO 44 Ltd., Series 2024-44A, Class E, (3 mo. USD Term SOFR + 6.15%), <br> 10.06%, due 7/14/2037<br>&nbsp;&nbsp; 1113348<br> <sup>(d)(h)</sup><br>|
| 336326 | Tesla Sustainable Energy Trust, Series 2024-1A, Class A2, 5.08%, due 6/21/2050<br> &nbsp;&nbsp; 336924<br> <sup>(d)</sup><br>|
|  | Trafigura Securitisation Finance PLC |
| 3114000 | Series 2024-1A, Class A2, 5.98%, due 11/15/2027<br> &nbsp;&nbsp; 3155174<br> <sup>(d)</sup><br>|
| 6208000 | Series 2024-1A, Class B, 7.29%, due 11/15/2027<br> &nbsp;&nbsp; 6284017<br> <sup>(d)</sup><br>|
| 1300000 | &nbsp;&nbsp; Trestles CLO II Ltd., Series 2018-2A, Class ER, (3 mo. USD Term SOFR + 6.60%), 10.46%, <br> due 7/25/2037<br>&nbsp;&nbsp; 1318275<br> <sup>(d)(h)</sup><br>|
| 1750000 | &nbsp;&nbsp; Trestles CLO III Ltd., Series 2020-3A, Class ER, (3 mo. USD Term SOFR + 6.10%), 9.98%, <br> due 10/20/2037<br>&nbsp;&nbsp; 1762076<br> <sup>(d)(h)</sup><br>|
| 1500000 | &nbsp;&nbsp; Trestles CLO IX Ltd., Series 2025-9A, Class D1, (3 mo. USD Term SOFR + 2.65%), 6.52%, <br> due 1/15/2039<br>&nbsp;&nbsp; 1502077<br> <sup>(d)(h)</sup><br>|
| 1200000 | &nbsp;&nbsp; Trestles CLO Ltd., Series 2017-1A, Class ERR, (3 mo. USD Term SOFR + 5.95%), 9.81%, <br> due 7/25/2037<br>&nbsp;&nbsp; 1203850<br> <sup>(d)(h)</sup><br>|
| 1500000 | &nbsp;&nbsp; Trestles CLO VI Ltd., Series 2023-6A, Class ER, (3 mo. USD Term SOFR + 4.75%), 8.61%, <br> due 4/25/2038<br>&nbsp;&nbsp; 1475434<br> <sup>(d)(h)</sup><br>|
| 2000000 | &nbsp;&nbsp; Trestles CLO VII Ltd., Series 2024-7A, Class D1, (3 mo. USD Term SOFR + 3.10%), <br> 6.96%, due 10/25/2037<br>&nbsp;&nbsp; 2009178<br> <sup>(d)(h)</sup><br>|
| 1000000 | &nbsp;&nbsp; Trinitas CLO XXXI Ltd., Series 2024-31A, Class A1, (3 mo. USD Term SOFR + 1.35%), <br> 5.21%, due 1/22/2038<br>&nbsp;&nbsp; 1002276<br> <sup>(d)(h)</sup><br>|
| 6000000 | Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class C, 9.02%, due 4/20/2055<br> &nbsp;&nbsp; 6273212<br> <sup>(d)</sup><br>|
| 5790000 | Vantage Data Centers Issuer LLC, Series 2021-1A, Class A2, 2.17%, due 10/15/2046<br> &nbsp;&nbsp; 5644731<br> <sup>(d)</sup><br>|
| 23116000 | Vantage Data Centers LLC, Series 2025-1A, Class A2, 5.13%, due 8/15/2055<br> &nbsp;&nbsp; 23259285<br> <sup>(d)</sup><br>|
|  | Verizon Master Trust |
| 274000 | &nbsp;&nbsp; Series 2024-3, Class A1B, (30 day USD SOFR Average + 0.58%), 4.81%, due <br> 4/22/2030<br>&nbsp;&nbsp; 274601<br> <sup>(h)</sup><br>|
| 289000 | &nbsp;&nbsp; Series 2024-6, Class A1B, (30 day USD SOFR Average + 0.67%), 4.85%, due <br> 8/20/2030<br>&nbsp;&nbsp; 290635<br> <sup>(h)</sup><br>|
|  | Volofin Finance DAC |
| 4963481 | Series 2024-1A, Class A, 5.94%, due 6/15/2037<br> &nbsp;&nbsp; 5055898<br> <sup>(d)</sup><br>|
| 2226169 | Series 2024-1A, Class B, 6.21%, due 6/15/2037<br> &nbsp;&nbsp; 2280520<br> <sup>(d)</sup><br>|
|  | Voya CLO Ltd. |
| 1400000 | Series 2024-2A, Class E, (3 mo. USD Term SOFR + 6.05%), 9.93%, due 7/20/2037<br> &nbsp;&nbsp; 1412348<br> <sup>(d)(h)</sup><br>|
| 1000000 | Series 2025-3A, Class E, (3 mo. USD Term SOFR + 5.40%), 9.73%, due 7/20/2038<br> &nbsp;&nbsp; 1005494<br> <sup>(d)(h)</sup><br>|
| 1750000 | &nbsp;&nbsp; Wellington Management CLO 3 Ltd., Series 2024-3A, Class D1, (3 mo. USD Term SOFR + <br> 3.00%), 6.88%, due 7/18/2037<br>&nbsp;&nbsp; 1757508<br> <sup>(d)(h)</sup><br>|
| 2600000 | &nbsp;&nbsp; Whitebox CLO II Ltd., Series 2020-2A, Class E1R2, (3 mo. USD Term SOFR + 5.75%), <br> 9.62%, due 10/24/2037<br>&nbsp;&nbsp; 2585844<br> <sup>(d)(h)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** | **Other – cont'd** | **Other – cont'd** |
| $| 3174466 | Willis Engine Structured Trust VIII, Series 2025-A, Class B, 6.07%, due 6/15/2050 | &nbsp;&nbsp; $3225635<br> <sup>(d)</sup><br>|
|  |  | Wireless PropCo Funding LLC |  |
|  | 5350000 | Series 2025-1A, Class B, 4.30%, due 6/25/2055 | &nbsp;&nbsp; 5117457<br> <sup>(d)</sup><br>|
|  | 2000000 | Series 2025-1A, Class C, 8.51%, due 6/25/2055 | &nbsp;&nbsp; 2045088<br> <sup>(d)</sup><br>|
|  |  |  | &nbsp;&nbsp; **611219700** |
| **Student Loan 0.5%** | **Student Loan 0.5%** | **Student Loan 0.5%** | **Student Loan 0.5%** |
|  |  | Bayview Opportunity Master Fund VII LLC |  |
|  | 1538581 | &nbsp;&nbsp; Series 2024-EDU1, Class C, (30 day USD SOFR Average + 1.80%), 5.98%, due <br> 6/25/2047<br>| &nbsp;&nbsp; 1525704<br> <sup>(d)(h)</sup><br>|
|  | 653616 | &nbsp;&nbsp; Series 2024-EDU1, Class D, (30 day USD SOFR Average + 2.75%), 6.93%, due <br> 6/25/2047<br>| &nbsp;&nbsp; 659091<br> <sup>(d)(h)</sup><br>|
|  | 5766610 | &nbsp;&nbsp; Series 2025-EDU1, Class A, (30 day USD SOFR Average + 1.30%), 5.48%, due <br> 7/27/2048<br>| &nbsp;&nbsp; 5745892<br> <sup>(d)(h)</sup><br>|
|  | 9134380 | &nbsp;&nbsp; Series 2025-EDU1, Class B, (30 day USD SOFR Average + 1.70%), 5.88%, due <br> 7/27/2048<br>| &nbsp;&nbsp; 9067681<br> <sup>(d)(h)</sup><br>|
|  | 3507727 | &nbsp;&nbsp; Series 2025-EDU1, Class C, (30 day USD SOFR Average + 1.80%), 5.98%, due <br> 7/27/2048<br>| &nbsp;&nbsp; 3463217<br> <sup>(d)(h)</sup><br>|
|  | 3100580 | &nbsp;&nbsp; Series 2025-EDU1, Class D, (30 day USD SOFR Average + 2.25%), 6.43%, due <br> 7/27/2048<br>| &nbsp;&nbsp; 3060350<br> <sup>(d)(h)</sup><br>|
|  | 801299 | ELFI Graduate Loan Program LLC, Series 2024-A, Class A, 5.56%, due 8/25/2049 | &nbsp;&nbsp; 816987<br> <sup>(d)</sup><br>|
|  |  | Navient Private Education Refi Loan Trust |  |
|  | 6500183 | Series 2021-A, Class A, 0.84%, due 5/15/2069 | &nbsp;&nbsp; 5952715<br> <sup>(d)</sup><br>|
|  | 999943 | Series 2021-BA, Class A, 0.94%, due 7/15/2069 | &nbsp;&nbsp; 914343<br> <sup>(d)</sup><br>|
|  | 1403041 | Series 2024-A, Class A, 5.66%, due 10/15/2072 | &nbsp;&nbsp; 1441188<br> <sup>(d)</sup><br>|
|  | 1597000 | SoFi Professional Loan Program LLC, Series 2020-A, Class BFX, 3.12%, due 5/15/2046 | &nbsp;&nbsp; 1412740<br> <sup>(d)</sup><br>|
|  |  |  | &nbsp;&nbsp; **34059908** |
| **Telecommunications 0.1%** | **Telecommunications 0.1%** | **Telecommunications 0.1%** | **Telecommunications 0.1%** |
|  | 3510000 | Crown Castle Towers LLC, 4.24%, due 7/15/2048 | &nbsp;&nbsp; **3478758**<br> <sup>(d)</sup><br>|
| **Total Asset-Backed Securities (Cost $858,324,233)** | **Total Asset-Backed Securities (Cost $858,324,233)** | **Total Asset-Backed Securities (Cost $858,324,233)** | &nbsp;&nbsp; **865276117** |
| **Corporate Bonds 31.9%** | **Corporate Bonds 31.9%** | **Corporate Bonds 31.9%** | **Corporate Bonds 31.9%** |
| **Advertising 0.1%** | **Advertising 0.1%** | **Advertising 0.1%** | **Advertising 0.1%** |
|  |  | Clear Channel Outdoor Holdings, Inc. |  |
|  | 420000 | 7.75%, due 4/15/2028 | &nbsp;&nbsp; 416820<br> <sup>(d)</sup><br>|
|  | 1547143 | 7.50%, due 6/1/2029 | &nbsp;&nbsp; 1518131<br> <sup>(d)</sup><br>|
|  | 1495000 | 7.13%, due 2/15/2031 | &nbsp;&nbsp; 1541731<br> <sup>(d)</sup><br>|
|  | 1490000 | 7.50%, due 3/15/2033 | &nbsp;&nbsp; 1558039<br> <sup>(d)</sup><br>|
|  | 2680000 | Neptune Bidco U.S., Inc., 9.29%, due 4/15/2029 | &nbsp;&nbsp; 2646500<br> <sup>(d)</sup><br>|
|  |  |  | &nbsp;&nbsp; **7681221** |
| **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** |
|  | 535000 | AAR Escrow Issuer LLC, 6.75%, due 3/15/2029 | &nbsp;&nbsp; 552390<br> <sup>(d)</sup><br>|
|  | 19240000 | Boeing Co., 5.81%, due 5/1/2050 | &nbsp;&nbsp; 19109298 |
|  |  | Bombardier, Inc. |  |
|  | 2735000 | 7.25%, due 7/1/2031 | &nbsp;&nbsp; 2902984<br> <sup>(d)</sup><br>|
|  | 535000 | 7.00%, due 6/1/2032 | &nbsp;&nbsp; 561692<br> <sup>(d)</sup><br>|
|  | 125000 | 6.75%, due 6/15/2033 | &nbsp;&nbsp; 131219<br> <sup>(d)</sup><br>|
|  | 825000 | General Electric Co., (3 mo. USD Term SOFR + 0.64%), 4.96%, due 5/5/2026 | &nbsp;&nbsp; 826674<br> <sup>(h)</sup><br>|
|  | 2405000 | Goat Holdco LLC, 6.75%, due 2/1/2032 | &nbsp;&nbsp; 2455897<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Aerospace & Defense – cont'd** | **Aerospace & Defense – cont'd** | **Aerospace & Defense – cont'd** |
|  | TransDigm, Inc. |  |
| $1515000 | 6.38%, due 3/1/2029 | &nbsp;&nbsp; $1556185<br> <sup>(d)</sup><br>|
| 1295000 | 7.13%, due 12/1/2031 | &nbsp;&nbsp; 1351029<br> <sup>(d)</sup><br>|
| 1485000 | 6.38%, due 5/31/2033 | &nbsp;&nbsp; 1513708<br> <sup>(d)</sup><br>|
| 3160000 | 6.75%, due 1/31/2034 | &nbsp;&nbsp; 3274654<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **34235730** |
| **Agriculture 0.4%** | **Agriculture 0.4%** | **Agriculture 0.4%** |
|  | Imperial Brands Finance PLC |  |
| 9375000 | 5.88%, due 7/1/2034 | &nbsp;&nbsp; 9770323<br> <sup>(d)</sup><br>|
| 3065000 | 5.63%, due 7/1/2035 | &nbsp;&nbsp; 3128257<br> <sup>(d)</sup><br>|
| 2600000 | 6.38%, due 7/1/2055 | &nbsp;&nbsp; 2701311<br> <sup>(d)</sup><br>|
| 1510000 | JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group, 5.95%, due 4/20/2035 | &nbsp;&nbsp; 1580321<br> <sup>(d)</sup><br>|
| 4000000 | JR Simplot Co., 5.64%, due 9/30/2035 | &nbsp;&nbsp; 3996777 |
| 779000 | &nbsp;&nbsp; Philip Morris International, Inc., (Secured Overnight Financing Rate + 0.83%), 4.90%, <br> due 4/28/2028<br>| &nbsp;&nbsp; 784348<br> <sup>(h)</sup><br>|
| 1600000 | Roquette Freres SA, 5.49%, due 11/25/2029 | &nbsp;&nbsp; 1917331<br> <sup>(k)(l)(m)</sup><br>|
| 1300000 | Sudzucker International Finance BV, 5.95%, due 5/28/2030 | &nbsp;&nbsp; 1469965<br> <sup>(k)(l)(m)</sup><br>|
|  | Tereos Finance Groupe I SA |  |
| 100000 | 5.88%, due 4/30/2030 | &nbsp;&nbsp; 114440<br> <sup>(m)</sup><br>|
| 615000 | 5.75%, due 4/30/2031 | &nbsp;&nbsp; 684729<br> <sup>(m)</sup><br>|
|  |  | &nbsp;&nbsp; **26147802** |
| **Airlines 0.2%** | **Airlines 0.2%** | **Airlines 0.2%** |
| 1600000 | Air France-KLM, 4.63%, due 5/23/2029 | &nbsp;&nbsp; 1924445<br> <sup>(m)</sup><br>|
| $2600000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, due 4/20/2029 | &nbsp;&nbsp; 2623262<br> <sup>(d)</sup><br>|
| 254000 | Avianca Midco 2 PLC, 9.63%, due 2/14/2030 | &nbsp;&nbsp; 251968<br> <sup>(d)</sup><br>|
| 1800000 | Deutsche Lufthansa AG, 5.25%, due 1/15/2055 | &nbsp;&nbsp; 2171194<br> <sup>(k)(m)</sup><br>|
| $2338000 | Gol Finance, Inc., 14.38%, due 6/6/2030 | &nbsp;&nbsp; 2366757<br> <sup>(d)</sup><br>|
| 30000 | Latam Airlines Group SA, 7.63%, due 1/7/2031 | &nbsp;&nbsp; 30852<br> <sup>(d)</sup><br>|
| 2700000 | Transportes Aereos Portugueses SA, 5.13%, due 11/15/2029 | &nbsp;&nbsp; 3228177<br> <sup>(m)</sup><br>|
| $1750000 | VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.38%, due 2/1/2030 | &nbsp;&nbsp; 1690153<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **14286808** |
| **Apparel 0.2%** | **Apparel 0.2%** | **Apparel 0.2%** |
|  | Beach Acquisition Bidco LLC |  |
| 1305000 | 5.25%, due 7/15/2032 | &nbsp;&nbsp; 1545303<br> <sup>(m)</sup><br>|
| $2870000 | 10.00% Cash/10.75% PIK, due 7/15/2033 | &nbsp;&nbsp; 3081421<br> <sup>(d)(n)</sup><br>|
| 3183000 | Birkenstock Financing SARL, 5.25%, due 4/30/2029 | &nbsp;&nbsp; 3699530<br> <sup>(m)</sup><br>|
| $120000 | Champ Acquisition Corp., 8.38%, due 12/1/2031 | &nbsp;&nbsp; 127809<br> <sup>(d)</sup><br>|
| 1429000 | CT Investment GmbH, 6.38%, due 4/15/2030 | &nbsp;&nbsp; 1711175<br> <sup>(m)</sup><br>|
| $270000 | S&S Holdings LLC, 8.38%, due 10/1/2031 | &nbsp;&nbsp; 257938<br> <sup>(d)</sup><br>|
|  | VF Corp. |  |
| 1148000 | 4.25%, due 3/7/2029 | &nbsp;&nbsp; 1315271 |
| $1060000 | 2.95%, due 4/23/2030 | &nbsp;&nbsp; 931899 |
|  |  | &nbsp;&nbsp; **12670346** |
| **Auto Manufacturers 0.3%** | **Auto Manufacturers 0.3%** | **Auto Manufacturers 0.3%** |
| 6327273 | FCA U.S. LLC Lease-Backed Pass-Through Trust, 7.76%, due 3/10/2047 | &nbsp;&nbsp; 6672123<br> <sup>(d)(f)</sup><br>|
| 638000 | General Motors Financial Co., Inc., 5.40%, due 4/6/2026 | &nbsp;&nbsp; 640818 |
| 200000 | Hyundai Capital America, 5.50%, due 3/30/2026 | &nbsp;&nbsp; 200848<br> <sup>(d)</sup><br>|
| 2260000 | Jaguar Land Rover Automotive PLC, 4.50%, due 7/15/2028 | &nbsp;&nbsp; 2633947<br> <sup>(m)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Auto Manufacturers – cont'd** | **Auto Manufacturers – cont'd** | **Auto Manufacturers – cont'd** |
|  | Nissan Motor Acceptance Co. LLC |  |
| $275000 | 7.05%, due 9/15/2028 | &nbsp;&nbsp; $286097<br> <sup>(d)</sup><br>|
| 265000 | 5.63%, due 9/29/2028 | &nbsp;&nbsp; 264804<br> <sup>(d)</sup><br>|
| 115000 | 5.55%, due 9/13/2029 | &nbsp;&nbsp; 114316<br> <sup>(d)</sup><br>|
| 220000 | 6.13%, due 9/30/2030 | &nbsp;&nbsp; 218100<br> <sup>(d)</sup><br>|
|  | Nissan Motor Co. Ltd. |  |
| 2220000 | 5.25%, due 7/17/2029 | &nbsp;&nbsp; 2624658<br> <sup>(m)</sup><br>|
| $415000 | 7.50%, due 7/17/2030 | &nbsp;&nbsp; 434268<br> <sup>(d)</sup><br>|
| 1025000 | 4.81%, due 9/17/2030 | &nbsp;&nbsp; 961364<br> <sup>(d)</sup><br>|
| 310000 | 7.75%, due 7/17/2032 | &nbsp;&nbsp; 327337<br> <sup>(d)</sup><br>|
| 520000 | 8.13%, due 7/17/2035 | &nbsp;&nbsp; 553047<br> <sup>(d)</sup><br>|
| 200000 | Stellantis NV, 4.63%, due 6/6/2035 | &nbsp;&nbsp; 232769<br> <sup>(m)</sup><br>|
| $770000 | &nbsp;&nbsp; Toyota Motor Credit Corp., (Secured Overnight Financing Rate + 0.77%), 5.06%, due <br> 8/7/2026<br>| &nbsp;&nbsp; 773079<br> <sup>(h)</sup><br>|
| 4500000 | Volkswagen International Finance NV, 3.75%, due 12/28/2027 | &nbsp;&nbsp; 5186574<br> <sup>(k)(l)(m)</sup><br>|
|  |  | &nbsp;&nbsp; **22124149** |
| **Auto Parts & Equipment 0.5%** | **Auto Parts & Equipment 0.5%** | **Auto Parts & Equipment 0.5%** |
| $3040000 | Clarios Global LP/Clarios U.S. Finance Co., 6.75%, due 9/15/2032 | &nbsp;&nbsp; 3110473<br> <sup>(d)</sup><br>|
| 1365000 | Dana Financing Luxembourg SARL, 8.50%, due 7/15/2031 | &nbsp;&nbsp; 1684771<br> <sup>(m)</sup><br>|
| $1005000 | Dornoch Debt Merger Sub, Inc., 6.63%, due 10/15/2029 | &nbsp;&nbsp; 856148<br> <sup>(d)</sup><br>|
|  | Forvia SE |  |
| 735000 | 5.63%, due 6/15/2030 | &nbsp;&nbsp; 877464<br> <sup>(m)</sup><br>|
| 402000 | 5.38%, due 3/15/2031 | &nbsp;&nbsp; 475533<br> <sup>(m)</sup><br>|
| 1950000 | 5.50%, due 6/15/2031 | &nbsp;&nbsp; 2317942<br> <sup>(m)</sup><br>|
| $1450000 | 6.75%, due 9/15/2033 | &nbsp;&nbsp; 1470840<br> <sup>(d)</sup><br>|
|  | Goodyear Tire & Rubber Co. |  |
| 755000 | 5.00%, due 7/15/2029 | &nbsp;&nbsp; 718622 |
| 220000 | 5.25%, due 4/30/2031 | &nbsp;&nbsp; 202994 |
| 200000 | Grupo Antolin Irausa SA, 3.50%, due 4/30/2028 | &nbsp;&nbsp; 154541<br> <sup>(m)</sup><br>|
|  | IHO Verwaltungs GmbH |  |
| 1927059 | 8.75% Cash/ 9.50% PIK, due 5/15/2028 | &nbsp;&nbsp; 2332699<br> <sup>(m)(n)</sup><br>|
| $1600000 | 7.75% Cash/8.50% PIK, due 11/15/2030 | &nbsp;&nbsp; 1657562<br> <sup>(d)(n)</sup><br>|
|  | Schaeffler AG |  |
| 800000 | 4.75%, due 8/14/2029 | &nbsp;&nbsp; 952121<br> <sup>(m)</sup><br>|
| 3700000 | 4.50%, due 3/28/2030 | &nbsp;&nbsp; 4358705<br> <sup>(m)</sup><br>|
| 1500000 | 5.38%, due 4/1/2031 | &nbsp;&nbsp; 1830136<br> <sup>(m)</sup><br>|
|  | Valeo SE |  |
| 1600000 | 5.88%, due 4/12/2029 | &nbsp;&nbsp; 1986819<br> <sup>(m)</sup><br>|
| 1700000 | 4.50%, due 4/11/2030 | &nbsp;&nbsp; 2002735<br> <sup>(m)</sup><br>|
| 700000 | 5.13%, due 5/20/2031 | &nbsp;&nbsp; 834547<br> <sup>(m)</sup><br>|
|  | ZF Europe Finance BV |  |
| 1000000 | 6.13%, due 3/13/2029 | &nbsp;&nbsp; 1164562<br> <sup>(m)</sup><br>|
| 1900000 | 3.00%, due 10/23/2029 | &nbsp;&nbsp; 1979013<br> <sup>(m)</sup><br>|
| 1200000 | 7.00%, due 6/12/2030 | &nbsp;&nbsp; 1413842<br> <sup>(m)</sup><br>|
| 1600000 | ZF Finance GmbH, 3.75%, due 9/21/2028 | &nbsp;&nbsp; 1765113<br> <sup>(m)</sup><br>|
|  | ZF North America Capital, Inc. |  |
| $885000 | 6.88%, due 4/14/2028 | &nbsp;&nbsp; 890443<br> <sup>(d)</sup><br>|
| 1100000 | 6.75%, due 4/23/2030 | &nbsp;&nbsp; 1047111<br> <sup>(d)</sup><br>|
| 1260000 | 7.50%, due 3/24/2031 | &nbsp;&nbsp; 1211604<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Auto Parts & Equipment – cont'd** | **Auto Parts & Equipment – cont'd** | **Auto Parts & Equipment – cont'd** |
| $510000 | 6.88%, due 4/23/2032 | &nbsp;&nbsp; $465498<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **37761838** |
| **Banks 5.3%** | **Banks 5.3%** | **Banks 5.3%** |
| 5200000 | ABN AMRO Bank NV, 5.52%, due 12/3/2035 | &nbsp;&nbsp; 5394654<br> <sup>(d)(k)</sup><br>|
| 300000 | AMCO - Asset Management Co. SpA, 0.75%, due 4/20/2028 | &nbsp;&nbsp; 331132<br> <sup>(m)</sup><br>|
| $7755000 | Banco Bilbao Vizcaya Argentaria SA, 7.75%, due 1/14/2032 | &nbsp;&nbsp; 8274058<br> <sup>(k)(l)</sup><br>|
| 270000 | Banco BPM SpA, 3.38%, due 1/24/2030 | &nbsp;&nbsp; 319919<br> <sup>(m)</sup><br>|
|  | Banco Bradesco SA |  |
| $256000 | 4.38%, due 3/18/2027 | &nbsp;&nbsp; 255938<br> <sup>(d)</sup><br>|
| 200000 | 6.50%, due 1/22/2030 | &nbsp;&nbsp; 210500<br> <sup>(d)</sup><br>|
| 206000 | Banco de Credito del Peru SA, 6.45%, due 7/30/2035 | &nbsp;&nbsp; 214034<br> <sup>(d)(k)</sup><br>|
| 1100000 | Banco de Sabadell SA, 6.00%, due 8/16/2033 | &nbsp;&nbsp; 1358759<br> <sup>(k)(m)</sup><br>|
|  | Banco Mercantil del Norte SA |  |
| $1500000 | 6.63%, due 1/24/2032 | &nbsp;&nbsp; 1473337<br> <sup>(d)(k)(l)</sup><br>|
| 760000 | 8.75%, due 5/20/2035 | &nbsp;&nbsp; 812549<br> <sup>(d)(k)(l)</sup><br>|
| 570000 | &nbsp;&nbsp; Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, <br> 5.62%, due 12/10/2029<br>| &nbsp;&nbsp; 591911<br> <sup>(d)</sup><br>|
| 4400000 | Banco Santander SA, 4.75%, due 11/12/2026 | &nbsp;&nbsp; 4333392<br> <sup>(k)(l)</sup><br>|
| 273000 | Banco Votorantim SA, 5.88%, due 4/8/2028 | &nbsp;&nbsp; 276079<br> <sup>(d)</sup><br>|
|  | Bangkok Bank PCL |  |
| 200000 | 4.30%, due 6/15/2027 | &nbsp;&nbsp; 200095<br> <sup>(d)</sup><br>|
| 1270000 | 5.65%, due 7/5/2034 | &nbsp;&nbsp; 1345278<br> <sup>(d)</sup><br>|
| 200000 | Bank Negara Indonesia Persero Tbk. PT, 3.75%, due 3/30/2026 | &nbsp;&nbsp; 198475<br> <sup>(m)</sup><br>|
|  | Bank of America Corp. |  |
| 3330000 | 4.38%, due 1/27/2027 | &nbsp;&nbsp; 3275086<br> <sup>(k)(l)</sup><br>|
| 1525000 | (Secured Overnight Financing Rate + 1.35%), 5.49%, due 9/15/2027 | &nbsp;&nbsp; 1535705<br> <sup>(h)</sup><br>|
| 6735000 | 4.95%, due 7/22/2028 | &nbsp;&nbsp; 6825361<br> <sup>(k)</sup><br>|
| 9115000 | 5.82%, due 9/15/2029 | &nbsp;&nbsp; 9513212<br> <sup>(k)</sup><br>|
| 5705000 | 6.63%, due 5/1/2030 | &nbsp;&nbsp; 5938905<br> <sup>(k)(l)</sup><br>|
| 465000 | &nbsp;&nbsp; Bank of New York Mellon, (Secured Overnight Financing Rate Index + 0.71%), 4.80%, <br> due 4/20/2027<br>| &nbsp;&nbsp; 465642<br> <sup>(h)</sup><br>|
|  | Bank of New York Mellon Corp. |  |
| 11125000 | 3.75%, due 12/20/2026 | &nbsp;&nbsp; 10901350<br> <sup>(k)(l)</sup><br>|
| 720000 | (Secured Overnight Financing Rate Index + 0.68%), 4.86%, due 6/9/2028 | &nbsp;&nbsp; 720187<br> <sup>(h)</sup><br>|
| 100000 | Bank of New Zealand, 2.55%, due 6/29/2027 | &nbsp;&nbsp; 115814<br> <sup>(m)</sup><br>|
|  | Barclays PLC |  |
| $3550000 | 4.38%, due 3/15/2028 | &nbsp;&nbsp; 3388231<br> <sup>(k)(l)</sup><br>|
| 2065000 | 8.00%, due 3/15/2029 | &nbsp;&nbsp; 2197773<br> <sup>(k)(l)</sup><br>|
| 3090000 | 9.63%, due 12/15/2029 | &nbsp;&nbsp; 3498955<br> <sup>(k)(l)</sup><br>|
| 4170000 | 7.63%, due 3/15/2035 | &nbsp;&nbsp; 4410213<br> <sup>(k)(l)</sup><br>|
|  | BNP Paribas SA |  |
| 690000 | 9.25%, due 11/17/2027 | &nbsp;&nbsp; 734268<br> <sup>(d)(k)(l)</sup><br>|
| 655000 | 4.50%, due 2/25/2030 | &nbsp;&nbsp; 596513<br> <sup>(d)(k)(l)</sup><br>|
| 7210000 | 4.63%, due 2/25/2031 | &nbsp;&nbsp; 6513156<br> <sup>(d)(k)(l)</sup><br>|
| 3515000 | BPCE SA, 5.94%, due 5/30/2035 | &nbsp;&nbsp; 3686546<br> <sup>(d)(k)</sup><br>|
| 100000 | Canadian Imperial Bank of Commerce, 2.50%, due 5/7/2030 | &nbsp;&nbsp; 114696<br> <sup>(m)</sup><br>|
|  | CBQ Finance Ltd. |  |
| $200000 | 2.00%, due 5/12/2026 | &nbsp;&nbsp; 197296<br> <sup>(m)</sup><br>|
| 200000 | 5.38%, due 3/28/2029 | &nbsp;&nbsp; 206101<br> <sup>(m)</sup><br>|
| 100000 | CCF Holding SAS, 5.00%, due 5/27/2035 | &nbsp;&nbsp; 117037<br> <sup>(k)(m)</sup><br>|
| $1693000 | Citibank NA, (Secured Overnight Financing Rate + 0.71%), 4.96%, due 11/19/2027 | &nbsp;&nbsp; 1696190<br> <sup>(h)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | |
|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> |
| **Banks – cont'd** | **Banks – cont'd** |
|  | Citigroup, Inc. |
| $245000 | 4.00%, due 12/10/2025<br> &nbsp;&nbsp; $244515<br> <sup>(k)(l)</sup><br>|
| 6330000 | 3.88%, due 2/18/2026<br> &nbsp;&nbsp; 6288849<br> <sup>(k)(l)</sup><br>|
| 3140000 | 4.15%, due 11/15/2026<br> &nbsp;&nbsp; 3084825<br> <sup>(k)(l)</sup><br>|
| 9115000 | 4.79%, due 3/4/2029<br> &nbsp;&nbsp; 9233370<br> <sup>(k)</sup><br>|
| 3670000 | 7.13%, due 8/15/2029<br> &nbsp;&nbsp; 3785598<br> <sup>(k)(l)</sup><br>|
| 4340000 | 7.00%, due 8/15/2034<br> &nbsp;&nbsp; 4637876<br> <sup>(k)(l)</sup><br>|
|  | Citizens Financial Group, Inc. |
| 2400000 | (3 mo. USD Term SOFR + 3.26%), 7.20%, due 1/6/2026<br> &nbsp;&nbsp; 2390999<br> <sup>(h)(l)</sup><br>|
| 1203000 | (3 mo. USD Term SOFR + 3.42%), 7.35%, due 1/6/2026<br> &nbsp;&nbsp; 1195295<br> <sup>(h)(l)</sup><br>|
| 200000 | Commonwealth Bank of Australia, 0.75%, due 2/28/2028<br> &nbsp;&nbsp; 222473<br> <sup>(m)</sup><br>|
| 100000 | Crelan SA, 6.00%, due 2/28/2030<br> &nbsp;&nbsp; 126633<br> <sup>(k)(m)</sup><br>|
| $5490000 | Deutsche Bank AG, 4.95%, due 8/4/2031<br> &nbsp;&nbsp; 5541577<br> <sup>(k)</sup><br>|
|  | Fifth Third Bancorp |
| 1793000 | (3 mo. USD Term SOFR + 3.29%), 7.30%, due 11/30/2025<br> &nbsp;&nbsp; 1796640<br> <sup>(h)(l)</sup><br>|
| 1661000 | 1.71%, due 11/1/2027<br> &nbsp;&nbsp; 1618344<br> <sup>(k)</sup><br>|
| 4070000 | 4.34%, due 4/25/2033<br> &nbsp;&nbsp; 3963205<br> <sup>(k)</sup><br>|
| 660000 | &nbsp;&nbsp; Fifth Third Bank NA, (Secured Overnight Financing Rate + 0.81%), 4.89%, due <br> 1/28/2028<br>&nbsp;&nbsp; 660554<br> <sup>(h)</sup><br>|
|  | Goldman Sachs Group, Inc. |
| 685000 | 3.80%, due 5/10/2026<br> &nbsp;&nbsp; 674926<br> <sup>(k)(l)</sup><br>|
| 1060000 | 3.65%, due 8/10/2026<br> &nbsp;&nbsp; 1038996<br> <sup>(k)(l)</sup><br>|
| 1345000 | 4.13%, due 11/10/2026<br> &nbsp;&nbsp; 1322907<br> <sup>(k)(l)</sup><br>|
| 325000 | (Secured Overnight Financing Rate + 0.82%), 4.99%, due 9/10/2027<br> &nbsp;&nbsp; 325656<br> <sup>(h)</sup><br>|
| 1260000 | (Secured Overnight Financing Rate + 1.85%), 6.01%, due 3/15/2028<br> &nbsp;&nbsp; 1278081<br> <sup>(h)</sup><br>|
| 4430000 | 7.50%, due 5/10/2029<br> &nbsp;&nbsp; 4694790<br> <sup>(k)(l)</sup><br>|
| 9115000 | 6.48%, due 10/24/2029<br> &nbsp;&nbsp; 9685409<br> <sup>(k)</sup><br>|
| 4000000 | 6.13%, due 11/10/2034<br> &nbsp;&nbsp; 4078476<br> <sup>(k)(l)</sup><br>|
| 7595000 | 4.94%, due 10/21/2036<br> &nbsp;&nbsp; 7557908<br> <sup>(k)</sup><br>|
|  | Grupo Aval Ltd. |
| 1235000 | 4.38%, due 2/4/2030<br> &nbsp;&nbsp; 1165148<br> <sup>(d)</sup><br>|
| 200000 | 4.38%, due 2/4/2030<br> &nbsp;&nbsp; 188688<br> <sup>(m)</sup><br>|
| 200000 | Gulf International Bank BSC, 5.75%, due 6/5/2029<br> &nbsp;&nbsp; 208000<br> <sup>(m)</sup><br>|
|  | HSBC Holdings PLC |
| 1510000 | 4.00%, due 3/9/2026<br> &nbsp;&nbsp; 1504411<br> <sup>(k)(l)</sup><br>|
| 1555000 | 8.00%, due 3/7/2028<br> &nbsp;&nbsp; 1646546<br> <sup>(k)(l)</sup><br>|
| 1170000 | 4.70%, due 3/9/2031<br> &nbsp;&nbsp; 1105384<br> <sup>(k)(l)</sup><br>|
| 2256000 | Huntington Bancshares, Inc., 4.45%, due 10/15/2027<br> &nbsp;&nbsp; 2211590<br> <sup>(k)(l)</sup><br>|
|  | ING Groep NV |
| 2895000 | 5.75%, due 11/16/2026<br> &nbsp;&nbsp; 2904921<br> <sup>(k)(l)</sup><br>|
| 4892000 | 3.88%, due 5/16/2027<br> &nbsp;&nbsp; 4693920<br> <sup>(k)(l)</sup><br>|
| 7160000 | 4.25%, due 5/16/2031<br> &nbsp;&nbsp; 6395431<br> <sup>(k)(l)</sup><br>|
| 1240000 | Intesa Sanpaolo SpA, 6.38%, due 3/30/2028<br> &nbsp;&nbsp; 1497206<br> <sup>(k)(l)(m)</sup><br>|
| $200000 | Itau Unibanco Holding SA, 6.00%, due 2/27/2030<br> &nbsp;&nbsp; 209231<br> <sup>(d)</sup><br>|
|  | JPMorgan Chase & Co. |
| 441000 | (3 mo. USD Term SOFR + 2.84%), 6.70%, due 2/1/2026<br> &nbsp;&nbsp; 442932<br> <sup>(h)(l)</sup><br>|
| 710000 | 3.65%, due 6/1/2026<br> &nbsp;&nbsp; 701286<br> <sup>(k)(l)</sup><br>|
| 1075000 | (Secured Overnight Financing Rate + 0.77%), 4.89%, due 9/22/2027<br> &nbsp;&nbsp; 1078231<br> <sup>(h)</sup><br>|
| 535000 | (Secured Overnight Financing Rate + 1.20%), 5.28%, due 1/23/2028<br> &nbsp;&nbsp; 539903<br> <sup>(h)</sup><br>|
| 9115000 | 5.30%, due 7/24/2029<br> &nbsp;&nbsp; 9384460<br> <sup>(k)</sup><br>|
| 200000 | KEB Hana Bank, 3.25%, due 3/30/2027<br> &nbsp;&nbsp; 197917<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Banks – cont'd** | **Banks – cont'd** | **Banks – cont'd** |
|  | Kreditanstalt fuer Wiederaufbau |  |
| 224000 | 0.00%, due 6/15/2026 | &nbsp;&nbsp; $255015<br> <sup>(m)</sup><br>|
| 82000 | 1.25%, due 6/30/2027 | &nbsp;&nbsp; 93271<br> <sup>(m)</sup><br>|
| 39000 | 0.75%, due 1/15/2029 | &nbsp;&nbsp; 42893<br> <sup>(m)</sup><br>|
| 72000 | 2.88%, due 12/28/2029 | &nbsp;&nbsp; 84755<br> <sup>(m)</sup><br>|
| 124000 | 0.00%, due 9/15/2031 | &nbsp;&nbsp; 123466<br> <sup>(m)</sup><br>|
| 90000 | 2.50%, due 10/15/2031 | &nbsp;&nbsp; 103563<br> <sup>(m)</sup><br>|
|  | Lloyds Banking Group PLC |  |
| $2185000 | 8.00%, due 9/27/2029 | &nbsp;&nbsp; 2363881<br> <sup>(k)(l)</sup><br>|
| 6765000 | 6.07%, due 6/13/2036 | &nbsp;&nbsp; 7089096<br> <sup>(k)</sup><br>|
|  | M&T Bank Corp. |  |
| 665000 | 7.30%, due 2/1/2026 | &nbsp;&nbsp; 667733<br> <sup>(k)(l)</sup><br>|
| 3685000 | 3.50%, due 9/1/2026 | &nbsp;&nbsp; 3552931<br> <sup>(k)(l)</sup><br>|
|  | Morgan Stanley |  |
| 9115000 | 1.51%, due 7/20/2027 | &nbsp;&nbsp; 8940623<br> <sup>(k)</sup><br>|
| 100000 | 3.52%, due 5/22/2031 | &nbsp;&nbsp; 117965<br> <sup>(k)</sup><br>|
| 300000 | 3.96%, due 3/21/2035 | &nbsp;&nbsp; 358053<br> <sup>(k)</sup><br>|
| $12380000 | 5.32%, due 7/19/2035 | &nbsp;&nbsp; 12731897<br> <sup>(k)</sup><br>|
|  | Morgan Stanley Bank NA |  |
| 1110000 | (Secured Overnight Financing Rate + 0.69%), 4.78%, due 10/15/2027 | &nbsp;&nbsp; 1113685<br> <sup>(h)</sup><br>|
| 485000 | (Secured Overnight Financing Rate + 0.87%), 5.08%, due 5/26/2028 | &nbsp;&nbsp; 486611<br> <sup>(h)</sup><br>|
| 200000 | National Australia Bank Ltd., 2.35%, due 8/30/2029 | &nbsp;&nbsp; 228976<br> <sup>(m)</sup><br>|
| 200000 | Nationale-Nederlanden Bank NV, 1.00%, due 9/25/2028 | &nbsp;&nbsp; 221440<br> <sup>(m)</sup><br>|
|  | NatWest Group PLC |  |
| $1020000 | 6.00%, due 12/29/2025 | &nbsp;&nbsp; 1021389<br> <sup>(k)(l)</sup><br>|
| 12380000 | 4.60%, due 6/28/2031 | &nbsp;&nbsp; 11269946<br> <sup>(k)(l)</sup><br>|
| 4195000 | 8.13%, due 11/10/2033 | &nbsp;&nbsp; 4724644<br> <sup>(k)(l)</sup><br>|
|  | Nordea Bank Abp |  |
| 475000 | (Secured Overnight Financing Rate + 0.74%), 4.87%, due 3/19/2027 | &nbsp;&nbsp; 477355<br> <sup>(d)(h)</sup><br>|
| 3400000 | 3.75%, due 3/1/2029 | &nbsp;&nbsp; 3183348<br> <sup>(d)(k)(l)</sup><br>|
| 260000 | Oversea-Chinese Banking Corp. Ltd., 4.55%, due 9/8/2035 | &nbsp;&nbsp; 259373<br> <sup>(d)(k)</sup><br>|
| 1185000 | PNC Bank NA, (Secured Overnight Financing Rate + 0.73%), 4.81%, due 7/21/2028 | &nbsp;&nbsp; 1185024<br> <sup>(h)</sup><br>|
|  | PNC Financial Services Group, Inc. |  |
| 7168000 | 3.40%, due 9/15/2026 | &nbsp;&nbsp; 6960284<br> <sup>(k)(l)</sup><br>|
| 1625000 | 6.25%, due 3/15/2030 | &nbsp;&nbsp; 1667352<br> <sup>(k)(l)</sup><br>|
| 140000 | Royal Bank of Canada, 0.01%, due 10/5/2028 | &nbsp;&nbsp; 150546<br> <sup>(m)</sup><br>|
| $5345000 | Santander U.K. Group Holdings PLC, 6.83%, due 11/21/2026 | &nbsp;&nbsp; 5350850<br> <sup>(k)</sup><br>|
| 200000 | Standard Chartered PLC, 6.19%, due 7/6/2027 | &nbsp;&nbsp; 202434<br> <sup>(d)(k)</sup><br>|
|  | State Street Corp. |  |
| 200000 | (Secured Overnight Financing Rate + 0.85%), 4.91%, due 8/3/2026 | &nbsp;&nbsp; 200686<br> <sup>(h)</sup><br>|
| 925000 | (Secured Overnight Financing Rate + 0.64%), 4.72%, due 10/22/2027 | &nbsp;&nbsp; 927546<br> <sup>(h)</sup><br>|
| 1945000 | Sumitomo Mitsui Financial Group, Inc., 3.01%, due 10/19/2026 | &nbsp;&nbsp; 1926801 |
| 3500000 | Toronto-Dominion Bank, 5.53%, due 7/17/2026 | &nbsp;&nbsp; 3535949 |
| 1420000 | Truist Bank, (Secured Overnight Financing Rate + 0.77%), 4.85%, due 7/24/2028 | &nbsp;&nbsp; 1421406<br> <sup>(h)</sup><br>|
|  | Truist Financial Corp. |  |
| 5125000 | 6.67%, due 3/1/2026 | &nbsp;&nbsp; 5146223<br> <sup>(k)(l)</sup><br>|
| 9115000 | 4.87%, due 1/26/2029 | &nbsp;&nbsp; 9239598<br> <sup>(k)</sup><br>|
| 355000 | 5.10%, due 3/1/2030 | &nbsp;&nbsp; 355998<br> <sup>(k)(l)</sup><br>|
| 100000 | TSB Bank PLC, 3.32%, due 3/5/2029 | &nbsp;&nbsp; 118012<br> <sup>(m)</sup><br>|
| $200000 | Turkiye Is Bankasi AS, 7.38%, due 4/2/2036 | &nbsp;&nbsp; 197674<br> <sup>(d)(k)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Banks – cont'd** | **Banks – cont'd** | **Banks – cont'd** |
|  | Turkiye Vakiflar Bankasi TAO |  |
| $280000 | 9.00%, due 10/12/2028 | &nbsp;&nbsp; $302561<br> <sup>(d)</sup><br>|
| 1750000 | 8.99%, due 10/5/2034 | &nbsp;&nbsp; 1846282<br> <sup>(d)(k)</sup><br>|
|  | U.S. Bancorp |  |
| 19000000 | 3.70%, due 1/15/2027 | &nbsp;&nbsp; 18454018<br> <sup>(k)(l)</sup><br>|
| 9115000 | 6.79%, due 10/26/2027 | &nbsp;&nbsp; 9340790<br> <sup>(k)</sup><br>|
| 1155000 | U.S. Bank NA, (Secured Overnight Financing Rate + 0.69%), 4.77%, due 10/22/2027 | &nbsp;&nbsp; 1157966<br> <sup>(h)</sup><br>|
|  | UBS Group AG |  |
| 795000 | 4.88%, due 2/12/2027 | &nbsp;&nbsp; 780497<br> <sup>(d)(k)(l)</sup><br>|
| 5115000 | 7.00%, due 2/10/2030 | &nbsp;&nbsp; 5180426<br> <sup>(d)(k)(l)</sup><br>|
| 420000 | 4.38%, due 2/10/2031 | &nbsp;&nbsp; 379680<br> <sup>(d)(k)(l)</sup><br>|
| 9160000 | 9.25%, due 11/13/2033 | &nbsp;&nbsp; 10726534<br> <sup>(d)(k)(l)</sup><br>|
|  | UniCredit SpA |  |
| 250000 | 3.88%, due 6/3/2027 | &nbsp;&nbsp; 285106<br> <sup>(k)(l)(m)</sup><br>|
| 2125000 | 5.38%, due 4/16/2034 | &nbsp;&nbsp; 2608079<br> <sup>(k)(m)</sup><br>|
| $1155000 | Walker & Dunlop, Inc., 6.63%, due 4/1/2033 | &nbsp;&nbsp; 1181973<br> <sup>(d)</sup><br>|
|  | Wells Fargo & Co. |  |
| 3855000 | 3.90%, due 3/15/2026 | &nbsp;&nbsp; 3826375<br> <sup>(k)(l)</sup><br>|
| 1630000 | (Secured Overnight Financing Rate + 0.78%), 4.86%, due 1/24/2028 | &nbsp;&nbsp; 1634095<br> <sup>(h)</sup><br>|
| 9115000 | 4.97%, due 4/23/2029 | &nbsp;&nbsp; 9280868<br> <sup>(k)</sup><br>|
| 12000000 | 5.56%, due 7/25/2034 | &nbsp;&nbsp; 12601428<br> <sup>(k)</sup><br>|
|  | Yapi ve Kredi Bankasi AS |  |
| 200000 | 9.25%, due 10/16/2028 | &nbsp;&nbsp; 217758<br> <sup>(d)</sup><br>|
| 600000 | 9.74%, due 4/4/2029 | &nbsp;&nbsp; 630055<br> <sup>(d)(k)(l)</sup><br>|
|  |  | &nbsp;&nbsp; **382294237** |
| **Beverages 0.0%**<sup>‡</sup> | **Beverages 0.0%**<sup>‡</sup> | **Beverages 0.0%**<sup>‡</sup> |
| 600000 | &nbsp;&nbsp; Pepsico Singapore Financing I Pte. Ltd., (Secured Overnight Financing Rate Index + <br> 0.56%), 4.85%, due 2/16/2027<br>| &nbsp;&nbsp; 601283<br> <sup>(h)</sup><br>|
| 1904000 | Primo Water Holdings, Inc./Triton Water Holdings, Inc., 3.88%, due 10/31/2028 | &nbsp;&nbsp; 2191964<br> <sup>(m)</sup><br>|
|  |  | &nbsp;&nbsp; **2793247** |
| **Biotechnology 0.1%** | **Biotechnology 0.1%** | **Biotechnology 0.1%** |
| $6420000 | Amgen, Inc., 5.75%, due 3/2/2063 | &nbsp;&nbsp; **6412245** |
| **Building Materials 0.3%** | **Building Materials 0.3%** | **Building Materials 0.3%** |
|  | Builders FirstSource, Inc. |  |
| 1010000 | 6.38%, due 3/1/2034 | &nbsp;&nbsp; 1045979<br> <sup>(d)</sup><br>|
| 1915000 | 6.75%, due 5/15/2035 | &nbsp;&nbsp; 2010658<br> <sup>(d)</sup><br>|
|  | Cornerstone Building Brands, Inc. |  |
| 540000 | 6.13%, due 1/15/2029 | &nbsp;&nbsp; 410461<br> <sup>(d)</sup><br>|
| 2615743 | 9.50%, due 8/15/2029 | &nbsp;&nbsp; 2413606<br> <sup>(d)</sup><br>|
| 937000 | EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.38%, due 12/15/2030 | &nbsp;&nbsp; 1129004<br> <sup>(m)</sup><br>|
|  | Jeld-Wen, Inc. |  |
| $805000 | 4.88%, due 12/15/2027 | &nbsp;&nbsp; 782971<br> <sup>(d)</sup><br>|
| 3472143 | 7.00%, due 9/1/2032 | &nbsp;&nbsp; 2864511<br> <sup>(d)</sup><br>|
| 1125000 | Masterbrand, Inc., 7.00%, due 7/15/2032 | &nbsp;&nbsp; 1166956<br> <sup>(d)</sup><br>|
| 2270000 | MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, due 2/1/2030 | &nbsp;&nbsp; 2202579<br> <sup>(d)</sup><br>|
| 1168595 | PCF GmbH, 4.75%, due 4/15/2029 | &nbsp;&nbsp; 870939<br> <sup>(m)</sup><br>|
|  | Quikrete Holdings, Inc. |  |
| $1010000 | 6.38%, due 3/1/2032 | &nbsp;&nbsp; 1047584<br> <sup>(d)</sup><br>|
| 2570000 | 6.75%, due 3/1/2033 | &nbsp;&nbsp; 2674234<br> <sup>(d)</sup><br>|
| 465000 | Standard Building Solutions, Inc., 6.25%, due 8/1/2033 | &nbsp;&nbsp; 474183<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Building Materials – cont'd** | **Building Materials – cont'd** | **Building Materials – cont'd** |
| $2975000 | Standard Industries, Inc., 4.38%, due 7/15/2030 | &nbsp;&nbsp; $2869258<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **21962923** |
| **Chemicals 0.3%** | **Chemicals 0.3%** | **Chemicals 0.3%** |
|  | Avient Corp. |  |
| 1315000 | 7.13%, due 8/1/2030 | &nbsp;&nbsp; 1353415<br> <sup>(d)</sup><br>|
| 1115000 | 6.25%, due 11/1/2031 | &nbsp;&nbsp; 1138367<br> <sup>(d)</sup><br>|
| 365000 | Axalta Coating Systems Dutch Holding B BV, 7.25%, due 2/15/2031 | &nbsp;&nbsp; 382688<br> <sup>(d)</sup><br>|
|  | Celanese U.S. Holdings LLC |  |
| 430000 | 7.05%, due 11/15/2030 | &nbsp;&nbsp; 437580 |
| 200000 | 6.88%, due 7/15/2032 | &nbsp;&nbsp; 200959 |
| 195000 | 7.20%, due 11/15/2033 | &nbsp;&nbsp; 199942 |
| 430000 | INEOS Finance PLC, 6.75%, due 5/15/2028 | &nbsp;&nbsp; 405539<br> <sup>(d)</sup><br>|
| 912000 | Kronos International, Inc., 9.50%, due 3/15/2029 | &nbsp;&nbsp; 1043913<br> <sup>(m)</sup><br>|
| 940000 | Lune Holdings SARL, 5.63%, due 11/15/2028 | &nbsp;&nbsp; 71836<br> <sup>(m)</sup><br>|
| $200000 | Momentive Performance Materials, Inc., 4.13%, due 10/22/2028 | &nbsp;&nbsp; 199010<br> <sup>(d)</sup><br>|
|  | Olympus Water U.S. Holding Corp. |  |
| 2283000 | 3.88%, due 10/1/2028 | &nbsp;&nbsp; 2613010<br> <sup>(m)</sup><br>|
| $860000 | 4.25%, due 10/1/2028 | &nbsp;&nbsp; 823841<br> <sup>(d)</sup><br>|
| 1970000 | 6.25%, due 10/1/2029 | &nbsp;&nbsp; 1920244<br> <sup>(d)</sup><br>|
| 2245000 | 7.25%, due 6/15/2031 | &nbsp;&nbsp; 2246347<br> <sup>(d)</sup><br>|
| 380000 | 7.25%, due 2/15/2033 | &nbsp;&nbsp; 378240<br> <sup>(d)</sup><br>|
| 300000 | Sasol Financing USA LLC, 6.50%, due 9/27/2028 | &nbsp;&nbsp; 295709 |
| 925000 | SCIH Salt Holdings, Inc., 6.63%, due 5/1/2029 | &nbsp;&nbsp; 916847<br> <sup>(d)</sup><br>|
| 1247000 | SNF Group SACA, 4.50%, due 3/15/2032 | &nbsp;&nbsp; 1485389<br> <sup>(m)</sup><br>|
|  | Sociedad Quimica y Minera de Chile SA |  |
| $2095000 | 6.50%, due 11/7/2033 | &nbsp;&nbsp; 2257872<br> <sup>(d)</sup><br>|
| 1140000 | 5.50%, due 9/10/2034 | &nbsp;&nbsp; 1150123<br> <sup>(d)</sup><br>|
| 955000 | Synthomer PLC, 7.38%, due 5/2/2029 | &nbsp;&nbsp; 958097<br> <sup>(m)</sup><br>|
|  | WR Grace Holdings LLC |  |
| $2050000 | 5.63%, due 8/15/2029 | &nbsp;&nbsp; 1875831<br> <sup>(d)</sup><br>|
| 1055000 | 7.38%, due 3/1/2031 | &nbsp;&nbsp; 1057009<br> <sup>(d)</sup><br>|
| 1490000 | 6.63%, due 8/15/2032 | &nbsp;&nbsp; 1439146<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **24850954** |
| **Commercial Services 1.2%** | **Commercial Services 1.2%** | **Commercial Services 1.2%** |
| 1509000 | AA Bond Co. Ltd., 8.45%, due 7/31/2050 | &nbsp;&nbsp; 2116945<br> <sup>(m)</sup><br>|
| $1980000 | ADT Security Corp., 5.88%, due 10/15/2033 | &nbsp;&nbsp; 2008605<br> <sup>(d)</sup><br>|
|  | Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |
| 1254000 | 5.38%, due 5/21/2030 | &nbsp;&nbsp; 1500056<br> <sup>(m)</sup><br>|
| $2665000 | 7.00%, due 5/21/2030 | &nbsp;&nbsp; 2750499<br> <sup>(d)</sup><br>|
| 2265000 | Allied Universal Holdco LLC, 7.88%, due 2/15/2031 | &nbsp;&nbsp; 2358354<br> <sup>(d)</sup><br>|
|  | Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |
| 1225000 | 6.00%, due 6/1/2029 | &nbsp;&nbsp; 1197580<br> <sup>(d)</sup><br>|
| 870000 | 6.88%, due 6/15/2030 | &nbsp;&nbsp; 892530<br> <sup>(d)</sup><br>|
| 1819000 | &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.88%, <br> due 6/1/2028<br>| &nbsp;&nbsp; 2323665<br> <sup>(m)</sup><br>|
| 1554000 | Amber Finco PLC, 6.63%, due 7/15/2029 | &nbsp;&nbsp; 1882744<br> <sup>(m)</sup><br>|
| 1268000 | Arena Luxembourg Finance SARL, 1.88%, due 2/1/2028 | &nbsp;&nbsp; 1428206<br> <sup>(m)</sup><br>|
|  | BCP V Modular Services Finance II PLC |  |
| 480000 | 4.75%, due 11/30/2028 | &nbsp;&nbsp; 521888<br> <sup>(m)</sup><br>|
| 1031000 | 6.13%, due 11/30/2028 | &nbsp;&nbsp; 1245670<br> <sup>(m)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Commercial Services – cont'd** | **Commercial Services – cont'd** | **Commercial Services – cont'd** |
| 460000 | 6.50%, due 7/10/2031 | &nbsp;&nbsp; $487293<br> <sup>(m)</sup><br>|
| 595000 | BCP V Modular Services Finance PLC, 6.75%, due 11/30/2029 | &nbsp;&nbsp; 412789<br> <sup>(m)</sup><br>|
|  | Block, Inc. |  |
| $690000 | 5.63%, due 8/15/2030 | &nbsp;&nbsp; 700425<br> <sup>(d)</sup><br>|
| 2195000 | 6.50%, due 5/15/2032 | &nbsp;&nbsp; 2277431 |
| 695000 | 6.00%, due 8/15/2033 | &nbsp;&nbsp; 710635<br> <sup>(d)</sup><br>|
| 1962000 | Boels Topholding BV, 5.75%, due 5/15/2030 | &nbsp;&nbsp; 2338517<br> <sup>(m)</sup><br>|
| 1513000 | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, 8.50%, due 1/15/2031 | &nbsp;&nbsp; 2118187<br> <sup>(m)</sup><br>|
| $1925000 | Champions Financing, Inc., 8.75%, due 2/15/2029 | &nbsp;&nbsp; 1866051<br> <sup>(d)</sup><br>|
| 247000 | CMHI Finance BVI Co. Ltd., 4.00%, due 6/1/2027 | &nbsp;&nbsp; 246762<br> <sup>(m)</sup><br>|
| 1676000 | Currenta Group Holdings SARL, 5.50%, due 5/15/2030 | &nbsp;&nbsp; 1955665<br> <sup>(m)</sup><br>|
|  | Garda World Security Corp. |  |
| $760000 | 6.00%, due 6/1/2029 | &nbsp;&nbsp; 741366<br> <sup>(d)</sup><br>|
| 2365000 | 8.25%, due 8/1/2032 | &nbsp;&nbsp; 2406489<br> <sup>(d)</sup><br>|
| 600000 | 8.38%, due 11/15/2032 | &nbsp;&nbsp; 610487<br> <sup>(d)</sup><br>|
| 2055000 | Georgetown University, 2.94%, due 4/1/2050 | &nbsp;&nbsp; 1330007 |
|  | Herc Holdings, Inc. |  |
| 1826000 | 7.00%, due 6/15/2030 | &nbsp;&nbsp; 1911236<br> <sup>(d)</sup><br>|
| 2159000 | 7.25%, due 6/15/2033 | &nbsp;&nbsp; 2276240<br> <sup>(d)</sup><br>|
|  | Kapla Holding SAS |  |
| 600000 | (3 mo. EUR EURIBOR + 3.50%), 5.51%, due 7/31/2030 | &nbsp;&nbsp; 694784<br> <sup>(h)(m)</sup><br>|
| 550000 | 5.00%, due 4/30/2031 | &nbsp;&nbsp; 641807<br> <sup>(m)</sup><br>|
| 139500 | Loxam SAS, 6.38%, due 5/31/2029 | &nbsp;&nbsp; 166452<br> <sup>(m)</sup><br>|
| $940000 | Mavis Tire Express Services Topco Corp., 6.50%, due 5/15/2029 | &nbsp;&nbsp; 929856<br> <sup>(d)</sup><br>|
| 1163000 | Movida Europe SA, 7.85%, due 4/11/2029 | &nbsp;&nbsp; 1064145<br> <sup>(d)</sup><br>|
| 1630000 | Pachelbel Bidco SpA, 7.13%, due 5/17/2031 | &nbsp;&nbsp; 2013413<br> <sup>(m)</sup><br>|
| $615000 | &nbsp;&nbsp; PayPal Holdings, Inc., (Secured Overnight Financing Rate + 0.67%), 4.86%, due <br> 3/6/2028<br>| &nbsp;&nbsp; 616924<br> <sup>(h)</sup><br>|
|  | Q-Park Holding I BV |  |
| 970000 | 5.13%, due 3/1/2029 | &nbsp;&nbsp; 1153293<br> <sup>(m)</sup><br>|
| 2689000 | 5.13%, due 2/15/2030 | &nbsp;&nbsp; 3202994<br> <sup>(m)</sup><br>|
| 887000 | RAC Bond Co. PLC, 5.25%, due 11/4/2046 | &nbsp;&nbsp; 1165999<br> <sup>(m)</sup><br>|
| $2110000 | Raven Acquisition Holdings LLC, 6.88%, due 11/15/2031 | &nbsp;&nbsp; 2156167<br> <sup>(d)</sup><br>|
|  | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |
| 2205000 | 6.75%, due 8/15/2032 | &nbsp;&nbsp; 2277398<br> <sup>(d)</sup><br>|
| 1270000 | 5.50%, due 5/15/2033 | &nbsp;&nbsp; 1513182<br> <sup>(m)</sup><br>|
| 3435000 | Techem Verwaltungsgesellschaft 675 GmbH, 5.38%, due 7/15/2029 | &nbsp;&nbsp; 4094348<br> <sup>(m)</sup><br>|
| 8109000 | Verisure Midholding AB, 5.25%, due 2/15/2029 | &nbsp;&nbsp; 9400971<br> <sup>(m)</sup><br>|
| $2335000 | Veritiv Operating Co., 10.50%, due 11/30/2030 | &nbsp;&nbsp; 2429983<br> <sup>(d)</sup><br>|
| 3355000 | VM Consolidated, Inc., 5.50%, due 4/15/2029 | &nbsp;&nbsp; 3317770<br> <sup>(d)</sup><br>|
| 2460000 | Wand NewCo 3, Inc., 7.63%, due 1/30/2032 | &nbsp;&nbsp; 2571030<br> <sup>(d)</sup><br>|
|  | Williams Scotsman, Inc. |  |
| 1055000 | 6.63%, due 4/15/2030 | &nbsp;&nbsp; 1090985<br> <sup>(d)</sup><br>|
| 1580000 | 7.38%, due 10/1/2031 | &nbsp;&nbsp; 1653629<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **84771452** |
| **Computers 0.4%** | **Computers 0.4%** | **Computers 0.4%** |
| 1790000 | Ahead DB Holdings LLC, 6.63%, due 5/1/2028 | &nbsp;&nbsp; 1803208<br> <sup>(d)</sup><br>|
| 1115000 | Almaviva-The Italian Innovation Co. SpA, 5.00%, due 10/30/2030 | &nbsp;&nbsp; 1302710<br> <sup>(m)</sup><br>|
| $2445000 | Amentum Holdings, Inc., 7.25%, due 8/1/2032 | &nbsp;&nbsp; 2544524<br> <sup>(d)</sup><br>|
|  | Atos SE |  |
| 2051961 | 9.00%, due 12/18/2029 | &nbsp;&nbsp; 2703834<br> <sup>(m)(o)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Computers – cont'd** | **Computers – cont'd** | **Computers – cont'd** |
| 883695 | 5.00%, due 12/18/2030 | &nbsp;&nbsp; $996749<br> <sup>(m)(o)</sup><br>|
| $1020000 | CACI International, Inc., 6.38%, due 6/15/2033 | &nbsp;&nbsp; 1060514<br> <sup>(d)</sup><br>|
| 11450000 | Dell International LLC/EMC Corp., 5.50%, due 4/1/2035 | &nbsp;&nbsp; 11697579 |
| 3345000 | Fortress Intermediate 3, Inc., 7.50%, due 6/1/2031 | &nbsp;&nbsp; 3487965<br> <sup>(d)</sup><br>|
| 1110000 | Science Applications International Corp., 5.88%, due 11/1/2033 | &nbsp;&nbsp; 1106736<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **26703819** |
| **Cosmetics - Personal Care 0.1%** | **Cosmetics - Personal Care 0.1%** | **Cosmetics - Personal Care 0.1%** |
| 1495000 | Opal Bidco SAS, 6.50%, due 3/31/2032 | &nbsp;&nbsp; 1539773<br> <sup>(d)</sup><br>|
|  | Perrigo Finance Unlimited Co. |  |
| 1250000 | 5.38%, due 9/30/2032 | &nbsp;&nbsp; 1496857 |
| $1110000 | 6.13%, due 9/30/2032 | &nbsp;&nbsp; 1119370 |
|  |  | &nbsp;&nbsp; **4156000** |
| **Distribution - Wholesale 0.1%** | **Distribution - Wholesale 0.1%** | **Distribution - Wholesale 0.1%** |
| 774000 | Azelis Finance NV, 4.75%, due 9/25/2029 | &nbsp;&nbsp; 916301<br> <sup>(m)</sup><br>|
| $1170000 | Dealer Tire LLC/DT Issuer LLC, 8.00%, due 2/1/2028 | &nbsp;&nbsp; 1135435<br> <sup>(d)</sup><br>|
| 935000 | Gates Corp., 6.88%, due 7/1/2029 | &nbsp;&nbsp; 970726<br> <sup>(d)</sup><br>|
| 1125000 | RB Global Holdings, Inc., 7.75%, due 3/15/2031 | &nbsp;&nbsp; 1174083<br> <sup>(d)</sup><br>|
| 2715000 | Resideo Funding, Inc., 6.50%, due 7/15/2032 | &nbsp;&nbsp; 2779041<br> <sup>(d)</sup><br>|
| 1395000 | Windsor Holdings III LLC, 8.50%, due 6/15/2030 | &nbsp;&nbsp; 1472667<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **8448253** |
| **Diversified Financial Services 1.4%** | **Diversified Financial Services 1.4%** | **Diversified Financial Services 1.4%** |
|  | AITX FinCo LLC |  |
| 3000000 | 5.38%, due 10/23/2030 | &nbsp;&nbsp; 2989616 |
| 5000000 | 6.00%, due 10/23/2035 | &nbsp;&nbsp; 4981382 |
|  | Ally Financial, Inc. |  |
| 2408000 | 4.70%, due 5/15/2028 | &nbsp;&nbsp; 2239724<br> <sup>(k)(l)</sup><br>|
| 2620000 | 5.54%, due 1/17/2031 | &nbsp;&nbsp; 2665310<br> <sup>(k)</sup><br>|
|  | American Express Co. |  |
| 9115000 | 5.10%, due 2/16/2028 | &nbsp;&nbsp; 9228321<br> <sup>(k)</sup><br>|
| 1415000 | (Secured Overnight Financing Rate Index + 1.00%), 5.26%, due 2/16/2028 | &nbsp;&nbsp; 1420821<br> <sup>(h)</sup><br>|
|  | Azorra Finance Ltd. |  |
| 1740000 | 7.75%, due 4/15/2030 | &nbsp;&nbsp; 1834433<br> <sup>(d)</sup><br>|
| 435000 | 7.25%, due 1/15/2031 | &nbsp;&nbsp; 454994<br> <sup>(d)</sup><br>|
|  | Banco BTG Pactual SA |  |
| 256000 | 2.75%, due 1/11/2026 | &nbsp;&nbsp; 254312<br> <sup>(d)</sup><br>|
| 200000 | 6.25%, due 4/8/2029 | &nbsp;&nbsp; 207404<br> <sup>(d)</sup><br>|
|  | BPCE SFH SA |  |
| 100000 | 3.13%, due 1/24/2028 | &nbsp;&nbsp; 117318<br> <sup>(m)</sup><br>|
| 200000 | 3.00%, due 3/24/2032 | &nbsp;&nbsp; 231956<br> <sup>(m)</sup><br>|
| $835000 | Bread Financial Holdings, Inc., 6.75%, due 5/15/2031 | &nbsp;&nbsp; 840713<br> <sup>(d)(i)</sup><br>|
|  | Capital One Financial Corp. |  |
| 9115000 | 3.75%, due 7/28/2026 | &nbsp;&nbsp; 9082437 |
| 175000 | 3.75%, due 3/9/2027 | &nbsp;&nbsp; 174086 |
| 760000 | 7.15%, due 10/29/2027 | &nbsp;&nbsp; 780694<br> <sup>(k)</sup><br>|
|  | Charles Schwab Corp. |  |
| 5763000 | 4.00%, due 6/1/2026 | &nbsp;&nbsp; 5710505<br> <sup>(k)(l)</sup><br>|
| 2510000 | 5.00%, due 6/1/2027 | &nbsp;&nbsp; 2510851<br> <sup>(k)(l)</sup><br>|
| 5557000 | 4.00%, due 12/1/2030 | &nbsp;&nbsp; 5211482<br> <sup>(k)(l)</sup><br>|
| 12000000 | Clear Street Holdings LLC, 8.00%, due 9/30/2030 | &nbsp;&nbsp; 11947599<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Diversified Financial Services – cont'd** | **Diversified Financial Services – cont'd** | **Diversified Financial Services – cont'd** |
| 100000 | Credit Mutuel Home Loan SFH SA, 2.75%, due 12/8/2027 | &nbsp;&nbsp; $116276<br> <sup>(m)</sup><br>|
| $1475000 | CrossCountry Intermediate HoldCo LLC, 6.50%, due 10/1/2030 | &nbsp;&nbsp; 1488606<br> <sup>(d)</sup><br>|
| 1055000 | Focus Financial Partners LLC, 6.75%, due 9/15/2031 | &nbsp;&nbsp; 1087362<br> <sup>(d)</sup><br>|
| 150000 | Fondo MIVIVIENDA SA, 4.63%, due 4/12/2027 | &nbsp;&nbsp; 150876<br> <sup>(d)</sup><br>|
| 1290000 | Global Aircraft Leasing Co. Ltd., 8.75%, due 9/1/2027 | &nbsp;&nbsp; 1328107<br> <sup>(d)</sup><br>|
| 2055000 | Jane Street Group/JSG Finance, Inc., 7.13%, due 4/30/2031 | &nbsp;&nbsp; 2156451<br> <sup>(d)</sup><br>|
| 969000 | Jerrold Finco PLC, 7.50%, due 6/15/2031 | &nbsp;&nbsp; 1291944<br> <sup>(m)</sup><br>|
| $265000 | &nbsp;&nbsp; Mastercard, Inc., (Secured Overnight Financing Rate Index + 0.44%), 4.60%, due <br> 3/15/2028<br>| &nbsp;&nbsp; 265248<br> <sup>(h)</sup><br>|
| 200000 | MMB SCF SACA, 0.05%, due 9/17/2029 | &nbsp;&nbsp; 208473<br> <sup>(m)</sup><br>|
|  | Muthoot Finance Ltd. |  |
| $200000 | 7.13%, due 2/14/2028 | &nbsp;&nbsp; 204728<br> <sup>(d)</sup><br>|
| 200000 | 6.38%, due 3/2/2030 | &nbsp;&nbsp; 203212<br> <sup>(d)</sup><br>|
| 2495000 | Navient Corp., 7.88%, due 6/15/2032 | &nbsp;&nbsp; 2577649 |
|  | OneMain Finance Corp. |  |
| 1390000 | 6.13%, due 5/15/2030 | &nbsp;&nbsp; 1406346 |
| 235000 | 7.50%, due 5/15/2031 | &nbsp;&nbsp; 245465 |
| 2060000 | 7.13%, due 11/15/2031 | &nbsp;&nbsp; 2134621 |
| 595000 | 7.13%, due 9/15/2032 | &nbsp;&nbsp; 614111 |
| 840000 | 6.50%, due 3/15/2033 | &nbsp;&nbsp; 838308 |
|  | PennyMac Financial Services, Inc. |  |
| 1275000 | 7.88%, due 12/15/2029 | &nbsp;&nbsp; 1354881<br> <sup>(d)</sup><br>|
| 1440000 | 5.75%, due 9/15/2031 | &nbsp;&nbsp; 1436548<br> <sup>(d)</sup><br>|
| 490000 | 6.88%, due 2/15/2033 | &nbsp;&nbsp; 506874<br> <sup>(d)</sup><br>|
| 830000 | 6.75%, due 2/15/2034 | &nbsp;&nbsp; 850738<br> <sup>(d)</sup><br>|
| 1930000 | Provident Funding Associates LP/PFG Finance Corp., 9.75%, due 9/15/2029 | &nbsp;&nbsp; 2033811<br> <sup>(d)</sup><br>|
| 970000 | Rocket Cos., Inc., 6.38%, due 8/1/2033 | &nbsp;&nbsp; 1010478<br> <sup>(d)</sup><br>|
| 1380000 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.00%, due 10/15/2033 | &nbsp;&nbsp; 1270827<br> <sup>(d)</sup><br>|
| 200000 | Shriram Finance Ltd., 6.63%, due 4/22/2027 | &nbsp;&nbsp; 204501<br> <sup>(d)</sup><br>|
| 1285000 | SLM Corp., 6.50%, due 1/31/2030 | &nbsp;&nbsp; 1332318 |
|  | Terminal Investment Corp. |  |
| 4000000 | 6.08%, due 7/9/2037 | &nbsp;&nbsp; 4076699 |
| 5000000 | 6.23%, due 10/1/2040 | &nbsp;&nbsp; 5102095 |
|  | UWM Holdings LLC |  |
| 1050000 | 6.63%, due 2/1/2030 | &nbsp;&nbsp; 1069724<br> <sup>(d)</sup><br>|
| 525000 | 6.25%, due 3/15/2031 | &nbsp;&nbsp; 524056<br> <sup>(d)</sup><br>|
| 2158000 | XP, Inc., 6.75%, due 7/2/2029 | &nbsp;&nbsp; 2209451<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **102184742** |
| **Electric 3.0%** | **Electric 3.0%** | **Electric 3.0%** |
| 1953000 | A2A SpA, 5.00%, due 6/11/2029 | &nbsp;&nbsp; 2334754<br> <sup>(k)(l)(m)</sup><br>|
| 200000 | Acquirente Unico SpA, 2.80%, due 2/20/2026 | &nbsp;&nbsp; 230592<br> <sup>(m)</sup><br>|
| $2330000 | AES Corp., 6.95%, due 7/15/2055 | &nbsp;&nbsp; 2254249<br> <sup>(k)</sup><br>|
| 5615000 | Alliant Energy Corp., 5.75%, due 4/1/2056 | &nbsp;&nbsp; 5634035<br> <sup>(k)</sup><br>|
| 4175000 | Alpha Generation LLC, 6.75%, due 10/15/2032 | &nbsp;&nbsp; 4290176<br> <sup>(d)</sup><br>|
|  | American Electric Power Co., Inc. |  |
| 6735000 | 7.05%, due 12/15/2054 | &nbsp;&nbsp; 7071198<br> <sup>(k)</sup><br>|
| 1325000 | 6.05%, due 3/15/2056 | &nbsp;&nbsp; 1341821<br> <sup>(k)</sup><br>|
| 4110000 | Capital Power U.S. Holdings, Inc., 5.26%, due 6/1/2028 | &nbsp;&nbsp; 4188431<br> <sup>(d)</sup><br>|
|  | CenterPoint Energy, Inc. |  |
| 10620000 | 6.70%, due 5/15/2055 | &nbsp;&nbsp; 10973349<br> <sup>(k)</sup><br>|
| 9920000 | 5.95%, due 4/1/2056 | &nbsp;&nbsp; 9983230<br> <sup>(k)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Electric – cont'd** | **Electric – cont'd** | **Electric – cont'd** |
|  | CMS Energy Corp. |  |
| $8225000 | 3.75%, due 12/1/2050 | &nbsp;&nbsp; $7591515<br> <sup>(k)</sup><br>|
| 12585000 | 6.50%, due 6/1/2055 | &nbsp;&nbsp; 13092868<br> <sup>(k)</sup><br>|
|  | Comision Federal de Electricidad |  |
| 500000 | 4.69%, due 5/15/2029 | &nbsp;&nbsp; 494819<br> <sup>(m)</sup><br>|
| 1710000 | 5.70%, due 1/24/2030 | &nbsp;&nbsp; 1727910<br> <sup>(d)</sup><br>|
| 560000 | &nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., (Secured Overnight Financing Rate Index + <br> 0.52%), 4.78%, due 11/18/2027<br>| &nbsp;&nbsp; 560297<br> <sup>(h)</sup><br>|
|  | Dominion Energy, Inc. |  |
| 1350000 | 4.35%, due 1/15/2027 | &nbsp;&nbsp; 1327789<br> <sup>(k)(l)</sup><br>|
| 13895000 | 6.63%, due 5/15/2055 | &nbsp;&nbsp; 14486830<br> <sup>(k)</sup><br>|
| 2145000 | 6.20%, due 2/15/2056 | &nbsp;&nbsp; 2169112<br> <sup>(k)</sup><br>|
|  | EDP SA |  |
| 1600000 | 4.75%, due 5/29/2054 | &nbsp;&nbsp; 1920377<br> <sup>(k)(m)</sup><br>|
| 2600000 | 4.63%, due 9/16/2054 | &nbsp;&nbsp; 3101343<br> <sup>(k)(m)</sup><br>|
| 1000000 | 1.88%, due 3/14/2082 | &nbsp;&nbsp; 1079538<br> <sup>(k)(m)</sup><br>|
| 1200000 | 5.94%, due 4/23/2083 | &nbsp;&nbsp; 1464742<br> <sup>(k)(m)</sup><br>|
|  | Electricite de France SA |  |
| 5200000 | 2.63%, due 12/1/2027 | &nbsp;&nbsp; 5829230<br> <sup>(k)(l)(m)</sup><br>|
| 6800000 | 7.50%, due 9/6/2028 | &nbsp;&nbsp; 8598920<br> <sup>(k)(l)(m)</sup><br>|
| 3800000 | 7.38%, due 6/17/2035 | &nbsp;&nbsp; 5099616<br> <sup>(k)(l)(m)</sup><br>|
| 3500000 | Elia Group SA, 5.85%, due 3/15/2028 | &nbsp;&nbsp; 4244149<br> <sup>(k)(l)(m)</sup><br>|
| 1670000 | Enel SpA, 4.50%, due 10/14/2032 | &nbsp;&nbsp; 1963976<br> <sup>(k)(l)(m)</sup><br>|
| 715000 | Energia Group Roi Financeco DAC, 6.88%, due 7/31/2028 | &nbsp;&nbsp; 853459<br> <sup>(m)</sup><br>|
| $1228229 | &nbsp;&nbsp; FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, due <br> 1/31/2041<br>| &nbsp;&nbsp; 1299000<br> <sup>(d)</sup><br>|
| 565000 | &nbsp;&nbsp; Georgia Power Co., (Secured Overnight Financing Rate Index + 0.28%), 4.44%, due <br> 9/15/2026<br>| &nbsp;&nbsp; 565199<br> <sup>(h)</sup><br>|
| 1485000 | Hawaiian Electric Co., Inc., 6.00%, due 10/1/2033 | &nbsp;&nbsp; 1501351<br> <sup>(d)</sup><br>|
| 3202000 | Lightning Power LLC, 7.25%, due 8/15/2032 | &nbsp;&nbsp; 3391744<br> <sup>(d)</sup><br>|
|  | NextEra Energy Capital Holdings, Inc. |  |
| 820000 | (Secured Overnight Financing Rate Index + 0.76%), 4.83%, due 1/29/2026 | &nbsp;&nbsp; 821043<br> <sup>(h)</sup><br>|
| 250000 | (Secured Overnight Financing Rate Index + 0.80%), 5.10%, due 2/4/2028 | &nbsp;&nbsp; 251777<br> <sup>(h)</sup><br>|
| 3315000 | 6.38%, due 8/15/2055 | &nbsp;&nbsp; 3450288<br> <sup>(k)</sup><br>|
|  | NRG Energy, Inc. |  |
| 1855000 | 10.25%, due 3/15/2028 | &nbsp;&nbsp; 2035849<br> <sup>(d)(k)(l)</sup><br>|
| 3140000 | 5.75%, due 7/15/2029 | &nbsp;&nbsp; 3151880<br> <sup>(d)</sup><br>|
| 775000 | 6.00%, due 2/1/2033 | &nbsp;&nbsp; 790563<br> <sup>(d)</sup><br>|
| 710000 | 5.75%, due 1/15/2034 | &nbsp;&nbsp; 715006<br> <sup>(d)</sup><br>|
| 760000 | 6.00%, due 1/15/2036 | &nbsp;&nbsp; 773082<br> <sup>(d)</sup><br>|
|  | Orsted AS |  |
| 2778000 | 1.75%, due 12/31/2099 | &nbsp;&nbsp; 3062633<br> <sup>(k)(m)</sup><br>|
| 2887000 | 5.13%, due 12/31/2099 | &nbsp;&nbsp; 3403975<br> <sup>(k)(m)</sup><br>|
|  | Pacific Gas & Electric Co. |  |
| $3030000 | 5.70%, due 3/1/2035 | &nbsp;&nbsp; 3114054 |
| 2646794 | 4.95%, due 7/1/2050 | &nbsp;&nbsp; 2278207 |
| 3997000 | 6.15%, due 3/1/2055 | &nbsp;&nbsp; 4024083 |
| 9910000 | 6.10%, due 10/15/2055 | &nbsp;&nbsp; 9902629 |
| 1000000 | PPL Capital Funding, Inc., (3 mo. USD Term SOFR + 2.93%), 6.93%, due 3/30/2067 | &nbsp;&nbsp; 983350<br> <sup>(h)</sup><br>|
| 200000 | &nbsp;&nbsp; ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, due <br> 7/14/2028<br>| &nbsp;&nbsp; 193284<br> <sup>(m)</sup><br>|
| 1330000 | Saavi Energia SARL, 8.88%, due 2/10/2035 | &nbsp;&nbsp; 1429750<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Electric – cont'd** | **Electric – cont'd** | **Electric – cont'd** |
|  | Sempra |  |
| $11294000 | 6.40%, due 10/1/2054 | &nbsp;&nbsp; $11598080<br> <sup>(k)</sup><br>|
| 4885000 | 6.38%, due 4/1/2056 | &nbsp;&nbsp; 5019386<br> <sup>(k)</sup><br>|
|  | Southern Co. |  |
| 9180000 | 4.00%, due 1/15/2051 | &nbsp;&nbsp; 9142276<br> <sup>(k)</sup><br>|
| 3088000 | 1.88%, due 9/15/2081 | &nbsp;&nbsp; 3448570<br> <sup>(k)</sup><br>|
| $10000000 | Sunflower Electric Power Corp., 5.75%, due 6/30/2055 | &nbsp;&nbsp; 10161282 |
|  | Talen Energy Supply LLC |  |
| 1410000 | 6.25%, due 2/1/2034 | &nbsp;&nbsp; 1445883<br> <sup>(d)</sup><br>|
| 1405000 | 6.50%, due 2/1/2036 | &nbsp;&nbsp; 1455163<br> <sup>(d)</sup><br>|
| 100000 | Tennet Netherlands BV, 1.50%, due 6/3/2039 | &nbsp;&nbsp; 92299<br> <sup>(m)</sup><br>|
| $3065000 | Vistra Corp., 7.00%, due 12/15/2026 | &nbsp;&nbsp; 3095380<br> <sup>(d)(k)(l)</sup><br>|
| 860000 | Vistra Operations Co. LLC, 7.75%, due 10/15/2031 | &nbsp;&nbsp; 912661<br> <sup>(d)</sup><br>|
| 2470000 | VoltaGrid LLC, 7.38%, due 11/1/2030 | &nbsp;&nbsp; 2512118<br> <sup>(d)(i)</sup><br>|
|  |  | &nbsp;&nbsp; **219930170** |
| **Electrical Components & Equipment 0.2%** | **Electrical Components & Equipment 0.2%** | **Electrical Components & Equipment 0.2%** |
|  | Belden, Inc. |  |
| 792000 | 3.88%, due 3/15/2028 | &nbsp;&nbsp; 913353<br> <sup>(m)</sup><br>|
| 130000 | 3.38%, due 7/15/2031 | &nbsp;&nbsp; 146382<br> <sup>(m)</sup><br>|
| 2230000 | Energizer Gamma Acquisition BV, 3.50%, due 6/30/2029 | &nbsp;&nbsp; 2519315<br> <sup>(m)</sup><br>|
| 2500000 | Nexans SA, 4.25%, due 3/11/2030 | &nbsp;&nbsp; 2988034<br> <sup>(m)</sup><br>|
| 1841000 | Prysmian SpA, 5.25%, due 5/21/2030 | &nbsp;&nbsp; 2214946<br> <sup>(k)(l)(m)</sup><br>|
|  | WESCO Distribution, Inc. |  |
| $3920000 | 6.63%, due 3/15/2032 | &nbsp;&nbsp; 4097184<br> <sup>(d)</sup><br>|
| 2180000 | 6.38%, due 3/15/2033 | &nbsp;&nbsp; 2277289<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **15156503** |
| **Electronics 0.0%**<sup>‡</sup> | **Electronics 0.0%**<sup>‡</sup> | **Electronics 0.0%**<sup>‡</sup> |
| 1975000 | Sensata Technologies, Inc., 6.63%, due 7/15/2032 | &nbsp;&nbsp; **2056009**<br> <sup>(d)</sup><br>|
| **Energy - Alternate Sources 0.0%**<sup>‡</sup> | **Energy - Alternate Sources 0.0%**<sup>‡</sup> | **Energy - Alternate Sources 0.0%**<sup>‡</sup> |
| 138320 | Cullinan Holdco SCSp, 8.50%, due 10/15/2029 | &nbsp;&nbsp; 115957<br> <sup>(m)</sup><br>|
|  | FS Luxembourg SARL |  |
| $233000 | 8.88%, due 2/12/2031 | &nbsp;&nbsp; 243272<br> <sup>(d)</sup><br>|
| 1520000 | 8.63%, due 6/25/2033 | &nbsp;&nbsp; 1577000<br> <sup>(d)</sup><br>|
| 173000 | Greenko Dutch BV, 3.85%, due 3/29/2026 | &nbsp;&nbsp; 171044<br> <sup>(m)</sup><br>|
|  |  | &nbsp;&nbsp; **2107273** |
| **Engineering & Construction 0.1%** | **Engineering & Construction 0.1%** | **Engineering & Construction 0.1%** |
| 2500000 | Abertis Infraestructuras Finance BV, 4.87%, due 11/28/2029 | &nbsp;&nbsp; 2975566<br> <sup>(k)(l)(m)</sup><br>|
| $2030337 | Artera Services LLC, 8.50%, due 2/15/2031 | &nbsp;&nbsp; 1752158<br> <sup>(d)</sup><br>|
|  | Assemblin Caverion Group AB |  |
| 1898000 | 6.25%, due 7/1/2030 | &nbsp;&nbsp; 2281010<br> <sup>(m)</sup><br>|
| 455000 | (3 mo. EUR EURIBOR + 3.50%), 5.50%, due 7/1/2031 | &nbsp;&nbsp; 526830<br> <sup>(h)(m)</sup><br>|
| $217000 | &nbsp;&nbsp; ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C, <br> 7.88%, due 2/3/2030<br>| &nbsp;&nbsp; 222747<br> <sup>(d)</sup><br>|
| 600000 | Brand Industrial Services, Inc., 10.38%, due 8/1/2030 | &nbsp;&nbsp; 577305<br> <sup>(d)</sup><br>|
| 715000 | Global Infrastructure Solutions, Inc., 7.50%, due 4/15/2032 | &nbsp;&nbsp; 748646<br> <sup>(d)</sup><br>|
| 260000 | IHS Holding Ltd., 7.88%, due 5/29/2030 | &nbsp;&nbsp; 265218<br> <sup>(d)</sup><br>|
| 1046000 | Kier Group PLC, 9.00%, due 2/15/2029 | &nbsp;&nbsp; 1445599<br> <sup>(m)</sup><br>|
|  |  | &nbsp;&nbsp; **10795079** |

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Entertainment 0.5%** | **Entertainment 0.5%** | **Entertainment 0.5%** |
| 445000 | 888 Acquisitions Ltd., 10.75%, due 5/15/2030 | &nbsp;&nbsp; $574001<br> <sup>(m)</sup><br>|
|  | Caesars Entertainment, Inc. |  |
| $1485000 | 4.63%, due 10/15/2029 | &nbsp;&nbsp; 1397077<br> <sup>(d)</sup><br>|
| 1120000 | 6.00%, due 10/15/2032 | &nbsp;&nbsp; 1068450<br> <sup>(d)</sup><br>|
|  | Churchill Downs, Inc. |  |
| 1685000 | 5.75%, due 4/1/2030 | &nbsp;&nbsp; 1690180<br> <sup>(d)</sup><br>|
| 2920000 | 6.75%, due 5/1/2031 | &nbsp;&nbsp; 2985528<br> <sup>(d)</sup><br>|
|  | Cirsa Finance International SARL |  |
| 2246000 | 7.88%, due 7/31/2028 | &nbsp;&nbsp; 2705585<br> <sup>(m)</sup><br>|
| 625000 | 6.50%, due 3/15/2029 | &nbsp;&nbsp; 750541<br> <sup>(m)</sup><br>|
| 1173000 | Flutter Treasury DAC, 5.00%, due 4/29/2029 | &nbsp;&nbsp; 1397398<br> <sup>(m)</sup><br>|
| $3345000 | Light & Wonder International, Inc., 6.25%, due 10/1/2033 | &nbsp;&nbsp; 3330215<br> <sup>(d)</sup><br>|
| 946000 | Lottomatica Group SpA, 5.38%, due 6/1/2030 | &nbsp;&nbsp; 1129712<br> <sup>(m)</sup><br>|
| $3215000 | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 5/1/2029 | &nbsp;&nbsp; 3120732<br> <sup>(d)</sup><br>|
|  | Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC |  |
| 1470000 | 8.25%, due 4/15/2030 | &nbsp;&nbsp; 1526056<br> <sup>(d)</sup><br>|
| 305000 | 11.88%, due 4/15/2031 | &nbsp;&nbsp; 318246<br> <sup>(d)</sup><br>|
| 3130000 | Penn Entertainment, Inc., 4.13%, due 7/1/2029 | &nbsp;&nbsp; 2914879<br> <sup>(d)</sup><br>|
| 1605000 | Pinewood Finco PLC, 6.00%, due 3/27/2030 | &nbsp;&nbsp; 2126906<br> <sup>(m)</sup><br>|
| $1685000 | Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, due 3/1/2030 | &nbsp;&nbsp; 1539145<br> <sup>(d)</sup><br>|
| 1630000 | SeaWorld Parks & Entertainment, Inc., 5.25%, due 8/15/2029 | &nbsp;&nbsp; 1598730<br> <sup>(d)</sup><br>|
| 1740000 | Six Flags Entertainment Corp., 7.25%, due 5/15/2031 | &nbsp;&nbsp; 1744274<br> <sup>(d)</sup><br>|
| 2220000 | &nbsp;&nbsp; Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., <br> 5.25%, due 7/15/2029<br>| &nbsp;&nbsp; 2133709 |
| 985000 | &nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co., <br> 6.63%, due 5/1/2032<br>| &nbsp;&nbsp; 1000190<br> <sup>(d)</sup><br>|
|  | Warnermedia Holdings, Inc. |  |
| 2045000 | 4.28%, due 3/15/2032 | &nbsp;&nbsp; 1873092 |
| 855000 | 5.05%, due 3/15/2042 | &nbsp;&nbsp; 686334 |
| 310000 | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 6.25%, due 3/15/2033 | &nbsp;&nbsp; 314967<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **37925947** |
| **Environmental Control 0.1%** | **Environmental Control 0.1%** | **Environmental Control 0.1%** |
| 1245000 | Luna 1.5 SARL, 12.00%, due 7/1/2032 | &nbsp;&nbsp; 1290589<br> <sup>(d)(n)</sup><br>|
| 3450000 | Madison IAQ LLC, 5.88%, due 6/30/2029 | &nbsp;&nbsp; 3380676<br> <sup>(d)</sup><br>|
| 2000000 | Paprec Holding SA, 4.50%, due 7/15/2032 | &nbsp;&nbsp; 2358611<br> <sup>(m)</sup><br>|
|  |  | &nbsp;&nbsp; **7029876** |
| **Food 0.6%** | **Food 0.6%** | **Food 0.6%** |
|  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |
| $880000 | 5.50%, due 3/31/2031 | &nbsp;&nbsp; 886956<br> <sup>(d)(i)</sup><br>|
| 705000 | 6.25%, due 3/15/2033 | &nbsp;&nbsp; 724694<br> <sup>(d)</sup><br>|
| 1325000 | 5.75%, due 3/31/2034 | &nbsp;&nbsp; 1330838<br> <sup>(d)(i)</sup><br>|
| 1000000 | Bellis Acquisition Co. PLC, 8.13%, due 5/14/2030 | &nbsp;&nbsp; 1269679<br> <sup>(m)</sup><br>|
| $200000 | Cencosud SA, 4.38%, due 7/17/2027 | &nbsp;&nbsp; 200106<br> <sup>(m)</sup><br>|
| 715000 | Co-operative Group Holdings 2011 Ltd., 7.50%, due 7/8/2026 | &nbsp;&nbsp; 949850<br> <sup>(m)</sup><br>|
| 1879000 | Darling Global Finance BV, 4.50%, due 7/15/2032 | &nbsp;&nbsp; 2208279<br> <sup>(m)</sup><br>|
| 1899000 | Flora Food Management BV, 6.88%, due 7/2/2029 | &nbsp;&nbsp; 2067026<br> <sup>(m)</sup><br>|
| 1320000 | Froneri Lux FinCo SARL, 4.75%, due 8/1/2032 | &nbsp;&nbsp; 1551102<br> <sup>(m)</sup><br>|
| $240000 | Grupo Nutresa SA, 8.00%, due 5/12/2030 | &nbsp;&nbsp; 257820<br> <sup>(d)</sup><br>|
| 1885000 | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 6.50%, due 12/1/2052 | &nbsp;&nbsp; 1955329 |
| 22085000 | JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group, 6.38%, due 2/25/2055 | &nbsp;&nbsp; 22820155<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Food – cont'd** | **Food – cont'd** | **Food – cont'd** |
| $2635000 | Minerva Luxembourg SA, 8.88%, due 9/13/2033 | &nbsp;&nbsp; $2883041<br> <sup>(d)</sup><br>|
| 545000 | Performance Food Group, Inc., 6.13%, due 9/15/2032 | &nbsp;&nbsp; 559550<br> <sup>(d)</sup><br>|
| 560000 | Post Holdings, Inc., 6.38%, due 3/1/2033 | &nbsp;&nbsp; 567165<br> <sup>(d)</sup><br>|
|  | U.S. Foods, Inc. |  |
| 880000 | 7.25%, due 1/15/2032 | &nbsp;&nbsp; 923269<br> <sup>(d)</sup><br>|
| 1505000 | 5.75%, due 4/15/2033 | &nbsp;&nbsp; 1524815<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **42679674** |
| **Food Service 0.1%** | **Food Service 0.1%** | **Food Service 0.1%** |
| 1883000 | Aramark International Finance SARL, 4.38%, due 4/15/2033 | &nbsp;&nbsp; 2179504<br> <sup>(m)</sup><br>|
| 1559000 | Elior Group SA, 5.63%, due 3/15/2030 | &nbsp;&nbsp; 1855897<br> <sup>(m)</sup><br>|
|  | TKC Holdings, Inc. |  |
| $955000 | 6.88%, due 5/15/2028 | &nbsp;&nbsp; 962989<br> <sup>(d)</sup><br>|
| 925000 | 10.50%, due 5/15/2029 | &nbsp;&nbsp; 951247<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **5949637** |
| **Forest Products & Paper 0.1%** | **Forest Products & Paper 0.1%** | **Forest Products & Paper 0.1%** |
| 2615000 | Ahlstrom Holding 3 OY, 3.63%, due 2/4/2028 | &nbsp;&nbsp; 2979621<br> <sup>(m)</sup><br>|
| $2470000 | Celulosa Arauco y Constitucion SA, 4.20%, due 1/29/2030 | &nbsp;&nbsp; 2380849<br> <sup>(d)</sup><br>|
| 1371000 | Fedrigoni SpA, 6.13%, due 6/15/2031 | &nbsp;&nbsp; 1538504<br> <sup>(m)</sup><br>|
| $365000 | Magnera Corp., 7.25%, due 11/15/2031 | &nbsp;&nbsp; 315161<br> <sup>(d)</sup><br>|
| 2390000 | Suzano Netherlands BV, 5.50%, due 1/15/2036 | &nbsp;&nbsp; 2383690 |
|  |  | &nbsp;&nbsp; **9597825** |
| **Gas 0.0%**<sup>‡</sup> | **Gas 0.0%**<sup>‡</sup> | **Gas 0.0%**<sup>‡</sup> |
| 200000 | Southern Gas Networks PLC, 3.50%, due 10/16/2030 | &nbsp;&nbsp; 234987<br> <sup>(m)</sup><br>|
| 1525000 | UGI International LLC, 2.50%, due 12/1/2029 | &nbsp;&nbsp; 1659448<br> <sup>(m)</sup><br>|
|  |  | &nbsp;&nbsp; **1894435** |
| **Healthcare - Products 0.1%** | **Healthcare - Products 0.1%** | **Healthcare - Products 0.1%** |
| 721000 | Avantor Funding, Inc., 3.88%, due 7/15/2028 | &nbsp;&nbsp; 829466<br> <sup>(m)</sup><br>|
| $3495000 | Bausch & Lomb Corp., 8.38%, due 10/1/2028 | &nbsp;&nbsp; 3652275<br> <sup>(d)</sup><br>|
| 100000 | Medtronic, Inc., 4.15%, due 10/15/2053 | &nbsp;&nbsp; 111866 |
|  | RAY Financing LLC |  |
| 465000 | (3 mo. EUR EURIBOR + 3.75%), 5.78%, due 7/15/2031 | &nbsp;&nbsp; 537067<br> <sup>(h)(m)</sup><br>|
| 1466000 | 6.50%, due 7/15/2031 | &nbsp;&nbsp; 1712470<br> <sup>(m)</sup><br>|
|  |  | &nbsp;&nbsp; **6843144** |
| **Healthcare - Services 0.7%** | **Healthcare - Services 0.7%** | **Healthcare - Services 0.7%** |
|  | Acadia Healthcare Co., Inc. |  |
| $895000 | 5.00%, due 4/15/2029 | &nbsp;&nbsp; 875791<br> <sup>(d)</sup><br>|
| 835000 | 7.38%, due 3/15/2033 | &nbsp;&nbsp; 863193<br> <sup>(d)</sup><br>|
| 2125000 | Ascension Health, 3.11%, due 11/15/2039 | &nbsp;&nbsp; 1689591 |
| 2015000 | CAB SELAS, 3.38%, due 2/1/2028 | &nbsp;&nbsp; 2138869<br> <sup>(m)</sup><br>|
|  | CHS/Community Health Systems, Inc. |  |
| $455000 | 5.25%, due 5/15/2030 | &nbsp;&nbsp; 426507<br> <sup>(d)</sup><br>|
| 670000 | 9.75%, due 1/15/2034 | &nbsp;&nbsp; 709387<br> <sup>(d)</sup><br>|
| 2055000 | CommonSpirit Health, 4.19%, due 10/1/2049 | &nbsp;&nbsp; 1659728 |
| 2479000 | Ephios Subco 3 SARL, 7.88%, due 1/31/2031 | &nbsp;&nbsp; 3023499<br> <sup>(m)</sup><br>|
| 3332000 | Eurofins Scientific SE, 6.75%, due 4/24/2028 | &nbsp;&nbsp; 4108591<br> <sup>(k)(l)(m)</sup><br>|
| $2250000 | Global Medical Response, Inc., 7.38%, due 10/1/2032 | &nbsp;&nbsp; 2354276<br> <sup>(d)</sup><br>|
|  | IQVIA, Inc. |  |
| 785000 | 2.25%, due 1/15/2028 | &nbsp;&nbsp; 889511<br> <sup>(m)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Healthcare - Services – cont'd** | **Healthcare - Services – cont'd** | **Healthcare - Services – cont'd** |
| 952000 | 2.88%, due 6/15/2028 | &nbsp;&nbsp; $1089260<br> <sup>(m)</sup><br>|
| $895000 | 6.25%, due 6/1/2032 | &nbsp;&nbsp; 932828<br> <sup>(d)</sup><br>|
|  | LifePoint Health, Inc. |  |
| 1370000 | 9.88%, due 8/15/2030 | &nbsp;&nbsp; 1479070<br> <sup>(d)</sup><br>|
| 3340000 | 10.00%, due 6/1/2032 | &nbsp;&nbsp; 3552551<br> <sup>(d)</sup><br>|
| 1870000 | Mehilainen Yhtiot OYJ, 5.13%, due 6/30/2032 | &nbsp;&nbsp; 2190808<br> <sup>(m)</sup><br>|
|  | Molina Healthcare, Inc. |  |
| $895000 | 3.88%, due 11/15/2030 | &nbsp;&nbsp; 825567<br> <sup>(d)</sup><br>|
| 2480000 | 6.25%, due 1/15/2033 | &nbsp;&nbsp; 2496207<br> <sup>(d)</sup><br>|
| 1685000 | Select Medical Corp., 6.25%, due 12/1/2032 | &nbsp;&nbsp; 1709261<br> <sup>(d)</sup><br>|
| 3040000 | Star Parent, Inc., 9.00%, due 10/1/2030 | &nbsp;&nbsp; 3246037<br> <sup>(d)</sup><br>|
| 3185000 | Surgery Center Holdings, Inc., 7.25%, due 4/15/2032 | &nbsp;&nbsp; 3277085<br> <sup>(d)</sup><br>|
|  | Team Health Holdings, Inc. |  |
| 1265000 | 8.38%, due 6/30/2028 | &nbsp;&nbsp; 1278523<br> <sup>(d)</sup><br>|
| 1132223 | 9.00% Cash/4.50% PIK, due 6/30/2028 | &nbsp;&nbsp; 1221385<br> <sup>(d)(n)</sup><br>|
| 980000 | U.S. Acute Care Solutions LLC, 9.75%, due 5/15/2029 | &nbsp;&nbsp; 997944<br> <sup>(d)</sup><br>|
|  | UnitedHealth Group, Inc. |  |
| 565000 | (Secured Overnight Financing Rate + 0.50%), 4.60%, due 7/15/2026 | &nbsp;&nbsp; 565513<br> <sup>(h)</sup><br>|
| 5575000 | 4.65%, due 1/15/2031 | &nbsp;&nbsp; 5662776 |
| 1455000 | 5.30%, due 6/15/2035 | &nbsp;&nbsp; 1506078 |
|  |  | &nbsp;&nbsp; **50769836** |
| **Holding Companies - Diversified 0.1%** | **Holding Companies - Diversified 0.1%** | **Holding Companies - Diversified 0.1%** |
| 1240000 | Benteler International AG, 7.25%, due 6/15/2031 | &nbsp;&nbsp; 1521390<br> <sup>(m)</sup><br>|
| 2512000 | Progroup AG, 5.38%, due 4/15/2031 | &nbsp;&nbsp; 2926547<br> <sup>(m)</sup><br>|
|  |  | &nbsp;&nbsp; **4447937** |
| **Home Builders 0.1%** | **Home Builders 0.1%** | **Home Builders 0.1%** |
| $650000 | Beazer Homes USA, Inc., 7.50%, due 3/15/2031 | &nbsp;&nbsp; 657888<br> <sup>(d)</sup><br>|
|  | K Hovnanian Enterprises, Inc. |  |
| 990000 | 8.00%, due 4/1/2031 | &nbsp;&nbsp; 1011490<br> <sup>(d)</sup><br>|
| 985000 | 8.38%, due 10/1/2033 | &nbsp;&nbsp; 1008383<br> <sup>(d)</sup><br>|
| 2410000 | LGI Homes, Inc., 7.00%, due 11/15/2032 | &nbsp;&nbsp; 2312732<br> <sup>(d)</sup><br>|
| 1611000 | Maison Finco PLC, 6.00%, due 10/31/2027 | &nbsp;&nbsp; 2093526<br> <sup>(m)</sup><br>|
| 1607000 | Miller Homes Group Finco PLC, 7.00%, due 5/15/2029 | &nbsp;&nbsp; 2113957<br> <sup>(m)</sup><br>|
|  |  | &nbsp;&nbsp; **9197976** |
| **Home Furnishings 0.0%**<sup>‡</sup> | **Home Furnishings 0.0%**<sup>‡</sup> | **Home Furnishings 0.0%**<sup>‡</sup> |
|  | Whirlpool Corp. |  |
| $615000 | 6.13%, due 6/15/2030 | &nbsp;&nbsp; 608959 |
| 625000 | 6.50%, due 6/15/2033 | &nbsp;&nbsp; 609773 |
|  |  | &nbsp;&nbsp; **1218732** |
| **Household Products - Wares 0.0%**<sup>‡</sup> | **Household Products - Wares 0.0%**<sup>‡</sup> | **Household Products - Wares 0.0%**<sup>‡</sup> |
| 1250000 | Ontex Group NV, 5.25%, due 4/15/2030 | &nbsp;&nbsp; **1478502**<br> <sup>(m)</sup><br>|
| **Insurance 1.0%** | **Insurance 1.0%** | **Insurance 1.0%** |
|  | Acrisure LLC/Acrisure Finance, Inc. |  |
| $2355000 | 8.25%, due 2/1/2029 | &nbsp;&nbsp; 2453536<br> <sup>(d)</sup><br>|
| 2205000 | 7.50%, due 11/6/2030 | &nbsp;&nbsp; 2280583<br> <sup>(d)</sup><br>|
| 365000 | 6.75%, due 7/1/2032 | &nbsp;&nbsp; 374329<br> <sup>(d)</sup><br>|
| 200000 | AIA Group Ltd., 5.63%, due 10/25/2027 | &nbsp;&nbsp; 205996<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Insurance – cont'd** | **Insurance – cont'd** | **Insurance – cont'd** |
|  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |
| $4435000 | 7.00%, due 1/15/2031 | &nbsp;&nbsp; $4593542<br> <sup>(d)</sup><br>|
| 345000 | 6.50%, due 10/1/2031 | &nbsp;&nbsp; 353793<br> <sup>(d)</sup><br>|
| 690000 | 7.38%, due 10/1/2032 | &nbsp;&nbsp; 711943<br> <sup>(d)</sup><br>|
| 1705000 | &nbsp;&nbsp; Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc., 7.50%, due <br> 7/15/2033<br>| &nbsp;&nbsp; 1756663<br> <sup>(d)</sup><br>|
| 1335000 | Ardonagh Finco Ltd., 7.75%, due 2/15/2031 | &nbsp;&nbsp; 1396346<br> <sup>(d)</sup><br>|
| 510000 | Ardonagh Group Finance Ltd., 8.88%, due 2/15/2032 | &nbsp;&nbsp; 532149<br> <sup>(d)</sup><br>|
|  | Athene Global Funding |  |
| 530000 | (Secured Overnight Financing Rate Index + 0.83%), 4.94%, due 1/7/2027 | &nbsp;&nbsp; 531771<br> <sup>(d)(h)</sup><br>|
| 430000 | (Secured Overnight Financing Rate Index + 1.00%), 5.14%, due 9/18/2028 | &nbsp;&nbsp; 430231<br> <sup>(d)(h)</sup><br>|
| 100000 | 3.72%, due 8/22/2032 | &nbsp;&nbsp; 115285<br> <sup>(m)</sup><br>|
| $5430000 | Athene Holding Ltd., 6.88%, due 6/28/2055 | &nbsp;&nbsp; 5450514<br> <sup>(k)</sup><br>|
| 1670000 | &nbsp;&nbsp; Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, <br> 7.13%, due 5/15/2031<br>| &nbsp;&nbsp; 1713694<br> <sup>(d)</sup><br>|
| 1660000 | Broadstreet Partners Group LLC, 5.88%, due 4/15/2029 | &nbsp;&nbsp; 1654089<br> <sup>(d)</sup><br>|
| 671000 | &nbsp;&nbsp; Corebridge Global Funding, (Secured Overnight Financing Rate + 1.30%), 5.42%, due <br> 9/25/2026<br>| &nbsp;&nbsp; 675753<br> <sup>(d)(h)</sup><br>|
| 7550000 | Equitable Holdings, Inc., 6.70%, due 3/28/2055 | &nbsp;&nbsp; 7915835<br> <sup>(k)</sup><br>|
| 200000 | FWD Group Holdings Ltd., 5.25%, due 9/22/2030 | &nbsp;&nbsp; 202040<br> <sup>(d)</sup><br>|
|  | GA Global Funding Trust |  |
| 12270000 | 5.20%, due 12/9/2031 | &nbsp;&nbsp; 12377717<br> <sup>(d)</sup><br>|
| 100000 | 3.75%, due 6/20/2032 | &nbsp;&nbsp; 115152<br> <sup>(m)</sup><br>|
|  | Global Atlantic Fin Co. |  |
| $5360000 | 4.70%, due 10/15/2051 | &nbsp;&nbsp; 5220250<br> <sup>(d)(k)</sup><br>|
| 4185000 | 7.95%, due 10/15/2054 | &nbsp;&nbsp; 4375392<br> <sup>(d)(k)</sup><br>|
|  | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC |  |
| 435000 | 7.25%, due 2/15/2031 | &nbsp;&nbsp; 448348<br> <sup>(d)</sup><br>|
| 1405000 | 8.13%, due 2/15/2032 | &nbsp;&nbsp; 1450112<br> <sup>(d)</sup><br>|
|  | HUB International Ltd. |  |
| 4110000 | 7.25%, due 6/15/2030 | &nbsp;&nbsp; 4290832<br> <sup>(d)</sup><br>|
| 540000 | 7.38%, due 1/31/2032 | &nbsp;&nbsp; 559668<br> <sup>(d)</sup><br>|
|  | Jones Deslauriers Insurance Management, Inc. |  |
| 605000 | 8.50%, due 3/15/2030 | &nbsp;&nbsp; 635388<br> <sup>(d)</sup><br>|
| 1130000 | 6.88%, due 10/1/2033 | &nbsp;&nbsp; 1119547<br> <sup>(d)</sup><br>|
| 2305000 | Liberty Mutual Group, Inc., 4.13%, due 12/15/2051 | &nbsp;&nbsp; 2253034<br> <sup>(d)(k)</sup><br>|
| 565000 | &nbsp;&nbsp; Marsh & McLennan Cos., Inc., (Secured Overnight Financing Rate Index + 0.70%), <br> 4.98%, due 11/8/2027<br>| &nbsp;&nbsp; 567627<br> <sup>(h)</sup><br>|
| 2870000 | MetLife, Inc., 6.35%, due 3/15/2055 | &nbsp;&nbsp; 3042920<br> <sup>(k)</sup><br>|
| 710000 | &nbsp;&nbsp; New York Life Global Funding, (Secured Overnight Financing Rate + 0.58%), 4.80%, due <br> 8/28/2026<br>| &nbsp;&nbsp; 711218<br> <sup>(d)(h)</sup><br>|
| 1150000 | Panther Escrow Issuer LLC, 7.13%, due 6/1/2031 | &nbsp;&nbsp; 1188499<br> <sup>(d)</sup><br>|
| 525000 | &nbsp;&nbsp; Principal Life Global Funding II, (Secured Overnight Financing Rate + 0.81%), 5.07%, <br> due 8/18/2028<br>| &nbsp;&nbsp; 525147<br> <sup>(d)(h)</sup><br>|
| 1550000 | Prudential Financial, Inc., 5.13%, due 3/1/2052 | &nbsp;&nbsp; 1543990<br> <sup>(k)</sup><br>|
| 495000 | USI, Inc., 7.50%, due 1/15/2032 | &nbsp;&nbsp; 512503<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **74285436** |
| **Internet 1.1%** | **Internet 1.1%** | **Internet 1.1%** |
| 100000 | Alphabet, Inc., 3.38%, due 5/6/2037 | &nbsp;&nbsp; 114833 |
|  | AppLovin Corp. |  |
| $13030000 | 5.50%, due 12/1/2034 | &nbsp;&nbsp; 13383385 |

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Internet – cont'd** | **Internet – cont'd** | **Internet – cont'd** |
| $8268000 | 5.95%, due 12/1/2054 | &nbsp;&nbsp; $8283949 |
| 19655000 | Beignet Investor LLC, 6.58%, due 5/30/2049 | &nbsp;&nbsp; 20966134<br> <sup>(d)</sup><br>|
| 100000 | Booking Holdings, Inc., 3.88%, due 3/21/2045 | &nbsp;&nbsp; 108880 |
| $615000 | Cablevision Lightpath LLC, 5.63%, due 9/15/2028 | &nbsp;&nbsp; 608718<br> <sup>(d)</sup><br>|
| 1478000 | Engineering - Ingegneria Informatica - SpA, 11.13%, due 5/15/2028 | &nbsp;&nbsp; 1801016<br> <sup>(m)</sup><br>|
| $3180000 | Gen Digital, Inc., 6.25%, due 4/1/2033 | &nbsp;&nbsp; 3273629<br> <sup>(d)</sup><br>|
|  | Meta Platforms, Inc. |  |
| 7320000 | 4.88%, due 11/15/2035 | &nbsp;&nbsp; 7352364 |
| 5320000 | 5.50%, due 11/15/2045 | &nbsp;&nbsp; 5273991 |
| 8320000 | 5.63%, due 11/15/2055 | &nbsp;&nbsp; 8257415 |
| 3315000 | 5.75%, due 11/15/2065 | &nbsp;&nbsp; 3287242 |
| 1210000 | Rakuten Group, Inc., 4.25%, due 4/22/2027 | &nbsp;&nbsp; 1363973<br> <sup>(k)(l)(m)</sup><br>|
|  | United Group BV |  |
| 665000 | 4.63%, due 8/15/2028 | &nbsp;&nbsp; 765225<br> <sup>(m)</sup><br>|
| 1160000 | 5.25%, due 2/1/2030 | &nbsp;&nbsp; 1321688<br> <sup>(m)</sup><br>|
| 748000 | 6.75%, due 2/15/2031 | &nbsp;&nbsp; 879777<br> <sup>(m)</sup><br>|
| $590000 | Wayfair LLC, 7.25%, due 10/31/2029 | &nbsp;&nbsp; 610101<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **77652320** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| 218000 | Abu Dhabi Developmental Holding Co. PJSC, 4.50%, due 5/6/2030 | &nbsp;&nbsp; 220795<br> <sup>(d)</sup><br>|
| 2656000 | Blackstone Private Credit Fund, 6.00%, due 1/29/2032 | &nbsp;&nbsp; 2718573 |
| 6400000 | Kayne Anderson BDC, Inc., 6.15%, due 10/15/2030 | &nbsp;&nbsp; 6424105 |
| 10000000 | Monroe Capital Corp., 6.57%, due 7/10/2030 | &nbsp;&nbsp; 10090879 |
|  |  | &nbsp;&nbsp; **19454352** |
| **Iron - Steel 0.1%** | **Iron - Steel 0.1%** | **Iron - Steel 0.1%** |
| 825000 | Champion Iron Canada, Inc., 7.88%, due 7/15/2032 | &nbsp;&nbsp; 864951<br> <sup>(d)</sup><br>|
|  | Cleveland-Cliffs, Inc. |  |
| 2030000 | 6.88%, due 11/1/2029 | &nbsp;&nbsp; 2084615<br> <sup>(d)</sup><br>|
| 925000 | 7.00%, due 3/15/2032 | &nbsp;&nbsp; 945806<br> <sup>(d)</sup><br>|
| 200000 | CSN Inova Ventures, 6.75%, due 1/28/2028 | &nbsp;&nbsp; 185553<br> <sup>(m)</sup><br>|
|  | Metinvest BV |  |
| 240000 | 7.65%, due 10/1/2027 | &nbsp;&nbsp; 190679<br> <sup>(d)</sup><br>|
| 1990000 | 7.75%, due 10/17/2029 | &nbsp;&nbsp; 1499385<br> <sup>(d)</sup><br>|
| 3405000 | Mineral Resources Ltd., 7.00%, due 4/1/2031 | &nbsp;&nbsp; 3525043<br> <sup>(d)</sup><br>|
| 1070000 | Periama Holdings LLC, 5.95%, due 4/19/2026 | &nbsp;&nbsp; 1072846<br> <sup>(m)</sup><br>|
|  |  | &nbsp;&nbsp; **10368878** |
| **Leisure Time 0.2%** | **Leisure Time 0.2%** | **Leisure Time 0.2%** |
| 2630000 | Carnival Corp., 6.13%, due 2/15/2033 | &nbsp;&nbsp; 2711977<br> <sup>(d)</sup><br>|
| 1439000 | Deuce Finco PLC, 5.50%, due 6/15/2027 | &nbsp;&nbsp; 1884596<br> <sup>(m)</sup><br>|
| $1435000 | Lindblad Expeditions LLC, 7.00%, due 9/15/2030 | &nbsp;&nbsp; 1461508<br> <sup>(d)</sup><br>|
|  | NCL Corp. Ltd. |  |
| 720000 | 7.75%, due 2/15/2029 | &nbsp;&nbsp; 770103<br> <sup>(d)</sup><br>|
| 1185000 | 5.88%, due 1/15/2031 | &nbsp;&nbsp; 1184439<br> <sup>(d)</sup><br>|
| 725000 | 6.75%, due 2/1/2032 | &nbsp;&nbsp; 744982<br> <sup>(d)</sup><br>|
| 710000 | 6.25%, due 9/15/2033 | &nbsp;&nbsp; 718107<br> <sup>(d)</sup><br>|
| 1417000 | Pinnacle Bidco PLC, 10.00%, due 10/11/2028 | &nbsp;&nbsp; 1960322<br> <sup>(m)</sup><br>|
| 1275000 | TUI Cruises GmbH, 5.00%, due 5/15/2030 | &nbsp;&nbsp; 1502494<br> <sup>(m)</sup><br>|
| $3405000 | Viking Cruises Ltd., 5.88%, due 10/15/2033 | &nbsp;&nbsp; 3461409<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **16399937** |

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Lodging 0.2%** | **Lodging 0.2%** | **Lodging 0.2%** |
| 2100000 | Accor SA, 4.88%, due 6/6/2030 | &nbsp;&nbsp; $2503695<br> <sup>(k)(l)(m)</sup><br>|
| 2565000 | Essendi SA, 5.50%, due 11/15/2031 | &nbsp;&nbsp; 3061743<br> <sup>(m)</sup><br>|
| $200000 | Fortune Star BVI Ltd., 8.50%, due 5/19/2028 | &nbsp;&nbsp; 208940<br> <sup>(m)</sup><br>|
| 52000 | Las Vegas Sands Corp., 5.63%, due 6/15/2028 | &nbsp;&nbsp; 53171 |
| 1975000 | Melco Resorts Finance Ltd., 5.63%, due 7/17/2027 | &nbsp;&nbsp; 1971825<br> <sup>(d)</sup><br>|
| 1113000 | Motel One GmbH, 7.75%, due 4/2/2031 | &nbsp;&nbsp; 1377846<br> <sup>(m)</sup><br>|
| $875000 | Travel & Leisure Co., 6.13%, due 9/1/2033 | &nbsp;&nbsp; 884543<br> <sup>(d)</sup><br>|
| 641000 | TVL Finance PLC, 10.25%, due 4/28/2028 | &nbsp;&nbsp; 848771<br> <sup>(m)</sup><br>|
|  |  | &nbsp;&nbsp; **10910534** |
| **Machinery - Construction & Mining 0.1%** | **Machinery - Construction & Mining 0.1%** | **Machinery - Construction & Mining 0.1%** |
| $1500000 | &nbsp;&nbsp; Caterpillar Financial Services Corp., (Secured Overnight Financing Rate + 0.52%), 4.78%, <br> due 5/14/2027<br>| &nbsp;&nbsp; 1504024<br> <sup>(h)</sup><br>|
| 2070000 | Manitowoc Co., Inc., 9.25%, due 10/1/2031 | &nbsp;&nbsp; 2175467<br> <sup>(d)</sup><br>|
| 3920000 | Terex Corp., 6.25%, due 10/15/2032 | &nbsp;&nbsp; 3975640<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **7655131** |
| **Machinery - Diversified 0.2%** | **Machinery - Diversified 0.2%** | **Machinery - Diversified 0.2%** |
|  | John Deere Capital Corp. |  |
| 850000 | (Secured Overnight Financing Rate + 0.44%), 4.64%, due 3/6/2026 | &nbsp;&nbsp; 850747<br> <sup>(h)</sup><br>|
| 150000 | (Secured Overnight Financing Rate + 0.60%), 4.79%, due 6/11/2027 | &nbsp;&nbsp; 150600<br> <sup>(h)</sup><br>|
| 1970000 | SPX FLOW, Inc., 8.75%, due 4/1/2030 | &nbsp;&nbsp; 2015883<br> <sup>(d)</sup><br>|
| 4171000 | TK Elevator Midco GmbH, 4.38%, due 7/15/2027 | &nbsp;&nbsp; 4816179<br> <sup>(m)</sup><br>|
| $10000000 | Toro Co., 5.27%, due 9/30/2032 | &nbsp;&nbsp; 10109196 |
|  |  | &nbsp;&nbsp; **17942605** |
| **Media 0.8%** | **Media 0.8%** | **Media 0.8%** |
| 1384000 | Arqiva Broadcast Finance PLC, 8.63%, due 7/1/2030 | &nbsp;&nbsp; 1888330<br> <sup>(m)</sup><br>|
| $295000 | Cable One, Inc., 4.00%, due 11/15/2030 | &nbsp;&nbsp; 233053<br> <sup>(d)</sup><br>|
|  | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| 2590000 | 5.38%, due 6/1/2029 | &nbsp;&nbsp; 2556132<br> <sup>(d)</sup><br>|
| 1110000 | 6.38%, due 9/1/2029 | &nbsp;&nbsp; 1118736<br> <sup>(d)</sup><br>|
| 2370000 | 4.75%, due 3/1/2030 | &nbsp;&nbsp; 2253550<br> <sup>(d)</sup><br>|
| 1280000 | 4.50%, due 8/15/2030 | &nbsp;&nbsp; 1199890<br> <sup>(d)</sup><br>|
| 835000 | 4.25%, due 2/1/2031 | &nbsp;&nbsp; 755774<br> <sup>(d)</sup><br>|
| 2525000 | 4.50%, due 5/1/2032 | &nbsp;&nbsp; 2245759 |
| 335000 | 4.50%, due 6/1/2033 | &nbsp;&nbsp; 290444<br> <sup>(d)</sup><br>|
| 830000 | 4.25%, due 1/15/2034 | &nbsp;&nbsp; 696971<br> <sup>(d)</sup><br>|
|  | Charter Communications Operating LLC/Charter Communications Operating Capital |  |
| 2975000 | 6.10%, due 6/1/2029 | &nbsp;&nbsp; 3109971 |
| 3825000 | 5.75%, due 4/1/2048 | &nbsp;&nbsp; 3392518 |
| 2880000 | 4.80%, due 3/1/2050 | &nbsp;&nbsp; 2253801 |
| 7530000 | 6.70%, due 12/1/2055 | &nbsp;&nbsp; 7425342 |
| 12455000 | 3.95%, due 6/30/2062 | &nbsp;&nbsp; 7712306 |
|  | CSC Holdings LLC |  |
| 350000 | 5.50%, due 4/15/2027 | &nbsp;&nbsp; 324760<br> <sup>(d)</sup><br>|
| 275000 | 5.38%, due 2/1/2028 | &nbsp;&nbsp; 228050<br> <sup>(d)</sup><br>|
| 1125000 | 7.50%, due 4/1/2028 | &nbsp;&nbsp; 755223<br> <sup>(d)</sup><br>|
| 5617143 | 11.25%, due 5/15/2028 | &nbsp;&nbsp; 4928386<br> <sup>(d)</sup><br>|
| 1175000 | 11.75%, due 1/31/2029 | &nbsp;&nbsp; 928204<br> <sup>(d)</sup><br>|
| 240000 | 6.50%, due 2/1/2029 | &nbsp;&nbsp; 165068<br> <sup>(d)</sup><br>|
| 295000 | 5.75%, due 1/15/2030 | &nbsp;&nbsp; 110547<br> <sup>(d)</sup><br>|
| 1095000 | 4.63%, due 12/1/2030 | &nbsp;&nbsp; 395687<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Media – cont'd** | **Media – cont'd** | **Media – cont'd** |
| $235000 | 4.50%, due 11/15/2031 | &nbsp;&nbsp; $143950<br> <sup>(d)</sup><br>|
| 550000 | 5.00%, due 11/15/2031 | &nbsp;&nbsp; 192566<br> <sup>(d)</sup><br>|
| 620000 | Discovery Communications LLC, 4.13%, due 5/15/2029 | &nbsp;&nbsp; 599763 |
| 1655000 | DISH DBS Corp., 7.38%, due 7/1/2028 | &nbsp;&nbsp; 1546465 |
| 1955000 | Midcontinent Communications, 8.00%, due 8/15/2032 | &nbsp;&nbsp; 1991345<br> <sup>(d)</sup><br>|
| 1533000 | UPCB Finance VII Ltd., 3.63%, due 6/15/2029 | &nbsp;&nbsp; 1751309<br> <sup>(m)</sup><br>|
| $1410000 | Virgin Media Secured Finance PLC, 5.50%, due 5/15/2029 | &nbsp;&nbsp; 1384099<br> <sup>(d)</sup><br>|
| 2009000 | Virgin Media Vendor Financing Notes III DAC, 4.88%, due 7/15/2028 | &nbsp;&nbsp; 2568322<br> <sup>(m)</sup><br>|
| 100000 | Ziggo Bond Co. BV, 6.13%, due 11/15/2032 | &nbsp;&nbsp; 109422<br> <sup>(m)</sup><br>|
| 1205000 | Ziggo BV, 2.88%, due 1/15/2030 | &nbsp;&nbsp; 1318002<br> <sup>(m)</sup><br>|
|  |  | &nbsp;&nbsp; **56573745** |
| **Metal Fabricate - Hardware 0.0%**<sup>‡</sup> | **Metal Fabricate - Hardware 0.0%**<sup>‡</sup> | **Metal Fabricate - Hardware 0.0%**<sup>‡</sup> |
| 246000 | Timken Co., 4.13%, due 5/23/2034 | &nbsp;&nbsp; **287232** |
| **Mining 0.4%** | **Mining 0.4%** | **Mining 0.4%** |
| $1985000 | Capstone Copper Corp., 6.75%, due 3/31/2033 | &nbsp;&nbsp; 2053989<br> <sup>(d)</sup><br>|
| 2880000 | Century Aluminum Co., 6.88%, due 8/1/2032 | &nbsp;&nbsp; 2960862<br> <sup>(d)</sup><br>|
| 200000 | Chinalco Capital Holdings Ltd., 2.13%, due 6/3/2026 | &nbsp;&nbsp; 197563<br> <sup>(m)</sup><br>|
| 200000 | Cia de Minas Buenaventura SAA, 6.80%, due 2/4/2032 | &nbsp;&nbsp; 208000<br> <sup>(d)</sup><br>|
| 2357000 | Constellium SE, 5.38%, due 8/15/2032 | &nbsp;&nbsp; 2827718<br> <sup>(m)</sup><br>|
|  | Corp. Nacional del Cobre de Chile |  |
| $2890000 | 3.15%, due 1/14/2030 | &nbsp;&nbsp; 2741281<br> <sup>(d)</sup><br>|
| 350000 | 6.44%, due 1/26/2036 | &nbsp;&nbsp; 381141<br> <sup>(d)</sup><br>|
| 1120000 | First Quantum Minerals Ltd., 7.25%, due 2/15/2034 | &nbsp;&nbsp; 1163132<br> <sup>(d)</sup><br>|
| 380000 | Ivanhoe Mines Ltd., 7.88%, due 1/23/2030 | &nbsp;&nbsp; 391670<br> <sup>(d)</sup><br>|
|  | Kaiser Aluminum Corp. |  |
| 1875000 | 4.50%, due 6/1/2031 | &nbsp;&nbsp; 1789071<br> <sup>(d)</sup><br>|
| 2130000 | 5.88%, due 3/1/2034 | &nbsp;&nbsp; 2122213<br> <sup>(d)(i)</sup><br>|
| 3800000 | Minera Mexico SA de CV, 5.63%, due 2/12/2032 | &nbsp;&nbsp; 3946300<br> <sup>(d)</sup><br>|
| 320000 | Navoi Mining & Metallurgical Combinat, 6.75%, due 5/14/2030 | &nbsp;&nbsp; 337113<br> <sup>(d)</sup><br>|
| 950000 | Nexa Resources SA, 6.60%, due 4/8/2037 | &nbsp;&nbsp; 987342<br> <sup>(d)</sup><br>|
|  | Novelis Corp. |  |
| 1425000 | 4.75%, due 1/30/2030 | &nbsp;&nbsp; 1377375<br> <sup>(d)</sup><br>|
| 2255000 | 6.88%, due 1/30/2030 | &nbsp;&nbsp; 2340785<br> <sup>(d)</sup><br>|
| 245000 | 6.38%, due 8/15/2033 | &nbsp;&nbsp; 248228<br> <sup>(d)</sup><br>|
| 214000 | Stillwater Mining Co., 4.00%, due 11/16/2026 | &nbsp;&nbsp; 211168<br> <sup>(d)</sup><br>|
| 1585000 | Taseko Mines Ltd., 8.25%, due 5/1/2030 | &nbsp;&nbsp; 1675760<br> <sup>(d)</sup><br>|
| 231000 | Volcan Cia Minera SAA, 8.50%, due 10/28/2032 | &nbsp;&nbsp; 234245<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **28194956** |
| **Miscellaneous Manufacturer 0.2%** | **Miscellaneous Manufacturer 0.2%** | **Miscellaneous Manufacturer 0.2%** |
| 5605000 | Amsted Industries, Inc., 6.38%, due 3/15/2033 | &nbsp;&nbsp; 5800811<br> <sup>(d)</sup><br>|
| 1795000 | Calderys Financing II LLC, 11.75% Cash/12.50% PIK, due 6/1/2028 | &nbsp;&nbsp; 1862137<br> <sup>(d)(n)</sup><br>|
| 1500000 | Ctec II GmbH, 5.25%, due 2/15/2030 | &nbsp;&nbsp; 1570796<br> <sup>(m)</sup><br>|
| $1175000 | Enpro, Inc., 6.13%, due 6/1/2033 | &nbsp;&nbsp; 1201985<br> <sup>(d)</sup><br>|
| 5000000 | Orica Finance Ltd., 5.79%, due 7/15/2037 | &nbsp;&nbsp; 5080287 |
| 725000 | &nbsp;&nbsp; Siemens Funding BV, (Secured Overnight Financing Rate + 0.64%), 4.87%, due <br> 5/26/2028<br>| &nbsp;&nbsp; 726106<br> <sup>(d)(h)</sup><br>|
|  |  | &nbsp;&nbsp; **16242122** |
| **Multi-National 0.0%**<sup>‡</sup> | **Multi-National 0.0%**<sup>‡</sup> | **Multi-National 0.0%**<sup>‡</sup> |
| 200000 | African Export-Import Bank, 2.63%, due 5/17/2026 | &nbsp;&nbsp; 196897<br> <sup>(m)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Multi-National – cont'd** | **Multi-National – cont'd** | **Multi-National – cont'd** |
|  | Banque Ouest Africaine de Developpement |  |
| $200000 | 5.00%, due 7/27/2027 | &nbsp;&nbsp; $200165<br> <sup>(m)</sup><br>|
| 200000 | 8.20%, due 2/13/2055 | &nbsp;&nbsp; 206079<br> <sup>(k)(m)</sup><br>|
| 200000 | Central American Bank for Economic Integration, 5.00%, due 2/9/2026 | &nbsp;&nbsp; 200274<br> <sup>(d)</sup><br>|
|  | Corp. Andina de Fomento |  |
| 287000 | 2.25%, due 2/8/2027 | &nbsp;&nbsp; 280572 |
| 94000 | 6.00%, due 4/26/2027 | &nbsp;&nbsp; 96705 |
| 26000 | 5.00%, due 1/24/2029 | &nbsp;&nbsp; 26771 |
| 200000 | Dexia SA, 0.63%, due 1/17/2026 | &nbsp;&nbsp; 229826<br> <sup>(m)</sup><br>|
|  |  | &nbsp;&nbsp; **1437289** |
| **Oil & Gas 1.2%** | **Oil & Gas 1.2%** | **Oil & Gas 1.2%** |
| $2555000 | 3R Lux SARL, 9.75%, due 2/5/2031 | &nbsp;&nbsp; 2614915<br> <sup>(d)</sup><br>|
|  | Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |
| 2395000 | 5.88%, due 6/30/2029 | &nbsp;&nbsp; 2387981<br> <sup>(d)</sup><br>|
| 2710000 | 6.63%, due 10/15/2032 | &nbsp;&nbsp; 2763650<br> <sup>(d)</sup><br>|
| 200000 | Azule Energy Finance PLC, 8.13%, due 1/23/2030 | &nbsp;&nbsp; 201001<br> <sup>(d)</sup><br>|
| 1805000 | BKV Upstream Midstream LLC, 7.50%, due 10/15/2030 | &nbsp;&nbsp; 1807746<br> <sup>(d)</sup><br>|
|  | Borr IHC Ltd./Borr Finance LLC |  |
| 1478440 | 10.00%, due 11/15/2028 | &nbsp;&nbsp; 1478542<br> <sup>(d)</sup><br>|
| 178049 | 10.00%, due 11/15/2028 | &nbsp;&nbsp; 178061<br> <sup>(m)</sup><br>|
| 1000000 | BP Capital Markets PLC, 4.38%, due 8/19/2031 | &nbsp;&nbsp; 1180746<br> <sup>(k)(l)(m)</sup><br>|
| $610000 | California Resources Corp., 7.00%, due 1/15/2034 | &nbsp;&nbsp; 607285<br> <sup>(d)</sup><br>|
| 2750000 | Caturus Energy LLC, 8.50%, due 2/15/2030 | &nbsp;&nbsp; 2803191<br> <sup>(d)</sup><br>|
|  | Chevron USA, Inc. |  |
| 805000 | (Secured Overnight Financing Rate Index + 0.36%), 4.59%, due 2/26/2027 | &nbsp;&nbsp; 806707<br> <sup>(h)</sup><br>|
| 500000 | (Secured Overnight Financing Rate + 0.57%), 4.84%, due 8/13/2028 | &nbsp;&nbsp; 501883<br> <sup>(h)</sup><br>|
|  | Civitas Resources, Inc. |  |
| 270000 | 8.38%, due 7/1/2028 | &nbsp;&nbsp; 278973<br> <sup>(d)</sup><br>|
| 1645000 | 8.63%, due 11/1/2030 | &nbsp;&nbsp; 1700672<br> <sup>(d)</sup><br>|
| 1070000 | 9.63%, due 6/15/2033 | &nbsp;&nbsp; 1147938<br> <sup>(d)</sup><br>|
| 4327000 | Comstock Resources, Inc., 6.75%, due 3/1/2029 | &nbsp;&nbsp; 4289527<br> <sup>(d)</sup><br>|
| 200000 | Constellation Oil Services Holding SA, 9.38%, due 11/7/2029 | &nbsp;&nbsp; 205800<br> <sup>(d)</sup><br>|
|  | Crescent Energy Finance LLC |  |
| 2345000 | 7.63%, due 4/1/2032 | &nbsp;&nbsp; 2273580<br> <sup>(d)</sup><br>|
| 595000 | 7.38%, due 1/15/2033 | &nbsp;&nbsp; 561968<br> <sup>(d)</sup><br>|
|  | Ecopetrol SA |  |
| 200000 | 8.63%, due 1/19/2029 | &nbsp;&nbsp; 215727 |
| 2655000 | 4.63%, due 11/2/2031 | &nbsp;&nbsp; 2381098 |
| 1300000 | 8.88%, due 1/13/2033 | &nbsp;&nbsp; 1407103 |
| 1140000 | 8.38%, due 1/19/2036 | &nbsp;&nbsp; 1181389 |
| 900000 | 5.88%, due 5/28/2045 | &nbsp;&nbsp; 690464 |
| 900000 | 5.88%, due 11/2/2051 | &nbsp;&nbsp; 661914 |
| 992000 | Geopark Ltd., 8.75%, due 1/31/2030 | &nbsp;&nbsp; 936448<br> <sup>(d)</sup><br>|
| 2150000 | Gran Tierra Energy, Inc., 9.50%, due 10/15/2029 | &nbsp;&nbsp; 1740624<br> <sup>(d)</sup><br>|
|  | Hilcorp Energy I LP/Hilcorp Finance Co. |  |
| 740000 | 8.38%, due 11/1/2033 | &nbsp;&nbsp; 765492<br> <sup>(d)</sup><br>|
| 2060000 | 6.88%, due 5/15/2034 | &nbsp;&nbsp; 1956992<br> <sup>(d)</sup><br>|
| 2310000 | 7.25%, due 2/15/2035 | &nbsp;&nbsp; 2225175<br> <sup>(d)</sup><br>|
|  | KazMunayGas National Co. JSC |  |
| 2680000 | 5.75%, due 4/19/2047 | &nbsp;&nbsp; 2539909<br> <sup>(d)</sup><br>|
| 1000000 | 6.38%, due 10/24/2048 | &nbsp;&nbsp; 1009304<br> <sup>(m)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Oil & Gas – cont'd** | **Oil & Gas – cont'd** | **Oil & Gas – cont'd** | **Oil & Gas – cont'd** |
| $| 580000 | 6.38%, due 10/24/2048 | &nbsp;&nbsp; $585396<br> <sup>(d)</sup><br>|
|  |  | Matador Resources Co. |  |
|  | 1430000 | 6.50%, due 4/15/2032 | &nbsp;&nbsp; 1443177<br> <sup>(d)</sup><br>|
|  | 210000 | 6.25%, due 4/15/2033 | &nbsp;&nbsp; 209690<br> <sup>(d)</sup><br>|
|  | 1580000 | Noble Finance II LLC, 8.00%, due 4/15/2030 | &nbsp;&nbsp; 1639792<br> <sup>(d)</sup><br>|
|  | 1190000 | Northern Oil & Gas, Inc., 7.88%, due 10/15/2033 | &nbsp;&nbsp; 1159063<br> <sup>(d)</sup><br>|
|  |  | Permian Resources Operating LLC |  |
|  | 1295000 | 7.00%, due 1/15/2032 | &nbsp;&nbsp; 1343502<br> <sup>(d)</sup><br>|
|  | 1685000 | 6.25%, due 2/1/2033 | &nbsp;&nbsp; 1714371<br> <sup>(d)</sup><br>|
|  | 775000 | Pertamina Persero PT, 6.45%, due 5/30/2044 | &nbsp;&nbsp; 837759<br> <sup>(d)</sup><br>|
|  |  | Petrobras Global Finance BV |  |
|  | 200000 | 6.00%, due 1/27/2028 | &nbsp;&nbsp; 204446 |
|  | 202000 | 5.13%, due 9/10/2030 | &nbsp;&nbsp; 199273 |
|  |  | Petroleos Mexicanos |  |
| EUR | 1725000 | 4.75%, due 2/26/2029 | &nbsp;&nbsp; 2007772<br> <sup>(m)</sup><br>|
| $| 150000 | 6.84%, due 1/23/2030 | &nbsp;&nbsp; 153970 |
|  | 2190000 | 6.70%, due 2/16/2032 | &nbsp;&nbsp; 2188123 |
|  | 1875000 | 6.35%, due 2/12/2048 | &nbsp;&nbsp; 1502705 |
|  | 8150000 | 7.69%, due 1/23/2050 | &nbsp;&nbsp; 7390424 |
|  | 2850000 | 6.95%, due 1/28/2060 | &nbsp;&nbsp; 2346975 |
|  | 600000 | QatarEnergy, 1.38%, due 9/12/2026 | &nbsp;&nbsp; 586080<br> <sup>(m)</sup><br>|
|  | 1515000 | Raizen Fuels Finance SA, 6.95%, due 3/5/2054 | &nbsp;&nbsp; 1174428<br> <sup>(d)</sup><br>|
|  | 227000 | SA Global Sukuk Ltd., 4.25%, due 10/2/2029 | &nbsp;&nbsp; 226240<br> <sup>(d)</sup><br>|
|  | 1625000 | Saudi Arabian Oil Co., 5.75%, due 7/17/2054 | &nbsp;&nbsp; 1632995<br> <sup>(d)</sup><br>|
|  | 215000 | SEPLAT Energy PLC, 9.13%, due 3/21/2030 | &nbsp;&nbsp; 219300<br> <sup>(d)</sup><br>|
|  |  | SierraCol Energy Andina LLC |  |
|  | 1426000 | 6.00%, due 6/15/2028 | &nbsp;&nbsp; 1399263<br> <sup>(d)</sup><br>|
|  | 200000 | 6.00%, due 6/15/2028 | &nbsp;&nbsp; 196250<br> <sup>(m)</sup><br>|
|  | 1025000 | SM Energy Co., 7.00%, due 8/1/2032 | &nbsp;&nbsp; 1002722<br> <sup>(d)</sup><br>|
|  | 113000 | Tecpetrol SA, 7.63%, due 11/3/2030 | &nbsp;&nbsp; 113113<br> <sup>(d)(i)</sup><br>|
|  | 2070000 | TGNR Intermediate Holdings LLC, 5.50%, due 10/15/2029 | &nbsp;&nbsp; 2006743<br> <sup>(d)</sup><br>|
| EUR | 4800000 | TotalEnergies SE, 4.50%, due 8/19/2034 | &nbsp;&nbsp; 5666136<br> <sup>(k)(l)(m)</sup><br>|
|  |  | Transocean International Ltd. |  |
| $| 920000 | 8.25%, due 5/15/2029 | &nbsp;&nbsp; 925386<br> <sup>(d)</sup><br>|
|  | 930000 | 8.50%, due 5/15/2031 | &nbsp;&nbsp; 923317<br> <sup>(d)</sup><br>|
|  | 1170000 | 7.88%, due 10/15/2032 | &nbsp;&nbsp; 1204924<br> <sup>(d)</sup><br>|
|  | 200000 | Trident Energy Finance PLC, 12.50%, due 11/30/2029 | &nbsp;&nbsp; 204097<br> <sup>(d)</sup><br>|
| EUR | 1900000 | Wintershall Dea Finance 2 BV, 3.00%, due 7/20/2028 | &nbsp;&nbsp; 2110646<br> <sup>(k)(l)(m)</sup><br>|
| $| 142000 | YPF SA, 9.50%, due 1/17/2031 | &nbsp;&nbsp; 149753<br> <sup>(d)</sup><br>|
|  |  |  | &nbsp;&nbsp; **90169636** |
| **Oil & Gas - Storage & Transportation 0.1%** | **Oil & Gas - Storage & Transportation 0.1%** | **Oil & Gas - Storage & Transportation 0.1%** | **Oil & Gas - Storage & Transportation 0.1%** |
|  | 4500000 | Impala Terminals Pte. Ltd., 6.33%, due 8/6/2032 | &nbsp;&nbsp; **4588556** |
| **Oil & Gas Services 0.2%** | **Oil & Gas Services 0.2%** | **Oil & Gas Services 0.2%** | **Oil & Gas Services 0.2%** |
|  | 1555000 | Archrock Partners LP/Archrock Partners Finance Corp., 6.63%, due 9/1/2032 | &nbsp;&nbsp; 1598139<br> <sup>(d)</sup><br>|
|  |  | Kodiak Gas Services LLC |  |
|  | 1295000 | 6.50%, due 10/1/2033 | &nbsp;&nbsp; 1327036<br> <sup>(d)</sup><br>|
|  | 1295000 | 6.75%, due 10/1/2035 | &nbsp;&nbsp; 1333610<br> <sup>(d)</sup><br>|
|  | 2530000 | Star Holding LLC, 8.75%, due 8/1/2031 | &nbsp;&nbsp; 2445353<br> <sup>(d)</sup><br>|
|  | 2805000 | USA Compression Partners LP/USA Compression Finance Corp., 7.13%, due 3/15/2029 | &nbsp;&nbsp; 2897116<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Oil & Gas Services – cont'd** | **Oil & Gas Services – cont'd** | **Oil & Gas Services – cont'd** |
|  | WBI Operating LLC |  |
| $1320000 | 6.25%, due 10/15/2030 | &nbsp;&nbsp; $1318746<br> <sup>(d)</sup><br>|
| 960000 | 6.50%, due 10/15/2033 | &nbsp;&nbsp; 959875<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **11879875** |
| **Packaging & Containers 0.3%** | **Packaging & Containers 0.3%** | **Packaging & Containers 0.3%** |
| 2835000 | &nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, <br> due 9/1/2029<br>| &nbsp;&nbsp; 2643099<br> <sup>(d)</sup><br>|
|  | Clydesdale Acquisition Holdings, Inc. |  |
| 225000 | 8.75%, due 4/15/2030 | &nbsp;&nbsp; 225460<br> <sup>(d)</sup><br>|
| 1075000 | 6.75%, due 4/15/2032 | &nbsp;&nbsp; 1078653<br> <sup>(d)</sup><br>|
| 666233 | &nbsp;&nbsp; Fiber Midco SpA, 10.00% cash, .75% deferred interest payable if called /mat 0.00% PIK, <br> due 6/15/2029<br>| &nbsp;&nbsp; 612203<br> <sup>(m)(n)</sup><br>|
| $930000 | Graham Packaging Co., Inc., 7.13%, due 8/15/2028 | &nbsp;&nbsp; 925630<br> <sup>(d)</sup><br>|
| 1546000 | Guala Closures SpA, 3.25%, due 6/15/2028 | &nbsp;&nbsp; 1737141<br> <sup>(m)</sup><br>|
|  | Mauser Packaging Solutions Holding Co. |  |
| $1325000 | 7.88%, due 4/15/2027 | &nbsp;&nbsp; 1328481<br> <sup>(d)</sup><br>|
| 3245000 | 9.25%, due 4/15/2027 | &nbsp;&nbsp; 3204146<br> <sup>(d)</sup><br>|
| 2980000 | Sealed Air Corp., 6.50%, due 7/15/2032 | &nbsp;&nbsp; 3083704<br> <sup>(d)</sup><br>|
| 185000 | Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, due 2/15/2031 | &nbsp;&nbsp; 194199<br> <sup>(d)</sup><br>|
| 1636000 | Silgan Holdings, Inc., 4.25%, due 2/15/2031 | &nbsp;&nbsp; 1897522<br> <sup>(m)</sup><br>|
| $1015000 | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, due 5/15/2030 | &nbsp;&nbsp; 951648<br> <sup>(d)</sup><br>|
|  | Trivium Packaging Finance BV |  |
| 928000 | 6.63%, due 7/15/2030 | &nbsp;&nbsp; 1117720<br> <sup>(m)</sup><br>|
| $765000 | 8.25%, due 7/15/2030 | &nbsp;&nbsp; 792520<br> <sup>(d)</sup><br>|
| 1470000 | 12.25%, due 1/15/2031 | &nbsp;&nbsp; 1533662<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **21325788** |
| **Pharmaceuticals 1.1%** | **Pharmaceuticals 1.1%** | **Pharmaceuticals 1.1%** |
| 3375000 | 1261229 BC Ltd., 10.00%, due 4/15/2032 | &nbsp;&nbsp; 3527920<br> <sup>(d)</sup><br>|
| 9120000 | AbbVie, Inc., 4.80%, due 3/15/2027 | &nbsp;&nbsp; 9212715 |
| 840000 | AdaptHealth LLC, 6.13%, due 8/1/2028 | &nbsp;&nbsp; 839700<br> <sup>(d)</sup><br>|
|  | Bausch Health Cos., Inc. |  |
| 900000 | 5.00%, due 1/30/2028 | &nbsp;&nbsp; 788067<br> <sup>(d)</sup><br>|
| 1740000 | 11.00%, due 9/30/2028 | &nbsp;&nbsp; 1823938<br> <sup>(d)</sup><br>|
| 640000 | 5.00%, due 2/15/2029 | &nbsp;&nbsp; 498128<br> <sup>(d)</sup><br>|
| 745000 | 5.25%, due 1/30/2030 | &nbsp;&nbsp; 536508<br> <sup>(d)</sup><br>|
| 3400000 | Bayer AG, 5.38%, due 3/25/2082 | &nbsp;&nbsp; 4043777<br> <sup>(k)(m)</sup><br>|
| 1258000 | Centrient Holding BV, 6.75%, due 5/30/2030 | &nbsp;&nbsp; 1308745<br> <sup>(m)</sup><br>|
|  | Cheplapharm Arzneimittel GmbH |  |
| 2870000 | 4.38%, due 1/15/2028 | &nbsp;&nbsp; 3257105<br> <sup>(m)</sup><br>|
| 910000 | 7.50%, due 5/15/2030 | &nbsp;&nbsp; 1079933<br> <sup>(m)</sup><br>|
|  | CVS Health Corp. |  |
| $12285000 | 5.05%, due 3/25/2048 | &nbsp;&nbsp; 10984492 |
| 1885000 | 5.63%, due 2/21/2053 | &nbsp;&nbsp; 1785939 |
| 7565000 | 7.00%, due 3/10/2055 | &nbsp;&nbsp; 7948402<br> <sup>(k)</sup><br>|
| 395000 | Eli Lilly & Co., (Secured Overnight Financing Rate + 0.53%), 4.72%, due 10/15/2028 | &nbsp;&nbsp; 396434<br> <sup>(h)</sup><br>|
| 900000 | &nbsp;&nbsp; GlaxoSmithKline Capital PLC, (Secured Overnight Financing Rate + 0.50%), 4.66%, due <br> 3/12/2027<br>| &nbsp;&nbsp; 904793<br> <sup>(h)</sup><br>|
|  | Grifols SA |  |
| 805000 | 2.25%, due 11/15/2027 | &nbsp;&nbsp; 912292<br> <sup>(m)</sup><br>|
| 1365000 | 3.88%, due 10/15/2028 | &nbsp;&nbsp; 1531272<br> <sup>(m)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Pharmaceuticals – cont'd** | **Pharmaceuticals – cont'd** | **Pharmaceuticals – cont'd** |
| 4626000 | 7.50%, due 5/1/2030 | &nbsp;&nbsp; $5605054<br> <sup>(m)</sup><br>|
|  | Gruenenthal GmbH |  |
| 125000 | 4.13%, due 5/15/2028 | &nbsp;&nbsp; 144592<br> <sup>(m)</sup><br>|
| 4065000 | 4.63%, due 11/15/2031 | &nbsp;&nbsp; 4767069<br> <sup>(m)</sup><br>|
| $405000 | Merck & Co., Inc., (Secured Overnight Financing Rate + 0.46%), 4.64%, due 9/15/2027 | &nbsp;&nbsp; 407349<br> <sup>(h)</sup><br>|
| 100000 | MSD Netherlands Capital BV, 3.75%, due 5/30/2054 | &nbsp;&nbsp; 105632 |
| 1221000 | Neopharmed Gentili SpA, 7.13%, due 4/8/2030 | &nbsp;&nbsp; 1468850<br> <sup>(m)</sup><br>|
| 2541000 | Nidda Healthcare Holding GmbH, 5.63%, due 2/21/2030 | &nbsp;&nbsp; 3013783<br> <sup>(m)</sup><br>|
|  | Rossini SARL |  |
| 893509 | (3 mo. EUR EURIBOR + 3.88%), 5.88%, due 12/31/2029 | &nbsp;&nbsp; 1044941<br> <sup>(h)(m)</sup><br>|
| 1030000 | 6.75%, due 12/31/2029 | &nbsp;&nbsp; 1252509<br> <sup>(m)</sup><br>|
| $840000 | Sanofi SA, (Secured Overnight Financing Rate + 0.46%), 4.52%, due 11/3/2027 | &nbsp;&nbsp; 845326<br> <sup>(h)(i)</sup><br>|
|  | Teva Pharmaceutical Finance Netherlands II BV |  |
| 973000 | 1.63%, due 10/15/2028 | &nbsp;&nbsp; 1078594<br> <sup>(m)</sup><br>|
| 6303000 | 4.38%, due 5/9/2030 | &nbsp;&nbsp; 7488212 |
| 1397000 | 4.13%, due 6/1/2031 | &nbsp;&nbsp; 1644530 |
|  |  | &nbsp;&nbsp; **80246601** |
| **Pipelines 1.4%** | **Pipelines 1.4%** | **Pipelines 1.4%** |
|  | Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |
| $1790000 | 5.38%, due 6/15/2029 | &nbsp;&nbsp; 1788885<br> <sup>(d)</sup><br>|
| 2715000 | 6.63%, due 2/1/2032 | &nbsp;&nbsp; 2810793<br> <sup>(d)</sup><br>|
| 2345000 | Buckeye Partners LP, 6.75%, due 2/1/2030 | &nbsp;&nbsp; 2447432<br> <sup>(d)</sup><br>|
|  | CQP Holdco LP/BIP-V Chinook Holdco LLC |  |
| 2025000 | 5.50%, due 6/15/2031 | &nbsp;&nbsp; 2003485<br> <sup>(d)</sup><br>|
| 155000 | 7.50%, due 12/15/2033 | &nbsp;&nbsp; 167703<br> <sup>(d)</sup><br>|
|  | Enbridge, Inc. |  |
| 810000 | 5.90%, due 11/15/2026 | &nbsp;&nbsp; 823491 |
| 4554000 | 7.20%, due 6/27/2054 | &nbsp;&nbsp; 4863790<br> <sup>(k)</sup><br>|
| 3200000 | 8.25%, due 1/15/2084 | &nbsp;&nbsp; 3433741<br> <sup>(k)</sup><br>|
|  | Energy Transfer LP |  |
| 345000 | 8.00%, due 5/15/2054 | &nbsp;&nbsp; 368294<br> <sup>(k)</sup><br>|
| 185000 | 7.13%, due 10/1/2054 | &nbsp;&nbsp; 191196<br> <sup>(k)</sup><br>|
| 14074000 | 6.20%, due 4/1/2055 | &nbsp;&nbsp; 14038420 |
| 855000 | 6.50%, due 2/15/2056 | &nbsp;&nbsp; 847256<br> <sup>(k)</sup><br>|
| 655000 | 6.75%, due 2/15/2056 | &nbsp;&nbsp; 657029<br> <sup>(k)</sup><br>|
| 2530000 | Excelerate Energy LP, 8.00%, due 5/15/2030 | &nbsp;&nbsp; 2671139<br> <sup>(d)</sup><br>|
| 3195000 | Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, due 5/15/2033 | &nbsp;&nbsp; 3299828 |
| 10000000 | GIP Sharon Finco Pty. Ltd., 6.23%, due 9/30/2046 | &nbsp;&nbsp; 10187541 |
| 2240000 | Global Partners LP/GLP Finance Corp., 7.13%, due 7/1/2033 | &nbsp;&nbsp; 2271721<br> <sup>(d)</sup><br>|
| 2045000 | Golar LNG Ltd., 7.50%, due 10/2/2030 | &nbsp;&nbsp; 2021531<br> <sup>(d)</sup><br>|
|  | Harvest Midstream I LP |  |
| 1290000 | 7.50%, due 9/1/2028 | &nbsp;&nbsp; 1304132<br> <sup>(d)</sup><br>|
| 1700000 | 7.50%, due 5/15/2032 | &nbsp;&nbsp; 1761759<br> <sup>(d)</sup><br>|
| 2840000 | Howard Midstream Energy Partners LLC, 7.38%, due 7/15/2032 | &nbsp;&nbsp; 2975931<br> <sup>(d)</sup><br>|
| 865000 | ITT Holdings LLC, 6.50%, due 8/1/2029 | &nbsp;&nbsp; 837815<br> <sup>(d)</sup><br>|
| 3740000 | Kinder Morgan, Inc., 5.55%, due 6/1/2045 | &nbsp;&nbsp; 3636940 |
| 12197000 | MPLX LP, 5.95%, due 4/1/2055 | &nbsp;&nbsp; 11859785 |
| 2965000 | NGL Energy Operating LLC/NGL Energy Finance Corp., 8.13%, due 2/15/2029 | &nbsp;&nbsp; 3035253<br> <sup>(d)</sup><br>|
| 2295000 | Rockies Express Pipeline LLC, 6.75%, due 3/15/2033 | &nbsp;&nbsp; 2402043<br> <sup>(d)</sup><br>|
| 200000 | Southern Gas Corridor CJSC, 6.88%, due 3/24/2026 | &nbsp;&nbsp; 201761<br> <sup>(m)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Pipelines – cont'd** | **Pipelines – cont'd** | **Pipelines – cont'd** |
|  | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |
| $1355000 | 5.50%, due 1/15/2028 | &nbsp;&nbsp; $1346832<br> <sup>(d)</sup><br>|
| 1470000 | 6.00%, due 12/31/2030 | &nbsp;&nbsp; 1458774<br> <sup>(d)</sup><br>|
| 3135000 | 6.00%, due 9/1/2031 | &nbsp;&nbsp; 3082156<br> <sup>(d)</sup><br>|
| 760000 | TransMontaigne Partners LLC, 8.50%, due 6/15/2030 | &nbsp;&nbsp; 795074<br> <sup>(d)</sup><br>|
|  | Venture Global LNG, Inc. |  |
| 610000 | 7.00%, due 1/15/2030 | &nbsp;&nbsp; 617308<br> <sup>(d)</sup><br>|
| 4385000 | 8.38%, due 6/1/2031 | &nbsp;&nbsp; 4501799<br> <sup>(d)</sup><br>|
| 580000 | 9.88%, due 2/1/2032 | &nbsp;&nbsp; 619528<br> <sup>(d)</sup><br>|
|  | Venture Global Plaquemines LNG LLC |  |
| 720000 | 7.50%, due 5/1/2033 | &nbsp;&nbsp; 791783<br> <sup>(d)</sup><br>|
| 975000 | 6.50%, due 1/15/2034 | &nbsp;&nbsp; 1021267<br> <sup>(d)</sup><br>|
| 720000 | 7.75%, due 5/1/2035 | &nbsp;&nbsp; 812457<br> <sup>(d)</sup><br>|
| 980000 | 6.75%, due 1/15/2036 | &nbsp;&nbsp; 1037929<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **98993601** |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| 2118128 | Adler Financing SARL, 8.25%, due 12/31/2028 | &nbsp;&nbsp; 2638531<br> <sup>(n)</sup><br>|
| 100000 | Aroundtown SA, 1.63%, due 4/15/2026 | &nbsp;&nbsp; 111518<br> <sup>(k)(l)(m)</sup><br>|
| 1260000 | Castellum AB, 3.13%, due 12/2/2026 | &nbsp;&nbsp; 1435554<br> <sup>(k)(l)(m)</sup><br>|
| $1305000 | Country Garden Holdings Co. Ltd., 4.80%, due 8/6/2030 | &nbsp;&nbsp; 123975<br> <sup>(m)(p)</sup><br>|
|  | CPI Property Group SA |  |
| 200000 | 4.88%, due 8/18/2026 | &nbsp;&nbsp; 224186<br> <sup>(k)(l)(m)</sup><br>|
| 320000 | 4.00%, due 1/22/2028 | &nbsp;&nbsp; 400221<br> <sup>(m)</sup><br>|
| 1000000 | 3.75%, due 4/28/2028 | &nbsp;&nbsp; 1031819<br> <sup>(k)(l)(m)</sup><br>|
| 741000 | 7.00%, due 5/7/2029 | &nbsp;&nbsp; 914740<br> <sup>(m)</sup><br>|
| 1060000 | 1.75%, due 1/14/2030 | &nbsp;&nbsp; 1066293<br> <sup>(m)</sup><br>|
| 2812000 | 1.50%, due 1/27/2031 | &nbsp;&nbsp; 2685757<br> <sup>(m)</sup><br>|
| 1134000 | 7.50%, due 3/26/2031 | &nbsp;&nbsp; 1240315<br> <sup>(k)(l)(m)</sup><br>|
| 365000 | 6.00%, due 1/27/2032 | &nbsp;&nbsp; 427382<br> <sup>(m)</sup><br>|
| 100000 | Grand City Properties SA, 1.50%, due 3/9/2026 | &nbsp;&nbsp; 112978<br> <sup>(k)(l)(m)</sup><br>|
| 2810000 | Heimstaden AB, 8.38%, due 1/29/2030 | &nbsp;&nbsp; 3393834<br> <sup>(m)</sup><br>|
|  | Heimstaden Bostad AB |  |
| 200000 | 3.38%, due 1/15/2026 | &nbsp;&nbsp; 229550<br> <sup>(k)(l)(m)</sup><br>|
| 1213000 | 2.63%, due 2/1/2027 | &nbsp;&nbsp; 1356696<br> <sup>(k)(l)(m)</sup><br>|
| 1200000 | 3.00%, due 10/29/2027 | &nbsp;&nbsp; 1333304<br> <sup>(k)(l)(m)</sup><br>|
| 1451000 | 6.25%, due 12/4/2029 | &nbsp;&nbsp; 1737300<br> <sup>(k)(l)(m)</sup><br>|
| 1945000 | Heimstaden Bostad Treasury BV, 1.63%, due 10/13/2031 | &nbsp;&nbsp; 1981279<br> <sup>(m)</sup><br>|
| $200000 | Longfor Group Holdings Ltd., 4.50%, due 1/16/2028 | &nbsp;&nbsp; 181611<br> <sup>(m)</sup><br>|
| 1600000 | New Immo Holding SA, 6.00%, due 3/22/2029 | &nbsp;&nbsp; 1923938<br> <sup>(m)</sup><br>|
| 100000 | Public Property Invest AS, 4.63%, due 3/12/2030 | &nbsp;&nbsp; 119382<br> <sup>(m)</sup><br>|
|  |  | &nbsp;&nbsp; **24670163** |
| **Real Estate Investment Trusts 0.5%** | **Real Estate Investment Trusts 0.5%** | **Real Estate Investment Trusts 0.5%** |
| 1107000 | Alexandrite Monnet U.K. Holdco PLC, 10.50%, due 5/15/2029 | &nbsp;&nbsp; 1386184<br> <sup>(m)</sup><br>|
| $1470000 | Arbor Realty SR, Inc., 7.88%, due 7/15/2030 | &nbsp;&nbsp; 1495828<br> <sup>(d)</sup><br>|
| 2315000 | Blackstone Mortgage Trust, Inc., 7.75%, due 12/1/2029 | &nbsp;&nbsp; 2439609<br> <sup>(d)</sup><br>|
|  | Brandywine Operating Partnership LP |  |
| 1115000 | 8.88%, due 4/12/2029 | &nbsp;&nbsp; 1211229 |
| 795000 | 6.13%, due 1/15/2031 | &nbsp;&nbsp; 798482 |
| 1670000 | CFE Fibra E, 5.88%, due 9/23/2040 | &nbsp;&nbsp; 1678684<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Real Estate Investment Trusts – cont'd** | **Real Estate Investment Trusts – cont'd** | **Real Estate Investment Trusts – cont'd** |
| $1755000 | &nbsp;&nbsp; EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM, <br> 7.38%, due 9/30/2030<br>| &nbsp;&nbsp; $1759580<br> <sup>(d)</sup><br>|
| 2005000 | Extra Space Storage LP, 4.95%, due 1/15/2033 | &nbsp;&nbsp; 2015989 |
| 1235000 | Global Net Lease, Inc., 4.50%, due 9/30/2028 | &nbsp;&nbsp; 1211212<br> <sup>(d)</sup><br>|
| 1465412 | Globalworth Real Estate Investments Ltd., 6.25%, due 3/31/2029 | &nbsp;&nbsp; 1716341<br> <sup>(m)</sup><br>|
| 2473000 | Iron Mountain, Inc., 4.75%, due 1/15/2034 | &nbsp;&nbsp; 2859702<br> <sup>(m)</sup><br>|
| $380000 | &nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, due <br> 7/15/2031<br>| &nbsp;&nbsp; 399128<br> <sup>(d)</sup><br>|
| 1961000 | MPT Operating Partnership LP/MPT Finance Corp., 7.00%, due 2/15/2032 | &nbsp;&nbsp; 2350800<br> <sup>(m)</sup><br>|
| $3400000 | &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, <br> due 10/1/2028<br>| &nbsp;&nbsp; 3396963<br> <sup>(d)</sup><br>|
| 2075000 | Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, due 10/15/2029 | &nbsp;&nbsp; 2094812<br> <sup>(d)</sup><br>|
|  | RHP Hotel Properties LP/RHP Finance Corp. |  |
| 395000 | 6.50%, due 4/1/2032 | &nbsp;&nbsp; 406346<br> <sup>(d)</sup><br>|
| 660000 | 6.50%, due 6/15/2033 | &nbsp;&nbsp; 681197<br> <sup>(d)</sup><br>|
| 1525000 | Rithm Capital Corp., 8.00%, due 7/15/2030 | &nbsp;&nbsp; 1545857<br> <sup>(d)</sup><br>|
| 1915000 | RLJ Lodging Trust LP, 4.00%, due 9/15/2029 | &nbsp;&nbsp; 1808381<br> <sup>(d)</sup><br>|
| 425000 | Service Properties Trust, 8.63%, due 11/15/2031 | &nbsp;&nbsp; 448306<br> <sup>(d)</sup><br>|
|  | Starwood Property Trust, Inc. |  |
| 605000 | 7.25%, due 4/1/2029 | &nbsp;&nbsp; 637194<br> <sup>(d)</sup><br>|
| 4430000 | 6.50%, due 7/1/2030 | &nbsp;&nbsp; 4607439<br> <sup>(d)</sup><br>|
| 1350000 | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 6.50%, due 2/15/2029 | &nbsp;&nbsp; 1263500<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **38212763** |
| **Retail 0.7%** | **Retail 0.7%** | **Retail 0.7%** |
| 215000 | Alsea SAB de CV, 7.75%, due 12/14/2026 | &nbsp;&nbsp; 215642<br> <sup>(d)</sup><br>|
|  | B&M European Value Retail SA |  |
| 1232000 | 8.13%, due 11/15/2030 | &nbsp;&nbsp; 1684345<br> <sup>(m)</sup><br>|
| 798000 | 6.50%, due 11/27/2031 | &nbsp;&nbsp; 1030472<br> <sup>(m)</sup><br>|
|  | Bath & Body Works, Inc. |  |
| $1860000 | 6.63%, due 10/1/2030 | &nbsp;&nbsp; 1911777<br> <sup>(d)</sup><br>|
| 585000 | 6.88%, due 11/1/2035 | &nbsp;&nbsp; 611613 |
| 637000 | Bertrand Franchise Finance SAS, (3 mo. EUR EURIBOR + 3.75%), 5.75%, due 7/18/2030 | &nbsp;&nbsp; 712160<br> <sup>(h)(m)</sup><br>|
| 1948000 | Boots Group Finco LP, 7.38%, due 8/31/2032 | &nbsp;&nbsp; 2630319<br> <sup>(m)</sup><br>|
| 1619000 | Bubbles Bidco SPA, 6.50%, due 9/30/2031 | &nbsp;&nbsp; 1918460<br> <sup>(m)</sup><br>|
| 1553000 | CD&R Firefly Bidco PLC, 8.63%, due 4/30/2029 | &nbsp;&nbsp; 2132414<br> <sup>(m)</sup><br>|
| 3251000 | Ceconomy AG, 6.25%, due 7/15/2029 | &nbsp;&nbsp; 3936477<br> <sup>(m)</sup><br>|
| $200000 | CK Hutchison International 23 Ltd., 4.75%, due 4/21/2028 | &nbsp;&nbsp; 202966<br> <sup>(d)</sup><br>|
| 203000 | CK Hutchison International 24 Ltd., 5.38%, due 4/26/2029 | &nbsp;&nbsp; 210636<br> <sup>(d)</sup><br>|
| 2260000 | Cougar JV Subsidiary LLC, 8.00%, due 5/15/2032 | &nbsp;&nbsp; 2408672<br> <sup>(d)</sup><br>|
| 2087000 | Dufry One BV, 4.50%, due 5/23/2032 | &nbsp;&nbsp; 2471806<br> <sup>(m)</sup><br>|
| 2449000 | Eroski S Coop, 10.63%, due 4/30/2029 | &nbsp;&nbsp; 2993845<br> <sup>(m)</sup><br>|
| 1989000 | Fnac Darty SA, 6.00%, due 4/1/2029 | &nbsp;&nbsp; 2386446<br> <sup>(m)</sup><br>|
| 1582000 | Food Service Project SA, 5.50%, due 1/21/2027 | &nbsp;&nbsp; 1829116<br> <sup>(m)</sup><br>|
| 2208000 | Fressnapf Holding SE, 5.25%, due 10/31/2031 | &nbsp;&nbsp; 2579024<br> <sup>(m)</sup><br>|
| 1095000 | Goldstory SAS, 6.75%, due 2/1/2030 | &nbsp;&nbsp; 1306332<br> <sup>(m)</sup><br>|
| $1515000 | LCM Investments Holdings II LLC, 8.25%, due 8/1/2031 | &nbsp;&nbsp; 1593989<br> <sup>(d)</sup><br>|
|  | Michaels Cos., Inc. |  |
| 735000 | 5.25%, due 5/1/2028 | &nbsp;&nbsp; 686329<br> <sup>(d)</sup><br>|
| 835000 | 7.88%, due 5/1/2029 | &nbsp;&nbsp; 732713<br> <sup>(d)</sup><br>|
| 1875000 | Patrick Industries, Inc., 6.38%, due 11/1/2032 | &nbsp;&nbsp; 1911744<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Retail – cont'd** | **Retail – cont'd** | **Retail – cont'd** |
|  | PetSmart LLC/PetSmart Finance Corp. |  |
| $1950000 | 7.50%, due 9/15/2032 | &nbsp;&nbsp; $1945028<br> <sup>(d)</sup><br>|
| 925000 | 10.00%, due 9/15/2033 | &nbsp;&nbsp; 928914<br> <sup>(d)</sup><br>|
| 845867 | PEU Fin PLC, 7.25%, due 7/1/2028 | &nbsp;&nbsp; 1010332<br> <sup>(m)</sup><br>|
| 1000000 | Punch Finance PLC, 7.88%, due 12/30/2030 | &nbsp;&nbsp; 1343418<br> <sup>(m)</sup><br>|
| $2745000 | QXO Building Products, Inc., 6.75%, due 4/30/2032 | &nbsp;&nbsp; 2841770<br> <sup>(d)</sup><br>|
| 906000 | Waga Bondco Ltd., 8.50%, due 6/15/2030 | &nbsp;&nbsp; 1081705<br> <sup>(m)</sup><br>|
| $615000 | &nbsp;&nbsp; Walmart, Inc., (Secured Overnight Financing Rate Index + 0.43%), 4.51%, due <br> 4/28/2027<br>| &nbsp;&nbsp; 617169<br> <sup>(h)</sup><br>|
| 1365000 | White Cap Supply Holdings LLC, 7.38%, due 11/15/2030 | &nbsp;&nbsp; 1380769<br> <sup>(d)(i)</sup><br>|
|  |  | &nbsp;&nbsp; **49246402** |
| **Savings & Loans 0.2%** | **Savings & Loans 0.2%** | **Savings & Loans 0.2%** |
|  | Nationwide Building Society |  |
| 100000 | 4.00%, due 3/18/2028 | &nbsp;&nbsp; 117713<br> <sup>(k)(m)</sup><br>|
| $5455000 | 4.13%, due 10/18/2032 | &nbsp;&nbsp; 5397041<br> <sup>(d)(k)</sup><br>|
| 5600000 | 5.54%, due 7/14/2036 | &nbsp;&nbsp; 5769701<br> <sup>(d)(k)</sup><br>|
|  |  | &nbsp;&nbsp; **11284455** |
| **Semiconductors 0.9%** | **Semiconductors 0.9%** | **Semiconductors 0.9%** |
| 2535000 | Amkor Technology, Inc., 5.88%, due 10/1/2033 | &nbsp;&nbsp; 2578807<br> <sup>(d)</sup><br>|
| 9350000 | Broadcom, Inc., 3.14%, due 11/15/2035 | &nbsp;&nbsp; 8103744<br> <sup>(d)</sup><br>|
|  | Foundry JV Holdco LLC |  |
| 7720000 | 6.25%, due 1/25/2035 | &nbsp;&nbsp; 8215532<br> <sup>(d)</sup><br>|
| 3875000 | 6.10%, due 1/25/2036 | &nbsp;&nbsp; 4093396<br> <sup>(d)</sup><br>|
| 10159000 | 6.30%, due 1/25/2039 | &nbsp;&nbsp; 10805139<br> <sup>(d)</sup><br>|
|  | Intel Corp. |  |
| 570000 | 4.88%, due 2/10/2026 | &nbsp;&nbsp; 570871 |
| 3945000 | 3.75%, due 8/5/2027 | &nbsp;&nbsp; 3912738 |
| 7265000 | 4.90%, due 8/5/2052 | &nbsp;&nbsp; 6239568 |
| 10635000 | 5.60%, due 2/21/2054 | &nbsp;&nbsp; 10169933 |
| 7731000 | Marvell Technology, Inc., 5.95%, due 9/15/2033 | &nbsp;&nbsp; 8262576 |
|  | SK Hynix, Inc. |  |
| 200000 | 6.25%, due 1/17/2026 | &nbsp;&nbsp; 200515<br> <sup>(d)</sup><br>|
| 200000 | 6.38%, due 1/17/2028 | &nbsp;&nbsp; 209084<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **63361903** |
| **Software 1.0%** | **Software 1.0%** | **Software 1.0%** |
| 2920000 | AthenaHealth Group, Inc., 6.50%, due 2/15/2030 | &nbsp;&nbsp; 2858573<br> <sup>(d)</sup><br>|
| 2285000 | Capstone Borrower, Inc., 8.00%, due 6/15/2030 | &nbsp;&nbsp; 2331253<br> <sup>(d)</sup><br>|
|  | Cloud Software Group, Inc. |  |
| 1370000 | 6.50%, due 3/31/2029 | &nbsp;&nbsp; 1380341<br> <sup>(d)</sup><br>|
| 2735000 | 9.00%, due 9/30/2029 | &nbsp;&nbsp; 2828920<br> <sup>(d)</sup><br>|
| 1900000 | 8.25%, due 6/30/2032 | &nbsp;&nbsp; 1996547<br> <sup>(d)</sup><br>|
| 810000 | 6.63%, due 8/15/2033 | &nbsp;&nbsp; 811856<br> <sup>(d)</sup><br>|
| 780000 | Ellucian Holdings, Inc., 6.50%, due 12/1/2029 | &nbsp;&nbsp; 789412<br> <sup>(d)</sup><br>|
| 1180000 | Fair Isaac Corp., 6.00%, due 5/15/2033 | &nbsp;&nbsp; 1201117<br> <sup>(d)</sup><br>|
|  | Oracle Corp. |  |
| 950000 | 1.65%, due 3/25/2026 | &nbsp;&nbsp; 940728 |
| 6565000 | 5.20%, due 9/26/2035 | &nbsp;&nbsp; 6465241 |
| 18583000 | 6.00%, due 8/3/2055 | &nbsp;&nbsp; 17774936 |
| 16835000 | 5.95%, due 9/26/2055 | &nbsp;&nbsp; 15961170 |
| 7335000 | Synopsys, Inc., 5.15%, due 4/1/2035 | &nbsp;&nbsp; 7450970 |

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Software – cont'd** | **Software – cont'd** | **Software – cont'd** |
| 940000 | TeamSystem SpA, 5.00%, due 7/1/2031 | &nbsp;&nbsp; $1096552<br> <sup>(m)</sup><br>|
| $4840000 | UKG, Inc., 6.88%, due 2/1/2031 | &nbsp;&nbsp; 4982093<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **68869709** |
| **Telecommunications 1.9%** | **Telecommunications 1.9%** | **Telecommunications 1.9%** |
|  | Altice France SA |  |
| 931050 | 4.75%, due 10/15/2030 | &nbsp;&nbsp; 1027565<br> <sup>(m)</sup><br>|
| $1074289 | 6.88%, due 10/15/2030 | &nbsp;&nbsp; 1050619<br> <sup>(d)</sup><br>|
| 3603297 | 5.50%, due 10/15/2031 | &nbsp;&nbsp; 4010895<br> <sup>(m)</sup><br>|
|  | AT&T, Inc. |  |
| $1470000 | 1.70%, due 3/25/2026 | &nbsp;&nbsp; 1455618 |
| 9115000 | 1.65%, due 2/1/2028 | &nbsp;&nbsp; 8640801 |
|  | Bell Telephone Co. of Canada or Bell Canada |  |
| 5315000 | 6.88%, due 9/15/2055 | &nbsp;&nbsp; 5546734<br> <sup>(k)</sup><br>|
| 2000000 | 7.00%, due 9/15/2055 | &nbsp;&nbsp; 2102084<br> <sup>(k)</sup><br>|
|  | British Telecommunications PLC |  |
| 1744000 | 5.13%, due 10/3/2054 | &nbsp;&nbsp; 2106398<br> <sup>(k)(m)</sup><br>|
| 1535000 | 8.38%, due 12/20/2083 | &nbsp;&nbsp; 2170402<br> <sup>(k)(m)</sup><br>|
| $2470000 | CommScope LLC, 9.50%, due 12/15/2031 | &nbsp;&nbsp; 2515970<br> <sup>(d)</sup><br>|
| 200000 | Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, due 8/1/2032 | &nbsp;&nbsp; 199099<br> <sup>(d)</sup><br>|
|  | EchoStar Corp. |  |
| 3105000 | 10.75%, due 11/30/2029 | &nbsp;&nbsp; 3418215 |
| 1588950 | 6.75% Cash/6.75% PIK, due 11/30/2030 | &nbsp;&nbsp; 1639653<br> <sup>(n)</sup><br>|
| 2300000 | Eutelsat SA, 2.25%, due 7/13/2027 | &nbsp;&nbsp; 2620660<br> <sup>(m)</sup><br>|
|  | Fibercop SpA |  |
| 897000 | 6.88%, due 2/15/2028 | &nbsp;&nbsp; 1105511<br> <sup>(m)</sup><br>|
| 2771000 | 7.88%, due 7/31/2028 | &nbsp;&nbsp; 3530875<br> <sup>(m)</sup><br>|
| 2422000 | 1.63%, due 1/18/2029 | &nbsp;&nbsp; 2625657 |
| $1380000 | 6.38%, due 11/15/2033 | &nbsp;&nbsp; 1361729<br> <sup>(d)</sup><br>|
| 830000 | 6.00%, due 9/30/2034 | &nbsp;&nbsp; 781700<br> <sup>(d)</sup><br>|
| 580000 | 7.20%, due 7/18/2036 | &nbsp;&nbsp; 586084<br> <sup>(d)</sup><br>|
|  | Iliad Holding SAS |  |
| 3210000 | 5.63%, due 10/15/2028 | &nbsp;&nbsp; 3754305<br> <sup>(m)</sup><br>|
| $720000 | 7.00%, due 10/15/2028 | &nbsp;&nbsp; 730729<br> <sup>(d)</sup><br>|
| 1420000 | 6.88%, due 4/15/2031 | &nbsp;&nbsp; 1753211<br> <sup>(m)</sup><br>|
| $655000 | 8.50%, due 4/15/2031 | &nbsp;&nbsp; 702989<br> <sup>(d)</sup><br>|
| 560000 | 7.00%, due 4/15/2032 | &nbsp;&nbsp; 573088<br> <sup>(d)</sup><br>|
| 1210000 | Koninklijke KPN NV, 6.00%, due 9/21/2027 | &nbsp;&nbsp; 1470497<br> <sup>(k)(l)(m)</sup><br>|
|  | Level 3 Financing, Inc. |  |
| $495000 | 4.88%, due 6/15/2029 | &nbsp;&nbsp; 473344<br> <sup>(d)</sup><br>|
| 225000 | 3.75%, due 7/15/2029 | &nbsp;&nbsp; 198563<br> <sup>(d)</sup><br>|
| 740000 | 4.50%, due 4/1/2030 | &nbsp;&nbsp; 683575<br> <sup>(d)</sup><br>|
| 830000 | 6.88%, due 6/30/2033 | &nbsp;&nbsp; 850158<br> <sup>(d)</sup><br>|
| 2730000 | 7.00%, due 3/31/2034 | &nbsp;&nbsp; 2804810<br> <sup>(d)</sup><br>|
| 6356000 | Lorca Telecom Bondco SA, 4.00%, due 9/18/2027 | &nbsp;&nbsp; 7331261<br> <sup>(m)</sup><br>|
| $480000 | Lumen Technologies, Inc., 4.50%, due 1/15/2029 | &nbsp;&nbsp; 444000<br> <sup>(d)</sup><br>|
| 200000 | NTT Finance Corp., (Secured Overnight Financing Rate + 1.08%), 5.36%, due 7/16/2028 | &nbsp;&nbsp; 202056<br> <sup>(d)(h)</sup><br>|
| 800000 | Odido Group Holding BV, 5.50%, due 1/15/2030 | &nbsp;&nbsp; 927192<br> <sup>(m)</sup><br>|
| 2720000 | Odido Holding BV, 3.75%, due 1/15/2029 | &nbsp;&nbsp; 3122087<br> <sup>(m)</sup><br>|
| $2105000 | Oztel Holdings SPC Ltd., 6.63%, due 4/24/2028 | &nbsp;&nbsp; 2207116<br> <sup>(d)</sup><br>|
| 1476000 | PLT VII Finance SARL, 6.00%, due 6/15/2031 | &nbsp;&nbsp; 1763904<br> <sup>(m)</sup><br>|
| 2600000 | Proximus SADP, 4.75%, due 7/2/2031 | &nbsp;&nbsp; 3062442<br> <sup>(k)(l)(m)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Telecommunications – cont'd** | **Telecommunications – cont'd** | **Telecommunications – cont'd** |
|  | Rogers Communications, Inc. |  |
| $6395000 | 7.00%, due 4/15/2055 | &nbsp;&nbsp; $6686347<br> <sup>(k)</sup><br>|
| 2220000 | 7.13%, due 4/15/2055 | &nbsp;&nbsp; 2376100<br> <sup>(k)</sup><br>|
|  | SoftBank Group Corp. |  |
| 1115000 | 5.25%, due 10/10/2029 | &nbsp;&nbsp; 1330738<br> <sup>(m)</sup><br>|
| 1460000 | 5.88%, due 7/10/2031 | &nbsp;&nbsp; 1775617<br> <sup>(m)</sup><br>|
| $610000 | 7.25%, due 7/10/2032 | &nbsp;&nbsp; 634704<br> <sup>(m)</sup><br>|
|  | Telecom Italia SpA |  |
| 1153000 | 6.88%, due 2/15/2028 | &nbsp;&nbsp; 1430389<br> <sup>(m)</sup><br>|
| 968000 | 7.88%, due 7/31/2028 | &nbsp;&nbsp; 1244743<br> <sup>(m)</sup><br>|
| 795000 | 1.63%, due 1/18/2029 | &nbsp;&nbsp; 878717<br> <sup>(m)</sup><br>|
|  | Telefonica Europe BV |  |
| 1800000 | 7.13%, due 8/23/2028 | &nbsp;&nbsp; 2273344<br> <sup>(k)(l)(m)</sup><br>|
| 1000000 | 6.14%, due 2/3/2030 | &nbsp;&nbsp; 1244622<br> <sup>(k)(l)(m)</sup><br>|
| 1800000 | 6.75%, due 6/7/2031 | &nbsp;&nbsp; 2328254<br> <sup>(k)(l)(m)</sup><br>|
| 3200000 | 5.75%, due 1/15/2032 | &nbsp;&nbsp; 3934020<br> <sup>(k)(l)(m)</sup><br>|
| 600000 | 2.88%, due 6/24/2027 | &nbsp;&nbsp; 682879<br> <sup>(k)(l)(m)</sup><br>|
| $885000 | T-Mobile USA, Inc., 2.63%, due 4/15/2026 | &nbsp;&nbsp; 879752 |
| 200000 | Veon Midco BV, 3.38%, due 11/25/2027 | &nbsp;&nbsp; 187287<br> <sup>(m)</sup><br>|
|  | Verizon Communications, Inc. |  |
| 180000 | 1.45%, due 3/20/2026 | &nbsp;&nbsp; 178099 |
| 100000 | 3.75%, due 2/28/2036 | &nbsp;&nbsp; 116145 |
| $183055 | VF Ukraine PAT via VFU Funding PLC, 9.63%, due 2/11/2027 | &nbsp;&nbsp; 175711<br> <sup>(m)</sup><br>|
|  | Vmed O2 U.K. Financing I PLC |  |
| 3281000 | 4.50%, due 7/15/2031 | &nbsp;&nbsp; 3902051<br> <sup>(m)</sup><br>|
| 1470000 | 5.63%, due 4/15/2032 | &nbsp;&nbsp; 1725185<br> <sup>(m)</sup><br>|
|  | Vodafone Group PLC |  |
| $3715000 | 5.75%, due 6/28/2054 | &nbsp;&nbsp; 3645695 |
| 1076000 | 4.20%, due 10/3/2078 | &nbsp;&nbsp; 1278085<br> <sup>(k)(m)</sup><br>|
| 4501000 | 3.00%, due 8/27/2080 | &nbsp;&nbsp; 5022560<br> <sup>(k)(m)</sup><br>|
| 4300000 | 6.50%, due 8/30/2084 | &nbsp;&nbsp; 5422999<br> <sup>(k)(m)</sup><br>|
| $680000 | Windstream Services LLC, 7.50%, due 10/15/2033 | &nbsp;&nbsp; 678769<br> <sup>(d)</sup><br>|
| 2410000 | Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, due 10/1/2031 | &nbsp;&nbsp; 2460962<br> <sup>(d)</sup><br>|
| 893284 | Zayo Group Holdings, Inc., 9.25%, due 3/9/2030 | &nbsp;&nbsp; 849370<br> <sup>(d)</sup><br>|
| 1402200 | Zegona Finance PLC, 6.75%, due 7/15/2029 | &nbsp;&nbsp; 1707168<br> <sup>(m)</sup><br>|
|  |  | &nbsp;&nbsp; **136601908** |
| **Transportation 0.2%** | **Transportation 0.2%** | **Transportation 0.2%** |
| 2616000 | CMA CGM SA, 5.00%, due 1/15/2031 | &nbsp;&nbsp; 3076061<br> <sup>(m)</sup><br>|
| 1503000 | Edge Finco PLC, 8.13%, due 8/15/2031 | &nbsp;&nbsp; 2091590<br> <sup>(m)</sup><br>|
| 100000 | FedEx Corp., 4.13%, due 7/30/2037 | &nbsp;&nbsp; 115774 |
| 100000 | Mobico Group PLC, 4.88%, due 9/26/2031 | &nbsp;&nbsp; 88577<br> <sup>(m)</sup><br>|
| $450377 | MV24 Capital BV, 6.75%, due 6/1/2034 | &nbsp;&nbsp; 445752<br> <sup>(d)</sup><br>|
| 4830000 | XPO, Inc., 7.13%, due 2/1/2032 | &nbsp;&nbsp; 5079228<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **10896982** |
| **Trucking & Leasing 0.0%**<sup>‡</sup> | **Trucking & Leasing 0.0%**<sup>‡</sup> | **Trucking & Leasing 0.0%**<sup>‡</sup> |
| 1235000 | FTAI Aviation Investors LLC, 7.00%, due 6/15/2032 | &nbsp;&nbsp; **1293500**<br> <sup>(d)</sup><br>|
| **Water 0.2%** | **Water 0.2%** | **Water 0.2%** |
| 2735000 | Holding d'Infrastructures des Metiers de l'Environnement SAS, 4.88%, due 10/24/2029 | &nbsp;&nbsp; 3278834<br> <sup>(m)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Water – cont'd** | **Water – cont'd** | **Water – cont'd** |
|  | Veolia Environnement SA |  |
| 3800000 | 2.25%, due 1/20/2026 | &nbsp;&nbsp; $4371050<br> <sup>(k)(l)(m)</sup><br>|
| 3000000 | 5.99%, due 11/22/2028 | &nbsp;&nbsp; 3700427<br> <sup>(k)(l)(m)</sup><br>|
| 1100000 | 2.50%, due 1/20/2029 | &nbsp;&nbsp; 1223450<br> <sup>(k)(l)(m)</sup><br>|
| 700000 | 4.37%, due 5/20/2030 | &nbsp;&nbsp; 829118<br> <sup>(k)(l)(m)</sup><br>|
|  |  | &nbsp;&nbsp; **13402879** |
| **Total Corporate Bonds (Cost $2,262,442,690)** | **Total Corporate Bonds (Cost $2,262,442,690)** | &nbsp;&nbsp; **2311013579** |
| **Loan Assignments 0.4%** | **Loan Assignments 0.4%** | **Loan Assignments 0.4%** |
| **Capital Markets 0.1%** | **Capital Markets 0.1%** | **Capital Markets 0.1%** |
| $3970000 | &nbsp;&nbsp; Guggenheim Partners LLC, Term Loan B, (3 mo. USD Term SOFR + 2.50%), 6.50%, due <br> 11/26/2031<br>| &nbsp;&nbsp; **3982426** |
| **Diversified Telecommunication Services 0.1%** | **Diversified Telecommunication Services 0.1%** | **Diversified Telecommunication Services 0.1%** |
| 5994916 | &nbsp;&nbsp; CommScope, Inc., Term Loan, (1 mo. USD Term SOFR + 4.75%), 8.71%, due <br> 12/17/2029<br>| &nbsp;&nbsp; 6042156 |
| 1100000 | Zayo Group Holdings, Inc., Term Loan, (USD Term SOFR), due 3/11/2030 | &nbsp;&nbsp; 1050159<br> <sup>(f)(q)</sup><br>|
|  |  | &nbsp;&nbsp; **7092315** |
| **Entertainment 0.0%**<sup>‡</sup> | **Entertainment 0.0%**<sup>‡</sup> | **Entertainment 0.0%**<sup>‡</sup> |
| 3970050 | &nbsp;&nbsp; TKO Worldwide Holdings, LLC, Term Loan, (3 mo. USD Term SOFR + 2.00%), 6.04%, <br> due 11/21/2031<br>| &nbsp;&nbsp; **3978070** |
| **Machinery 0.1%** | **Machinery 0.1%** | **Machinery 0.1%** |
| 6441325 | &nbsp;&nbsp; EMRLD Borrower LP, Term Loan B, (6 mo. USD Term SOFR + 2.50%), 6.12%, due <br> 8/4/2031<br>| &nbsp;&nbsp; **6414078** |
| **Media 0.1%** | **Media 0.1%** | **Media 0.1%** |
| 4764000 | &nbsp;&nbsp; Charter Communications Operating LLC, Term Loan B5, (3 mo. USD Term SOFR + <br> 2.25%), 6.24%, due 12/15/2031<br>| &nbsp;&nbsp; **4753186** |
| **Oil, Gas & Consumable Fuels 0.0%**<sup>‡</sup> | **Oil, Gas & Consumable Fuels 0.0%**<sup>‡</sup> | **Oil, Gas & Consumable Fuels 0.0%**<sup>‡</sup> |
| 3878093 | New Fortress Energy, Inc., Term Loan B, (3 mo. USD Term SOFR), due 10/30/2028 | &nbsp;&nbsp; **1731995** |
| **Total Loan Assignments (Cost $28,313,865)** | **Total Loan Assignments (Cost $28,313,865)** | &nbsp;&nbsp; **27952070** |
| **Foreign Government Securities 4.5%** | **Foreign Government Securities 4.5%** | **Foreign Government Securities 4.5%** |
|  | Angolan Government International Bonds |  |
| 200000 | 9.50%, due 11/12/2025 | &nbsp;&nbsp; 199961<br> <sup>(m)</sup><br>|
| 2105000 | 8.00%, due 11/26/2029 | &nbsp;&nbsp; 2012389<br> <sup>(d)</sup><br>|
| 760000 | 8.75%, due 4/14/2032 | &nbsp;&nbsp; 712479<br> <sup>(d)</sup><br>|
| 3740000 | 9.38%, due 5/8/2048 | &nbsp;&nbsp; 3209200<br> <sup>(d)</sup><br>|
| 1990000 | 9.13%, due 11/26/2049 | &nbsp;&nbsp; 1670176<br> <sup>(d)</sup><br>|
|  | Argentine Republic Government International Bonds |  |
| 276786 | 1.00%, due 7/9/2029 | &nbsp;&nbsp; 235406 |
| 3484752 | 0.75%, due 7/9/2030 | &nbsp;&nbsp; 2848785<br> <sup>(o)</sup><br>|
| 6750000 | 4.13%, due 7/9/2035 | &nbsp;&nbsp; 4728375<br> <sup>(o)</sup><br>|
|  | Autonomous Community of Catalonia |  |
| 4000000 | 5.48%, due 5/11/2029 | &nbsp;&nbsp; 5349910 |
| 8000000 | 5.64%, due 2/15/2033 | &nbsp;&nbsp; 10315757<br> <sup>(m)</sup><br>|
|  | Autonomous Community of Madrid |  |
| 4000000 | 3.60%, due 4/30/2033 | &nbsp;&nbsp; 4810017<br> <sup>(m)</sup><br>|
| 90000 | 3.46%, due 4/30/2034 | &nbsp;&nbsp; 106951<br> <sup>(m)</sup><br>|
| $200000 | Baiterek National Managing Holding JSC, 5.45%, due 5/8/2028 | &nbsp;&nbsp; 203734<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** |
|  | Bank Gospodarstwa Krajowego |  |
| 150000 | 5.13%, due 2/22/2033 | &nbsp;&nbsp; $193276<br> <sup>(m)</sup><br>|
| 100000 | 4.25%, due 3/18/2037 | &nbsp;&nbsp; 118533<br> <sup>(m)</sup><br>|
| 123000 | 4.38%, due 3/13/2039 | &nbsp;&nbsp; 144635<br> <sup>(m)</sup><br>|
| 100000 | Banque et Caisse d'Epargne de l'Etat, 3.25%, due 3/19/2031 | &nbsp;&nbsp; 117315<br> <sup>(k)(m)</sup><br>|
| $500000 | Bermuda Government International Bonds, 3.72%, due 1/25/2027 | &nbsp;&nbsp; 494560<br> <sup>(m)</sup><br>|
| 430000 | BNG Bank NV, 2.50%, due 5/21/2030 | &nbsp;&nbsp; 495684<br> <sup>(m)</sup><br>|
|  | Brazil Government International Bonds |  |
| $200000 | 5.50%, due 11/6/2030 | &nbsp;&nbsp; 204130 |
| 2000000 | 6.13%, due 1/22/2032 | &nbsp;&nbsp; 2079000 |
| 1250000 | 6.00%, due 10/20/2033 | &nbsp;&nbsp; 1278125 |
| 800000 | 7.13%, due 5/13/2054 | &nbsp;&nbsp; 810400 |
| 2720000 | 7.25%, due 1/12/2056 | &nbsp;&nbsp; 2750872 |
|  | Brazil Notas do Tesouro Nacional |  |
| 6105000 | 10.00%, due 1/1/2029 | &nbsp;&nbsp; 1050601 |
| 6760000 | 10.00%, due 1/1/2031 | &nbsp;&nbsp; 1106016 |
| 2000000 | 10.00%, due 1/1/2033 | &nbsp;&nbsp; 314130 |
| 62020000 | 10.00%, due 1/1/2035 | &nbsp;&nbsp; 9446758 |
|  | Bulgaria Government International Bonds |  |
| 60000 | 3.63%, due 9/5/2032 | &nbsp;&nbsp; 71508<br> <sup>(m)</sup><br>|
| 90000 | 3.50%, due 5/7/2034 | &nbsp;&nbsp; 105047<br> <sup>(m)</sup><br>|
| 90000 | 3.38%, due 7/18/2035 | &nbsp;&nbsp; 103013<br> <sup>(m)</sup><br>|
| 113000 | 4.88%, due 5/13/2036 | &nbsp;&nbsp; 144945<br> <sup>(m)</sup><br>|
| 73000 | 4.13%, due 5/7/2038 | &nbsp;&nbsp; 86073<br> <sup>(m)</sup><br>|
|  | Bundesrepublik Deutschland Bundesanleihe |  |
| 386218 | 0.00%, due 8/15/2031 | &nbsp;&nbsp; 391115<br> <sup>(m)</sup><br>|
| 295000 | 0.00%, due 2/15/2032 | &nbsp;&nbsp; 294199<br> <sup>(m)</sup><br>|
| 43000 | 4.75%, due 7/4/2034 | &nbsp;&nbsp; 58098<br> <sup>(m)</sup><br>|
| 130000 | 1.00%, due 5/15/2038 | &nbsp;&nbsp; 120759<br> <sup>(m)</sup><br>|
| 136900 | 2.50%, due 8/15/2046 | &nbsp;&nbsp; 143287<br> <sup>(m)</sup><br>|
| 171000 | 1.25%, due 8/15/2048 | &nbsp;&nbsp; 136674<br> <sup>(m)</sup><br>|
| 300000 | Cassa Depositi e Prestiti SpA, 2.00%, due 4/20/2027 | &nbsp;&nbsp; 344413<br> <sup>(m)</sup><br>|
|  | Colombia Government International Bonds |  |
| 100000 | 3.88%, due 3/22/2026 | &nbsp;&nbsp; 115172 |
| $576000 | 7.38%, due 4/25/2030 | &nbsp;&nbsp; 616522 |
| 400000 | 7.50%, due 2/2/2034 | &nbsp;&nbsp; 423980 |
| 1510000 | 8.00%, due 11/14/2035 | &nbsp;&nbsp; 1645900 |
| 760000 | 8.38%, due 11/7/2054 | &nbsp;&nbsp; 836570 |
|  | Colombian TES |  |
| 10451500000 | 7.00%, due 6/30/2032 | &nbsp;&nbsp; 2150319 |
| 1270000000 | 13.25%, due 2/9/2033 | &nbsp;&nbsp; 353284 |
| 11830100000 | 7.25%, due 10/18/2034 | &nbsp;&nbsp; 2357709 |
|  | Costa Rica Government International Bonds |  |
| $4700000 | 6.55%, due 4/3/2034 | &nbsp;&nbsp; 5077927<br> <sup>(d)</sup><br>|
| 1625000 | 7.16%, due 3/12/2045 | &nbsp;&nbsp; 1780187<br> <sup>(m)</sup><br>|
| 100000 | Croatia Government International Bonds, 3.25%, due 2/11/2037 | &nbsp;&nbsp; 113726<br> <sup>(m)</sup><br>|
| 120000 | Denmark Government International Bonds, 2.25%, due 10/2/2026 | &nbsp;&nbsp; 138596<br> <sup>(m)</sup><br>|
| $400000 | Development Bank of Mongolia LLC, 8.50%, due 7/3/2028 | &nbsp;&nbsp; 409007<br> <sup>(m)</sup><br>|
|  | Dominican Republic International Bonds |  |
| 233333 | 8.63%, due 4/20/2027 | &nbsp;&nbsp; 241780<br> <sup>(m)</sup><br>|
| 1395000 | 7.05%, due 2/3/2031 | &nbsp;&nbsp; 1500462<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** |
| $3210000 | 6.95%, due 3/15/2037 | &nbsp;&nbsp; $3423946<br> <sup>(d)</sup><br>|
| 2420000 | 6.85%, due 1/27/2045 | &nbsp;&nbsp; 2528416<br> <sup>(d)</sup><br>|
| 2155000 | 7.15%, due 2/24/2055 | &nbsp;&nbsp; 2322767<br> <sup>(d)</sup><br>|
| 8595000 | Eagle Funding Luxco SARL, 5.50%, due 8/17/2030 | &nbsp;&nbsp; 8731660<br> <sup>(d)</sup><br>|
|  | Ecuador Government International Bonds |  |
| 753147 | 6.90%, due 7/31/2030 | &nbsp;&nbsp; 686117<br> <sup>(d)</sup><br>|
| 400000 | 6.90%, due 7/31/2030 | &nbsp;&nbsp; 364400<br> <sup>(m)</sup><br>|
| 1090328 | 6.90%, due 7/31/2035 | &nbsp;&nbsp; 834101<br> <sup>(d)</sup><br>|
|  | Egypt Government International Bonds |  |
| 320000 | 8.63%, due 2/4/2030 | &nbsp;&nbsp; 342662<br> <sup>(m)</sup><br>|
| 3765000 | 8.50%, due 1/31/2047 | &nbsp;&nbsp; 3474065<br> <sup>(d)</sup><br>|
| 1055000 | 8.88%, due 5/29/2050 | &nbsp;&nbsp; 997426<br> <sup>(d)</sup><br>|
|  | El Salvador Government International Bonds |  |
| 251000 | 8.63%, due 2/28/2029 | &nbsp;&nbsp; 267315<br> <sup>(m)</sup><br>|
| 160000 | 0.25%, due 4/17/2030 | &nbsp;&nbsp; 3984<br> <sup>(d)</sup><br>|
| 160000 | 9.25%, due 4/17/2030 | &nbsp;&nbsp; 174000<br> <sup>(d)</sup><br>|
| 345000 | 9.50%, due 7/15/2052 | &nbsp;&nbsp; 379728<br> <sup>(d)</sup><br>|
| 100000 | Estonia Government International Bonds, 3.25%, due 1/17/2034 | &nbsp;&nbsp; 115328<br> <sup>(m)</sup><br>|
|  | European Union |  |
| 230000 | 2.00%, due 10/4/2027 | &nbsp;&nbsp; 264699<br> <sup>(m)</sup><br>|
| 350000 | 2.63%, due 7/4/2028 | &nbsp;&nbsp; 407867<br> <sup>(m)</sup><br>|
| 240000 | 3.13%, due 12/4/2030 | &nbsp;&nbsp; 284934<br> <sup>(m)</sup><br>|
| 180000 | 2.50%, due 12/4/2031 | &nbsp;&nbsp; 206034<br> <sup>(m)</sup><br>|
| 81000 | 2.75%, due 12/13/2032 | &nbsp;&nbsp; 93351<br> <sup>(m)</sup><br>|
| 60000 | 3.38%, due 10/4/2039 | &nbsp;&nbsp; 68684<br> <sup>(m)</sup><br>|
| 85000 | 3.75%, due 10/12/2045 | &nbsp;&nbsp; 98092<br> <sup>(m)</sup><br>|
|  | French Republic Government Bonds OAT |  |
| 447142 | 1.25%, due 5/25/2038 | &nbsp;&nbsp; 390856<br> <sup>(m)</sup><br>|
| 1391000 | 1.50%, due 5/25/2050 | &nbsp;&nbsp; 952654<br> <sup>(m)</sup><br>|
| 47300 | 1.75%, due 5/25/2066 | &nbsp;&nbsp; 27953<br> <sup>(m)</sup><br>|
| 167076 | French Republic Government Bonds OAT, Inflation-Linked, 0.60%, due 7/25/2034 | &nbsp;&nbsp; 180916<br> <sup>(c)(m)</sup><br>|
|  | Ghana Government International Bonds |  |
| $3200 | 0.00%, due 7/3/2026 | &nbsp;&nbsp; 3104<br> <sup>(d)</sup><br>|
| 48400 | 5.00%, due 7/3/2029 | &nbsp;&nbsp; 47069<br> <sup>(d)(o)</sup><br>|
| 200000 | 5.00%, due 7/3/2029 | &nbsp;&nbsp; 194474<br> <sup>(m)(o)</sup><br>|
| 8368 | 0.00%, due 1/3/2030 | &nbsp;&nbsp; 7220<br> <sup>(d)</sup><br>|
| 69600 | 5.00%, due 7/3/2035 | &nbsp;&nbsp; 59898<br> <sup>(d)(o)</sup><br>|
|  | Guatemala Government Bonds |  |
| 200000 | 5.25%, due 8/10/2029 | &nbsp;&nbsp; 202500<br> <sup>(m)</sup><br>|
| 1150000 | 6.88%, due 8/15/2055 | &nbsp;&nbsp; 1238159<br> <sup>(d)</sup><br>|
|  | Hellenic Republic Government Bonds |  |
| 79000 | 3.38%, due 6/15/2034 | &nbsp;&nbsp; 92737<br> <sup>(m)</sup><br>|
| 346000 | 4.38%, due 7/18/2038 | &nbsp;&nbsp; 432845<br> <sup>(m)</sup><br>|
|  | Hungary Government Bonds |  |
| 1661870000 | 3.25%, due 10/22/2031 | &nbsp;&nbsp; 4193592 |
| 1152720000 | 2.25%, due 6/22/2034 | &nbsp;&nbsp; 2429954 |
|  | Hungary Government International Bonds |  |
| $1910000 | 5.50%, due 3/26/2036 | &nbsp;&nbsp; 1928195<br> <sup>(d)</sup><br>|
| 85000 | 4.88%, due 3/22/2040 | &nbsp;&nbsp; 100402<br> <sup>(m)</sup><br>|
| $4000000 | Indonesia Government International Bonds, 4.63%, due 4/15/2043 | &nbsp;&nbsp; 3760627<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** |
|  | Indonesia Treasury Bonds |  |
| 26460000000 | 7.00%, due 9/15/2030 | &nbsp;&nbsp; $1687202 |
| 23174000000 | 7.00%, due 2/15/2033 | &nbsp;&nbsp; 1466452 |
| 72989000000 | 6.63%, due 2/15/2034 | &nbsp;&nbsp; 4539663 |
| 23389000000 | 6.75%, due 7/15/2035 | &nbsp;&nbsp; 1473632 |
|  | Italy Buoni Poliennali Del Tesoro |  |
| 337000 | 3.45%, due 7/15/2027 | &nbsp;&nbsp; 397031<br> <sup>(m)</sup><br>|
| 90000 | 0.95%, due 9/15/2027 | &nbsp;&nbsp; 101639<br> <sup>(m)</sup><br>|
| 130000 | 2.70%, due 10/15/2027 | &nbsp;&nbsp; 151410<br> <sup>(m)</sup><br>|
| 92000 | 2.35%, due 1/15/2029 | &nbsp;&nbsp; 105999<br> <sup>(m)</sup><br>|
| 140000 | 3.25%, due 11/15/2032 | &nbsp;&nbsp; 164057<br> <sup>(m)</sup><br>|
| 211000 | 3.85%, due 2/1/2035 | &nbsp;&nbsp; 254482<br> <sup>(m)</sup><br>|
| 91000 | 3.65%, due 8/1/2035 | &nbsp;&nbsp; 107700<br> <sup>(m)</sup><br>|
| 209000 | 1.45%, due 3/1/2036 | &nbsp;&nbsp; 200756<br> <sup>(m)</sup><br>|
| 109000 | 4.05%, due 10/30/2037 | &nbsp;&nbsp; 132059<br> <sup>(m)</sup><br>|
| 340000 | 4.15%, due 10/1/2039 | &nbsp;&nbsp; 410932<br> <sup>(m)</sup><br>|
| 666000 | 3.85%, due 10/1/2040 | &nbsp;&nbsp; 773269<br> <sup>(m)</sup><br>|
| 243000 | 1.80%, due 3/1/2041 | &nbsp;&nbsp; 215859<br> <sup>(m)</sup><br>|
| 79000 | 4.65%, due 10/1/2055 | &nbsp;&nbsp; 96847<br> <sup>(m)</sup><br>|
|  | Italy Buoni Poliennali Del Tesoro, Inflation-Linked |  |
| 76177 | 2.00%, due 3/14/2028 | &nbsp;&nbsp; 89651<br> <sup>(c)(m)</sup><br>|
| 117193 | 1.50%, due 5/15/2029 | &nbsp;&nbsp; 138336<br> <sup>(c)(m)</sup><br>|
|  | Ivory Coast Government International Bonds |  |
| 800000 | 5.25%, due 3/22/2030 | &nbsp;&nbsp; 925758<br> <sup>(m)</sup><br>|
| 100000 | 5.88%, due 10/17/2031 | &nbsp;&nbsp; 116149<br> <sup>(m)</sup><br>|
| $80450 | 5.75%, due 12/31/2032 | &nbsp;&nbsp; 80478<br> <sup>(m)</sup><br>|
| 3715000 | 6.13%, due 6/15/2033 | &nbsp;&nbsp; 3605787<br> <sup>(d)</sup><br>|
| 1335000 | 8.08%, due 4/1/2036 | &nbsp;&nbsp; 1405674<br> <sup>(d)</sup><br>|
| 330000 | 8.25%, due 1/30/2037 | &nbsp;&nbsp; 350493<br> <sup>(d)</sup><br>|
| 3675800000 | Japan Government Thirty Year Bonds, 3.20%, due 9/20/2055 | &nbsp;&nbsp; 24439240 |
| 9880000 | Kazakhstan Government International Bonds, 5.50%, due 7/1/2037 | &nbsp;&nbsp; 10083945<br> <sup>(d)</sup><br>|
|  | Kingdom of Belgium Government Bonds |  |
| 58200 | 3.10%, due 6/22/2035 | &nbsp;&nbsp; 66677<br> <sup>(m)</sup><br>|
| 172097 | 1.45%, due 6/22/2037 | &nbsp;&nbsp; 162009<br> <sup>(m)</sup><br>|
| 50000 | 3.45%, due 6/22/2042 | &nbsp;&nbsp; 55637<br> <sup>(m)</sup><br>|
| 112000 | Kommunekredit, 0.88%, due 11/3/2036 | &nbsp;&nbsp; 102180<br> <sup>(m)</sup><br>|
| $200000 | Korea Electric Power Corp., 5.38%, due 7/31/2026 | &nbsp;&nbsp; 201825<br> <sup>(d)</sup><br>|
| 400000 | Korea Housing Finance Corp., 4.63%, due 2/24/2028 | &nbsp;&nbsp; 405305<br> <sup>(d)</sup><br>|
| 200000 | Korea Hydro & Nuclear Power Co. Ltd., 5.00%, due 7/18/2028 | &nbsp;&nbsp; 204613<br> <sup>(d)</sup><br>|
| 322000 | Korea National Oil Corp., 4.00%, due 9/29/2028 | &nbsp;&nbsp; 320895<br> <sup>(d)</sup><br>|
|  | Latvia Government International Bonds |  |
| 108000 | 2.88%, due 5/21/2030 | &nbsp;&nbsp; 124890<br> <sup>(m)</sup><br>|
| 123000 | 3.50%, due 10/2/2035 | &nbsp;&nbsp; 141899<br> <sup>(m)</sup><br>|
| 37000 | Lithuania Government International Bonds, 3.50%, due 2/13/2034 | &nbsp;&nbsp; 43302<br> <sup>(m)</sup><br>|
|  | Mexico Bonos |  |
| 6350000 | 8.50%, due 5/31/2029 | &nbsp;&nbsp; 347665 |
| 56380000 | 7.75%, due 5/29/2031 | &nbsp;&nbsp; 2958823 |
| 613550000 | 7.75%, due 11/23/2034 | &nbsp;&nbsp; 31113922 |
|  | Mexico Government International Bonds |  |
| $2550000 | 5.38%, due 3/22/2033 | &nbsp;&nbsp; 2547960 |
| 1750000 | 6.00%, due 5/7/2036 | &nbsp;&nbsp; 1790775 |

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** |
| $2270000 | 6.34%, due 5/4/2053 | &nbsp;&nbsp; $2252407 |
| 1160000 | 6.40%, due 5/7/2054 | &nbsp;&nbsp; 1159925 |
| 1560000 | 7.38%, due 5/13/2055 | &nbsp;&nbsp; 1750074 |
|  | MFB Magyar Fejlesztesi Bank Zrt |  |
| 200000 | 6.50%, due 6/29/2028 | &nbsp;&nbsp; 210090<br> <sup>(m)</sup><br>|
| 100000 | 4.38%, due 6/27/2030 | &nbsp;&nbsp; 119367<br> <sup>(m)</sup><br>|
| $8200000 | Morocco Government International Bonds, 6.50%, due 9/8/2033 | &nbsp;&nbsp; 8974616<br> <sup>(d)</sup><br>|
|  | Netherlands Government Bonds |  |
| 263397 | 0.00%, due 7/15/2030 | &nbsp;&nbsp; 272722<br> <sup>(m)</sup><br>|
| 255658 | 0.00%, due 7/15/2031 | &nbsp;&nbsp; 257118<br> <sup>(m)</sup><br>|
| 350633 | 4.00%, due 1/15/2037 | &nbsp;&nbsp; 446893<br> <sup>(m)</sup><br>|
| 125000 | 3.50%, due 1/15/2056 | &nbsp;&nbsp; 148021<br> <sup>(m)</sup><br>|
|  | Nigeria Government International Bonds |  |
| $200000 | 8.38%, due 3/24/2029 | &nbsp;&nbsp; 207504<br> <sup>(m)</sup><br>|
| 1460000 | 8.25%, due 9/28/2051 | &nbsp;&nbsp; 1352722<br> <sup>(d)</sup><br>|
|  | Oman Government International Bonds |  |
| 5105000 | 6.25%, due 1/25/2031 | &nbsp;&nbsp; 5521177<br> <sup>(d)</sup><br>|
| 935000 | 6.50%, due 3/8/2047 | &nbsp;&nbsp; 1026449<br> <sup>(d)</sup><br>|
| 1745000 | 7.00%, due 1/25/2051 | &nbsp;&nbsp; 2013009<br> <sup>(d)</sup><br>|
|  | Panama Government International Bonds |  |
| 100000 | 8.88%, due 9/30/2027 | &nbsp;&nbsp; 107455 |
| 160000 | 9.38%, due 4/1/2029 | &nbsp;&nbsp; 181824 |
| 780000 | 7.50%, due 3/1/2031 | &nbsp;&nbsp; 863460 |
| 1675000 | 2.25%, due 9/29/2032 | &nbsp;&nbsp; 1373667 |
| 4985000 | 6.40%, due 2/14/2035 | &nbsp;&nbsp; 5236493 |
| 1655000 | Paraguay Government International Bonds, 5.40%, due 3/30/2050 | &nbsp;&nbsp; 1537594<br> <sup>(d)</sup><br>|
|  | Peru Government Bonds |  |
| 20854000 | 6.15%, due 8/12/2032 | &nbsp;&nbsp; 6551625 |
| 717000 | 5.40%, due 8/12/2034 | &nbsp;&nbsp; 206883 |
| 9333000 | Peruvian Government International Bonds, 6.90%, due 8/12/2037 | &nbsp;&nbsp; 2885360<br> <sup>(m)</sup><br>|
|  | Portugal Obrigacoes do Tesouro OT |  |
| 82000 | 1.95%, due 6/15/2029 | &nbsp;&nbsp; 93934<br> <sup>(m)</sup><br>|
| 143000 | 1.65%, due 7/16/2032 | &nbsp;&nbsp; 155134<br> <sup>(m)</sup><br>|
| 127000 | 2.88%, due 10/14/2033 | &nbsp;&nbsp; 147088<br> <sup>(m)</sup><br>|
| 31000 | 3.63%, due 6/12/2054 | &nbsp;&nbsp; 34347<br> <sup>(m)</sup><br>|
| $1320000 | Province of Alberta, 4.30%, due 11/2/2035 | &nbsp;&nbsp; 1319324<br> <sup>(i)</sup><br>|
| 1270000 | Qatar Government International Bonds, 4.40%, due 4/16/2050 | &nbsp;&nbsp; 1155199<br> <sup>(d)</sup><br>|
|  | Region Wallonne Belgium |  |
| 700000 | 3.00%, due 12/6/2030 | &nbsp;&nbsp; 812042<br> <sup>(m)</sup><br>|
| 200000 | 3.13%, due 6/22/2032 | &nbsp;&nbsp; 230016<br> <sup>(m)</sup><br>|
| 353000 | Republic of Austria Government Bonds, 0.90%, due 2/20/2032 | &nbsp;&nbsp; 366802<br> <sup>(m)</sup><br>|
|  | Republic of Poland Government Bonds |  |
| 3026000 | 4.75%, due 7/25/2029 | &nbsp;&nbsp; 825811 |
| 14657000 | 6.00%, due 10/25/2033 | &nbsp;&nbsp; 4194224 |
| 6376000 | 5.00%, due 10/25/2034 | &nbsp;&nbsp; 1698972 |
|  | Republic of Poland Government International Bonds |  |
| $95000 | 4.63%, due 3/18/2029 | &nbsp;&nbsp; 96907 |
| 125000 | 3.13%, due 7/7/2032 | &nbsp;&nbsp; 144719<br> <sup>(m)</sup><br>|
| 90000 | 3.88%, due 7/7/2037 | &nbsp;&nbsp; 104498<br> <sup>(m)</sup><br>|
|  | Republic of South Africa Government Bonds |  |
| 24241794 | 8.00%, due 1/31/2030 | &nbsp;&nbsp; 1416381 |

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** |
| 26204993 | 8.25%, due 3/31/2032 | &nbsp;&nbsp; $1504269 |
| 35638725 | 8.88%, due 2/28/2035 | &nbsp;&nbsp; 2050731 |
| 9479631 | 8.50%, due 1/31/2037 | &nbsp;&nbsp; 514254 |
|  | Republic of South Africa Government International Bonds |  |
| $1140000 | 7.10%, due 11/19/2036 | &nbsp;&nbsp; 1226027<br> <sup>(d)</sup><br>|
| 1680000 | 5.65%, due 9/27/2047 | &nbsp;&nbsp; 1419453 |
| 880000 | 5.75%, due 9/30/2049 | &nbsp;&nbsp; 743517 |
| 4170000 | 7.95%, due 11/19/2054 | &nbsp;&nbsp; 4459089<br> <sup>(d)</sup><br>|
|  | Romania Government Bonds |  |
| 7860000 | 4.85%, due 7/25/2029 | &nbsp;&nbsp; 1661404 |
| 18715000 | 8.25%, due 9/29/2032 | &nbsp;&nbsp; 4525425 |
| 3480000 | 7.10%, due 7/31/2034 | &nbsp;&nbsp; 794280 |
| 395000 | 4.75%, due 10/11/2034 | &nbsp;&nbsp; 76807 |
|  | Romania Government International Bonds |  |
| $234000 | 3.00%, due 2/27/2027 | &nbsp;&nbsp; 229647<br> <sup>(m)</sup><br>|
| 50000 | 2.88%, due 5/26/2028 | &nbsp;&nbsp; 57212<br> <sup>(m)</sup><br>|
| $390000 | 5.88%, due 1/30/2029 | &nbsp;&nbsp; 401271<br> <sup>(m)</sup><br>|
| 320000 | 6.63%, due 9/27/2029 | &nbsp;&nbsp; 404102<br> <sup>(m)</sup><br>|
| $1530000 | 5.75%, due 9/16/2030 | &nbsp;&nbsp; 1564861<br> <sup>(d)</sup><br>|
| 3630000 | 3.00%, due 2/14/2031 | &nbsp;&nbsp; 3259063<br> <sup>(m)</sup><br>|
| 270000 | 5.38%, due 3/22/2031 | &nbsp;&nbsp; 322069<br> <sup>(m)</sup><br>|
| 176000 | 6.38%, due 9/18/2033 | &nbsp;&nbsp; 216665<br> <sup>(m)</sup><br>|
| $580000 | 6.63%, due 5/16/2036 | &nbsp;&nbsp; 596407<br> <sup>(d)</sup><br>|
| 255000 | 6.75%, due 7/11/2039 | &nbsp;&nbsp; 305661<br> <sup>(m)</sup><br>|
| 65000 | 6.50%, due 10/7/2045 | &nbsp;&nbsp; 74253<br> <sup>(m)</sup><br>|
|  | Saudi Government International Bonds |  |
| $2285000 | 5.63%, due 1/13/2035 | &nbsp;&nbsp; 2446850<br> <sup>(d)</sup><br>|
| 3995000 | 3.25%, due 11/17/2051 | &nbsp;&nbsp; 2745805<br> <sup>(d)</sup><br>|
| 1095000 | 3.75%, due 1/21/2055 | &nbsp;&nbsp; 808010<br> <sup>(d)</sup><br>|
| 2820000 | Serbia International Bonds, 6.00%, due 6/12/2034 | &nbsp;&nbsp; 2961470<br> <sup>(d)</sup><br>|
|  | Slovakia Government Bonds |  |
| 200000 | 3.63%, due 11/4/2037 | &nbsp;&nbsp; 229197<br> <sup>(i)(m)</sup><br>|
| 123000 | 3.75%, due 2/27/2040 | &nbsp;&nbsp; 140311<br> <sup>(m)</sup><br>|
|  | Spain Government Bonds |  |
| 910000 | 1.45%, due 10/31/2027 | &nbsp;&nbsp; 1037078<br> <sup>(m)</sup><br>|
| 310000 | 3.15%, due 4/30/2033 | &nbsp;&nbsp; 364543<br> <sup>(m)</sup><br>|
| 157000 | 3.55%, due 10/31/2033 | &nbsp;&nbsp; 189099<br> <sup>(m)</sup><br>|
| 130000 | 3.25%, due 4/30/2034 | &nbsp;&nbsp; 152801<br> <sup>(m)</sup><br>|
| 141000 | 3.20%, due 10/31/2035 | &nbsp;&nbsp; 163347<br> <sup>(m)</sup><br>|
| 66000 | 0.85%, due 7/30/2037 | &nbsp;&nbsp; 57887<br> <sup>(m)</sup><br>|
| 13000 | 0.85%, due 7/30/2037 | &nbsp;&nbsp; 11402<br> <sup>(m)</sup><br>|
| 86000 | 3.50%, due 1/31/2041 | &nbsp;&nbsp; 97957<br> <sup>(m)</sup><br>|
| 29000 | 1.00%, due 7/30/2042 | &nbsp;&nbsp; 22489<br> <sup>(m)</sup><br>|
| 211000 | 4.00%, due 10/31/2054 | &nbsp;&nbsp; 244756<br> <sup>(m)</sup><br>|
| 315488 | Spain Government Bonds, Inflation-Linked, 1.00%, due 11/30/2030 | &nbsp;&nbsp; 368081<br> <sup>(c)(m)</sup><br>|
|  | Sri Lanka Government International Bonds |  |
| $45760 | 4.00%, due 4/15/2028 | &nbsp;&nbsp; 43872<br> <sup>(d)</sup><br>|
| 52002 | 3.10%, due 1/15/2030 | &nbsp;&nbsp; 48947<br> <sup>(d)(o)</sup><br>|
| 102001 | 3.35%, due 3/15/2033 | &nbsp;&nbsp; 89046<br> <sup>(d)(o)</sup><br>|
| 68874 | 3.60%, due 6/15/2035 | &nbsp;&nbsp; 53307<br> <sup>(d)(o)</sup><br>|
| 47800 | 3.60%, due 5/15/2036 | &nbsp;&nbsp; 43613<br> <sup>(d)(o)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** |
| $| 95641 | 3.60%, due 2/15/2038 | &nbsp;&nbsp; $88228<br> <sup>(d)(o)</sup><br>|
| EUR | 224000 | State of North Rhine-Westphalia, 0.13%, due 6/4/2031 | &nbsp;&nbsp; 225497<br> <sup>(m)</sup><br>|
|  |  | Turkiye Government International Bonds |  |
| $| 200000 | 9.38%, due 3/14/2029 | &nbsp;&nbsp; 224069 |
|  | 1540000 | 7.13%, due 2/12/2032 | &nbsp;&nbsp; 1602932 |
|  | 2860000 | 5.75%, due 5/11/2047 | &nbsp;&nbsp; 2324545 |
|  |  | Turkiye Ihracat Kredi Bankasi AS |  |
|  | 200000 | 9.00%, due 1/28/2027 | &nbsp;&nbsp; 209692<br> <sup>(d)</sup><br>|
|  | 259000 | 6.38%, due 10/3/2030 | &nbsp;&nbsp; 257240<br> <sup>(d)</sup><br>|
|  |  | Ukraine Government International Bonds |  |
|  | 39872 | 4.50%, due 2/1/2029 | &nbsp;&nbsp; 27414<br> <sup>(m)(o)</sup><br>|
|  | 104581 | 0.00%, due 2/1/2030 | &nbsp;&nbsp; 54950<br> <sup>(d)(o)</sup><br>|
|  | 390805 | 0.00%, due 2/1/2034 | &nbsp;&nbsp; 161879<br> <sup>(d)(o)</sup><br>|
|  | 20347 | 0.00%, due 2/1/2034 | &nbsp;&nbsp; 8429<br> <sup>(m)(o)</sup><br>|
|  | 287180 | 4.50%, due 2/1/2034 | &nbsp;&nbsp; 160893<br> <sup>(d)(o)</sup><br>|
|  | 34888 | 4.50%, due 2/1/2034 | &nbsp;&nbsp; 19541<br> <sup>(m)(o)</sup><br>|
|  | 330258 | 0.00%, due 2/1/2035 | &nbsp;&nbsp; 168059<br> <sup>(d)(o)</sup><br>|
|  | 17194 | 0.00%, due 2/1/2035 | &nbsp;&nbsp; 8752<br> <sup>(m)(o)</sup><br>|
|  | 670088 | 4.50%, due 2/1/2035 | &nbsp;&nbsp; 371698<br> <sup>(d)(o)</sup><br>|
|  | 24920 | 4.50%, due 2/1/2035 | &nbsp;&nbsp; 13832<br> <sup>(m)(o)</sup><br>|
|  | 275215 | 0.00%, due 2/1/2036 | &nbsp;&nbsp; 139992<br> <sup>(d)(o)</sup><br>|
|  | 14329 | 0.00%, due 2/1/2036 | &nbsp;&nbsp; 7286<br> <sup>(m)(o)</sup><br>|
|  | 957269 | 4.50%, due 2/1/2036 | &nbsp;&nbsp; 525638<br> <sup>(d)(o)</sup><br>|
| GBP | 137657 | United Kingdom Gilt, 4.00%, due 10/22/2063 | &nbsp;&nbsp; 146487<br> <sup>(m)</sup><br>|
| $| 3500000 | Uruguay Government International Bonds, 5.10%, due 6/18/2050 | &nbsp;&nbsp; 3375750 |
|  | 400000 | Uzbekneftegaz JSC, 4.75%, due 11/16/2028 | &nbsp;&nbsp; 379313<br> <sup>(m)</sup><br>|
| EUR | 6000000 | Xunta de Galicia, 3.30%, due 4/30/2031 | &nbsp;&nbsp; 7115734<br> <sup>(m)</sup><br>|
| $| 176765 | Zambia Government International Bonds, 5.75%, due 6/30/2033 | &nbsp;&nbsp; 169678<br> <sup>(m)(o)</sup><br>|
| **Total Foreign Government Securities (Cost $319,412,296)** | **Total Foreign Government Securities (Cost $319,412,296)** | **Total Foreign Government Securities (Cost $319,412,296)** | &nbsp;&nbsp; **327148771** |
| **Municipal Notes 0.6%** | **Municipal Notes 0.6%** | **Municipal Notes 0.6%** | **Municipal Notes 0.6%** |
| **California 0.2%** | **California 0.2%** | **California 0.2%** | **California 0.2%** |
|  | 1370000 | &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge Revenue (Build America Bonds), Series 2010-S1, <br> 7.04%, due 4/1/2050<br>| &nbsp;&nbsp; 1600050 |
|  | 1370000 | &nbsp;&nbsp; California State General Obligation (Build America Bonds), Series 2010, 7.63%, due <br> 3/1/2040<br>| &nbsp;&nbsp; 1668303 |
|  | 2055000 | California State University Revenue Refunding, Series 2020-B, 2.98%, due 11/1/2051 | &nbsp;&nbsp; 1427933 |
|  | 2120000 | &nbsp;&nbsp; Foothill-Eastern Transportation Corridor Agency Toll Road Revenue Refunding, <br> Series 2019-A, (AG), 3.92%, due 1/15/2053<br>| &nbsp;&nbsp; 1643317 |
|  | 1105000 | &nbsp;&nbsp; Los Angeles Community College District General Obligation (Build America Bonds), <br> Series 2010, 6.75%, due 8/1/2049<br>| &nbsp;&nbsp; 1251186 |
|  | 1260000 | &nbsp;&nbsp; Santa Clara Valley Water District Revenue Refunding, Series 2025-B, 5.38%, due <br> 6/1/2043<br>| &nbsp;&nbsp; 1282438 |
|  | 1710000 | &nbsp;&nbsp; University of California Regents Medical Center Pooled Revenue, Series 2020-N, 3.01%, <br> due 5/15/2050<br>| &nbsp;&nbsp; 1159835 |
|  |  |  | &nbsp;&nbsp; **10033062** |
| **Hawaii 0.0%**<sup>‡</sup> | **Hawaii 0.0%**<sup>‡</sup> | **Hawaii 0.0%**<sup>‡</sup> | **Hawaii 0.0%**<sup>‡</sup> |
|  | 1100000 | Hawaii General Obligation, Series 2021-GD, 2.83%, due 10/1/2039 | &nbsp;&nbsp; **877564** |

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Massachusetts 0.0%**<sup>‡</sup> | **Massachusetts 0.0%**<sup>‡</sup> | **Massachusetts 0.0%**<sup>‡</sup> |
| $1060000 | &nbsp;&nbsp; Massachusetts State Education Financing Authority Revenue Refunding, Series 2018-A, <br> 4.08%, due 7/1/2027<br>| &nbsp;&nbsp; **$1061377** |
| **Michigan 0.0%**<sup>‡</sup> | **Michigan 0.0%**<sup>‡</sup> | **Michigan 0.0%**<sup>‡</sup> |
| 1770000 | &nbsp;&nbsp; Michigan Finance Authority Hospital Revenue Refunding (Trinity Health Credit Group), <br> Series 2019-T, 3.38%, due 12/1/2040<br>| &nbsp;&nbsp; **1495681** |
| **Nevada 0.0%**<sup>‡</sup> | **Nevada 0.0%**<sup>‡</sup> | **Nevada 0.0%**<sup>‡</sup> |
| 2055000 | &nbsp;&nbsp; Clark County Nevada General Obligation (Las Vegas Convention & Visitors Authority), <br> Series 2019-D, 3.23%, due 7/1/2044<br>| &nbsp;&nbsp; **1602949** |
| **New Jersey 0.0%**<sup>‡</sup> | **New Jersey 0.0%**<sup>‡</sup> | **New Jersey 0.0%**<sup>‡</sup> |
| 695000 | &nbsp;&nbsp; Atlantic City General Obligation Refunding, Series 2018-A, (ST AID WITHHLDG), 4.29%, <br> due 9/1/2026<br>| &nbsp;&nbsp; 696336 |
| 545000 | &nbsp;&nbsp; New Jersey State Housing & Mortgage Finance Agency Revenue Refunding (Single Family <br> Housing), Series 2018-BB, 3.80%, due 10/1/2032<br>| &nbsp;&nbsp; 545748 |
| 700000 | &nbsp;&nbsp; New Jersey Turnpike Authority Revenue (Build America Bonds), Series 2010-A, 7.10%, <br> due 1/1/2041<br>| &nbsp;&nbsp; 818761 |
|  |  | &nbsp;&nbsp; **2060845** |
| **New York 0.1%** | **New York 0.1%** | **New York 0.1%** |
| 2000000 | New York General Obligation, Series 2025-E1, 5.56%, due 10/1/2045 | &nbsp;&nbsp; 2008727 |
| 2740000 | &nbsp;&nbsp; New York State Dormitory Authority Revenue Non State Supported Debt Refunding <br> (New York University), Series 2020-B, 2.69%, due 7/1/2040<br>| &nbsp;&nbsp; 2135296 |
|  |  | &nbsp;&nbsp; **4144023** |
| **Ohio 0.1%** | **Ohio 0.1%** | **Ohio 0.1%** |
| 2055000 | &nbsp;&nbsp; Highland Local School District General Obligation Refunding, Series 2020, 3.19%, due <br> 12/1/2049<br>| &nbsp;&nbsp; 1524637 |
| 2055000 | &nbsp;&nbsp; JobsOhio Beverage Systems Statewide Liquor Profits Revenue Refunding, Series 2020-A, <br> 2.83%, due 1/1/2038<br>| &nbsp;&nbsp; 1744383 |
| 2230000 | &nbsp;&nbsp; Ohio State Turnpike Commission Junior Lien Revenue Refunding (Infrastructure Project), <br> Series 2020-A, 3.22%, due 2/15/2048<br>| &nbsp;&nbsp; 1681001 |
| 2055000 | &nbsp;&nbsp; Ohio University General Receipt Athens Revenue Refunding, Series 2020, 2.91%, due <br> 12/1/2043<br>| &nbsp;&nbsp; 1525499 |
|  |  | &nbsp;&nbsp; **6475520** |
| **Pennsylvania 0.1%** | **Pennsylvania 0.1%** | **Pennsylvania 0.1%** |
| 2055000 | &nbsp;&nbsp; Commonwealth Financing Authority Revenue Refunding, Series 2020-C, 3.53%, due <br> 6/1/2042<br>| &nbsp;&nbsp; 1760719 |
| 750000 | &nbsp;&nbsp; Pennsylvania Turnpike Commission Revenue Refunding (Motor License Fund), <br> Series 2020, 3.25%, due 12/1/2043<br>| &nbsp;&nbsp; 586982 |
|  |  | &nbsp;&nbsp; **2347701** |
| **Texas 0.1%** | **Texas 0.1%** | **Texas 0.1%** |
| 2125000 | &nbsp;&nbsp; Central Texas Turnpike System First Tier Revenue Refunding, Series 2020-C, 3.03%, due <br> 8/15/2041<br>| &nbsp;&nbsp; 1666826 |
| 1710000 | &nbsp;&nbsp; Dallas Area Rapid Transit Sales Tax Revenue Refunding, Series 2020-C, 2.82%, due <br> 12/1/2042<br>| &nbsp;&nbsp; 1330709 |
| 2055000 | &nbsp;&nbsp; Grand Parkway Transportation Corp. System Subordinated Tier Toll Revenue Refunding, <br> Series 2020-B, 3.24%, due 10/1/2052<br>| &nbsp;&nbsp; 1469846 |
| 2000000 | &nbsp;&nbsp; San Antonio Electric & Gas Systems Revenue Refunding, Series 2025-A, 5.57%, due <br> 2/1/2050<br>| &nbsp;&nbsp; 2007248<br> <sup>(i)</sup><br>|
| 1500000 | Texas General Obligation, Series 2025-F, 5.49%, due 2/1/2056 | &nbsp;&nbsp; 1535579 |

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount<sup>(a)</sup> | Principal Amount<sup>(a)</sup> | Value |
| **Texas – cont'd** | **Texas – cont'd** | **Texas – cont'd** |
| 1410000 | &nbsp;&nbsp; Texas State Private Activity Bond Surface Transportation Corp. Senior Lien Revenue <br> Refunding (North Tarrant Express Managed Lanes Project), Series 2019-B, 3.92%, due <br> 12/31/2049<br>| &nbsp;&nbsp; $1147899 |
|  |  | &nbsp;&nbsp; **9158107** |
| **Utah 0.0%**<sup>‡</sup> | **Utah 0.0%**<sup>‡</sup> | **Utah 0.0%**<sup>‡</sup> |
| 2055000 | &nbsp;&nbsp; Utah State Transit Authority Sales Tax Revenue Refunding, Series 2020, 2.77%, due <br> 12/15/2038<br>| &nbsp;&nbsp; **1675866** |
| **Total Municipal Notes (Cost $50,169,978)** | **Total Municipal Notes (Cost $50,169,978)** | &nbsp;&nbsp; **40932695** |
| Number of Shares | Number of Shares |  |
| **Common Stocks 0.0%**<sup>‡</sup> | **Common Stocks 0.0%**<sup>‡</sup> | **Common Stocks 0.0%**<sup>‡</sup> |
| **Diversified Telecommunication Services 0.0%**<sup>‡</sup> | **Diversified Telecommunication Services 0.0%**<sup>‡</sup> | **Diversified Telecommunication Services 0.0%**<sup>‡</sup> |
| 36783 | Luxco Co. Ltd. **(Cost $654,570)** | &nbsp;&nbsp; **610882**<br> <sup>\*</sup><br>|
| **Closed-End Funds 0.0%**<sup>‡</sup> | **Closed-End Funds 0.0%**<sup>‡</sup> | **Closed-End Funds 0.0%**<sup>‡</sup> |
| **Investment Companies 0.0%**<sup>‡</sup> | **Investment Companies 0.0%**<sup>‡</sup> | **Investment Companies 0.0%**<sup>‡</sup> |
| 48204 | Neuberger Berman Global Monthly Income Fund Ltd. **(Cost $173,875)** | &nbsp;&nbsp; **4851**<br> <sup>#(r)(s)(t)</sup><br>|
| **Exchange-Traded Funds 3.8%** | **Exchange-Traded Funds 3.8%** | **Exchange-Traded Funds 3.8%** |
| 194030 | iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp; 7291647 |
| 578342 | iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp; 64328981 |
| 284986 | iShares JP Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp; 27549597 |
| 631165 | Neuberger Berman Short Duration Income ETF | &nbsp;&nbsp; 32252532<br> <sup>(t)</sup><br>|
| 329304 | State Street Blackstone Senior Loan ETF | &nbsp;&nbsp; 13669409 |
| 1408040 | State Street SPDR Bloomberg Short Term High Yield Bond ETF | &nbsp;&nbsp; 35820537 |
| 1167725 | State Street SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp; 27791855 |
| 2486286 | VanEck J. P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp; 63375430 |
| **Total Exchange-Traded Funds (Cost $267,970,569)** | **Total Exchange-Traded Funds (Cost $267,970,569)** | &nbsp;&nbsp; **272079988** |
| **Preferred Stocks 0.0%**<sup>‡</sup> | **Preferred Stocks 0.0%**<sup>‡</sup> | **Preferred Stocks 0.0%**<sup>‡</sup> |
| **Oil, Gas & Consumable Fuels 0.0%**<sup>‡</sup> | **Oil, Gas & Consumable Fuels 0.0%**<sup>‡</sup> | **Oil, Gas & Consumable Fuels 0.0%**<sup>‡</sup> |
| 42000 | Genesis Energy, LP Class A<sup>(u)</sup>**(Cost$1,497,300)** | &nbsp;&nbsp; **1470000**<br> <sup>\*(f)(r)</sup><br>|
| **Short-Term Investments 2.8%** | **Short-Term Investments 2.8%** | **Short-Term Investments 2.8%** |
| **Investment Companies 2.8%** | **Investment Companies 2.8%** | **Investment Companies 2.8%** |
| 198662712 | &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, <br> 4.01%<sup>(v)</sup> **(Cost $198,662,712)**<br>| &nbsp;&nbsp; **198662712** |
| **Total Investments 115.4% (Cost $8,295,008,665)** | **Total Investments 115.4% (Cost $8,295,008,665)** | &nbsp;&nbsp; **8352676770** |
| Liabilities Less Other Assets (15.4)% | Liabilities Less Other Assets (15.4)% | &nbsp;&nbsp; (1112787038)<sup>(w)</sup><br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$7239889732** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Principal amount is stated in the currency in which the security is denominated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate shown was the discount rate at the date of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Index-linked bond whose principal amount adjusts according to a government retail
 price index.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended,
 or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from
 registration, may only be sold to qualified institutional investors or may have other restrictions on resale.
 At October 31, 2025, these securities amounted to $2,914,084,677, which represents 40.3% of net assets
 of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable or floating rate security where the stated interest rate is not based on
 a published reference rate and spread. Rather, the interest rate adjusts periodically based on changes in current
 interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current
 rate as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of this security was purchased on a delayed delivery basis.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Interest only security. These securities represent the right to receive the monthly
 interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of
 the "interest only" holding.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Variable or floating rate security. The interest rate shown was the current rate as
 of October 31, 2025 and changes periodically.

&nbsp;&nbsp;&nbsp;&nbsp;(i) When-issued security. Total value of all such securities at October 31, 2025 amounted
 to $51,197,110, which represents 0.7% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(j) TBA (To Be Announced) Securities are purchased/sold on a forward commitment basis
 with an approximate principal amount and no defined maturity date. The actual principal amount and maturity
 date will be determined upon settlement when the specific mortgage pools are assigned. Total value
 of all such securities (excluding forward sales contracts, if any) at October 31, 2025 amounted to $1,173,127,191,
 which represents 16.2% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Security issued at a fixed coupon rate, which converts to a variable rate at a future
 date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Perpetual security. Perpetual securities have no stated maturity date, but they may
 be called/redeemed by the issuer. The date shown reflects the next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Security exempt from registration pursuant to Regulation S under the Securities Act
 of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States
 and do not involve directed selling efforts in the United States and as such may have restrictions on
 resale. Total value of all such securities at October 31, 2025 amounted to $543,417,138, which represents 7.5%
 of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Payment-in-kind (PIK) security.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Step Bond. Coupon rate is a fixed rate for an initial period that either resets at
 a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown was the
 current rate as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;(q) All or a portion of this security had not settled as of October 31, 2025 and thus
 may not have an interest rate in effect. Interest rates do not take effect until settlement.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Value determined using significant unobservable inputs.

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(s) Security fair valued as of October 31, 2025 in accordance with procedures approved
 by the valuation designee. Total value of all such securities at October 31, 2025 amounted to $4,851,
 which represents 0.0% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Affiliated company as defined under the Investment Company Act of 1940, as amended
 (see Note F of Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(u) Security represented in Units.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Represents 7-day effective yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(w) Includes the impact of the Fund's open positions in derivatives at October 31, 2025.

# This security is subject to restrictions on resale. Total value of all such securities at October 31, 2025 amounted to $4,851, which represents 0.0% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br>**Date(s)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Acquisition** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value as of** <br>**10/31/2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value** <br>**Percentage** <br>**of Net Assets** <br>**as of** <br>**10/31/2025**<br>|
| Neuberger Berman Global Monthly Income Fund <br> Ltd.<br>| 4/27/2021-6/24/2021 | $173875 | $4851 | 0.0% |

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** |
| **Country** | **Investments at** <br>**Value**<br>| **Percentage of** <br>**Net Assets**<br>|
| United States | &nbsp;&nbsp; $6798123168 | 93.9<br> %<br>|
| Cayman Islands | &nbsp;&nbsp; 163183560 | 2.3<br> %<br>|
| United Kingdom | &nbsp;&nbsp; 160511139 | 2.2<br> %<br>|
| France | &nbsp;&nbsp; 113463138 | 1.6<br> %<br>|
| Germany | &nbsp;&nbsp; 85963173 | 1.2<br> %<br>|
| Mexico | &nbsp;&nbsp; 85398801 | 1.2<br> %<br>|
| Spain | &nbsp;&nbsp; 81225300 | 1.1<br> %<br>|
| Canada | &nbsp;&nbsp; 51957439 | 0.7<br> %<br>|
| Italy | &nbsp;&nbsp; 45931566 | 0.6<br> %<br>|
| Netherlands | &nbsp;&nbsp; 45654276 | 0.6<br> %<br>|
| Brazil | &nbsp;&nbsp; 39198361 | 0.6<br> %<br>|
| Japan | &nbsp;&nbsp; 36573803 | 0.5<br> %<br>|
| Luxembourg | &nbsp;&nbsp; 31910682 | 0.4<br> %<br>|
| Switzerland | &nbsp;&nbsp; 25817652 | 0.4<br> %<br>|
| Ireland | &nbsp;&nbsp; 24962614 | 0.4<br> %<br>|
| Sweden | &nbsp;&nbsp; 23676328 | 0.3<br> %<br>|
| Colombia | &nbsp;&nbsp; 20921392 | 0.3<br> %<br>|
| Jersey | &nbsp;&nbsp; 15959424 | 0.2<br> %<br>|
| Romania | &nbsp;&nbsp; 14489127 | 0.2<br> %<br>|
| Kazakhstan | &nbsp;&nbsp; 14422288 | 0.2<br> %<br>|
| Australia | &nbsp;&nbsp; 14164033 | 0.2<br> %<br>|
| Indonesia | &nbsp;&nbsp; 13963810 | 0.2<br> %<br>|
| South Africa | &nbsp;&nbsp; 13840598 | 0.2<br> %<br>|
| Belgium | &nbsp;&nbsp; 11384234 | 0.2<br> %<br>|
| Portugal | &nbsp;&nbsp; 11224680 | 0.2<br> %<br>|
| Oman | &nbsp;&nbsp; 10767751 | 0.2<br> %<br>|
| Peru | &nbsp;&nbsp; 10451023 | 0.2<br> %<br>|
| Israel | &nbsp;&nbsp; 10211336 | 0.2<br> %<br>|
| Dominican Republic | &nbsp;&nbsp; 10017371 | 0.1<br> %<br>|
| Chile | &nbsp;&nbsp; 9364971 | 0.1<br> %<br>|
| Poland | &nbsp;&nbsp; 9237916 | 0.1<br> %<br>|
| Hungary | &nbsp;&nbsp; 8981600 | 0.1<br> %<br>|
| Morocco | &nbsp;&nbsp; 8974616 | 0.1<br> %<br>|
| Finland | &nbsp;&nbsp; 8831132 | 0.1<br> %<br>|
| Argentina | &nbsp;&nbsp; 8075432 | 0.1<br> %<br>|
| Angola | &nbsp;&nbsp; 8005206 | 0.1<br> %<br>|
| Czech Republic | &nbsp;&nbsp; 7990713 | 0.1<br> %<br>|
| Saudi Arabia | &nbsp;&nbsp; 7859900 | 0.1<br> %<br>|
| Turkey | &nbsp;&nbsp; 7812808 | 0.1<br> %<br>|
| Panama | &nbsp;&nbsp; 7762899 | 0.1<br> %<br>|
| Costa Rica | &nbsp;&nbsp; 6858114 | 0.1<br> %<br>|
| Denmark | &nbsp;&nbsp; 6707384 | 0.1<br> %<br>|
| Cote D'Ivoire | &nbsp;&nbsp; 6484339 | 0.1<br> %<br>|
| Bermuda | &nbsp;&nbsp; 5765857 | 0.1<br> %<br>|
| Egypt | &nbsp;&nbsp; 4814153 | 0.1<br> %<br>|
| Ukraine | &nbsp;&nbsp; 3534138 | 0.1<br> %<br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY (cont'd)** | **POSITIONS BY COUNTRY (cont'd)** | **POSITIONS BY COUNTRY (cont'd)** |
| **Country** | **Investments at**<br> **Value**<br>| **Percentage of**<br> **Net Assets**<br>|
| Uruguay | &nbsp;&nbsp; $3375750 | 0.1<br> %<br>|
| Slovenia | &nbsp;&nbsp; 2966690 | 0.1<br> %<br>|
| Serbia | &nbsp;&nbsp; 2961470 | 0.1<br> %<br>|
| Other countries, each representing less than 0.05% of net assets of the Fund | &nbsp;&nbsp; 32280903 | 0.0<br> %<br>|
| Short-Term Investments and Other Liabilities—Net | &nbsp;&nbsp; (914124326)<br>| &nbsp;&nbsp; (12.6)%<br>|
|  | &nbsp;&nbsp; **$7239889732** | **100.0%**<br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

Derivative Instruments

**Futures contracts ("futures")**

At October 31, 2025, open positions in futures for the Fund were as follows:

**Long Futures:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Open Contracts** | **Notional** <br>**Amount**<br>| **Value and** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 12/2025 | &nbsp;&nbsp; 14 | Euro-Bobl | &nbsp;&nbsp; $1908374 | &nbsp;&nbsp; $5616 |
| 12/2025 | &nbsp;&nbsp; 23 | Euro-BTP | &nbsp;&nbsp; 3219225 | &nbsp;&nbsp; 62516 |
| 12/2025 | &nbsp;&nbsp; 64 | Euro-Bund | &nbsp;&nbsp; 9545049 | &nbsp;&nbsp; 49262 |
| 12/2025 | &nbsp;&nbsp; 6 | Euro-Buxl | &nbsp;&nbsp; 803074 | &nbsp;&nbsp; 5845 |
| 12/2025 | &nbsp;&nbsp; 434 | Euro-Schatz | &nbsp;&nbsp; 53566783 | &nbsp;&nbsp; (8249) |
| 12/2025 | &nbsp;&nbsp; 107 | Long Gilt | &nbsp;&nbsp; 13159776 | &nbsp;&nbsp; 452802 |
| 12/2025 | &nbsp;&nbsp; 32 | U.S. Treasury Long Bond | &nbsp;&nbsp; 3754000 | &nbsp;&nbsp; (59083) |
| 12/2025 | &nbsp;&nbsp; 214 | U.S. Treasury Note, 10 Year | &nbsp;&nbsp; 24111781 | &nbsp;&nbsp; (38639) |
| 12/2025 | &nbsp;&nbsp; 1469 | U.S. Treasury Note, 2 Year | &nbsp;&nbsp; 305907774 | &nbsp;&nbsp; (549464) |
| 12/2025 | &nbsp;&nbsp; 459 | U.S. Treasury Note, 5 Year | &nbsp;&nbsp; 50127821 | &nbsp;&nbsp; (128379) |
| 12/2025 | &nbsp;&nbsp; 319 | U.S. Treasury Note, Ultra 10 Year | &nbsp;&nbsp; 36839516 | &nbsp;&nbsp; (365003) |
| 12/2025 | &nbsp;&nbsp; 20 | U.S. Treasury Ultra Bond | &nbsp;&nbsp; 2425625 | &nbsp;&nbsp; (55053) |
| **Total Long Positions** | **Total Long Positions** | **Total Long Positions** | &nbsp;&nbsp; **$505368798** | &nbsp;&nbsp; **$(627829)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Short Futures:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Open Contracts** | **Notional** <br>**Amount**<br>| **Value and** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 12/2025 | &nbsp;&nbsp; 167 | Euro-Bobl | &nbsp;&nbsp; $(22764170) | &nbsp;&nbsp; $(65850) |
| 12/2025 | &nbsp;&nbsp; 1 | Euro-BTP | &nbsp;&nbsp; (139966) | &nbsp;&nbsp; (2780) |
| 12/2025 | &nbsp;&nbsp; 16 | Euro-Bund | &nbsp;&nbsp; (2386262) | &nbsp;&nbsp; (21431) |
| 12/2025 | &nbsp;&nbsp; 9 | Euro-Oat | &nbsp;&nbsp; (1271523) | &nbsp;&nbsp; (12527) |
| 12/2025 | &nbsp;&nbsp; 112 | Long Gilt | &nbsp;&nbsp; (13774719) | &nbsp;&nbsp; (479271) |
| 12/2025 | &nbsp;&nbsp; 342 | U.S. Treasury Long Bond | &nbsp;&nbsp; (40120875) | &nbsp;&nbsp; 382976 |
| 12/2025 | &nbsp;&nbsp; 1331 | U.S. Treasury Note, 5 Year | &nbsp;&nbsp; (145359759) | &nbsp;&nbsp; 1018855 |
| 12/2025 | &nbsp;&nbsp; 920 | U.S. Treasury Ultra Bond | &nbsp;&nbsp; (111578750) | &nbsp;&nbsp; (1020399) |
| **Total Short Positions** | **Total Short Positions** | **Total Short Positions** | &nbsp;&nbsp; **$(337396024)** | &nbsp;&nbsp; **$(200427)** |
| **Total Futures** | **Total Futures** | **Total Futures** |  | &nbsp;&nbsp; **$(828256)** |

---

**Options on exchange-traded futures contracts**

At October 31, 2025, the Fund did not have any outstanding option contracts purchased or written on exchange-traded futures contracts.

At October 31, 2025, the Fund had $10,925,379 deposited in a segregated account to cover margin requirements on open futures.

For the year ended October 31, 2025, the average notional value for the months where the Fund had futures outstanding was $1,031,605,082 for long positions and $(506,452,891) for short positions.

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

**Forward foreign currency contracts ("forward FX contracts")**

At October 31, 2025, open forward FX contracts for the Fund were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| USD | 635266 | AUD | 958912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7417 |
| BRL | 1480669 | USD | 265577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6830 |
| USD | 127833 | CAD | 177547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 773 |
| CLP | 305316957 | USD | 319602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4376 |
| CLP | 115182169 | USD | 119482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2741 |
| CLP | 972691275 | USD | 1005366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26778 |
| CLP | 2286913788 | USD | 2359443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67251 |
| USD | 353860 | CLP | 331424062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2178 |
| COP | 5875022432 | USD | 1490089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33587 |
| COP | 917054214 | USD | 235520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987 |
| USD | 1523985 | COP | 5875022432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 |
| EUR | 1921113 | PLN | 8137421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11178 |
| EUR | 1414033 | PLN | 6003299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4502 |
| EUR | 300643 | PLN | 1274849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1373 |
| USD | 1746127 | EUR | 1483956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35645 |
| USD | 1470936 | EUR | 1244554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36320 |
| USD | 1631355 | EUR | 1402670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14476 |
| USD | 356943 | EUR | 305169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5170 |
| USD | 592053 | EUR | 509345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4924 |
| USD | 2523761 | EUR | 2155806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38731 |
| USD | 199373 | EUR | 171665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1492 |
| USD | 131722 | EUR | 113055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1402 |
| USD | 1622794 | EUR | 1401832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6881 |
| USD | 1625323 | EUR | 1402921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5692 |
| USD | 5517680 | EUR | 4731193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55347 |
| USD | 994769 | EUR | 852567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10450 |
| USD | 1965850 | EUR | 1670583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32465 |
| USD | 358003724 | EUR | 306486106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3303943 |
| USD | 6494291 | EUR | 5545660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76237 |
| USD | 185959822 | EUR | 157990106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3116114 |
| USD | 167821 | EUR | 142973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2357 |
| USD | 44089105 | GBP | 32870687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 905700 |
| USD | 4351917 | GBP | 3231371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106748 |
| USD | 23030642 | GBP | 17100393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565240 |
| HUF | 544176259 | EUR | 1384904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12816 |
| HUF | 130684525 | EUR | 322685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14518 |
| HUF | 66778474 | EUR | 171017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 |
| HUF | 995108283 | EUR | 2462498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104326 |
| HUF | 543958356 | EUR | 1365981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34035 |
| HUF | 283183683 | EUR | 720466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6928 |
| HUF | 332684380 | EUR | 850468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3443 |
| HUF | 330338333 | EUR | 830337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19749 |
| HUF | 109557171 | EUR | 277635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3947 |
| HUF | 88685051 | EUR | 224584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3378 |

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Settlement**<br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net**<br> **Unrealized**<br> **Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| HUF | 553758388 | EUR | 1411279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10744 |
| USD | 7757095 | HUF | 2592066385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87415 |
| IDR | 3337085585 | USD | 199610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900 |
| USD | 19588186 | JPY | 2970000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176952 |
| USD | 5336356 | JPY | 805000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75062 |
| USD | 49446 | JPY | 7414264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988 |
| USD | 1557059 | KRW | 2148070738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51209 |
| USD | 539480 | KRW | 744153679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17810 |
| KZT | 262765018 | USD | 484806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10325 |
| KZT | 262765019 | USD | 483691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11441 |
| KZT | 106100732 | USD | 190496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9431 |
| KZT | 739687398 | USD | 1337905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39814 |
| MXN | 27378186 | USD | 1457382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9643 |
| MXN | 30245781 | USD | 1597690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22991 |
| MXN | 1424331 | USD | 74550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1771 |
| USD | 1549631 | MXN | 28819647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5367 |
| USD | 1104830 | MXN | 20529334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4793 |
| USD | 30804708 | MXN | 571854219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255960 |
| MYR | 6559246 | USD | 1565733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2199 |
| USD | 1569679 | MYR | 6559246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1748 |
| PEN | 446509 | USD | 127628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4831 |
| PEN | 5329283 | USD | 1535728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45226 |
| PEN | 603353 | USD | 170424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8563 |
| PLN | 987899 | EUR | 231194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 986 |
| RON | 859549 | EUR | 167732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606 |
| RON | 10564136 | EUR | 2061116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7867 |
| TRY | 24135092 | USD | 533714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2365 |
| TRY | 147558363 | USD | 2732851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257774 |
| USD | 1052982 | ZAR | 18307933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
| USD | 6754536 | ZAR | 117266189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24435 |
| ZAR | 17529658 | USD | 1005300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2660 |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$9851238** |
| AUD | 96 | USD | 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| BRL | 13857645 | USD | 2565076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15608)<br>|
| CAD | 1553127 | USD | 1117583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6102)<br>|
| USD | 894209 | CLP | 850410355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8181)<br>|
| CNH | 11757589 | USD | 1661896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6453)<br>|
| COP | 5875022432 | USD | 1516706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1547)<br>|
| CZK | 33787430 | EUR | 1387130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (405)<br>|
| CZK | 14944106 | EUR | 615050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1941)<br>|
| DKK | 6278370 | USD | 987663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14024)<br>|
| EUR | 47931 | CZK | 1173010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (247)<br>|
| EUR | 1876545 | CZK | 45796954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3645)<br>|
| EUR | 846352 | HUF | 332841465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8664)<br>|
| EUR | 214820 | HUF | 87272248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10472)<br>|
| EUR | 1358219 | HUF | 545937198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48869)<br>|

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Settlement**<br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net**<br> **Unrealized**<br> **Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| EUR | 1352091 | HUF | 532600926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(16419)<br>|
| EUR | 1392419 | HUF | 549277288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19252)<br>|
| EUR | 282899 | HUF | 111363220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3219)<br>|
| EUR | 428873 | HUF | 174256230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20975)<br>|
| EUR | 776647 | HUF | 306248408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10380)<br>|
| EUR | 816771 | HUF | 327496023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26999)<br>|
| EUR | 81035 | USD | 94384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (979)<br>|
| EUR | 1402921 | USD | 1622773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5696)<br>|
| EUR | 572843 | USD | 664184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3859)<br>|
| EUR | 113435 | USD | 132055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1297)<br>|
| EUR | 167859 | USD | 196564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3071)<br>|
| EUR | 841087 | USD | 976861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7328)<br>|
| EUR | 854090 | USD | 997114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12592)<br>|
| EUR | 23589 | USD | 27729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (537)<br>|
| EUR | 4731193 | USD | 5509078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55362)<br>|
| EUR | 1422904 | USD | 1650111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7317)<br>|
| EUR | 1212535 | USD | 1423293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20013)<br>|
| EUR | 2645517 | USD | 3090577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28891)<br>|
| EUR | 7403437 | USD | 8688281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (120201)<br>|
| GBP | 720245 | USD | 966152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19941)<br>|
| GBP | 2065395 | USD | 2776603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63220)<br>|
| GBP | 611151 | USD | 821583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18692)<br>|
| IDR | 2333906735 | USD | 141854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1620)<br>|
| JPY | 6602980 | USD | 43616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (460)<br>|
| JPY | 811284 | USD | 5433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (131)<br>|
| KRW | 2387506945 | USD | 1683725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10024)<br>|
| KRW | 2888997376 | USD | 2092671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67413)<br>|
| USD | 470780 | KZT | 262083335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23067)<br>|
| USD | 473288 | KZT | 262083335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20559)<br>|
| USD | 688081 | KZT | 369843699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (778)<br>|
| MXN | 19400288 | USD | 1054017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14478)<br>|
| USD | 90685 | MXN | 1716920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1314)<br>|
| USD | 1533869 | MXN | 28796958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9179)<br>|
| USD | 299931 | PEN | 1069733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17410)<br>|
| PHP | 84437977 | USD | 1484786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47276)<br>|
| PLN | 5989387 | EUR | 1408055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1378)<br>|
| PLN | 8438283 | EUR | 1992392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11880)<br>|
| PLN | 1274849 | EUR | 298959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1327)<br>|
| TWD | 48995339 | USD | 1595799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2439)<br>|
| TWD | 31124324 | USD | 1018579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6397)<br>|
| ZAR | 2662424 | USD | 153936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (846)<br>|
| ZAR | 44379919 | USD | 2557663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5806)<br>|
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$(836180)**<br>|
| **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$9015058** |

---

For the year ended October 31, 2025, the average notional value for the months where the Fund had forward FX contracts outstanding was $811,094,446.

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

**Bond forward contracts ("bond forwards")**

At October 31, 2025, bond forwards for the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| GSI | U.S. Treasury Inflation-Indexed Bonds, 0.13%, due 1/15/2031 | &nbsp;&nbsp; $8500000 | 11/26/2025 | &nbsp;&nbsp; $3024 |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | &nbsp;&nbsp; **$3024** |
| GSI | U.S. Treasury Inflation-Indexed Bonds, 0.13%, due 4/15/2027 | &nbsp;&nbsp; 2750000 | 11/26/2025 | &nbsp;&nbsp; (181)<br>|
| GSI | U.S. Treasury Inflation-Indexed Bonds, 1.63%, due 10/15/2027 | &nbsp;&nbsp; 2500000 | 11/26/2025 | &nbsp;&nbsp; (4870)<br>|
| GSI | U.S. Treasury Inflation-Indexed Bonds, 1.25%, due 4/15/2028 | &nbsp;&nbsp; 7000000 | 11/26/2025 | &nbsp;&nbsp; (10516)<br>|
| GSI | U.S. Treasury Inflation-Indexed Bonds, 0.88%, due 1/15/2029 | &nbsp;&nbsp; 7500000 | 11/26/2025 | &nbsp;&nbsp; (21684)<br>|
| GSI | U.S. Treasury Inflation-Indexed Bonds, 1.13%, due 1/15/2033 | &nbsp;&nbsp; 4750000 | 11/26/2025 | &nbsp;&nbsp; (14871)<br>|
| GSI | U.S. Treasury Inflation-Indexed Bonds, 1.75%, due 1/15/2034 | &nbsp;&nbsp; 6000000 | 11/26/2025 | &nbsp;&nbsp; (37796)<br>|
| GSI | U.S. Treasury Inflation-Indexed Bonds, 2.13%, due 1/15/2034 | &nbsp;&nbsp; 4500000 | 11/26/2025 | &nbsp;&nbsp; (37911)<br>|
| GSI | U.S. Treasury Inflation-Indexed Bonds, 0.75%, due 2/15/2042 | &nbsp;&nbsp; 2000000 | 11/26/2025 | &nbsp;&nbsp; (4382)<br>|
| GSI | U.S. Treasury Inflation-Indexed Bonds, 0.75%, due 2/15/2045 | &nbsp;&nbsp; 1000000 | 11/26/2025 | &nbsp;&nbsp; (2201)<br>|
| GSI | U.S. Treasury Inflation-Indexed Bonds, 1.00%, due 2/15/2048 | &nbsp;&nbsp; 2000000 | 11/26/2025 | &nbsp;&nbsp; (4181)<br>|
| GSI | U.S. Treasury Inflation-Indexed Bonds, 1.50%, due 2/15/2053 | &nbsp;&nbsp; 3650000 | 11/26/2025 | &nbsp;&nbsp; (19844)<br>|
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | &nbsp;&nbsp; **$(158437)**<br>|
| **Total net unrealized depreciation** | **Total net unrealized depreciation** | **Total net unrealized depreciation** | **Total net unrealized depreciation** | &nbsp;&nbsp; **$(155413)**<br>|

---

For the year ended October 31, 2025, the average notional value for the months where the Fund had bond forwards outstanding was $51,883,462.

**Credit default swap contracts ("credit default swaps")**

At October 31, 2025, the Fund had outstanding credit default swaps as follows:

**Centrally Cleared Credit Default Swaps — Buy Protection**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Clearinghouse | Reference <br>Entity<br>| Notional <br>Amount | Notional <br>Amount | Financing <br>Rate <br>Paid <br>by <br>the Fund<br>| Maturity <br>Date<br>| Upfront <br>Payments/ <br>(Receipts)<br>| Unrealized <br>Appreciation/ <br>(Depreciation)<br>| Accrued <br>Net <br>Interest <br>Receivable/ <br>(Payable)<br>| Value |
| ICE CC | iTraxx Europe <br> Crossover Ser. 43 <br> V2<br>| EUR | 13891891 | 5.00%<br> 3M | 6/20/2030 | $(1464998) | $(202559) | $(88958) | $(1756515) |
| ICE CC | iTraxx Europe <br> Crossover Ser. 44 <br> V1<br>| EUR | 1112000 | 5.00%<br> 3M | 12/20/2030 | (134068) | 868 | (7121) | (140321) |
| Total |  |  |  |  |  | $(1599066)<br>| $(201691)<br>| $(96079)<br>| $(1896836)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

**Centrally Cleared Credit Default Swaps — Sell Protection**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Clearinghouse | Reference <br>Entity<br>| Notional <br>Amount | Notional <br>Amount | Financing <br>Rate <br>Received <br>by <br>the Fund<br>| Maturity <br>Date<br>| Upfront <br>Payments/ <br>(Receipts)<br>| Unrealized <br>Appreciation/ <br>(Depreciation)<br>| Accrued <br>Net <br>Interest <br>Receivable/ <br>(Payable)<br>| Value |
| ICE CC | CDX North <br> America <br>High Yield <br>Index, Ser. 45.V1<br>| USD | 16760000 | 5.00%<br> 3M | 12/20/2030 | $1136279 | $82642 | $93111 | $1312032 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For the year ended October 31, 2025, the average notional value for the months where the Fund had credit default swaps outstanding was $5,258,802 for buy protection and $106,393,039 for sell protection.

**Interest rate swap contracts ("interest rate swaps")**

At October 31, 2025, the Fund had outstanding interest rate swaps as follows:

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Clearinghouse | Notional <br>Amount | Notional <br>Amount | Fund <br>Receives/ <br>Pays <br>Floating <br>Rate<br>| Floating <br>Rate Index<br>| Annual <br>Fixed- <br>Rate<br>| Frequency <br>of Fund <br>Receipt/ <br>Payment<br>| Maturity <br>Date<br>| Unrealized <br>Appreciation/ <br>(Depreciation)<br>| Accrued <br>Net <br>Interest <br>Receivable/ <br>(Payable)<br>| Value |
| CME | BRL | 173205000 | Pay | 1D CETIP | 13.45% | T/T | 1/2/2031 | $405226 | $(137209)<br>| $268017 |
| LCH | EUR | 1000000 | Pay | €STR | 1.98% | 1Y/1Y | 4/3/2028 | 1861 | (415)<br>| 1446 |
| LCH | EUR | 520000 | Pay | €STR | 2.15% | 1Y/1Y | 4/2/2030 | 2050 | 382 | 2432 |
| LCH | EUR | 206577 | Receive | 6M EURIBOR | 0.05% | 6M/1Y | 4/13/2031 | 28154 | 206 | 28360 |
| LCH | EUR | 404461 | Pay | 6M EURIBOR | 2.22% | 1Y/6M | 8/30/2032 | (6997)<br>| 70 | (6927)<br>|
| LCH | EUR | 117250 | Pay | €STR | 2.46% | 1Y/1Y | 4/2/2035 | 505 | 337 | 842 |
| Total |  |  |  |  |  |  |  | $430799 | $(136629)<br>| $294170 |

---

**Inflation swap contracts ("inflation swaps")**

At October 31, 2025, the Fund had outstanding inflation swaps as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally cleared inflation swaps** | **Centrally cleared inflation swaps** | **Centrally cleared inflation swaps** | **Centrally cleared inflation swaps** | **Centrally cleared inflation swaps** | **Centrally cleared inflation swaps** | **Centrally cleared inflation swaps** | **Centrally cleared inflation swaps** |  |  |  |
| Clearinghouse | Notional <br>Amount | Notional <br>Amount | Fund <br>Receives/ <br>Pays <br>Floating <br>Rate<br>| Floating <br>Rate Index<br>| Annual <br>Fixed- <br>Rate<br>| Frequency <br>of Fund <br>Receipt/ <br>Payment<br>| Maturity <br>Date<br>| Unrealized <br>Appreciation/ <br>(Depreciation)<br>| Accrued <br>Net <br>Interest <br>Receivable/ <br>(Payable)<br>| Value |
| LCH | EUR | 670000 | Receive | CPTFEMU | 1.42% | T/T | 4/15/2031 | $186721 | $(56256)<br>| $130465 |
| LCH | USD | 26425000 | Pay | CPURNSA | 2.58% | T/T | 12/2/2026 | (61484)<br>| (105016)<br>| (166500)<br>|
| LCH | USD | 10970000 | Receive | CPURNSA | 2.47% | T/T | 12/2/2029 | 22484 | 53912 | 76396 |
| Total |  |  |  |  |  |  |  | $147721 | $(107360)<br>| $40361 |

---

At October 31, 2025, the Fund had $4,209,806 deposited in a segregated account to cover margin requirements for centrally cleared swaps.

For the year ended October 31, 2025, the average notional value for the months where the Fund had interest rate swaps and inflation rate swaps outstanding was $19,449,123 when the Fund paid the fixed rate and $55,025,951 when the Fund received the fixed rate.

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

**Total return basket swap contracts ("total return basket swaps")**

At October 31, 2025, the Fund did not have any outstanding total return basket swaps.

**Total return swap contracts ("total return swaps")**

At October 31, 2025, the Fund had outstanding total return swaps as follows:

**Over-the-counter total return swaps—Long**<sup>(a)</sup><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference <br>Entity<br>| Notional <br>Amount | Notional <br>Amount | Maturity <br>Date<br>| Variable <br>Rate<sup>(b)</sup><br>| Spread | Reference <br>Rate<br>| Frequency <br>of Fund <br>Receipt/ <br>Payment<br>| Unrealized <br>Appreciation/ <br>(Depreciation)<br>| Accrued <br>Net <br>Interest <br>Receivable/ <br>(Payable)<br>| Value |
| GSI | iShares iBoxx $High Yield Corp. <br>Bond ETF<br>| USD | 74213022 | 11/17/2025 | 4.07% | (0.15)%<br>| SOFR | T/T | $73478 | $(100626)<br>| $(27148)<br>|
| GSI | iShares iBoxx $High Yield Corp. <br>Bond ETF<br>| USD | 92518990 | 12/11/2025 | 4.12% | (0.10)%<br>| SOFR | T/T | (274809)<br>| (95967)<br>| (370776)<br>|
| JPM | iShares iBoxx $ Investment <br>Grade Corporate <br> Bond ETF<br>| USD | 62614926 | 11/21/2025 | 3.92% | (0.30)%<br>| SOFR | T/T | 579820 | (21221)<br>| 558599 |
| Total |  |  |  |  |  |  |  |  | $378489 | $(217814)<br>| $160675 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund pays a specified rate based on a reference rate plus or minus a spread, and
 receives the total return on the reference entity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective rate at October 31, 2025.

For the year ended October 31, 2025, the average notional value for the months where the Fund had total return basket swaps and total return swaps outstanding was $192,780,410 for long positions.

At October 31, 2025, the Fund had cash collateral of $650,000 deposited in segregated account for Goldman Sachs International and cash collateral of $1,000,000, $2,200,000 and $3,660,000 received from Citibank, N.A., Deutsche Bank AG, and JPMorgan Chase Bank N.A., respectively, to cover collateral requirements on over-the-counter derivatives.

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| U.S. Treasury Obligations | $— | $537151694 | $— | $537151694 |
| U.S. Government Agency Securities |  | 2601047 |  | 2601047 |
| Mortgage-Backed Securities<sup>#</sup> <br>|  | 3767772364 |  | 3767772364 |
| Asset-Backed Securities<sup>#</sup> <br>|  | 865276117 |  | 865276117 |
| Corporate Bonds<sup>#</sup> <br>|  | 2311013579 |  | 2311013579 |
| Loan Assignments<sup>#</sup> <br>|  | 27952070 |  | 27952070 |
| Foreign Government Securities |  | 327148771 |  | 327148771 |
| Municipal Notes<sup>#</sup> <br>|  | 40932695 |  | 40932695 |
| Common Stocks<sup>#</sup> <br>|  | 610882 |  | 610882 |
| Investment Companies |  |  | 4851 | 4851 |
| Exchange-Traded Funds | 272079988 |  |  | 272079988 |
| Preferred Stocks<sup>#</sup> <br>|  |  | 1470000 | 1470000 |
| Short-Term Investments |  | 198662712 |  | 198662712 |
| **Total Investments** | **$272079988** | **$8079121931** | **$1474851** | **$8352676770** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry, state/territory or sector categorization as well as a Positions by Country summary. 

(a) The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (000's <br>omitted)<br>| Beginning <br>balance as <br>of 11/1/2024<br>| Accrued <br>discounts/ <br>(premiums)<br>| Realized <br>gain/(loss)<br>| Change <br>in unrealized <br>appreciation/ <br>(depreciation)<br>| Purchases | Sales/ <br>Other <br>Reductions<br>| Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>10/31/2025<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>10/31/2025<br>|
| Investments in <br>Securities: <br>|  |  |  |  |  |  |  |  |  |  |
| Preferred <br> Stocks<sup>(1)</sup><br>| $— | $— | $— | $(27)<br>| $1497 | $— | $— | $— | $1470 | $(27)<br>|
| Investment <br> Companies<sup>(2)(3)</sup><br>|  |  | (1)<br>| 3 |  | (33)<br>| 36 |  | 5 | 3 |
| Total | $— | $— | $(1)<br>| $(24)<br>| $1497 | $(33)<br>| $36 | $— | $1475 | $(24)<br>|
| (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer.  | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer.  | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer.  | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer.  | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer.  | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer.  | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer.  | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer.  | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer.  | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer.  | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer.  |
| (2) At October 31, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) At October 31, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) At October 31, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) At October 31, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) At October 31, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) At October 31, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) At October 31, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) At October 31, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) At October 31, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) At October 31, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (2) At October 31, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. |
| (3) Transfers into Level 3 were attributable to observable market data becoming unavailable for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (3) Transfers into Level 3 were attributable to observable market data becoming unavailable for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (3) Transfers into Level 3 were attributable to observable market data becoming unavailable for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (3) Transfers into Level 3 were attributable to observable market data becoming unavailable for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (3) Transfers into Level 3 were attributable to observable market data becoming unavailable for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (3) Transfers into Level 3 were attributable to observable market data becoming unavailable for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (3) Transfers into Level 3 were attributable to observable market data becoming unavailable for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (3) Transfers into Level 3 were attributable to observable market data becoming unavailable for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (3) Transfers into Level 3 were attributable to observable market data becoming unavailable for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (3) Transfers into Level 3 were attributable to observable market data becoming unavailable for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (3) Transfers into Level 3 were attributable to observable market data becoming unavailable for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. |

---

See Notes to Financial Statements

------

Schedule of Investments Strategic Income Fund^ (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's derivatives as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures<sup>@</sup> |  |  |  |  |
| Assets | $1977872 | $— | $— | $1977872 |
| Liabilities | (2806128)<br>|  |  | (2806128)<br>|
| Forward FX Contracts<sup>@</sup> |  |  |  |  |
| Assets |  | 9851238 |  | 9851238 |
| Liabilities |  | (836180)<br>|  | (836180)<br>|
| Bond Forwards<sup>@</sup> <br>|  |  |  |  |
| Assets |  | 3024 |  | 3024 |
| Liabilities |  | (158437)<br>|  | (158437)<br>|
| Swaps |  |  |  |  |
| Assets |  | 2378589 |  | 2378589 |
| Liabilities |  | (2468187)<br>|  | (2468187)<br>|
| **Total** | **$(828256)**<br>| **$8770047** | **$—** | **$7941791** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

@ Futures, forward FX contracts and bond forwards are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

This page has been left blank intentionally

------

Statements of Assets and Liabilities

**Neuberger Berman Income Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Core Bond** <br>**Fund**<br>| **Floating** <br>**Rate Income** <br>**Fund**<br>|
|  | **October 31, 2025** | **October 31, 2025** |
| **Assets** |  |  |
| Investments in securities, at value<sup>\*</sup> (Notes A & F)— <br>see Schedule of Investments:<br>|  |  |
| Unaffiliated issuers<sup>(a)</sup> | &nbsp;&nbsp; $1154245723 | &nbsp;&nbsp; $525682929 |
| Affiliated issuers<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 1154245723 | &nbsp;&nbsp; 525682929 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency<sup>(c)</sup> | &nbsp;&nbsp; 20316 | &nbsp;&nbsp; — |
| Cash collateral segregated for futures contracts (Note A) | &nbsp;&nbsp; 1136601 | &nbsp;&nbsp; — |
| Cash collateral segregated for centrally cleared swap contracts (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash collateral segregated for over-the-counter derivatives (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividends and interest receivable | &nbsp;&nbsp; 7868038 | &nbsp;&nbsp; 3123376 |
| Receivable for securities sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 9677956 |
| Receivable from Management—net (Note B) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp; 545320 | &nbsp;&nbsp; 170266 |
| Receivable for bond forward contracts (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for forward foreign currency contracts (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Over-the-counter swap contracts, at value (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for unfunded loan commitments (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 6685 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 78528 | &nbsp;&nbsp; 23399 |
| Total Assets | &nbsp;&nbsp; 1163894526 | &nbsp;&nbsp; 538684611 |
| **Liabilities** |  |  |
| Over-the-counter swap contracts, at value (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash collateral segregated for over-the-counter derivatives due to broker (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash collateral segregated for TBA securities due to broker (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable to investment manager—net (Notes A& B) | &nbsp;&nbsp; 174893 | &nbsp;&nbsp; 176217 |
| Payable for securities purchased | &nbsp;&nbsp; 22256754 | &nbsp;&nbsp; 18680781 |
| Payable for Fund shares redeemed | &nbsp;&nbsp; 1579823 | &nbsp;&nbsp; 907793 |
| Payable for accumulated variation margin on futures contracts (Note A) | &nbsp;&nbsp; 124604 | &nbsp;&nbsp; — |
| Payable for bond forward contracts (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for forward foreign currency contracts (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for accumulated variation margin on centrally cleared swap contracts<sup>(d)(e)</sup> (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable to administrator—net (Note B) | &nbsp;&nbsp; 115088 | &nbsp;&nbsp; 40824 |
| Payable to trustees | &nbsp;&nbsp; 3548 | &nbsp;&nbsp; 3548 |
| Payable for audit fees | &nbsp;&nbsp; 57630 | &nbsp;&nbsp; 61310 |
| Payable for custodian and accounting fees | &nbsp;&nbsp; 66221 | &nbsp;&nbsp; 119599 |
| Payable for legal fees | &nbsp;&nbsp; 11422 | &nbsp;&nbsp; 11422 |
| Payable for shareholder servicing fees | &nbsp;&nbsp; 3967 | &nbsp;&nbsp; 2698 |
| Distributions payable | &nbsp;&nbsp; 247381 | &nbsp;&nbsp; 29774 |
| Accrued capital gains taxes (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other accrued expenses and payables | &nbsp;&nbsp; 23934 | &nbsp;&nbsp; 19094 |
| Total Liabilities | &nbsp;&nbsp; 24665265 | &nbsp;&nbsp; 20053060 |
| Net Assets  | &nbsp;&nbsp; $1139229261 | &nbsp;&nbsp; $518631551 |
| **Net Assets consist of:** |  |  |
| Paid-in capital | &nbsp;&nbsp; $1229767861 | &nbsp;&nbsp; $576462187 |
| Total distributable earnings/(losses) | &nbsp;&nbsp; (90538600)<br>| &nbsp;&nbsp; (57830636)<br>|
| Net Assets  | &nbsp;&nbsp; $1139229261 | &nbsp;&nbsp; $518631551 |
| **Net Assets** |  |  |
| Investor Class | &nbsp;&nbsp; $11783014 | &nbsp;&nbsp; $— |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 917697886 | &nbsp;&nbsp; 498329261 |
| Class A | &nbsp;&nbsp; 31712306 | &nbsp;&nbsp; 14480668 |
| Class C | &nbsp;&nbsp; 3616525 | &nbsp;&nbsp; 5821622 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; 174419530 | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Income** <br>**Bond Fund**<br>| **Municipal** <br>**High Income** <br>**Fund**<br>| **Municipal** <br>**Impact Fund**<br>| **Municipal** <br>**Intermediate** <br>**Bond Fund**<br>| **Strategic** <br>**Income Fund**<br>|
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| $562629868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $65929575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $78880581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $189283794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8320419387 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32257383 |
| 562629868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65929575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78880581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189283794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8352676770 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3574070 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82784059 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10925379 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4209806 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 |
| 8834845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 927288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2542103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57991080 |
| 592897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252806299 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 129025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14731765 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9851238 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558599 |
| 57751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200843 |
| 572244386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67365954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79977753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192141969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8790962932 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397924 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6860000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3129000 |
| 222334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2405117 |
| 8341639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1223270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1236635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1520902639 |
| 280830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10829949 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828256 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158437 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836180 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250273 |
| 69982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 969877 |
| 3548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3548 |
| 63400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82120 |
| 42460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267201 |
| 11870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12963 |
| 10893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9007 |
| 388124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2968351 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41396 |
| 32329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120962 |
| 9467409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1547165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1744408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1551073200 |
| $562776977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $65818789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $79767964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $190397561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7239889732 |
| $858703123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $81645055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $84162200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $198781768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7350538898 |
| (295926146)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15826266)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4394236)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8384207)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (110649166)<br>|
| $562776977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $65818789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $79767964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $190397561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7239889732 |
| $52871612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7796761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10675996 |
| 336963184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64762304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79649124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178235635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6189381974 |
| 12840347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 982662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2967880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198785873 |
| 1850956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1397285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68118795 |
| 1175389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 134015748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 772927094 |
| 23059741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

------

Statements of Assets and Liabilities (cont'd)

**Neuberger Berman Income Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Core Bond** <br>**Fund**<br>| **Floating** <br>**Rate Income** <br>**Fund**<br>|
|  | **October 31, 2025** | **October 31, 2025** |
| **Shares Outstanding ($.001 par value; unlimited shares authorized)**  |  |  |
| Investor Class | &nbsp;&nbsp; 1316675 | &nbsp;&nbsp; — |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 102347565 | &nbsp;&nbsp; 53371892 |
| Class A | &nbsp;&nbsp; 3548526 | &nbsp;&nbsp; 1550422 |
| Class C | &nbsp;&nbsp; 404175 | &nbsp;&nbsp; 623668 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; 19441052 | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Asset Value, offering and redemption price per share**  |  |  |
| Investor Class | &nbsp;&nbsp; $8.95 | &nbsp;&nbsp; $— |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | 8.97 | 9.34 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 | 8.97 | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Asset Value and redemption price per share**  |  |  |
| Class A | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $9.34 |
| **Offering Price per share**  |  |  |
| Class A‡ | &nbsp;&nbsp; $9.34 | &nbsp;&nbsp; $9.75 |
| **Net Asset Value and offering price per share**  |  |  |
| Class C^ | &nbsp;&nbsp; $8.95 | &nbsp;&nbsp; $9.33 |
| **\*Cost of Investments:** |  |  |
| (a) Unaffiliated issuers | &nbsp;&nbsp; $1151081362 | &nbsp;&nbsp; $530312142 |
| (b) Affiliated issuers | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Total cost of investments | &nbsp;&nbsp; $1151081362 | &nbsp;&nbsp; $530312142 |
| (c) Total cost of foreign currency | &nbsp;&nbsp; $20824 | &nbsp;&nbsp; $— |
| (d) Unamortized upfront receipts on centrally cleared swap contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| (e) Unamortized upfront payments on centrally cleared swap contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ‡ | On single retail sales of less than $50,000. On sales of $50,000 or more or in certain other circumstances described in the Fund's <br> prospectus, offering price is reduced.<br>|
| ^ | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Income** <br>**Bond Fund**<br>| **Municipal** <br>**High Income** <br>**Fund**<br>| **Municipal** <br>**Impact Fund**<br>| **Municipal** <br>**Intermediate** <br>**Bond Fund**<br>| **Strategic** <br>**Income Fund**<br>|
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| 6835289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1042090 |
| 43516977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6864438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4883469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16067109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604003815 |
| 1660073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19379302 |
| 238861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6647461 |
| 151830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 17284279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75493765 |
| 2976250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| $7.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.24 |
| 7.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25 |
| 7.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 7.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.24 |
| 7.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| $7.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.26 |
| $8.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.72 |
| $7.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.25 |
| $550430459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $68901520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $79534398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $190390268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8262778866 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32229799 |
| $550430459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $68901520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $79534398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $190390268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8295008665 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $83851288 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1599066)<br>|
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1136279 |

---

------

Statements of Operations

**Neuberger Berman Income Funds** 

---

| | | |
|:---|:---|:---|
|  | **Core Bond** <br>**Fund**<br>| **Floating** <br>**Rate Income** <br>**Fund**<br>|
|  | **For the Fiscal** <br>**Year Ended** <br>**October 31,** <br>**2025**<br>| **For the Fiscal** <br>**Year Ended** <br>**October 31,** <br>**2025**<br>|
| **Investment Income:** |  |  |
| Income (Note A): |  |  |
| Dividend income—unaffiliated issuers | &nbsp;&nbsp; $— | &nbsp;&nbsp; $326863 |
| Dividend income—affiliated issuers (Note F) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest income—unaffiliated issuers | &nbsp;&nbsp; 50987348 | &nbsp;&nbsp; 39789872 |
| Other income | &nbsp;&nbsp; — | &nbsp;&nbsp; 311666 |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total income  | &nbsp;&nbsp; $50987348 | &nbsp;&nbsp; $40428401 |
| **Expenses:** |  |  |
| Investment management fees (Note B) | &nbsp;&nbsp; 1843200 | &nbsp;&nbsp; 2038310 |
| Administration fees (Note B): |  |  |
| Investor Class | &nbsp;&nbsp; 29870 | &nbsp;&nbsp; — |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 1231579 | &nbsp;&nbsp; 732647 |
| Class A | &nbsp;&nbsp; 70181 | &nbsp;&nbsp; 40546 |
| Class C | &nbsp;&nbsp; 9784 | &nbsp;&nbsp; 16549 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; 81134 | &nbsp;&nbsp; — |
| Distribution fees (Note B): |  |  |
| Investor Class | &nbsp;&nbsp; 27657 | &nbsp;&nbsp; — |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class A | &nbsp;&nbsp; 64983 | &nbsp;&nbsp; 37543 |
| Class C | &nbsp;&nbsp; 36238 | &nbsp;&nbsp; 61293 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shareholder servicing agent fees: |  |  |
| Investor Class | &nbsp;&nbsp; 12345 | &nbsp;&nbsp; — |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 3139 | &nbsp;&nbsp; 2171 |
| Class A | &nbsp;&nbsp; 851 | &nbsp;&nbsp; 6118 |
| Class C | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 455 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Audit fees | &nbsp;&nbsp; 56640 | &nbsp;&nbsp; 60320 |
| Custodian and accounting fees | &nbsp;&nbsp; 192159 | &nbsp;&nbsp; 353543 |
| Insurance | &nbsp;&nbsp; 25842 | &nbsp;&nbsp; 13382 |
| Legal fees | &nbsp;&nbsp; 71248 | &nbsp;&nbsp; 67870 |
| Registration and filing fees | &nbsp;&nbsp; 385820 | &nbsp;&nbsp; 82957 |
| Repayment to Management of expenses previously assumed by Management (Note B) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shareholder reports | &nbsp;&nbsp; 43506 | &nbsp;&nbsp; 21074 |
| Trustees' fees and expenses | &nbsp;&nbsp; 57050 | &nbsp;&nbsp; 56414 |
| Miscellaneous and other fees (Note A) | &nbsp;&nbsp; 67118 | &nbsp;&nbsp; 39536 |
| Total expenses | &nbsp;&nbsp; 4311856 | &nbsp;&nbsp; 3630728 |
| Expenses reimbursed by Management (Note B) | &nbsp;&nbsp; (360387)<br>| &nbsp;&nbsp; (432841)<br>|
| Fees waived (Notes A & B) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total net expenses | &nbsp;&nbsp; 3951469 | &nbsp;&nbsp; 3197887 |
| Net investment income/(loss) | &nbsp;&nbsp; $47035879 | &nbsp;&nbsp; $37230514 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Income** <br>**Bond Fund**<br>| **Municipal** <br>**High Income** <br>**Fund**<br>| **Municipal** <br>**Impact Fund**<br>| **Municipal** <br>**Intermediate** <br>**Bond Fund**<br>| **Strategic** <br>**Income Fund**<br>|
| **For the Fiscal** <br>**Year Ended** <br>**October 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**October 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**October 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**October 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**October 31,** <br>**2025**<br>|
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9166585 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806061 |
| 44770296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2784791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2514556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6158046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345714806 |
| 61921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34755 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66264)<br>|
| $44832217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2784791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2514556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6158046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $355655943 |
| 2902041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24719023 |
| 145362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32920 |
| 572820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7872651 |
| 35545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462310 |
| 5185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170180 |
| 4014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 64799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344418 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8230 |
| 32911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428065 |
| 19204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630295 |
| 7433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 23527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4336 |
| 3644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13577 |
| 2410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2212 |
| 656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1940 |
| 454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 1268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5543 |
| 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 62410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79550 |
| 123254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810557 |
| 17322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149660 |
| 67012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71951 |
| 128968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495062 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275732 |
| 46257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287634 |
| 56584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63503 |
| 44832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308384 |
| 4368027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37237733 |
| (21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (338042)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (308645)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (341136)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14080)<br>|
| (108992)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27586)<br>|
| 4259014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37196067 |
| $40573203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2467757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2185728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5545842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $318459876 |

---

------

Statements of Operations (cont'd)

**Neuberger Berman Income Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Core Bond** <br>**Fund**<br>| **Floating** <br>**Rate Income** <br>**Fund**<br>|
|  | **For the Fiscal** <br>**Year Ended** <br>**October 31,** <br>**2025**<br>| **For the Fiscal** <br>**Year Ended** <br>**October 31,** <br>**2025**<br>|
| **Realized and Unrealized Gain/(Loss) on Investments (Note A):** |  |  |
| **Net realized gain/(loss) on:** |  |  |
| Transactions in investment securities of unaffiliated issuers | &nbsp;&nbsp; (8053034)<br>| &nbsp;&nbsp; (1385070)<br>|
| Settlement of bond forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Settlement of forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Settlement of foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Expiration or closing of futures contracts | &nbsp;&nbsp; 948374 | &nbsp;&nbsp; — |
| Expiration or closing of swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Change in net unrealized appreciation/(depreciation) in value of:** |  |  |
| Investment securities of unaffiliated issuers | &nbsp;&nbsp; 26118373 | &nbsp;&nbsp; (4213043)<br>|
| Investment securities of affiliated issuers | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unfunded commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; 5263 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Bond forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; (118)<br>| &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; 904214 | &nbsp;&nbsp; — |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net gain/(loss) on investments | &nbsp;&nbsp; 19917809 | &nbsp;&nbsp; (5592850)<br>|
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; $66953688 | &nbsp;&nbsp; $31637664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* Change in accrued foreign capital gains tax amounted to $(39184) for Strategic Income.

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Income** <br>**Bond Fund**<br>| **Municipal** <br>**High Income** <br>**Fund**<br>| **Municipal** <br>**Impact Fund**<br>| **Municipal** <br>**Intermediate** <br>**Bond Fund**<br>| **Strategic** <br>**Income Fund**<br>|
| **For the Fiscal** <br>**Year Ended** <br>**October 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**October 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**October 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**October 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**October 31,** <br>**2025**<br>|
| 6098554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2257489)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (677171)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1446630)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9871165 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575995 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4783296)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3530415 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75593394 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11261131 |
| (44857)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2070290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1307840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4013993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143633825<br> <sup>\*\*</sup><br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199633 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (712928)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141474 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (669525)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14793776)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2780654 |
| 6053697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (187199)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2567363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226628161 |
| $46626900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2280558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2816397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8113205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $545088037 |

---

------

Statements of Changes in Net Assets

**Neuberger Berman Income Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Bond** <br>**Fund** | **Core Bond** <br>**Fund** | **Floating** <br>**Rate Income** <br>**Fund** | **Floating** <br>**Rate Income** <br>**Fund** |
|  | **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Increase/(Decrease) in Net Assets:** |  |  |  |  |
| **From Operations (Note A):** |  |  |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $47035879 | &nbsp;&nbsp; $30940263 | &nbsp;&nbsp; $37230514 | &nbsp;&nbsp; $38604127 |
| Net realized gain/(loss) on investments | &nbsp;&nbsp; (7104660)<br>| &nbsp;&nbsp; (2175316)<br>| &nbsp;&nbsp; (1385070)<br>| &nbsp;&nbsp; (5645894)<br>|
| Change in net unrealized appreciation/(depreciation) of <br> investments<br>| &nbsp;&nbsp; 27022469 | &nbsp;&nbsp; 41127793 | &nbsp;&nbsp; (4207780)<br>| &nbsp;&nbsp; 13088950 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; 66953688 | &nbsp;&nbsp; 69892740 | &nbsp;&nbsp; 31637664 | &nbsp;&nbsp; 46047183 |
| **Distributions to Shareholders From (Note A):** |  |  |  |  |
| Distributable earnings: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; (479773)<br>| &nbsp;&nbsp; (430088)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; (38815941)<br>| &nbsp;&nbsp; (30705371)<br>| &nbsp;&nbsp; (35804341)<br>| &nbsp;&nbsp; (36900955)<br>|
| Class A | &nbsp;&nbsp; (1126153)<br>| &nbsp;&nbsp; (1002430)<br>| &nbsp;&nbsp; (1043932)<br>| &nbsp;&nbsp; (1317337)<br>|
| Class C | &nbsp;&nbsp; (129891)<br>| &nbsp;&nbsp; (118616)<br>| &nbsp;&nbsp; (380646)<br>| &nbsp;&nbsp; (407938)<br>|
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; (7853824)<br>| &nbsp;&nbsp; (2166428)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Tax return of capital:** |  |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp; (48405582)<br>| &nbsp;&nbsp; (34422933)<br>| &nbsp;&nbsp; (37228919)<br>| &nbsp;&nbsp; (38626230)<br>|
| **From Fund Share Transactions (Note D):** |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; 1550152 | &nbsp;&nbsp; 1668469 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 433075931 | &nbsp;&nbsp; 380831707 | &nbsp;&nbsp; 206667036 | &nbsp;&nbsp; 161437810 |
| Class A | &nbsp;&nbsp; 16082508 | &nbsp;&nbsp; 6215599 | &nbsp;&nbsp; 26192297 | &nbsp;&nbsp; 29088657 |
| Class C | &nbsp;&nbsp; 779526 | &nbsp;&nbsp; 1683081 | &nbsp;&nbsp; 1659775 | &nbsp;&nbsp; 1216300 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; 56612339 | &nbsp;&nbsp; 120871754 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Proceeds from reinvestment of dividends and distributions: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; 437896 | &nbsp;&nbsp; 389570 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 36423812 | &nbsp;&nbsp; 28574847 | &nbsp;&nbsp; 35776719 | &nbsp;&nbsp; 36830767 |
| Class A | &nbsp;&nbsp; 1000246 | &nbsp;&nbsp; 903990 | &nbsp;&nbsp; 697175 | &nbsp;&nbsp; 915140 |
| Class C | &nbsp;&nbsp; 86024 | &nbsp;&nbsp; 87351 | &nbsp;&nbsp; 377545 | &nbsp;&nbsp; 403668 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; 7562554 | &nbsp;&nbsp; 1908745 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payments for shares redeemed: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; (1250770)<br>| &nbsp;&nbsp; (1251485)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; (315204669)<br>| &nbsp;&nbsp; (252113916)<br>| &nbsp;&nbsp; (168169652)<br>| &nbsp;&nbsp; (202720999)<br>|
| Class A | &nbsp;&nbsp; (9655416)<br>| &nbsp;&nbsp; (5703639)<br>| &nbsp;&nbsp; (26521905)<br>| &nbsp;&nbsp; (30895748)<br>|
| Class C | &nbsp;&nbsp; (1200585)<br>| &nbsp;&nbsp; (496875)<br>| &nbsp;&nbsp; (1754891)<br>| &nbsp;&nbsp; (1784940)<br>|
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; (27834785)<br>| &nbsp;&nbsp; (9114586)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net increase/(decrease) from Fund share transactions | &nbsp;&nbsp; 198464763 | &nbsp;&nbsp; 274454612 | &nbsp;&nbsp; 74924099 | &nbsp;&nbsp; (5509345)<br>|
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp; 217012869 | &nbsp;&nbsp; 309924419 | &nbsp;&nbsp; 69332844 | &nbsp;&nbsp; 1911608 |
| **Net Assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 922216392 | &nbsp;&nbsp; 612291973 | &nbsp;&nbsp; 449298707 | &nbsp;&nbsp; 447387099 |
| End of year | &nbsp;&nbsp; $1139229261 | &nbsp;&nbsp; $922216392 | &nbsp;&nbsp; $518631551 | &nbsp;&nbsp; $449298707 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **High Income** <br>**Bond Fund** | **High Income** <br>**Bond Fund** | **Municipal** <br>**High Income** <br>**Fund** | **Municipal** <br>**High Income** <br>**Fund** | **Municipal** <br>**Impact Fund** | **Municipal** <br>**Impact Fund** | **Municipal** <br>**Intermediate** <br>**Bond Fund** | **Municipal** <br>**Intermediate** <br>**Bond Fund** |
| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
| **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| $40573203 | &nbsp;&nbsp; $46558313 | &nbsp;&nbsp; $2467757 | &nbsp;&nbsp; $2430964 | &nbsp;&nbsp; $2185728 | &nbsp;&nbsp; $1980672 | &nbsp;&nbsp; $5545842 | &nbsp;&nbsp; $5079590 |
| 6098554 | &nbsp;&nbsp; (13288792)<br>| &nbsp;&nbsp; (2257489)<br>| &nbsp;&nbsp; (1765793)<br>| &nbsp;&nbsp; (677171)<br>| &nbsp;&nbsp; (1518166)<br>| &nbsp;&nbsp; (1446630)<br>| &nbsp;&nbsp; (489673)<br>|
| (44857)<br>| &nbsp;&nbsp; 66394137 | &nbsp;&nbsp; 2070290 | &nbsp;&nbsp; 8796976 | &nbsp;&nbsp; 1307840 | &nbsp;&nbsp; 5275231 | &nbsp;&nbsp; 4013993 | &nbsp;&nbsp; 10507190 |
| 46626900 | &nbsp;&nbsp; 99663658 | &nbsp;&nbsp; 2280558 | &nbsp;&nbsp; 9462147 | &nbsp;&nbsp; 2816397 | &nbsp;&nbsp; 5737737 | &nbsp;&nbsp; 8113205 | &nbsp;&nbsp; 15097107 |
| (3524301)<br>| &nbsp;&nbsp; (3781539)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (227681)<br>| &nbsp;&nbsp; (224865)<br>|
| (25642201)<br>| &nbsp;&nbsp; (31674126)<br>| &nbsp;&nbsp; (2436969)<br>| &nbsp;&nbsp; (2406052)<br>| &nbsp;&nbsp; (2202077)<br>| &nbsp;&nbsp; (1978613)<br>| &nbsp;&nbsp; (5208379)<br>| &nbsp;&nbsp; (4704917)<br>|
| (836245)<br>| &nbsp;&nbsp; (908512)<br>| &nbsp;&nbsp; (36108)<br>| &nbsp;&nbsp; (29187)<br>| &nbsp;&nbsp; (2774)<br>| &nbsp;&nbsp; (2630)<br>| &nbsp;&nbsp; (84402)<br>| &nbsp;&nbsp; (81388)<br>|
| (106702)<br>| &nbsp;&nbsp; (126249)<br>| &nbsp;&nbsp; (2287)<br>| &nbsp;&nbsp; (2643)<br>| &nbsp;&nbsp; (652)<br>| &nbsp;&nbsp; (577)<br>| &nbsp;&nbsp; (23865)<br>| &nbsp;&nbsp; (10349)<br>|
| (90064)<br>| &nbsp;&nbsp; (106136)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (8824583)<br>| &nbsp;&nbsp; (8565104)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (1666922)<br>| &nbsp;&nbsp; (1426578)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (1719)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3436)<br>| &nbsp;&nbsp; (5681)<br>|
|  | &nbsp;&nbsp; (14044)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (74656)<br>| &nbsp;&nbsp; (112464)<br>|
|  | &nbsp;&nbsp; (426)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1383)<br>| &nbsp;&nbsp; (2251)<br>|
|  | &nbsp;&nbsp; (67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (551)<br>| &nbsp;&nbsp; (410)<br>|
|  | &nbsp;&nbsp; (52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (3736)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (579)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (40691018)<br>| &nbsp;&nbsp; (46608867)<br>| &nbsp;&nbsp; (2475364)<br>| &nbsp;&nbsp; (2437882)<br>| &nbsp;&nbsp; (2205503)<br>| &nbsp;&nbsp; (1981820)<br>| &nbsp;&nbsp; (5624353)<br>| &nbsp;&nbsp; (5142325)<br>|
| 1929524 | &nbsp;&nbsp; 2124003 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39719 | &nbsp;&nbsp; 633608 |
| 62206926 | &nbsp;&nbsp; 92173990 | &nbsp;&nbsp; 15540538 | &nbsp;&nbsp; 14413402 | &nbsp;&nbsp; 14823798 | &nbsp;&nbsp; 14995928 | &nbsp;&nbsp; 26922990 | &nbsp;&nbsp; 64480244 |
| 14731988 | &nbsp;&nbsp; 34746974 | &nbsp;&nbsp; 304269 | &nbsp;&nbsp; 43724 | &nbsp;&nbsp; 11286 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1364298 | &nbsp;&nbsp; 332461 |
| 67121 | &nbsp;&nbsp; 99514 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50655 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 287612 | &nbsp;&nbsp; 812848 |
| 438116 | &nbsp;&nbsp; 403625 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 27646845 | &nbsp;&nbsp; 10118159 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 4025235 | &nbsp;&nbsp; 5178920 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 3347095 | &nbsp;&nbsp; 3590840 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 182970 | &nbsp;&nbsp; 183609 |
| 21514264 | &nbsp;&nbsp; 27300259 | &nbsp;&nbsp; 2421296 | &nbsp;&nbsp; 2394190 | &nbsp;&nbsp; 1956826 | &nbsp;&nbsp; 1784750 | &nbsp;&nbsp; 4778850 | &nbsp;&nbsp; 4061479 |
| 624540 | &nbsp;&nbsp; 662791 | &nbsp;&nbsp; 23890 | &nbsp;&nbsp; 17297 | &nbsp;&nbsp; 2007 | &nbsp;&nbsp; 2085 | &nbsp;&nbsp; 43481 | &nbsp;&nbsp; 49494 |
| 97067 | &nbsp;&nbsp; 116391 | &nbsp;&nbsp; 1611 | &nbsp;&nbsp; 1999 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 8778 | &nbsp;&nbsp; 5737 |
| 90045 | &nbsp;&nbsp; 106079 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 8600354 | &nbsp;&nbsp; 8304819 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1666922 | &nbsp;&nbsp; 1427157 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (7838604)<br>| &nbsp;&nbsp; (9462079)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1251180)<br>| &nbsp;&nbsp; (794879)<br>|
| (162810619)<br>| &nbsp;&nbsp; (241151770)<br>| &nbsp;&nbsp; (16279775)<br>| &nbsp;&nbsp; (23092957)<br>| &nbsp;&nbsp; (11985541)<br>| &nbsp;&nbsp; (15380877)<br>| &nbsp;&nbsp; (33583442)<br>| &nbsp;&nbsp; (64033809)<br>|
| (15435832)<br>| &nbsp;&nbsp; (35972840)<br>| &nbsp;&nbsp; (144716)<br>| &nbsp;&nbsp; (218598)<br>| &nbsp;&nbsp; (45095)<br>| &nbsp;&nbsp; (24800)<br>| &nbsp;&nbsp; (1844079)<br>| &nbsp;&nbsp; (562140)<br>|
| (319871)<br>| &nbsp;&nbsp; (887401)<br>| &nbsp;&nbsp; (15394)<br>| &nbsp;&nbsp; (23297)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6486)<br>| &nbsp;&nbsp; (77515)<br>| &nbsp;&nbsp; (18856)<br>|
| (960613)<br>| &nbsp;&nbsp; (520733)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (26402343)<br>| &nbsp;&nbsp; (21256255)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (4717483)<br>| &nbsp;&nbsp; (2628163)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (71499323)<br>| &nbsp;&nbsp; (125525720)<br>| &nbsp;&nbsp; 1851719 | &nbsp;&nbsp; (6413585)<br>| &nbsp;&nbsp; 4763505 | &nbsp;&nbsp; 1370816 | &nbsp;&nbsp; (3127518)<br>| &nbsp;&nbsp; 5149796 |
| (65563441)<br>| &nbsp;&nbsp; (72470929)<br>| &nbsp;&nbsp; 1656913 | &nbsp;&nbsp; 610680 | &nbsp;&nbsp; 5374399 | &nbsp;&nbsp; 5126733 | &nbsp;&nbsp; (638666)<br>| &nbsp;&nbsp; 15104578 |
| 628340418 | &nbsp;&nbsp; 700811347 | &nbsp;&nbsp; 64161876 | &nbsp;&nbsp; 63551196 | &nbsp;&nbsp; 74393565 | &nbsp;&nbsp; 69266832 | &nbsp;&nbsp; 191036227 | &nbsp;&nbsp; 175931649 |
| $562776977 | &nbsp;&nbsp; $628340418 | &nbsp;&nbsp; $65818789 | &nbsp;&nbsp; $64161876 | &nbsp;&nbsp; $79767964 | &nbsp;&nbsp; $74393565 | &nbsp;&nbsp; $190397561 | &nbsp;&nbsp; $191036227 |

---

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Statements of Changes in Net Assets (cont'd)

**Neuberger Berman Income Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
|  | **Strategic** <br>**Income Fund** | **Strategic** <br>**Income Fund** |
|  | **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Increase/(Decrease) in Net Assets:** |  |  |
| **From Operations (Note A):** |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $318459876 | &nbsp;&nbsp; $213505954 |
| Net realized gain/(loss) on investments | &nbsp;&nbsp; 96048804 | &nbsp;&nbsp; 10905838 |
| Change in net unrealized appreciation/(depreciation) of investments | &nbsp;&nbsp; 130579357 | &nbsp;&nbsp; 313522455 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; 545088037 | &nbsp;&nbsp; 537934247 |
| **Distributions to Shareholders From (Note A):** |  |  |
| Distributable earnings: |  |  |
| Trust Class | &nbsp;&nbsp; (420902)<br>| &nbsp;&nbsp; (367783)<br>|
| Institutional Class | &nbsp;&nbsp; (287432163)<br>| &nbsp;&nbsp; (193893795)<br>|
| Class A | &nbsp;&nbsp; (8747025)<br>| &nbsp;&nbsp; (6739910)<br>|
| Class C | &nbsp;&nbsp; (2757598)<br>| &nbsp;&nbsp; (2188734)<br>|
| Class R6 | &nbsp;&nbsp; (38398774)<br>| &nbsp;&nbsp; (26642940)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (337756462)<br>| &nbsp;&nbsp; (229833162)<br>|
| **From Fund Share Transactions (Note D):** |  |  |
| Proceeds from shares sold: |  |  |
| Trust Class | &nbsp;&nbsp; 3222052 | &nbsp;&nbsp; 3596662 |
| Institutional Class | &nbsp;&nbsp; 2444416444 | &nbsp;&nbsp; 2398406787 |
| Class A | &nbsp;&nbsp; 85296390 | &nbsp;&nbsp; 93866019 |
| Class C | &nbsp;&nbsp; 19907559 | &nbsp;&nbsp; 28184187 |
| Class R6 | &nbsp;&nbsp; 178617821 | &nbsp;&nbsp; 186721516 |
| Proceeds from reinvestment of dividends and distributions: |  |  |
| Trust Class | &nbsp;&nbsp; 407720 | &nbsp;&nbsp; 354163 |
| Institutional Class | &nbsp;&nbsp; 256110260 | &nbsp;&nbsp; 169884652 |
| Class A | &nbsp;&nbsp; 7254975 | &nbsp;&nbsp; 5080305 |
| Class C | &nbsp;&nbsp; 2520410 | &nbsp;&nbsp; 1976709 |
| Class R6 | &nbsp;&nbsp; 38214093 | &nbsp;&nbsp; 26441620 |
| Payments for shares redeemed: |  |  |
| Trust Class | &nbsp;&nbsp; (2700917)<br>| &nbsp;&nbsp; (1461741)<br>|
| Institutional Class | &nbsp;&nbsp; (1188509064)<br>| &nbsp;&nbsp; (1064495999)<br>|
| Class A | &nbsp;&nbsp; (69976366)<br>| &nbsp;&nbsp; (60917501)<br>|
| Class C | &nbsp;&nbsp; (15975247)<br>| &nbsp;&nbsp; (14841839)<br>|
| Class R6 | &nbsp;&nbsp; (72112853)<br>| &nbsp;&nbsp; (65804691)<br>|
| Net increase/(decrease) from Fund share transactions | &nbsp;&nbsp; 1686693277 | &nbsp;&nbsp; 1706990849 |
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp; 1894024852 | &nbsp;&nbsp; 2015091934 |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 5345864880 | &nbsp;&nbsp; 3330772946 |
| End of year | &nbsp;&nbsp; $7239889732 | &nbsp;&nbsp; $5345864880 |

---

See Notes to Financial Statements

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Notes to Financial Statements Income Funds

Note A—Summary of Significant Accounting Policies:

General: Neuberger Berman Income Funds (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the Securities Act of 1933, as amended. Each of Neuberger Berman Core Bond Fund ("Core Bond"), Neuberger Berman Floating Rate Income Fund ("Floating Rate Income"), Neuberger Berman High Income Bond Fund ("High Income"), Neuberger Berman Municipal High Income Fund ("Municipal High Income"), Neuberger Berman Municipal Impact Fund ("Municipal Impact"), Neuberger Berman Municipal Intermediate Bond Fund ("Municipal Intermediate Bond") and Neuberger Berman Strategic Income Fund ("Strategic Income") (each individually a "Fund," and collectively, the "Funds") is a separate operating series of the Trust. Each Fund is diversified. Three Funds offer Investor Class shares, one offers Trust Class shares, seven offer Institutional Class shares, seven offer Class A shares, seven offer Class C shares, one offers Class R3 shares, three offer Class R6 shares and one offers Class E shares. The Trust's Board of Trustees (the "Board") may establish additional series or classes of shares without the approval of shareholders.

A balance indicated with a "—", reflects either a zero balance or a balance that rounds to less than 1.

The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other series of the Trust.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services—Investment Companies."

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires Management to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

Portfolio valuation: In accordance with ASC 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of the Funds are carried at the value that Management believes a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds' investments, some of which are discussed below. At times, Management may need to apply significant judgment to value investments in accordance with ASC 820.

ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.

The value of the Funds' investments in equity securities, preferred stocks, closed-end funds and exchange-traded funds ("ETFs"), for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by

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NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.

The value of the Funds' investments in debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on bid quotations, or if quotations are not available, by methods that include various considerations based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Funds:

*Corporate Bonds.* Inputs used to value corporate debt securities generally include relevant credit information, observed market movements, sector news, U.S. Treasury yield curve or relevant benchmark curve, and other market information, which may include benchmark yield curves, reported trades, broker-dealer quotes, issuer spreads, comparable securities, and reference data, such as market research publications, when available ("Other Market Information").

*U.S. Treasury Obligations.* Inputs used to value U.S. Treasury securities generally include quotes from several inter-dealer brokers and Other Market Information.

*U.S. Government Agency Securities.* Inputs used to value U.S. Government Agency securities generally include obtaining benchmark quotes and Other Market Information.

*Collateralized Loan Obligations (CLOs).* The value of collateralized loan obligations is primarily determined by cash flow data, relevant loan pricing data and market color, and research from market participants and trading desks (Level 2 or 3 inputs).

*Asset-Backed Securities and Mortgage-Backed Securities.* Inputs used to value asset-backed securities and mortgage-backed securities generally include models that consider a number of factors, which may include the following: prepayment speeds, cash flows, spread adjustments and Other Market Information.

*High Yield Securities.* Inputs used to value high yield securities generally include a number of observations of equity and credit default swap curves related to the issuer and Other Market Information.

*Municipal Debt Securities.* Inputs used to value municipal debt securities include current trades, bid-wanted lists (which informs the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, and specific data on specialty issues.

*Emerging Markets Debt and Foreign Government Securities.* Inputs used to value emerging markets debt and foreign government securities generally include dealer quotes, bond market activity, discounted cash flow models, and other relevant information such as credit spreads, benchmark curves and Other Market Information.

*Distressed Deb*t. Inputs used to value distressed debt securities generally include relevant credit information, observed market movements, sector news, U.S. Treasury yield curve or relevant benchmark curve, and Other Market Information. For distressed or defaulted securities, inputs may also include dealer quotes, recent trades, broker-dealer indications, comparable securities, and reference data such as market research publications, when available (Level 2 inputs). In the absence of sufficient observable market data, discounted cash flow models may be employed, incorporating assumptions regarding default probabilities, recovery rates, and restructuring or liquidation values (Level 3 inputs).

------

*Private Placement Debt*. Inputs used to value private placement debt securities include spreads derived from private placement new issues, secondary trades, public bond comparables, internal matrices, and qualitative factors. Adjustments are made for credit quality, maturity, structure, and liquidity premiums. For investment-grade private placements, observable market inputs such as Treasury curves and comparable credit spreads are primarily utilized (Level 2 inputs). Where significant unobservable inputs are applied -such as internal matrices or qualitative adjustments -valuations are classified as Level 3. Index-based proxies may also be used for daily indications of valuation. Adjustments based on observable indices, such as the Markit CDX North America Investment Grade Index, are considered Level 2 inputs, while proxies combined with significant unobservable assumptions are classified as Level 3.

The value of credit linked notes is determined by obtaining a valuation from a calculation agent and is primarily based on the underlying reference security (Level 2 inputs).

The value of loan assignments is determined by Management primarily by obtaining valuations from independent pricing services based on broker quotes (generally Level 2 or Level 3 inputs depending on the number of quotes available).

The value of futures contracts is determined by Management by obtaining valuations from independent pricing services at the settlement price at the market close (Level 1 inputs).

The value of bond forward contracts ("bond forwards") is determined by Management by obtaining valuations from independent pricing services using a model that considers the current price of the underlying bond and the forward curve (Level 2 inputs).

The value of interest rate swaps is determined by Management primarily by obtaining valuations from independent pricing services based on references to the underlying rates including the local overnight index swap rate and the respective interbank offered forward rate to produce the daily price. The present value is calculated based off of expected cash flows based on swap parameters along with reference to the underlying yield curve and reference rate (Level 2 inputs).

The value of credit default swaps is determined by Management by obtaining valuations from independent pricing services using a model that considers a number of factors, which may include default probabilities, credit curves, recovery rates and cash flows (Level 2 inputs).

The value of inflation swaps is determined by Management primarily by obtaining valuations from independent pricing services based on references to the underlying inflation rates including forward inflation expectation rate and the respective interbank offered forward rate to produce the daily price. The present value is calculated based off of expected cash flows based on swap parameters along with reference to the underlying forward inflation curve and reference rate (Level 2 inputs).

The value of forward foreign currency contracts ("forward FX contracts") is determined by Management by obtaining valuations from independent pricing services based on actual traded currency rates on independent pricing services' networks, along with other traded and quoted currency rates provided to the pricing services by leading market participants (Level 2 inputs).

The value of total return swaps is determined by Management by obtaining valuations from independent pricing services using the underlying asset and stated benchmark interest rate (Level 2 inputs).

Management has developed a process to periodically review information provided by independent pricing services for all types of securities.

Investments in non-exchange traded investment companies are valued using the respective fund's daily calculated net asset value ("NAV") per share (Level 2 inputs), when available.

If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not available, the security is valued using methods Management has approved in the

------

good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated Management as the Funds' valuation designee. As the Funds' valuation designee, Management is responsible for determining fair value in good faith for all Fund investments. Inputs and assumptions considered in determining fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers or pricing services; information obtained from the issuer and analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold.

The value of the Funds' investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time on days the New York Stock Exchange ("NYSE") is open for business. Management has approved the use of ICE Data Services ("ICE") to evaluate the prices of foreign debt securities as of the time at which a Fund's share price is calculated. ICE utilizes benchmark spread and yield curves and evaluates available market activity from the local close to the time as of which a Fund's share price is calculated (Level 2 inputs) to assist in determining prices for certain foreign debt securities. In the absence of precise information about the market values of these foreign securities as of the time at which a Fund's share price is calculated, Management has determined based on available data that prices adjusted or evaluated in this way are likely to be closer to the prices a Fund could realize on a current sale than the prices of those securities established at the close of the foreign markets in which the securities primarily trade.

Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or traded.

Foreign currency translations: Core Bond, Floating Rate Income, High Income and Strategic Income may invest in foreign securities denominated in foreign currencies. The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are normally translated into U.S. dollars using the exchange rate as of 4:00 p.m. Eastern Time, on days the NYSE is open for business, to determine the value of investments, other assets and liabilities. Purchase and sale prices of securities, and income and expenses, are translated into U.S. dollars at the prevailing rate of exchange on the respective dates of such transactions. Net unrealized foreign currency gain/(loss), if any, arises from changes in the value of assets and liabilities, other than investments in securities, as a result of changes in exchange rates and is stated separately in the Statements of Operations.

Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as a Fund becomes aware of the dividends. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of discount (adjusted for original issue discount, where applicable) and amortization of premium, where applicable, is recorded on the accrual basis. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost and stated separately in the Statements of Operations. Included in net realized gain/(loss) on investments are proceeds from the settlement of class action litigation(s) in which certain of the Funds participated as a class member. The amounts of such proceeds for the year ended October 31, 2025, were as follows:

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| | |
|:---|:---|
| **Core Bond** | $268 |
| **High Income** | 297269 |
| **Strategic Income** | 31023 |

---

Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund to continue to qualify for treatment as a regulated investment company ("RIC") by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute

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substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.

ASC 740 "Income Taxes" sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. Management has analyzed each Fund's tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Funds' financial statements.

For federal income tax purposes, the estimated cost and unrealized appreciation/(depreciation) in value of investments held at October 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost**  | **Gross** <br>**Unrealized** <br>**Appreciation** <br>| **Gross** <br>**Unrealized** <br>**Depreciation** <br>| **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| **Core Bond** | $1151430031 | &nbsp;&nbsp; $16586923 | &nbsp;&nbsp; $13771231 | &nbsp;&nbsp; $2815692 |
| **Floating Rate Income** | 530421368 | &nbsp;&nbsp; 3509198 | &nbsp;&nbsp; 8240952 | &nbsp;&nbsp; (4731754)<br>|
| **High Income** | 551602244 | &nbsp;&nbsp; 15464969 | &nbsp;&nbsp; 4437345 | &nbsp;&nbsp; 11027624 |
| **Municipal High Income** | 68929089 | &nbsp;&nbsp; 1394239 | &nbsp;&nbsp; 4393753 | &nbsp;&nbsp; (2999514)<br>|
| **Municipal Impact** | 79536911 | &nbsp;&nbsp; 822331 | &nbsp;&nbsp; 1478661 | &nbsp;&nbsp; (656330)<br>|
| **Municipal Intermediate Bond** | 190390267 | &nbsp;&nbsp; 2260770 | &nbsp;&nbsp; 3367243 | &nbsp;&nbsp; (1106473)<br>|
| **Strategic Income** | 8302999408 | &nbsp;&nbsp; 136754797 | &nbsp;&nbsp; 86511690 | &nbsp;&nbsp; 50243107 |

---

Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund. The Funds may also utilize earnings and profits distributed to shareholders on redemption of their shares as a part of the dividends-paid deduction for income tax purposes.

Any permanent differences resulting from different book and tax treatment are reclassified at year-end and have no impact on net income, NAV or NAV per share of the Funds. For the year ended October 31, 2025, the Funds recorded permanent reclassifications primarily related to prior year true up adjustments and taxable overdistribution. For the year ended October 31, 2025, the Funds recorded the following permanent reclassifications:

---

| | | |
|:---|:---|:---|
|  | **Paid-in Capital**  | **Total Distributable** <br>**Earnings/(Losses)** <br>|
| **Core Bond** | $— | &nbsp;&nbsp; $— |
| **Floating Rate Income** | (16212)<br>| &nbsp;&nbsp; 16212 |
| **High Income** | (8279)<br>| &nbsp;&nbsp; 8279 |
| **Municipal High Income** |  | &nbsp;&nbsp; — |
| **Municipal Impact** | (8850)<br>| &nbsp;&nbsp; 8850 |
| **Municipal Intermediate Bond** |  | &nbsp;&nbsp; — |
| **Strategic Income** |  | &nbsp;&nbsp; — |

---

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The tax character of distributions paid during the years ended October 31, 2025, and October 31, 2024, was as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Ordinary** <br>**Income** | **Ordinary** <br>**Income** | **Tax-Exempt** <br>**Income**  | **Tax-Exempt** <br>**Income**  | **Long-Term** <br>**Capital Gain** | **Long-Term** <br>**Capital Gain** | **Return of** <br>**Capital**  | **Return of** <br>**Capital**  | **Total** | **Total** |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Core Bond** | $48405582 | $34422933 | $— | $— | $— | $— | $— | $— | $48405582 | $34422933 |
| **Floating Rate Income** | 37228919 | 38626230 |  |  |  |  |  |  | 37228919 | 38626230 |
| **High Income** | 40691018 | 46588244 |  |  |  |  |  | 20623 | 40691018 | 46608867 |
| **Municipal High Income** | 25966 | 29478 | 2449398 | 2408404 |  |  |  |  | 2475364 | 2437882 |
| **Municipal Impact** | 7780 | 10001 | 2197723 | 1971819 |  |  |  |  | 2205503 | 1981820 |
| **Municipal Intermediate** <br> **Bond**<br>| 1506 | 1616 | 5542821 | 5019903 |  |  | 80026 | 120806 | 5624353 | 5142325 |
| **Strategic Income** | 337756462 | 229833162 |  |  |  |  |  |  | 337756462 | 229833162 |

---

As of October 31, 2025, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income** <br>| **Undistributed** <br>**Tax-Exempt** <br>**Income**<br>| **Undistributed** <br>**Long-Term** <br>**Capital Gain** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>| **Loss** <br>**Carryforwards** <br>**and Deferrals** <br>| **Other** <br>**Temporary** <br>**Differences** <br>| **Total**  |
| **Core Bond** | $2215154 | $— | $— | $2815183 | $(95321556)<br>| $(247381)<br>| $(90538600)<br>|
| **Floating Rate** <br> **Income**<br>|  |  |  | (4731753)<br>| (53069109)<br>| (29774)<br>| (57830636)<br>|
| **High Income** |  |  |  | 11027624 | (306558603)<br>| (395167)<br>| (295926146)<br>|
| **Municipal High** <br> **Income**<br>|  | 468259 |  | (2999514)<br>| (13286118)<br>| (8893)<br>| (15826266)<br>|
| **Municipal Impact** |  |  |  | (656330)<br>| (3717358)<br>| (20548)<br>| (4394236)<br>|
| **Municipal** <br> **Intermediate** <br> **Bond**<br>|  |  |  | (1106473)<br>| (7228654)<br>| (49080)<br>| (8384207)<br>|
| **Strategic Income** | 14414477 |  |  | 49254482 | (171349775)<br>| (2968350)<br>| (110649166)<br>|

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The temporary differences between book basis and tax basis distributable earnings are primarily due to: losses disallowed and/or recognized on wash sales and straddles, timing differences of fund level distributions, mark-to-market adjustments on swaps, futures, forward FX contracts and options, amortization of bond premium, defaulted bond adjustments, amortization of organizational expenses, tax adjustments related to swap contracts.

To the extent each Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of each Fund not to distribute such gains. Capital loss carryforward rules allow for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term. As determined at October 31, 2025, the following Funds had unused capital loss carryforwards available for federal income tax purposes to offset future net realized capital gains, if any, as follows:

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| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** |
|  | **Long-Term** | **Short-Term** |
| **Core Bond** | $61120000 | &nbsp;&nbsp; $32705594 |
| **Floating Rate Income** | 39193383 | &nbsp;&nbsp; 13875726 |
| **High Income** | 234819460 | &nbsp;&nbsp; 71739143 |
| **Municipal High Income** | 9856471 | &nbsp;&nbsp; 3429647 |
| **Municipal Impact** | 3623136 | &nbsp;&nbsp; 94222 |
| **Municipal Intermediate Bond** | 6077129 | &nbsp;&nbsp; 1151525 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Capital Loss** <br> **Carryforwards** | **Capital Loss** <br> **Carryforwards** |
|  | **Long-Term** | **Short-Term** |
| **Strategic Income** | $169020599 | &nbsp;&nbsp; $— |

---

During the year ended October 31, 2025, High Income and Strategic Income utilized capital loss carryforwards of $4,596,550 and $61,303,228, respectively.

Foreign taxes: Foreign taxes withheld, if any, represent amounts withheld by foreign tax authorities, net of refunds recoverable.

Foreign capital gains on certain foreign securities may be subject to foreign taxes, which are accrued as applicable. Strategic Income accrues capital gains tax on unrealized and realized gains for certain securities. At October 31, 2025, Strategic Income had accrued capital gains taxes of $41,396, which is reflected in the Statements of Assets and Liabilities.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), certain of the Funds that invest in foreign securities may file tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). ECJ tax reclaims are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. When any such ECJ tax reclaims are not "more likely than not" to be sustained after examination by tax authorities, then no amounts are included in the Statements of Assets and Liabilities. Income recognized for ECJ tax reclaims, if any, would be included in "Investment Income" in the Statements of Operations and the cost to file these additional ECJ tax reclaims, if any, would be included in "Miscellaneous and other fees" in the Statements of Operations.

Distributions to shareholders: Each Fund earns income, net of expenses, daily on its investments. Ordinarily, distributions from net investment income are declared on each business day and paid monthly, and distributions from net realized capital gains, if any, are generally distributed once a year (usually in December). Distributions to shareholders are recorded on the ex-date.

Expense allocation: Certain expenses are applicable to multiple funds within a complex of related investment companies. Expenses directly attributable to a fund are charged to that fund. Expenses of the Trust that are not directly attributable to a particular series of the Trust (e.g., a Fund) are allocated among the series of the Trust, on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the series can otherwise be made fairly. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which NBIA serves as investment manager, that are not directly attributable to a particular investment company in the complex (e.g., the Trust) or series thereof are allocated among the investment companies in the complex or series thereof on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies in the complex or series thereof can otherwise be made fairly. Each Fund's expenses (other than those specific to each class) are allocated proportionally each day among its classes based upon the relative net assets of each class.

Investments in foreign securities: Investing in foreign securities may involve sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. These additional risks include the possibility of adverse political and economic developments (including political instability, nationalization, expropriation, or confiscatory taxation) and the potentially adverse effects of unavailability of public information regarding issuers, less governmental supervision and regulation of financial markets, reduced liquidity of certain financial markets, and the lack of uniform accounting, auditing, and financial reporting standards or the application of standards that are different or less stringent than those applied in the United States. Foreign securities also may experience greater price volatility, higher rates of inflation, and delays in settlement.

Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by various factors, including investor perception and changes in interest rates; intervention, or

------

failure to intervene, by U.S. or foreign governments, central banks, or supranational entities; or by currency controls or political developments in the U.S. or abroad.

Additional risks include exposure to less developed or less efficient trading markets; social, political, diplomatic, or economic instability; trade barriers and other protectionist trade policies (including those of the U.S.); imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals; significant government involvement in an economy and/or market structure; fluctuations in foreign currencies or currency redenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or other operational risks; higher transaction costs; confiscatory withholding or other taxes; and less stringent auditing and accounting, corporate disclosure, governance, and legal standards. To the extent a foreign security is denominated in U.S. dollars, there is also the risk that a foreign government will not let U.S. dollar-denominated assets leave the country.

The governments of emerging market countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices.

When-issued/delayed delivery securities: Each Fund may purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time a Fund enters into a commitment to purchase a security, the transaction is recorded and the value of the security is reflected in the NAV. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues to a Fund until payment takes place. When-issued and delayed delivery transactions can have a leverage-like effect on a Fund, which can increase fluctuations in the Fund's NAV. Certain risks may arise upon entering into when-issued or delayed delivery securities transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

Each Fund may also enter into a TBA (To Be Announced) agreement and "roll over" such agreement prior to the settlement date by selling the obligation to purchase the pools set forth in the agreement and entering into a new TBA agreement for future delivery of pools of mortgage-backed securities. TBA mortgage-backed securities may increase prepayment risks because the underlying mortgages may be less favorable than anticipated by a Fund. Certain transactions will require a Fund or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party.

Derivative instruments: Certain Funds' use of derivatives during the year ended October 31, 2025, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at October 31, 2025. The disclosure requirements of ASC 815 "Derivatives and Hedging" ("ASC 815") distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

Rule 18f-4 under the 1940 Act regulates the use of derivatives for certain funds registered under the 1940 Act ("Rule 18f-4"). Unless a Fund qualifies as a "limited derivatives user" as defined in Rule 18f-4, the Fund is subject to a comprehensive derivatives risk management program, is required to comply with certain value-at-risk based leverage limits and is required to provide additional disclosure both publicly and to the Securities and Exchange Commission ("SEC") regarding its derivatives positions. If a Fund qualifies as a limited derivatives user, Rule 18f-4 requires the Fund to have policies and procedures to manage its aggregate derivatives risk.

Futures contracts: During the year ended October 31, 2025, Core Bond used futures to manage or adjust the risk profile and investment exposure of the Fund, including to adjust the duration and yield curve exposure of the Fund's portfolio. During the year ended October 31, 2025, Strategic Income used futures to

------

manage or adjust the risk profile and investment exposure of the Fund or individual positions, to obtain or reduce exposure to certain markets, to establish net short or long positions for markets, currencies or securities, to adjust the duration of the Fund's portfolio and to enhance total return.

Futures contracts may include certain options on exchange-traded futures contracts. At the time a Fund enters into a futures contract, it is required to deposit with the futures commission merchant a specified amount of cash or liquid securities, known as "initial margin," which is a percentage of the value of the futures contract being traded that is set by the exchange upon which the futures contract is traded. Each day, the futures contract is valued at the official settlement price of the board of trade or U.S. commodity exchange on which such futures contract is traded. Subsequent payments, known as "variation margin," to and from the broker are made on a daily basis, or as needed, as the market price of the futures contract fluctuates. Daily variation margin adjustments, arising from this "mark to market," are recorded by a Fund as unrealized gains or losses.

Although some futures by their terms call for actual delivery or acquisition of the underlying securities or currency, in most cases the contracts are closed out prior to delivery by offsetting purchases or sales of matching futures. When the contracts are closed or expire, a Fund recognizes a gain or loss. Risks of entering into futures contracts include the possibility there may be an illiquid market, possibly at a time of rapidly declining prices, and/or a change in the value of the contract may not correlate with changes in the value of the underlying securities. Futures executed on regulated futures exchanges have minimal counterparty risk to a Fund because the exchange's clearinghouse assumes the position of the counterparty in each transaction. Thus, a Fund is exposed to risk only in connection with the clearinghouse and not in connection with the original counterparty to the transaction.

For U.S. federal income tax purposes, the futures transactions undertaken by a Fund may cause the Fund to recognize gains or losses from marking contracts to market even though its positions have not been sold or terminated, may affect the character of the gains or losses recognized as long-term or short-term, and may affect the timing of some capital gains and losses realized by the Fund. Also, a Fund's losses on transactions involving futures contracts may be deferred rather than being taken into account currently in calculating such Fund's taxable income.

Bond forward contracts: During the year ended October 31, 2025, Strategic Income used bond forward contracts to obtain economic exposure in the Fund to certain markets and securities. A bond forward is a contractual agreement between a Fund and another party to buy or sell an underlying asset at an agreed-upon future price and date. In a bond forward transaction, no cash premium is paid when the parties enter into the bond forward. If the transaction is collateralized, an exchange of margin collateral will take place according to an agreed-upon schedule. Otherwise, no asset of any kind changes hands until the bond forward matures (typically in 30 days) or is rolled over for another agreed-upon period. Generally, the value of the bond forward will change based on changes in the value of the underlying asset. Bond forwards are subject to market risk (the risk that the market value of the underlying bond may change), non-correlation risk (the risk that the market value of the bond forward might move independently of the market value of the underlying bond) and counterparty credit risk (the risk that a counterparty will be unable to meet its obligation under the contract). If there is no cash exchanged at the time a Fund enters into the bond forward, counterparty risk may be limited to the loss of any marked-to-market profit on the contract and any delays or limitations on the Fund's ability to sell or otherwise use the investments posted as collateral for the bond forward.

Forward foreign currency contracts: During the year ended October 31, 2025, Strategic Income used forward FX contracts to manage or adjust the risk profile for foreign currency exposures in the Fund, to obtain or reduce economic exposure, to establish net short or long positions for markets or securities and to enhance total return.

A forward FX contract is an agreement between two parties to buy or sell a specific currency for another at a set price on a future date, and is individually negotiated and privately traded by currency traders and their customers in the interbank market. The market value of a forward FX contract fluctuates with changes in forward currency exchange rates. Forward FX contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain or loss. At the consummation of a forward FX contract to

------

purchase or sell currency, a Fund may either exchange the currencies specified at the maturity of the forward FX contract or enter into a closing transaction involving the purchase or sale of an offsetting forward FX contract. Closing transactions with respect to forward FX contracts are usually performed with the counterparty to the original forward FX contract. The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a contract is included in "Net realized gain/(loss) on settlement of forward foreign currency contracts" in the Statements of Operations. These contracts may involve market risk in excess of the unrealized gain or loss reflected in a Fund's Statement of Assets and Liabilities. In addition, a Fund could be exposed to risks associated with fluctuations in foreign currency and the risk the counterparty will fail to fulfill its obligation.

Credit default swap contracts: During the year ended October 31, 2025, Strategic Income used credit default swaps for economic hedging purposes, to manage or adjust the risk profile and investment exposure of the Fund or individual positions, to obtain or reduce exposure to certain markets, to establish net short or long positions for markets or securities and to enhance total return. When a Fund is the buyer of a credit default swap contract, it is entitled to receive the notional amount of the swap from the counterparty if a credit event occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and received no proceeds from the contract. When a Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If a Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make (or the risk of loss) would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may add economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The net periodic payments paid or received on the swap contract are accrued daily as a component of unrealized appreciation/(depreciation) and are recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation/(depreciation) in an amount equal to the daily valuation of swaps. For over-the-counter ("OTC") credit default swaps, cash settlement in and out of the swaps may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement, and is generally determined based on limits and thresholds established as part of an agreement between the Fund and the counterparty. For financial reporting purposes, unamortized upfront payments/(receipts), if any, are netted with unrealized appreciation or (depreciation) and net interest receivable or payable on swap contracts to determine the fair value of swaps.

Interest rate/Inflation swap contracts: During the year ended October 31, 2025, Strategic Income used interest rate swaps and inflation swaps for economic hedging purposes, to manage or adjust the risk profile and investment exposure of the Fund or individual positions, to obtain or reduce exposure to certain markets, to establish net short or long positions for markets or securities and to enhance total return. Under the terms of interest rate/inflation swaps, the Fund agrees to pay the swap counterparty a fixed-rate payment in exchange for the counterparty's paying the Fund a variable-rate payment, or the Fund agrees to pay the swap counterparty a variable-rate payment in exchange for the counterparty's paying the Fund a fixed-rate payment. The fixed-rate and variable-rate payment flows are paid by one party to the other on a periodic basis and netted against each other when applicable. There is no guarantee that these interest rate/inflation swap transactions will be successful in reducing or limiting risk.

Risks may arise if the counterparty to an interest rate/inflation swap contract fails to comply with the terms of its contract. The loss incurred due to the failure of a counterparty is generally limited to the net interest payment to be received by the Fund and/or the termination value at the end of the contract. Additionally,

------

risks may arise if there is no liquid market for these agreements or from movements in interest rates unanticipated by Management.

Periodic expected interim net interest payments or receipts on the swaps are recorded as an adjustment to unrealized gains/losses, along with the fair value of the future periodic payment or receivable streams on the swaps. The unrealized gains/losses associated with the periodic interim net interest payments or receipts are reclassified to realized gains/losses in conjunction with the actual net payment or receipt of such amounts. For OTC interest rate/inflation swaps, cash settlement in and out of the swaps may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement, and is generally determined based on limits and thresholds established as part of an agreement between the Fund and the counterparty. The reclassifications do not impact the Fund's total net assets or its total net increase (decrease) in net assets resulting from operations.

Centrally cleared swap contracts: Certain clearinghouses currently offer clearing for limited types of derivative transactions. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty that is then cleared through a central clearinghouse. Upon acceptance of a swap by a central clearinghouse, the original swap is extinguished and replaced with a swap with the clearinghouse, thereby reducing or eliminating the Fund's exposure to the credit risk of the original counterparty. A Fund typically will be required to post specified levels of both initial and variation margin with the clearinghouse or at the instruction of the clearinghouse. The daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the central clearing party. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation and net interest receivable or payable on swap contracts to determine the fair value of swaps.

Total return basket swap contracts: During the year ended October 31, 2025, Strategic Income used total return basket swaps to increase returns, reduce risks and for hedging purposes. A Fund may enter into a total return basket swap agreement to obtain exposure to a portfolio of long and short securities. Under the terms of the agreement, the swap is designed to function as a portfolio of direct investments in long and short equity or fixed income positions. The Fund has the ability to trade in and out of long and short positions within the swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation/(depreciation), corporate actions, and dividends and interest received and paid, all of which are reflected in the swap value. The swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on defined market rates plus or minus a specified spread and are referred to herein as "financing costs". Positions within the swap are reset periodically, and financing costs are reset according to the terms of the contract. During a reset, any unrealized gains (losses) on positions and accrued financing costs become available for cash settlement between the Fund and the swap counterparty. For OTC total return basket swaps, cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement, and is generally determined based on limits and thresholds established as part of an agreement between the Fund and the counterparty. A change in the market value of a total return basket swap contract is recognized as a change in unrealized appreciation/(depreciation) on swap contracts in the Statements of Operations. Cash settlements between a Fund and the counterparty are recognized as realized gains (losses) on closing of swap contracts in the Statements of Operations.

Total return swap contracts: During the year ended October 31, 2025, Strategic Income used total return swaps for economic hedging purposes, to manage or adjust the risk profile and investment exposure of the Fund or individual positions, to obtain or reduce exposure to certain markets, to establish net short or long positions for markets or securities and to enhance total return. Total return swaps involve commitments to pay fixed or floating rate interest in exchange for a market-linked return based on a notional amount. To the extent the total return of the reference security or index underlying the total return swap exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment or make a payment to the counterparty, respectively. Certain risks may arise when entering into total return swap transactions, including counterparty default, liquidity or unfavorable changes in the value of the underlying reference security or index. The value of the swap is adjusted daily and the change in value, if any, is recorded as

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unrealized appreciation or (depreciation) in the Statements of Assets and Liabilities. Payments received or made at the end of each measurement period are recorded as realized gain or loss in the Statements of Operations. For OTC total return swaps, cash settlement in and out of the swaps may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement, and is generally determined based on limits and thresholds established as part of an agreement between the Fund and the counterparty.

At October 31, 2025, the Funds listed below had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Fund** | **Statements of** <br>**Assets and Liabilities** <br>**Location** <br>| **Value** | &nbsp;&nbsp; **Statements of** <br>**Assets and Liabilities** <br>**Location** <br>| **Value** |
| **Core Bond** |  |  |  |  |
| Futures |  |  |  |  |
| Interest rate risk | Receivable/Payable for <br> accumulated variation margin on <br> futures contracts<br>| $680579 | &nbsp;&nbsp; Receivable/Payable for <br> accumulated variation margin on <br> futures contracts<br>| $(805183)<br>|
| **Strategic Income** |  |  |  |  |
| Futures |  |  |  |  |
| Interest rate risk | Receivable/Payable for <br> accumulated variation margin on <br> futures contracts<br>| 1977872 | &nbsp;&nbsp; Receivable/Payable for <br> accumulated variation margin on <br> futures contracts<br>| (2806128)<br>|
| Bond forwards |  |  |  |  |
| Interest rate risk | Receivable for bond forward <br> contracts<br>| 3024 | &nbsp;&nbsp; Payable for bond forward <br> contracts<br>| (158437)<br>|
| Forward FX contracts |  |  |  |  |
| Currency risk  | Receivable for forward foreign <br> currency contracts<br>| 9851238 | &nbsp;&nbsp; Payable for forward foreign <br> currency contracts<br>| (836180)<br>|
| Centrally cleared swaps |  |  |  |  |
| Interest rate risk | Receivable/Payable for <br> accumulated variation margin on <br> centrally cleared swap contracts<sup>(a)</sup><br>| 507958 | &nbsp;&nbsp; Receivable/Payable for <br> accumulated variation margin on <br> centrally cleared swap contracts<sup>(a)</sup><br>| (173427)<br>|
| Credit risk | Receivable/Payable for <br> accumulated variation margin on <br> centrally cleared swap contracts<sup>(a)</sup><br>| 1312032 | &nbsp;&nbsp; Receivable/Payable for <br> accumulated variation margin on <br> centrally cleared swap contracts<sup>(a)</sup><br>| (1896836)<br>|
| Total centrally cleared swaps |  | 1819990 |  | (2070263)<br>|
| Over-the-counter swaps |  |  |  |  |
| Credit risk | Over-the-counter swap contracts, <br> at value<sup>(a)</sup><br>| 558599 | &nbsp;&nbsp; Over-the-counter swap contracts, <br> at value<sup>(a)</sup><br>| (397924)<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) "Centrally cleared swaps" and "over-the counter swaps" reflect the cumulative unrealized appreciation/(depreciation) of the centrally cleared swap and over-the-counter swap
 contracts plus accrued interest as of October 31, 2025.

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The impact of the use of these derivative instruments on the Statements of Operations during the year ended October 31, 2025, was as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Net Realized Gain/** <br>**(Loss) on Derivatives**<sup>(a)</sup> <br>| **Change in Net Unrealized** <br>**Appreciation/** <br>**(Depreciation) on** <br>**Derivatives**<sup>(b)</sup> <br>|
| **Core Bond** |  |  |
| Futures |  |  |
| Interest rate risk | &nbsp;&nbsp; $948374 | &nbsp;&nbsp; $904214 |
| **Strategic Income** |  |  |
| Futures |  |  |
| Interest rate risk | &nbsp;&nbsp; 75593394 | &nbsp;&nbsp; (14793776)<br>|
| Forward FX contracts |  |  |
| Currency risk | &nbsp;&nbsp; (4783296)<br>| &nbsp;&nbsp; (712928)<br>|
| Bond forwards |  |  |
| Interest rate risk | &nbsp;&nbsp; 575995 | &nbsp;&nbsp; 141474 |
| Swaps |  |  |
| Interest rate risk | &nbsp;&nbsp; 266650 | &nbsp;&nbsp; 278651 |
| Credit risk | &nbsp;&nbsp; 10994481 | &nbsp;&nbsp; 2502003 |
| Total swaps | &nbsp;&nbsp; 11261131 | &nbsp;&nbsp; 2780654 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net realized gain/(loss) on derivatives is located in the Statements of Operations
 each under the caption, "Net realized gain/(loss) on:"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Futures | Expiration or closing of futures contracts |
| Forward FX contracts | Settlement of forward foreign currency contracts |
| Bond Forwards | Settlement of bond forward contracts |
| Swaps | Expiration or closing of swap contracts |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Change in net unrealized appreciation/(depreciation) is located in the Statements
 of Operations each under the caption, "Change in net unrealized appreciation/(depreciation) in value of:"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Futures | Futures contracts |
| Forward FX contracts | Forward foreign currency contracts |
| Bond forwards | Bond forward contracts |
| Swaps | Swap contracts |

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While the Funds may receive redeemable preference shares, rights and warrants in connection with their investments in securities, these preference shares, rights and warrants are not considered "derivative instruments" under ASC 815.

Management has concluded that Floating Rate Income, High Income, Municipal High Income, Municipal Impact and Municipal Intermediate Bond did not hold any derivative instruments during the year ended October 31, 2025 that require additional disclosures pursuant to ASC 815.

Securities lending: Each Fund, using State Street Bank and Trust Company ("State Street") as its lending agent, may loan securities to qualified brokers and dealers in exchange for negotiated lender's fees. These fees, if any, would be disclosed within the Statements of Operations under the caption "Income from securities loaned-net" and are net of expenses retained by State Street as compensation for its services as lending agent.

The initial collateral received by a Fund at the beginning of each transaction shall have a value equal to at least 102% of the prior day's market value of the loaned securities (105% in the case of international

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securities). Collateral in the form of cash and/or securities issued or guaranteed by the U.S. government or its agencies, equivalent to at least 100% of the market value of securities, is maintained at all times. Thereafter, the value of the collateral is monitored on a daily basis, and collateral is moved daily between a counterparty and a Fund until the close of the transaction. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of State Street and is included in the Statements of Assets and Liabilities under the caption "Investments in securities, at value—Unaffiliated issuers." The total value of securities received as collateral for securities on loan is included in a footnote following the applicable Schedule of Investments, but is not included within the Statements of Assets and Liabilities because the receiving Fund does not have the right to sell or repledge the securities received as collateral. The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities. Any increase or decrease in the fair value of the securities loaned and any interest earned or dividends paid or owed on those securities during the term of the loan would accrue to that Fund.

During the year ended October 31, 2025, the Funds did not participate in securities lending.

Offsetting assets and liabilities: The Funds are required to disclose both gross and net information for assets and liabilities related to OTC derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. Strategic Income held one or more of these investments at October 31, 2025. The Funds' OTC derivative assets and liabilities at fair value by type are reported gross in the Statements of Assets and Liabilities. The following tables present derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting or similar agreement and net of the related collateral received by a Fund for assets and pledged by a Fund for liabilities as of October 31, 2025.

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| | | |
|:---|:---|:---|
| **Description** | **Gross Amounts of Assets** <br>**Presented in the** <br>**Statements** <br>**of Assets and Liabilities**<br>| **Gross Amounts of Liabilities** <br>**Presented in the** <br>**Statements** <br>**of Assets and Liabilities**<br>|
| **Strategic Income** | **Strategic Income** | **Strategic Income** |
| Bond Forward Contracts | &nbsp;&nbsp; $3024 | &nbsp;&nbsp; $(158437)<br>|
| Forward FX contracts | &nbsp;&nbsp; 9851238 | &nbsp;&nbsp; (836180)<br>|
| Over-the-counter swap <br> contracts<br>| &nbsp;&nbsp; 558599 | &nbsp;&nbsp; (397924)<br>|
| **Total** | &nbsp;&nbsp; **$10412861** | &nbsp;&nbsp; **$(1392541)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Counterparty** | **Gross Amounts** <br>**Presented in the** <br>**Statements** <br>**of Assets and** <br>**Liabilities**<br>| **Liabilities** <br>**Available** <br>**for Offset**<br>| **Collateral** <br>**Received**<sup>(a)</sup><br>| **Net** <br>**Amount**<sup>(b)</sup><br>| **Gross Amounts** <br>**Presented in the** <br>**Statements** <br>**of Assets and** <br>**Liabilities**<br>| **Assets** <br>**Available** <br>**for Offset**<br>| **Collateral** <br>**Pledged**<sup>(a)</sup><br>| **Net** <br>**Amount**<sup>(b)</sup><br>|
| **Strategic Income** | **Strategic Income** |  |  |  |  |  |  |  |
| BCB | $15181 | $(3859)<br>| $— | $11322 | $(3859)<br>| $3859 | $— | $— |
| CITI | 1254660 | (197668)<br>| (1000000)<br>| 56992 | (197668)<br>| 197668 |  |  |
| DB | 3380180 | (460)<br>| (2200000)<br>| 1179720 | (460)<br>| 460 |  |  |
| GSI | 761559 | (761559)<br>|  |  | (879867)<br>| 761559 | 118308 |  |
| HSBC | 1771 |  |  | 1771 |  |  |  |  |
| JPM | 4766060 | (237819)<br>| (3660000)<br>| 868241 | (237819)<br>| 237819 |  |  |
| MS | 166639 | (41104)<br>|  | 125535 | (41104)<br>| 41104 |  |  |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statements of Assets and Liabilities: (cont'd)** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities: (cont'd)** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities: (cont'd)** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities: (cont'd)** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities: (cont'd)** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities: (cont'd)** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities: (cont'd)** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities: (cont'd)** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities: (cont'd)** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Counterparty** | **Gross Amounts**<br> **Presented in the**<br> **Statements**<br> **of Assets and**<br> **Liabilities**<br>| **Liabilities**<br> **Available**<br> **for Offset**<br>| **Collateral**<br> **Received**<sup>(a)</sup><br>| **Net**<br> **Amount**<sup>(b)</sup><br>| **Gross Amounts**<br> **Presented in the**<br> **Statements**<br> **of Assets and**<br> **Liabilities**<br>| **Assets**<br> **Available**<br> **for Offset**<br>| **Collateral**<br> **Pledged**<sup>(a)</sup><br>| **Net**<br> **Amount**<sup>(b)</sup><br>|
| SCB | $66811 | $(31764)<br>| $— | $35047 | $(31764)<br>| $31764 | $— | $— |
| **Total** | **$10412861** | **$(1274233)**<br>| **$(6860000)**<br>| **$2278628** | **$(1392541)**<br>| **$1274233** | **$118308** | **$—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Collateral received (or pledged) is limited to an amount not to exceed 100% of the
 net amount of assets (or liabilities) in the tables presented above, for each respective counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;(b) A net amount greater than zero represents amounts subject to loss as of October 31,
 2025, in the event of a counterparty failure. A net amount less than zero represents amounts under-collateralized
 to each counterparty as of October 31, 2025.

Indemnifications: Like many other companies, the Trust's organizational documents provide that its officers ("Officers") and trustees ("Trustees") are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, both in some of its principal service contracts and in the normal course of its business, the Trust enters into contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Trust's maximum exposure under these arrangements is unknown as this could involve future claims against the Trust or a Fund.

Investment in other funds managed by Neuberger Berman Investment Advisers LLC: Through October 31, 2025, Strategic Income invested in Neuberger Berman Global Monthly Income Fund Ltd and Neuberger Berman Short Duration Income ETF (the "Underlying Funds") via a secondary market transaction (See Note F).

For Strategic Income's investment in the Underlying Funds, NBIA waived a portion of its management fee equal to the management fee it received from the Underlying Funds on those assets (the "Arrangement"). For the year ended October 31, 2025, management fees waived under this Arrangement are reflected in the Statements of Operations under the caption "Fees waived." For the year ended October 31, 2025, income earned from the Underlying Funds on Strategic Income's investments, if any, is reflected in the Statements of Operations under the caption "Dividend income—affiliated issuers." For the year ended October 31, 2025, management fees waived under this Arrangement and distributions from income and capital gains received from Strategic Income's investments in the Underlying Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **Management** <br>**Fees Waived**<br>| **Distributions from** <br>**Income and** <br>**Capital Gains**<br>|
| **Strategic Income** | $27586<br>| &nbsp;&nbsp; $806061 |

---

Investment company securities and exchange-traded funds: The Funds may invest in shares of other registered investment companies, including ETFs, within the limitations prescribed by the 1940 Act, in reliance on rules adopted by the SEC, particularly Rule 12d1-4 or any other applicable exemptive relief. Rule 12d1-4 permits fund of funds arrangements, and includes (i) limits on control and voting; (ii) required evaluations and findings; (iii) required fund of funds investment agreements; and (iv) limits on complex structures. Shareholders of a Fund will indirectly bear their proportionate share of any management fees and other expenses paid by such other investment companies, in addition to the management fees and expenses of the Fund.

------

Unfunded loan commitments: The Funds may enter into certain credit agreements all or a portion of which may be unfunded. The Funds are obligated to fund these commitments at the borrower's discretion. As of October 31, 2025, the value of unfunded loan commitments was $1,501,087 for Floating Rate Income, pursuant to the following loan agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Floating Rate Income** | **Floating Rate Income** | **Floating Rate Income** |
| **Borrower** | **Principal** <br>**Amount**<br>| **Value** |
| Air Comm Corporation LLC, Term Loan DD, (3 mo. USD Term SOFR + 2.75%), 6.74%, due 12/11/2031<sup>(a)</sup> <br>| &nbsp;&nbsp; $87231 | &nbsp;&nbsp; $87177 |
| Archkey Solutions LLC, Term Loan DD B, (3 mo. USD Term SOFR + 0.50%), 0.50%, due 11/1/2031<sup>(a)</sup> <br>| &nbsp;&nbsp; 77069 | &nbsp;&nbsp; 77474 |
| Clydesdale Acquisition Holdings Inc., Term Loan DD, (3 mo. USD Term SOFR + 3.25%), 3.25%, due <br> 4/1/2032<sup>(a)</sup> <br>| &nbsp;&nbsp; 21658 | &nbsp;&nbsp; 21599 |
| CohnReznick LLP, Term Loan DD, (3 mo. USD Term SOFR + 4.00%), 4.00%, due 3/31/2032<sup>(a)</sup> <br>| &nbsp;&nbsp; 150070 | &nbsp;&nbsp; 150445 |
| Hanger, Inc., Term Loan DD, (1 mo. USD Term SOFR + 3.50%), 3.50%, due 10/23/2031<sup>(a)</sup> <br>| &nbsp;&nbsp; 154164 | &nbsp;&nbsp; 154472 |
| Kaman Corporation, Term Loan DD, (3 mo. USD Term SOFR + 1.00%), 1.00%, due 2/26/2032<sup>(a)</sup> <br>| &nbsp;&nbsp; 164045 | &nbsp;&nbsp; 164455 |
| MRP Buyer LLC, Term Loan DD, (3 mo. USD Term SOFR + 3.25%), 3.25%, due 6/4/2032<sup>(a)</sup> <br>| &nbsp;&nbsp; 82727 | &nbsp;&nbsp; 81245 |
| Peninsula Pacific Entertainment LLC, Term Loan DD, (3 mo. USD Term SOFR), due 10/1/2032<sup>(a)</sup> <br>| &nbsp;&nbsp; 252532 | &nbsp;&nbsp; 251900 <br><sup>(b)</sup><br>|
| Pinnacle Buyer LLC, Term Loan DD, (3 mo. USD Term SOFR), due 10/1/2032<sup>(a)</sup> <br>| &nbsp;&nbsp; 290323 | &nbsp;&nbsp; 291411 |
| Raven Acquisition Holdings LLC, Term Loan DD, (3 mo. USD Term SOFR + 3.00%), 3.00%, due 11/19/2031<sup>(a)</sup> <br>| &nbsp;&nbsp; 88526 | &nbsp;&nbsp; 88518 |
| Sauer Brands Inc., Term Loan DD, (3 mo. USD Term SOFR + 3.00%), 3.00%, due 2/19/2032<sup>(a)</sup> <br>| &nbsp;&nbsp; 131897 | &nbsp;&nbsp; 132391 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Position is a delayed draw term loan which may be partially or fully unfunded. In
 accordance with the underlying credit agreement, the interest rate shown reflects the unfunded rate as
 of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Value determined using significant unobservable inputs.

Other: All net investment income and realized and unrealized capital gains and losses of each Fund are allocated, on the basis of relative net assets, pro rata among its respective classes.

Segment reporting: In this reporting period, each Fund adopted FASB Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is 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 entity's chief operating decision maker ("CODM") in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. Each Fund's investment manager acts as the Funds' CODM. The CODM has determined that each Fund has a single operating segment because the CODM monitors the operating results of each Fund as a whole and evaluates performance in accordance with each Fund's principal investment strategies as disclosed in its prospectus. The CODM uses these measures to assess Fund performance and allocate resources effectively. Each Fund's total returns, expense ratios, and changes in net assets, which among others are used by the CODM to assess Fund performance and to make resource allocation decisions for each Fund's single segment, are consistent with that presented within each Fund's financial statements.

------

Note B—Investment Management Fees, Administration Fees, Distribution Arrangements, and Other Transactions with Affiliates:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment <br> management services, each Fund pays NBIA monthly, an investment management fee at an annual rate as <br> a percentage of average daily net assets according to the following table:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment <br> management services, each Fund pays NBIA monthly, an investment management fee at an annual rate as <br> a percentage of average daily net assets according to the following table:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment <br> management services, each Fund pays NBIA monthly, an investment management fee at an annual rate as <br> a percentage of average daily net assets according to the following table:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment <br> management services, each Fund pays NBIA monthly, an investment management fee at an annual rate as <br> a percentage of average daily net assets according to the following table:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment <br> management services, each Fund pays NBIA monthly, an investment management fee at an annual rate as <br> a percentage of average daily net assets according to the following table:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment <br> management services, each Fund pays NBIA monthly, an investment management fee at an annual rate as <br> a percentage of average daily net assets according to the following table:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment <br> management services, each Fund pays NBIA monthly, an investment management fee at an annual rate as <br> a percentage of average daily net assets according to the following table:  |
|  | **First** <br>**$250** <br>**million**<br>| **Next** <br>**$250** <br>**million**<br>| **Next** <br>**$250** <br>**million**<br>| **Next** <br>**$500** <br>**million**<br>| **Next** <br>**$500** <br>**million**<br>| **Thereafter** |
| **Core Bond**  | 0.18<br> %<br>| 0.18<br> %<br>| 0.18<br> %<br>| 0.18<br> %<br>| 0.18<br> %<br>| 0.15<br> %<br>|
| **Floating Rate Income**  | 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| **High Income** <sup>(a)</sup> <br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>|
| **Municipal High Income**  | 0.40<br> %<br>| 0.40<br> %<br>| 0.375<br> %<br>| 0.35<br> %<br>| 0.325<br> %<br>| 0.30<br> %<br>|
| **Municipal Impact**  | 0.25<br> %<br>| 0.25<br> %<br>| 0.225<br> %<br>| 0.20<br> %<br>| 0.175<br> %<br>| 0.15<br> %<br>|
| **Municipal Intermediate Bond**  | 0.14<br> %<br>| 0.14<br> %<br>| 0.14<br> %<br>| 0.14<br> %<br>| 0.14<br> %<br>| 0.14<br> %<br>|
| **Strategic Income**  | 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> NBIA has contractually agreed to waive its Class E management fee for the below Fund. This undertaking lasts until October 31, 2026 and may not be terminated during its term without the consent of the Board. Management fees contractually waived pursuant to this waiver for Class E are not subject to recovery by NBIA. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Annualized** <br>**Percentage of** <br>**Average Daily** <br>**Net Assets** <br>**Waived** <br>| **Effective Date(s)**  | **Management Fees** <br>**Waived for the** <br>**Year Ended** <br>**October 31, 2025**<br>|
| **High Income** | 0.48<br> % <br>| &nbsp;&nbsp; 1/11/2022 | &nbsp;&nbsp; $108992 |

---

Accordingly, for the year ended October 31, 2025, the investment management fee pursuant to the Management Agreement was equivalent to an annual effective rate of each Fund's average daily net assets.

---

| | |
|:---|:---|
|  | **Effective Rate**  |
| **Core Bond** | 0.18<br> %<br>|
| **High Income** | 0.48<br> %<sup>(a)</sup><br>|
| **Municipal High Income** | 0.40<br> %<br>|
| **Municipal Impact** | 0.25<br> %<br>|
| **Strategic Income** | 0.40<br> %<sup>(b)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) After waivers, 0.46% annual effective net rate of the Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) After management fee waiver (Note A), 0.40% annual effective net rate of the Fund's
 average daily net assets.

Investment management fee waivers are included in the Statements of Operations under the caption "Fees waived."

Each Fund retains NBIA as its administrator under an Administration Agreement. The administration fee is assessed at the class level and each share class of a Fund, as applicable, pays NBIA monthly, an annual administration fee equal to the following: 0.27% for each of Investor Class, Class A, Class C and Class R3; 0.40% for Trust Class of Strategic Income; 0.15% for Institutional Class; and 0.05% for Class R6, each as a percentage of its average daily net assets. Class E shares do not pay an administration fee. Additionally, NBIA retains State Street as its sub-administrator under a Sub-Administration Agreement. NBIA pays State Street a fee for all services received under the Sub-Administration Agreement.

------

NBIA has contractually agreed to waive fees and/or reimburse certain expenses of the Investor Class, Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 of each Fund that offers those classes so that the total annual operating expenses of those classes do not exceed the expense limitations as detailed in the following table. These undertakings exclude interest, brokerage commissions, acquired fund fees and expenses, taxes including any expenses relating to tax reclaims, dividend and interest expenses relating to short sales, and extraordinary expenses, if any (commitment fees relating to borrowings are treated as interest for purposes of this exclusion) ("annual operating expenses"); consequently, net expenses may exceed the contractual expense limitations.

At October 31, 2025, the Funds' contingent liabilities to NBIA under the contractual expense limitation agreements were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Expenses Reimbursed in** <br>**Year Ended October 31,**  | **Expenses Reimbursed in** <br>**Year Ended October 31,**  | **Expenses Reimbursed in** <br>**Year Ended October 31,**  |
|  |  |  | **2023** | **2024** | **2025** |
|  |  |  | **Subject to Repayment until** <br>**October 31,**  | **Subject to Repayment until** <br>**October 31,**  | **Subject to Repayment until** <br>**October 31,**  |
| **Class** | **Contractual** <br>**Expense** <br>**Limitation**<sup>(a)</sup><br>| **Expiration**  | **2026** | **2027** | **2028** |
| **Core Bond Investor Class** | 0.78<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; $14528 | &nbsp;&nbsp; $15647 | &nbsp;&nbsp; $12901 |
| **Core Bond Institutional Class** | 0.38<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 232273 | &nbsp;&nbsp; 187968 | &nbsp;&nbsp; 286765 |
| **Core Bond Class A** | 0.78<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 3727 | &nbsp;&nbsp; 538 | &nbsp;&nbsp; 2023 |
| **Core Bond Class C** | 1.53<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 602 |
| **Core Bond Class R6** | 0.28<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 10361 | &nbsp;&nbsp; 13006 | &nbsp;&nbsp; 58096 |
| **Floating Rate Income Institutional Class** | 0.60<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 449378 | &nbsp;&nbsp; 361391 | &nbsp;&nbsp; 408663 |
| **Floating Rate Income Class A** | 0.97<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 18698 | &nbsp;&nbsp; 17660 | &nbsp;&nbsp; 18615 |
| **Floating Rate Income Class C** | 1.72<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 6780 | &nbsp;&nbsp; 5109 | &nbsp;&nbsp; 5563 |
| **High Income Investor Class** | 1.00<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **High Income Institutional Class** | 0.75<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **High Income Class A** | 1.12<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **High Income Class C** | 1.87<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21 |
| **High Income Class R3** | 1.37<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **High Income Class R6** | 0.65<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Municipal High Income Institutional Class** | 0.50<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 345088 | &nbsp;&nbsp; 337865 | &nbsp;&nbsp; 329865 |
| **Municipal High Income Class A** | 0.87<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 4146 | &nbsp;&nbsp; 6904 | &nbsp;&nbsp; 6778 |
| **Municipal High Income Class C** | 1.62<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 1965 | &nbsp;&nbsp; 1399 |
| **Municipal Impact Institutional Class** | 0.43<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 310517 | &nbsp;&nbsp; 319045 | &nbsp;&nbsp; 306095 |
| **Municipal Impact Class A** | 0.80<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 2185 | &nbsp;&nbsp; 1458 |
| **Municipal Impact Class C** | 1.55<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 1565 | &nbsp;&nbsp; 1092 |
| **Municipal Intermediate Bond Investor Class** | 0.45<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 17677 | &nbsp;&nbsp; 21347 | &nbsp;&nbsp; 18594 |
| **Municipal Intermediate Bond Institutional Class** | 0.30<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 308562 | &nbsp;&nbsp; 311393 | &nbsp;&nbsp; 312208 |
| **Municipal Intermediate Bond Class A** | 0.67<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 4759 | &nbsp;&nbsp; 7571 | &nbsp;&nbsp; 6957 |
| **Municipal Intermediate Bond Class C** | 1.42<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 244 | &nbsp;&nbsp; 2364 | &nbsp;&nbsp; 3377 |
| **Strategic Income Trust Class** | 0.94<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 3707 | &nbsp;&nbsp; 5803 | &nbsp;&nbsp; 3774 |
| **Strategic Income Institutional Class** | 0.59<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Strategic Income Class A** | 0.99<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Strategic Income Class C** | 1.69<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 11667 | &nbsp;&nbsp; 8764 | &nbsp;&nbsp; 10306 |
| **Strategic Income Class R6** | 0.49<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 22907 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Expense limitation per annum of the respective class's average daily net assets.

------

Each Fund has agreed that each of its respective classes will repay NBIA for fees and expenses waived or reimbursed for that class provided that repayment does not cause that class's annual operating expenses to exceed its contractual expense limitation in place at the time the fees and expenses were waived or reimbursed, or the expense limitation in place at the time the Fund repays NBIA, whichever is lower. Any such repayment must be made within three years after the year in which NBIA incurred the expense.

During the year ended October 31, 2025, the following class(es) repaid NBIA under their respective contractual expense limitation agreement(s) as follows:

---

| | |
|:---|:---|
| **Class**  | **Expenses** <br>**Repaid to** <br>**NBIA** <br>|
| **Strategic Income Institutional Class** | &nbsp;&nbsp; $236136 |
| **Strategic Income Class R6** | &nbsp;&nbsp; 39596 |

---

Each Fund also has a distribution agreement with Neuberger Berman BD LLC (the "Distributor") with respect to each class of shares. The Distributor acts as agent in arranging for the sale of class shares without sales commission or other compensation, except as described below, and bears the advertising and promotion expenses.

However, the Distributor receives fees from Core Bond's Investor Class, Strategic Income's Trust Class, High Income's Class R3, and each Fund's Class A and Class C under their distribution plans (each a "Plan", collectively, the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that, as compensation for administrative and other services provided to these classes, the Distributor's activities and expenses related to the sale and distribution of these classes, and ongoing services provided to investors in these classes, the Distributor receives from each of these respective classes a fee at the annual rate of 0.25% of Core Bond Investor Class', and each Fund's Class A's average daily net assets; 0.10% of Strategic Income Trust Class' average daily net assets; 0.50% of High Income Class R3's average daily net assets; and 1.00% of each Fund's Class C's average daily net assets. The Distributor receives this amount to provide distribution and shareholder servicing for these classes and pays a portion of it to institutions that provide such services. Those institutions may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing. The amount of fees paid by each class during any year may be more or less than the cost of distribution and other services provided to that class. FINRA rules limit the amount of annual distribution fees that may be paid by a mutual fund and impose a ceiling on the cumulative distribution fees paid. The Trust's Plans comply with those rules.

Class A shares of each Fund (except Strategic Income) are generally sold with an initial sales charge of up to 4.25%. Class A shares of Strategic Income are generally sold with an initial sales charge of up to 2.50%. Class A shares of each Fund (except Strategic Income) are generally sold with no contingent deferred sales charge ("CDSC"), except that a CDSC of 1.00% applies to certain redemptions made within 18 months following purchases of $1 million or more without an initial sales charge. Class A shares of Strategic Income are generally sold with no contingent deferred sales charge, except that a CDSC of 0.75% applies to certain redemptions made within 18 months following purchases of $250,000 or more without an initial sales charge. Class C shares of each Fund are sold with no initial sales charge and a 1.00% CDSC if shares are sold within one year after purchase.

For the year ended October 31, 2025, the Distributor, acting as underwriter and broker-dealer, received net initial sales charges from the purchase of Class A shares and CDSCs from the redemption of Class A and Class C shares as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Underwriter**  | **Underwriter**  | **Broker-Dealer**  | **Broker-Dealer**  |
|  | **Net Initial** <br>**Sales Charge**<br>| **CDSC**  | **Net Initial** <br>**Sales Charge** <br>| **CDSC**  |
| **Core Bond Class A** | &nbsp;&nbsp; $1799 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Core Bond Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 677 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Floating Rate Income Class A** | &nbsp;&nbsp; 1147 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Underwriter**  | **Underwriter**  | **Broker-Dealer**  | **Broker-Dealer**  |
|  | **Net Initial**<br> **Sales Charge**<br>| **CDSC**  | **Net Initial**<br> **Sales Charge** <br>| **CDSC**  |
| **Floating Rate Income Class C** | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1225 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **High Income Class A** | &nbsp;&nbsp; 208 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **High Income Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Municipal High Income Class A** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Municipal High Income Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Municipal Impact Class A** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Municipal Impact Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Municipal Intermediate Bond Class A** | &nbsp;&nbsp; 64 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Municipal Intermediate Bond Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Strategic Income Class A** | &nbsp;&nbsp; 56375 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Strategic Income Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 12396 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

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Note C—Securities Transactions:

During the year ended October 31, 2025, there were purchase and sale transactions of long-term securities (excluding swaps, bond forwards, forward FX contracts and futures) as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases of** <br>**U.S. Government** <br>**and Agency** <br>**Obligations** <br>| **Purchases** <br>**excluding** <br>**U.S. Government** <br>**and Agency** <br>**Obligations** <br>| **Sales and** <br>**Maturities** <br>**of** <br>**U.S. Government** <br>**and Agency** <br>**Obligations** <br>| **Sales and** <br>**Maturities** <br>**excluding** <br>**U.S. Government** <br>**and Agency** <br>**Obligations** <br>|
| **Core Bond** | $806938476 | &nbsp;&nbsp; $928391412 | &nbsp;&nbsp; $874145949 | &nbsp;&nbsp; $668987873 |
| **Floating Rate Income** |  | &nbsp;&nbsp; 373468524 | &nbsp;&nbsp; — | &nbsp;&nbsp; 316437736 |
| **High Income** |  | &nbsp;&nbsp; 450712608 | &nbsp;&nbsp; — | &nbsp;&nbsp; 523788170 |
| **Municipal High Income** |  | &nbsp;&nbsp; 58691462 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56796476 |
| **Municipal Impact** |  | &nbsp;&nbsp; 41318481 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36092554 |
| **Municipal Intermediate Bond** |  | &nbsp;&nbsp; 156394389 | &nbsp;&nbsp; — | &nbsp;&nbsp; 158448543 |
| **Strategic Income** | 15503097219 | &nbsp;&nbsp; 4638272756 | &nbsp;&nbsp; 14537933816 | &nbsp;&nbsp; 2939495237 |

---

During the year ended October 31, 2025, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

Share activity for the years ended October 31, 2025, and October 31, 2024, was as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31, 2025** | **For the Year Ended October 31, 2025** | **For the Year Ended October 31, 2025** | **For the Year Ended October 31, 2025** | **For the Year Ended October 31, 2024** | **For the Year Ended October 31, 2024** | **For the Year Ended October 31, 2024** | **For the Year Ended October 31, 2024** |
|  | **Shares** <br>**Sold** <br>| **Shares** <br>**Issued on** <br>**Reinvestment** <br>**of Dividends** <br>**and** <br>**Distributions** <br>| **Shares** <br>**Redeemed** <br>| **Total**  | **Shares** <br>**Sold** <br>| **Shares** <br>**Issued on** <br>**Reinvestment** <br>**of Dividends** <br>**and** <br>**Distributions** <br>| **Shares** <br>**Redeemed** <br>| **Total**  |
| **Core Bond** | **Core Bond** | **Core Bond** |  |  |  |  |  |  |
| Investor <br> Class<br>| 176124 | 49591 | (141692)<br>| 84023 | &nbsp;&nbsp; 191040 | 44173 | (142065)<br>| 93148 |
| Institutional <br> Class<br>| 49240178 | 4115580 | (35718258)<br>| 17637500 | &nbsp;&nbsp; 43111535 | 3233692 | (28687334)<br>| 17657893 |
| Class A | 1830882 | 113398 | (1097806)<br>| 846474 | &nbsp;&nbsp; 710869 | 102675 | (647297)<br>| 166247 |
| Class C | 88627 | 9748 | (136584)<br>| (38209)<br>| &nbsp;&nbsp; 190984 | 9909 | (56168)<br>| 144725 |
| Class R6 | 6416366 | 854186 | (3144550)<br>| 4126002 | &nbsp;&nbsp; 13363206 | 215538 | (1037899)<br>| 12540845 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31, 2025** | **For the Year Ended October 31, 2025** | **For the Year Ended October 31, 2025** | **For the Year Ended October 31, 2025** | **For the Year Ended October 31, 2024** | **For the Year Ended October 31, 2024** | **For the Year Ended October 31, 2024** | **For the Year Ended October 31, 2024** |
|  | **Shares**<br> **Sold** <br>| **Shares**<br> **Issued on**<br> **Reinvestment**<br> **of Dividends**<br> **and**<br> **Distributions** <br>| **Shares**<br> **Redeemed** <br>| **Total**  | **Shares**<br> **Sold** <br>| **Shares**<br> **Issued on**<br> **Reinvestment**<br> **of Dividends**<br> **and**<br> **Distributions** <br>| **Shares**<br> **Redeemed** <br>| **Total**  |
| **Floating Rate Income** | **Floating Rate Income** | **Floating Rate Income** |  |  |  |  |  |  |
| Institutional <br> Class<br>| 21998093 | 3817244 | (18011889)<br>| 7803448 | &nbsp;&nbsp; 17156121 | 3914051 | (21563234)<br>| (493062)<br>|
| Class A | 2799280 | 74339 | (2827396)<br>| 46223 | &nbsp;&nbsp; 3090789 | 97205 | (3281473)<br>| (93479)<br>|
| Class C | 177157 | 40294 | (187698)<br>| 29753 | &nbsp;&nbsp; 129308 | 42910 | (190209)<br>| (17991)<br>|
| **High Income** | **High Income** | **High Income** |  |  |  |  |  |  |
| Investor <br> Class<br>| 254698 | 436510 | (1023234)<br>| (332026)<br>| &nbsp;&nbsp; 285832 | 475755 | (1261859)<br>| (500272)<br>|
| Institutional <br> Class<br>| 8144564 | 2804501 | (21324726)<br>| (10375661)<br>| &nbsp;&nbsp; 12298866 | 3614855 | (32083988)<br>| (16170267)<br>|
| Class A | 1948338 | 81441 | (2037891)<br>| (8112)<br>| &nbsp;&nbsp; 4638882 | 87748 | (4790526)<br>| (63896)<br>|
| Class C | 8707 | 12639 | (41795)<br>| (20449)<br>| &nbsp;&nbsp; 13105 | 15407 | (118200)<br>| (89688)<br>|
| Class R3 | 58479 | 11740 | (124587)<br>| (54368)<br>| &nbsp;&nbsp; 53600 | 14039 | (68721)<br>| (1082)<br>|
| Class R6 | 3612890 | 1118852 | (3435529)<br>| 1296213 | &nbsp;&nbsp; 1340480 | 1097276 | (2830250)<br>| (392494)<br>|
| Class E | 524817 | 217032 | (616604)<br>| 125245 | &nbsp;&nbsp; 681203 | 188708 | (350474)<br>| 519437 |
| **Municipal High Income** | **Municipal High Income** | **Municipal High Income** |  |  |  |  |  |  |
| Institutional <br> Class<br>| 1670212 | 259951 | (1747713)<br>| 182450 | &nbsp;&nbsp; 1549356 | 256163 | (2496455)<br>| (690936)<br>|
| Class A | 31803 | 2567 | (15382)<br>| 18988 | &nbsp;&nbsp; 4634 | 1853 | (23975)<br>| (17488)<br>|
| Class C |  | 173 | (1677)<br>| (1504)<br>| &nbsp;&nbsp; 5572 | 213 | (2436)<br>| 3349 |
| **Municipal Impact** | **Municipal Impact** | **Municipal Impact** |  |  |  |  |  |  |
| Institutional <br> Class<br>| 919024 | 121387 | (743553)<br>| 296858 | &nbsp;&nbsp; 924641 | 109988 | (948030)<br>| 86599 |
| Class A | 695 | 124 | (2799)<br>| (1980)<br>| &nbsp;&nbsp; — | 128 | (1559)<br>| (1431)<br>|
| Class C |  | 14 |  | 14 | &nbsp;&nbsp; — | 13 | (398)<br>| (385)<br>|
| **Municipal Intermediate Bond** | **Municipal Intermediate Bond** | **Municipal Intermediate Bond** |  |  |  |  |  |  |
| Investor <br> Class<br>| 3665 | 16730 | (114791)<br>| (94396)<br>| &nbsp;&nbsp; 58205 | 16758 | (72603)<br>| 2360 |
| Institutional <br> Class<br>| 2467582 | 437343 | (3084224)<br>| (179299)<br>| &nbsp;&nbsp; 5919570 | 370994 | (5842282)<br>| 448282 |
| Class A | 124754 | 3979 | (168139)<br>| (39406)<br>| &nbsp;&nbsp; 30544 | 4526 | (51441)<br>| (16371)<br>|
| Class C | 26374 | 804 | (7108)<br>| 20070 | &nbsp;&nbsp; 74384 | 524 | (1713)<br>| 73195 |
| **Strategic Income** | **Strategic Income** | **Strategic Income** |  |  |  |  |  |  |
| Trust Class | 316943 | 40564 | (271910)<br>| 85597 | &nbsp;&nbsp; 360792 | 36101 | (147893)<br>| 249000 |
| Institutional <br> Class<br>| 243661967 | 25462872 | (118734303)<br>| 150390536 | &nbsp;&nbsp; 244641680 | 17317849 | (108895676)<br>| 153063853 |
| Class A | 8484929 | 720685 | (6997495)<br>| 2208119 | &nbsp;&nbsp; 9556217 | 517547 | (6228013)<br>| 3845751 |
| Class C | 1984911 | 250705 | (1592705)<br>| 642911 | &nbsp;&nbsp; 2870812 | 201623 | (1514420)<br>| 1558015 |
| Class R6 | 17831673 | 3804039 | (7216239)<br>| 14419473 | &nbsp;&nbsp; 18862504 | 2699222 | (6741111)<br>| 14820615 |

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Note E—Line of Credit:

At October 31, 2025, each Fund was a participant in a syndicated committed, unsecured $700,000,000 line of credit (the "Credit Facility"), to be used only for temporary or emergency purposes. Series of other investment companies managed by NBIA also participate in this line of credit on substantially the same terms. Interest is charged on borrowings under this Credit Facility at the highest of (a) a federal funds effective rate plus 1.00% per annum, (b) a daily simple SOFR plus 1.10% per annum, or (c) an overnight bank funding rate plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. Each Fund that is a participant has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due, and interest charged on any borrowing made by such Fund and other costs incurred by such Fund. Because several funds participate in the Credit Facility, there is no assurance that an individual fund will have access to all or any part of the $700,000,000 at any particular time. There were no loans outstanding for any Fund under the Credit Facility at October 31, 2025. During the year ended October 31, 2025, none of the Funds utilized the Credit Facility.

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Note F—Investments in Affiliates<sup>(a)</sup>:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>October 31, <br>2024<br>| Purchases | &nbsp;&nbsp; Sales/ <br>Other <br>Reductions<sup>(b)</sup><br>| Change in <br>Net Unrealized <br>Appreciation/ <br>(Depreciation) <br>from <br>Investments <br>in Affiliated <br>Persons<br>| Net Realized <br>Gain/(Loss) <br>from <br>Investments <br>in Affiliated <br>Persons<br>| Distributions <br>from <br>Investments <br>in Affiliated <br>Persons<sup>(c)</sup><br>| Shares <br>Held at <br>October 31, <br>2025<br>| Value at <br>October 31, <br>2025<br>|
| **Strategic Income** |  |  |  |  |  |  |  |  |
| Neuberger Berman <br> Global Monthly <br> Income Fund Ltd.<br>| $35740 | $— | $(33913) | $3024 | $— | $— | 48204 | $4851 |
| Neuberger Berman <br> Short Duration <br> Income ETF<br>|  | 32055923 |  | 196609 |  | 806061 | 631165 | 32252532 |
| Total for affiliates <br> held as of 10/31/25<sup>(d)</sup><br>| $35740 | $32055923 | $(33913) | $199633 | $— | $806061 |  | $32257383 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated persons, as defined in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount represents a liquidation payment received from Neuberger Berman Global Monthly
 Income Fund Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions received include distributions from net investment income and net realized
 capital gains, if any, from other investment companies managed by NBIA.

&nbsp;&nbsp;&nbsp;&nbsp;(d) At October 31, 2025, the value of investments in affiliates amounted to 0.45% of net
 assets of Strategic Income.

Note G—Recent Accounting Pronouncement:

In December 2023, FASB issued Accounting Standards Update No. 2023-09, "Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 clarifies the guidance in ASC 740 "Income Taxes" to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The amendments are intended to address investors' requests for income tax disclosures that provide more information to help them better understand an entity's exposure to potential changes in tax laws and the ensuing risks and opportunities and to assess income tax information that affects cash flow forecasts and capital allocation decisions. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying ASU 2023-09.

Note H—Subsequent Event:

On December 11, 2025, the Board of Trustees of the Income Funds (the "Board") approved the proposed reorganization of each of Neuberger Berman Municipal High Income Fund and Neuberger Berman Municipal Impact Fund (each, a "Merging Fund" and collectively, the "Merging Funds") into Neuberger Berman Municipal Intermediate Bond Fund (the "Acquiring Fund") (each a "Merger" and collectively, the "Mergers"). The Mergers are subject to approval by the shareholders of the Merging Funds (the "Merging Funds Shareholders"). The Merging Funds Shareholders will be asked to vote on the Mergers at a special shareholder meeting that is anticipated to be held during the first quarter of 2026 (the "Meeting"). Each Merger is not contingent upon the approval by shareholders of the other Merging Fund, and a Merger would occur for a Merging Fund irrespective of the outcome of the shareholder vote of the other Merging Fund. It is anticipated that each Merger will qualify as a tax-free reorganization for federal income tax purposes and that shareholders will not recognize any gain or loss in connection with the Merger.

Additional and important details about the Merger will be described in a combined proxy statement/prospectus, which is anticipated to be available in January 2026. The Merging Funds Shareholders are urged to carefully read the combined proxy statement/prospectus when it becomes

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available. In addition, further information about the Acquiring Fund (Neuberger Berman Municipal Intermediate Bond Fund), including its Summary Prospectus, Prospectus, and Statement of Additional Information, can be found on our website at www.nb.com.

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Financial Highlights

The following tables include selected data for a share outstanding throughout each fiscal period and other performance information derived from the financial statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. Net Assets with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A "—" indicates that the line item was not applicable in the corresponding fiscal period.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>|
| **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 10/31/2025  | $8.82 | $0.37 | $0.14 | $0.51 | $(0.38)<br>| $— | $— |
| 10/31/2024  | $8.28 | $0.33 | $0.58 | $0.91 | $(0.37)<br>| $— | $— |
| 10/31/2023  | $8.61 | $0.32 | $(0.31)<br>| $0.01 | $(0.34)<br>| $— | $— |
| 10/31/2022  | $10.61 | $0.20 | $(1.94)<br>| $(1.74)<br>| $(0.26)<br>| $— | $— |
| 10/31/2021  | $10.91 | $0.13 | $(0.02)<br>| $0.11 | $(0.23)<br>| $(0.18)<br>| $— |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 10/31/2025  | $8.83 | $0.41 | $0.15 | $0.56 | $(0.42)<br>| $— | $— |
| 10/31/2024  | $8.30 | $0.37 | $0.57 | $0.94 | $(0.41)<br>| $— | $— |
| 10/31/2023  | $8.62 | $0.35 | $(0.30)<br>| $0.05 | $(0.37)<br>| $— | $— |
| 10/31/2022  | $10.63 | $0.24 | $(1.96)<br>| $(1.72)<br>| $(0.29)<br>| $— | $— |
| 10/31/2021  | $10.94 | $0.17 | $(0.03)<br>| $0.14 | $(0.27)<br>| $(0.18)<br>| $— |
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 10/31/2025  | $8.80 | $0.37 | $0.15 | $0.52 | $(0.38)<br>| $— | $— |
| 10/31/2024  | $8.27 | $0.33 | $0.57 | $0.90 | $(0.37)<br>| $— | $— |
| 10/31/2023  | $8.59 | $0.32 | $(0.30)<br>| $0.02 | $(0.34)<br>| $— | $— |
| 10/31/2022  | $10.60 | $0.20 | $(1.96)<br>| $(1.76)<br>| $(0.25)<br>| $— | $— |
| 10/31/2021  | $10.90 | $0.13 | $(0.02)<br>| $0.11 | $(0.23)<br>| $(0.18)<br>| $— |
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 10/31/2025  | $8.81 | $0.30 | $0.15 | $0.45 | $(0.31)<br>| $— | $— |
| 10/31/2024  | $8.28 | $0.26 | $0.58 | $0.84 | $(0.31)<br>| $— | $— |
| 10/31/2023  | $8.60 | $0.25 | $(0.30)<br>| $(0.05)<br>| $(0.27)<br>| $— | $— |
| 10/31/2022  | $10.61 | $0.13 | $(1.96)<br>| $(1.83)<br>| $(0.18)<br>| $— | $— |
| 10/31/2021  | $10.91 | $0.05 | $(0.02)<br>| $0.03 | $(0.15)<br>| $(0.18)<br>| $— |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 10/31/2025  | $8.84 | $0.41 | $0.15 | $0.56 | $(0.43)<br>| $— | $— |
| 10/31/2024  | $8.30 | $0.37 | $0.59 | $0.96 | $(0.42)<br>| $— | $— |
| 10/31/2023  | $8.62 | $0.36 | $(0.30)<br>| $0.06 | $(0.38)<br>| $— | $— |
| 10/31/2022  | $10.63 | $0.26 | $(1.97)<br>| $(1.71)<br>| $(0.30)<br>| $— | $— |
| 10/31/2021  | $10.94 | $0.18 | $(0.03)<br>| $0.15 | $(0.28)<br>| $(0.18)<br>| $— |

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See Notes to Financial Highlights

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Distributions**<br>| &nbsp;&nbsp;&nbsp; **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $(0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.95 | &nbsp;&nbsp;&nbsp;&nbsp; 5.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151<br> %<br>|
| $(0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.82 | &nbsp;&nbsp;&nbsp;&nbsp; 11.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 156<br> %<br>|
| $(0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.28 | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 159 %<sup>e</sup><br>|
| $(0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.61 | &nbsp;&nbsp;&nbsp;&nbsp; (16.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 164 %<sup>e</sup><br>|
| $(0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.61 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151 %<sup>e</sup><br>|
| $(0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.97 | &nbsp;&nbsp;&nbsp;&nbsp; 6.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $917.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151<br> %<br>|
| $(0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.83 | &nbsp;&nbsp;&nbsp;&nbsp; 11.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $748.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 156<br> %<br>|
| $(0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.30 | &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $556.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 159 %<sup>e</sup><br>|
| $(0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.62 | &nbsp;&nbsp;&nbsp;&nbsp; (16.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $413.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 164 %<sup>e</sup><br>|
| $(0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.63 | &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $578.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151 %<sup>e</sup><br>|
| $(0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.94 | &nbsp;&nbsp;&nbsp;&nbsp; 6.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151<br> %<br>|
| $(0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.80 | &nbsp;&nbsp;&nbsp;&nbsp; 10.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 156<br> %<br>|
| $(0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.27 | &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 159 %<sup>e</sup><br>|
| $(0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.59 | &nbsp;&nbsp;&nbsp;&nbsp; (16.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 164 %<sup>e</sup><br>|
| $(0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.60 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151 %<sup>e</sup><br>|
| $(0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.95 | &nbsp;&nbsp;&nbsp;&nbsp; 5.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151<br> %<br>|
| $(0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.81 | &nbsp;&nbsp;&nbsp;&nbsp; 10.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 156<br> %<br>|
| $(0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.28 | &nbsp;&nbsp;&nbsp;&nbsp; (0.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 159 %<sup>e</sup><br>|
| $(0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.60 | &nbsp;&nbsp;&nbsp;&nbsp; (17.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 164 %<sup>e</sup><br>|
| $(0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.61 | &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151 %<sup>e</sup><br>|
| $(0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.97 | &nbsp;&nbsp;&nbsp;&nbsp; 6.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $174.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151<br> %<br>|
| $(0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.84 | &nbsp;&nbsp;&nbsp;&nbsp; 11.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $135.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 156<br> %<br>|
| $(0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.30 | &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 159 %<sup>e</sup><br>|
| $(0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.62 | &nbsp;&nbsp;&nbsp;&nbsp; (16.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 164 %<sup>e</sup><br>|
| $(0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.63 | &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151 %<sup>e</sup><br>|

---

------

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>|
| **Floating Rate Income Fund** | **Floating Rate Income Fund** | **Floating Rate Income Fund** | **Floating Rate Income Fund** | **Floating Rate Income Fund** | **Floating Rate Income Fund** | **Floating Rate Income Fund** | **Floating Rate Income Fund** |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 10/31/2025  | $9.43 | $0.69 | $(0.09)<br>| $0.60 | $(0.69)<br>| $— | $— |
| 10/31/2024  | $9.27 | $0.81 | $0.16 | $0.97 | $(0.81)<br>| $— | $— |
| 10/31/2023  | $9.05 | $0.79 | $0.23 | $1.02 | $(0.80)<br>| $— | $— |
| 10/31/2022  | $9.80 | $0.48 | $(0.77)<br>| $(0.29)<br>| $(0.46)<br>| $— | $— |
| 10/31/2021  | $9.40 | $0.36 | $0.40 | $0.76 | $(0.36)<br>| $— | $— |
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 10/31/2025  | $9.43 | $0.65 | $(0.09)<br>| $0.56 | $(0.65)<br>| $— | $— |
| 10/31/2024  | $9.27 | $0.77 | $0.17 | $0.94 | $(0.78)<br>| $— | $— |
| 10/31/2023  | $9.05 | $0.76 | $0.23 | $0.99 | $(0.77)<br>| $— | $— |
| 10/31/2022  | $9.80 | $0.43 | $(0.75)<br>| $(0.32)<br>| $(0.43)<br>| $— | $— |
| 10/31/2021  | $9.40 | $0.32 | $0.40 | $0.72 | $(0.32)<br>| $— | $— |
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 10/31/2025  | $9.42 | $0.58 | $(0.09)<br>| $0.49 | $(0.58)<br>| $— | $— |
| 10/31/2024  | $9.27 | $0.70 | $0.15 | $0.85 | $(0.70)<br>| $— | $— |
| 10/31/2023  | $9.05 | $0.69 | $0.23 | $0.92 | $(0.70)<br>| $— | $— |
| 10/31/2022  | $9.79 | $0.36 | $(0.74)<br>| $(0.38)<br>| $(0.36)<br>| $— | $— |
| 10/31/2021  | $9.40 | $0.25 | $0.39 | $0.64 | $(0.25)<br>| $— | $— |
| **High Income Bond Fund** | **High Income Bond Fund** | **High Income Bond Fund** | **High Income Bond Fund** | **High Income Bond Fund** | **High Income Bond Fund** | **High Income Bond Fund** | **High Income Bond Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 10/31/2025  | $7.65 | $0.50 | $0.09 | $0.59 | $(0.50)<br>| $— | $— |
| 10/31/2024  | $7.09 | $0.52 | $0.56 | $1.08 | $(0.52)<br>| $— | $(0.00)<br>|
| 10/31/2023  | $7.28 | $0.48 | $(0.19)<br>| $0.29 | $(0.48)<br>| $— | $— |
| 10/31/2022  | $8.68 | $0.40 | $(1.39)<br>| $(0.99)<br>| $(0.41)<br>| $— | $— |
| 10/31/2021  | $8.33 | $0.40 | $0.36 | $0.76 | $(0.41)<br>| $— | $— |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 10/31/2025  | $7.66 | $0.51 | $0.08 | $0.59 | $(0.51)<br>| $— | $— |
| 10/31/2024  | $7.10 | $0.53 | $0.56 | $1.09 | $(0.53)<br>| $— | $(0.00)<br>|
| 10/31/2023  | $7.29 | $0.50 | $(0.19)<br>| $0.31 | $(0.50)<br>| $— | $— |
| 10/31/2022  | $8.69 | $0.41 | $(1.39)<br>| $(0.98)<br>| $(0.42)<br>| $— | $— |
| 10/31/2021  | $8.34 | $0.42 | $0.36 | $0.78 | $(0.43)<br>| $— | $— |

---

See Notes to Financial Highlights

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Distributions**<br>| &nbsp;&nbsp;&nbsp; **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $(0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.34 | &nbsp;&nbsp;&nbsp;&nbsp; 6.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $498.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64<br> %<br>|
| $(0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.43 | &nbsp;&nbsp;&nbsp;&nbsp; 10.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $429.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 76<br> %<br>|
| $(0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.27 | &nbsp;&nbsp;&nbsp;&nbsp; 11.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $426.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52<br> %<br>|
| $(0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.05 | &nbsp;&nbsp;&nbsp;&nbsp; (2.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $444.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> %<br>|
| $(0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.80 | &nbsp;&nbsp;&nbsp;&nbsp; 8.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $341.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|
| $(0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.34 | &nbsp;&nbsp;&nbsp;&nbsp; 6.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64<br> %<br>|
| $(0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.43 | &nbsp;&nbsp;&nbsp;&nbsp; 10.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 76<br> %<br>|
| $(0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.27 | &nbsp;&nbsp;&nbsp;&nbsp; 11.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52<br> %<br>|
| $(0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.05 | &nbsp;&nbsp;&nbsp;&nbsp; (3.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> %<br>|
| $(0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.80 | &nbsp;&nbsp;&nbsp;&nbsp; 7.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|
| $(0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.33 | &nbsp;&nbsp;&nbsp;&nbsp; 5.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64<br> %<br>|
| $(0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.42 | &nbsp;&nbsp;&nbsp;&nbsp; 9.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 76<br> %<br>|
| $(0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.27 | &nbsp;&nbsp;&nbsp;&nbsp; 10.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52<br> %<br>|
| $(0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.05 | &nbsp;&nbsp;&nbsp;&nbsp; (3.97)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> %<br>|
| $(0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.79 | &nbsp;&nbsp;&nbsp;&nbsp; 6.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|
| $(0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.74 | &nbsp;&nbsp;&nbsp;&nbsp; 7.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $52.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<br> %<br>|
| $(0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.65 | &nbsp;&nbsp;&nbsp;&nbsp; 15.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $54.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 102<br> %<br>|
| $(0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.09 | &nbsp;&nbsp;&nbsp;&nbsp; 4.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $54.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72<br> %<br>|
| $(0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.28 | &nbsp;&nbsp;&nbsp;&nbsp; (11.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $61.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72<br> %<br>|
| $(0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.68 | &nbsp;&nbsp;&nbsp;&nbsp; 9.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $73.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98<br> %<br>|
| $(0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.74 | &nbsp;&nbsp;&nbsp;&nbsp; 8.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $337.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<br> %<br>|
| $(0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.66 | &nbsp;&nbsp;&nbsp;&nbsp; 15.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $412.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 102<br> %<br>|
| $(0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.10 | &nbsp;&nbsp;&nbsp;&nbsp; 4.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $497.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72<br> %<br>|
| $(0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.29 | &nbsp;&nbsp;&nbsp;&nbsp; (11.46)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $617.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72<br> %<br>|
| $(0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.69 | &nbsp;&nbsp;&nbsp;&nbsp; 9.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1120.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98<br> %<br>|

---

------

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>|
| **High Income Bond Fund (cont'd)** |  |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 10/31/2025  | $7.65 | $0.48 | $0.08 | $0.56 | $(0.48)<br>| $— | $— |
| 10/31/2024  | $7.09 | $0.50 | $0.56 | $1.06 | $(0.50)<br>| $— | $(0.00)<br>|
| 10/31/2023  | $7.28 | $0.47 | $(0.19)<br>| $0.28 | $(0.47)<br>| $— | $— |
| 10/31/2022  | $8.68 | $0.38 | $(1.39)<br>| $(1.01)<br>| $(0.39)<br>| $— | $— |
| 10/31/2021  | $8.33 | $0.38 | $0.36 | $0.74 | $(0.39)<br>| $— | $— |
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 10/31/2025  | $7.66 | $0.42 | $0.10 | $0.52 | $(0.43)<br>| $— | $— |
| 10/31/2024  | $7.10 | $0.44 | $0.56 | $1.00 | $(0.44)<br>| $— | $(0.00)<br>|
| 10/31/2023  | $7.30 | $0.41 | $(0.20)<br>| $0.21 | $(0.41)<br>| $— | $— |
| 10/31/2022  | $8.70 | $0.33 | $(1.40)<br>| $(1.07)<br>| $(0.33)<br>| $— | $— |
| 10/31/2021  | $8.34 | $0.32 | $0.37 | $0.69 | $(0.33)<br>| $— | $— |
| Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 |
| 10/31/2025  | $7.66 | $0.46 | $0.08 | $0.54 | $(0.46)<br>| $— | $— |
| 10/31/2024  | $7.10 | $0.48 | $0.56 | $1.04 | $(0.48)<br>| $— | $(0.00)<br>|
| 10/31/2023  | $7.29 | $0.45 | $(0.19)<br>| $0.26 | $(0.45)<br>| $— | $— |
| 10/31/2022  | $8.69 | $0.37 | $(1.40)<br>| $(1.03)<br>| $(0.37)<br>| $— | $— |
| 10/31/2021  | $8.34 | $0.36 | $0.36 | $0.72 | $(0.37)<br>| $— | $— |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 10/31/2025  | $7.67 | $0.52 | $0.08 | $0.60 | $(0.52)<br>| $— | $— |
| 10/31/2024  | $7.11 | $0.54 | $0.56 | $1.10 | $(0.54)<br>| $— | $(0.00)<br>|
| 10/31/2023  | $7.30 | $0.50 | $(0.19)<br>| $0.31 | $(0.50)<br>| $— | $— |
| 10/31/2022  | $8.70 | $0.42 | $(1.39)<br>| $(0.97)<br>| $(0.43)<br>| $— | $— |
| 10/31/2021  | $8.35 | $0.43 | $0.35 | $0.78 | $(0.43)<br>| $— | $— |
| Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E |
| 10/31/2025  | $7.66 | $0.56 | $0.09 | $0.65 | $(0.56)<br>| $— | $— |
| 10/31/2024  | $7.10 | $0.58 | $0.56 | $1.14 | $(0.58)<br>| $— | $(0.00)<br>|
| 10/31/2023  | $7.29 | $0.54 | $(0.19)<br>| $0.35 | $(0.54)<br>| $— | $— |
| Period from <br>1/11/2022<sup>i</sup> to <br>10/31/2022 <br>| $8.61 | $0.38 | $(1.31)<br>| $(0.93)<br>| $(0.39)<br>| $— | $— |
| **Municipal High Income Fund** | **Municipal High Income Fund** | **Municipal High Income Fund** | **Municipal High Income Fund** | **Municipal High Income Fund** | **Municipal High Income Fund** | **Municipal High Income Fund** | **Municipal High Income Fund** |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 10/31/2025  | $9.47 | $0.37 | $(0.04)<br>| $0.33 | $(0.37)<br>| $— | $— |
| 10/31/2024  | $8.49 | $0.36 | $0.98 | $1.34 | $(0.36)<br>| $— | $— |
| 10/31/2023  | $8.74 | $0.34 | $(0.25)<br>| $0.09 | $(0.34)<br>| $— | $— |
| 10/31/2022  | $10.82 | $0.28 | $(2.07)<br>| $(1.79)<br>| $(0.29)<br>| $— | $— |
| 10/31/2021  | $10.32 | $0.30 | $0.50 | $0.80 | $(0.30)<br>| $— | $— |

---

See Notes to Financial Highlights

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Distributions**<br>| &nbsp;&nbsp;&nbsp; **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $(0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.73 | &nbsp;&nbsp;&nbsp;&nbsp; 7.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<br> %<br>|
| $(0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.65 | &nbsp;&nbsp;&nbsp;&nbsp; 15.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 102<br> %<br>|
| $(0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.09 | &nbsp;&nbsp;&nbsp;&nbsp; 3.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72<br> %<br>|
| $(0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.28 | &nbsp;&nbsp;&nbsp;&nbsp; (11.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12 %<sup>g,h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72<br> %<br>|
| $(0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.68 | &nbsp;&nbsp;&nbsp;&nbsp; 8.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98<br> %<br>|
| $(0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.75 | &nbsp;&nbsp;&nbsp;&nbsp; 6.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<br> %<br>|
| $(0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.66 | &nbsp;&nbsp;&nbsp;&nbsp; 14.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 102<br> %<br>|
| $(0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.10 | &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72<br> %<br>|
| $(0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.30 | &nbsp;&nbsp;&nbsp;&nbsp; (12.45)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72<br> %<br>|
| $(0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.70 | &nbsp;&nbsp;&nbsp;&nbsp; 8.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98<br> %<br>|
| $(0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.74 | &nbsp;&nbsp;&nbsp;&nbsp; 7.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<br> %<br>|
| $(0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.66 | &nbsp;&nbsp;&nbsp;&nbsp; 14.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 102<br> %<br>|
| $(0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.10 | &nbsp;&nbsp;&nbsp;&nbsp; 3.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72<br> %<br>|
| $(0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.29 | &nbsp;&nbsp;&nbsp;&nbsp; (12.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72<br> %<br>|
| $(0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.69 | &nbsp;&nbsp;&nbsp;&nbsp; 8.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98<br> %<br>|
| $(0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.75 | &nbsp;&nbsp;&nbsp;&nbsp; 8.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $134.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<br> %<br>|
| $(0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.67 | &nbsp;&nbsp;&nbsp;&nbsp; 15.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $122.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 102<br> %<br>|
| $(0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.11 | &nbsp;&nbsp;&nbsp;&nbsp; 4.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $116.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72<br> %<br>|
| $(0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.30 | &nbsp;&nbsp;&nbsp;&nbsp; (11.35)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $132.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72<br> %<br>|
| $(0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.70 | &nbsp;&nbsp;&nbsp;&nbsp; 9.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $385.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98<br> %<br>|
| $(0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.75 | &nbsp;&nbsp;&nbsp;&nbsp; 8.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<br> %<br>|
| $(0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.66 | &nbsp;&nbsp;&nbsp;&nbsp; 16.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 102<br> %<br>|
| $(0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.10 | &nbsp;&nbsp;&nbsp;&nbsp; 4.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72<br> %<br>|
| $(0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.29 | &nbsp;&nbsp;&nbsp;&nbsp; (10.98 )%<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $14.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.58 %<sup>k</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10 %<sup>g,k</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.07 %<sup>k</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 72 %<sup>j,l</sup><br>|
| $(0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.43 | &nbsp;&nbsp;&nbsp;&nbsp; 3.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $64.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 91<br> %<br>|
| $(0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.47 | &nbsp;&nbsp;&nbsp;&nbsp; 15.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $63.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 116<br> %<br>|
| $(0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.49 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $62.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>|
| $(0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.74 | &nbsp;&nbsp;&nbsp;&nbsp; (16.80)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $84.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 79<br> %<br>|
| $(0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.82 | &nbsp;&nbsp;&nbsp;&nbsp; 7.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $145.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>|

---

------

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>|
| **Municipal High Income Fund (cont'd)** |  |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 10/31/2025  | $9.46 | $0.34 | $(0.03)<br>| $0.31 | $(0.34)<br>| $— | $— |
| 10/31/2024  | $8.49 | $0.32 | $0.97 | $1.29 | $(0.32)<br>| $— | $— |
| 10/31/2023  | $8.74 | $0.30 | $(0.24)<br>| $0.06 | $(0.31)<br>| $— | $— |
| 10/31/2022  | $10.81 | $0.25 | $(2.07)<br>| $(1.82)<br>| $(0.25)<br>| $— | $— |
| 10/31/2021  | $10.31 | $0.26 | $0.50 | $0.76 | $(0.26)<br>| $— | $— |
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 10/31/2025  | $9.48 | $0.27 | $(0.03)<br>| $0.24 | $(0.27)<br>| $— | $— |
| 10/31/2024  | $8.50 | $0.25 | $0.98 | $1.23 | $(0.25)<br>| $— | $— |
| 10/31/2023  | $8.75 | $0.23 | $(0.24)<br>| $(0.01)<br>| $(0.24)<br>| $— | $— |
| 10/31/2022  | $10.83 | $0.17 | $(2.07)<br>| $(1.90)<br>| $(0.18)<br>| $— | $— |
| 10/31/2021  | $10.33 | $0.18 | $0.50 | $0.68 | $(0.18)<br>| $— | $— |
| **Municipal Impact Fund** | **Municipal Impact Fund** | **Municipal Impact Fund** | **Municipal Impact Fund** | **Municipal Impact Fund** | **Municipal Impact Fund** | **Municipal Impact Fund** | **Municipal Impact Fund** |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 10/31/2025  | $16.19 | $0.46 | $0.13 | $0.59 | $(0.47)<br>| $— | $— |
| 10/31/2024  | $15.35 | $0.43 | $0.84 | $1.27 | $(0.43)<br>| $— | $— |
| 10/31/2023  | $15.50 | $0.33 | $(0.15)<br>| $0.18 | $(0.33)<br>| $— | $— |
| 10/31/2022  | $17.72 | $0.28 | $(2.19)<br>| $(1.91)<br>| $(0.27)<br>| $(0.04)<br>| $— |
| 10/31/2021  | $17.81 | $0.29 | $(0.01)<br>| $0.28 | $(0.30)<br>| $(0.07)<br>| $— |
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 10/31/2025  | $16.19 | $0.40 | $0.14 | $0.54 | $(0.41)<br>| $— | $— |
| 10/31/2024  | $15.36 | $0.37 | $0.83 | $1.20 | $(0.37)<br>| $— | $— |
| 10/31/2023  | $15.50 | $0.27 | $(0.14)<br>| $0.13 | $(0.27)<br>| $— | $— |
| 10/31/2022  | $17.73 | $0.21 | $(2.19)<br>| $(1.98)<br>| $(0.21)<br>| $(0.04)<br>| $— |
| 10/31/2021  | $17.82 | $0.23 | $(0.02)<br>| $0.21 | $(0.23)<br>| $(0.07)<br>| $— |
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 10/31/2025  | $16.19 | $0.28 | $0.14 | $0.42 | $(0.29)<br>| $— | $— |
| 10/31/2024  | $15.36 | $0.24 | $0.83 | $1.07 | $(0.24)<br>| $— | $— |
| 10/31/2023  | $15.50 | $0.15 | $(0.14)<br>| $0.01 | $(0.15)<br>| $— | $— |
| 10/31/2022  | $17.73 | $0.10 | $(2.20)<br>| $(2.10)<br>| $(0.09)<br>| $(0.04)<br>| $— |
| 10/31/2021  | $17.82 | $0.10 | $(0.02)<br>| $0.08 | $(0.10)<br>| $(0.07)<br>| $— |
| **Municipal Intermediate Bond Fund** | **Municipal Intermediate Bond Fund** | **Municipal Intermediate Bond Fund** | **Municipal Intermediate Bond Fund** | **Municipal Intermediate Bond Fund** | **Municipal Intermediate Bond Fund** | **Municipal Intermediate Bond Fund** | **Municipal Intermediate Bond Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 10/31/2025  | $10.95 | $0.31 | $0.15 | $0.46 | $(0.31)<br>| $— | $(0.00)<br>|
| 10/31/2024  | $10.39 | $0.29 | $0.56 | $0.85 | $(0.28)<br>| $— | $(0.01)<br>|
| 10/31/2023  | $10.41 | $0.26 | $(0.02)<br>| $0.24 | $(0.26)<br>| $— | $— |
| 10/31/2022  | $12.09 | $0.21 | $(1.60)<br>| $(1.39)<br>| $(0.19)<br>| $(0.07)<br>| $(0.03)<br>|
| 10/31/2021  | $12.01 | $0.21 | $0.13 | $0.34 | $(0.20)<br>| $(0.06)<br>| $— |

---

See Notes to Financial Highlights

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Distributions**<br>| &nbsp;&nbsp;&nbsp; **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $(0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.43 | &nbsp;&nbsp;&nbsp;&nbsp; 3.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 91<br> %<br>|
| $(0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.46 | &nbsp;&nbsp;&nbsp;&nbsp; 15.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 116<br> %<br>|
| $(0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.49 | &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>|
| $(0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.74 | &nbsp;&nbsp;&nbsp;&nbsp; (17.03)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 79<br> %<br>|
| $(0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp;&nbsp; 7.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>|
| $(0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.45 | &nbsp;&nbsp;&nbsp;&nbsp; 2.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.1 | &nbsp;&nbsp;&nbsp;&nbsp; 3.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 91<br> %<br>|
| $(0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.48 | &nbsp;&nbsp;&nbsp;&nbsp; 14.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.1 | &nbsp;&nbsp;&nbsp;&nbsp; 3.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 116<br> %<br>|
| $(0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; (0.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.1 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>|
| $(0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.75 | &nbsp;&nbsp;&nbsp;&nbsp; (17.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.1 | &nbsp;&nbsp;&nbsp;&nbsp; 3.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 79<br> %<br>|
| $(0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.83 | &nbsp;&nbsp;&nbsp;&nbsp; 6.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.2 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>|
| $(0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.31 | &nbsp;&nbsp;&nbsp;&nbsp; 3.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $79.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>|
| $(0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.19 | &nbsp;&nbsp;&nbsp;&nbsp; 8.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $74.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 69<br> %<br>|
| $(0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.35 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $69.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> %<br>|
| $(0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.50 | &nbsp;&nbsp;&nbsp;&nbsp; (10.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $76.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| $(0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17.72 | &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $83.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| $(0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.32 | &nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.1 | &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>|
| $(0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.19 | &nbsp;&nbsp;&nbsp;&nbsp; 7.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.1 | &nbsp;&nbsp;&nbsp;&nbsp; 2.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 69<br> %<br>|
| $(0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.36 | &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> %<br>|
| $(0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.50 | &nbsp;&nbsp;&nbsp;&nbsp; (11.26)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.1 | &nbsp;&nbsp;&nbsp;&nbsp; 3.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| $(0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17.73 | &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| $(0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.32 | &nbsp;&nbsp;&nbsp;&nbsp; 2.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 4.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>|
| $(0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.19 | &nbsp;&nbsp;&nbsp;&nbsp; 7.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 5.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 69<br> %<br>|
| $(0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.36 | &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> %<br>|
| $(0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.50 | &nbsp;&nbsp;&nbsp;&nbsp; (11.92)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.1 | &nbsp;&nbsp;&nbsp;&nbsp; 6.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| $(0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17.73 | &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| $(0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.10 | &nbsp;&nbsp;&nbsp;&nbsp; 4.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 83<br> %<br>|
| $(0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.95 | &nbsp;&nbsp;&nbsp;&nbsp; 8.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 89<br> %<br>|
| $(0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.39 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $(0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp;&nbsp; (11.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|
| $(0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.09 | &nbsp;&nbsp;&nbsp;&nbsp; 2.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>|

---

------

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>|
| **Municipal Intermediate Bond Fund**<br> **(cont'd)**<br>|  |  |  |  |  |  |  |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 10/31/2025  | $10.94 | $0.32 | $0.16 | $0.48 | $(0.33)<br>| $— | $(0.00)<br>|
| 10/31/2024  | $10.38 | $0.31 | $0.56 | $0.87 | $(0.30)<br>| $— | $(0.01)<br>|
| 10/31/2023  | $10.40 | $0.27 | $(0.01)<br>| $0.26 | $(0.28)<br>| $— | $— |
| 10/31/2022  | $12.08 | $0.22 | $(1.59)<br>| $(1.37)<br>| $(0.21)<br>| $(0.07)<br>| $(0.03)<br>|
| 10/31/2021  | $12.00 | $0.23 | $0.13 | $0.36 | $(0.22)<br>| $(0.06)<br>| $— |
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 10/31/2025  | $10.93 | $0.28 | $0.17 | $0.45 | $(0.29)<br>| $— | $(0.00)<br>|
| 10/31/2024  | $10.37 | $0.27 | $0.56 | $0.83 | $(0.26)<br>| $— | $(0.01)<br>|
| 10/31/2023  | $10.39 | $0.24 | $(0.02)<br>| $0.22 | $(0.24)<br>| $— | $— |
| 10/31/2022  | $12.07 | $0.18 | $(1.59)<br>| $(1.41)<br>| $(0.17)<br>| $(0.07)<br>| $(0.03)<br>|
| 10/31/2021  | $11.99 | $0.18 | $0.14 | $0.32 | $(0.18)<br>| $(0.06)<br>| $— |
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 10/31/2025  | $10.94 | $0.20 | $0.15 | $0.35 | $(0.20)<br>| $— | $(0.00)<br>|
| 10/31/2024  | $10.38 | $0.19 | $0.56 | $0.75 | $(0.18)<br>| $— | $(0.01)<br>|
| 10/31/2023  | $10.40 | $0.15 | $(0.01)<br>| $0.14 | $(0.16)<br>| $— | $— |
| 10/31/2022  | $12.08 | $0.10 | $(1.60)<br>| $(1.50)<br>| $(0.08)<br>| $(0.07)<br>| $(0.03)<br>|
| 10/31/2021  | $12.00 | $0.09 | $0.13 | $0.22 | $(0.08)<br>| $(0.06)<br>| $— |
| **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** |
| Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class |
| 10/31/2025  | $9.92 | $0.48 | $0.35 | $0.83 | $(0.51)<br>| $— | $— |
| 10/31/2024  | $9.12 | $0.45 | $0.83 | $1.28 | $(0.48)<br>| $— | $— |
| 10/31/2023  | $9.22 | $0.48 | $(0.08)<br>| $0.40 | $(0.47)<br>| $— | $(0.03)<br>|
| 10/31/2022  | $11.41 | $0.34 | $(1.86)<br>| $(1.52)<br>| $(0.29)<br>| $(0.21)<br>| $(0.17)<br>|
| 10/31/2021  | $10.96 | $0.33 | $0.56 | $0.89 | $(0.44)<br>| $— | $— |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 10/31/2025  | $9.92 | $0.52 | $0.36 | $0.88 | $(0.55)<br>| $— | $— |
| 10/31/2024  | $9.12 | $0.48 | $0.84 | $1.32 | $(0.52)<br>| $— | $— |
| 10/31/2023  | $9.22 | $0.51 | $(0.08)<br>| $0.43 | $(0.50)<br>| $— | $(0.03)<br>|
| 10/31/2022  | $11.42 | $0.37 | $(1.86)<br>| $(1.49)<br>| $(0.33)<br>| $(0.21)<br>| $(0.17)<br>|
| 10/31/2021  | $10.97 | $0.37 | $0.56 | $0.93 | $(0.48)<br>| $— | $— |

---

See Notes to Financial Highlights

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Distributions**<br>| &nbsp;&nbsp;&nbsp; **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $(0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.09 | &nbsp;&nbsp;&nbsp;&nbsp; 4.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $178.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 83<br> %<br>|
| $(0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp;&nbsp; 8.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $177.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 89<br> %<br>|
| $(0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.38 | &nbsp;&nbsp;&nbsp;&nbsp; 2.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $164.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $(0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.40 | &nbsp;&nbsp;&nbsp;&nbsp; (11.54)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $155.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|
| $(0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.08 | &nbsp;&nbsp;&nbsp;&nbsp; 3.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $224.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>|
| $(0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.09 | &nbsp;&nbsp;&nbsp;&nbsp; 4.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 83<br> %<br>|
| $(0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp;&nbsp; 8.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 89<br> %<br>|
| $(0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.37 | &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $(0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.39 | &nbsp;&nbsp;&nbsp;&nbsp; (11.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|
| $(0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.07 | &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>|
| $(0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.09 | &nbsp;&nbsp;&nbsp;&nbsp; 3.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 83<br> %<br>|
| $(0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp;&nbsp; 7.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 89<br> %<br>|
| $(0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.38 | &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $(0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.40 | &nbsp;&nbsp;&nbsp;&nbsp; (12.53)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|
| $(0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.08 | &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>|
| $(0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.24 | &nbsp;&nbsp;&nbsp;&nbsp; 8.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 120 %<sup>e</sup><br>|
| $(0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp;&nbsp; 14.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 71 %<sup>e</sup><br>|
| $(0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.12 | &nbsp;&nbsp;&nbsp;&nbsp; 4.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 101 %<sup>e</sup><br>|
| $(0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.22 | &nbsp;&nbsp;&nbsp;&nbsp; (13.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 162 %<sup>e</sup><br>|
| $(0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.41 | &nbsp;&nbsp;&nbsp;&nbsp; 8.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 114 %<sup>e</sup><br>|
| $(0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.25 | &nbsp;&nbsp;&nbsp;&nbsp; 9.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6189.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 120 %<sup>e</sup><br>|
| $(0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp;&nbsp; 14.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4500.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 71 %<sup>e</sup><br>|
| $(0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.12 | &nbsp;&nbsp;&nbsp;&nbsp; 4.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2740.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 101 %<sup>e</sup><br>|
| $(0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.22 | &nbsp;&nbsp;&nbsp;&nbsp; (13.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1954.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 162 %<sup>e</sup><br>|
| $(0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.42 | &nbsp;&nbsp;&nbsp;&nbsp; 8.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2560.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 114 %<sup>e</sup><br>|

---

------

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>|
| **Strategic Income Fund (cont'd)** |  |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 10/31/2025  | $9.93 | $0.48 | $0.36 | $0.84 | $(0.51)<br>| $— | $— |
| 10/31/2024  | $9.13 | $0.45 | $0.83 | $1.28 | $(0.48)<br>| $— | $— |
| 10/31/2023  | $9.23 | $0.47 | $(0.07)<br>| $0.40 | $(0.47)<br>| $— | $(0.03)<br>|
| 10/31/2022  | $11.43 | $0.33 | $(1.86)<br>| $(1.53)<br>| $(0.29)<br>| $(0.21)<br>| $(0.17)<br>|
| 10/31/2021  | $10.98 | $0.32 | $0.57 | $0.89 | $(0.44)<br>| $— | $— |
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 10/31/2025  | $9.92 | $0.41 | $0.36 | $0.77 | $(0.44)<br>| $— | $— |
| 10/31/2024  | $9.12 | $0.37 | $0.84 | $1.21 | $(0.41)<br>| $— | $— |
| 10/31/2023  | $9.22 | $0.40 | $(0.07)<br>| $0.33 | $(0.40)<br>| $— | $(0.03)<br>|
| 10/31/2022  | $11.42 | $0.26 | $(1.87)<br>| $(1.61)<br>| $(0.21)<br>| $(0.21)<br>| $(0.17)<br>|
| 10/31/2021  | $10.96 | $0.24 | $0.58 | $0.82 | $(0.36)<br>| $— | $— |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 10/31/2025  | $9.91 | $0.53 | $0.36 | $0.89 | $(0.56)<br>| $— | $— |
| 10/31/2024  | $9.11 | $0.49 | $0.84 | $1.33 | $(0.53)<br>| $— | $— |
| 10/31/2023  | $9.21 | $0.52 | $(0.08)<br>| $0.44 | $(0.51)<br>| $— | $(0.03)<br>|
| 10/31/2022  | $11.41 | $0.39 | $(1.87)<br>| $(1.48)<br>| $(0.34)<br>| $(0.21)<br>| $(0.17)<br>|
| 10/31/2021  | $10.96 | $0.38 | $0.56 | $0.94 | $(0.49)<br>| $— | $— |

---

See Notes to Financial Highlights

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Distributions**<br>| &nbsp;&nbsp;&nbsp; **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>|
| $(0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.26 | &nbsp;&nbsp;&nbsp;&nbsp; 8.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $198.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.79<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 120 %<sup>e</sup><br>|
| $(0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.93 | &nbsp;&nbsp;&nbsp;&nbsp; 14.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $170.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.55<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 71 %<sup>e</sup><br>|
| $(0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.13 | &nbsp;&nbsp;&nbsp;&nbsp; 4.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $121.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.96<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 101 %<sup>e</sup><br>|
| $(0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp;&nbsp; (13.92)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $103.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99 %<sup>g,h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 162 %<sup>e</sup><br>|
| $(0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.43 | &nbsp;&nbsp;&nbsp;&nbsp; 8.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $133.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %<sup>g,h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 114 %<sup>e</sup><br>|
| $(0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.25 | &nbsp;&nbsp;&nbsp;&nbsp; 7.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $68.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.06<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 120 %<sup>e</sup><br>|
| $(0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp;&nbsp; 13.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $59.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.83<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 71 %<sup>e</sup><br>|
| $(0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.12 | &nbsp;&nbsp;&nbsp;&nbsp; 3.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.24<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 101 %<sup>e</sup><br>|
| $(0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.22 | &nbsp;&nbsp;&nbsp;&nbsp; (14.54)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 162 %<sup>e</sup><br>|
| $(0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.42 | &nbsp;&nbsp;&nbsp;&nbsp; 7.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $67.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 114 %<sup>e</sup><br>|
| $(0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.24 | &nbsp;&nbsp;&nbsp;&nbsp; 9.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $772.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.26<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 120 %<sup>e</sup><br>|
| $(0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.91 | &nbsp;&nbsp;&nbsp;&nbsp; 14.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $605.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.03<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 71 %<sup>e</sup><br>|
| $(0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.11 | &nbsp;&nbsp;&nbsp;&nbsp; 4.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $421.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.44<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 101 %<sup>e</sup><br>|
| $(0.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.21 | &nbsp;&nbsp;&nbsp;&nbsp; (13.52)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $397.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.76<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 162 %<sup>e</sup><br>|
| $(0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.41 | &nbsp;&nbsp;&nbsp;&nbsp; 8.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $439.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 114 %<sup>e</sup><br>|

---

------

Notes to Financial Highlights Income Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | Calculated based on the average number of shares outstanding during each fiscal period. |
| b | Total return based on per share NAV reflects the effects of changes in NAV on the performance of each <br> Fund during each fiscal period. Returns assume income dividends and other distributions, if any, were <br> reinvested, but do not reflect the effect of sales charges. Results represent past performance and do not <br> indicate future results. Current returns may be lower or higher than the performance data quoted. <br> Investment returns and principal will fluctuate and shares, when redeemed, may be worth more or less than <br> original cost. Total return would have been lower if Management had not reimbursed and/or waived certain <br> expenses. Total return would have been higher if Management had not recouped previously reimbursed <br> and/or waived expenses.<br>|
| c | The class action proceeds listed in Note A of the Notes to Financial Statements, if any, had no impact on the <br> Funds' total returns for the year ended October 31, 2025. The class action proceeds received in 2024, 2023, <br> 2022 and 2021 had no impact on the Funds' total returns for the years ended October 31, 2024, 2023, <br> 2022 and 2021, respectively.<br>|
| d | Represents the annualized ratios of net expenses to average daily net assets if Management had not <br> reimbursed and/or waived certain expenses and/or waived a portion of the investment management fee. <br>|
| e | Excluding TBA roll transactions. Had TBA roll transactions been included, the portfolio turnover rate would <br> have been:<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Core Bond** | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 185% | &nbsp;&nbsp;&nbsp;&nbsp; 226% | &nbsp;&nbsp;&nbsp;&nbsp; 243% |
| **Strategic Income** | &nbsp;&nbsp; 258% | &nbsp;&nbsp;&nbsp;&nbsp; 206% | &nbsp;&nbsp;&nbsp;&nbsp; 298% | &nbsp;&nbsp;&nbsp;&nbsp; 308% | &nbsp;&nbsp;&nbsp;&nbsp; 308% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| f | Represents the annualized ratio of net expenses to average daily net assets after utilization of the line of <br> credit by Floating Rate Income (2024 & 2022) and Municipal High Income (2022) and/or reimbursement <br> and/or waiver of expenses and/or waiver of a portion of the investment management fee by Management. <br> Had Floating Rate Income and Municipal High Income not utilized the line of credit, the annualized ratios of <br> net expenses to average daily net assets would have been:<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2024** | **2022** |
| **Floating Rate Income Institutional Class** | 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% |
| **Floating Rate Income Class A** | 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% |
| **Floating Rate Income Class C** | 1.72% | &nbsp;&nbsp;&nbsp;&nbsp; 1.72% |
| **Municipal High Income Institutional Class** |  | &nbsp;&nbsp;&nbsp;&nbsp; 0.52% |
| **Municipal High Income Class A** |  | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% |
| **Municipal High Income Class C** |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.64% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| g | Includes interest expense on reverse repurchase agreements of 0.00% for each respective class for the year <br> ended October 31, 2022 for High Income and for the year ended October 31, 2021 for High Income and <br> Strategic Income.<br>|

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Notes to Financial Highlights Income Funds (cont'd)

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| | |
|:---|:---|
| h | After repayment of expenses previously reimbursed and/or fees previously waived pursuant to the terms of <br> the contractual expense limitation agreements by Management, as applicable. Had the Fund not made such <br> repayments, the annualized ratios of net expenses to average net assets would have been:<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2022** | **2021** |
| **High Income Class A** |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Strategic Income Institutional Class** | 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Strategic Income Class A** |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% |
| **Strategic Income Class R6** | 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| i | The date investment operations commenced. |
| j | Not annualized. |
| k | Annualized. |
| l | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended <br> October 31, 2022, for High Income.<br>|

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Report of Independent Registered Public Accounting Firm

To the Shareholders of Neuberger Berman Core Bond Fund, Neuberger Berman Floating Rate Income Fund, Neuberger Berman High Income Bond Fund, Neuberger Berman Municipal High Income Fund, Neuberger Berman Municipal Impact Fund, Neuberger Berman Municipal Intermediate Bond Fund, Neuberger Berman Strategic Income Fund and the Board of Trustees of Neuberger Berman Income Funds

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Neuberger Berman Core Bond Fund, Neuberger Berman Floating Rate Income Fund, Neuberger Berman High Income Bond Fund, Neuberger Berman Municipal High Income Fund, Neuberger Berman Municipal Impact Fund, Neuberger Berman Municipal Intermediate Bond Fund and Neuberger Berman Strategic Income Fund (collectively referred to as the "Funds") (seven of the series constituting Neuberger Berman Income Funds (the "Trust")), including the schedules of investments, as of October 31, 2025 and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds (seven of the series constituting Neuberger Berman Income Funds) at October 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles. The accompanying financial highlights of the Neuberger Berman Core Bond Fund, Neuberger Berman Floating Rate Income Fund, Neuberger Berman Municipal High Income Fund, and Neuberger Berman Municipal Impact Fund for the year ended October 31, 2021 were audited by another independent registered public accounting firm whose report, dated December 21, 2021, expressed an unqualified opinion on the financial statements containing those financial highlights.

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| | | | |
|:---|:---|:---|:---|
| **Individual fund constituting Neuberger** <br> **Berman Income Funds**<br>| **Statement of** <br> **operations**<br>| **Statements of** <br> **changes in net** <br> **assets**<br>| **Financial** <br> **highlights**<br>|
| Neuberger Berman High Income Bond Fund <br>Neuberger Berman Municipal Intermediate Bond <br> Fund <br>Neuberger Berman Strategic Income Fund<br>| For the year ended <br> October 31, 2025<br>| For each of the <br> two years in the <br> period ended <br> October 31, 2025<br>| For each of the <br> five years in the <br> period ended <br> October 31, 2025<br>|
| Neuberger Berman Core Bond Fund <br>Neuberger Berman Floating Rate Income Fund <br>Neuberger Berman Municipal High Income Fund <br>Neuberger Berman Municipal Impact Fund<br>| For the year ended <br> October 31, 2025<br>| For each of the <br> two years in the <br> period ended <br> October 31, 2025<br>| For each of the <br> four years in the <br> period ended <br> October 31, 2025<br>|

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**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

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Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers, and others; when replies were not received from other brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img6c0143464.jpg)

We have served as the auditor of one or more Neuberger Berman investment companies since 1954.

Boston, Massachusetts

December 23, 2025

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Directory

Investment Manager and Administrator

Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, NY 10104-0002

Shareholder Services

800.877.9700 or 212.476.8800

Intermediary Client Services 800.366.6264

Distributor

Neuberger Berman BD LLC

1290 Avenue of the Americas

New York, NY 10104-0002

Shareholder Services

800.877.9700 or 212.476.8800

Intermediary Client Services 800.366.6264

Custodian

State Street Bank and Trust Company

One Congress Street, Suite 1

Boston, MA 02114-2016

Shareholder Servicing Agent

SS&C Global Investor & Distribution Solutions, Inc.

801 Pennsylvania Avenue, Suite 219189

Kansas City, MO 64105-1307

For Investor, Trust & Institutional Class Shareholders address correspondence to:

Neuberger Berman Funds

PO Box 219189

Kansas City, MO 64121-9189

Shareholder Services 800.877.9700 or 212.476.8800

Intermediary Client Services 800.366.6264

For Class A, Class C, Class R3 and Class R6 Shareholders:

Please contact your investment provider

Legal Counsel

K&L Gates LLP

1601 K Street, NW

Washington, DC 20006-1600

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, MA 02116

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Changes in and Disagreements with Accountants for Open-end Management Investment Companies

No changes and/or disagreements occurred in the current reporting period.

Proxy Disclosures for Open-end Management Investment Companies

During the period covered by this report, there were no matters submitted to the Funds' shareholders through the solicitation of proxies or otherwise.

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Board Consideration of the Management Agreements

On an annual basis, the Board of Trustees (the "Board" or "Trustees") of Neuberger Berman Income Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust or of Neuberger Berman Investment Advisers LLC (with its affiliates, "Management"), as such term is defined under the Investment Company Act of 1940, as amended ("1940 Act"), ("Independent Fund Trustees"), considers whether to continue the management agreements with Management (the "Agreements") with respect to each series (each a "Fund"). Throughout the process, the Independent Fund Trustees are advised by counsel that is experienced in 1940 Act matters and that is independent of Management ("Independent Counsel"). At a meeting held on October 9, 2025, the Board, including the Independent Fund Trustees, approved the continuation of the Agreements for each Fund. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each Fund and its shareholders; (ii) a comparison of each Fund's performance, fees and expenses relative to its benchmark, various peers or similar accounts, as applicable; (iii) the costs of the services provided by, and the estimated profit or loss to Management from its relationships with each Fund; (iv) any apparent or anticipated economies of scale in relation to the services Management provides to each Fund and whether any such economies of scale are shared with Fund shareholders; and (v) any "fall-out" benefits likely to accrue to Management and its affiliates from their relationship with each Fund.

In evaluating the Agreements with respect to each Fund, the Board, including the Independent Fund Trustees, reviewed extensive materials provided by Management in response to questions submitted by the Independent Fund Trustees and Independent Counsel, which the Contract Review Committee annually considers and updates. It also met with senior representatives of Management regarding its personnel, operations, and profitability as they relate to the Funds. The annual contract review extends over at least two regular meetings of the Board to allow Management additional time to respond to any questions the Independent Fund Trustees may have on their initial review of the materials and for the Independent Fund Trustees to consider those responses.

In connection with its deliberations, the Board also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year. In addition, the Board established the Contract Review Committee, which is comprised solely of Independent Fund Trustees, to assist in its evaluation and analysis of materials for the annual contract review. Those standing committees provide reports to the full Board, including the members of the Contract Review Committee, which consider that information as part of the annual contract review process.

The Independent Fund Trustees received from Independent Counsel a memorandum discussing the legal standards for their consideration of the proposed continuation of the Agreements. During the course of the year and during their deliberations regarding the annual contract review, the Contract Review Committee and the Independent Fund Trustees met with Independent Counsel separately from representatives of Management.

Provided below is a description of the Board's contract approval process and material factors that the Board considered at its meetings regarding renewals of the Agreements and the compensation to be paid thereunder. In connection with its approval of the continuation of the Agreements, the Board evaluated the terms of the Agreements, the overall fairness of the Agreements to each Fund, and whether the Agreements were in the best interests of each respective Fund and its shareholders. The Board's determination to approve the continuation of the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and in connection with the annual contract review. The Board considered each Fund's investment management agreement separately from those of the other Funds.

This description is not intended to include all of the factors considered by the Board. The Board members did not identify any particular information or factor that was all-important or controlling, and each Trustee may have attributed different weights to the various factors. Additionally, the information and factors considered, and weight placed on any particular information or factor may change over time. The Board focused on the costs and benefits of the Agreements to each Fund and, through the Fund, its shareholders.

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Nature, Extent, and Quality of Services

With respect to the nature, extent, and quality of the services provided, the Board considered the investment philosophy and decision-making processes of, and the qualifications, experience, capabilities, and succession plans of, and the resources available to, the portfolio management personnel of Management who perform services for the Funds. The Board noted that Management also provides certain administrative services, including fund accounting, compliance, and shareholder support services. The Board also considered Management's and NBEL's policies and practices regarding trade execution, transaction costs, and allocation of portfolio transactions and reviewed the quality of the execution services that Management had provided. Moreover, the Board considered Management's approach to potential conflicts of interest both generally and between the Funds' investments and those of other funds or accounts managed by Management.

The Board recognized the extensive range of services that Management provides to the Funds beyond the investment management services. The Board noted that Management is also responsible for monitoring compliance with the Fund's investment objectives, policies, and restrictions, as well as compliance with applicable law, including implementing regulatory initiatives of the U.S. Securities and Exchange Commission and other regulators. The Board considered that Management assumes significant ongoing entrepreneurial and business risks as the investment adviser and sponsor to the Funds, for which it is entitled to reasonable compensation. The Trustees also considered that Management's responsibilities include continual management of investment, operational, cybersecurity, enterprise, valuation, liquidity, legal, regulatory, and compliance risks as they relate to the Funds, and the Board considers on a regular basis information regarding Management's processes for monitoring and managing risk.

The Board also reviewed and evaluated Management's activities under its contractual obligation to oversee the Funds' various outside service providers, including its renegotiation of certain service providers' fees and its evaluation of service providers' infrastructure, cybersecurity programs, compliance programs, and business continuity programs, among other matters. The Board also considered Management's ongoing development of its own infrastructure and information technology to support the Funds through, among other things, cybersecurity, business continuity planning, and risk management. In addition, the Board noted the positive compliance history of Management, as no significant compliance problems were reported to the Board with respect to Management. The Board also considered the general structure of the portfolio managers' compensation and whether this structure provides appropriate incentives to act in the best interests of the Funds. The Board also considered the ability of Management to attract and retain qualified personnel to service the Funds and the ability to plan for succession.

Fund Performance

The Board requested a report from an outside consulting firm that specializes in the analysis of fund industry data that compared each Fund's performance, along with its fees and other expenses, to various peers, including a group of industry peers ("Expense Group") and a broader universe of funds pursuing generally similar strategies with the same investment classification and/or objective ("Performance Universe"). The Board considered each Fund's performance and fees in light of the limitations inherent in the consulting firm's methodology for constructing such comparative groups and determining which investment companies should be included in the comparative groups, noting differences as compared to certain fund industry ranking and rating systems.

With respect to investment performance, the Board considered information regarding each Fund's short-, intermediate- and long-term performance, as applicable, net of the Fund's fees and expenses, on an absolute basis, relative to a benchmark index that does not deduct the fees or expenses of investing, and compared to the net performance of its Performance Universe. The Board also reviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfolio managers.

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In the case of underperformance for any of the periods reported, the Board considered the magnitude and duration of that underperformance relative to the Performance Universe and/or the benchmark (e.g., the amount by which a Fund underperformed, including, for example, whether the Fund slightly underperformed or significantly underperformed its benchmark). For those Funds that the Board identified as having underperformed their benchmark indices and/or Performance Universe to an extent, or over a period of time, that the Board felt warranted additional inquiry, the Board discussed with Management each such Fund's performance, potential reasons for the relative performance, and, if necessary, steps that Management had taken, or intended to take, to improve performance. The Board also considered Management's responsiveness with respect to the relative performance. The Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board further acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance.

In this regard, the Board noted that performance is only one of the factors that it deems relevant to its consideration of the Agreements and that, after considering all relevant factors, it can determine to approve the continuation of the Agreements after its review of a Fund's relative performance.

Fee Rates, Profitability, and Fall-out Benefits

With respect to the overall fairness of the Agreements, the Board considered the fee structure for each Fund under the Agreements as compared to the Expense Group provided by the consulting firm, as discussed above. The Board reviewed a comparison of each Fund's management fee to its Expense Group. The Board noted that the comparative management fee analysis includes, in each Fund's management fee, the separate administrative fees paid to Management. However, the Board noted that some funds in the Expense Group pay directly from fund assets for certain services that Management covers out of the administration fees for the Funds. Accordingly, the Board also considered each Fund's total expense ratio as compared with its Expense Group as a way of taking account of these differences.

The Board compared each Fund's contractual and actual management fees to the contractual and actual management fees, respectively, of that Fund's Expense Group. (The actual management fees are the contractual management fees reduced by any fee waivers or other adjustments.) The Board also compared each Fund's total expenses to the total expenses of that Fund's Expense Group. Where a Fund's management fee or total expenses were relatively higher than the Expense Group, the Board considered whether specific portfolio management, administration or oversight needs contributed to the Fund's management fee or total expenses. The Board also noted that for some classes of certain Funds, the overall expense ratio is maintained through a contractual or voluntary fee cap and/or expense reimbursements by Management. The Board also considered the extent to which Management currently waives management fees and/or reimburses any Fund for other Fund-level expenses at different rates for different share classes and the process for monitoring the use of such waivers to guard against any such waiver resulting in any cross-subsidization by one share class of another share class.

In concluding that the benefits accruing to Management by virtue of its relationship with each Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to that Fund, the Board reviewed specific data as to Management's estimated profit or loss on each Fund for a recent period on a pre-tax basis without regard to distribution expenses. (The Board also reviewed data on Management's estimated profit or loss on each Fund after distribution expenses and taxes were factored in, as indicators of the health of the business and the extent to which Management is directing its profits into the growth of the business.) The Board considered the cost allocation methodology that Management used in developing its estimated profitability figures. In addition, the Board engaged an independent accounting firm in prior years to review the profitability methodology utilized by Management when preparing this information and, discussed with the accounting firm its conclusion that Management's process for calculating and reporting its estimated profit or loss aligned with the accounting firm's guiding principles and industry practices.

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The Board further noted Management's representation that its estimate of profitability is derived using a methodology that is consistent with the methodology used to assess and/or report measures of profitability elsewhere at the firm. In addition, the Board recognized that Management's calculations regarding its costs may not reflect all risks, including regulatory, legal, operational, cybersecurity, reputational, and, where appropriate, entrepreneurial risks, associated with offering and managing a fund in the current regulatory and market environment. The Board also considered any fall-out (i.e., indirect) benefits likely to accrue to Management or its affiliates from their relationship with each Fund. The Board recognized that Management should be entitled to earn a reasonable level of profits for services it provides to each Fund and, based on its review, concluded that Management's reported level of estimated profitability, if any, on each Fund was reasonable.

Information Regarding Services to Other Clients

The Board also considered whether there were other funds or separate accounts that were advised or sub-advised by Management or its affiliates with investment objectives, policies, and strategies that were similar to those of any of the Funds. In the cases where such funds or separate accounts exist, the Board compared the fees charged to the respective Fund to the fees charged to such comparable funds and/or separate accounts. The Board considered the reasonableness of any differences between the fees charged to a Fund and such comparable funds and/or separate accounts, and determined that differences in fees and fee structures were consistent with the differences in the management and other services provided. The Board explored with Management its assertion that to the extent the rates of fees paid by some such accounts were lower than the fee rates paid by the corresponding Funds, the differences reflected Management's greater level of responsibilities and significantly broader scope of services to the Funds, the more extensive regulatory obligations and risks associated with managing the Funds, and other financial considerations with respect to the sponsorship and maintenance of the Funds.

Economies of Scale

The Board also evaluated apparent or anticipated economies of scale in relation to the services Management provides to each Fund. The Board considered whether each Fund's fee structure provides for a reduction of payments resulting from the use of breakpoints, the size of any breakpoints in each Fund's advisory fees, and whether any such breakpoints are set at appropriate asset levels. In addition, the Board considered the expense limitation and/or fee waiver arrangements that reduce many Funds' expenses at some or all asset levels, which can have an effect similar to breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if a Fund's assets decline.

The Trustees took into account that certain Funds do not have breakpoints in their fees. For Funds that do not have breakpoints, the Board considered that setting competitive fee rates and pricing a Fund to scale before it has actually experienced an increase in assets are other means of sharing potential economies of scale with shareholders. The Board also considered that Management has provided, at no added cost to the Funds, certain additional services, including but not limited to, services required by new regulations or regulatory interpretations, services impelled by changes in the securities markets or the business landscape, and/or services requested by the Board. The Board considered that this is a way of sharing economies of scale with the Funds and their shareholders.

Fund-by-Fund Analysis

With regard to the investment performance of each Fund and the fees charged to each Fund, the Board considered the following information. The Performance Universes referenced in this section are those identified by the consulting firm, as discussed above, and the risk/return ratios referenced are the Sharpe ratios provided by the consulting firm. With respect to performance quintile rankings for a Fund compared to its Performance Universe, the first quintile represents the highest (best) performance, and the fifth quintile represents the lowest

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performance. With respect to the quintile rankings for fees and total expenses (net of waivers or other adjustments, if any) for a Fund compared to its Expense Group, the first quintile represents the lowest (best) fees and/or total expenses and the fifth quintile represents the highest fees and/or total expenses. Where a Fund has more than one class of shares outstanding, information for Institutional Class has been provided as identified below. The Board reviewed the expense structures of all the other classes of shares of the Funds, some of which have higher fees and expenses that reflect their separate distribution and servicing arrangements and the varying needs of different investors. As a proxy for the class expense structure, the Board reviewed the expenses of each class for at least one Fund in the Trust in comparison to Expense Groups for those classes. The Board noted the effect of higher expenses on the performance of the other classes of shares.

**Neuberger Berman Core Bond Fund (Institutional Class)**—The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was higher for the 1-, 3-, 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the second quintile for the 1-, 3- and 10-year periods and the first quintile for the 5-year period. In addition, the Board met with the portfolio management team in December 2024. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee, actual management fee net of fees waived by Management, and total expenses each ranked in the first quintile.

**Neuberger Berman Floating Rate Income Fund (Institutional Class)**— The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was higher for the 1- and 5-year periods and lower for the 3- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the first quintile for the 1-, 3-, 5- and 10-year periods. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee, actual management fee net of fees waived by Management and total expenses each ranked in the first quintile.

**Neuberger Berman High Income Bond Fund (Institutional Class)**— The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was lower for the 1-, 3-, 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the second quintile for the 1-year period, the fourth quintile for the 3-year period, and the third quintile for the 5- and 10-year periods. The Board also considered that for the 7-month period ending July 31, 2025, the Fund outperformed its benchmark and ranked in the second quintile of both its Morningstar and Lipper peer categories. In addition, the Board met with the portfolio management team in March 2025. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the fourth quintile, total expenses ranked in the third quintile, and actual management fee ranked in the fifth quintile.

**Neuberger Berman Municipal High Income Fund (Institutional Class)**— The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was higher for the 1-year period and lower for the 3- and 5-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the third quintile for the 1-year period and the fourth quintile for the 3- and 5-year periods. The Fund was launched in 2015 and therefore does not have 10-year performance. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the third quintile and actual management fee net of fees waived by Management and total expenses each ranked in the first quintile.

**Neuberger Berman Municipal Impact Fund (Institutional Class)**— The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was higher for the 1-year period and lower for the 3-, 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the fourth quintile for the 1- and 10-year periods and the fifth quintile for the 3- and 5-year periods. The Board noted that for the 7-month period ending July 31, 2025, the Fund outperformed its benchmark and ranked in the first quintile of its Lipper peer category and the

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second quintile of its Morningstar category. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee and total expenses each ranked third of five funds and the actual management fee net of fees waived by Management ranked first of five funds.

**Neuberger Berman Municipal Intermediate Bond Fund (Institutional Class)**— The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was higher for the 1- and 5-year periods and lower for the 3- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the second quintile for the 1-year period, the third quintile for the 3- and 10-year periods, and the fourth quintile for the 5-year period. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee, actual management fee net of fees waived by Management and total expenses each ranked in the first quintile.

**Neuberger Berman Strategic Income Fund (Institutional Class)**— The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was higher for the 1-, 3-, 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the first quintile for the 1- and 5-year periods and the second quintile for the 3- and 10-year periods. The Board also considered that for the 7-month period ending July 31, 2025, the Fund outperformed its benchmark and ranked in the first quintile of both its Morningstar and Lipper peer categories. The Board also took into account that the Fund showed a risk/return ratio that was better than the median of its Performance Universe for the 3- and 5-year periods, meaning that per unit of risk taken versus a presumed risk-free investment, the Fund achieved a higher level of return than the median of its Performance Universe for those same periods. In addition, the Board met with the portfolio management team in March 2025. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the second quintile, the actual management fee ranked in the fourth quintile, and total expenses ranked in the first quintile.

Conclusions

In approving the continuation of the Agreements, the Board concluded that, in its business judgment, the terms of each Agreement are fair and reasonable to each Fund and that approval of the continuation of the Agreements is in the best interests of each Fund and its shareholders. In reaching this determination, the Board considered that Management could be expected to continue to provide a high level of service to each Fund; that the performance of each Fund was satisfactory over time, or, in the case of a Fund that underperformed relative to its Performance Universe, that the Board retained confidence in Management's capabilities to manage each Fund; that each Fund's fee structure appeared to the Board to be reasonable given the nature, extent, and quality of services provided; and that the benefits accruing to Management and its affiliates by virtue of their relationship with each Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to each Fund. The Board's conclusions are based in part on its consideration of materials prepared in connection with the approval or continuance of the Agreements in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year, in addition to material prepared specifically for the most recent annual review of the Agreements.

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Notice to Shareholders

In early 2026 you will receive information to be used in filing your 2025 tax returns, which will include a notice of the exact tax status of all distributions paid to you by the Fund during calendar year 2025. Please consult your own tax advisor for details as to how this information should be reflected on your tax returns.

For the fiscal year ended October 31, 2025, the percentages representing the portion of distributions from net investment income that is exempt from federal tax, other than the alternative minimum tax, are as follows:

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| | |
|:---|:---|
| **Municipal High Income** | 98.95% |
| **Municipal Impact** | 99.65% |
| **Municipal Intermediate Bond** | 99.97% |

---

For shareholders subject to interest expense deduction limitation under Section 163(j), the following amounts of the Funds' income qualify as a Section 163(j) interest dividend and can be treated as interest income for purposes of Section 163(j), subject to holding period requirements and other limitations.

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp; **Section 163(j)** <br>**Interest** <br>**Dividend**<br>|
| **Core Bond** | $48405582 |
| **Floating Rate Income** | 36607311 |
| **High Income** | 40172772 |
| **Municipal High Income** |  |
| **Municipal Impact** |  |
| **Municipal Intermediate Bond** |  |
| **Strategic Income** | 328301201 |

---

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![](img0a9745b71.jpg)

**Neuberger Berman Investment Advisers LLC**

1290 Avenue of the Americas

New York, NY 10104-0002

Retail Services: 800.877.9700

Broker-Dealer and Institutional Services: 800.366.6264/888.556.9030

www.nb.com

*Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of shareholders and is not an offer of shares of the Funds. Shares are sold only through the currently effective prospectus which you can obtain by calling 877.628.2583. An investor should consider carefully a Fund's investment objectives, risks and fees and expenses, which are described in its prospectus, before investing.*

![](img7e5e1b655.jpg)

H0648 12/25

![](img199bf7416.jpg)

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
The response to this item is included in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
The response to this item is included in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid to trustees, officers, and others for each series is disclosed in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The statement regarding the basis for the approval of the investment advisory contract is disclosed in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There were no changes to the procedures by which shareholders may recommend nominees to the Board.

#### Item 16. Controls and Procedures.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Chief
 Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to
 be disclosed by the Registrant on Form N-CSR is accumulated and communicated to the Registrant's management to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no significant changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) 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 to the Registrant.

------

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable to the Registrant.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | A copy of the [Code of Ethics is incorporated by reference to Neuberger High Yield Strategies Fund Inc.'s Form N-CSR, Investment Company Act file number 811-22396 (filed December 30, 2025)](https://www.sec.gov/Archives/edgar/data/1487610/000089843225001054/exh99.htm#EXHIBIT99). |

---

(a)(2) Not applicable to the Registrant.

---

| | |
|:---|:---|
| (a)(3) | The [certifications required by Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act")](exh99-cert.htm#EXHIBIT99-CERT) are filed herewith. |

---

(a)(4) Not applicable to the Registrant.

(a)(5) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The [certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act](exh99-906cert.htm#EXHIBIT-99.906CERT) is furnished herewith.

The certification furnished pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.

------

#### 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.

Neuberger Berman Income Funds

By: <u>/s/ Joseph V. Amato</u>

Joseph V. Amato

Chief Executive Officer and President

Date: January 2, 2026

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: <u>/s/ Joseph V. Amato</u>

Joseph V. Amato

Chief Executive Officer and President

Date: January 2, 2026

By: <u>/s/ John M. McGovern</u>

John M. McGovern

Treasurer and Principal Financial

and Accounting Officer

Date: January 2, 2026

## Ex-99.Cert

**EXHIBIT 99-CERT**<br>

#### CERTIFICATIONS
I, Joseph V. Amato, certify that:

1. I have reviewed this report on Form N-CSR of Neuberger Berman Income Funds ("Registrant");

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

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

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

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

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

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

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

5. The Registrant's other certifying officer(s) 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):

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

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

Date: January 2, 2026

By: <u>/s/ Joseph V. Amato</u>

Joseph V. Amato

Chief Executive Officer and President

------

I, John M. McGovern, certify that:

1. I have reviewed this report on Form N-CSR of Neuberger Berman Income Funds ("Registrant");

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

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

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

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

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

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

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

5. The Registrant's other certifying officer(s) 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):

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

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

Date: January 2, 2026

By: <u>/s/ John M. McGovern</u> John M. McGovern

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer and Principal Financial and Accounting Officer

## Exhibit 99.906

**EXHIBIT - 99.906CERT**<br>

#### Section 906 Certification

We, Joseph V. Amato, Chief Executive Officer and President, and John M. McGovern, Treasurer and Principal Financial and Accounting Officer, of Neuberger Berman Income Funds ("Registrant"), certify, pursuant to 18 U.S.C. Section 1350 enacted under Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

<br> 1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. Section 78m(a) or 78o(d)); and

<br> 2. The information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: January 2, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: <u>/s/ Joseph V. Amato</u><br> Joseph V. Amato<br> Chief Executive Officer and President<br>By: <u>/s/ John M. McGovern</u><br> John M. McGovern<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer and Principal Financial<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Accounting Officer<br>

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.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Commission.

<br>