# EDGAR Filing Document

**Accession Number:** 0000911507
**File Stem:** 0000930413-23-000272
**Filing Date:** 2023-2
**Character Count:** 1648106
**Document Hash:** 02f36d3a2b5b905bc6f8ea6a83462392
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-23-000272.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0000930413-23-000272

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LORD ABBETT INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000911507
- **IRS NUMBER:** 133731507
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07988
- **FILM NUMBER:** 23583993

**BUSINESS ADDRESS:**
- **STREET 1:** 90 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 201-827-2000

**MAIL ADDRESS:**
- **STREET 1:** 90 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

## Series and Classes Contracts Data

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019980 | Class A      | LCRAX           |
| C000019982 | Class C      | LCRCX           |
| C000019983 | Class P      |  |
| C000019984 | Class I      | LCRYX           |
| C000054885 | Class F      | LCRFX           |
| C000054886 | Class R2     | LCRQX           |
| C000054887 | Class R3     | LCRRX           |
| C000156620 | Class R4     | LCRSX           |
| C000156621 | Class R5     | LCRTX           |
| C000156622 | Class R6     | LCRVX           |
| C000188234 | Class F3     | LCROX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019985 | Class A      | LHYAX           |
| C000019987 | Class C      | LHYCX           |
| C000019988 | Class P      | LHYPX           |
| C000019989 | Class I      | LAHYX           |
| C000054888 | Class F      | LHYFX           |
| C000054889 | Class R2     | LHYQX           |
| C000054890 | Class R3     | LHYRX           |
| C000156623 | Class R4     | LHYSX           |
| C000156624 | Class R5     | LHYTX           |
| C000156625 | Class R6     | LHYVX           |
| C000188236 | Class F3     | LHYOX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019990 | Class P      |  |
| C000019991 | Class I      | LLDYX           |
| C000019992 | Class A      | LALDX           |
| C000019994 | Class C      | LDLAX           |
| C000054891 | Class F      | LDLFX           |
| C000054892 | Class R2     | LDLQX           |
| C000054893 | Class R3     | LDLRX           |
| C000156626 | Class R4     | LDLKX           |
| C000156627 | Class R5     | LDLTX           |
| C000156628 | Class R6     | LDLVX           |
| C000188238 | Class F3     | LOLDX           |

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020000 | Class P      |  |
| C000020001 | Class I      | LAUYX           |
| C000020002 | Class A      | LAGVX           |
| C000020004 | Class C      | LAUSX           |
| C000054897 | Class F      | LAUFX           |
| C000054898 | Class R2     | LAUQX           |
| C000054899 | Class R3     | LAURX           |
| C000156632 | Class R4     | LAUKX           |
| C000156633 | Class R5     | LAUTX           |
| C000156634 | Class R6     | LAUVX           |
| C000188242 | Class F3     | LOGVX           |

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020010 | Class A      | ISFAX           |
| C000020012 | Class C      | ISFCX           |
| C000020013 | Class P      | ISFPX           |
| C000020014 | Class I      | ISFYX           |
| C000054903 | Class F      | LIGFX           |
| C000054904 | Class R2     | LIGQX           |
| C000054905 | Class R3     | LIXRX           |
| C000156638 | Class R4     | LIXSX           |
| C000156639 | Class R5     | LIXTX           |
| C000156640 | Class R6     | LIXVX           |
| C000188246 | Class F3     | ISFOX           |

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

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

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000162898 | Class A      | LAPLX           |
| C000162899 | Class C      | LAPCX           |
| C000162900 | Class F      | LPLFX           |
| C000162901 | Class I      | LAPIX           |
| C000162902 | Class R2     |  |
| C000162903 | Class R3     | LAPQX           |
| C000162904 | Class R4     | LAPUX           |
| C000162905 | Class R5     | LAPVX           |
| C000162906 | Class R6     | LAPWX           |
| C000188256 | Class F3     | LOPLX           |

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

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

### Lord Abbett Corporate Bond Fund (Series ID: S000056808)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000180450 | Class A      | LBCAX           |
| C000180451 | Class R6     | LBCVX           |
| C000180453 | Class C      | LBCCX           |
| C000180454 | Class F      | LCCFX           |
| C000180455 | Class F3     | LBCOX           |
| C000180456 | Class I      | LICIX           |
| C000180457 | Class R2     | LCBQX           |
| C000180458 | Class R3     | LRCBX           |
| C000180459 | Class R4     | LBCSX           |
| C000180460 | Class R5     | LBCUX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000180461 | Class A      | LDCAX           |
| C000180462 | Class C      | LDCCX           |
| C000180463 | Class F      | LDCFX           |
| C000180464 | Class F3     | LSCOX           |
| C000180465 | Class I      | LSCIX           |
| C000180466 | Class R2     |  |
| C000180467 | Class R3     | LDCRX           |
| C000180468 | Class R4     | LSCSX           |
| C000180469 | Class R5     | LSCUX           |
| C000180470 | Class R6     | LDCVX           |

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-07988

**LORD ABBETT INVESTMENT TRUST**

(Exact name of Registrant as specified in charter)

<u>90 Hudson Street, Jersey City, New Jersey 07302-3973</u>

(Address of principal executive offices) (Zip code)

Lawrence B. Stoller, Esq.<br> Vice President, Secretary, and Chief Legal Officer

<u>90 Hudson Street, Jersey City, New Jersey 07302-3973</u>

(Name and address of agent for service)

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

Date of fiscal year end: 11/30

Date of reporting period: 11/30/2022

---

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

---

![](x3_c105070x1x1.jpg)

LORD ABBETT <br> ANNUAL REPORT

Lord Abbett

Multi-Asset Balanced Opportunity Fund

Multi-Asset Income Fund

*For the fiscal year ended November 30, 2022*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**A Letter to Shareholders**](#x3_c105070a001) |
| 10 | [**Investment Comparisons**](#x3_c105070a002) |
| 14 | [**Information About Your Fund's Expenses and Holdings Presented by Portfolio Allocation**](#x3_c105070a003) |
|  | [**Schedules of Investments:**](#x3_c105070a004) |
| 19 | [Multi-Asset Balanced Opportunity Fund](#x3_c105070a005) |
| 22 | [Multi-Asset Income Fund](#x3_c105070a006) |
| 25 | [**Statements of Assets and Liabilities**](#x3_c105070a007) |
| 27 | [**Statements of Operations**](#x3_c105070a008) |
| 28 | [**Statements of Changes in Net Assets**](#x3_c105070a009) |
| 30 | [**Financial Highlights**](#x3_c105070a010) |
| 38 | [**Notes to Financial Statements**](#x3_c105070a011) |
| 59 | [**Report of Independent Registered Public Accounting Firm**](#x3_c105070a012) |
| 60 | [**Supplemental Information to Shareholders**](#x3_c105070a013) |

---

------

**Lord Abbett Investment Trust**

**Lord Abbett Multi-Asset Balanced Opportunity Fund <br> and Lord Abbett Multi-Asset Income Fund <br> Annual Report**

*For the fiscal year ended November 30, 2022*

![](x3_c105070x3x1.jpg)

From left to right: James L.L. Tullis, Independent Chair of the Lord Abbett Funds and Douglas B. Sieg, Trustee, President, and Chief Executive Officer of the Lord Abbett Funds.

**Dear Shareholders:** We are pleased to provide you with this overview of the performance of the Funds for the fiscal year ended November 30, 2022. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and more timely information about the Funds, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on each Fund's performance and other portfolio related updates.

Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

**Best regards,**

![](x3_c105070x3x2.jpg)

**Douglas B. Sieg**

**Trustee, President and Chief Executive Officer**

------

**Lord Abbett Multi-Asset Balanced Opportunity Fund**

For the fiscal year ended November 30, 2022, the Fund returned -12.00%, reflecting performance at the net asset value ("NAV") of Class A shares, with all distributions reinvested, compared to its benchmark, the Russell 1000<sup>®</sup> Index<sup>1</sup>, which returned -10.66% over the same period.

U.S. markets faced many challenges throughout the twelve-month period ending November 30, 2022, including the spread of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, tighter fiscal and monetary policy, and Russia's invasion of Ukraine. The Dow Jones Industrial Average was up 2.48% and the S&P 500<sup>®</sup> Index fell -9.21%, while the tech-heavy Nasdaq Composite lost

------

-25.59%. Value stocks<sup>2</sup> significantly outperformed growth stocks<sup>3</sup> (1.95% vs -21.59%), while large cap stocks<sup>4</sup> outperformed small cap stocks<sup>5</sup> (-10.66% vs -13.01%).

Within fixed income, rates spiked across the U.S. yield curve, causing softness in U.S. Treasuries<sup>6</sup>, which returned -12.46%. Investment grade corporate bonds<sup>7</sup> also exhibited poor performance, returning -12.32% over the period as a combination of wider spreads and rising rates were both headwinds for the asset class. Although several macro headwinds led to increased recessionary fears in the U.S. economy, lower quality assets outperformed their higher quality counterparts given their more limited sensitivity to rate volatility. High yield bonds<sup>8</sup> and leveraged loans<sup>9</sup> returned -8.82% and -0.79%, respectively, over the period, outperforming investment grade corporates.

In November 2021, just prior to the start of the period, the World Health Organization designated the newly discovered Omicron variant as a "variant of concern", leading to one of the largest selloffs of U.S. risk assets since the start of the pandemic, amid fears that the world would succumb to a new wave of infections. U.S. cases hit the highest levels of the pandemic in December, rising above 580,000 new cases in the last week of the month, more than doubling the previous record high. Yet, negative sentiment quickly reversed as cases proved to be

generally less severe than prior strains. Market sentiment also increased after the Center for Disease Control shortened its suggested isolation policy for those infected from 10 days to five.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. This debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June.

Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large exporter of oil and certain minerals, and the various sanctions

------

set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014.

The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. After remaining mostly consistent in its messaging that price pressures would likely be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes of 50 bps, 75 bps, 75 bps, 75 bps, and 75 bps, respectively, followed in the succeeding months as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Separately, global markets faced increased geopolitical tensions due to Russia's invasion of Ukraine on February 23<sup>rd</sup>. Tensions remained elevated for the remainder of the twelve-month period, as Russia continued to weaponize energy flows, annexed four Ukrainian regions, and ratcheted up its nuclear warnings. In addition, the rhetoric between the U.S. and China over Taiwan further heated up after

U.S. House of Representatives Speaker Nancy Pelosi visited Taiwan in August. China responded to the trip with large-scale military drills, which led to a pledge by U.S. President Joe Biden to defend the democratically governed island.

Key macroeconomic indicators mostly trended lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, leading to a decline in consumer sentiment to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008 as measured by the consumer confidence index.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including a common theme of relatively stable demand and pricing power

------

protecting margins. Third-quarter earnings were slightly below expectations but provided evidence of healthy consumer spending. Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

The Fund is a "fund of funds" that invests in affiliated mutual funds managed by Lord Abbett. Under normal conditions, through the underlying funds, the Fund indirectly invests in U.S. equity securities across all market capitalization ranges and all investment styles, fixed income securities of various types, and select foreign (including emerging market) securities. The Fund tactically allocates its assets among these asset classes in response to market conditions or to seek to capitalize on investment opportunities.

Over the 12-month period ending November 30, 2022, the Fund's allocation to domestic mid- and large-cap growth stocks within the Lord Abbett Growth Leaders Fund and the Lord Abbett Growth Opportunities Fund was the largest detractor from relative performance over the period. As a result of supply chain dislocations, labor shortages, inflationary pressures, tighter fiscal and monetary policy, and the war in Ukraine, high innovation small and midcap companies,

particularly those aggressively reinvesting in research and development to drive future revenues and earnings, underperformed lower growth, lower valuation names within the index during the period as the market has largely expressed a technical preference for companies with positive earnings today, compared to larger growth potential in the future.

The Fund's allocation to high quality fixed income securities within the Lord Abbett Core Fixed Income Fund was also a notable detractor from relative performance over the period as rising interest rates caused longer duration securities to struggle relative to large cap stocks.

The Fund's weightings in domestic mid- and large-cap value stocks within the Lord Abbett Fundamental Equity Fund, the Lord Abbett Focused Large Cap Value Fund, and the Lord Abbett Mid Cap Stock Fund were the largest contributors to relative performance. As mentioned above, given the macro environment, investors largely expressed a technical preference for companies with positive earnings today – which served as a tailwind for value-oriented sectors of the U.S. equity market.

The Fund's allocation to inflation-linked derivatives, bank loans, and other short maturity fixed income securities within the Lord Abbett Floating Rate Fund, the Lord Abbett Inflation Focused Fund, and the Lord Abbett Short Duration Income Fund was also a notable contributor to

------

relative performance as red-hot inflation readings, rising interest rates, and a hawkish Fed stance drove demand for inflation-protected securities and securities with floating rate coupons, as well as securities with shorter maturities.

**Lord Abbett Multi-Asset Income Fund**

For the fiscal year ended November 30, 2022, the Fund returned -11.23%, reflecting performance at the net asset value ("NAV") of Class A shares with all distributions reinvested, compared to its benchmark, the Bloomberg U.S. Aggregate Bond Index<sup>10</sup>, which returned -12.84% over the same period.

U.S. markets faced many challenges throughout the twelve-month period ending November 30, 2022, including the spread of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, tighter fiscal and monetary policy, and Russia's invasion of Ukraine. The Dow Jones Industrial Average was up 2.48% and the S&P 500<sup>®</sup> Index fell -9.21%, while the tech-heavy Nasdaq Composite lost -25.59%. Value stocks<sup>2</sup> significantly outperformed growth stocks<sup>3</sup> (1.95% vs -21.59%), while large cap stocks<sup>4</sup> outperformed small cap stocks<sup>5</sup> (-10.66% vs -13.01%).

Within fixed income, rates spiked across the U.S. yield curve, causing softness in U.S. Treasuries<sup>6</sup>, which returned -12.46%. Investment grade

corporate bonds<sup>7</sup> also exhibited poor performance, returning -12.32% over the period as a combination of wider spreads and rising rates were both headwinds for the asset class. Although several macro headwinds led to increased recessionary fears in the U.S. economy, lower quality assets outperformed their higher quality counterparts given their more limited sensitivity to rate volatility. High yield bonds<sup>8</sup> and leveraged loans<sup>9</sup> returned -8.82% and -0.79%, respectively, over the period, outperforming investment grade corporates.

In November 2021, just prior to the start of the period, the World Health Organization designated the newly discovered Omicron variant as a "variant of concern", leading to one of the largest selloffs of U.S. risk assets since the start of the pandemic, amid fears that the world would succumb to a new wave of infections. U.S. cases hit the highest levels of the pandemic in December, rising above 580,000 new cases in the last week of the month, more than doubling the previous record high. Yet, negative sentiment quickly reversed as cases proved to be generally less severe than prior strains. Market sentiment also increased after the Center for Disease Control shortened its suggested isolation policy for those infected from 10 days to five.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period.

------

Headline consumer price index (CPI) readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. This debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June.

Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014.

The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. After remaining mostly consistent in its messaging that price pressures would likely

be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes of 50 bps, 75 bps, 75 bps, 75 bps, and 75 bps, respectively, followed in the succeeding months as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Separately, global markets faced increased geopolitical tensions due to Russia's invasion of Ukraine on February 23<sup>rd</sup>. Tensions remained elevated for the remainder of the twelve-month period, as Russia continued to weaponize energy flows, annexed four Ukrainian regions, and ratcheted up its nuclear warnings. In addition, the rhetoric between the U.S. and China over Taiwan further heated up after U.S. House of Representatives Speaker Nancy Pelosi visited Taiwan in August. China responded to the trip with large-scale military drills, which led to a pledge by U.S. President Joe Biden to defend the democratically governed island.

------

Key macroeconomic indicators mostly trended lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, leading to a decline in consumer sentiment to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008 as measured by the consumer confidence index.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third-quarter earnings were slightly below expectations but provided evidence of healthy consumer spending.

Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

The Fund is a "fund of funds" that invests in affiliated mutual funds managed by Lord Abbett. Under normal conditions, through the underlying funds, the Fund indirectly invests in fixed income securities of various types, select U.S. equity securities across all market capitalization ranges and all investment styles, and foreign (including emerging market) securities. The Fund tactically allocates its assets among these asset classes in response to market conditions or to seek to capitalize on investment opportunities.

Over the 12-month period ending November 30, 2022, the Fund's weightings in domestic mid- and large-cap value stocks within the Lord Abbett Fundamental Equity Fund, the Lord Abbett Focused Large Cap Value Fund, and the Lord Abbett Mid Cap Stock Fund were the largest contributors to relative performance, as value-oriented stocks were largely more resilient than longer-duration, high quality fixed income securities amid the rising interest rate environment.

------

The Fund's allocation to inflation-linked derivatives and other short maturity fixed income securities within the Lord Abbett Inflation Focused Fund and the Lord Abbett Ultra Short Bond Fund was also a notable contributor to relative performance as red-hot inflation readings, rising interest rates, and a hawkish Fed stance drove demand for inflation-protected securities and shorter maturity securities.

The Fund's allocation to U.S. mid- and large-cap growth stocks within the Lord Abbett Growth Leaders Fund and the Lord Abbett Growth Opportunities Fund was the largest detractor from

relative performance over the period. As a result of supply chain dislocations, labor shortages, inflationary pressures, less accommodative fiscal and monetary policy, and geopolitical tensions, growth-oriented sectors of the U.S. equity market largely underperformed high quality fixed income sectors during the period.

*Each Fund's portfolio is actively managed and, therefore, holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.*

<sup>1</sup> The Russell 1000<sup>®</sup> Index measures the performance of the 1,000 largest companies in the Russell 3000<sup>®</sup> Index, which represents approximately 92% of the total market capitalization of the Russell 3000<sup>®</sup> Index.

<sup>2</sup> As represented by the Russell 3000<sup>®</sup> Value Index as of 11/30/2022.

<sup>3</sup> As represented by the Russell 3000<sup>®</sup> Growth Index as of 11/30/2022.

<sup>4</sup> As represented by the Russell 1000<sup>®</sup> Index as of 11/30/2022.

<sup>5</sup> As represented by the Russell 2000<sup>®</sup> Index as of 11/30/2022.

<sup>6</sup> As represented by the U.S. Treasury component of the Bloomberg U.S. Government Index as of 11/30/2022.

<sup>7</sup> As represented by the Bloomberg US Corp Investment Grade Index as of 11/30/2022.

<sup>8</sup> As represented by the ICE BofA U.S. High Yield Constrained Index as of 11/30/2022.

<sup>9</sup> As represented by the Credit Suisse Leveraged Loan Index as of 11/30/2022.

<sup>10</sup> The Bloomberg U.S. Aggregate Bond Index is an index of U.S dollar-denominated, investment-grade U.S. government and corporate securities, and mortgage pass-through securities, and asset-backed securities. Indexes are unmanaged, do not reflect the

deduction of fees or expenses, and an investor cannot invest directly in an index.

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

**Important Performance and Other Information**

**Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Funds will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.**

Except where noted, comparative Fund performance does not account for the deduction of sales charges and would be different if sales charges were included. Each Fund offers classes of shares with distinct pricing options. For a full description of the differences in pricing alternatives, please see each Fund's prospectus.

------

During certain periods shown, expense waivers and reimbursements were in place. Without such waivers and expense reimbursements, the Funds' returns would have been lower.

*The annual commentary above discusses the views of the Funds' management and various portfolio holdings of the Funds as of November 30, 2022. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Funds' portfolios are actively managed and may change significantly, the Funds may no longer own the securities described above or may*

*have otherwise changed their positions in the securities. For more recent information about the Funds' portfolio holdings, please visit www.lordabbett.com.*

**A Note about Risk:** See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see each Fund's prospectus.

**Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.**

**Multi-Asset Balanced Opportunity Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Russell 1000<sup>®</sup> Index, 40% Russell 1000<sup>®</sup> Index/30% Bloomberg U.S. Aggregate Bond Index/20% ICE BofA U.S. High Yield Constrained Index/10% MSCI EAFE<sup>®</sup> Index with Gross Dividends and the Morningstar Allocation 50-70% Equity Category Average, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett and reimbursed by the Underlying Funds; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results.**

![](x3_c105070x12x1.jpg)

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**Average Annual Total Returns at Maximum Applicable<br> Sales Charge for the Periods Ended November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** | **Life of Class** |
| **Class A<sup>4</sup>** | -13.97% | 4.15% | 6.16% | – |
| **Class C<sup>5</sup>** | -13.35% | 3.85% | 5.61% | – |
| **Class F<sup>6</sup>** | -11.88% | 4.80% | 6.57% | – |
| **Class F3<sup>7</sup>** | -11.64% | 4.99% | – | 5.60% |
| **Class I<sup>6</sup>** | -11.78% | 4.88% | 6.67% | – |
| **Class P<sup>6</sup>** | -12.17% | 4.42% | 6.20% | – |
| **Class R2<sup>6</sup>** | -12.29% | 4.27% | 6.03% | – |
| **Class R3<sup>6</sup>** | -12.17% | 4.39% | 6.15% | – |
| **Class R4<sup>8</sup>** | -12.00% | 4.63% | – | 4.99% |
| **Class R5<sup>8</sup>** | -11.69% | 4.91% | – | 5.27% |
| **Class R6<sup>8</sup>** | -11.73% | 4.96% | – | 5.30% |

---

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 2.25%.

<sup>2</sup> Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund's performance.

<sup>3</sup> Source: Morningstar, Inc. The performance of the average is not necessarily representative of the Fund's performance.

<sup>4</sup> Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended

November 30, 2022, is calculated using the SEC-required uniform method to compute such return.

<sup>5</sup> The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

<sup>6</sup> Performance is at net asset value.

<sup>7</sup> Commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.

<sup>8</sup> Commenced operations and performance for the class began on June 30, 2015. Performance is at net asset value.

**Multi-Asset Income Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Bloomberg U.S. Aggregate Bond Index, 45% Bloomberg U.S. Aggregate Bond Index/25% ICE BofA U.S. High Yield Constrained Index/20% Russell 1000<sup>®</sup> Index/10% MSCI EAFE<sup>®</sup> Index with Gross Dividends and the Morningstar Allocation 30-50% Equity Category Average, assuming reinvestment of all dividends and distributions. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett and reimbursed by the Underlying Funds; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results.**

![](x3_c105070x14x1.jpg)

------

**Average Annual Total Returns at Maximum Applicable<br> Sales Charge for the Periods Ended November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** | **Life of Class** |
| **Class A<sup>4</sup>** | -13.23% | 2.59% | 4.30% | – |
| **Class C<sup>5</sup>** | -12.76% | 2.30% | 3.75% | – |
| **Class F<sup>6</sup>** | -11.10% | 3.21% | 4.69% | – |
| **Class F3<sup>7</sup>** | -10.98% | 3.38% | – | 4.04% |
| **Class I<sup>6</sup>** | -11.02% | 3.33% | 4.79% | – |
| **Class R2<sup>6</sup>** | -11.54% | 2.71% | 4.17% | – |
| **Class R3<sup>6</sup>** | -11.46% | 2.80% | 4.27% | – |
| **Class R4<sup>8</sup>** | -11.23% | 3.06% | – | 3.71% |
| **Class R5<sup>8</sup>** | -11.02% | 3.32% | – | 3.97% |
| **Class R6<sup>8</sup>** | -10.98% | 3.38% | – | 4.02% |

---

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 2.25%.

<sup>2</sup> Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund's performance.

<sup>3</sup> Source: Morningstar, Inc. The performance of the average is not necessarily representative of the Fund's performance.

<sup>4</sup> Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended

November 30, 2022, is calculated using the SEC-required uniform method to compute such return.

<sup>5</sup> The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

<sup>6</sup> Performance is at net asset value.

<sup>7</sup> Commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.

<sup>8</sup> Commenced operations and performance for the class began on June 30, 2015. Performance is at net asset value.

------

**Expense Example**

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 through November 30, 2022).

**Actual Expenses**

For each class of each Fund, the first line of the applicable table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled "Expenses Paid During Period 6/1/22 – 11/30/22" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

For each class of each Fund, the second line of the applicable table on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

**Multi-Asset Balanced Opportunity Fund**

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses**<br> **Paid During**<br> **Period**<sup>†#</sup> |
|  | **6/1/22** | **11/30/22** | **6/1/22 -<br> 11/30/22** |
| **Class A** |  |  |  |
| Actual | $1000.00 | $970.80 | $2.47 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.56 | $2.54 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $966.70 | $6.16 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.80 | $6.33 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $971.50 | $1.73 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.31 | $1.78 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $972.30 | $0.89 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1024.17 | $0.91 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $972.00 | $1.24 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.82 | $1.27 |
| **Class P** |  |  |  |
| Actual | $1000.00 | $969.60 | $3.46 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.56 | $3.55 |
| **Class R2** |  |  |  |
| Actual | $1000.00 | $969.00 | $4.20 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.81 | $4.31 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $969.50 | $3.70 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.31 | $3.80 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $970.80 | $2.47 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.56 | $2.54 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $972.10 | $1.24 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.82 | $1.27 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $972.30 | $0.89 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1024.17 | $0.91 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.50% for Class A, 1.25% for Class C, 0.35% for Class F, 0.18% for Class F3, 0.25% for Class I, 0.70% for Class P, 0.85% for Class R2, 0.75% for Class R3, 0.50% for Class R4, 0.25% for Class R5 and 0.18% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
| <sup>#</sup> | Does not include expenses of the Underlying Funds in which Multi-Asset Balanced Opportunity Fund invests. |

---

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**Portfolio Holdings Presented by Portfolio Allocation**

*November 30, 2022*

---

| | |
|:---|:---|
| **Underlying Fund Name** | **%\*** |
| Lord Abbett Investment Trust-Convertible Fund-Class I | 4.14% |
| Lord Abbett Investment Trust-Core Fixed Income Fund-Class I | 16.05% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund-Class I | 18.67% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I | 3.81% |
| Lord Abbett Securities Trust-Fundamental Equity Fund-Class I | 17.96% |
| Lord Abbett Securities Trust-Growth Leaders Fund-Class I | 8.18% |
| Lord Abbett Investment Trust-High Yield Fund-Class I | 7.29% |
| Lord Abbett Investment Trust-Inflation Focused Fund-Class I | 3.79% |
| Lord Abbett Securities Trust-International Equity Fund-Class I | 4.16% |
| Lord Abbett Securities Trust-International Value Fund-Class I | 3.52% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund-Class I | 12.35% |
| Repurchase Agreements | 0.08% |
| Total | 100.00% |

---

\* Represents percent of total investments, which excludes derivatives.

**Multi-Asset Income Fund**

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses**<br> **Paid During**<br> **Period**<sup>†#</sup>** |
|  | **6/1/22** | **11/30/22** | **6/1/22 -<br> 11/30/22** |
| **Class A** |  |  |  |
| Actual | $1000.00 | $965.60 | $2.46 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.56 | $2.54 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $962.20 | $6.15 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.80 | $6.33 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $966.40 | $1.73 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.31 | $1.78 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $966.80 | $0.94 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1024.12 | $0.96 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $967.30 | $1.23 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.82 | $1.27 |
| **Class R2** |  |  |  |
| Actual | $1000.00 | $964.30 | $4.19 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.81 | $4.31 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $964.40 | $3.69 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.31 | $3.80 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $965.60 | $2.46 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.56 | $2.54 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $967.30 | $1.23 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.82 | $1.27 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $967.40 | $0.94 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1024.12 | $0.96 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.50% for Class A, 1.25% for Class C, 0.35% for Class F, 0.19% for Class F3, 0.25% for Class I, 0.85% for Class R2, 0.75% for Class R3, 0.50% for Class R4, 0.25% for Class R5 and 0.19% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
| <sup>#</sup> | Does not include expenses of the Underlying Funds in which Multi-Asset Income Fund invests. |

---

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**Portfolio Holdings Presented by Portfolio Allocation**

*November 30, 2022*

---

| | |
|:---|:---|
| **Underlying Fund Name** | **%\*** |
| Lord Abbett Investment Trust-Convertible Fund-Class I | 3.87% |
| Lord Abbett Investment Trust-Core Fixed Income Fund-Class I | 30.69% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund-Class I | 10.65% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I | 3.33% |
| Lord Abbett Securities Trust-Fundamental Equity Fund-Class I | 11.35% |
| Lord Abbett Securities Trust-Growth Leaders Fund-Class I | 4.82% |
| Lord Abbett Investment Trust-High Yield Fund-Class I | 10.42% |
| Lord Abbett Investment Trust-Inflation Focused Fund-Class I | 5.69% |
| Lord Abbett Securities Trust-International Equity Fund-Class I | 4.42% |
| Lord Abbett Securities Trust-International Value Fund-Class I | 3.46% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund-Class I | 11.17% |
| Repurchase Agreements | 0.13% |
| Total | 100.00% |

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\* Represents percent of total investments, which excludes derivatives.

**Schedule of Investments**

MULTI-ASSET BALANCED OPPORTUNITY FUND *November 30, 2022*

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| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 100.15%** |  |  |
| **INVESTMENTS IN UNDERLYING FUNDS<sup>(a)(b)</sup> 100.15%** |  |  |
| Lord Abbett Investment Trust-Convertible Fund-Class I<sup>(c)</sup> | 6786525 | $86596052 |
| Lord Abbett Investment Trust-Core Fixed Income Fund-Class I<sup>(d)</sup> | 36015661 | 336026112 |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund-Class I<sup>(l)</sup> | 20812444 | 390857691 |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I<sup>(e)</sup> | 20160981 | 79837486 |
| Lord Abbett Securities Trust-Fundamental Equity Fund-Class I<sup>(f)</sup> | 29971577 | 376143288 |
| Lord Abbett Securities Trust-Growth Leaders Fund-Class I\*<sup>(g)</sup> | 6098457 | 171305666 |
| Lord Abbett Investment Trust-High Yield Fund-Class I<sup>(h)</sup> | 24498385 | 152624937 |
| Lord Abbett Investment Trust-Inflation Focused Fund-Class I<sup>(i)</sup> | 6810325 | 79340291 |
| Lord Abbett Securities Trust-International Equity Fund-Class I<sup>(j)</sup> | 6571876 | 87011638 |
| Lord Abbett Securities Trust-International Value Fund-Class I<sup>(k)</sup> | 10623744 | 73728784 |
| Lord Abbett Investment Trust-Ultra Short Bond Fund<sup>(m)</sup> | 26394351 | 258664644 |
| *Total Investments in Underlying Funds* (cost $2,192,294,831) |  | 2092136589 |
| **OPTIONS PURCHASED 0.12%**<br> (cost $9,850,391) |  | 2496055 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS 0.08%** |  |  |
| **REPURCHASE AGREEMENTS 0.08%** |  |  |
| Repurchase Agreement dated 11/30/2022, 1.75% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $1,384,800 of U.S. Treasury Inflation Indexed Note at 0.125% due 7/15/2024; value: $1,673,934; proceeds: $1,641,152<br> (cost $1,641,072) | $1641072 | 1641072 |
| *Total Investments in Securities 100.35%* (cost $2,203,786,294) |  | 2096273716 |
| *Other Assets and Liabilities – Net<sup>(n)</sup> (0.35)%* |  | (7232737) |
| *Net Assets 100.00%* |  | $2089040979 |

---

\* Non-income producing security.

<sup>(a)</sup> Affiliated issuers (See Note 12).

<sup>(b)</sup> These investments offer daily redemptions.

<sup>(c)</sup> Fund investment objective is to seek current income and the opportunity for capital appreciation to produce a high total return.

<sup>(d)</sup> Fund investment objective is to seek income and capital appreciation to produce a high total return.

<sup>(e)</sup> Fund investment objective is to seek high total return.

<sup>(f)</sup> Fund investment objective is long-term growth of capital and income without excessive fluctuations in market value.

<sup>(g)</sup> Fund investment objective is to seek capital appreciation.

*See Notes to Financial Statements.* 19

**Schedule of Investments (continued)**

MULTI-ASSET BALANCED OPPORTUNITY FUND *November 30, 2022*

<sup>(h)</sup> Fund investment objective is to seek high current income and the opportunity for capital appreciation to produce a high total return.

<sup>(i)</sup> Fund investment objective is to provide investment returns that exceed the rate of inflation in the U.S. economy over a full economic cycle and to seek current income.

<sup>(j)</sup> Fund investment objective is to seek long-term capital appreciation.

<sup>(k)</sup> Fund investment objective is to seek a high level of total return.

<sup>(l)</sup> Fund investment objective is to seek current income and capital appreciation.

<sup>(m)</sup> Fund investment objective is to seek current income consistent with the preservation of capital.

<sup>(n)</sup> Other Assets and Liabilities - Net include net unrealized appreciation/depreciation on futures contracts, options purchased and written options as follows:

**OTC Options Purchased at November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Contracts** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Amount** | **Fair<br> Value** |
| S&P 500 Index, Put | UBS AG | 77050 | 2/17/2023 | $3450 | $77050 | $1549943 |
| S&P 500 Index, Put | UBS AG | 27778 | 2/17/2023 | 3600 | 27778 | 925925 |
| S&P 500 Index, Put | Morgan Stanley | 22110 | 12/16/2022 | 3400 | 22110 | 20187 |
| *Total OTC Options Purchased* |  |  |  |  |  | $2496055 |

---

**OTC Written Options at November 30, 2022:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br> Price** | **Expiration<br> Date** | **Contracts** | **Notional<br> Amount** | **Fair<br> Value** | **Premiums<br> (Received)** | **Unrealized<br> Appreciation** |
| S&P 500 Index, Put | UBS AG | $3100 | 2/17/2023 | 77050 | $(77050) | $(577993) | $(2157400) | $1579407 |

---

**Futures Contracts at November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| E-Mini S&P 500 Index | December 2022 | 10 | Long | $1985837 | $2040625 | $54788 |
| MSCI EAFE | December 2022 | 559 | Long | 51659016 | 55335410 | 3676394 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  |  |  | $3731182 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| E-Mini S&P 500 Index | December 2022 | 177 | Short | $(34861714) | $(36119062) | $(1257348) |

---

20 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

MULTI-ASSET BALANCED OPPORTUNITY FUND *November 30, 2022*

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds | $2092136589 | $– | $– | $2092136589 |
| &nbsp;&nbsp;&nbsp;OTC Options Purchased |  | 2496055 |  | 2496055 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1641072 | – | 1641072 |
| Total | $2092136589 | $4137127 | $– | $2096273716 |
| **Other Financial Instruments** |  |  |  |  |
| OTC Written Options |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Liabilities |  | (577993) |  | (577993) |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | 3731182 |  |  | 3731182 |
| &nbsp;&nbsp;&nbsp;Liabilities | (1257348) | – | – | (1257348) |
| Total | $2473834 | $(577993) | $– | $1895841 |

---

<sup>(1)</sup> Refer to Note 2(m) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each investment in Underlying Funds. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets.

*See Notes to Financial Statements.* 21

**Schedule of Investments**

MULTI-ASSET INCOME FUND *November 30, 2022*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **LONG-TERM INVESTMENTS<sup>(a)(b)</sup> 100.03%** |  |  |
| **INVESTMENTS IN UNDERLYING FUNDS 100.03%** |  |  |
| Lord Abbett Investment Trust-Convertible Fund-Class I<sup>(c)</sup> | 3033482 | $38707231 |
| Lord Abbett Investment Trust-Core Fixed Income Fund-Class I<sup>(d)</sup> | 32943699 | 307364715 |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund-Class I<sup>(l)</sup> | 5680665 | 106682889 |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I<sup>(e)</sup> | 8428036 | 33375023 |
| Lord Abbett Securities Trust-Fundamental Equity Fund-Class I<sup>(f)</sup> | 9059817 | 113700699 |
| Lord Abbett Securities Trust-Growth Leaders Fund-Class I\*<sup>(g)</sup> | 1717089 | 48233031 |
| Lord Abbett Investment Trust-High Yield Fund-Class I<sup>(h)</sup> | 16744455 | 104317957 |
| Lord Abbett Investment Trust-Inflation Focused Fund-Class I<sup>(i)</sup> | 4888930 | 56956034 |
| Lord Abbett Securities Trust-International Equity Fund-Class I<sup>(j)</sup> | 3340281 | 44225320 |
| Lord Abbett Securities Trust-International Value Fund-Class I<sup>(k)</sup> | 4996605 | 34676436 |
| Lord Abbett Investment Trust-Ultra Short Bond Fund<sup>(m)</sup> | 11420736 | 111923216 |
| *Total Investments in Underlying Funds* (cost $1,070,596,794) |  | 1000162551 |
| **OPTIONS PURCHASED 0.12%** <br> (cost $4,851,702) |  | 1229410 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS 0.13%** |  |  |
| **REPURCHASE AGREEMENTS 0.13%** |  |  |
| Repurchase Agreement dated 11/30/2022, 1.75% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $1,349,000 of U.S. Treasury Note at 2.125% due 3/31/2024; value: $1,307,907; proceeds: $1,282,256<br> (cost $1,282,194) | $1282194 | 1282194 |
| *Total Investments in Securities 100.28%* (cost $1,076,730,690) |  | 1002674155 |
| *Other Assets and Liabilities – Net<sup>(n)</sup> (0.28)%* |  | (2770611) |
| *Net Assets 100.00%* |  | $999903544 |

---

\* Non-income producing security.

<sup>(a)</sup> Affiliated issuer (see Note 12).

<sup>(b)</sup> These investments offer daily redemptions.

<sup>(c)</sup> Fund investment objective is to seek current income and the opportunity for capital appreciation to produce a high total return.

<sup>(d)</sup> Fund investment objective is to seek income and capital appreciation to produce a high total return.

<sup>(e)</sup> Fund investment objective is to seek high total return.

<sup>(f)</sup> Fund investment objective is long-term growth of capital and income without excessive fluctuations in market value.

<sup>(g)</sup> Fund investment objective is to seek capital appreciation.

22 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

MULTI-ASSET INCOME FUND *November 30, 2022*

<sup>(h)</sup> Fund investment objective is to seek high current income and the opportunity for capital appreciation to produce a high total return.

<sup>(i)</sup> Fund investment objective is to provide investment returns that exceed the rate of inflation in the U.S. economy over a full economic cycle and to seek current income.

<sup>(j)</sup> Fund investment objective is to seek long-term capital appreciation.

(k) Fund investment objective is to seek a high level of total return.

<sup>(l)</sup> Fund investment objective is to seek current income and capital appreciation.

<sup>(m)</sup> Fund investment objective is to seek current income consistent with the preservation of capital.

<sup>(n)</sup> Other Assets and Liabilities - Net include net unrealized appreciation/depreciation on futures contracts, options purchased and written options as follows:

**OTC Options Purchased at November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Contracts** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Amount** | **Fair<br> Value** |
| S&P 500 Index, Put | UBS AG | 37950 | 2/17/2023 | $3450 | $37950 | $763405 |
| S&P 500 Index, Put | UBS AG | 13682 | 2/17/2023 | 3600 | 13682 | 456062 |
| S&P 500 Index, Put | Morgan Stanley | 10890 | 12/16/2022 | 3400 | 10890 | 9943 |
| *Total OTC Options Purchased* |  |  |  |  |  | $1229410 |

---

**OTC Written Options at November 30, 2022:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br> Price** | **Expiration<br> Date** | **Contracts** | **Notional<br> Amount** | **Fair<br> Value** | **Premiums<br> (Received)** | **Unrealized<br> Appreciation** |
| S&P 500 Index, Put | &nbsp;&nbsp;&nbsp;&nbsp;UBS AG | $3100 | 2/17/2023 | 37950 | $(37950) | $(284683) | $(1062600) | $777917 |

---

**Futures Contracts at November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| MSCI EAFE | December 2022 | 269 | Long | $24847603 | $26628310 | $1780707 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| E-Mini S&P 500 Index | December 2022 | 176 | Short | $(34520249) | $(35915000) | $(1394751) |

---

*See Notes to Financial Statements.* 23

**Schedule of Investments (concluded)**

MULTI-ASSET INCOME FUND *November 30, 2022*

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds | $1000162551 | $– | $– | $1000162551 |
| &nbsp;&nbsp;&nbsp;OTC Options Purchased |  | 1229410 |  | 1229410 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1282194 | – | 1282194 |
| Total | $1000162551 | $2511604 | $– | $1002674155 |
| **Other Financial Instruments** |  |  |  |  |
| OTC Written Options |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Liabilities |  | (284683) |  | (284683) |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | 1780707 |  |  | 1780707 |
| &nbsp;&nbsp;&nbsp;Liabilities | (1394751) | – | – | (1394751) |
| Total | $385956 | $(284683) | $– | $101273 |

---

<sup>(1)</sup> Refer to Note 2(m) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each in each investment in Underlying Funds. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets.

24 *See Notes to Financial Statements.*

**Statements of Assets and Liabilities**

*November 30, 2022*

 

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset<br> Balanced<br> Opportunity<br> Fund** | **Multi-Asset<br> Income Fund** |
| **ASSETS:** | | |
| Investments in securities, at cost | $11491463 | $6133896 |
| Investments in Underlying Funds, at cost | 2192294831 | 1070596794 |
| Investments in securities, at fair value | $4137127 | $2511604 |
| Investments in Underlying Funds, at fair value | 2092136589 | 1000162551 |
| Deposits with brokers for futures collateral | 4783769 | 3315779 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 8019443 | 4934549 |
| &nbsp;&nbsp;&nbsp;Premiums for OTC written options sold | 6929652 | 3413733 |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 3278269 | 2236863 |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds sold | 1019498 | 249818 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 68742 | 58201 |
| **Total assets** | 2120373089 | 1016883098 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds purchased | 3327167 | 2260950 |
| &nbsp;&nbsp;&nbsp;Premiums for OTC options purchased | 12634438 | 6223506 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 5250335 | 1740027 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | 567792 | 2267050 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 409075 | 184327 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 350110 | 228347 |
| &nbsp;&nbsp;&nbsp;Management fee | 168392 | 80767 |
| &nbsp;&nbsp;&nbsp;To bank | 81815 | 79098 |
| &nbsp;&nbsp;&nbsp;Fund administration | 67358 | 32309 |
| Foreign currency overdraft (cost $389 and $515, respectively) | 196 | 530 |
| Options written outstanding, at fair value (including premiums received of $2,157,400 and $1,062,600, respectively) (See Note 2) | 577993 | 284683 |
| Distributions payable | 7453026 | 3397939 |
| Accrued expenses | 444413 | 200021 |
| **Total liabilities** | 31332110 | 16979554 |
| **NET ASSETS** | $2089040979 | $999903544 |
| **COMPOSITION OF NET ASSETS:** |  |  |
| Paid-in capital | $2382192897 | $1164915950 |
| Total distributable earnings (loss) | (293151918) | (165012406) |
| **Net Assets** | $2089040979 | $999903544 |

---

 

*See Notes to Financial Statements.* 25

**Statements of Assets and Liabilities (concluded)**

*November 30, 2022*

 

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset<br> Balanced<br> Opportunity<br> Fund** | **Multi-Asset<br> Income Fund** |
| **Net Assets by class:** |  |  |
| Class A Shares | $1808433729 | $734968114 |
| Class C Shares | $135989208 | $92855948 |
| Class F Shares | $27902122 | $54006042 |
| Class F3 Shares | $42438 | $540917 |
| Class I Shares | $56783402 | $98929037 |
| Class P Shares | $339594 | $— |
| Class R2 Shares | $592549 | $173628 |
| Class R3 Shares | $37063250 | $14878213 |
| Class R4 Shares | $11617315 | $2489494 |
| Class R5 Shares | $158470 | $47092 |
| Class R6 Shares | $10118902 | $1015059 |
| **Outstanding shares by class (unlimited number of authorized shares of beneficial interest):** |  |  |
| Class A Shares | 175544108 | 50354164 |
| Class C Shares | 13316703 | 6245808 |
| Class F Shares | 2708397 | 3699800 |
| Class F3 Shares | 4101 | 37202 |
| Class I Shares | 5512397 | 6824522 |
| Class P Shares | 33165 |  |
| Class R2 Shares | 55805 | 11526 |
| Class R3 Shares | 3605552 | 1019185 |
| Class R4 Shares | 1127578 | 170564 |
| Class R5 Shares | 15347 | 3246 |
| Class R6 Shares | 979159 | 69814 |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):** |  |  |
| Class A Shares-Net asset value | $10.30 | $14.60 |
| Class A Shares-Maximum offering price<br> (Net asset value plus sales charge of 2.25%) | $10.54 | $14.94 |
| Class C Shares-Net asset value | $10.21 | $14.87 |
| Class F Shares-Net asset value | $10.30 | $14.60 |
| Class F3 Shares-Net asset value | $10.35 | $14.54 |
| Class I Shares-Net asset value | $10.30 | $14.50 |
| Class P Shares-Net asset value | $10.24 | $– |
| Class R2 Shares-Net asset value | $10.62 | $15.06 |
| Class R3 Shares-Net asset value | $10.28 | $14.60 |
| Class R4 Shares-Net asset value | $10.30 | $14.60 |
| Class R5 Shares-Net asset value | $10.33 | $14.51 |
| Class R6 Shares-Net asset value | $10.33 | $14.54 |

---

 

26 *See Notes to Financial Statements.*

**Statements of Operations**

*For the Year Ended November 30, 2022*

 

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset<br> Balanced<br> Opportunity<br> Fund** | **Multi-Asset<br> Income Fund** |
| **Investment income:** |  |  |
| Dividends | $52882284 | $31114134 |
| Interest and other | 59443 | 24502 |
| **Total investment income** | 52941727 | 31138636 |
| **Expenses:** |  |  |
| Management fee | 2312061 | 1119170 |
| 12b-1 distribution plan-Class A | 4926752 | 1945358 |
| 12b-1 distribution plan-Class C | 1721799 | 1376305 |
| 12b-1 distribution plan-Class F | 48653 | 104575 |
| 12b-1 distribution plan-Class P | 2059 |  |
| 12b-1 distribution plan-Class R2 | 3736 | 870 |
| 12b-1 distribution plan-Class R3 | 210777 | 85362 |
| 12b-1 distribution plan-Class R4 | 31857 | 6593 |
| Shareholder servicing | 2020492 | 809983 |
| Fund administration | 924824 | 447668 |
| Registration | 247766 | 175438 |
| Reports to shareholders | 172301 | 79250 |
| Custody | 94132 | 33146 |
| Professional | 82871 | 55899 |
| Trustees' fees | 46594 | 22875 |
| Other | 34940 | 22389 |
| Gross expenses | 12881614 | 6284881 |
| &nbsp;&nbsp;&nbsp;Expense reductions (See Note 9) | (20958) | (10228) |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (94132) | (33146) |
| **Net expenses** | 12766524 | 6241507 |
| **Net investment income** | 40175203 | 24897129 |
| **Net realized and unrealized gain (loss):** |  |  |
| Capital gain distributions received from Underlying Funds | 62067168 | 22234766 |
| Net realized gain (loss) on Investment in Underlying Funds | (220957287) | (89250281) |
| Net realized gain (loss) on investments | 21407889 | 10544335 |
| Net realized gain (loss) on futures contracts | 25543326 | 10021766 |
| Net realized gain (loss) on forward foreign currency exchange contracts | (70216) | (34584) |
| Net realized gain (loss) on OTC written options | (5176074) | (2549410) |
| Net realized gain (loss) on swap contracts | (7317665) | (3604087) |
| Net realized gain (loss) on foreign currency related transactions | 83702 | 41236 |
| Net change in unrealized appreciation/depreciation in Underlying Funds | (231377339) | (112509860) |
| Net change in unrealized appreciation/depreciation on investments | (7354336) | (3622292) |
| Net change in unrealized appreciation/depreciation on futures contracts | 620573 | (485922) |
| Net change in unrealized appreciation/depreciation on OTC written options | 1579407 | 777917 |
| Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies | 19810 | 9746 |
| **Net realized and unrealized gain (loss)** | (360931042) | (168426670) |
| **Net Decrease in Net Assets Resulting From Operations** | $(320755839) | $(143529541) |

---

 

*See Notes to Financial Statements.* 27

**Statements of Changes in Net Assets**

 

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Year Ended <br> November 30, 2022** | **For the Year Ended <br> November 30, 2021** |
| **Operations:** |  |  |
| Net investment income | $40175203 | $40633922 |
| Capital gain distributions received from Underlying Funds | 62067168 | 254567055 |
| Net realized gain (loss) on investments in Underlying Funds | (220957287) | 248232403 |
| Net realized gain (loss) on investments | 21407889 | (61773106) |
| Net realized gain (loss) on futures contracts, forward foreign currency exchange contracts, OTC written options, swaps and foreign currency related transactions | 13063073 | (10373514) |
| Net change in unrealized appreciation/depreciation on investments in Underlying Funds | (231377339) | (169067489) |
| Net change in unrealized appreciation/depreciation on investments | (7354336) | 46274383 |
| Net change in unrealized appreciation/depreciation on futures contracts, OTC written options and translation of assets and liabilities denominated in foreign currencies | 2219790 | (29436996) |
| **Net increase (decrease) in net assets resulting from operations** | (320755839) | 319056658 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (376950615) | (124302535) |
| &nbsp;&nbsp;&nbsp;Class C | (35233972) | (12860442) |
| &nbsp;&nbsp;&nbsp;Class F | (13384274) | (4341328) |
| &nbsp;&nbsp;&nbsp;Class F3 | (9534) | (7409) |
| &nbsp;&nbsp;&nbsp;Class I | (7352561) | (2331007) |
| &nbsp;&nbsp;&nbsp;Class P | (131807) | (42190) |
| &nbsp;&nbsp;&nbsp;Class R2 | (109320) | (32515) |
| &nbsp;&nbsp;&nbsp;Class R3 | (7935705) | (2655325) |
| &nbsp;&nbsp;&nbsp;Class R4 | (2366576) | (814103) |
| &nbsp;&nbsp;&nbsp;Class R5 | (31169) | (10816) |
| &nbsp;&nbsp;&nbsp;Class R6 | (2014555) | (665262) |
| **Total distributions to shareholders** | (445520088) | (148062932) |
| **Capital share transactions (Net of share conversions) (See Note 14):** |  |  |
| Net proceeds from sales of shares | 214390151 | 278728776 |
| Reinvestment of distributions | 435509274 | 143736619 |
| Cost of shares reacquired | (515617581) | (396771892) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | 134281844 | 25693503 |
| **Net increase (decrease) in net assets** | (631994083) | 196687229 |
| **NET ASSETS:** |  |  |
| Beginning of year | $2721035062 | $2524347833 |
| **End of year** | $2089040979 | $2721035062 |

---

 

28 *See Notes to Financial Statements.*

**Statements of Changes in Net Assets (concluded)**

 

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Year Ended <br> November 30, 2022** | **For the Year Ended <br> November 30, 2021** |
| **Operations:** |  |  |
| Net investment income | $24897129 | $21911275 |
| Capital gain distributions received from Underlying Funds | 22234766 | 84875690 |
| Net realized gain (loss) on investments in Underlying Funds | (89250281) | 94294119 |
| Net realized gain (loss) on investments | 10544335 | (26159384) |
| Net realized gain (loss) on futures contracts, forward foreign currency exchange contracts, OTC written options, swaps and foreign currency related transactions | 3874921 | (8032820) |
| Net change in unrealized appreciation/depreciation on investments in Underlying Funds | (112509860) | (63099650) |
| Net change in unrealized appreciation/depreciation on investments | (3622292) | 19980930 |
| Net change in unrealized appreciation/depreciation on futures contracts, OTC written options and translation of assets and liabilities denominated in foreign currencies | 301741 | (12290223) |
| **Net increase (decrease) in net assets resulting from operations** | (143529541) | 111479937 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (44987167) | (28277347) |
| &nbsp;&nbsp;&nbsp;Class C | (7748205) | (6337598) |
| &nbsp;&nbsp;&nbsp;Class F | (7965508) | (6415992) |
| &nbsp;&nbsp;&nbsp;Class F3 | (74975) | (75006) |
| &nbsp;&nbsp;&nbsp;Class I | (3300072) | (1426865) |
| &nbsp;&nbsp;&nbsp;Class R2 | (7125) | (4068) |
| &nbsp;&nbsp;&nbsp;Class R3 | (995718) | (650165) |
| &nbsp;&nbsp;&nbsp;Class R4 | (145589) | (113809) |
| &nbsp;&nbsp;&nbsp;Class R5 | (2930) | (1907) |
| &nbsp;&nbsp;&nbsp;Class R6 | (60472) | (42452) |
| **Total distributions to shareholders** | (65287761) | (43345209) |
| **Capital share transactions (Net of share conversions) (See Note 14):** |  |  |
| Net proceeds from sales of shares | 203614810 | 187643881 |
| Reinvestment of distributions | 60622463 | 40142084 |
| Cost of shares reacquired | (341971796) | (221884544) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (77734523) | 5901421 |
| **Net increase (decrease) in net assets** | (286551825) | 74036149 |
| **NET ASSETS:** |  |  |
| Beginning of year | $1286455369 | $1212419220 |
| **End of year** | $999903544 | $1286455369 |

---

 

*See Notes to Financial Statements.* 29

**Financial Highlights**

MULTI-ASSET BALANCED OPPORTUNITY FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income**<sup>(b)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2022 | $14.01 | $0.19 | $(1.60) | $(1.41) | $(0.89) | $(1.41) | $(2.30) |
| 11/30/2021 | 13.15 | 0.22 | 1.42 | 1.64 | (0.51) | (0.27) | (0.78) |
| 11/30/2020 | 11.60 | 0.21 | 1.66 | 1.87 | (0.18) | (0.14) | (0.32) |
| 11/30/2019 | 11.28 | 0.24 | 0.80 | 1.04 | (0.38) | (0.34) | (0.72) |
| 11/30/2018 | 12.19 | 0.25 | (0.50) | (0.25) | (0.42) | (0.24) | (0.66) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2022 | 13.90 | 0.11 | (1.58) | (1.47) | (0.81) | (1.41) | (2.22) |
| 11/30/2021 | 13.06 | 0.11 | 1.41 | 1.52 | (0.41) | (0.27) | (0.68) |
| 11/30/2020 | 11.53 | 0.12 | 1.65 | 1.77 | (0.10) | (0.14) | (0.24) |
| 11/30/2019 | 11.22 | 0.16 | 0.79 | 0.95 | (0.30) | (0.34) | (0.64) |
| 11/30/2018 | 12.12 | 0.16 | (0.49) | (0.33) | (0.33) | (0.24) | (0.57) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2022 | 14.01 | 0.21 | (1.61) | (1.40) | (0.90) | (1.41) | (2.31) |
| 11/30/2021 | 13.15 | 0.24 | 1.42 | 1.66 | (0.53) | (0.27) | (0.80) |
| 11/30/2020 | 11.60 | 0.23 | 1.66 | 1.89 | (0.20) | (0.14) | (0.34) |
| 11/30/2019 | 11.28 | 0.26 | 0.80 | 1.06 | (0.40) | (0.34) | (0.74) |
| 11/30/2018 | 12.18 | 0.27 | (0.49) | (0.22) | (0.44) | (0.24) | (0.68) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2022 | 14.05 | 0.23 | (1.60) | (1.37) | (0.92) | (1.41) | (2.33) |
| 11/30/2021 | 13.18 | 0.17 | 1.52 | 1.69 | (0.55) | (0.27) | (0.82) |
| 11/30/2020 | 11.62 | 0.26 | 1.65 | 1.91 | (0.21) | (0.14) | (0.35) |
| 11/30/2019 | 11.29 | 0.27 | 0.81 | 1.08 | (0.41) | (0.34) | (0.75) |
| 11/30/2018 | 12.19 | 0.28 | (0.49) | (0.21) | (0.45) | (0.24) | (0.69) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2022 | 14.00 | 0.22 | (1.60) | (1.38) | (0.91) | (1.41) | (2.32) |
| 11/30/2021 | 13.15 | 0.25 | 1.41 | 1.66 | (0.54) | (0.27) | (0.81) |
| 11/30/2020 | 11.60 | 0.24 | 1.66 | 1.90 | (0.21) | (0.14) | (0.35) |
| 11/30/2019 | 11.28 | 0.28 | 0.79 | 1.07 | (0.41) | (0.34) | (0.75) |
| 11/30/2018 | 12.19 | 0.28 | (0.50) | (0.22) | (0.45) | (0.24) | (0.69) |
| **Class P** |  |  |  |  |  |  |  |
| 11/30/2022 | 13.93 | 0.18 | (1.60) | (1.42) | (0.86) | (1.41) | (2.27) |
| 11/30/2021 | 13.08 | 0.19 | 1.41 | 1.60 | (0.48) | (0.27) | (0.75) |
| 11/30/2020 | 11.55 | 0.19 | 1.64 | 1.83 | (0.16) | (0.14) | (0.30) |
| 11/30/2019 | 11.23 | 0.21 | 0.81 | 1.02 | (0.36) | (0.34) | (0.70) |
| 11/30/2018 | 12.14 | 0.22 | (0.49) | (0.27) | (0.40) | (0.24) | (0.64) |
| **Class R2** |  |  |  |  |  |  |  |
| 11/30/2022 | 14.36 | 0.16 | (1.64) | (1.48) | (0.85) | (1.41) | (2.26) |
| 11/30/2021 | 13.46 | 0.18 | 1.45 | 1.63 | (0.46) | (0.27) | (0.73) |
| 11/30/2020 | 11.87 | 0.17 | 1.70 | 1.87 | (0.14) | (0.14) | (0.28) |
| 11/30/2019 | 11.52 | 0.20 | 0.83 | 1.03 | (0.34) | (0.34) | (0.68) |
| 11/30/2018 | 12.43 | 0.22 | (0.51) | (0.29) | (0.38) | (0.24) | (0.62) |

---

30 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(c)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $10.30 | (12.00) | 0.50 | 0.51 | 1.79 | $1808434 | 104 |
| 14.01 | 12.89 | 0.49 | 0.49 | 1.56 | 2293947 | 47 |
| 13.15 | 17.09 | 0.52 | 0.52 | 1.81 | 2087948 | 60 |
| 11.60 | 10.19 | 0.52 | 0.52 | 2.15 | 1974100 | 25 |
| 11.28 | (2.18) | 0.51 | 0.51 | 2.12 | 1214155 | 31 |
| 10.21 | (12.62) | 1.25 | 1.26 | 1.02 | 135989 | 104 |
| 13.90 | 12.01 | 1.24 | 1.24 | 0.78 | 223713 | 47 |
| 13.06 | 16.17 | 1.27 | 1.27 | 1.03 | 254523 | 60 |
| 11.53 | 9.35 | 1.27 | 1.27 | 1.41 | 337420 | 25 |
| 11.22 | (2.85) | 1.26 | 1.26 | 1.35 | 223823 | 31 |
| 10.30 | (11.88) | 0.35 | 0.36 | 1.89 | 27902 | 104 |
| 14.01 | 13.06 | 0.34 | 0.34 | 1.73 | 84162 | 47 |
| 13.15 | 17.26 | 0.37 | 0.37 | 1.97 | 70406 | 60 |
| 11.60 | 10.35 | 0.37 | 0.37 | 2.31 | 73256 | 25 |
| 11.28 | (1.95) | 0.36 | 0.36 | 2.27 | 46998 | 31 |
| 10.35 | (11.64) | 0.17 | 0.18 | 2.15 | 42 | 104 |
| 14.05 | 13.25 | 0.17 | 0.17 | 1.18 | 58 | 47 |
| 13.18 | 17.47 | 0.18 | 0.18 | 2.23 | 75 | 60 |
| 11.62 | 10.56 | 0.19 | 0.19 | 2.40 | 47 | 25 |
| 11.29 | (1.83) | 0.22 | 0.22 | 2.38 | 10 | 31 |
| 10.30 | (11.78) | 0.25 | 0.26 | 2.07 | 56783 | 104 |
| 14.00 | 13.26 | 0.24 | 0.24 | 1.81 | 41327 | 47 |
| 13.15 | 17.29 | 0.27 | 0.27 | 2.08 | 37220 | 60 |
| 11.60 | 10.45 | 0.26 | 0.26 | 2.47 | 29487 | 25 |
| 11.28 | (1.93) | 0.26 | 0.26 | 2.38 | 14440 | 31 |
| 10.24 | (12.17) | 0.70 | 0.71 | 1.63 | 340 | 104 |
| 13.93 | 12.72 | 0.69 | 0.69 | 1.37 | 820 | 47 |
| 13.08 | 16.86 | 0.72 | 0.72 | 1.61 | 725 | 60 |
| 11.55 | 9.93 | 0.72 | 0.72 | 1.93 | 588 | 25 |
| 11.23 | (2.38) | 0.71 | 0.71 | 1.85 | 512 | 31 |
| 10.62 | (12.29) | 0.85 | 0.86 | 1.44 | 593 | 104 |
| 14.36 | 12.55 | 0.84 | 0.84 | 1.23 | 686 | 47 |
| 13.46 | 16.58 | 0.87 | 0.87 | 1.44 | 594 | 60 |
| 11.87 | 9.85 | 0.87 | 0.87 | 1.77 | 837 | 25 |
| 11.52 | (2.49) | 0.86 | 0.86 | 1.83 | 360 | 31 |

---

*See Notes to Financial Statements.* 31

**Financial Highlights (concluded)**

MULTI-ASSET BALANCED OPPORTUNITY FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income**<sup>(b)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2022 | $13.98 | $0.17 | $(1.60) | $(1.43) | $(0.86) | $(1.41) | $(2.27) |
| 11/30/2021 | 13.12 | 0.18 | 1.42 | 1.60 | (0.47) | (0.27) | (0.74) |
| 11/30/2020 | 11.58 | 0.18 | 1.65 | 1.83 | (0.15) | (0.14) | (0.29) |
| 11/30/2019 | 11.26 | 0.21 | 0.80 | 1.01 | (0.35) | (0.34) | (0.69) |
| 11/30/2018 | 12.16 | 0.22 | (0.49) | (0.27) | (0.39) | (0.24) | (0.63) |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2022 | 14.01 | 0.19 | (1.60) | (1.41) | (0.89) | (1.41) | (2.30) |
| 11/30/2021 | 13.15 | 0.21 | 1.43 | 1.64 | (0.51) | (0.27) | (0.78) |
| 11/30/2020 | 11.60 | 0.21 | 1.66 | 1.87 | (0.18) | (0.14) | (0.32) |
| 11/30/2019 | 11.29 | 0.24 | 0.79 | 1.03 | (0.38) | (0.34) | (0.72) |
| 11/30/2018 | 12.19 | 0.24 | (0.48) | (0.24) | (0.42) | (0.24) | (0.66) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2022 | 14.03 | 0.22 | (1.60) | (1.38) | (0.91) | (1.41) | (2.32) |
| 11/30/2021 | 13.17 | 0.25 | 1.42 | 1.67 | (0.54) | (0.27) | (0.81) |
| 11/30/2020 | 11.62 | 0.20 | 1.70 | 1.90 | (0.21) | (0.14) | (0.35) |
| 11/30/2019 | 11.30 | 0.27 | 0.80 | 1.07 | (0.41) | (0.34) | (0.75) |
| 11/30/2018 | 12.20 | 0.29 | (0.50) | (0.21) | (0.45) | (0.24) | (0.69) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2022 | 14.04 | 0.23 | (1.61) | (1.38) | (0.92) | (1.41) | (2.33) |
| 11/30/2021 | 13.17 | 0.26 | 1.43 | 1.69 | (0.55) | (0.27) | (0.82) |
| 11/30/2020 | 11.61 | 0.24 | 1.67 | 1.91 | (0.21) | (0.14) | (0.35) |
| 11/30/2019 | 11.29 | 0.30 | 0.77 | 1.07 | (0.41) | (0.34) | (0.75) |
| 11/30/2018 | 12.19 | 0.24 | (0.45) | (0.21) | (0.45) | (0.24) | (0.69) |

---

<sup>(a)</sup> Does not include expenses of the Underlying Funds in which the Fund invests.

<sup>(b)</sup> Calculated using average shares outstanding during the period.

<sup>(c)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

32 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(c)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $10.28 | (12.17) | 0.75 | 0.76 | 1.53 | $37063 | 104 |
| 13.98 | 12.62 | 0.74 | 0.74 | 1.30 | 49825 | 47 |
| 13.12 | 16.74 | 0.77 | 0.77 | 1.56 | 48308 | 60 |
| 11.58 | 9.94 | 0.76 | 0.76 | 1.91 | 52554 | 25 |
| 11.26 | (2.34) | 0.76 | 0.76 | 1.84 | 27258 | 31 |
| 10.30 | (12.00) | 0.50 | 0.51 | 1.79 | 11617 | 104 |
| 14.01 | 12.88 | 0.49 | 0.49 | 1.54 | 14343 | 47 |
| 13.15 | 17.09 | 0.52 | 0.52 | 1.79 | 13893 | 60 |
| 11.60 | 10.19 | 0.52 | 0.52 | 2.12 | 12167 | 25 |
| 11.29 | (2.17) | 0.51 | 0.51 | 2.07 | 4971 | 31 |
| 10.33 | (11.69) | 0.25 | 0.26 | 2.08 | 158 | 104 |
| 14.03 | 13.15 | 0.24 | 0.24 | 1.78 | 186 | 47 |
| 13.17 | 17.34 | 0.28 | 0.28 | 1.79 | 178 | 60 |
| 11.62 | 10.44 | 0.27 | 0.27 | 2.38 | 204 | 25 |
| 11.30 | (1.85) | 0.26 | 0.26 | 2.45 | 121 | 31 |
| 10.33 | (11.73) | 0.17 | 0.18 | 2.12 | 10119 | 104 |
| 14.04 | 13.26 | 0.17 | 0.17 | 1.88 | 11969 | 47 |
| 13.17 | 17.48 | 0.19 | 0.19 | 2.13 | 10480 | 60 |
| 11.61 | 10.47 | 0.19 | 0.19 | 2.61 | 15985 | 25 |
| 11.29 | (1.83) | 0.18 | 0.18 | 2.01 | 5451 | 31 |

---

*See Notes to Financial Statements.* 33

**Financial Highlights**

MULTI-ASSET INCOME FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **investment**<br> **income**<sup>(b)</sup> | **Net<br> realized and<br> unrealized<br> gain (loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 11/30/2022 | $17.39 | $0.35 | $(2.24) | $(1.89) | $(0.90) | $14.60 |
| 11/30/2021 | 16.47 | 0.32 | 1.21 | 1.53 | (0.61) | 17.39 |
| 11/30/2020 | 15.02 | 0.33 | 1.43 | 1.76 | (0.31) | 16.47 |
| 11/30/2019 | 14.34 | 0.40 | 0.78 | 1.18 | (0.50) | 15.02 |
| 11/30/2018 | 15.08 | 0.36 | (0.62) | (0.26) | (0.48) | 14.34 |
| **Class C** |  |  |  |  |  |  |
| 11/30/2022 | 17.68 | 0.24 | (2.27) | (2.03) | (0.78) | 14.87 |
| 11/30/2021 | 16.74 | 0.18 | 1.23 | 1.41 | (0.47) | 17.68 |
| 11/30/2020 | 15.25 | 0.22 | 1.47 | 1.69 | (0.20) | 16.74 |
| 11/30/2019 | 14.55 | 0.30 | 0.79 | 1.09 | (0.39) | 15.25 |
| 11/30/2018 | 15.29 | 0.26 | (0.63) | (0.37) | (0.37) | 14.55 |
| **Class F** |  |  |  |  |  |  |
| 11/30/2022 | 17.39 | 0.37 | (2.24) | (1.87) | (0.92) | 14.60 |
| 11/30/2021 | 16.47 | 0.34 | 1.22 | 1.56 | (0.64) | 17.39 |
| 11/30/2020 | 15.02 | 0.35 | 1.43 | 1.78 | (0.33) | 16.47 |
| 11/30/2019 | 14.34 | 0.42 | 0.78 | 1.20 | (0.52) | 15.02 |
| 11/30/2018 | 15.08 | 0.38 | (0.62) | (0.24) | (0.50) | 14.34 |
| **Class F3** |  |  |  |  |  |  |
| 11/30/2022 | 17.32 | 0.41 | (2.25) | (1.84) | (0.94) | 14.54 |
| 11/30/2021 | 16.40 | 0.37 | 1.21 | 1.58 | (0.66) | 17.32 |
| 11/30/2020 | 14.95 | 0.39 | 1.40 | 1.79 | (0.34) | 16.40 |
| 11/30/2019 | 14.27 | 0.44 | 0.78 | 1.22 | (0.54) | 14.95 |
| 11/30/2018 | 15.00 | 0.40 | (0.61) | (0.21) | (0.52) | 14.27 |
| **Class I** |  |  |  |  |  |  |
| 11/30/2022 | 17.28 | 0.39 | (2.23) | (1.84) | (0.94) | 14.50 |
| 11/30/2021 | 16.37 | 0.36 | 1.20 | 1.56 | (0.65) | 17.28 |
| 11/30/2020 | 14.93 | 0.36 | 1.42 | 1.78 | (0.34) | 16.37 |
| 11/30/2019 | 14.26 | 0.44 | 0.77 | 1.21 | (0.54) | 14.93 |
| 11/30/2018 | 14.99 | 0.40 | (0.61) | (0.21) | (0.52) | 14.26 |
| **Class R2** |  |  |  |  |  |  |
| 11/30/2022 | 17.92 | 0.31 | (2.32) | (2.01) | (0.85) | 15.06 |
| 11/30/2021 | 16.95 | 0.26 | 1.25 | 1.51 | (0.54) | 17.92 |
| 11/30/2020 | 15.44 | 0.29 | 1.47 | 1.76 | (0.25) | 16.95 |
| 11/30/2019 | 14.73 | 0.35 | 0.81 | 1.16 | (0.45) | 15.44 |
| 11/30/2018 | 15.47 | 0.32 | (0.63) | (0.31) | (0.43) | 14.73 |
| **Class R3** |  |  |  |  |  |  |
| 11/30/2022 | 17.39 | 0.31 | (2.24) | (1.93) | (0.86) | 14.60 |
| 11/30/2021 | 16.47 | 0.27 | 1.21 | 1.48 | (0.56) | 17.39 |
| 11/30/2020 | 15.02 | 0.29 | 1.43 | 1.72 | (0.27) | 16.47 |
| 11/30/2019 | 14.34 | 0.35 | 0.80 | 1.15 | (0.47) | 15.02 |
| 11/30/2018 | 15.08 | 0.33 | (0.63) | (0.30) | (0.44) | 14.34 |

---

<br> 34 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:<sup>(a)</sup>** | **Ratios to Average Net Assets:<sup>(a)</sup>** | **Ratios to Average Net Assets:<sup>(a)</sup>** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(c)</sup> | **Total expenses after<br> waivers and/or<br> reimbursements<br> (%)** | **Total<br> expense<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (11.23) | 0.49 | 0.50 | 2.30 | $734968 | 83 |
| 9.43 | 0.48 | 0.49 | 1.81 | 855806 | 40 |
| 12.33 | 0.50 | 0.50 | 2.19 | 745462 | 75 |
| 8.50 | 0.50 | 0.50 | 2.74 | 678178 | 27 |
| (1.79) | 0.50 | 0.50 | 2.43 | 716679 | 41 |
| (11.92) | 1.25 | 1.25 | 1.50 | 92856 | 83 |
| 8.66 | 1.23 | 1.24 | 1.03 | 188842 | 40 |
| 11.46 | 1.25 | 1.25 | 1.44 | 240404 | 75 |
| 7.70 | 1.25 | 1.25 | 2.00 | 340786 | 27 |
| (2.51) | 1.25 | 1.25 | 1.69 | 410332 | 41 |
| (11.10) | 0.34 | 0.35 | 2.35 | 54006 | 83 |
| 9.59 | 0.33 | 0.34 | 1.95 | 176727 | 40 |
| 12.49 | 0.35 | 0.35 | 2.35 | 165707 | 75 |
| 8.66 | 0.35 | 0.35 | 2.91 | 200060 | 27 |
| (1.64) | 0.35 | 0.35 | 2.57 | 227804 | 41 |
| (10.98) | 0.18 | 0.18 | 2.59 | 541 | 83 |
| 9.76 | 0.17 | 0.18 | 2.11 | 1735 | 40 |
| 12.68 | 0.18 | 0.18 | 2.61 | 2013 | 75 |
| 8.83 | 0.19 | 0.19 | 3.01 | 3527 | 27 |
| (1.47) | 0.18 | 0.18 | 2.70 | 4077 | 41 |
| (11.02) | 0.24 | 0.25 | 2.65 | 98929 | 83 |
| 9.70 | 0.23 | 0.24 | 2.05 | 37860 | 40 |
| 12.61 | 0.25 | 0.25 | 2.45 | 35613 | 75 |
| 8.75 | 0.25 | 0.25 | 3.03 | 43319 | 27 |
| (1.48) | 0.25 | 0.25 | 2.70 | 54171 | 41 |
| (11.54) | 0.84 | 0.85 | 2.00 | 174 | 83 |
| 9.06 | 0.83 | 0.83 | 1.46 | 140 | 40 |
| 11.97 | 0.85 | 0.85 | 1.87 | 124 | 75 |
| 8.10 | 0.85 | 0.85 | 2.36 | 138 | 27 |
| (2.09) | 0.84 | 0.84 | 2.08 | 122 | 41 |
| (11.46) | 0.74 | 0.75 | 2.02 | 14878 | 83 |
| 9.15 | 0.73 | 0.74 | 1.56 | 20699 | 40 |
| 12.04 | 0.75 | 0.75 | 1.94 | 19031 | 75 |
| 8.24 | 0.75 | 0.75 | 2.41 | 21508 | 27 |
| (2.03) | 0.74 | 0.74 | 2.20 | 18400 | 41 |

---

<br> *See Notes to Financial Statements.* 35

**Financial Highlights (concluded)**

MULTI-ASSET INCOME FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  | <br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment<br> income**<sup>(b)</sup> | **Net<br> realized and<br> unrealized<br> gain (loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | <br>**Net asset<br> value,<br> end of<br> period** |
| **Class R4** |  |  |  |  |  |  |
| 11/30/2022 | $17.39 | $0.35 | $(2.24) | $(1.89) | $(0.90) | $14.60 |
| 11/30/2021 | 16.47 | 0.31 | 1.22 | 1.53 | (0.61) | 17.39 |
| 11/30/2020 | 15.02 | 0.33 | 1.43 | 1.76 | (0.31) | 16.47 |
| 11/30/2019 | 14.34 | 0.38 | 0.80 | 1.18 | (0.50) | 15.02 |
| 11/30/2018 | 15.08 | 0.34 | (0.60) | (0.26) | (0.48) | 14.34 |
| **Class R5** |  |  |  |  |  |  |
| 11/30/2022 | 17.28 | 0.39 | (2.22) | (1.83) | (0.94) | 14.51 |
| 11/30/2021 | 16.38 | 0.36 | 1.19 | 1.55 | (0.65) | 17.28 |
| 11/30/2020 | 14.93 | 0.36 | 1.43 | 1.79 | (0.34) | 16.38 |
| 11/30/2019 | 14.26 | 0.42 | 0.79 | 1.21 | (0.54) | 14.93 |
| 11/30/2018 | 14.99 | 0.39 | (0.60) | (0.21) | (0.52) | 14.26 |
| **Class R6** |  |  |  |  |  |  |
| 11/30/2022 | 17.32 | 0.40 | (2.24) | (1.84) | (0.94) | 14.54 |
| 11/30/2021 | 16.40 | 0.37 | 1.21 | 1.58 | (0.66) | 17.32 |
| 11/30/2020 | 14.95 | 0.38 | 1.41 | 1.79 | (0.34) | 16.40 |
| 11/30/2019 | 14.27 | 0.44 | 0.78 | 1.22 | (0.54) | 14.95 |
| 11/30/2018 | 15.00 | 0.38 | (0.59) | (0.21) | (0.52) | 14.27 |

---

<sup>(a)</sup> Does not include expenses of the Underlying Funds in which the Fund invests.

<sup>(b)</sup> Calculated using average shares outstanding during the period.

<sup>(c)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<br> 36 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:<sup>(a)</sup>** | **Ratios to Average Net Assets:<sup>(a)</sup>** | **Ratios to Average Net Assets:<sup>(a)</sup>** | **Supplemental Data:** | **Supplemental Data:** |
| <br>**Total<br> return<br> (%)**<sup>(c)</sup> | **Total expenses after<br> waivers and/or<br> reimbursements<br> (%)** | **Total<br> expense<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (11.23) | 0.49 | 0.50 | 2.29 | $2489 | 83 |
| 9.43 | 0.48 | 0.49 | 1.80 | 3435 | 40 |
| 12.33 | 0.50 | 0.50 | 2.18 | 2988 | 75 |
| 8.50 | 0.50 | 0.50 | 2.62 | 2421 | 27 |
| (1.77) | 0.49 | 0.49 | 2.31 | 1756 | 41 |
| (11.02) | 0.24 | 0.24 | 2.56 | 47 | 83 |
| 9.76 | 0.23 | 0.23 | 2.06 | 53 | 40 |
| 12.61 | 0.24 | 0.24 | 2.42 | 47 | 75 |
| 8.75 | 0.24 | 0.24 | 2.89 | 36 | 27 |
| (1.55) | 0.24 | 0.24 | 2.64 | 28 | 41 |
| (10.98) | 0.18 | 0.19 | 2.62 | 1015 | 83 |
| 9.76 | 0.17 | 0.18 | 2.11 | 1159 | 40 |
| 12.68 | 0.18 | 0.18 | 2.55 | 1030 | 75 |
| 8.83 | 0.19 | 0.19 | 3.02 | 2873 | 27 |
| (1.47) | 0.18 | 0.18 | 2.58 | 2807 | 41 |

---

<br> *See Notes to Financial Statements.* 37

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **ORGANIZATION** 

Lord Abbett Investment Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company and was organized as a Delaware statutory trust on August 16, 1993. The Trust consists of fourteen funds. This report covers the following two funds (separately, a "Fund" and collectively, the "Funds") and their respective active share classes:

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| | |
|:---|:---|
| **Funds** | **Classes** |
| Lord Abbett Multi-Asset Balanced Opportunity Fund ("Multi-Asset Balanced Opportunity Fund") | A, C, F, F3, I, P, R2, R3, R4, R5 and R6 |
| Lord Abbett Multi-Asset Income Fund ("Multi-Asset Income Fund") | A, C, F, F3, I, R2, R3, R4, R5 and R6 |

---

The Funds' Class P shares are closed to substantially all new investors, with certain exceptions as set forth in the Funds' prospectus.

Multi-Asset Balanced Opportunity Fund's investment objective is to seek current income and capital growth. Multi-Asset Income Fund's investment objective is to seek a high level of current income. The Funds invest principally in other mutual funds ("Underlying Funds") managed by Lord, Abbett & Co. LLC ("Lord Abbett").

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value ("NAV") for Class A shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge ("CDSC") in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund's prospectus); Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25<sup>th</sup> day of the month (or, if the 25<sup>th</sup> day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund or financial intermediary through which a shareholder purchased Class C shares has records verifying that the C shares have been held at least eight years.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. These Funds are considered investment companies under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) **Investment Valuation–** Under
 procedures approved by the Funds' Board of Trustees (the "Board"), the Board has designated the determination
 of fair value of the Funds' portfolio investments to Lord Abbett, as valuation designee. Accordingly, Lord Abbett is
 responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value
 methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee that performs these responsibilities
 on behalf of Lord Abbett, administers the

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
|  | pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
|  | Investments in the Underlying Funds are valued at their NAV each business day at the close of regular trading on the New York Stock Exchange, normally 4:00 p.m. Eastern time. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available. |
|  | Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |
|  | Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. |
| (b) | **Security Transactions–**Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (c) | **Investment Income–**Dividend income and capital gain distributions are recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, on the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (d) | **Income Taxes–**It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's filed U.S. federal tax returns remains open for the fiscal years ended November 30, 2019 through November 30, 2022. The statutes of limitations on the Trust's state and local tax returns may remain open for an additional year depending upon each Fund's jurisdiction. |

---

**Notes to Financial Statements (continued)**

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| | |
|:---|:---|
| (e) | **Expenses–**Expenses incurred by the Trust that do not specifically relate to an individual fund are generally allocated to the Funds within the Trust on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 and R6 bear only their class-specific shareholder servicing expenses. Class A, C, F, P, R2, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Funds' 12b-1 Distribution Plan. |
| (f) | **Foreign Transactions–**The books and records of each Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in each Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies on each Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain (loss) on foreign currency related transactions on each Fund's Statement of Operations. The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | Each Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (g) | **Forward Foreign Currency Exchange Contracts–**Each Fund may enter into forward foreign currency exchange contracts in order to reduce exposure to changes in foreign currency exchange rates on foreign portfolio holdings, or gain or reduce exposure to foreign currency solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts in each Fund's Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the forward foreign currency in U.S. dollars upon closing of such contracts is included, if applicable, in Net realized gain (loss) on forward foreign currency exchange contracts in each Fund's Statement of Operations. |
| (h) | **Futures Contracts–**Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called "initial margin." Subsequent payments made or received by the Fund called "variation margin" are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract. |
| (i) | **Credit Default Swaps–**Each Fund may enter into credit default swap contracts in order to hedge credit risk or for speculation purposes. As a seller of a credit default swap contract |

---

**Notes to Financial Statements (continued)**

("seller of protection"), a Fund is required to pay the notional amount or other agreed-upon value of a referenced debt obligation to the counterparty in the event of a default by or other credit event involving the referenced issuer, obligation or index. In return, a Fund receives from the counterparty a periodic stream of payments over the term of the contract.

As a purchaser of a credit default swap contract ("buyer of protection"), a Fund would receive the notional amount or other agreed upon value of a referenced debt obligation from the counterparty in the event of default by or other credit event involving the referenced issuer, obligation or index. In return, a Fund makes periodic payments to the counterparty over the term of the contracts, provided no event of default has occurred.

These credit default swaps may have as a reference obligation corporate or sovereign issuers or credit indexes. These credit indexes are comprised of a basket of securities representing a particular sector of the market.

Credit default swaps are fair valued based upon quotations from counterparties, brokers or market-makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation. For a credit default swap sold by a Fund, payment of the agreed-upon amount made by a Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation purchased/received. For a credit default swap purchased by a Fund, the agreed-upon amount received by a Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by a Fund.

Any upfront payments made or received upon entering a credit default swap contract would be amortized or accreted over the life of the swap and recorded as realized gains or losses. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the swap agreement. The value and credit rating of each credit default swap where a Fund is the seller of protection, are both measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Entering into credit default swaps involves credit and market risk. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates, and that Lord Abbett does not correctly predict the creditworthiness of the issuers of the reference obligation on which the credit default swap is based. For the centrally cleared credit default swaps, there was minimal counterparty risk to the Fund, since such credit default swaps entered into were traded through a central clearinghouse, which guarantees against default.

**Notes to Financial Statements (continued)**

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| | |
|:---|:---|
| (j) | **Options–**Each Fund may purchase and write exchange-listed and over-the-counter put or call options on securities, stock indices, currencies and other financial instruments for hedging purposes, to enhance portfolio returns and reduce overall volatility. |
|  | When a Fund writes (sells) an option, an amount equal to the premium received by each Fund is recorded as a liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, each fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by each Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts. |
|  | Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that each Fund pays a premium whether or not the option is exercised. Additionally, each Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. Realized and change in unrealized gains and losses on purchased options are included in realized and change in unrealized gains and losses on investments in each Fund's Statement of Operations. |
| (k) | **Total Return Swaps–**Each Fund may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market. Each Fund may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap. If the value of the asset underlying a total return swap declines over the term of the swap, each Fund also may be required to pay an amount equal to that decline in value to their counterparty. |
| (l) | **Repurchase Agreements–**Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities. |

---

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(m) **Fair Value Measurements–** Fair
 value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly
 transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy
 is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification
 of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would
 use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation
 technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique.
 Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing
 the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity.
 Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use
 in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The
 three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value
 measurement, and is summarized in the three broad Levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments;

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

• Level 3 – significant unobservable inputs (including each Fund's own assumptions in determining the fair value
 of investments).

A summary of inputs used in valuing each Fund's investments and other financial instruments as of November 30, 2022 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in each Fund's Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Management Fee**

The Trust has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund's investment portfolio. The management fee is accrued daily and payable monthly.

The management fee is based on each Fund's average daily net assets at an annual rate of .10%.

For the fiscal year ended November 30, 2022, the effective management fee, net of any applicable waivers, was based on each Fund's average daily net assets at the following annualized rates:

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| | |
|:---|:---|
| | **Net Effective**<br> **Management Fee** |
| Multi-Asset Balanced Opportunity Fund | .10% |
| Multi-Asset Income Fund | .10% |

---

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund's daily

**Notes to Financial Statements (continued)**

net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived the following fund administration fees for the fiscal year ended November 30, 2022:

---

| | |
|:---|:---|
| **Fund** | **Fund**<br> **Administration Fee** |
| Multi-Asset Balanced Opportunity Fund | $94132 |
| Multi-Asset Income Fund | 33146 |

---

**12b-1 Distribution Plan**

Each Fund has adopted a distribution plan with respect to Class A, C, F, P, R2, R3 and R4 shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the "Distributor"), an affiliate of Lord Abbett. The distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fees\*** | **Class A** | **Class C** | **Class F**<sup>(1)</sup> | **Class P** | **Class R2** | **Class R3** | **Class R4** |
| Service | .25% | .25% |  | .25% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;.25% | .25% |
| Distribution |  | .75% | .10% | .20% | .35% | &nbsp;&nbsp;&nbsp;&nbsp;.25% |  |

---

\* The Funds may designate a portion of the aggregate fees attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. ("FINRA") sales charge limitations.

<sup>(1)</sup> The Class F Share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds' prospectus.

Class F3, Class I, Class R5 and Class R6 shares do not have a distribution plan.

**Commissions**

Distributor received the following commissions on sales of shares of the Funds , after concessions were paid to authorized dealers, for the fiscal year ended November 30, 2022:

---

| | | |
|:---|:---|:---|
| | **Distributor<br> Commissions** | **Dealers'<br> Concessions** |
| Multi-Asset Balanced Opportunity Fund | $138970 | $867606 |
| Multi-Asset Income Fund | 46002 | 283311 |

---

Distributor received the following amount of CDSCs for the fiscal year ended November 30, 2022:

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class C** |
| Multi-Asset Balanced Opportunity Fund | $23638 | $8540 |
| Multi-Asset Income Fund | 16850 | 6217 |

---

One Trustee and certain of the Trust's officers have an interest in Lord Abbett.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS** 

Dividends from net investment income, if any, are declared and paid monthly for Multi-Asset Balanced Opportunity Fund and Multi-Asset Income Fund. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

**Notes to Financial Statements (continued)**

The tax character of distributions paid during the fiscal year ended November 30, 2022 and fiscal year ended November 30, 2021 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
|  | **Year Ended**<br>**11/30/22** | **Year Ended**<br>**11/30/21** | **Year Ended**<br>**11/30/22** | **Year Ended**<br>**11/30/21** |
| Distributions paid from: |  |  |  |  |
| Tax Exempt Income | $– | $324743 | $– | $1454134 |
| Ordinary income | 173818814 | 93819030 | 65287761 | 41891075 |
| Net long-term capital gains | 271701274 | 53919159 | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions paid | $445520088 | $148062932 | $65287761 | $43345209 |

---

As of November 30, 2022, the components of accumulated gains (losses) on a tax-basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset Balanced**<br>**Opportunity Fund** | **Multi-Asset**<br>**Income Fund** |
| Undistributed ordinary income - net | $7066906 | $3457798 |
| &nbsp;&nbsp;&nbsp;Total undistributed earnings | 7066906 | 3457798 |
| Capital loss carryforwards\* | (146985239) | (74482310) |
| Temporary differences | (9441511) | (4360183) |
| Unrealized gains (losses) - net | (143792074) | (89627711) |
| &nbsp;&nbsp;&nbsp;Total accumulated gains (losses) - net | $(293151918) | $(165012406) |

---

\* The capital losses will carry forward indefinitely.

As of November 30, 2022, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
| | **Multi-Asset Balanced <br> Opportunity Fund** | **Multi-Asset <br> Income Fund** |
| Tax cost | $2244138847 | $1093475443 |
| Gross unrealized gain | 51032693 | 15647540 |
| Gross unrealized loss | (194844583) | (105284955) |
| Net unrealized security gain (loss) | $(143811890) | $(89637415) |

---

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain distributions, other financial instruments and wash sales.

Permanent items identified during the fiscal year ended November 30, 2022 have been reclassified among the components of net assets based on their tax basis treatment as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Total Distributable<br>Earnings (Loss** | **Total Distributable<br>Earnings (Loss)** | **Paid-in Capital** |
| Multi-Asset Balanced Opportunity Fund |  | $(450000) | $450000 |

---

The permanent differences are attributable to certain distributions.

**5.** **PORTFOLIO SECURITIES TRANSACTIONS** 

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended November 30, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| Multi-Asset Balanced Opportunity Fund | $2395456526 | $2565286433 |
| Multi-Asset Income Fund | 918311359 | 999705731 |

---

There were no purchases or sales of U.S. Government securities for the fiscal year ended November 30, 2022.

**Notes to Financial Statements (continued)**

**6.** **DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES** 

The Funds entered into forward foreign currency exchange contracts for the fiscal year ended November 30, 2022 (as described in Note 2(g)). A forward foreign currency exchange contract reduces each Fund's exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. Each Fund's use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and each Fund's returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. Each Fund's risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts.

The Funds entered into domestic and foreign equity index futures contracts for the fiscal year ended November 30, 2022 (as described in Note 2(h)) to manage cash and economically hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

The Funds entered into options on indexes and foreign currencies for the fiscal year ended November 30, 2022 (as described in Note 2(j)) to obtain exposure to an issuer (the Reference Entity). The Funds' use of swaptions and options involves the risk that Lord Abbett will not accurately predict expectations of market value of the Reference Entity, and the Funds' returns could be reduced as a result. The Funds' risk of loss from counterparty credit risk is the notional value of the contract.

The Funds entered into total return swaps on indexes and foreign currencies for the fiscal year ended November 30, 2022 (as described in Note 2(k)) to hedge credit risk. The Funds may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market. The Funds may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap. If the value of the asset underlying a total return swap declines over the term of the swap, the Funds also may be required to pay an amount equal to that decline in value to their counterparty.

As of November 30, 2022 the Funds had the following derivatives at fair value, grouped into risk categories that illustrate the Funds use of derivative instruments:

---

| | |
|:---|:---|
| | **Multi-Asset Balanced Opportunity Fund** |
| **Asset Derivatives** | **Equity<br> Contracts** |
| Futures Contracts<sup>(1)</sup> | $3731182 |
| Purchased Options<sup>(2)</sup> | 2496055 |
| **<u>Liability Derivatives</u>** |  |
| Futures Contracts<sup>(1)</sup> | 1257348 |
| OTC Written Options<sup>(3)</sup> | 577993 |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
| | **Multi-Asset Income Fund** |
| **Asset Derivatives** | **Equity <br> Contracts** |
| Futures Contracts<sup>(1)</sup> | $1780707 |
| Purchased Options<sup>(2)</sup> | 1229410 |
| **<u>Liability Derivatives</u>** |  |
| Futures Contracts<sup>(1)</sup> | 1394751 |
| OTC Written Options<sup>(3)</sup> | 284683 |

---

<sup>(1)</sup> Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

<sup>(2)</sup> Statements of Assets and Liabilities location: included in Investments in securities, at fair value.

<sup>(3)</sup> Statements of Assets and Liabilities location: Options written outstanding, at fair value.

Transactions in derivative instruments for the fiscal year ended November 30, 2022, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** |
|  | **Equity<br> Contracts** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** |
| **Net Realized Gain (Loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(1)</sup> | $– | $– | $(70216) |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(2)</sup> | 26344095 | (800769) |  |
| &nbsp;&nbsp;&nbsp;Purchased Options<sup>(3)</sup> | 18092216 |  | 3315082 |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts<sup>(4)</sup> | (1425320) | (5892345) |  |
| &nbsp;&nbsp;&nbsp;OTC Written Options<sup>(5)</sup> | (2037734) |  | (3138340) |
| **Net Change in Unrealized Appreciation/Depreciation** |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(6)</sup> | 620573 |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options<sup>(7)</sup> | (7354336) |  |  |
| &nbsp;&nbsp;&nbsp;OTC Written Options<sup>(8)</sup> | 1579407 |  |  |
| **Average Number of Contracts/Notional Amounts\*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts<sup>(9)</sup> | $26594035 |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(10)</sup> | 1053 | 502 |  |
| &nbsp;&nbsp;&nbsp;Purchased Options<sup>(9)</sup> | $25339 |  | $93538462 |
| &nbsp;&nbsp;&nbsp;OTC Written Options<sup>(9)</sup> | $(9947) | – | $(82461538) |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
|  | **Equity<br> Contracts** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** |
| **Net Realized Gain (Loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(1)</sup> | $– | $– | $(34584) |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(2)</sup> | 10829700 | (807934) |  |
| &nbsp;&nbsp;&nbsp;Purchased Options<sup>(3)</sup> | 8911091 |  | 1682372 |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts<sup>(4)</sup> | (701958) | (2902129) |  |
| &nbsp;&nbsp;&nbsp;OTC Written Options<sup>(5)</sup> | (990576) |  | (1558834) |
| **Net Change in Unrealized Appreciation/Depreciation** |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(6)</sup> | (485922) |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options<sup>(7)</sup> | (3622292) |  |  |
| &nbsp;&nbsp;&nbsp;OTC Written Options<sup>(8)</sup> | 777917 |  |  |
| **Average Number of Contracts/Notional Amounts\*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts<sup>(9)</sup> | $13098398 |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(10)</sup> | 511 | 239 |  |
| &nbsp;&nbsp;&nbsp;Purchased Options<sup>(9)</sup> | $12481 |  | $46076923 |
| &nbsp;&nbsp;&nbsp;OTC Written Options<sup>(9)</sup> | $(4899) | – | $(40615385) |

---

\* Calculated based on the number of contracts or notional amounts for the fiscal year ended November 30, 2022.

<sup>(1)</sup> Statements of Operations location: Net realized gain (loss) on forward foreign currency exchange contracts.

<sup>(2)</sup> Statements of Operations location: Net realized gain (loss) on futures contracts.

<sup>(3)</sup> Statements of Operations location: Net realized gain (loss) on investments includes options purchased.

<sup>(4)</sup> Statements of Operations location: Net realized gain (loss) on swap contracts.

<sup>(5)</sup> Statements of Operations location: Net realized gain (loss) on OTC written options.

<sup>(6)</sup> Statements of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.

<sup>(7)</sup> Statements of Operations location: Net change in unrealized appreciation/depreciation on investments includes options purchased.

<sup>(8)</sup> Statements of Operations location: Net change in unrealized appreciation/depreciation on OTC written options.

<sup>(9)</sup> Amounts represents notional amounts in U.S. dollars.

<sup>(10)</sup> Amounts represents number of contracts.

**7.** **DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES** 

The Financial Accounting Standards Board requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund's financial position. The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the Statements of Assets and Liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by the counterparty. A master netting agreement is an agreement between a fund and the counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds' accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statements of Assets and Liabilities across transactions between the Funds and the applicable counterparty:

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** |
| <br>**Description** |<br>**Gross Amounts of**<br>**Recognized Assets** | **Gross Amounts**<br>**Offset in the**<br>**Statement of Assets**<br>**and Liabilities** | **Net Amounts of**<br>**Assets Presented**<br>**in the Statement of**<br>**Assets and Liabilities** |
| OTC Options Purchased | $2496055 | $– | $2496055 |
| Repurchase Agreements | 1641072 | – | 1641072 |
| &nbsp;&nbsp;&nbsp;Total | $4137127 | $– | $4137127 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Amounts Not Offset in the** | **Amounts Not Offset in the** | **Amounts Not Offset in the** | |
| | | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | |
| <br>**Counterparty** |<br>**Net Amounts of**<br>**Assets Presented<br> in the Statement of<br> Assets and Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Received**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Received**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(b)</sup> |
| Morgan Stanley | $20187 | $– | $– | $– | $20187 |
| UBS AG | 2475868 | (577993) |  |  | 1897875 |
| Fixed Income Clearing Corp. | 1641072 | – | – | (1641072) | – |
| &nbsp;&nbsp;&nbsp;Total | $4137127 | $(577993) | $– | $(1641072) | $1918062 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br>Liabilities Presented<br> in the Statement of<br>Assets and Liabilities** |
| OTC Options Written | $577993 | $– | $577993 |
| &nbsp;&nbsp;&nbsp;Total | $577993 | $– | $577993 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Amounts Not Offset in the** | **Amounts Not Offset in the** | **Amounts Not Offset in the** | |
| | | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | |
| <br>**Counterparty** |<br>**Net Amounts of**<br>**Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(c)</sup> |
| UBS AG | $577993 | $(577993) | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Total | $577993 | $(577993) | $– | $– | $– |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| OTC Options Purchased | $1229410 | $– | $1229410 |
| Repurchase Agreements | 1282194 | – | 1282194 |
| &nbsp;&nbsp;&nbsp;Total | $2511604 | $– | $2511604 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts of**<br>**Assets Presented <br> in the Statement of <br> Assets and Liabilities** | **Financial <br> Instruments** | **Cash**<br> **Collateral** <br> **Received**<sup>(a)</sup> | **Securities** <br> **Collateral** <br> **Received**<sup>(a)</sup> |<br>**Net** <br> **Amount**<sup>(b)</sup> |
| Morgan Stanley | $9943 | $– | $– | $– | $9943 |
| UBS AG | 1219467 | (284683) |  |  | 934784 |
| Fixed Income Clearing Corp. | 1282194 | – | $– | $(1282194) | – |
| &nbsp;&nbsp;&nbsp;Total | $2511604 | $(284683) | $– | $(1282194) | $944727 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts <br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of <br> Liabilities Presented <br> in the Statement of <br> Assets and Liabilities** |
| OTC Options Written | $284683 | $– | $284683 |
| &nbsp;&nbsp;&nbsp;Total | $284683 | $– | $284683 |

---

**Notes to Financial Statements (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Amounts Not Offset in the** | **Amounts Not Offset in the** | **Amounts Not Offset in the** | |
| | | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | |
| <br>**Counterparty** |<br>**Net Amounts of**<br>**Liabilities Presented <br> in the Statement of <br> Assets and Liabilities** | **Financial <br> Instruments** | **Cash**<br> **Collateral** <br> **Pledged**<sup>(a)</sup> | **Securities** <br> **Collateral** <br> **Pledged**<sup>(a)</sup> |<br>**Net** <br> **Amount**<sup>(c)</sup> |
| UBS AG | $284683 | $(284683) | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Total | $284683 | $(284683) | $– | $– | $– |

---

---

| | |
|:---|:---|
| |  |
| <sup>(a)</sup> | Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty. |
| <sup>(b)</sup> | Net amount represents the amount owed to the Fund by the counterparty as of November 30, 2022. |
| <sup>(c)</sup> | Net amount represents the amount owed by the Fund to the counterparty as of November 30, 2022. |

---

**8.** **TRUSTEES' REMUNERATION** 

The Trust's officers and one Trustee, who are associated with Lord Abbett, do not receive any compensation from the Trust for serving in such capacities. Independent Trustees' fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees may elect to defer receipt of a portion of Trustees' fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Funds. Such amounts and earnings accrued thereon are included in Trustees' fees on the Statements of Operations and in Trustees' fees payable on the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

**9.** **EXPENSE REDUCTIONS** 

The Trust has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund's expenses.

**10.** **INTERFUND LENDING PROGRAM** 

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

For the fiscal year ended November 30, 2022, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

**11.** **CUSTODIAN AND ACCOUNTING AGENT** 

State Street Bank and Trust Company ("SSB") is the Trust's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund's NAV.

**12.** **TRANSACTIONS WITH AFFILIATED ISSUERS** 

An affiliated issuer is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying issuer at any point during the fiscal year or any company which is under common ownership or control. Multi-Asset Balanced Opportunity Fund and Multi-Asset

**Notes to Financial Statements (continued)**

Income Fund had the following transactions with affiliated issuers during the fiscal year ended November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** |
| **Affiliated Issuer** | **Value at <br> 11/30/2021** | **Purchases <br> at Cost** | **Proceeds<br> from<br> Sales** | **Net <br> Realized<br> Gain (Loss)** | **Change in<br> Appreciation<br> (Depreciation)** | **Value at <br> 11/30/2022** | **Shares<br> as of <br> 11/30/2022** | **Dividend<br> Income** |
| Lord Abbett Investment Trust–Convertible Fund–Class I | $38141381 | $140350698 | $(79581043) | $1084174 <sup>(a)</sup> | $(8240863) | $86596052 | 6786525 | $1316772 |
| Lord Abbett Investment Trust–Core Fixed Income Fund–Class I | 87721578 | 264673357 | (335819) | 289414 <sup>(b)</sup> | (16000851) | 336026112 | 36015661 | 4520720 |
| Lord Abbett Research Fund, Inc.–Dividend Growth Fund–Class I |  | 359263268 |  |  | 31594423 | 390857691 | 20812444 | 254764 |
| Lord Abbett Securities Trust–Durable Growth Fund–Class I | 177699338 | 169304591 | (273326745) | (75562566) | 1885382 |  |  | 156160 |
| Lord Abbett Global Fund, Inc.–Emerging Markets Bond Fund–Class I | 119016869 | 4884371 | (21728334) | (5943068) | (16392352) | 79837486 | 20160981 | 4884371 |
| Lord Abbett Investment Trust–Floating Rate Loan Fund–Class I | 11472224 | 110213404 | (114447562) | (7229489) | (8577) |  |  | 2348528 |
| Lord Abbett Securities Trust–Focused Large Cap Value Fund–Class I | 492032108 | 126118950 | (580019432) | (40132647) | 2001021 |  |  |  |
| Lord Abbett Securities Trust–Focused Small Cap Value Fund–Class I | 13971351 | 250000 | (13762145) | 767690 | (1226896) |  |  |  |
| Lord Abbett Securities Trust–Fundamental Equity Fund–Class I | 166762679 | 246065382 | (40027008) | 19227071 <sup>(c)</sup> | (1439752) | 376143288 | 29971577 | 5036940 |
| Lord Abbett Securities Trust–Growth Leaders Fund–Class I | 299984032 | 110866315 | (139078595) | 2313401 | (102779487) | 171305666 | 6098457 |  |
| Lord Abbett Research Fund, Inc.–Growth Opportunities Fund–Class I | 158387442 | 95043387 | (180460994) | (28732105)<sup>(d)</sup> | (23412268) |  |  |  |
| Lord Abbett Investment Trust–High Yield Fund–Class I | 451367037 | 17452482 | (255628766) | (32924906)<sup>(e)</sup> | (27036794) | 152624937 | 24498385 | 16848366 |
| Lord Abbett Investment Trust–Inflation Focused Fund–Class I | 137252289 | 14074881 | (64296814) | 1947947 | (9638012) | 79340291 | 6810325 | 3395206 |
| Lord Abbett Securities Trust–International Equity Fund–Class I | 106067394 | 12621520 | (5703398) | 9700929 <sup>(f)</sup> | (24829818) | 87011638 | 6571876 | 1601531 |
| Lord Abbett Securities Trust–International Value Fund–Class I | 210076641 | 8295133 | (121959004) | (4273549) | (18410437) | 73728784 | 10623744 | 8070134 |
| Lord Abbett Mid-Cap Stock Fund–Class I | 120558068 | 42969069 | (147850727) | 20782323 <sup>(g)</sup> | (26591078) |  |  | 1203717 |
| Lord Abbett Investment Trust–Short Duration Income Fund–Class I | 15670366 | 101335847 | (114989756) | (2061091) | 44634 |  |  | 440140 |

---

**Notes to Financial Statements (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** |
| **Affiliated Issuer** | **Value at <br> 11/30/2021** | **Purchases <br> at Cost** | **Proceeds<br> from<br> Sales** | **Net <br> Realized<br> Gain (Loss)** | **Change in<br> Appreciation<br> (Depreciation)** | **Value at <br> 11/30/2022** | **Shares<br> as of <br> 11/30/2022** | **Dividend<br> Income** |
| Lord Abbett Investment Trust–Ultra Short Bond Fund–Class I | $– | $571673871 | $(310871022) | $(1736960) | $(401245) | $258664644 | 26394351 | $2804935 |
| Lord Abbett Securities Trust–Value Opportunities Fund–Class I | 108120324 | – | (101219268) | (16406687) | 9505631 | – | – | – |
| Total |  |  |  | $(158890119) | $(231377339) | $2092136589 |  | $52882284 |

---

<sup>(a)</sup> Includes $5,158,295 of distributed capital gains.

<sup>(b)</sup> Includes $321,567 of distributed capital gains.

<sup>(c)</sup> Includes $14,445,084 of distributed capital gains.

<sup>(d)</sup> Includes $20,825,462 of distributed capital gains.

<sup>(e)</sup> Includes $604,116 of distributed capital gains.

<sup>(f)</sup> Includes $10,844,989 of distributed capital gains.

<sup>(g)</sup> Includes $9,867,655 of distributed capital gains.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
| **Affiliated Issuer** | **Value at <br> 11/30/2021** | **Purchases <br> at Cost** | **Proceeds <br>from<br> Sales** | **Net <br> Realized <br> Gain (Loss)** | **Change in<br> Appreciation <br> (Depreciation)** | **Value at <br> 11/30/2022** | **Shares<br> as of <br>11/30/2022** | **Dividend <br>Income** |
| Lord Abbett Investment Trust–Convertible Fund–Class I | $12935007 | $67282697 | $(37093929) | $1547271 <sup>(a)</sup> | $(4232094) | $38707231 | 3033482 | $546272 |
| Lord Abbett Investment Trust–Core Fixed Income Fund–Class I | 164060863 | 176393527 |  | 681194 <sup>(b)</sup> | (33089675) | 307364715 | 32943699 | 6341807 |
| Lord Abbett Research Fund, Inc.–Dividend Growth Fund–Class I |  | 99119756 |  |  | 7563133 | 106682889 | 5680665 | 32286 |
| Lord Abbett Securities Trust–Durable Growth Fund–Class I | 67358168 | 69562350 | (110513011) | (29661189) | 3253682 |  |  | 64014 |
| Lord Abbett Global Fund, Inc.–Emerging Markets Bond Fund–Class I | 62761365 | 2481575 | (19713383) | (5378676) | (6775858) | 33375023 | 8428036 | 2481575 |
| Lord Abbett Investment Trust–Floating Rate Loan Fund–Class I | 38184802 | 54162564 | (87311945) | (4762977) | (272444) |  |  | 1987027 |
| Lord Abbett Securities Trust–Focused Large Cap Value Fund–Class I | 147095808 | 30225502 | (164855263) | (13686606) | 1220559 |  |  |  |
| Lord Abbett Securities Trust–Focused Small Cap Value Fund–Class I | 5353035 |  | (5181545) | 325374 | (496864) |  |  |  |
| Lord Abbett Securities Trust–Fundamental Equity Fund–Class I | 57433506 | 70163919 | (15930330) | 6443997 <sup>(c)</sup> | (43658) | 113700699 | 9059817 | 1522662 |
| Lord Abbett Securities Trust–Growth Leaders Fund–Class I | 89024074 | 27696050 | (40590207) | (5390819) | (22506067) | 48233031 | 1717089 |  |
| Lord Abbett Research Fund, Inc.–Growth Opportunities Fund–Class I | 49248133 | 6532246 | (35687656) | (8649001)<sup>(d)</sup> | (4911476) |  |  |  |
| Lord Abbett Investment Trust–High Yield Fund–Class I | 232287718 | 9618356 | (105293138) | (14030805)<sup>(e)</sup> | (17953319) | 104317957 | 16744455 | 9307500 |

---

**Notes to Financial Statements (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
| **Affiliated Issuer** | **Value at <br> 11/30/2021** | **Purchases <br> at Cost** | **Proceeds <br>from<br> Sales** | **Net <br> Realized <br> Gain (Loss)** | **Change in<br> Appreciation <br> (Depreciation)** | **Value at <br> 11/30/2022** | **Shares<br> as of <br>11/30/2022** | **Dividend <br>Income** |
| Lord Abbett Investment Trust–Inflation Focused Fund–Class I | $107147185 | $7743639 | $(52129860) | $898506 | $(6703436) | $56956034 | 4888930 | $2645947 |
| Lord Abbett Municipal Income Fund, Inc.–Intermediate Tax Free Fund–Class I | 21821309 |  | (21821309) | 547678 | (547678) |  |  | 3088 |
| Lord Abbett Securities Trust–International Equity Fund–Class I | 54072999 | 6345217 | (2951027) | 5618038 <sup>(f)</sup> | (13331148) | 44225320 | 3340281 | 816458 |
| Lord Abbett Securities Trust–International Value Fund–Class I | 90413587 | 3561365 | (49602135) | (3220279) | (6476102) | 34676436 | 4996605 | 3561366 |
| Lord Abbett Mid-Cap Stock Fund–Class I | 37452060 | 13855635 | (46911716) | 8755465 <sup>(g)</sup> | (10068188) |  |  | 378694 |
| Lord Abbett Investment Trust–Short Duration Income Fund–Class I | 13086250 | 49894024 | (61850518) | (1229608) | 99852 |  |  | 259303 |
| Lord Abbett Investment Trust–Ultra Short Bond Fund–Class I |  | 223672937 | (110951704) | (605093) | (192924) | 111923216 | 11420736 | 1166135 |
| Lord Abbett Securities Trust–Value Opportunities Fund–Class I | 33581195 | – | (31317055) | (5217985) | 2953845 | – | – | – |
| Total |  |  |  | $(67015515) | $(112509860) | $1000162551 |  | $31114134 |

---

<sup>(a)</sup> Includes $1,731,721 of distributed capital gains.

<sup>(b)</sup> Represents $681,194 of distributed capital gains.

<sup>(c)</sup> Includes $4,366,735 of distributed capital gains.

<sup>(d)</sup> Includes $6,532,246 of distributed capital gains.

<sup>(e)</sup> Includes $310,855 of distributed capital gains.

<sup>(f)</sup> Includes $5,528,759 of distributed capital gains.

<sup>(g)</sup> Includes $3,083,256 of distributed capital gains.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **INVESTMENT RISKS** 

The Funds invest principally in the Underlying Funds and, as a result, a Fund's performance is directly related to the Underlying Fund's performance. Each Fund's ability to meet its investment objective depends on the ability of the Underlying Funds to achieve their investment objectives and on the Fund's particular allocation of assets among the Underlying Funds and the asset classes they represent. Consequently, a Fund is subject to the particular risks of the Underlying Funds in the proportion in which the Fund invests in them. The value of the Underlying Funds' investments and the NAVs of the shares of both the Funds and their Underlying Funds will fluctuate in response to various market and economic factors related to the domestic and foreign equity and fixed income markets, as well as the financial condition and prospects of issuers in which the Underlying Funds invest.

Certain instruments in which the Funds may invest may rely in some fashion upon LIBOR. On March 5, 2021 the United Kingdom Financial Conduct Authority (FCA) and LIBOR's administrator, ICE Benchmark Administration (IBA), announced that most LIBOR settings will no longer be published after the end of 2021 and the remaining U.S. dollar LIBOR settings will no longer be published after June 30, 2023. Abandonment of or modification to LIBOR could have adverse impacts on newly issued financial

**Notes to Financial Statements (continued)**

instruments and existing financial instruments which reference LIBOR and lead to significant short-term and long-term uncertainty and market instability.

Multi-Asset Balanced Opportunity Fund and Multi-Asset Income Fund are subject to the general risks and considerations associated with investing in fixed income securities. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline; when rates fall, such prices tend to rise. Longer-term securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a fixed income security will fail to make timely payments of principal and/or interest to an Underlying Fund, a risk that is greater with high-yield bonds (sometimes called "junk bonds") in which one or more of the Underlying Funds may invest. Some issuers, particularly of high-yield bonds, may default as to principal and/or interest payments after an Underlying Fund purchases their securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Underlying Fund. High-yield bonds are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid due to such factors as interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

Each Fund is subject to the general risks and considerations associated with equity investing. The value of an investment will fluctuate in response to movements in the equity securities market in general, a particular industry or sector, or to the changing prospects of individual companies in which the Underlying Funds invest. If an Underlying Fund's assessment of market conditions or companies held in the Underlying Fund fails to produce the intended result, a Fund could suffer losses or produce poor performance relative to other funds, even in a rising market. Each Fund's investment exposure to foreign (which may include emerging market) companies generally is subject to the risk that the value of securities issued by foreign companies may be adversely affected by political, economic and social volatility and subject to less government supervision, lack of transparency, or inadequate regulatory and accounting standards, inadequate exchange control regulations, foreign taxes, higher transaction and other costs, and delays in settlement. The cost of a Fund's potential use of forward currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing. The Underlying Fund's investments in emerging market companies generally are subject to more risks than investments in developed market companies.

Because Multi-Asset Income Fund will be more heavily invested in fixed income funds than equity funds, it will be more affected by the risks associated with fixed income securities. Given Multi-Asset Balanced Opportunity Fund's more balanced allocation among fixed income funds and equity funds, it will be affected by risks associated with both equity and fixed income investments.

Each Fund may invest in derivatives, either directly or through its Underlying Funds. Each Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, heightened counterparty risk, credit risk, and volatility. Illiquid securities may lower the Funds' returns since the Funds may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index.

**Notes to Financial Statements (continued)**

Whether a Fund's use of derivatives is successful will depend on, among other things, the Fund's ability to correctly forecast market movements, changes in foreign exchange and interest rates, and other factors. If a Fund incorrectly forecasts these and other factors, its performance could suffer. A Fund's use of derivatives could result in a loss exceeding the amount of the Fund's investment in these instruments.

Geopolitical and other events (e.g., wars, terrorism, natural disasters, epidemics or pandemics such as the COVID-19 outbreak which began in late 2019) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of each Fund's investments. Market disruptions can also prevent the Funds from implementing their investment strategies and achieving their investment objectives.

The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things, border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and prolonged quarantines, as well as general concern and uncertainty. The impact of the COVID-19 outbreak has, and could again negatively affect the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. The COVID-19 pandemic and its effects may last for an extended period of time. Although the long-term economic fallout of COVID-19 is difficult to predict, it has contributed to, and is likely to continue to contribute to, market volatility, inflation and systemic economic weakness. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund's investments, and negatively impact each Fund's performance and your investment in each Fund.

These factors, and others, can affect each Fund's performance.

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **SUMMARY OF CAPITAL TRANSACTIONS** 

Transactions in shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| <br>**Multi-Asset Balanced Opportunity Fund** | **November 30, 2022** | **November 30, 2022** | **November 30, 2021** | **November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 13313208 | $147197515 | 15718373 | $219093643 |
| Converted from Class C\* | 3398592 | 36477615 | 1813202 | 25251677 |
| Reinvestment of distributions | 31082801 | 369954171 | 9172348 | 121436320 |
| Shares reacquired | (36026029) | (391622754) | (21736270) | (301735617) |
| Increase | 11768572 | $162006547 | 4967653 | $64046023 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 966551 | $10594011 | 1591251 | $21981160 |
| Reinvestment of distributions | 2959000 | 35106865 | 980150 | 12783991 |
| Shares reacquired | (3270084) | (35402667) | (4142411) | (57084175) |
| Converted to Class A\* | (3430472) | (36477615) | (1827445) | (25251677) |
| Decrease | (2775005) | $(26179406) | (3398455) | $(47570701) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 599800 | $6838279 | 1588190 | $22203336 |
| Reinvestment of distributions | 1103077 | 13196069 | 321440 | 4264437 |
| Shares reacquired | (5003453) | (54841556) | (1255877) | (17384631) |
| Increase (decrease) | (3300576) | $(34807208) | 653753 | $9083142 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold |  | $– | 137517 | $1887594 |
| Reinvestment of distributions |  |  | 293 | 4059 |
| Shares reacquired | – | – | (139369) | (1964324) |
| Decrease | – | $– | (1559) | $(72671) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 3900170 | $42013944 | 267686 | $3705542 |
| Reinvestment of distributions | 483757 | 5715991 | 104562 | 1379207 |
| Shares reacquired | (1822561) | (18487539) | (252535) | (3512697) |
| Increase | 2561366 | $29242396 | 119713 | $1572052 |
| **Class P Shares** |  |  |  |  |
| Shares sold | 10022 | $105141 | 4640 | $64269 |
| Reinvestment of distributions | 11085 | 131807 | 3207 | 42190 |
| Shares reacquired | (46820) | (526811) | (4346) | (58636) |
| Increase (decrease) | (25713) | $(289863) | 3501 | $47823 |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 3052 | $33902 | 4536 | $65309 |
| Reinvestment of distributions | 8897 | 109251 | 2401 | 32495 |
| Shares reacquired | (3921) | (42728) | (3292) | (46418) |
| Increase | 8028 | $100425 | 3645 | $51386 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 364549 | $4006659 | 442079 | $6133938 |
| Reinvestment of distributions | 667120 | 7933931 | 201349 | 2654458 |
| Shares reacquired | (990069) | (10713995) | (760649) | (10480650) |
| Increase (decrease) | 41600 | $1226595 | (117221) | $(1692254) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Year Ended** | **Year Ended** | **Year Ended** |
| <br>**Multi-Asset Balanced Opportunity Fund** | **November 30, 2022** | **November 30, 2022** | **November 30, 2021** | **November 30, 2021** |
| **Class R4 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 196398 | $2140551 | 186341 | $2581625 |
| Reinvestment of distributions | 198384 | 2360324 | 61262 | 810680 |
| Shares reacquired | (291102) | (3100878) | (280367) | (3908608) |
| Increase (decrease) | 103680 | $1399997 | (32764) | $(516303) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 11469 | $130262 | 1014 | $13711 |
| Reinvestment of distributions | 2618 | 31169 | 813 | 10816 |
| Shares reacquired | (11998) | (137609) | (2104) | (29641) |
| Increase (decrease) | 2089 | $23822 | (277) | $(5114) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 113969 | $1329887 | 73060 | $998649 |
| Reinvestment of distributions | 81491 | 969696 | 23894 | 317966 |
| Shares reacquired | (68917) | (741044) | (40122) | (566495) |
| Increase | 126543 | $1558539 | 56832 | $750120 |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **Multi-Asset Income Fund** | **November 30, 2022** | **November 30, 2022** | **November 30, 2021** | **November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 5289095 | $82211859 | 7457828 | $130130309 |
| Converted from Class C\* | 3590158 | 54668017 | 2175517 | 37996319 |
| Reinvestment of distributions | 2583273 | 41898843 | 1545618 | 26231442 |
| Shares reacquired | (10326927) | (157380890) | (7219942) | (125560967) |
| Increase | 1135599 | $21397829 | 3959021 | $68797103 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 389221 | $6283009 | 858462 | $15189649 |
| Reinvestment of distributions | 454115 | 7646011 | 364735 | 6232416 |
| Shares reacquired | (1747429) | (27414964) | (2768395) | (48922317) |
| Converted to Class A\* | (3528643) | (54668017) | (2140904) | (37996319) |
| Decrease | (4432736) | $(68153961) | (3686102) | $(65496571) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 849785 | $13295963 | 1903789 | $33202909 |
| Reinvestment of distributions | 417182 | 6884819 | 317538 | 5391024 |
| Shares reacquired | (7732186) | (118851678) | (2118074) | (36836058) |
| Increase (decrease) | (6465219) | $(98670896) | 103253 | $1757875 |
| **Class F3 Shares** |  |  |  |  |
| Reinvestment of distributions | 4537 | $74975 | 4445 | $75006 |
| Shares reacquired | (67513) | (1076907) | (27021) | (469109) |
| Decrease | (62976) | $(1001932) | (22576) | $(394103) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 6489944 | $98414444 | 301493 | $5206794 |
| Reinvestment of distributions | 187230 | 2915241 | 83323 | 1406639 |
| Shares reacquired | (2043881) | (29674290) | (368965) | (6366664) |
| Increase | 4633293 | $71655395 | 15851 | $246769 |

---

**Notes to Financial Statements (concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| <br>**Multi-Asset Income Fund** | **November 30, 2022** | **November 30, 2022** | **November 30, 2021** | **November 30, 2021** |
| **Class R2 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3310 | $50512 | 246 | $4388 |
| Reinvestment of distributions | 427 | 7125 | 234 | 4068 |
| Shares reacquired | (5) | (75) | (5) | (92) |
| Increase | 3732 | $57562 | 475 | $8364 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 175744 | $2649388 | 177658 | $3100204 |
| Reinvestment of distributions | 60939 | 995718 | 38389 | 650157 |
| Shares reacquired | (407800) | (6226183) | (181132) | (3117936) |
| Increase (decrease) | (171117) | $(2581077) | 34915 | $632425 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 37734 | $588100 | 42548 | $739053 |
| Reinvestment of distributions | 8989 | 145521 | 6706 | 113809 |
| Shares reacquired | (73740) | (1212791) | (33077) | (576138) |
| Increase (decrease) | (27017) | $(479170) | 16177 | $276724 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 72 | $1113 | 149 | $2592 |
| Reinvestment of distributions | 134 | 2154 | 81 | 1368 |
| Shares reacquired | (17) | (265) | (19) | (335) |
| Increase | 189 | $3002 | 211 | $3625 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 7808 | $120422 | 3972 | $67983 |
| Reinvestment of distributions | 3244 | 52056 | 2137 | 36155 |
| Shares reacquired | (8169) | (133753) | (1979) | (34928) |
| Increase | 2883 | $38725 | 4130 | $69210 |

---

\* Automatic conversion of Class C shares occurs on the 25<sup>th</sup>day of the month (or, if the 25<sup>th</sup>day was not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted.

**Report of Independent Registered Public Accounting Firm**

**To the shareholders and the Board of Trustees of Lord Abbett Investment Trust**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Lord Abbett Multi-Asset Balanced Opportunity Fund and Lord Abbett Multi-Asset Income Fund, two of the funds constituting the Lord Abbett Investment Trust (the "Trust"), as of November 30, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds listed above constituting the Lord Abbett Investment Trust as of November 30, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statements and financial highlights 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 and financial highlights 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 its 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

New York, New York

January 25, 2023

We have served as the auditor of one or more Lord Abbett Family of Funds' investment companies since 1932.

**Investments in Underlying Funds (unaudited)**

The Funds invests in Underlying Funds managed by Lord Abbett. As of November 30, 2022, each Fund's long-term investments were allocated among the Underlying Funds as follows:

**Multi-Asset Balanced Opportunity Fund's Investments:**

---

| | |
|:---|:---|
| **Underlying Fund Name** | **%** |
| Lord Abbett Investment Trust - Convertible Fund - Class I | 4.14% |
| Lord Abbett Investment Trust - Core Fixed Income Fund - Class I | 16.06% |
| Lord Abbett Research Fund, Inc. - Dividend Growth Fund - Class I | 18.68% |
| Lord Abbett Global Fund, Inc. - Emerging Markets Bond Fund - Class I | 3.82% |
| Lord Abbett Securities Trust - Fundamental Equity Fund - Class I | 17.98% |
| Lord Abbett Securities Trust - Growth Leaders Fund - Class I | 8.19% |
| Lord Abbett Investment Trust - High Yield Fund - Class I | 7.30% |
| Lord Abbett Investment Trust - Inflation Focused Fund - Class I | 3.79% |
| Lord Abbett Securities Trust - International Equity Fund - Class I | 4.16% |
| Lord Abbett Securities Trust - International Value Fund - Class I | 3.52% |
| Lord Abbett Investment Trust - Ultra Short Bond Fund - Class I | 12.36% |

---

**Multi-Asset Income Fund's Investments:** 

---

| | |
|:---|:---|
| **Underlying Fund Name** | **%** |
| Lord Abbett Investment Trust - Convertible Fund - Class I | 3.87% |
| Lord Abbett Investment Trust - Core Fixed Income Fund - Class I | 30.73% |
| Lord Abbett Research Fund, Inc. - Dividend Growth Fund - Class I | 10.67% |
| Lord Abbett Global Fund, Inc. - Emerging Markets Bond Fund - Class I | 3.34% |
| Lord Abbett Securities Trust - Fundamental Equity Fund - Class I | 11.37% |
| Lord Abbett Securities Trust - Growth Leaders Fund - Class I | 4.82% |
| Lord Abbett Investment Trust - High Yield Fund - Class I | 10.43% |
| Lord Abbett Investment Trust - Inflation Focused Fund - Class I | 5.69% |
| Lord Abbett Securities Trust - International Equity Fund - Class I | 4.42% |
| Lord Abbett Securities Trust - International Value Fund - Class I | 3.47% |
| Lord Abbett Investment Trust - Ultra Short Bond Fund - Class I | 11.19% |

---

The Ten Largest Holdings and the Holdings by Sector as of November 30, 2022, for each Underlying Fund are presented below. Each Underlying Fund's annual and semiannual reports, which are sent to shareholders and filed with the SEC, contain information about the Underlying Fund's portfolio holdings, including a complete schedule of holdings. A complete schedule of holdings for each Underlying Fund is also filed with the SEC on Form N-PORT as of the end of each respective Underlying Fund's first and third quarters. In addition, on or about the first day of the second month following each calendar quarter-end, each Fund makes publicly available a complete schedule of its portfolio holdings as of the last day of each such quarter. The information for the most recently ended calendar quarter may be viewed at www.lordabbett.com or requested at no charge by calling Lord Abbett at 888-522-2388.

**Investments in Underlying Funds (unaudited) (continued)**

**Lord Abbett Investment Trust – Convertible Fund**

---

| | |
|:---|:---|
| **Ten Largest Holdings** | **% of Investments** |
| Canopy Growth Corp., 4.250%, 7/15/2023 | 5.61% |
| Shopify, Inc., 0.125%, 11/1/2025 | 3.84% |
| NextEra Energy, Inc., 6.219%, 9/1/2023 | 3.74% |
| Coupa Software, Inc., 0.125%, 6/15/2025 | 3.18% |
| Chegg, Inc., 0.125%, 3/15/2025 | 3.05% |
| Palo Alto Networks, Inc., 0.375%, 6/1/2025 | 2.74% |
| Uber Technologies, Inc., 12/15/2025 | 2.51% |
| Western Digital Corp., 1.500%, 2/1/2024 | 2.50% |
| Sunrun, Inc., 2/1/2026 | 2.31% |
| Block, Inc., 5/1/2026 | 2.28% |

---

---

| | |
|:---|:---|
| **Holdings by Sector** | **% of Investments** |
| Basic Materials | 0.76% |
| Communications | 23.32% |
| Consumer Cyclical | 6.14% |
| Consumer Non Cyclical | 27.36% |
| Energy | 11.89% |
| Financials | 2.59% |
| Industrial | 5.89% |
| Technology | 14.10% |
| Utilities | 4.89% |
| Repurchase Agreements | 3.06% |
| Total | 100.00% |

---

**Lord Abbett Investment Trust – Core Fixed Income Fund**

---

| | |
|:---|:---|
| **Ten Largest Holdings** | **% of Investments** |
| U.S. Treasury Bond, 3.125%, 3/22/2023 | 3.73% |
| U.S. Treasury Note, 4.500%, 11/30/2024 | 3.71% |
| U.S. Treasury Bond, 4.00%, 11/15/2042 | 2.55% |
| U.S. Treasury Note 1.75%, 2/31/2023 | 2.55% |
| U.S. Treasury Bill, 0.010%, 3/14/2023 | 2.20% |
| U.S. Treasury Note 2.625%, 3/31/2023 | 2.03% |
| U.S. Treasury Note 3.00%, 6/30/2023 | 1.90% |
| U.S. Treasury Note 4.125%, 10/31/2027 | 1.87% |
| Fannie Mae or Freddie Mac, 3.000%, TBA | 1.41% |
| Fannie Mae or Freddie Mac, 3.500%, TBA | 1.39% |

---

**Investments in Underlying Funds (unaudited) (continued)**

---

| | |
|:---|:---|
| **Holdings by Sector** | **% of Investments** |
| Asset-Backed Securities | 14.84% |
| Basic Material | 0.35% |
| Communications | 2.79% |
| Consumer Cyclical | 1.18% |
| Consumer Non Cyclical | 4.26% |
| Energy | 2.99% |
| Financials | 11.45% |
| Foreign Government | 1.84% |
| Industrial | 0.76% |
| Mortgage-Backed Securities | 4.00% |
| Technology | 1.37% |
| U.S. Government | 48.41% |
| Utilities | 4.54% |
| Repurchase Agreements | 1.22% |
| Total | 100.00% |

---

**Lord Abbett Research Fund, Inc. – Dividend Growth Fund**

---

| | |
|:---|:---|
| **Ten Largest Holdings** | **% of Investments** |
| Microsoft Corp. | 6.71% |
| Bank of America Corp. | 3.69% |
| UnitedHealth Group, Inc. | 3.56% |
| Exxon Mobil Corp. | 3.50% |
| Master Card, Inc. | 3.17% |
| NextEra Energy, Inc. | 3.04% |
| Apple, Inc. | 297% |
| Coca-Cola Co. (The) | 2.74% |
| Morgan Stanley | 2.62% |
| Ameriprise Financial, Inc. | 2.61% |

---

---

| | |
|:---|:---|
| **Holdings by Sector** | **% of Investments** |
| Consumer Discretionary | 9.22% |
| Consumer Staples | 7.42% |
| Energy | 4.86% |
| Financials | 16.37% |
| Health Care | 14.55% |
| Industrials | 11.29% |
| Information Technology | 22.88% |
| Materials | 6.22% |
| Real Estate | 2.49% |
| Utilities | 3.44% |
| Repurchase Agreements | 1.26% |
| Total | 100.00% |

---

**Investments in Underlying Funds (unaudited) (continued)**

**Lord Abbett Global Fund, Inc. – Emerging Markets Bond Fund**

---

| | |
|:---|:---|
| **Ten Largest Holdings** | **% of Investments** |
| Oman Government International Bond, 4.750%, 6/15/2026 | 1.93% |
| Republic of Egypt, 3.875%, 2/16/2026 | 1.56% |
| United Mexican States, 2.659%, 5/24/2031 | 1.54% |
| Saudi International Bond, 3.450%, 2/2/2061 | 1.53% |
| Philippine Government International Bond, 2.650%, 12/10/2045 | 1.51% |
| Republic of Turkey, 4.250%, 4/14/2026 | 1.47% |
| State of Qatar, 3.250%, 6/2/2026 | 1.41% |
| Republic of Nigeria, 6.500%, 11/28/2027 | 1.35% |
| KSA Sukuk Ltd., 5.268%, 10/25/2028 | 1.30% |
| Abu Dhabi Government International Bond, 1.700%, 3/2/2031 | 1.29% |

---

---

| | |
|:---|:---|
| **Holdings by Sector** | **% of Investments** |
| Basic Materials | 0.95% |
| Communications | 0.71% |
| Consumer Non Cyclical | 1.46% |
| Energy | 17.09% |
| Financial | 4.30% |
| Foreign Government | 69.40% |
| Industrial | 0.33% |
| Utilities | 5.61% |
| Repurchase Agreements | 0.15% |
| Total | 100.00% |

---

**Lord Abbett Securities Trust – Fundamental Equity Fund**

---

| | |
|:---|:---|
| **Ten Largest Holdings** | **% of Investments** |
| UnitedHealth Group, Inc. | 2.92% |
| Pfizer, Inc. | 2.78% |
| JPMorgan Chase & Co. | 2.63% |
| Raytheon Technologies Corp. | 2.60% |
| Procter & Gamble Co. (The) | 2.33% |
| Shell plc | 2.27% |
| Schlumberger NV | 2.27% |
| Ameriprise Financial, Inc. | 2.24% |
| AbbVie, Inc. | 2.11% |
| Wells Fargo & Co. | 2.06% |

---

---

| | |
|:---|:---|
| **Holdings by Sector** | **% of Investments** |
| Communication Services | 5.17% |
| Consumer Discretionary | 7.27% |
| Consumer Staples | 5.08% |
| Energy | 8.40% |
| Financials | 21.35% |
| Health Care | 15.18% |
| Industrials | 13.88% |
| Information Technology | 12.14% |
| Materials | 4.76% |
| Real Estate | 2.37% |
| Utilities | 2.57% |
| Repurchase Agreements | 1.83% |
| Total | 100.00% |

---

**Investments in Underlying Funds (unaudited) (continued)**

**Lord Abbett Securities Trust – Growth Leaders Fund**

---

| | |
|:---|:---|
| **Ten Largest Holdings** | **% of Investments** |
| Apple, Inc. | 9.11% |
| Microsoft Corp. | 6.70% |
| Alphabet, Inc. | 3.51% |
| Lululemon Athletica, Inc. | 2.62% |
| Enphase Energy, Inc. | 2.52% |
| Mastercard, Inc. | 2.45% |
| Arista Networks, Inc. | 2.14% |
| Chipotle Mexican Grill, Inc. | 2.11% |
| Vertex Pharmaceuticals, Inc. | 2.07% |
| Eli Lilly & Co. | 1.82% |

---

---

| | |
|:---|:---|
| **Holdings by Sector** | **% of Investments** |
| Communication Services | 5.76% |
| Consumer Discretionary | 15.61% |
| Consumer Staples | 1.81% |
| Energy | 1.61% |
| Financials | 0.74% |
| Health Care | 17.70% |
| Industrials | 6.85% |
| Information Technology | 46.76% |
| Materials | 0.98% |
| Repurchase Agreements | 2.18% |
| Total | 100.00% |

---

**Lord Abbett Investment Trust – High Yield Fund** 

---

| | |
|:---|:---|
| **Ten Largest Holdings** | **% of Investments** |
| Sprint Capital Corp., 6.875%, 11/15/2028 | 1.04% |
| Occidental Petroleum Corp., 6.125%, 1/1/2031 | 0.99% |
| Tenet Healthcare Corp., 4.375%, 1/15/2030 | 0.79% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, 3/1/2030 | 0.73% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 8/15/2030 | 0.71% |
| Jazz Securities DAC, 4.375%, 1/15/2029 | 0.68% |
| Ford Motor Credit Co. LLC, 2.900%, 2/10/2029 | 0.65% |
| Medline Borrower LP, 3.875%, 4/1/2029 | 0.61% |
| Ford Motor Co., 3.250%, 2/12/2032 | 0.52% |
| Perrigo Finance Unlimited Co., 4.400%, 6/15/2030 | 0.51% |

---

---

| | |
|:---|:---|
| **Holdings by Sector** | **% of Investments** |
| Basic Material | 5.75% |
| Communications | 10.16% |
| Consumer Cyclical | 21.19% |
| Consumer Non Cyclical | 17.60% |
| Energy | 20.08% |
| Financial | 4.34% |
| Foreign Government | 0.07% |
| Industrial | 10.72% |
| Mortgage-Backed Securities | 0.42% |
| Technology | 4.63% |
| Utilities | 4.90% |
| Money Market Fund | 0.09% |
| Time Deposit | 0.01% |
| Repurchase Ageements | 0.04% |
| Total | 100.00% |

---

**Investments in Underlying Funds (unaudited) (continued)**

**Lord Abbett Investment Trust – Inflation Focused Fund**

---

| | |
|:---|:---|
| **Ten Largest Holdings** | **% of Investments** |
| U.S. Treasury Bill, 0.010%, 3/14/2023 | 2.49% |
| U.S. Treasury Bill, Zero Coupon, 1/24/2023 | 2.49% |
| BDS Ltd. 2022-FL11, 5.732%, 3/19/2039 | 0.80% |
| BXHPP Trust 2021-FILM, 4.525%, 8/15/2036 | 0.76% |
| UBS AG, 5.125%, 5/15/2024 | 0.73% |
| MF1 Ltd. 2021-FL7, 5.019%, 10/16/2036 | 0.73% |
| Danske Bank A/S, 5.375%, 1/12/2024 | 0.66% |
| Credit Suisse Mortgage Capital Certificates 2021-BHAR, 5.026%, 11/15/2038 | 0.63% |
| Exeter Automobile Receivables Trust 2020-2A, 7.190%, 9/15/2027 | 0.62% |
| GS Mortgage Securities Corp. Trust 2021-RENT, 5.039%, 11/21/2035 | 0.61% |

---

---

| | |
|:---|:---|
| **Holdings by Sector** | **% of Investments** |
| Asset Backed Securities | 27.73% |
| Basic Material | 2.75% |
| Communications | 2.35% |
| Consumer Cyclicals | 4.90% |
| Consumer Non Cyclical | 3.41% |
| Energy | 6.13% |
| Financial | 25.75% |
| Foreign Government | 0.06% |
| Industrial | 0.58% |
| Material and Processing | 0.16% |
| Mortagage Backed Securities | 14.91% |
| Technology | 1.19% |
| U.S. Government | 5.07% |
| Utilities | 4.06% |
| Repurchase Agreements | 0.95% |
| Total | 100.00% |

---

**Lord Abbett Securities Trust – International Equity Fund** 

---

| | |
|:---|:---|
| **Ten Largest Holdings** | **% of Investments** |
| LVMH Moet Hennessy Louis Vuitton SE | 2.41% |
| Novo Nordisk A/S | 2.27% |
| Shell plc | 2.15% |
| ASML Holding NV | 1.94% |
| BHP Group Ltd. | 1.92% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.75% |
| AstraZeneca plc | 1.69% |
| Schneider Electric SE | 1.61% |
| AIA Group Ltd. | 1.55% |
| Alibaba Group Holding Ltd. | 1.54% |

---

**Investments in Underlying Funds (unaudited) (continued)**

---

| | |
|:---|:---|
| **Holdings by Sector** | **% of Investments** |
| Communication Services | 3.33% |
| Consumer Discretionary | 14.57% |
| Consumer Staples | 8.73% |
| Energy | 7.73% |
| Financials | 20.37% |
| Health Care | 10.47% |
| Industrials | 13.93% |
| Information Technology | 9.79% |
| Materials | 6.40% |
| Utilities | 1.55% |
| Repurchase Agreements | 3.13% |
| Total | 100.00% |

---

**Lord Abbett Securities Trust – International Value Fund** 

---

| | |
|:---|:---|
| **Ten Largest Holdings** | **% of Investments** |
| Shell plc | 4.48% |
| Novartis AG Registered Shares | 3.04% |
| BHP Group Ltd. | 2.79% |
| Unilever plc | 2.73% |
| Sanofi | 2.55% |
| Sumitomo Mitsui Financial Group, Inc. | 2.49% |
| AstraZeneca plc | 2.43% |
| Imperial Brands plc | 2.26% |
| Toyota Motor Corp. | 2.24% |
| Orange SA | 2.22% |

---

---

| | |
|:---|:---|
| **Holdings by Sector** | **% of Investments** |
| Communication Services | 3.36% |
| Consumer Discretionary | 9.95% |
| Consumer Staples | 11.89% |
| Energy | 9.02% |
| Financials | 25.63% |
| Health Care | 11.42% |
| Industrials | 13.22% |
| Information Technology | 3.07% |
| Materials | 7.49% |
| Real Estate | 0.88% |
| Utilities | 4.07% |
| Total | 100.00% |

---

**Investments in Underlying Funds (unaudited) (concluded)**

**Lord Abbett Investment Trust-Ultra Short Bond Fund** 

---

| | |
|:---|:---|
| **Ten Largest Holdings** | **% of Investments** |
| U.S. Treasury Bill 0.01%, 3/14/2023 | 3.93% |
| U.S. Treasury Note, 1.75%, 3/31/2023 | 2.65% |
| U.S. Treasury Note, 4.50%, 11/30/2024 | 1.91% |
| Bank of America Corp. 3.55%, 12/20/2023 | 1.54% |
| Canadian Imperial Bank of Commerce., 4.206%, 3/17/2023 | 1.25% |
| Goldman Sachs Group, Inc., 5.442%, 2/23/2023 | 1.20% |
| Santander UK Group Holdings plc, 3.373%, 1/5/2024 | 1.13% |
| Bank of America Corp., 3.55%, 3/5/2024 | 1.08% |
| Morgan Stanley., 3.737%, 4/24/2024 | 1.06% |
| Verizon Master Trust 2022-1, A, 1, 1.04%, 1/20/2027 | 1.04% |

---

---

| | |
|:---|:---|
| **Holdings by Sector** | **% of Investments** |
| Asset Backed Securities | 24.71% |
| Basic Materials | 1.67% |
| Communications | 2.10% |
| Consumer Cyclical | 5.48% |
| Consumer Non-Cyclical | 3.97% |
| Energy | 2.44% |
| Financial | 40.95% |
| Industrial | 1.54% |
| Mortgage-Backed Securities | 6.42% |
| Technology | 0.49% |
| U.S. Government | 5.84% |
| Utilities | 4.39% |
| Total | 100.00% |

---

**Basic Information About Management**

The Board is responsible for the management of the business and affairs of the Fund in accordance with the laws of the state of organization. The Board elects officers who are responsible for the day-to-day operations of the Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to the Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the investment adviser. Generally, each Board member holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Fund's organizational documents.

Lord, Abbett & Co. LLC ("Lord Abbett"), a Delaware limited liability company, is the Fund's investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Fund.

**Independent Board Members**

The following Independent Board Members also are board members of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 62 investment portfolios.

---

| | | |
|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Current Position and**<br> **Length of Service**<br> **with the Fund** | **Principal Occupation and Other Directorships**<br> **During the Past Five Years** |
| **Evelyn E. Guernsey**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1955) | Board member since 2011; Vice Chair since 2023 | **Principal Occupation:** None.<br>**Other Directorships:** None. |
| **Julie A. Hill**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1946) | Board member since 2004 | **Principal Occupation:** Owner and CEO of The Hill Company, a business consulting firm (since 1998).<br>**Other Directorships:** Previously served as director of Anthem, Inc., a health benefits company (1994–2021). |
| **Kathleen M. Lutito**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1963) | Board member since 2017 | **Principal Occupation:** President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006).<br>**Other Directorships:** None. |
| **James M. McTaggart**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1947) | Board member since 2012 | **Principal Occupation:** Owner of McTaggart LLC (since 2011).<br>**Other Directorships:** None. |
| **Charles O. Prince**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1950) | Board member since 2019 | **Principal Occupation:** None. Formerly Chair and Chief Executive Officer, Citigroup, Inc. (Retired 2007).<br>**Other Directorships:** Previously served as director of Johnson & Johnson (2005–2022). Previously served as director of Xerox Corporation (2007–2018). |

---

**Basic Information About Management (continued)**

---

| | | |
|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Current Position and**<br> **Length of Service**<br> **with the Fund** | **Principal Occupation and Other Directorships**<br> **During the Past Five Years** |
| **Karla M. Rabusch**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1959) | Board member since 2017 | **Principal Occupation:** President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016).<br>**Other Directorships:** None. |
| **Lorin Patrick Taylor Radtke**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1968) | Board member since 2021 | **Principal Occupation:** Partner and Co-Founder of M Seven 8 Partners LLC, a venture capital firm (since 2016). Formerly Partner, Goldman Sachs (1992–2016).<br>**Other Directorships:** Currently serves as director of Assured Guaranty (2021–Present), Virtual Combine (2018–Present), and Mariposa Family Learning Center (2021–Present). Previously served as director of SummerMoon Coffee (2022). |
| **Leah Song Richardson**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1966) | Board member since 2021 | **Principal Occupation:** President of Colorado College (since 2021) and was formerly Dean at University of California, Irvine – School of Law (2017–2021) and formerly Professor of Law at University of California, Irvine (2014–2017).<br>**Other Directorships:** None. |
| **Mark A. Schmid**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1959) | Board member since 2016 | **Principal Occupation:** Vice President and Chief Investment Officer of the University of Chicago (2009–2021).<br>**Other Directorships:** None. |
| **James L.L. Tullis**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1947) | Board member since 2006; Chair since 2017 | **Principal Occupation:** Chair of Tullis Health Investors – FL LLC (since 2018); CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (1990–2016).<br>**Other Directorships:** Currently serves as Chair of Crane Co. (since 2020, director since 1998), Director of Alphatec Spine (since 2018), and Director of Exagen Inc. (since 2019). Previously served as director of electroCore, Inc. (2018–2020). |

---

**Interested Board Members**

Mr. Sieg is affiliated with Lord Abbett and is an "interested person" of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 62 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

---

| | | |
|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Current Position and**<br> **Length of Service**<br> **with the Fund** | **Principal Occupation and Other Directorships**<br> **During the Past Five Years** |
| **Douglas B. Sieg**<br> Lord, Abbett & Co. LLC<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1969) | Board member since 2016 | **Principal Occupation:** Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.<br>**Other Directorships:** None. |

---

**Basic Information About Management (continued)**

**Officers**

None of the officers listed below have received compensation from the Fund. All of the officers of the Fund also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the "Principal Occupation During the Past Five Years" column indicate each officer's position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).

---

| | | | |
|:---|:---|:---|:---|
| **Name and**<br> **Year of Birth** | **Current Position**<br> **with the Fund** | **Length of Service**<br> **of Current Position** | **Principal Occupation**<br> **During the Past Five Years** |
| **Douglas B. Sieg**<br> (1969) | President and Chief Executive Officer | Elected as President and Chief Executive Officer in 2018 | Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994. |
| **Jackson C. Chan**<br> (1964) | AML Compliance Officer | Elected in 2018 | Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014. |
| **Nicholas**<br> **D. Emguschowa**<br> (1986) | Data Protection Officer | Elected in 2022 | Assistant General Counsel, joined Lord Abbett in 2018 and was formerly Associate at Shearman & Sterling (2014-2018). |
| **Michael J. Hebert**<br> (1976) | Chief Financial Officer and Treasurer | Elected as Chief Financial Officer and Treasurer in 2021 | Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014–2021) and Calvert Research & Management (CRM) (2016–2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years. |
| **Jennifer C. Karam**<br> (1970) | Vice President and Assistant Secretary | Elected in 2022 | Partner and Senior Deputy General Counsel, joined Lord Abbett in 2012. |
| **Joseph M. McGill**<br> (1962) | Chief Compliance Officer | Elected in 2014 | Partner and Chief Compliance Officer, joined Lord Abbett in 2014. |

---

**Basic Information About Management (concluded)**

---

| | | | |
|:---|:---|:---|:---|
| **Name and**<br> **Year of Birth** | **Current Position**<br> **with the Fund** | **Length of Service**<br> **of Current Position** | **Principal Occupation**<br> **During the Past Five Years** |
| **Lawrence B. Stoller**<br> (1963) | Vice President, Secretary and Chief Legal Officer | Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019 | Partner and General Counsel, joined Lord Abbett in 2007. |
| **Victoria Zozulya**<br> (1983) | Vice President and Assistant Secretary | Elected in 2022 | Counsel, joined Lord Abbett in 2022 and was formerly Senior Director and Counsel at Equitable (2018–2022) and Assistant General Counsel at Neuberger Berman (2014–2018). |

---

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Fund's Board members. It is available free upon request.

**Householding**

The Trust has adopted a policy that allows it to send only one copy of each Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.

**Proxy Voting Policies, Procedures and Records**

A description of the policies and procedures that Lord Abbett uses to vote proxies related to each Fund's portfolio securities, and information on how Lord Abbett voted each Fund's proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett's website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

**Shareholder Reports and Quarterly Portfolio Disclosure**

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters as an attachment to Form N-PORT. Copies of the filings are available without charge, upon request on the SEC's website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388.

**Tax Information (unaudited)**

The percentages below reflect the portion of ordinary income distributions that are eligible for the corporate dividend received deduction (DRD) and qualified dividend income (QDI) for individual shareholders:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **DRD** | **QDI** |
| Multi-Asset Balanced Opportunity Fund | 12% | 19% |
| Multi-Asset Income Fund | 9% | 17% |

---

Additionally, of the distributions paid to the shareholders during the fiscal year ended November 30, 2022, the following amount represent long-term capital gains:

---

| | |
|:---|:---|
| **Fund Name** | |
| Multi-Asset Balanced Opportunity Fund | $271701274 |

---

Each fund intends to pass through foreign source income and foreign taxes as follows:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Foreign**<br> **Source Income** | **Foreign Taxes** |
| Multi-Asset Balanced Opportunity Fund | $3658661 | $117908 |
| Multi-Asset Income Fund | 1684431 | 58804 |

---

![](x3_c105070x79x1.jpg)

![](x3_c105070x79x2.jpg)

---

| | | |
|:---|:---|:---|
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.<br>Lord Abbett mutual fund shares are distributed by<br> LORD ABBETT DISTRIBUTOR LLC. | **Lord Abbett Investment Trust**<br>Lord Abbett Multi-Asset Balanced Opportunity Fund<br> Lord Abbett Multi-Asset Income Fund | LASAF-2<br> (01/23) |

---

![](x4_c105071x1x1.jpg)

LORD ABBETT<br> ANNUAL REPORT

Lord Abbett

Convertible Fund

Core Fixed Income Fund

Core Plus Bond Fund

Corporate Bond Fund

Floating Rate Fund

High Yield Fund

Income Fund

Inflation Focused Fund

Short Duration Core Bond Fund

Short Duration Income Fund

Total Return Fund

Ultra Short Bond Fund

*For the fiscal year ended November 30, 2022*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**A Letter to Shareholders**](#x4_c105071a001) |
| 32 | [**Investment Comparisons**](#x4_c105071a002) |
| 55 | [**Information About Your Fund's Expenses and Holdings Presented by Sector**](#x4_c105071a003) |
|  | [**Schedules of Investments:**](#x4_c105071a004) |
| 80 | [Convertible Fund](#x4_c105071a005) |
| 86 | [Core Fixed Income Fund](#x4_c105071a006) |
| 104 | [Core Plus Bond Fund](#x4_c105071a007) |
| 132 | [Corporate Bond Fund](#x4_c105071a008) |
| 141 | [Floating Rate Fund](#x4_c105071a009) |
| 176 | [High Yield Fund](#x4_c105071a010) |
| 205 | [Income Fund](#x4_c105071a011) |
| 221 | [Inflation Focused Fund](#x4_c105071a012) |
| 266 | [Short Duration Core Bond Fund](#x4_c105071a013) |
| 288 | [Short Duration Income Fund](#x4_c105071a014) |
| 343 | [Total Return Fund](#x4_c105071a015) |
| 365 | [Ultra Short Bond Fund](#x4_c105071a016) |
| 382 | [**Statements of Assets and Liabilities**](#x4_c105071a017) |
| 390 | [**Statements of Operations**](#x4_c105071a018) |
| 396 | [**Statements of Changes in Net Assets**](#x4_c105071a019) |
| 404 | [**Financial Highlights**](#x4_c105071a020) |
| 452 | [**Notes to Financial Statements**](#x4_c105071a021) |
| 513 | [**Report of Independent Registered Public Accounting Firm**](#x4_c105071a022) |
| 514 | [**Supplemental Information to Shareholders**](#x4_c105071a023) |

---

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**Lord Abbett Investment Trust**

**Lord Abbett Convertible Fund, Lord Abbett Core Fixed Income Fund, Lord Abbett Core Plus Bond Fund, Lord Abbett Corporate Bond Fund, Lord Abbett Floating Rate Fund, Lord Abbett High Yield Fund, Lord Abbett Income Fund, Lord Abbett Inflation Focused Fund, Lord Abbett Short Duration Core Bond Fund, Lord Abbett Short Duration Income Fund, Lord Abbett Total Return Fund, and Lord Abbett Ultra Short Bond Fund <br> Annual Report**

*For the fiscal year ended November 30, 2022*

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| | |
|:---|:---|
| ![](x4_c105071x3x1.jpg)<br>From left to right: James L.L. Tullis, Independent Chair of the Lord Abbett Funds and Douglas B. Sieg Trustee, President, and Chief Executive Officer of the Lord Abbett Funds. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dear Shareholders:** We are pleased to provide you with this overview of the performance of the Funds for the fiscal year ended November 30, 2022. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and more timely information about the Funds, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on each Fund's performance and other portfolio related updates.<br> Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.<br>**Best regards,**<br> ![](x4_c105071x3x2.jpg)<br>**Douglas B. Sieg**<br> **Trustee, President and Chief Executive Officer**<br>|

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**Lord Abbett Convertible Fund**

For the fiscal year ended November 30, 2022, the Fund returned -21.50%, reflecting performance at the net asset value ("NAV") of Class A shares with all distributions reinvested, compared to its benchmark, the

ICE BofA U.S. Convertibles Index,<sup>1</sup> which returned -15.95% over the same period.

U.S. markets faced many challenges throughout the twelve-month period ending November 30, 2022, including the spread of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary

------

pressures, tighter fiscal and monetary policy, and Russia's invasion of Ukraine. The Dow Jones Industrial Average was up 2.48% and the S&P 500<sup>®</sup> Index fell -9.21%, while the tech-heavy Nasdaq Composite lost -25.59%. Value stocks<sup>2</sup> significantly outperformed growth stocks<sup>3</sup> (1.95% vs -21.59%), while large cap stocks<sup>4</sup> outperformed small cap stocks<sup>5</sup> (-10.66% vs -13.01%).

Within fixed income, rates spiked across the U.S. yield curve, causing softness in U.S. Treasuries<sup>6</sup>, which returned -12.46%. Investment grade corporate bonds<sup>7</sup> also exhibited poor performance, returning -12.32% over the period as a combination of wider spreads and rising rates were both headwinds for the asset class. Although several macro headwinds led to increased recessionary fears in the U.S. economy, lower quality assets outperformed their higher quality counterparts given their more limited sensitivity to rate volatility. High yield bonds<sup>8</sup> and leveraged loans<sup>9</sup> returned -8.82% and -0.79%, respectively, over the period, outperforming investment grade corporates.

In November 2021, just prior to the start of the period, the World Health Organization designated the newly discovered Omicron variant as a "variant of concern", leading to one of the largest selloffs of U.S. risk assets since the start of the pandemic, amid fears that the world would succumb to a new wave of infections. U.S. cases hit the highest levels of the pandemic in December, rising above 580,000 new cases in the last week of the month, more than doubling the previous record high. Yet, negative sentiment quickly reversed as cases proved to be generally less severe than prior strains. Market sentiment also increased after the

Center for Disease Control shortened its suggested isolation policy for those infected from 10 days to five.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. This debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June.

Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014. The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. After remaining mostly consistent in its messaging that price

------

pressures would likely be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes of 50 bps, 75 bps, 75 bps, 75 bps, and 75 bps, respectively, followed in the succeeding months as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields

Separately, global markets faced increased geopolitical tensions due to Russia's invasion of Ukraine on February 23<sup>rd</sup>. Tensions remained elevated for the remainder of the twelve-month period, as Russia continued to weaponize energy flows, annexed four Ukrainian regions, and ratcheted up its nuclear warnings. In addition, the rhetoric between the U.S. and China over Taiwan further heated up after U.S. House of Representatives Speaker Nancy Pelosi visited Taiwan in August. China responded to the trip with large-scale military drills, which led to a pledge by U.S. President Joe Biden to defend the democratically governed island.

Key macroeconomic indicators mostly trended lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow,

causing consumer sentiment to decline to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008 as measured by the consumer confidence index.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third-quarter earnings were slightly below expectations but provided evidence of healthy consumer spending. Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

As a result of supply chain dislocations, labor shortages, inflationary pressures, restrictive fiscal and monetary policy, and geopolitical tensions surrounding Russia's invasion of Ukraine, high innovation small and midcap companies, particularly those aggressively reinvesting in research and development to drive future revenues and earnings, underperformed lower growth, lower valuation names within the index

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during the period as the market has largely expressed a technical preference for companies with positive earnings today, compared to larger growth potential in the future. As such, the Fund's exposure to small and midcap secular growth companies, such as MongoDB, Inc., a general-purpose database platform, was a primary drag on relative performance.

Security selection within the biotechnology and medical device industries was also a notable detractor from relative performance over the period. Thematically, smaller names within biotech and medical devices, such as Dexcom, Inc., a developer of continuous glucose monitoring systems for diabetes management, faced several unique challenges to begin the period which ultimately impacted performance. Entering 2022, the biotech industry was already grappling with the continued shift in investor demand for stocks of companies that were more closely tied to the reopening of the U.S. economy following the Food and Drug Administration (FDA) approval of COVID vaccines. However, the industry was also negatively affected by a constrained FDA that was redirecting most of its resources to combat the pandemic, which led to the delay of the approval of several drug and therapies, a string of bad data from several high-profile companies, and too much supply in the market as a result of a record of IPOs in 2021.

The Fund's overweight to convertible securities with a lower delta was a prominent contributor to relative performance over the period. Although many of the underlying stocks of these issuers corrected significantly over the period, their strong credit characteristics provided resilience relative to more equity-sensitive counterparts.

The Fund's position in Scorpio Tankers, Inc., a tanker shipping company, was also a notable contributor to relative performance over the period as the company benefitted from soaring demand for crude oil and refined petroleum products. As mentioned above, global markets were faced with increased geopolitical tensions throughout the period that ultimately culminated in the Russian invasion of Ukraine in February. The invasion resulted in oil prices rising to nearly $100 per barrel amid fears of a supply shortage, which greatly benefited stock prices of many energy companies — including Scorpio Tankers.

**Lord Abbett Core Fixed Income Fund**

For the fiscal year ended November 30, 2022, the Fund returned -13.54%, reflecting performance at the net asset value ("NAV") of Class A shares with all distributions reinvested, compared to its benchmark, the Bloomberg U.S. Aggregate Bond Index,<sup>10</sup> which returned -12.84%.

The twelve-month period ending November 30, 2022 was full of challenges for U.S. markets as the world faced the emergence of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, less accommodative fiscal and monetary policy, and Russia's invasion of Ukraine. The major risk to assets proved to be inflationary pressures and an increasingly hawkish U.S. Federal Reserve (Fed). Rates spiked across the U.S. yield curve, causing a steep decline in U.S. Treasuries<sup>6</sup> which returned -12.32%. Investment grade corporate bonds<sup>7</sup> also exhibited poor performance, returning -15.46% over the period primarily driven by rising rates and also modest spread widening.

------

Although several macro headwinds led to increased recessionary fears in the U.S. economy, lower quality fixed income outperformed their higher quality counterparts given their higher carry, lower duration and more limited sensitivity to rate volatility. High yield bonds<sup>8</sup> and leveraged loans<sup>9</sup> returned -8.82% and -0.79%, respectively, over the period, outperforming investment grade corporates. Within high yield, B-rated outperformed both BB-rated and CCC-rated segments of the market and there was significant dispersion across sectors with Energy and Capital Goods outperforming other sectors such as Healthcare and Retail. Leveraged loans were able to outperform high yield bonds significantly during the period given their insulation from rate volatility due to their floating-rate coupons.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. This debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June.

Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject

to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014. The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. After remaining mostly consistent in its messaging that price pressures would likely be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes of 50 bps, 75 bps, 75 bps, 75 bps, and 75 bps, respectively, followed in the succeeding months as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Key macroeconomic indicators mostly trended lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries among investors that a

------

recession was pending continued to grow, causing consumer sentiment to decline to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third quarter earnings were slightly below expectations but provided evidence of healthy consumer spending. Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

For the twelve-month period ended November 2022, the Fund's underweight position to duration versus its benchmark was the largest contributor to relative performance as interest rates sold off and interest rate sensitive bonds were negatively affected.

Also contributing to relative performance was a modest allocation to

cash and cash equivalents. As returns were negative across asset classes during the period, this allocation to cash and cash equivalents buoyed performance relative to the benchmark.

Another contributor to relative performance over the period was security selection within agency mortgage-backed securities (MBS). Specifically, our focus on up-in-coupon (security with a higher coupon) agency MBS benefitted relative performance as higher carry offset some of the principal losses driven by rate volatility.

The largest detractor from performance over the period was a modest overweight to sovereign debt. Sovereign bonds underperformed the broader index as a spiking USD acted as a major headwind to performance within the asset class.

Also detracting from relative performance was security selection within investment-grade corporate credit.

Another detractor from relative performance was the Fund's allocation to securitized products – including collateralized loan obligations (CLO) and commercial mortgage-backed securities (CMBS). Securitized credit underperformed the broader index, as increased market volatility and liquidity concerns acted as headwinds to the asset class.

**Lord Abbett Core Plus Bond Fund**

For the fiscal year ended November 30, 2022, the Fund returned -13.38%, reflecting performance at the net asset value ("NAV") of Class A shares with all distributions reinvested, compared to its benchmark, the Bloomberg U.S. Aggregate Bond Index,<sup>10</sup> which returned -12.84%.

The twelve-month period ending November 30, 2022 was full of challenges for U.S. markets as the world faced the

------

emergence of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, less accommodative fiscal and monetary policy, and Russia's invasion of Ukraine. The major risk to assets proved to be inflationary pressures and an increasingly hawkish U.S. Federal Reserve (Fed). Rates spiked across the U.S. yield curve, causing a steep decline in U.S. Treasuries<sup>6</sup> which returned -12.32%. Investment grade corporate bonds<sup>7</sup> also exhibited poor performance, returning -15.46% over the period primarily driven by rising rates and also modest spread widening.

Although several macro headwinds led to increased recessionary fears in the U.S. economy, lower quality fixed income outperformed their higher quality counterparts given their higher carry, lower duration and more limited sensitivity to rate volatility. High yield bonds<sup>8</sup> and leveraged loans<sup>9</sup> returned -8.82% and -0.79%, respectively, over the period, outperforming investment grade corporates. Within high yield, B-rated outperformed both BB-rated and CCC-rated segments of the market and there was significant dispersion across sectors with Energy and Capital Goods outperforming other sectors such as Healthcare and Retail. Leveraged loans were able to outperform high yield bonds significantly during the period given their insulation from rate volatility due to their floating-rate coupons.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent

than originally thought. This debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June. Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014. The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. After remaining mostly consistent in its messaging that price pressures would likely be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes of 50 bps, 75 bps, 75 bps, 75 bps, and 75 bps, respectively, followed in the

------

succeeding months as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Key macroeconomic indicators mostly trended lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, causing consumer sentiment to decline to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third quarter earnings were slightly below expectations but provided evidence of healthy consumer spending.

Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

For the twelve-month period ended November 2022, the Fund's underweight position to duration versus the benchmark was the largest contributor to relative performance as interest rates sold off and interest rate sensitive bonds were negatively affected.

Also contributing to relative performance was a modest allocation to cash and cash equivalents. As returns were negative across asset classes during the period, this allocation to cash and cash equivalents buoyed performance relative to the benchmark.

Another contributor to relative performance over the period was security selection within agency mortgage-backed securities (MBS). Specifically, our focus on up-in-coupon (security with a higher coupon) agency MBS benefitted relative performance as higher carry offset some of the principal losses driven by rate volatility.

The largest detractor from relative performance over the period was an overweight to high yield credit. High yield credit underperformed the broader index on a duration-adjusted basis, as investors weighed the risks of owning lower quality companies amidst rising interest rates and higher financing costs.

Another detractor from relative performance was the Fund's allocation to securitized products – including collateralized loan obligations (CLO) and commercial mortgage-backed securities

------

(CMBS). Securitized credit underperformed the broader index, as increased market volatility and liquidity concerns acted as headwinds to the asset class.

**Lord Abbett Corporate Bond Fund**

For the fiscal year ended November 30, 2022, the Fund returned -16.19%, reflecting performance at the net asset value ("NAV") of Class A shares with all distributions reinvested, compared to its benchmark, the Bloomberg U.S. Corporate Investment Grade Index<sup>7</sup>, which returned -15.46% over the period.

The twelve-month period ending November 30, 2022 was full of challenges for U.S. markets as the world faced the emergence of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, less accommodative fiscal and monetary policy, and Russia's invasion of Ukraine. The major risk to assets proved to be inflationary pressures and an increasingly hawkish U.S. Federal Reserve (Fed). Rates spiked across the U.S. yield curve, causing a steep decline in U.S. Treasuries<sup>6</sup> which returned -12.32%. Investment grade corporate bonds<sup>7</sup> also exhibited poor performance, returning -15.46% over the period primarily driven by rising rates and also modest spread widening.

Although several macro headwinds led to increased recessionary fears in the U.S. economy, lower quality fixed income outperformed their higher quality counterparts given their higher carry, lower duration and more limited sensitivity to rate volatility. High yield bonds<sup>8</sup> and leveraged loans<sup>9</sup> returned -8.82% and -0.79%, respectively, over the period, outperforming investment grade corporates. Within high yield, B-rated

outperformed both BB-rated and CCC-rated segments of the market and there was significant dispersion across sectors with Energy and Capital Goods outperforming other sectors such as Healthcare and Retail. Leveraged loans were able to outperform high yield bonds significantly during the period given their insulation from rate volatility due to their floating-rate coupons.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. This debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June. Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil

------

reaching over $100 per barrel for the first time since 2014. The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. After remaining mostly consistent in its messaging that price pressures would likely be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes of 50 bps, 75 bps, 75 bps, 75 bps, and 75 bps, respectively, followed in the succeeding months as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Key macroeconomic indicators mostly trended lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, causing consumer sentiment to decline to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch

of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third quarter earnings were slightly below expectations but provided evidence of healthy consumer spending. Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

Over the trailing twelve-month period, U.S. Treasury yields spiked aggressively as the U.S. Federal Reserve hiked rates, which was a significant headwind to performance.

Detracting from relative performance over the period was security selection within investment grade corporate bonds; more specifically, selection within the Technology and Banking sectors. Amid the flattening of the yield curve, rate volatility, and skepticism around global growth prospects, banks came under pressure. The Technology sector came under pressure as risk assets sold off significantly. Technology tends to underperform in a rising rate environment as borrowing costs increase, as many of these companies are highly levered.

------

One of the largest contributors to the Fund's relative performance was the Fund's underweight to duration relative to the benchmark. Being modestly underweight duration was a tailwind to relative performance as U.S. Treasury yields rose significantly over the period.

The Fund's allocation to bank loans also contributed to relative performance as they benefited from rising rates due to their floating coupons.

The Fund's modest allocation to high yield corporate bonds also contributed to relative performance. High yield credit, in general, fared much better than investment grade over the period.

**Lord Abbett Floating Rate Fund**

For the fiscal year ended November 30, 2022, the Fund returned -1.31%, reflecting performance at the net asset value ("NAV") of Class A shares with all distributions reinvested, compared to its benchmark, the Credit Suisse Leveraged Loan Index,<sup>9</sup> which returned -0.79% over the same period.

The twelve-month period ending November 30, 2022 was full of challenges for U.S. markets as the world faced the emergence of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, less accommodative fiscal and monetary policy, and Russia's invasion of Ukraine. The major risk to assets proved to be inflationary pressures and an increasingly hawkish U.S. Federal Reserve (Fed). Rates spiked across the U.S. yield curve, causing softness in U.S. Treasuries<sup>6</sup> which returned -12.32%. Investment grade corporate bonds<sup>7</sup> also exhibited poor performance, returning -12.32% over the period as a combination of wider spreads and rising rates were both headwinds for the asset class.

Although several macro headwinds led to increased recessionary fears in the U.S. economy, lower quality assets outperformed their higher quality counterparts given their more limited sensitivity to rate volatility. High yield bonds<sup>8</sup> and leveraged loans<sup>9</sup> returned -8.82% and -0.79%, respectively, over the period, outperforming investment grade corporates. Leveraged loans were able to outperform high yield bonds significantly during the period given their insulation from rate volatility due to their floating-rate coupons. Within high yield, B-rated outperformed both BB-rated and CCC-rated segments of the market and there was significant dispersion across sectors with Energy and Capital Goods outperforming other sectors such as Healthcare and Retail.

Inflationary concerns began to take focus towards the end of 2021 before becoming a dominant headline throughout the period. Headline core consumer price index readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. However, this debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to an imbalance between supply and demand dynamics across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June. Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19,

------

faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large global exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014. The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. After remaining mostly consistent in its messaging around expectations that price pressures would be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee (FOMC) meeting, the first hike in more than three years. Five additional rate hikes followed in the succeeding months, one of 50 bps, and four consecutive hikes of 75 bps, as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in anticipation of this aggressive policy, leading to a bearish curve flattening trend and ultimately periods of brief yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Key macroeconomic indicators mostly continued to trend lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, causing consumer sentiment to decline to

levels worse than during the height of the COVID-19 pandemic and the global financial crisis of 2008.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one of the most positive developments seemed to be the traction behind the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July and lumber prices were off more than 70% from their March peak late in the third quarter, back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including plenty of commentary about relatively stable demand and pricing power continuing to protect margins. Third quarter earnings were slightly below expectations but provided evidence of healthy consumer spending. Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

The increased recessionary concerns and slowdown in growth outlook in the U.S. economy led to the underperformance of the Fund's cyclical exposure. Namely, security selection within the Financial sector was one of the primary detractors from relative performance as the Fund was overweight select securities within the benchmark that underperformed the broader loan sector. Manufacturing also

------

faced challenges as investors moved to price in a global slowdown, and costs for raw materials climbed while supply chain and destocking trends presented further concerns. The Fund was underweight the sector in anticipation of these concerns, but was skewed towards lower quality, higher conviction exposures we had retained, which delivered modest relative underperformance. Security selection within Services sector also dragged on relative performance for the period due to the Fund being overweight issuers that faced increased headwinds from rising labor costs. Additionally, credit selection within the Housing sector also detracted from relative performance. Within this period, homebuilders struggled with lower demand in the housing sector given rising mortgage rates. Security selection within the Media sector was a detractor from relative performance over the period as well. Despite an overall underweight allocation to the sector, the Fund was overweight select credits that underperformed given limited pricing power in the face of a renewed inflationary environment over the course of 2022.

Contributors to relative performance were primarily in more defensive sectors, such as Healthcare. The Fund had significant underweight positions to select pharmaceutical issuers within the benchmark that underperformed for the quarter due to idiosyncratic credit concerns. Separately, security selection within the Information Technology sector also contributed to relative performance. Similar to Healthcare, the Fund was underweight multiple issuers within the index, primarily in the Software and Services subsector, that significantly underperformed given the rising yield environment, which more negatively

impacted valuations in higher growth industries. Security selection within the Transportation sector also contributed to relative performance over the period. An overweight to the Energy sector provided positive relative performance as supply dynamics and much more disciplined management by companies in the sector flowed through to strong earnings supporting a general trend towards deleveraging. We also reduced the Fund's consumer exposure within the Consumer Durables sector specifically given an anticipated shift from goods to service spending. This contributed to relative performance as the Fund moved underweight certain credits, which had initially benefited from COVID-19 shutdowns, but later lagged with a return to more normalized revenues and profits.

**Lord Abbett High Yield Fund**

For the fiscal year ended November 30, 2022, the Fund returned -11.62%, reflecting performance at the net asset value ("NAV") of Class A shares with all distributions reinvested, compared to its benchmark, the ICE BofA U.S. High Yield Constrained Index,<sup>8</sup> which returned -8.82% over the same period.

The twelve-month period ending November 30, 2022 was full of challenges for U.S. markets as the world faced the emergence of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, less accommodative fiscal and monetary policy, and Russia's invasion of Ukraine. The major risk to assets proved to be inflationary pressures and an increasingly hawkish U.S. Federal Reserve (Fed). Rates spiked across the U.S. yield curve, causing softness in U.S. Treasuries<sup>6</sup> which returned -12.46%.

------

Investment grade corporate bonds<sup>7</sup> also exhibited poor performance, returning -12.32% over the period as a combination of wider spreads and rising rates were both headwinds for the asset class.

Although several macro headwinds led to increased recessionary fears in the U.S. economy, lower quality assets outperformed their higher quality counterparts given their more limited sensitivity to rate volatility. High yield bonds<sup>8</sup> and leveraged loans<sup>9</sup> returned -8.82% and -0.79%, respectively, over the period, outperforming investment grade corporates. Within high yield, B-rated outperformed both BB-rated and CCC-rated segments of the market and there was significant dispersion across sectors with Energy and Capital Goods outperforming other sectors such as Healthcare and Retail. Leveraged loans were able to outperform high yield bonds significantly during the period given their insulation from rate volatility due to their floating-rate coupons.

Inflationary concerns began to take focus towards the end of 2021 before becoming a dominant headline throughout the period. Headline core consumer price index readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. However, this debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to an imbalance between supply and demand dynamics across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June. Energy costs were the primary driver of inflation for the

period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large global exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014. The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. After remaining mostly consistent in its messaging around expectations that price pressures would be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee (FOMC) meeting, the first hike in more than three years. Five additional rate hikes followed in the succeeding months, one of 50 bps, and four consecutive hikes of 75 bps, as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in anticipation of this aggressive policy, leading to a bearish curve flattening trend and ultimately periods of brief yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Key macroeconomic indicators mostly continued to trend lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the

------

second quarter before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, causing consumer sentiment to drop to levels worse than during the height of the COVID-19 pandemic and the global financial crisis of 2008.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one of the most positive developments seemed to be the traction behind the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July and lumber prices were off more than 70% from their March peak late in the third quarter, back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including plenty of commentary about relatively stable demand and pricing power continuing to protect margins. Third quarter earnings were slightly below expectations but provided evidence of healthy consumer spending. Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

Within the Fund, performance was largely driven by credit selection within certain cyclical sectors that faced increased headwinds given the deteriorating growth landscape in the U.S. economy. These high

yield sectors included Services, Retail and Automotive, where the Fund was overweight select issuers in the benchmark that were more sensitive to rising recession fears and concerns about slowing consumer spending as a result of more persistent inflationary pressures. Security selection within the Capital Goods sector also detracted from relative performance for the period as the Fund was overweight specific credits from issuers that struggled from increased labor shortages, resultant wage pressures and supply chain friction. Credit selection within the Technology and Electronics sector also dragged on relative Fund performance, particularly from overweights to software companies that were affected by tighter financial conditions from rising interest rates. The Fund's opportunistic allocations to off-benchmark securities also detracted from relative performance. Specifically, an opportunistic allocation to the Emerging Market (EM) bond sector generally underperformed U.S. high yield market due to its increased sensitivity to rising global yields. EM exposure within the Fund was primarily to select real estate developers within China that faced continuous regulatory pressure throughout the period. We had modestly added to what we believed to be relatively higher quality companies in the sector that we believed could benefit from a pivot in these regulatory pressures, were trading at substantial discounts to par, and provided attractive longer-term risk-reward profiles. However, these holdings declined over the period as regulatory headwinds in the Chinese real estate market persisted through the majority of the performance period. Despite recent underperformance, we began to see an easing of China's regulatory pressure on the sector towards

------

the end of the period. An opportunistic allocation to U.S. equities which ended up being more sensitive to dampened earnings outlooks also dragged on relative Fund returns.

An overweight allocation to and security selection within the Energy sector was among the largest contributors to relative performance for the period. Within the sector, overweight exposure to the Exploration and Production subsector contributed most due primarily to a strong technical relationship in oil prices, highlighted by West Texas Intermediate (WTI) Crude futures breaching $100 per barrel for the first time since 2014. Oil prices had faced upward pressure from lower supply given ongoing production shortages. These pressures were then exacerbated by the conflict between Ukraine and Russia that led to sanctions on Russian oil exports. The Fund was also supported by credit selection within the Utilities sector. Specifically, the Fund favored issuers in the benchmark that outperformed the broader high yield index due to their more defensive nature. The Fund also benefited from its allocation to bank loans which outperformed high yield corporate bonds since the start of 2022. Bank loans were more insulated from market volatility compared to other fixed income asset classes due primarily to their floating rate nature.

**Lord Abbett Income Fund**

For the fiscal year ended November 30, 2022, the Fund returned -15.22%, reflecting performance at the net asset value ("NAV") of Class A shares with all distributions reinvested, compared to its benchmark, the Bloomberg U.S. Credit Bond Index<sup>11</sup>, which returned -14.96% over the same period.

The twelve-month period ending November 30, 2022 was full of challenges for U.S. markets as the world faced the emergence of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, less accommodative fiscal and monetary policy, and Russia's invasion of Ukraine. The major risk to assets proved to be inflationary pressures and an increasingly hawkish U.S. Federal Reserve (Fed). Rates spiked across the U.S. yield curve, causing a steep decline in U.S. Treasuries<sup>6</sup> which returned -12.32%. Investment grade corporate bonds<sup>7</sup> also exhibited poor performance, returning -15.46% over the period primarily driven by rising rates and also modest spread widening.

Although several macro headwinds led to increased recessionary fears in the U.S. economy, lower quality fixed income outperformed their higher quality counterparts given their higher carry, lower duration and more limited sensitivity to rate volatility. High yield bonds<sup>8</sup> and leveraged loans<sup>9</sup> returned -8.82% and -0.79%, respectively, over the period, outperforming investment grade corporates. Within high yield, B-rated outperformed both BB-rated and CCC-rated segments of the market and there was significant dispersion across sectors with Energy and Capital Goods outperforming other sectors such as Healthcare and Retail. Leveraged loans were able to outperform high yield bonds significantly during the period given their insulation from rate volatility due to their floating-rate coupons.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) readings had hovered a little above 5%

------

year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. This debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June. Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014. The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. After remaining mostly consistent in its messaging that price pressures would likely be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes of 50 bps, 75 bps, 75 bps, 75 bps, and 75 bps, respectively, followed in the succeeding

months as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Key macroeconomic indicators mostly trended lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, causing consumer sentiment to decline to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third quarter earnings were slightly below expectations but provided evidence of healthy consumer spending. Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged

------

easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

Over the trailing twelve-month period, U.S. Treasury yields spiked aggressively as the U.S. Federal Reserve hiked rates, which was a significant headwind to performance.

Detracting from relative performance over the period was security selection within investment grade corporate bonds; more specifically, selection within the Technology and Banking sectors. Amid the flattening of the yield curve, rate volatility, and skepticism around global growth prospects, banks came under pressure. The Technology sector came under pressure as risk assets sold off significantly. Technology tends to underperform in a rising rate environment as borrowing costs increase, as many of these companies are highly levered.

Also detracting from relative performance were off-benchmark allocations to structured products, including collateralized loan obligations (CLO), commercial mortgage-backed securities (CMBS), and agency mortgage-backed securities (MBS). Structured products underperformed as market volatility caused structured products, which are generally less liquid, to underperform corporate credit.

One of the largest contributors to the Fund's relative performance was the Fund's underweight to duration relative to the benchmark. Being modestly underweight duration was a tailwind to relative performance as U.S. Treasury yields rose significantly over the period.

The Fund's allocation to bank loans also contributed to relative performance as they benefited from rising rates due to their floating coupons.

**Lord Abbett Inflation Focused Fund**

For the fiscal year ended November 30, 2022, the Fund returned -3.51%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared to its benchmark, the Bloomberg U.S. 1-5 Year TIPS Index,<sup>12</sup> which returned -3.27% over the same period.

The twelve-month period ending November 30, 2022 was full of challenges for U.S. markets as the world faced the emergence of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, less accommodative fiscal and monetary policy, and Russia's invasion of Ukraine. The major risk to assets proved to be inflationary pressures and an increasingly hawkish U.S. Federal Reserve (Fed). Rates spiked across the U.S. yield curve, causing a steep decline in U.S. Treasuries<sup>6</sup> which returned -12.32%. Investment grade corporate bonds<sup>7</sup> also exhibited poor performance, returning -15.46% over the period primarily driven by rising rates and also modest spread widening.

Although several macro headwinds led to increased recessionary fears in the U.S. economy, lower quality fixed income outperformed their higher quality counterparts given their higher carry, lower duration and more limited sensitivity to rate volatility. High yield bond<sup>8</sup> and leveraged loans<sup>9</sup> returned -8.82% and –0.79%, respectively, over the period, outperforming investment grade corporates. Within high yield, B-rated outperformed both BB-rated and CCC-rated segments of the market and there was significant dispersion across sectors with Energy and Capital Goods

------

outperforming other sectors such as Healthcare and Retail. Leveraged loans were able to outperform high yield bonds significantly during the period given their insulation from rate volatility due to their floating-rate coupons.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. This debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June. Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014. The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating

inflation. After remaining mostly consistent in its messaging that price pressures would likely be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes of 50 bps, 75 bps, 75 bps, 75 bps, and 75 bps, respectively, followed in the succeeding months as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Key macroeconomic indicators mostly trended lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, causing consumer sentiment to decline to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell

------

for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third quarter earnings were slightly below expectations but provided evidence of healthy consumer spending. Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

The Fund takes a different approach to inflation protection than its benchmark, which is comprised entirely of U.S. Treasury Inflation-Protected Securities ("TIPS"). This strategy combines a short-term bond portfolio with an overlay of consumer price index ("CPI") swaps through which the Fund's primary objective is to provide investment returns that exceed the rate of inflation in the U.S. economy over a full market cycle.

The largest detractor from the Fund's absolute return during the period was a sharply rising 2-year Treasury, which proved to be a significant headwind to performance as the Fund is invested mainly at the 2-year part of the yield curve.

The non-agency residential mortgage-backed securities (NA RMBS) allocation also detracted from performance given concerns of the impact of rising mortgage rates on home prices and the ability of homeowners to make payments in an economic downturn.

The Fund's allocation to investment grade corporate bonds was the primary contributor to performance over the period. Investment grade corporate credit held up relatively well over the period. Specifically, allocations to the Energy and Financial sectors drove positive performance. The Financials sector continues to be a notable overweight in the portfolio, as we favor the sector given what we believe to be strong management teams and healthy balance sheets. We also believe that management teams within the Energy sector have focused heavily on capital discipline, thus, we have found idiosyncratic issues with relatively strong performance.

The Fund's allocation to short-term, high yield corporate bonds also contributed to performance over the period. High yield as an asset class experienced modest spread widening over the period, however the strong risk-adjusted carry more than offset the effects of wider spreads.

Also contributing to absolute returns was the Fund's allocation to consumer price index (CPI) swaps. CPI swaps provided positive returns as inflation expectations rose modestly over the period.

**Lord Abbett Short Duration Core Bond Fund**

For the fiscal year ended November 30, 2022, the Fund returned -4.16%, reflecting performance at the net asset value ("NAV") of Class A shares with all distributions reinvested, compared to its benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Bond Index,<sup>13</sup> which returned -4.02% over the same period.

The twelve-month period ending November 30, 2022 was full of challenges for U.S. markets as the world faced the

------

emergence of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, less accommodative fiscal and monetary policy, and Russia's invasion of Ukraine. The major risk to assets proved to be inflationary pressures and an increasingly hawkish U.S. Federal Reserve (Fed). Rates spiked across the U.S. yield curve, causing a steep decline in U.S. Treasuries<sup>6</sup> which returned -12.32%. Investment grade corporate bonds<sup>7</sup> also exhibited poor performance, returning -15.46% over the period primarily driven by rising rates and also modest spread widening.

Although several macro headwinds led to increased recessionary fears in the U.S. economy, lower quality fixed income outperformed their higher quality counterparts given their higher carry, lower duration and more limited sensitivity to rate volatility. High yield bonds<sup>8</sup> and leveraged loans<sup>9</sup> returned -8.82% and -0.79%, respectively, over the period, outperforming investment grade corporates. Within high yield, B-rated outperformed both BB-rated and CCC-rated segments of the market and there was significant dispersion across sectors with Energy and Capital Goods outperforming other sectors such as Healthcare and Retail. Leveraged loans were able to outperform high yield bonds significantly during the period given their insulation from rate volatility due to their floating-rate coupons.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent

than originally thought. This debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June. Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014. The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. After remaining mostly consistent in its messaging that price pressures would likely be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes of 50 bps, 75 bps, 75 bps, 75 bps, and 75 bps, respectively, followed in the succeeding months as inflation prints

------

continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Key macroeconomic indicators mostly trended lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, causing consumer sentiment to decline to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third quarter earnings were slightly below expectations but provided evidence of healthy consumer spending. Capital return and capital expenditures

were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

Detracting from relative performance were off-benchmark allocations to collateralized loan obligations (CLO), commercial mortgage-backed securities (CMBS), and agency mortgage-backed securities (MBS). MBS detracted as interest rate volatility remained elevated, and by the end of September, Agency MBS spreads reached wides not seen since 2008. CMBS underperformance was largely driven by the sector lagging during the corporate credit rally in the second quarter. Rising rates and higher financing costs were a headwind to relative performance.

The non-agency residential mortgage-backed securities (NA RMBS) allocation also detracted given concerns of the impact of rising mortgage rates on home prices and the ability of homeowners to make payments in an economic downturn.

The largest contributor to relative performance during the period was an underweight to duration versus the benchmark. Being underweight duration contributed as a sharply rising 2-year Treasury proved to be a significant headwind to returns as the Fund is invested mainly at the 2-year part of the yield curve.

The Fund's overweight allocation to investment grade corporate bonds was the primary contributor to relative performance over the period. Investment grade corporate credit held up relatively well over the period. Specifically, allocations to the Energy and Financial

------

sectors drove positive performance. The Financials sector continues to be a notable overweight in the portfolio, as we favor the sector given what we believe to be strong management teams and healthy balance sheets. We also believe that management teams within the Energy sector have focused heavily on capital discipline, thus, we have found idiosyncratic issues with relatively strong performance.

The Fund's allocation to short-term, high yield corporate bonds also contributed to relative performance over the period. High yield as an asset class experienced modest spread widening over the period, however the strong risk-adjusted carry more than offset the effects of wider spreads.

**Lord Abbett Short Duration Income Fund**

For the fiscal year ended November 30, 2022, the Fund returned -4.90%, reflecting performance at the net asset value ("NAV") of Class A shares with all distributions reinvested, compared to its benchmark, the ICE BofA 1-3 Year U.S. Corporate Index,<sup>14</sup> which returned -4.36% over the same period.

The twelve-month period ending November 30, 2022 was full of challenges for U.S. markets as the world faced the emergence of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, less accommodative fiscal and monetary policy, and Russia's invasion of Ukraine. The major risk to assets proved to be inflationary pressures and an increasingly hawkish U.S. Federal Reserve (Fed). Rates spiked across the U.S. yield curve, causing a steep decline in U.S. Treasuries<sup>6</sup> which returned -12.32%. Investment grade corporate bonds<sup>7</sup> also

exhibited poor performance, returning -15.46% over the period primarily driven by rising rates and also modest spread widening.

Although several macro headwinds led to increased recessionary fears in the U.S. economy, lower quality fixed income outperformed their higher quality counterparts given their higher carry, lower duration and more limited sensitivity to rate volatility. High yield bonds<sup>8</sup> and leveraged loans<sup>9</sup> returned -8.82% and -0.79%, respectively, over the period, outperforming investment grade corporates. Within high yield, B-rated outperformed both BB-rated and CCC-rated segments of the market and there was significant dispersion across sectors with Energy and Capital Goods outperforming other sectors such as Healthcare and Retail. Leveraged loans were able to outperform high yield bonds significantly during the period given their insulation from rate volatility due to their floating-rate coupons.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. This debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking

------

at 9.1% year-over-year in June. Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014. The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. After remaining mostly consistent in its messaging that price pressures would likely be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes of 50 bps, 75 bps, 75 bps, 75 bps, and 75 bps, respectively, followed in the succeeding months as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Key macroeconomic indicators mostly trended lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, caused consumer sentiment to decline to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third quarter earnings were slightly below expectations but provided evidence of healthy consumer spending. Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

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Consistent with the Fund's strategy, the Fund continues to maintain exposure to a variety of bond market sectors in addition to the investment grade corporate bonds represented in the benchmark. This provides portfolio diversification and allows for the flexibility to pursue relative value opportunities across sectors.

The largest detractor from the Fund's absolute return during the period was a sharply rising 2-year Treasury, which proved to be a significant headwind to performance as the Fund is invested mainly at the 2-year part of the yield curve.

The non-agency residential mortgage-backed securities (NA RMBS) allocation also detracted from performance given concerns of the impact of rising mortgage rates on home prices and the ability of homeowners to make payments in an economic downturn.

The Fund's allocation to investment grade corporate bonds was the primary contributor to performance over the period. Investment grade corporate credit held up relatively well over the period. Specifically, allocations to the Energy and Financial sectors drove positive performance. The Financials sector continues to be a notable overweight in the portfolio, as we favor the sector given what we believe to be strong management teams and healthy balance sheets. We also believe that management teams within the Energy sector have focused heavily on capital discipline, thus, we have found idiosyncratic issues with relatively strong performance.

The Fund's allocation to short-term, high yield corporate bonds also contributed to performance over the period. High yield as an asset class experienced modest spread widening over the period, however the strong risk-adjusted carry more than offset the effects of wider spreads.

**Lord Abbett Total Return Fund**

For the fiscal year ended November 30, 2022, the Fund returned -13.78%, reflecting performance at the net asset value ("NAV") of Class A shares with all distributions reinvested, compared to its benchmark, the Bloomberg U.S. Aggregate Bond Index,<sup>10</sup> which returned -12.84%.

The twelve-month period ending November 30, 2022 was full of challenges for U.S. markets as the world faced the emergence of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, less accommodative fiscal and monetary policy, and Russia's invasion of Ukraine. The major risk to assets proved to be inflationary pressures and an increasingly hawkish U.S. Federal Reserve (Fed). Rates spiked across the U.S. yield curve, causing a steep decline in U.S. Treasuries<sup>6</sup> which returned -12.32%. Investment grade corporate bonds<sup>7</sup> also exhibited poor performance, returning -15.46% over the period primarily driven by rising rates and also modest spread widening.

Although several macro headwinds led to increased recessionary fears in the U.S. economy, lower quality fixed income outperformed their higher quality counterparts given their higher carry, lower duration and more limited sensitivity to rate volatility. High yield bonds<sup>8</sup> and leveraged loans<sup>9</sup> returned -8.82% and -0.79%, respectively, over the period, outperforming investment grade corporates. Within high yield, B-rated outperformed both BB-rated and CCC-rated segments of the market and there was significant dispersion across sectors with Energy and Capital Goods outperforming other sectors such as

------

Healthcare and Retail. Leveraged loans were able to outperform high yield bonds significantly during the period given their insulation from rate volatility due to their floating-rate coupons.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. This debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June. Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014. The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating

inflation. After remaining mostly consistent in its messaging that price pressures would likely be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes of 50 bps, 75 bps, 75 bps, 75 bps, and 75 bps, respectively, followed in the succeeding months as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Key macroeconomic indicators mostly trended lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, causing consumer sentiment to decline to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In

------

addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third quarter earnings were slightly below expectations but provided evidence of healthy consumer spending. Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

For the twelve-month period ended November 2022, the Fund's underweight position to duration versus the benchmark was the largest contributor to relative performance as interest rates sold off and interest rate sensitive bonds were negatively affected.

Also contributing to relative performance was a modest allocation to cash and cash equivalents. As returns were negative across asset classes during the period, this allocation to cash and cash equivalents buoyed performance relative to the benchmark.

Another contributor to relative performance over the period was security selection within agency mortgage-backed securities (MBS). Specifically, our focus on higher coupon agency MBS benefitted relative performance as higher carry offset some of the principal losses driven by rate volatility.

The largest detractor from relative performance over the period was an overweight to high yield credit. High yield credit underperformed the broader index on a duration-adjusted basis, as investors weighed the risks of owning lower quality companies amidst rising interest rates and higher financing costs.

Also detracting from relative performance was security selection within commercial mortgage-backed securities (CMBS) and investment-grade corporate credit.

Another detractor from relative performance was the Fund's allocation to securitized products – including collateralized loan obligations (CLO) and commercial mortgage-backed securities (CMBS). Securitized credit underperformed the broader index, as increased market volatility and liquidity concerns acted as headwinds to the asset class.

**Lord Abbett Ultra Short Bond Fund**

For the fiscal year ended November 30, 2022, the Fund returned -0.62%, reflecting performance at the net asset value ("NAV") of Class A shares with all distributions reinvested, compared to its benchmark, the ICE BofA U.S. Treasury Bill Index,<sup>15</sup> which returned 0.95% over the same period.

The twelve-month period ending November 30, 2022 was full of challenges for U.S. markets as the world faced the emergence of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, less accommodative fiscal and monetary policy, and Russia's invasion of Ukraine. The major risk to assets proved to be inflationary pressures and an increasingly hawkish U.S. Federal Reserve (Fed). Rates spiked across

------

the U.S. yield curve, causing a steep decline in U.S. Treasuries<sup>6</sup> which returned -12.32%. Investment grade corporate bonds<sup>7</sup> also exhibited poor performance, returning -15.46% over the period primarily driven by rising rates and also modest spread widening.

Although several macro headwinds led to increased recessionary fears in the U.S. economy, lower quality fixed income outperformed their higher quality counterparts given their higher carry, lower duration and more limited sensitivity to rate volatility. High yield bonds<sup>8</sup> and leveraged loans<sup>9</sup> returned -8.82% and -0.79%, respectively, over the period, outperforming investment grade corporates. Within high yield, B-rated outperformed both BB-rated and CCC-rated segments of the market and there was significant dispersion across sectors with Energy and Capital Goods outperforming other sectors such as Healthcare and Retail. Leveraged loans were able to outperform high yield bonds significantly during the period given their insulation from rate volatility due to their floating-rate coupons.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. This debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars.

Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June. Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014. The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. After remaining mostly consistent in its messaging that price pressures would likely be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes of 50 bps, 75 bps, 75 bps, 75 bps, and 75 bps, respectively, followed in the succeeding months as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

------

Key macroeconomic indicators mostly trended lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, causing consumer sentiment to decline to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third quarter earnings were slightly below expectations but provided evidence of healthy consumer spending. Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

Consistent with the Fund's design, the Fund maintained exposure to a variety of short maturity, investment grade bond sectors in addition to the U.S. Treasury Bills represented in the benchmark, including short-term investment grade bonds with floating and fixed rate coupons, asset-backed securities ("ABS"), commercial mortgage-backed securities ("CMBS"), and other ultra-short investment grade fixed income securities. The Fund's investment objective is to seek current income consistent with the preservation of capital.

To start the fiscal year, short-term U.S. Treasury yields were relatively low and spiked aggressively over the period as the U.S. Federal Reserve hiked rates, which led to modest negative returns for the Fund.

The Fund's allocation to high quality floating rate notes was the primary contributor to relative performance. Floating rate notes presented attractive carry opportunities during the period, allowing the Fund to capture higher yield over traditional short-term U.S. Treasury Bills. The majority of this allocation was in the Financials sector, which we believe largely consists of companies with strong management teams and healthy balance sheets.

Also contributing to performance were allocations to commercial paper and bank loans. The commercial paper market provided attractive risk-adjusted carry as rates on the short-end of the curve spiked as the Fed hiked rates, allowing the portfolio to capture attractive yield without investing further out on the curve. The modest allocation to investment grade bank loans also contributed to performance, as the floating rate coupons provided value in the rising rate regime experienced over the period.

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Allocations to assets with fixed-rate coupons and relatively longer duration profiles detracted from performance as interest rates rose – including fixed rate corporates, ABS, and residential mortgage-backed securities (RMBS).

*The Funds are actively managed and, therefore, holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.*

 

<sup>1</sup> The ICE BofA U.S. Convertibles Index contains issues that have a greater than $50 million aggregate market value. The issues are U.S. dollar-denominated, sold into the U.S. market and publicly traded in the United States.

<sup>2</sup> As represented by the Russell 3000<sup>®</sup> Value Index as of 11/30/2022.

<sup>3</sup> As represented by the Russell 3000<sup>®</sup> Growth Index as of 11/30/2022.

<sup>4</sup> As represented by the Russell 1000<sup>®</sup> Index as of 11/30/2022.

<sup>5</sup> As represented by the Russell 2000<sup>®</sup> Index as of 11/30/2022.

<sup>6</sup> As represented by the U.S. Treasury component of the Bloomberg U.S. Government Index as of 11/30/2022.

<sup>7</sup> As represented by the Bloomberg US Corp Investment Grade Index as of 11/30/2022.

<sup>8</sup> As represented by the ICE BofA U.S. High Yield Constrained Index as of 11/30/2022. The ICE BofA U.S. High Yield Constrained Index is a capitalization weighted index of all U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market.

<sup>9</sup> As represented by the Credit Suisse Leveraged Loan Index as of 11/30/2022. The Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. The Credit Suisse Leveraged Loan Index, which includes reinvested dividends, has been taken from published sources.

<sup>10</sup> The Bloomberg U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S.

investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment.

<sup>11</sup> The Bloomberg U.S. Credit Bond Index is the U.S.

Credit component of the U.S. Government/Credit Index. The index includes publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. The non-corporate sectors are Sovereign, Supranational, Foreign Agency, and Foreign Local Government. All returns are market value-weighted inclusive of accrued interest.

<sup>12</sup> The Bloomberg U.S. 1-5 Year TIPS Index (also known as 1-5 Year U.S. Inflation-Linked Treasury Index) is an unmanaged index comprised of U.S. Treasury Inflation Protected Securities with at least $1 billion in outstanding face value and a remaining term to final maturity of at least one year and less than five years.

<sup>13</sup> The Bloomberg 1-3 Year U.S. Government/Credit Bond Index is an unmanaged index that is designed to represent a combination of the Government Bond Index and the Corporate Bond Index and includes U.S. government Treasury and agency securities, corporate bonds, and Yankee bonds.

<sup>14</sup> The ICE BofA 1-3 Year U.S. Corporate Index is an unmanaged index comprised of U.S. dollar-denominated investment grade corporate debt securities publicly issued in the U.S. domestic market with between one and three years remaining to final maturity.

<sup>15</sup> The ICE BofA US Treasury Bill Index tracks the performance of US dollar denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $1 billion.

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

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**Important Performance and Other Information <br> Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Funds will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.**

Except where noted, comparative Fund performance does not account for the deduction of sales charges and would be different if sales charges were included. Each Fund offers classes of shares with distinct pricing options. For a full description of the differences in pricing alternatives, please see each Fund's prospectus.

During certain periods shown, expense waivers and reimbursements were in place. Without such waivers and expense reimbursements, the Funds' returns would have been lower.

*The annual commentary above discusses the views of the Funds' management and various portfolio holdings of the Funds as of November 30, 2022. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Funds' portfolios are actively managed and may change significantly, the Funds may no longer own the securities described above or may have otherwise changed their positions in the securities. For more recent information about the Funds' portfolio holdings, please visit www.lordabbett.com.*

**A Note about Risk:** See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see each Fund's prospectus.

**Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.**

**Convertible Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the ICE BofA U.S. Convertibles Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results.**

![](x4_c105071x34x1.jpg)

**Average Annual Total Returns at Maximum Applicable**

**Sales Charge for the Periods Ended November 30, 2022**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** | **Life of Class** |
| **Class A**<sup>3</sup> | –23.26% | 9.00% | 9.67% | – |
| **Class C**<sup>4</sup> | –22.61% | 8.80% | 9.24% | – |
| **Class F**<sup>5</sup> | –21.43% | 9.60% | 10.04% | – |
| **Class F3**<sup>6</sup> | –21.25% | 9.79% | – | 10.46% |
| **Class I**<sup>5</sup> | –21.33% | 9.71% | 10.15% | – |
| **Class P**<sup>5</sup> | –21.65% | 9.24% | 9.70% | – |
| **Class R2**<sup>5</sup> | –21.80% | 9.07% | 9.49% | – |
| **Class R3**<sup>5</sup> | –21.73% | 9.18% | 9.61% | – |
| **Class R4**<sup>7</sup> | –21.54% | 9.45% | – | 8.71% |
| **Class R5**<sup>7</sup> | –21.32% | 9.73% | – | 8.98% |
| **Class R6**<sup>7</sup> | –21.26% | 9.78% | – | 9.03% |

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<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 2.25%.

<sup>2</sup> Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund's performance.

<sup>3</sup> Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended November 30, 2022, is calculated using the SEC-required uniform method to compute such return.

<sup>4</sup> The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

<sup>5</sup> Performance is at net asset value.

<sup>6</sup> Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

<sup>7</sup> Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

**Core Fixed Income Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Bloomberg U.S. Aggregate Bond Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results.**

**Average Annual Total Returns at Maximum Applicable**

**Sales Charge for the Periods Ended November 30, 2022**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** | **Life of Class** |
| **Class A**<sup>3</sup> | –15.51% | –0.46% | 0.64% | – |
| **Class C**<sup>4</sup> | –14.81% | –0.62% | 0.24% | – |
| **Class F**<sup>5</sup> | –13.37% | 0.09% | 0.96% | – |
| **Class F3**<sup>6</sup> | –13.23% | 0.27% | – | 0.58% |
| **Class I**<sup>5</sup> | –13.34% | 0.23% | 1.07% | – |
| **Class R2**<sup>5</sup> | –13.88% | –0.40% | 0.46% | – |
| **Class R3**<sup>5</sup> | –13.80% | –0.30% | 0.57% | – |
| **Class R4**<sup>7</sup> | –13.50% | –0.06% | – | 0.66% |
| **Class R5**<sup>7</sup> | –13.36% | 0.20% | – | 0.92% |
| **Class R6**<sup>7</sup> | –13.32% | 0.27% | – | 0.99% |

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<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 2.25%.

<sup>2</sup> Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund's performance.

<sup>3</sup> Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended November 30, 2022, is calculated using the SEC-required uniform method to compute such return.

<sup>4</sup> The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

<sup>5</sup> Performance is at net asset value.

<sup>6</sup> Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

<sup>7</sup> Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

**Core Plus Bond Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Universal Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results.**

**Average Annual Total Returns at Maximum Applicable**

**Sales Charge for the Periods Ended November 30, 2022**

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| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Life of Class** |
| **Class A**<sup>3</sup> | –15.30% | –0.07% | 1.25% |
| **Class C**<sup>4</sup> | –14.77% | –0.28% | 0.89% |
| **Class F**<sup>5</sup> | –13.25% | 0.47% | 1.67% |
| **Class F3**<sup>6</sup> | –13.06% | 0.65% | 1.05% |
| **Class I**<sup>5</sup> | –13.21% | 0.57% | 1.78% |
| **Class R3**<sup>5</sup> | –13.64% | 0.08% | 1.28% |
| **Class R4**<sup>5</sup> | –13.36% | 0.34% | 1.54% |
| **Class R5**<sup>5</sup> | –13.19% | 0.60% | 1.79% |
| **Class R6**<sup>5</sup> | –13.12% | 0.66% | 1.87% |

---

------

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 2.25%.

<sup>2</sup> Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund's performance.

<sup>3</sup> Commenced operations on December 2, 2015 and performance for the Class began on December 8, 2015. Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the period shown ended November 30, 2022, is calculated using the SEC-required uniform method to compute such return.

<sup>4</sup> Commenced operations on December 2, 2015 and performance for the Class began on December 8, 2015. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date.

<sup>5</sup> Commenced operations on December 2, 2015 and performance for the Class began on December 8, 2015. Performance is at net asset value.

<sup>6</sup> Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

**Corporate Bond Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Bloomberg U.S. Corporate Investment Grade Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results.**

![](x4_c105071x40x1.jpg)

**Average Annual Total Returns at Maximum Applicable**

**Sales Charge for the Periods Ended November 30, 2022**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Life of Class** |
| **Class A**<sup>3</sup> | –18.08% | –0.12% | 0.42% |
| **Class C**<sup>4</sup> | –17.44% | –0.34% | 0.14% |
| **Class F**<sup>5</sup> | –15.98% | 0.43% | 0.96% |
| **Class F3**<sup>5</sup> | –15.99% | 0.59% | 1.09% |
| **Class I**<sup>5</sup> | –15.94% | 0.53% | 1.02% |
| **Class R2**<sup>5</sup> | –16.52% | –0.07% | 0.43% |
| **Class R3**<sup>5</sup> | –16.36% | 0.03% | 0.53% |
| **Class R4**<sup>5</sup> | –16.23% | 0.28% | 0.78% |
| **Class R5**<sup>5</sup> | –16.02% | 0.53% | 1.03% |
| **Class R6**<sup>5</sup> | –15.99% | 0.59% | 1.09% |

---

------

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 2.25%.

<sup>2</sup> Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund's performance.

<sup>3</sup> Commenced operations and performance for the Class began on April 19, 2017. Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the period

shown ended November 30, 2022, is calculated using the SEC-required uniform method to compute such return.

<sup>4</sup> Commenced operations and performance for the Class began on April 19, 2017. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date.

<sup>5</sup> Commenced operations and performance for the Class began on April 19, 2017. Performance is at net asset value.

**Floating Rate Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Credit Suisse Leveraged Loan Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results.**

**Average Annual Total Returns at Maximum Applicable**

**Sales Charge for the Periods Ended November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** | **Life of Class** |
| **Class A**<sup>3</sup> | –3.50% | 1.26% | 2.73% | – |
| **Class C**<sup>4</sup> | –2.87% | 1.09% | 2.31% | – |
| **Class F**<sup>5</sup> | –1.22% | 1.82% | 3.07% | – |
| **Class F3**<sup>6</sup> | –1.04% | 1.99% | – | 2.23% |
| **Class I**<sup>5</sup> | –1.11% | 1.92% | 3.16% | – |
| **Class R2**<sup>5</sup> | –1.70% | 1.33% | 2.56% | – |
| **Class R3**<sup>5</sup> | –1.60% | 1.42% | 2.66% | – |
| **Class R4**<sup>7</sup> | –1.36% | 1.68% | – | 2.55% |
| **Class R5**<sup>7</sup> | –1.11% | 1.93% | – | 2.82% |
| **Class R6**<sup>7</sup> | –1.04% | 1.99% | – | 2.87% |

---

------

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 2.25%.

<sup>2</sup> Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund's performance.

<sup>3</sup> Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended November 30, 2022, is calculated using the SEC–required uniform method to compute such return.

<sup>4</sup> The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

<sup>5</sup> Performance is at net asset value.

<sup>6</sup> Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

<sup>7</sup> Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

**High Yield Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the ICE BofA U.S. High Yield Constrained Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results.**

**Average Annual Total Returns at Maximum Applicable**

**Sales Charge for the Periods Ended November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** | **Life of Class** |
| **Class A**<sup>3</sup> | –13.60% | 0.66% | 3.86% | – |
| **Class C**<sup>4</sup> | –12.95% | 0.51% | 3.44% | – |
| **Class F**<sup>5</sup> | –11.56% | 1.22% | 4.19% | – |
| **Class F3**<sup>6</sup> | –11.29% | 1.42% | – | 2.18% |
| **Class I**<sup>5</sup> | –11.37% | 1.34% | 4.31% | – |
| **Class P**<sup>5</sup> | – | – | – | N/A |
| **Class R2**<sup>5</sup> | –11.88% | 0.73% | 3.69% | – |
| **Class R3**<sup>5</sup> | –11.80% | 0.86% | 3.79% | – |
| **Class R4**<sup>7</sup> | –11.67% | 1.09% | – | 2.97% |
| **Class R5**<sup>7</sup> | –11.52% | 1.32% | – | 3.21% |
| **Class R6**<sup>7</sup> | –11.29% | 1.42% | – | 3.33% |

---

------

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 2.25%.

<sup>2</sup> Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund's performance.

<sup>3</sup> Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended November 30, 2022, is calculated using the SEC-required uniform method to compute such return.

<sup>4</sup> The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

<sup>5</sup> Performance is at net asset value.

<sup>6</sup> Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

<sup>7</sup> Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

**Income Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Bloomberg U.S. Credit Bond Index, the Bloomberg Baa Corporate Bond Index and the Bloomberg U.S. Aggregate Bond Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results**.

![](x4_c105071x46x1.jpg)

**Average Annual Total Returns at Maximum Applicable**

**Sales Charge for the Periods Ended November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** | **Life of Class** |
| **Class A**<sup>3</sup> | –17.16% | 0.04% | 1.99% | – |
| **Class C**<sup>4</sup> | –16.49% | –0.08% | 1.58% | – |
| **Class F**<sup>5</sup> | –15.14% | 0.62% | 2.32% | – |
| **Class F3**<sup>6</sup> | –14.98% | 0.81% | – | 1.41% |
| **Class I**<sup>5</sup> | –15.05% | 0.73% | 2.42% | – |
| **Class R2**<sup>5</sup> | –15.43% | 0.15% | 1.79% | – |
| **Class R3**<sup>5</sup> | –15.41% | 0.24% | 1.92% | – |
| **Class R4**<sup>7</sup> | –15.26% | 0.48% | – | 1.84% |
| **Class R5**<sup>7</sup> | –15.05% | 0.73% | – | 2.09% |
| **Class R6**<sup>7</sup> | –14.98% | 0.81% | – | 2.18% |

---

------

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 2.25%.

<sup>2</sup> Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund's performance.

<sup>3</sup> Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended November 30, 2022, is calculated using the SEC-required uniform method to compute such return.

<sup>4</sup> The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

<sup>5</sup> Performance is at net asset value.

<sup>6</sup> Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

<sup>7</sup> Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

**Inflation Focused Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg U.S. 1–5 Year TIPS Index, the Consumer Price Index for All Urban Consumers ("CPI-U") and the ICE BofA 1–3 Year U.S. Corporate Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results**.

![](x4_c105071x48x1.jpg)

**Average Annual Total Returns at Maximum Applicable**

**Sales Charge for the Periods Ended November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** | **Life of Class** |
| **Class A**<sup>3</sup> | –5.71% | 2.62% | 0.95% | – |
| **Class C**<sup>4</sup> | –5.14% | 2.41% | 0.52% | – |
| **Class F**<sup>5</sup> | –3.40% | 3.20% | 1.29% | – |
| **Class F3**<sup>6</sup> | –3.23% | 3.38% | – | 3.04% |
| **Class I**<sup>5</sup> | –3.31% | 3.27% | 1.38% | – |
| **Class R2**<sup>5</sup> | –3.92% | 2.60% | 0.74% | – |
| **Class R3**<sup>5</sup> | –3.88% | 2.76% | 0.87% | – |
| **Class R4**<sup>7</sup> | –3.55% | 3.04% | – | 2.27% |
| **Class R5**<sup>7</sup> | –3.32% | 3.28% | – | 2.52% |
| **Class R6**<sup>7</sup> | –3.24% | 3.35% | – | 2.63% |

---

------

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 2.25%.

<sup>2</sup> Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund's performance.

<sup>3</sup> Commenced operations on April 20, 2011. Performance for the Class began April 29, 2011. Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for period shown ended November 30, 2022, is calculated using the SEC required uniform method to compute such return.

<sup>4</sup> Commenced operations on April 20, 2011. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for the Class began April 29, 2011. Performance for other periods is at net asset value.

<sup>5</sup> Commenced operations on April 20, 2011. Performance for the Class began April 29, 2011. Performance is at net asset value.

<sup>6</sup> Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

<sup>7</sup> Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

**Short Duration Core Bond Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Bloomberg 1-3 Year U.S. Government/Credit Bond Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results.**

**Average Annual Total Returns at Maximum Applicable**

**Sales Charge for the Periods Ended November 30, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Life of Class** |
| **Class A**<sup>3</sup> | –6.31% | 0.44% | 0.51% |
| **Class C**<sup>4</sup> | –5.73% | 0.18% | 0.20% |
| **Class F**<sup>5</sup> | –4.06% | 0.97% | 1.00% |
| **Class F3**<sup>5</sup> | –3.91% | 1.16% | 1.19% |
| **Class I**<sup>5</sup> | –4.06% | 1.07% | 1.10% |
| **Class R3**<sup>5</sup> | –4.45% | 0.58% | 0.61% |
| **Class R4**<sup>5</sup> | –4.31% | 0.83% | 0.86% |
| **Class R5**<sup>5</sup> | –4.07% | 1.08% | 1.11% |
| **Class R6**<sup>5</sup> | –3.90% | 1.15% | 1.18% |

---

------

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 2.25%.

<sup>2</sup> Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund's performance.

<sup>3</sup> Commenced operations and performance for the Class began on April 19, 2017. Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the period

shown ended November 30, 2022, is calculated using the SEC-required uniform method to compute such return.

<sup>4</sup> Commenced operations and performance for the Class began on April 19, 2017. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date.

<sup>5</sup> Commenced operations and performance for the Class began on April 19, 2017. Performance is at net asset value.

**Short Duration Income Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the ICE BofA 1–3 Year U.S. Corporate Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results**.

![](x4_c105071x52x1.jpg)

**Average Annual Total Returns at Maximum Applicable<br> Sales Charge for the Periods Ended November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Life of Class** |
| **Class A**<sup>3</sup> | –7.13% | 0.62% | 1.34% | – |
| **Class C**<sup>4</sup> | –6.61% | 0.41% | 0.93% | – |
| **Class F**<sup>5</sup> | –5.05% | 1.13% | 1.67% | – |
| **Class F3**<sup>6</sup> | –4.87% | 1.35% | – | 1.48% |
| **Class I**<sup>5</sup> | –4.95% | 1.28% | 1.77% | – |
| **Class R2**<sup>5</sup> | –5.28% | 0.68% | 1.17% | – |
| **Class R3**<sup>5</sup> | –5.18% | 0.79% | 1.28% | – |
| **Class R4**<sup>7</sup> | –5.23% | 0.99% | – | 1.38% |
| **Class R5**<sup>7</sup> | –4.79% | 1.28% | – | 1.62% |
| **Class R6**<sup>7</sup> | –4.89% | 1.30% |  | 1.69% |

---

------

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 2.25%.

<sup>2</sup> Performance of the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund's performance.

<sup>3</sup> Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended November 30, 2022, is calculated using the SEC-required uniform method to compute such return.

<sup>4</sup> The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

<sup>5</sup> Performance is at net asset value.

<sup>6</sup> Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

<sup>7</sup> Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

**Total Return Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Universal Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results.**

![](x4_c105071x54x1.jpg)

**Average Annual Total Returns at Maximum Applicable<br> Sales Charge for the Periods Ended November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Life of Class** |
| **Class A**<sup>3</sup> | –15.70% | –0.51% | 0.90% | – |
| **Class C**<sup>4</sup> | –15.15% | –0.67% | 0.49% | – |
| **Class F**<sup>5</sup> | –13.69% | 0.04% | 1.23% | – |
| **Class F3**<sup>6</sup> | –13.42% | 0.27% | – | 0.62% |
| **Class I**<sup>5</sup> | –13.53% | 0.19% | 1.35% | – |
| **Class P**<sup>5</sup> | –14.01% | –0.31% | 0.87% | – |
| **Class R2**<sup>5</sup> | –14.12% | –0.45% | 0.72% | – |
| **Class R3**<sup>5</sup> | –14.03% | –0.35% | 0.83% | – |
| **Class R4**<sup>7</sup> | –13.82% | –0.10% | – | 0.81% |
| **Class R5**<sup>7</sup> | –13.61% | 0.15% | – | 1.03% |
| **Class R6**<sup>7</sup> | –13.50% | 0.25% | – | 1.16% |

---

------

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 2.25%.

<sup>2</sup> Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund's performance.

<sup>3</sup> Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended November 30, 2022, is calculated using the SEC-required uniform method to compute such return.

<sup>4</sup> The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

<sup>5</sup> Performance is at net asset value.

<sup>6</sup> Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

<sup>7</sup> Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

**Ultra Short Bond Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the ICE BofA U.S. Treasury Bill Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results**.

![](x4_c105071x56x1.jpg)

**Average Annual Total Returns at Maximum Applicable<br> Sales Charge for the Periods Ended November 30, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Life of Class** |
| **Class A**<sup>2</sup> | –0.62% | 1.05% | 1.10% |
| **Class A1**<sup>3</sup> | –2.19% | – | –0.12% |
| **Class F**<sup>2</sup> | –0.57% | 1.10% | 1.15% |
| **Class F3**<sup>4</sup> | –0.43% | 1.25% | 1.27% |
| **Class I**<sup>2</sup> | –0.47% | 1.20% | 1.25% |
| **Class R5**<sup>2</sup> | –0.47% | 1.21% | 1.26% |
| **Class R6**<sup>2</sup> | –0.43% | 1.25% | 1.30% |

---

<sup>1</sup> Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund's performance.

<sup>2</sup> Commenced operations on October 12, 2016 and performance for the Class began on October 17, 2016. Performance is at net asset value.

<sup>3</sup> Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of

1.50% applicable to Class A1 shares, with all dividends and distributions reinvested for the periods shown ended November 30, 2022, is calculated using the SEC-required uniform method to compute such return. Commenced operations and performance for the Class began on July 31, 2019.

<sup>4</sup> Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

------

**Expense Example**

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees, distribution and service (12b-1) fees (these charges vary among the share classes), and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 through November 30, 2022).

**Actual Expenses**

For each class of each Fund, the first line of the applicable table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled "Expenses Paid During Period 6/1/22 – 11/30/22" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

For each class of each Fund, the second line of the applicable table on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

**Convertible Fund**

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses**<br> **Paid During**<br> **Period**<sup>†</sup> |
|  | **6/1/22** | **11/30/22** | **6/1/22 –<br> 11/30/22** |
| **Class A** | | | |
| Actual | $1000.00 | $972.10 | $5.14 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.85 | $5.27 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $969.80 | $8.30 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1016.65 | $8.49 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $973.20 | $4.70 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.31 | $4.81 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $973.60 | $3.96 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.06 | $4.05 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $973.50 | $4.16 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.86 | $4.26 |
| **Class P** |  |  |  |
| Actual | $1000.00 | $971.50 | $6.38 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.60 | $6.53 |
| **Class R2** |  |  |  |
| Actual | $1000.00 | $970.80 | $7.11 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1017.85 | $7.28 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $971.00 | $6.62 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.35 | $6.78 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $972.50 | $5.39 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.60 | $5.52 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $973.50 | $4.16 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.86 | $4.26 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $973.60 | $3.96 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.06 | $4.05 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.04% for Class A, 1.68% for Class C, 0.95% for Class F, 0.80% for Class F3, 0.84% for Class I, 1.29% for Class P, 1.44% for Class R2, 1.34% for Class R3, 1.09% for Class R4, 0.84% for Class R5 and 0.80% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |

---

------

**Portfolio Holdings Presented by Sector**

*November 30, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Basic Materials | 0.76% |
| Communications | 23.32% |
| Consumer Cyclical | 6.14% |
| Consumer Non-cyclical | 27.36% |
| Energy | 11.89% |
| Financials | 2.59% |
| Industrial | 5.89% |

---

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Technology | 14.10% |
| Utilities | 4.89% |
| Repurchase Agreements | 3.06% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

**Core Fixed Income Fund**

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses**<br> **Paid During**<br> **Period**<sup>†</sup> |
|  | **6/1/22** | **11/30/22** | **6/1/22 –<br> 11/30/22** |
| **Class A** | | | |
| Actual | $1000.00 | $953.10 | $2.74 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.26 | $2.84 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $950.90 | $5.72 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.20 | $5.92 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $953.60 | $2.30 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.71 | $2.38 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $954.30 | $1.52 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.51 | $1.57 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $954.20 | $1.57 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.46 | $1.62 |
| **Class R2** |  |  |  |
| Actual | $1000.00 | $951.20 | $4.70 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.26 | $4.86 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $951.70 | $4.21 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.76 | $4.36 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $953.80 | $2.99 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.01 | $3.09 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $954.10 | $1.76 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.26 | $1.83 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $954.30 | $1.52 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.51 | $1.57 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.56% for Class A, 1.17% for Class C, 0.47% for Class F, 0.31% for Class F3, 0.32% for Class I, 0.96% for Class R2, 0.86% for Class R3, 0.61% for Class R4, 0.36% for Class R5 and 0.31% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |

---

------

**Portfolio Holdings Presented by Sector**

*November 30, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Asset-Backed Securities | 14.84% |
| Basic Materials | 0.35% |
| Communications | 2.79% |
| Consumer Cyclical | 1.18% |
| Consumer Non Cyclical | 4.26% |
| Energy | 2.99% |
| Financials | 11.45% |
| Foreign Government | 1.84% |

---

---

| | |
|:---|:---|
| **Sector** | **%\*\*** |
| Industrials | 0.76% |
| Mortgage Backed Securities | 4.00% |
| Technology | 1.37% |
| U.S. Government | 48.41% |
| Utilities | 4.54% |
| Repurchase Agreements | 1.22% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

**Core Plus Bond Fund**

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses**<br> **Paid During**<br> **Period**<sup>†</sup> |
|  | **6/1/22** | **11/30/22** | **6/1/22 –<br> 11/30/22** |
| **Class A** |  |  |  |
| Actual | $1000.00 | $957.10 | $3.34 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.66 | $3.45 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $953.20 | $6.51 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.40 | $6.73 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $957.50 | $2.85 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.16 | $2.94 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $958.40 | $1.87 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.16 | $1.93 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $958.00 | $2.36 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.66 | $2.43 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $954.90 | $4.80 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.16 | $4.96 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $956.80 | $3.58 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.41 | $3.70 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $958.10 | $2.36 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.66 | $2.43 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $958.40 | $1.87 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.16 | $1.93 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.68% for Class A, 1.33% for Class C, 0.58% for Class F, 0.38% for Class F3, 0.48% for Class I, 0.98% for Class R3, 0.73% for Class R4, 0.48% for Class R5 and 0.38% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |

---

------

**Portfolio Holdings Presented by Sector**

*November 30, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Asset-Backed Securities | 13.25% |
| Basic Materials | 1.22% |
| Communication | 3.67% |
| Consumer Cyclical | 1.52% |
| Consumer Non Cyclical | 6.53% |
| Energy | 4.53% |
| Financial | 12.68% |
| Foreign Government | 1.18% |

---

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Industrial | 1.18% |
| Mortgage Backed Securities | 19.69% |
| Technology | 2.30% |
| U.S. Government | 24.48% |
| Utilities | 4.59% |
| Repurchase Agreements | 3.18% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

**Corporate Bond Fund**

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses**<br> **Paid During**<br> **Period**<sup>†</sup> |
|  | **6/1/22** | **11/30/22** | **6/1/22 –<br> 11/30/22** |
| **Class A** |  |  |  |
| Actual | $1000.00 | $956.00 | $3.33 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.66 | $3.45 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $953.10 | $6.32 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.60 | $6.53 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $956.70 | $2.84 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.16 | $2.94 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $957.20 | $2.16 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.86 | $2.23 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $957.00 | $2.35 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.66 | $2.43 |
| **Class R2** |  |  |  |
| Actual | $1000.00 | $954.10 | $5.29 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.65 | $5.47 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $954.60 | $4.80 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.16 | $4.96 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $955.80 | $3.58 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.41 | $3.70 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $957.00 | $2.35 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.66 | $2.43 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $957.20 | $2.16 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.86 | $2.23 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.68% for Class A, 1.29% for Class C, 0.58% for Class F, 0.44% for Class F3, 0.48% for Class I, 1.08% for Class R2, 0.98% for Class R3, 0.73% for Class R4, 0.48% for Class R5 and 0.44% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |

---

------

**Portfolio Holdings Presented by Sector**

*November 30, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Basic Material | 0.62% |
| Communications | 5.97% |
| Consumer Cyclical | 3.82% |
| Consumer Non Cyclical | 15.14% |
| Energy | 9.73% |
| Financial | 35.81% |

---

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Industrial | 2.34% |
| Technology | 6.25% |
| U.S. Government | 5.06% |
| Utilities | 15.26% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

**Floating Rate Fund**

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses**<br> **Paid During**<br> **Period**<sup>†</sup> |
|  | **6/1/22** | **11/30/22** | **6/1/22 –<br> 11/30/22** |
| **Class A** | | | |
| Actual | $1000.00 | $1007.90 | $4.13 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.96 | $4.15 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $1003.40 | $7.33 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1017.75 | $7.38 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $1008.40 | $3.63 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.46 | $3.65 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $1009.40 | $2.67 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.41 | $2.69 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $1007.70 | $3.12 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.96 | $3.14 |
| **Class R2** |  |  |  |
| Actual | $1000.00 | $1005.90 | $6.13 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.95 | $6.17 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $1006.40 | $5.63 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.45 | $5.67 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $1007.70 | $4.38 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.71 | $4.41 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $1009.00 | $3.12 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.96 | $3.14 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $1009.40 | $2.67 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.41 | $2.69 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.82% for Class A, 1.46% for Class C, 0.72% for Class F, 0.53% for Class F3, 0.62% for Class I, 1.22% for Class R2, 1.12% for Class R3, 0.87% for Class R4, 0.62% for Class R5 and 0.53% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |

---

------

**Portfolio Holdings Presented by Sector**

*November 30, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Asset Backed Securities | 0.54% |
| Basic Material | 1.85% |
| Communications | 9.68% |
| Consumer Cyclical | 14.59% |
| Consumer Non Cyclical | 18.75% |
| Energy | 6.25% |
| Financials | 8.58% |
| Industrial | 10.27% |

---

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Service | 0.06% |
| Technology | 16.27% |
| Transportation | 0.52% |
| Utilities | 1.97% |
| Time Deposits<sup>(a)</sup> | 0.10% |
| Money Market Funds<sup>(a)</sup> | 0.88% |
| Repurchase Agreements | 9.69% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

<sup>(a)</sup> Securities were purchased with the cash collateral from loaned securities.

**High Yield Fund**

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses**<br> **Paid During**<br> **Period**<sup>†</sup> |
|  | **6/1/22** | **11/30/22** | **6/1/22 –<br> 11/30/22** |
| **Class A** | | | |
| Actual | $1000.00 | $957.40 | $4.42 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.56 | $4.56 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $955.60 | $7.45 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1017.45 | $7.69 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $957.80 | $3.93 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.06 | $4.05 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $959.20 | $2.95 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.06 | $3.04 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $958.70 | $3.44 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.56 | $3.55 |
| **Class R2** |  |  |  |
| Actual | $1000.00 | $955.90 | $6.37 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.55 | $6.58 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $956.40 | $5.89 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.05 | $6.07 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $957.20 | $4.66 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.31 | $4.81 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $957.20 | $3.43 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.56 | $3.55 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $959.20 | $2.95 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.06 | $3.04 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.90% for Class A, 1.52% for Class C, 0.80% for Class F, 0.60% for Class F3, 0.70% for Class I, 1.30% for Class R2, 1.20% for Class R3, 0.95% for Class R4, 0.70% for Class R5 and 0.60% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |

---

------

**Portfolio Holdings Presented by Sector**

*November 30, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Basic Material | 5.75% |
| Communications | 10.16% |
| Consumer Cyclical | 21.19% |
| Consumer Non Cyclical | 17.60% |
| Energy | 20.08% |
| Financial | 4.34% |
| Foreign Government | 0.07% |
| Industrial | 10.72% |

---

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Mortgage Backed Securities | 0.42% |
| Technology | 4.63% |
| Utilities | 4.90% |
| Money Market Funds<sup>(a)</sup> | 0.09% |
| Time Deposit<sup>(a)</sup> | 0.01% |
| Repurchase Agreements | 0.04% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

<sup>(a)</sup> Securities were purchased with the cash collateral from loaned securities.

**Income Fund**

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses**<br> **Paid During**<br>**Period**<sup>†</sup> |
|  | **6/1/22** | **11/30/22** | **6/1/22 –<br> 11/30/22** |
| **Class A** |  |  |  |
| Actual | $1000.00 | $950.90 | $3.67 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.31 | $3.80 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $948.20 | $6.69 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.20 | $6.93 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $951.40 | $3.18 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.81 | $3.29 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $952.30 | $2.30 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.71 | $2.38 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $951.90 | $2.69 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.31 | $2.79 |
| **Class R2** |  |  |  |
| Actual | $1000.00 | $949.50 | $5.62 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.30 | $5.82 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $949.70 | $5.13 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.80 | $5.32 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $950.70 | $3.91 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.06 | $4.05 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $948.20 | $2.69 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.31 | $2.79 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $952.30 | $2.30 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.71 | $2.38 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.75% for Class A, 1.37% for Class C, 0.65% for Class F, 0.47% for Class F3, 0.55% for Class I, 1.15% for Class R2, 1.05% for Class R3, 0.80% for Class R4, 0.55% for Class R5 and 0.47% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |

---

------

**Portfolio Holdings Presented by Sector**

*November 30, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Asset Backed Securities | 8.49% |
| Basic Materials | 1.15% |
| Communications | 6.31% |
| Consumer Cyclical | 2.57% |
| Consumer Non Cyclical | 15.29% |
| Energy | 12.68% |
| Financial | 21.07% |

---

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Industrial | 1.84% |
| Mortgage Backed Securities | 6.78% |
| Technology | 6.04% |
| U.S. Government | 7.02% |
| Utilities | 10.26% |
| Repurchase Agreements | 0.50% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

**Inflation Focused Fund**

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses<br> Paid During<br> Period**<sup>†</sup> |
|  | **6/1/22** | **11/30/22** | **6/1/22 –<br> 11/30/22** |
| **Class A** |  |  |  |
| Actual | $1000.00 | $966.10 | $3.45 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.56 | $3.55 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $963.50 | $7.04 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1017.90 | $7.23 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $966.70 | $2.96 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.06 | $3.04 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $967.60 | $1.97 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.06 | $2.03 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $967.90 | $2.47 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.56 | $2.54 |
| **Class R2** |  |  |  |
| Actual | $1000.00 | $964.00 | $5.42 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.55 | $5.57 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $964.60 | $4.92 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.05 | $5.06 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $966.70 | $3.75 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.26 | $3.85 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $967.80 | $2.52 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.51 | $2.59 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $967.60 | $1.97 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.06 | $2.03 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.70% for Class A, 1.43% for Class C, 0.60% for Class F, 0.40% for Class F3, 0.50% for Class I, 1.10% for Class R2, 1.00% for Class R3, 0.76% for Class R4, 0.51% for Class R5 and 0.40% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |

---

------

**Portfolio Holdings Presented by Sector**

*November 30, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Asset Backed Securities | 27.73% |
| Basic Materials | 2.75% |
| Communications | 2.35% |
| Consumer Cyclical | 4.90% |
| Consumer Non Cyclical | 3.41% |
| Energy | 6.13% |
| Financials | 25.75% |
| Foreign Government | 0.06% |

---

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Industrial | 0.58% |
| Material and Processing | 0.16% |
| Mortgage Backed Securities | 14.91% |
| Technology | 1.19% |
| U.S. Government | 5.07% |
| Utilities | 4.06% |
| Repurchase Agreements | 0.95% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

**Short Duration Core Bond Fund**

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses<br> Paid During<br>Period**<sup>†</sup> |
|  | **6/1/22** | **11/30/22** | **6/1/22 –<br> 11/30/22** |
| **Class A** |  |  |  |
| Actual | $1000.00 | $987.90 | $2.99 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.06 | $3.04 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $984.70 | $6.22 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.80 | $6.33 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $988.40 | $2.49 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.56 | $2.54 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $989.20 | $1.65 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.41 | $1.67 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $988.90 | $1.99 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.06 | $2.03 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $986.40 | $4.48 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.56 | $4.56 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $987.60 | $3.24 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.81 | $3.29 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $988.90 | $1.99 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.06 | $2.03 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $989.20 | $1.65 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.41 | $1.67 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.60% for Class A, 1.25% for Class C, 0.50% for Class F, 0.33% for Class F3, 0.40% for Class I, 0.90% for Class R3, 0.65% for Class R4, 0.40% for Class R5 and 0.33% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |

---

------

**Portfolio Holdings Presented by Sector**

*November 30, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Asset-Backed Securities | 24.54% |
| Basic Materials | 2.40% |
| Communications | 2.68% |
| Consumer Staples | 0.49% |
| Consumer Cyclical | 2.89% |
| Consumer Non Cyclical | 3.54% |
| Energy | 6.60% |
| Financial | 26.60% |
| Foreign Government | 0.35% |

---

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Industrial | 0.85% |
| Materials and Processing | 0.15% |
| Mortgage-Backed Securities | 10.99% |
| Technology | 2.05% |
| U.S. Government | 4.02% |
| Utilities | 8.91% |
| Repurchase Agreements | 2.94% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

**Short Duration Income Fund**

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses<br> Paid During<br> Period**<sup>†</sup> |
|  | **6/1/22** | **11/30/22** | **6/1/22 –<br> 11/30/22** |
| **Class A** |  |  |  |
| Actual | $1000.00 | $981.70 | $2.88 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.16 | $2.94 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $978.80 | $6.00 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.00 | $6.12 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $979.60 | $2.38 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.66 | $2.43 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $983.00 | $1.59 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.46 | $1.62 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $982.60 | $1.89 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.16 | $1.93 |
| **Class R2** |  |  |  |
| Actual | $1000.00 | $979.70 | $4.91 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.10 | $5.01 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $980.20 | $4.37 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.66 | $4.46 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $979.00 | $3.13 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.91 | $3.19 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $982.60 | $1.89 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.16 | $1.93 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $980.50 | $1.59 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.46 | $1.62 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.58% for Class A, 1.21% for Class C, 0.48% for Class F, 0.32% for Class F3, 0.38% for Class I, 0.99% for Class R2, 0.88% for Class R3, 0.63% for Class R4, 0.38% for Class R5 and 0.32% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |

---

------

**Portfolio Holdings Presented by Sector**

*November 30, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Asset-Backed Securities | 24.78% |
| Basic Materials | 2.38% |
| Communications | 2.99% |
| Consumer Cyclical | 3.99% |
| Consumer Non Cyclical | 3.90% |
| Energy | 5.98% |
| Financial | 23.50% |
| Foreign Government | 1.19% |

---

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Industrial | 0.93% |
| Mortgage-Backed Securities | 15.79% |
| Technology | 1.62% |
| U.S. Government | 8.58% |
| Utilities | 3.39% |
| Repurchase Agreements | 0.98% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

**Total Return Fund**

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses<br> Paid During<br> Period**<sup>†</sup> |
|  | **6/1/22** | **11/30/22** | **6/1/22 –<br> 11/30/22** |
| **Class A** |  |  |  |
| Actual | $1000.00 | $951.30 | $3.18 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.81 | $3.29 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $947.30 | $6.15 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.75 | $6.38 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $951.80 | $2.69 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.31 | $2.79 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $952.70 | $1.76 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.26 | $1.83 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $952.60 | $2.01 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.01 | $2.08 |
| **Class P** |  |  |  |
| Actual | $1000.00 | $949.40 | $4.40 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.56 | $4.56 |
| **Class R2** |  |  |  |
| Actual | $1000.00 | $949.40 | $5.13 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.80 | $5.32 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $949.90 | $4.64 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.31 | $4.81 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $951.10 | $3.42 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.56 | $3.55 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $951.20 | $2.20 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.81 | $2.28 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $952.80 | $1.76 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.26 | $1.83 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.65% for Class A, 1.26% for Class C, 0.55% for Class F, 0.36% for Class F3, 0.41% for Class I, 0.90% for Class P, 1.05% for Class R2, 0.95% for Class R3, 0.70% for Class R4, 0.45% for Class R5 and 0.36% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |

---

------

**Portfolio Holdings Presented by Sector**

*November 30, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Asset-Backed Securities | 14.43% |
| Basic Material | 1.24% |
| Communications | 4.39% |
| Consumer Cyclical | 1.83% |
| Consumer Non Cyclical | 5.91% |
| Energy | 4.38% |
| Financial | 15.27% |

---

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Industrial | 0.87% |
| Mortgage Backed Securities | 25.22% |
| Technology | 1.63% |
| U.S. Government | 19.87% |
| Utilities | 4.16% |
| Repurchase Agreements | 0.80% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

**Ultra Short Bond Fund**

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses<br> Paid During<br> Period**<sup>†</sup> |
|  | **6/1/22** | **11/30/22** | **6/1/22 –<br> 11/30/22** |
| **Class A** |  |  |  |
| Actual | $1000.00 | $1004.50 | $2.16 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.91 | $2.18 |
| **Class A1** |  |  |  |
| Actual | $1000.00 | $1003.00 | $2.66 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.41 | $2.69 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $1003.80 | $1.91 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.16 | $1.93 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $1005.50 | $1.21 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.87 | $1.22 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $1005.30 | $1.41 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.66 | $1.42 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $1005.30 | $1.36 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.71 | $1.37 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $1004.50 | $1.21 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.87 | $1.22 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.43% for Class A, 0.53% for Class A1, 0.38% for Class F, 0.24% for Class F3, 0.28% for Class I, 0.27% for Class R5 and 0.24% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |

---

------

**Portfolio Holdings Presented by Sector**

*November 30, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Asset Backed Securities | 24.71% |
| Basic Material | 1.67% |
| Communications | 2.10% |
| Consumer Cyclical | 5.48% |
| Consumer Non Cyclical | 3.97% |
| Energy | 2.44% |
| Financial | 40.95% |

---

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Industrial | 1.54% |
| Mortgage Backed Securities | 6.42% |
| Technology | 0.49% |
| U.S. Government | 5.84% |
| Utilities | 4.39% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

**Schedule of Investments**

CONVERTIBLE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | | | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 96.59%** |  |  | | |
| **COMMON STOCKS 2.92%** |  |  | | |
| **Health Care Equipment & Supplies 0.40%** |  |  | | |
| Glaukos Corp.\* |  |  | 79739 | $3713445 |
| **Life Sciences Tools & Services 1.47%** |  |  |  |  |
| Danaher Corp. |  |  | 50650 | 13848216 |
| **Transportation Infrastructure 1.05%** |  |  |  |  |
| Scorpio Tankers, Inc. (Monaco)<sup>(a)</sup> |  |  | 193595 | 9877196 |
| *Total Common Stocks* (cost $24,824,923) |  |  |  | 27438857 |
|  | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br>Amount** |  |
| **CONVERTIBLE BONDS 84.18%** |  |  |  |  |
| **Auto Parts & Equipment 0.91%** |  |  |  |  |
| indie Semiconductor, Inc.<sup>†</sup> | 4.50% | 11/15/2027 | $7185000 | 8595274 |
| **Beverages 1.00%** |  |  |  |  |
| MGP Ingredients, Inc. | 1.875% | 11/15/2041 | 6620000 | 9365503 |
| **Biotechnology 5.24%** |  |  |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>†</sup> | 1.00% | 9/15/2027 | 9145000 | 9506228 |
| Apellis Pharmaceuticals, Inc. | 3.50% | 9/15/2026 | 3610000 | 5426281 |
| Cerevel Therapeutics Holdings, Inc.<sup>†</sup> | 2.50% | 8/15/2027 | 8538000 | 7991568 |
| Esperion Therapeutics, Inc. | 4.00% | 11/15/2025 | 3400000 | 1703153 |
| Insmed, Inc. | 0.75% | 6/1/2028 | 11495000 | 9136358 |
| Sarepta Therapeutics, Inc.<sup>†</sup> | 1.25% | 9/15/2027 | 13915000 | 15556970 |
| *Total* |  |  |  | 49320558 |
| **Chemicals 0.36%** |  |  |  |  |
| Danimer Scientific, Inc.<sup>†</sup> | 3.25% | 12/15/2026 | 7780000 | 3431830 |
| **Commercial Services 5.52%** |  |  |  |  |
| Block, Inc. | Zero Coupon | 5/1/2026 | 26360000 | 21285700 |
| Block, Inc. | 0.125% | 3/1/2025 | 2190000 | 2148938 |
| Chegg, Inc. | 0.125% | 3/15/2025 | 30650000 | 28504500 |
| *Total* |  |  |  | 51939138 |

---

80 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CONVERTIBLE FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **Computers 4.17%** |  |  |  |  |
| CyberArk Software Ltd. (Israel)<sup>(a)</sup> | Zero Coupon | 11/15/2024 | $6470000 | $7391975 |
| KBR, Inc. | 2.50% | 11/1/2023 | 4110000 | 8509755 |
| Western Digital Corp. | 1.50% | 2/1/2024 | 24360000 | 23300340 |
| *Total* |  |  |  | 39202070 |
| **Electric 1.16%** |  |  |  |  |
| Ormat Technologies, Inc.<sup>†</sup> | 2.50% | 7/15/2027 | 9175000 | 10927425 |
| **Energy-Alternate Sources 9.03%** |  |  |  |  |
| Array Technologies, Inc.<sup>†</sup> | 1.00% | 12/1/2028 | 7755000 | 8216483 |
| Enphase Energy, Inc. | Zero Coupon | 3/1/2028 | 12055000 | 15910396 |
| Green Plains, Inc. | 2.25% | 3/15/2027 | 6661000 | 8632656 |
| Sunnova Energy International, Inc.<sup>†</sup> | 2.625% | 2/15/2028 | 16474000 | 15131369 |
| SunPower Corp. | 4.00% | 1/15/2023 | 14400000 | 15465600 |
| Sunrun, Inc. | Zero Coupon | 2/1/2026 | 29392000 | 21559032 |
| *Total* |  |  |  | 84915536 |
| **Entertainment 2.40%** |  |  |  |  |
| DraftKings Holdings, Inc. | Zero Coupon | 3/15/2028 | 14980000 | 9707040 |
| Marriott Vacations Worldwide Corp. | Zero Coupon | 1/15/2026 | 7990000 | 8297615 |
| Penn Entertainment, Inc. | 2.75% | 5/15/2026 | 2700000 | 4526550 |
| *Total* |  |  |  | 22531205 |
| **Health Care-Products 3.91%** |  |  |  |  |
| Glaukos Corp. | 2.75% | 6/15/2027 | 2769000 | 3324531 |
| Insulet Corp. | 0.375% | 9/1/2026 | 13995000 | 20019847 |
| Natera, Inc. | 2.25% | 5/1/2027 | 4455000 | 5733028 |
| Repligen Corp. | 0.375% | 7/15/2024 | 4575000 | 7671576 |
| *Total* |  |  |  | 36748982 |
| **Internet 21.06%** |  |  |  |  |
| Airbnb, Inc. | Zero Coupon | 3/15/2026 | 23220000 | 19551240 |
| Etsy, Inc. | 0.125% | 10/1/2026 | 8155000 | 13565843 |
| Fiverr International Ltd. (Israel)<sup>(a)</sup> | Zero Coupon | 11/1/2025 | 15440000 | 12660800 |
| MakeMyTrip Ltd. (India)<sup>(a)</sup> | Zero Coupon | 2/15/2028 | 16700000 | 17317900 |
| MercadoLibre, Inc. (Uruguay)<sup>(a)</sup> | 2.00% | 8/15/2028 | 5120000 | 11271680 |
| Okta, Inc. | 0.125% | 9/1/2025 | 10420000 | 8945570 |
| Palo Alto Networks, Inc. | 0.375% | 6/1/2025 | 14580000 | 25609770 |
| Pinduoduo, Inc. (China)<sup>(a)</sup> | Zero Coupon | 10/1/2024 | 2320000 | 4454400 |
| Sea Ltd. (Singapore)<sup>(a)</sup> | 0.25% | 9/15/2026 | 21665000 | 16248750 |
| Shopify, Inc. (Canada)<sup>(a)</sup> | 0.125% | 11/1/2025 | 41675000 | 35849710 |

---

*See Notes to Financial Statements.* 81

**Schedule of Investments (continued)**

CONVERTIBLE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Internet (continued)** |  |  |  |  |
| Uber Technologies, Inc. | Zero Coupon | 12/15/2025 | $27525000 | $23477770 |
| World Wrestling Entertainment, Inc. | 3.375% | 12/15/2023 | 2805000 | 9040515 |
| *Total* |  |  |  | 197993948 |
| **Leisure Time 1.11%** |  |  |  |  |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 6.00% | 8/15/2025 | 7290000 | 10402704 |
| **Mining 0.39%** |  |  |  |  |
| Livent Corp. | 4.125% | 7/15/2025 | 1115000 | 3690093 |
| **Oil & Gas 2.82%** |  |  |  |  |
| Antero Resources Corp. | 4.25% | 9/1/2026 | 860000 | 7253154 |
| EQT Corp. | 1.75% | 5/1/2026 | 3505000 | 10173263 |
| Pioneer Natural Resources Co. | 0.25% | 5/15/2025 | 3750000 | 9052500 |
| *Total* |  |  |  | 26478917 |
| **Pharmaceuticals 9.20%** |  |  |  |  |
| Canopy Growth Corp.<sup>†(b)</sup> | 4.25% | 7/15/2023 | 72305000 | 52341370 |
| Cytokinetics, Inc.<sup>†</sup> | 3.50% | 7/1/2027 | $10440000 | 11588400 |
| Dexcom, Inc. | 0.25% | 11/15/2025 | 4075000 | 4435637 |
| Dexcom, Inc. | 0.75% | 12/1/2023 | 6411000 | 18149541 |
| *Total* |  |  |  | 86514948 |
| **REITS 1.56%** |  |  |  |  |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | Zero Coupon | 5/1/2025 | 15625000 | 14665408 |
| **Retail 0.52%** |  |  |  |  |
| RH | Zero Coupon | 9/15/2024 | 3360000 | 4900560 |
| **Semiconductors 2.46%** |  |  |  |  |
| ON Semiconductor Corp. | Zero Coupon | 5/1/2027 | 11610000 | 17832960 |
| Wolfspeed, Inc.<sup>†</sup> | 1.875% | 12/1/2029 | 5063000 | 5275646 |
| *Total* |  |  |  | 23108606 |
| **Software 7.42%** |  |  |  |  |
| Alteryx, Inc. | 0.50% | 8/1/2024 | 10200000 | 9326625 |
| Bill.com Holdings, Inc. | Zero Coupon | 12/1/2025 | 17340000 | 18510450 |
| Cloudflare, Inc. | Zero Coupon | 8/15/2026 | 15100000 | 12208350 |
| Coupa Software, Inc. | 0.125% | 6/15/2025 | 32320000 | 29728146 |
| *Total* |  |  |  | 69773571 |
| **Telecommunications 2.18%** |  |  |  |  |
| GDS Holdings Ltd. (China)<sup>(a)</sup> | 2.00% | 6/1/2025 | 21815000 | 20519734 |

---

82 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CONVERTIBLE FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity <br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation 1.76%** |  |  | | |
| CryoPort, Inc.<sup>†</sup> | 0.75% | 12/1/2026 | $22555000 | $16539883 |
| *Total Convertible Bonds* (cost $804,654,442) |  |  |  | 791565893 |
|  | **Dividend <br> Rate** |  | **Shares** |  |
| **CONVERTIBLE PREFERRED STOCKS 7.92%** |  |  |  |  |
| **Auto Components 1.18%** |  |  |  |  |
| Aptiv plc. (Ireland)<sup>(a)</sup> | 5.50% |  | 92810 | 11093579 |
| **Commercial Banks 1.02%** |  |  |  |  |
| Bank of America Corp. | 7.25% |  | 7885 | 9607636 |
| **Electric: Utilities 3.71%** |  |  |  |  |
| NextEra Energy, Inc. | 6.219% |  | 693015 | 34893305 |
| **Health Care Equipment & Supplies 0.52%** |  |  |  |  |
| Boston Scientific Corp. | 5.50% |  | 43535 | 4902477 |
| **Metals & Mining 1.49%** |  |  |  |  |
| RBC Bearings, Inc. | 5.00% |  | 120725 | 13978748 |
| *Total Convertible Preferred Stocks* (cost $76,769,582) |  |  |  | 74475745 |
| **PREFERRED STOCKS 1.57%** |  |  |  |  |
| **Construction & Engineering** |  |  |  |  |
| Fluor Corp.(cost $12,769,779) | 6.50% |  | 9225 | 14814335 |
| *Total Long-Term Investments* (cost $919,018,726) |  |  |  | 908294830 |
|  |  |  | **Principal** <br> **Amount** |  |
| **SHORT-TERM INVESTMENTS 3.05%** |  |  |  |  |
| **Repurchase Agreements 3.05%** |  |  |  |  |
| Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $31,163,700, of U.S. Treasury Note at 0.25% due 5/15/2024; value: $29,215,551; proceeds: $28,644,036 (cost $28,642,644) | Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $31,163,700, of U.S. Treasury Note at 0.25% due 5/15/2024; value: $29,215,551; proceeds: $28,644,036 (cost $28,642,644) |  | $28642644 | 28642644 |
| *Total Investments in Securities 99.64%* (cost $947,661,370) |  |  |  | 936937474 |
| *Other Assets and Liabilities – Net*<sup>(c)</sup> *0.36%* |  |  |  | 3405788 |
| *Net Assets 100.00%* |  |  |  | $940343262 |

---

*See Notes to Financial Statements.* 83

**Schedule of Investments (continued)**

CONVERTIBLE FUND *November 30, 2022*

 

---

| | |
|:---|:---|
| CAD | Canadian Dollar. |
| REITS | Real Estate Investment Trusts. |
| \* | Non-income producing security. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2022, the total value of Rule 144A securities was $190,170,558, which represents 20.30% of net assets. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(c)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts as follows: |

---

**Forward Foreign Currency Exchange Contracts at November 30, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Appreciation** |
| Euro | Buy | Morgan Stanley | 12/12/2022 | 505000 | $497130 | $525898 | $28768 |
| Euro | Buy | Morgan Stanley | 12/12/2022 | 7474000 | 7383396 | 7783289 | 399893 |
| Euro | Buy | State Street Bank and Trust | 12/12/2022 | 531000 | 528032 | 552974 | 24942 |
| Canadian dollar | Sell | State Street Bank and Trust | 1/20/2023 | 873000 | 652984 | 649511 | 3473 |
| *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* |  | $457076 |
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| Canadian dollar | Sell | Morgan Stanley | 1/20/2023 | 637000 | $470812 | $473927 | $(3115) |
| Canadian dollar | Sell | Toronto Dominion Bank | 1/20/2023 | 71035000 | 51615271 | 52849983 | (1234712) |
| Euro | Sell | State Street Bank and Trust | 12/12/2022 | 8510000 | 8558082 | 8862161 | (304079) |
| *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* |  | $(1541906) |

---

84 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

CONVERTIBLE FUND *November 30, 2022*

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Infrastructure | $– | $9877196 | $– | $9877196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 17561661 |  |  | 17561661 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds |  | 791565893 |  | 791565893 |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 18881225 | 55594520 |  | 74475745 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 14814335 |  |  | 14814335 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 28642644 | – | 28642644 |
| Total | $51257221 | $885680253 | $– | $936937474 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $457076 | $– | $457076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | (1541906) | – | (1541906) |
| Total | $– | $(1084830) | $– | $(1084830) |

---

<sup>(1)</sup> Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

---

| | |
|:---|:---|
| **Investment Type** | **Convertible<br> Bonds** |
| **Balance as of December 1, 2021** | $55464245 |
| Accrued Discounts (Premiums) |  |
| Realized Gain (Loss) |  |
| Change in Unrealized Appreciation (Depreciation) |  |
| Purchases |  |
| Sales |  |
| Transfers into Level 3 |  |
| Transfers out of Level 3<sup>(a)</sup> | (55464245) |
| **Balance as of November 30, 2022** | $– |
| **Change in unrealized appreciation/depreciation for the year ended November 30, 2022, related to Level 3 investments held at November 30, 2022** | $– |

---

<sup>(a)</sup> The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology.

*See Notes to Financial Statements.* 85

**Schedule of Investments**

CORE FIXED INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 116.23%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 18.39%** |  |  |  |  |  |
| **Automobiles 5.21%** |  |  |  |  |  |
| Capital One Prime Auto Receivables Trust 2022-1 A2 | 2.71% |  | 6/16/2025 | $16368816 | $16121046 |
| CarMax Auto Owner Trust 2022-2 A2A | 2.81% |  | 5/15/2025 | 15143981 | 14968937 |
| Flagship Credit Auto Trust 2021-1 A<sup>†</sup> | 0.31% |  | 6/16/2025 | 542742 | 539151 |
| Flagship Credit Auto Trust 2022-3 A3<sup>†</sup> | 4.55% |  | 4/15/2027 | 6595000 | 6448006 |
| Ford Credit Auto Owner Trust 2022-D A3 | 5.27% |  | 5/17/2027 | 10800000 | 10845985 |
| GM Financial Automobile Leasing Trust 2022-2 A2 | 2.93% |  | 10/21/2024 | 8357163 | 8241471 |
| Hertz Vehicle Financing III LP 2021-2A A<sup>†</sup> | 1.68% |  | 12/27/2027 | 13526000 | 11586660 |
| Mercedes-Benz Auto Receivables Trust 2022-1 A3 | 5.21% |  | 8/16/2027 | 7465000 | 7475886 |
| Santander Consumer Auto Receivables Trust 2020-BA F<sup>†</sup> | 7.03% |  | 8/15/2028 | 5049000 | 5011379 |
| Santander Drive Auto Receivables Trust 2022-5 B | 4.43% |  | 3/15/2027 | 8374000 | 8086772 |
| Santander Drive Auto Receivables Trust 2022-6 B | 4.72% |  | 6/15/2027 | 11710000 | 11379575 |
| Santander Drive Auto Receivables Trust 2022-6 C | 4.96% |  | 11/15/2028 | 7660000 | 7400144 |
| Westlake Automobile Receivables Trust 2019-2A D<sup>†</sup> | 3.20% |  | 11/15/2024 | 568358 | 566927 |
| Westlake Automobile Receivables Trust 2020-3A E<sup>†</sup> | 3.34% |  | 6/15/2026 | 3875000 | 3699402 |
| *Total* |  |  |  |  | 112371341 |
| **Credit Card 2.85%** |  |  |  |  |  |
| American Express Credit Account Master Trust 2022-2 A | 3.39% |  | 5/15/2027 | 4305000 | 4164184 |
| American Express Credit Account Master Trust 2022-3 A | 3.75% |  | 8/15/2027 | 5900000 | 5746077 |
| BA Credit Card Trust 2022-A1 A1 | 3.53% |  | 11/15/2027 | 6215000 | 6026880 |
| BA Credit Card Trust 2022-A2 A2 | 5.00% |  | 4/17/2028 | 10800000 | 10812899 |
| Capital One Multi-Asset Execution Trust 2005-B3 B3 | 4.629%<br>(3 Mo. LIBOR + .55% |)<sup>#</sup> | 5/15/2028 | 5780000 | 5550380 |
| Capital One Multi-Asset Execution Trust 2022-A2 A | 3.49% |  | 5/15/2027 | 10800000 | 10449146 |
| Continental Finance Credit Card ABS Master Trust 2020-1A A<sup>†</sup> | 2.24% |  | 12/15/2028 | 9100000 | 8514355 |
| Discover Card Execution Note Trust 2022-A4 A | 5.03% |  | 10/15/2027 | 6465000 | 6499925 |
| Genesis Sales Finance Master Trust 2020-AA B<sup>†</sup> | 2.24% |  | 9/22/2025 | 4000000 | 3825857 |
| *Total* |  |  |  |  | 61589703 |

---

86 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other 10.31%** |  |  |  |  |  |
| Apidos CLO XX 2015-20A A2RR<sup>†</sup> | 5.629%<br>(3 Mo. LIBOR + 1.55% |)<sup>#</sup> | 7/16/2031 | $4870000 | $4666199 |
| Apidos CLO XXVI A2R<sup>†</sup> | 5.694%<br>(3 Mo. LIBOR + 1.50% |)<sup>#</sup> | 7/18/2029 | 1680000 | 1625034 |
| Apidos CLO XXXV 2021-35A A<sup>†</sup> | 5.293%<br>(3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 4/20/2034 | 2250000 | 2180356 |
| Arbor Realty Collateralized Loan Obligation Ltd. 2021-FL2 AS<sup>†</sup> | 5.275%<br> (1 Mo. LIBOR + 1.40% |)<sup>#</sup> | 5/15/2036 | 5760000 | 5548002 |
| Ares XL CLO Ltd. 2016-40A A1RR<sup>†</sup> | 4.949%<br>(3 Mo. LIBOR + .87% |)<sup>#</sup> | 1/15/2029 | 2391364 | 2357884 |
| Avant Loans Funding Trust 2022-REV1 A<sup>†</sup> | 6.54% |  | 9/15/2031 | 8710000 | 8498355 |
| Bain Capital Credit CLO 2019-2A AR<sup>†</sup> | 5.179%<br>(3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 10/17/2032 | 5160000 | 5047769 |
| Barings CLO Ltd. 2019-3A A1R<sup>†</sup> | 5.313%<br>(3 Mo. LIBOR + 1.07% |)<sup>#</sup> | 4/20/2031 | 4000000 | 3919229 |
| Barings CLO Ltd. 2019-3A BR<sup>†</sup> | 5.843%<br>(3 Mo. LIBOR + 1.60% |)<sup>#</sup> | 4/20/2031 | 3080000 | 2970797 |
| Carlyle Global Market Strategies CLO Ltd. 2014-5A A1RR<sup>†</sup> | 5.219%<br>(3 Mo. LIBOR + 1.14% |)<sup>#</sup> | 7/15/2031 | 8699007 | 8535574 |
| Carlyle Global Market Strategies CLO Ltd. 2015-1A AR3<sup>†</sup> | 5.223%<br>(3 Mo. LIBOR + .98% |)<sup>#</sup> | 7/20/2031 | 3493905 | 3411388 |
| CBAM Ltd. 2017-1A D<sup>†</sup> | 7.993%<br>(3 Mo. LIBOR + 3.75% |)<sup>#</sup> | 7/20/2030 | 1641271 | 1470958 |
| CIFC Funding I Ltd. 2021-1A A1<sup>†</sup> | 5.468%<br>(3 Mo. LIBOR + 1.11% |)<sup>#</sup> | 4/25/2033 | 8040000 | 7906264 |
| Dryden 61 CLO Ltd. 2018-61A A1R<sup>†</sup> | 5.069%<br>(3 Mo. LIBOR + .99% |)<sup>#</sup> | 1/17/2032 | 5060000 | 4958618 |
| Dryden Senior Loan Fund 2017-47A BR<sup>†</sup> | 5.549%<br>(3 Mo. LIBOR + 1.47% |)<sup>#</sup> | 4/15/2028 | 6200000 | 6035636 |
| Eaton Vance CLO Ltd. 2013-1A A13R<sup>†</sup> | 5.329%<br>(3 Mo. LIBOR + 1.25% |)<sup>#</sup> | 1/15/2034 | 4510000 | 4406631 |
| Elmwood CLO VIII Ltd. 2021-1A A1<sup>†</sup> | 5.483%<br>(3 Mo. LIBOR + 1.24% |)<sup>#</sup> | 1/20/2034 | 3490000 | 3410403 |
| Encina Equipment Finance LLC 2021-1A D<sup>†</sup> | 1.69% |  | 11/15/2027 | 4500000 | 4195586 |
| Encina Equipment Finance LLC 2022-1A A2<sup>†</sup> | 4.88% |  | 11/15/2028 | 6691000 | 6506328 |
| Galaxy XXI CLO Ltd. 2015-21A AR<sup>†</sup> | 5.263%<br>(3 Mo. LIBOR + 1.02% |)<sup>#</sup> | 4/20/2031 | 485000 | 475689 |
| Goldentree Loan Management U.S. CLO 3 Ltd. 2018-3A B1<sup>†</sup> | 5.793%<br>(3 Mo. LIBOR + 1.55% |)<sup>#</sup> | 4/20/2030 | 1045000 | 1011647 |
| HGI CRE CLO Ltd. 2021-FL2 B<sup>†</sup> | 5.387%<br> (1 Mo. LIBOR + 1.50% |)<sup>#</sup> | 9/17/2036 | 5900000 | 5695043 |

---

*See Notes to Financial Statements.* 87

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| KKR CLO Ltd. 29A A<sup>†</sup> | 5.279%<br>(3 Mo. LIBOR + 1.20% |)<sup>#</sup> | 1/15/2032 | $2950000 | $2898771 |
| Lending Funding Trust 2020-2A A<sup>†</sup> | 2.32% |  | 4/21/2031 | 5712000 | 4975195 |
| Lendmark Funding Trust 2021-1A C<sup>†</sup> | 3.41% |  | 11/20/2031 | 2250000 | 1790260 |
| Lendmark Funding Trust 2021-2A B<sup>†</sup> | 2.37% |  | 4/20/2032 | 6945000 | 5566815 |
| LoanCore Issuer Ltd. 2022-CRE7 A<sup>†</sup> | 4.891%<br> (1 Mo. SOFR + 1.55% |)<sup>#</sup> | 1/17/2037 | 4080000 | 3922012 |
| Magnetite VII Ltd. 2012-7A A1R2<sup>†</sup> | 4.879%<br>(3 Mo. LIBOR + .80% |)<sup>#</sup> | 1/15/2028 | 6122314 | 6030894 |
| Marble Point CLO XVII Ltd. 2020-1A A<sup>†</sup> | 5.543%<br>(3 Mo. LIBOR + 1.30% |)<sup>#</sup> | 4/20/2033 | 2824058 | 2774637 |
| Mariner Finance Issuance Trust 2021-AA D<sup>†</sup> | 3.83% |  | 3/20/2036 | 2600000 | 2102677 |
| Marlette Funding Trust 2020-3A D<sup>†</sup> | 4.65% |  | 9/16/2030 | 5750000 | 5588691 |
| Marlette Funding Trust 2022-3 B<sup>†</sup> | 5.95% |  | 11/15/2032 | 6279000 | 6130192 |
| ME Funding LLC 2019-1 A2<sup>†</sup> | 6.448% |  | 7/30/2049 | 5446550 | 5297151 |
| MF1 Ltd. 2022-FL8 A<sup>†</sup> | 4.768%<br>(1 Mo. SOFR + 1.35% |)<sup>#</sup> | 2/19/2037 | 4500000 | 4308750 |
| Mountain View CLO LLC 2017-1A AR<sup>†</sup> | 5.169%<br>(3 Mo. LIBOR + 1.09% |)<sup>#</sup> | 10/16/2029 | 2471187 | 2439586 |
| Mountain View CLO Ltd. 2014-1A CRR<sup>†</sup> | 6.079%<br>(3 Mo. LIBOR + 2.00% |)<sup>#</sup> | 10/15/2026 | 452991 | 451497 |
| Mountain View CLO X Ltd. 2015-10A AR<sup>†</sup> | 4.761%<br>(3 Mo. LIBOR + .82% |)<sup>#</sup> | 10/13/2027 | 288724 | 287225 |
| Newark BSL CLO 1 Ltd. 2016-1A A1R<sup>†</sup> | 5.458%<br>(3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 12/21/2029 | 6517905 | 6444586 |
| OCP CLO Ltd. 2019-16A AR<sup>†</sup> | 4.909%<br>(3 Mo. LIBOR + 1.00% |)<sup>#</sup> | 4/10/2033 | 3360000 | 3283246 |
| OCP CLO Ltd. 2019-17A A1R<sup>†</sup> | 5.283%<br>(3 Mo. LIBOR + 1.04% |)<sup>#</sup> | 7/20/2032 | 5030000 | 4899088 |
| Octagon Investment Partners XIV Ltd. 2012-1A AARR<sup>†</sup> | 5.029%<br>(3 Mo. LIBOR + .95% |)<sup>#</sup> | 7/15/2029 | 3848040 | 3801626 |
| Octagon Investment Partners XVII Ltd. 2013-1A A1R2<sup>†</sup> | 5.358%<br>(3 Mo. LIBOR + 1.00% |)<sup>#</sup> | 1/25/2031 | 2415000 | 2373152 |
| OneMain Financial Issuance Trust 2018-2A A<sup>†</sup> | 3.57% |  | 3/14/2033 | 5645000 | 5520519 |
| Palmer Square Loan Funding Ltd. 2021-1A A1<sup>†</sup> | 5.143%<br>(3 Mo. LIBOR + .90% |)<sup>#</sup> | 4/20/2029 | 4547472 | 4490629 |
| Rad CLO 6 Ltd. 2019-6A A1<sup>†</sup> | 5.623%<br>(3 Mo. LIBOR + 1.38% |)<sup>#</sup> | 1/20/2033 | 5000000 | 4928949 |
| Rad CLO Ltd. 2020-7A A1<sup>†</sup> | 5.279%<br>(3 Mo. LIBOR + 1.20% |)<sup>#</sup> | 4/17/2033 | 4578038 | 4482382 |
| SCF Equipment Leasing LLC 2019-2A B<sup>†</sup> | 2.76% |  | 8/20/2026 | 3285000 | 3157614 |
| SCF Equipment Leasing LLC 2021-1A C<sup>†</sup> | 1.54% |  | 10/21/2030 | 4325000 | 3804042 |

---

88 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2022*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |  |
| Sunrun Demeter Issuer 2021-2A A<sup>†</sup> |  | 2.27% |  | 1/30/2057 | $2195088 | $1720846 |
| TCI-Flatiron CLO Ltd. 2017-1A AR<sup>†</sup> |  | 5.61%<br>(3 Mo. LIBOR + .96% |)<sup>#</sup> | 11/18/2030 | 2500000 | 2449875 |
| TCW CLO Ltd. 2022 1A A1<sup>†</sup> | 5.40%<br>(3 Mo. Term SOFR + 1.34% | 5.40%<br>(3 Mo. Term SOFR + 1.34% |)<sup>#</sup> | 4/22/2033 | 2200000 | 2144255 |
| Upstart Securitization Trust 2021-2 B<sup>†</sup> |  | 1.75% |  | 6/20/2031 | 3898000 | 3683379 |
| VERDE CLO Ltd. 2019-1A AR<sup>†</sup> |  | 5.179%<br>(3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 4/15/2032 | 5340000 | 5227860 |
| Verizon Master Trust 2022-7 A1A |  | 5.23% |  | 11/22/2027 | 10800000 | 10790014 |
| *Total* |  |  |  |  |  | 222599805 |
| **Student Loan 0.02%** |  |  |  |  |  |  |
| Towd Point Asset Trust 2018-SL1 A<sup>†</sup> |  | 4.616%<br> (1 Mo. LIBOR + .60% |)<sup>#</sup> | 1/25/2046 | 438606 | 435721 |
| *Total Asset-Backed Securities* (cost $409,625,024) | *Total Asset-Backed Securities* (cost $409,625,024) |  |  |  |  | 396996570 |
| **CORPORATE BONDS 34.80%** |  |  |  |  |  |  |
| **Agriculture 0.70%** |  |  |  |  |  |  |
| BAT Capital Corp. |  | 3.222% |  | 8/15/2024 | 4913000 | 4740144 |
| Cargill, Inc. <sup>†</sup> |  | 4.00% |  | 6/22/2032 | 5578000 | 5195808 |
| Philip Morris International, Inc. |  | 5.625% |  | 11/17/2029 | 2778000 | 2827123 |
| Viterra Finance BV (Netherlands)<sup>†(a)</sup> |  | 4.90% |  | 4/21/2027 | 2426000 | 2270351 |
| *Total* |  |  |  |  |  | 15033426 |
| **Airlines 0.25%** |  |  |  |  |  |  |
| American Airlines 2021-1A Pass Through Trust |  | 2.875% |  | 1/11/2036 | 2784000 | 2247552 |
| British Airways 20-1 Trust 2020-1 A (United Kingdom)<sup>†(a)</sup> |  | 4.25% |  | 5/15/2034 | 3343007 | 3063878 |
| *Total* |  |  |  |  |  | 5311430 |
| **Banks 9.97%** |  |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(a)</sup> | 3.324%<br> (5 Yr. Treasury CMT + 1.90% | 3.324%<br> (5 Yr. Treasury CMT + 1.90% |)<sup>#</sup> | 3/13/2037 | 2600000 | 1885179 |
| Bank of America Corp. |  | 1.658%<br> (SOFR + .91% |)<sup>#</sup> | 3/11/2027 | 5231000 | 4637931 |
| Bank of America Corp. |  | 2.687%<br> (SOFR + 1.32% |)<sup>#</sup> | 4/22/2032 | 7996000 | 6486571 |
| Bank of America Corp. |  | 3.593%<br>(3 Mo. LIBOR + 1.37% |)<sup>#</sup> | 7/21/2028 | 4807000 | 4459856 |
| Bank of America Corp. |  | 3.97%<br>(3 Mo. LIBOR + 1.07% |)<sup>#</sup> | 3/5/2029 | 10160000 | 9445554 |
| Bank of America Corp. |  | 4.00% |  | 1/22/2025 | 1716000 | 1683179 |
| Bank of New York Mellon Corp.(The) |  | 4.596%<br> (SOFR + 1.76% |)<sup>#</sup> | 7/26/2030 | 4402000 | 4297356 |

---

*See Notes to Financial Statements.* 89

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| BNG Bank NV (Netherlands)<sup>†(a)</sup> | 4.75% |  | 5/22/2024 | $25726000 | $25656869 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 4.375%<br> (5 Yr. Swap rate + 1.48% |)<sup>#</sup> | 3/1/2033 | 4464000 | 3926148 |
| Citigroup, Inc. | 2.666%<br> (SOFR + 1.15% |)<sup>#</sup> | 1/29/2031 | 11860000 | 9858167 |
| Citigroup, Inc. | 3.887%<br>(3 Mo. LIBOR + 1.56% |)<sup>#</sup> | 1/10/2028 | 7031000 | 6636417 |
| Citigroup, Inc. | 3.98%<br>(3 Mo. LIBOR + 1.34% |)<sup>#</sup> | 3/20/2030 | 6228000 | 5701142 |
| Citigroup, Inc. | 4.14%<br>(SOFR + 1.37% |)<sup>#</sup> | 5/24/2025 | 1736000 | 1704407 |
| Danske Bank A/S (Denmark)<sup>†(a)</sup> | 3.773%<br>(1 Yr. Treasury CMT + 1.45% |)<sup>#</sup> | 3/28/2025 | 6260000 | 6029227 |
| Goldman Sachs Group, Inc. (The) | 2.383%<br>(SOFR + 1.25% |)<sup>#</sup> | 7/21/2032 | 18608000 | 14713099 |
| JPMorgan Chase & Co. | 2.58%<br>(SOFR + 1.25% |)<sup>#</sup> | 4/22/2032 | 7324000 | 5943971 |
| JPMorgan Chase & Co. | 2.963%<br>(SOFR + 1.26% |)<sup>#</sup> | 1/25/2033 | 10300000 | 8500872 |
| JPMorgan Chase & Co. | 3.782%<br>(3 Mo. LIBOR + 1.34% |)<sup>#</sup> | 2/1/2028 | 22468000 | 21186099 |
| Macquarie Bank Ltd. (Australia)<sup>†(a)</sup> | 3.052%<br>(5 Yr. Treasury CMT + 1.70% |)<sup>#</sup> | 3/3/2036 | 4585000 | 3303325 |
| Macquarie Group Ltd. (Australia)<sup>†(a)</sup> | 4.654%<br>(3 Mo. LIBOR + 1.73% |)<sup>#</sup> | 3/27/2029 | 3121000 | 2923291 |
| Morgan Stanley | 2.239%<br>(SOFR + 1.18% |)<sup>#</sup> | 7/21/2032 | 5505000 | 4297371 |
| Morgan Stanley | 2.484%<br>(SOFR + 1.36% |)<sup>#</sup> | 9/16/2036 | 3165000 | 2355045 |
| Morgan Stanley | 4.431%<br>(3 Mo. LIBOR + 1.63% |)<sup>#</sup> | 1/23/2030 | 8178000 | 7743252 |
| National Australia Bank Ltd. (Australia)<sup>†(a)</sup> | 2.99% |  | 5/21/2031 | 2374000 | 1861080 |
| Royal Bank of Canada (Canada)<sup>(a)</sup> | 6.00% |  | 11/1/2027 | 4995000 | 5200019 |
| Santander UK Group Holdings plc (United Kingdom)<sup>(a)</sup> | 3.373%<br>(3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 1/5/2024 | 5315000 | 5303668 |
| State Street Corp. | 4.164%<br>(SOFR + 1.73% |)<sup>#</sup> | 8/4/2033 | 9670000 | 9010804 |
| Toronto-Dominion Bank (The) (Canada)<sup>(a)</sup> | 4.456% |  | 6/8/2032 | 4480000 | 4289334 |
| UBS AG (Switzerland)<sup>(a)</sup> | 5.125% |  | 5/15/2024 | 1694000 | 1667114 |
| US Bancorp | 4.967%<br>(SOFR + 2.11% |)<sup>#</sup> | 7/22/2033 | 7038000 | 6745056 |
| Wells Fargo & Co. | 2.188%<br>(SOFR + 2.00% |)<sup>#</sup> | 4/30/2026 | 4878000 | 4545511 |

---

90 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Wells Fargo & Co. | 2.393%<br>(SOFR + 2.10% |)<sup>#</sup> | 6/2/2028 | $5000000 | $4425071 |
| Wells Fargo & Co. | 3.35%<br>(SOFR + 1.50% |)<sup>#</sup> | 3/2/2033 | 4058000 | 3474377 |
| Wells Fargo Bank NA | 5.85% |  | 2/1/2037 | 5275000 | 5398546 |
| *Total* |  |  |  |  | 215294908 |
| **Biotechnology 0.08%** |  |  |  |  |  |
| Baxalta, Inc. | 4.00% |  | 6/23/2025 | 1675000 | 1647793 |
| **Chemicals 0.34%** |  |  |  |  |  |
| International Flavors & Fragrances, Inc.<sup>†</sup> | 1.23% |  | 10/1/2025 | 8373000 | 7407089 |
| **Commercial Services 0.29%** |  |  |  |  |  |
| Global Payments, Inc. | 4.00% |  | 6/1/2023 | 6376000 | 6328254 |
| **Computers 0.11%** |  |  |  |  |  |
| Dell International LLC/EMC Corp. | 8.35% |  | 7/15/2046 | 2080000 | 2437630 |
| **Cosmetics/Personal Care 0.19%** |  |  |  |  |  |
| GSK Consumer Healthcare Capital US LLC | 3.625% |  | 3/24/2032 | 4679000 | 4133566 |
| **Diversified Financial Services 2.29%** |  |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(a)</sup> | 3.50% |  | 1/15/2025 | 2732000 | 2607271 |
| Aircastle Ltd.<sup>†</sup> | 2.85% |  | 1/26/2028 | 3402000 | 2773025 |
| Ally Financial, Inc. | 8.00% |  | 11/1/2031 | 4517000 | 4853251 |
| American Express Co. | 4.42%<br>(SOFR + 1.76% |)<sup>#</sup> | 8/3/2033 | 4543000 | 4311827 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 1/30/2026 | 3877000 | 3383914 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 5.25% |  | 5/15/2024 | 4791000 | 4676075 |
| CPPIB Capital, Inc. (Canada)<sup>†(a)</sup> | 4.753%<br>(SOFR + 1.25% |)<sup>#</sup> | 4/4/2025 | 11750000 | 11985131 |
| Intercontinental Exchange, Inc. | 4.00% |  | 9/15/2027 | 9645000 | 9443791 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 1008000 | 964209 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.875% |  | 4/15/2045 | 690000 | 579955 |
| Park Aerospace Holdings Ltd. (Ireland)<sup>†(a)</sup> | 5.50% |  | 2/15/2024 | 3956000 | 3899349 |
| *Total* |  |  |  |  | 49477798 |
| **Electric 3.97%** |  |  |  |  |  |
| AEP Transmission Co. LLC | 4.50% |  | 6/15/2052 | 2482000 | 2222960 |
| AES Corp. (The)<sup>†</sup> | 3.95% |  | 7/15/2030 | 2586000 | 2269655 |

---

*See Notes to Financial Statements.* 91

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |  |
| Alfa Desarrollo SpA (Chile)<sup>†(a)</sup> | 4.55% |  | 9/27/2051 | $2881457 | $2117900 |
| American Transmission Systems, Inc.<sup>†</sup> | 2.65% |  | 1/15/2032 | 9767000 | 7990677 |
| Baltimore Gas & Electric Co. | 4.55% |  | 6/1/2052 | 6608000 | 5981895 |
| Constellation Energy Generation LLC | 6.25% |  | 10/1/2039 | 5000000 | 5222581 |
| DTE Energy Co. | 4.22% |  | 11/1/2024 | 1722000 | 1696325 |
| Duke Energy Corp. | 4.50% |  | 8/15/2032 | 7973000 | 7572882 |
| Enel Finance International NV<sup>(b)</sup> | 0.50% |  | 6/17/2030 | 6832000 | 5623548 |
| Entergy Corp. | 0.90% |  | 9/15/2025 | $6407000 | 5716028 |
| IPALCO Enterprises, Inc. | 4.25% |  | 5/1/2030 | 8101000 | 7273021 |
| Minejesa Capital BV (Netherlands)<sup>†(a)</sup> | 4.625% |  | 8/10/2030 | 3750000 | 3281250 |
| NextEra Energy Capital Holdings, Inc. | 4.426%<br>(SOFR + 1.02% |)<sup>#</sup> | 3/21/2024 | 7081000 | 7040885 |
| NextEra Energy Capital Holdings, Inc. | 5.00% |  | 7/15/2032 | 3418000 | 3419122 |
| Oglethorpe Power Corp. | 5.95% |  | 11/1/2039 | 3719000 | 3645882 |
| Ohio Edison Co. | 8.25% |  | 10/15/2038 | 2655000 | 3211735 |
| Southern Co. (The) | 4.475% |  | 8/1/2024 | 7006000 | 6903705 |
| Wisconsin Power & Light Co. | 3.95% |  | 9/1/2032 | 4934000 | 4568389 |
| *Total* |  |  |  |  | 85758440 |
| **Electronics 0.25%** |  |  |  |  |  |
| Honeywell International, Inc.<sup>(b)</sup> | 4.125% |  | 11/2/2034 | 5039000 | 5397719 |
| **Engineering & Construction 0.14%** |  |  |  |  |  |
| Cellnex Finance Co. S.A. (Spain)<sup>†(a)</sup> | 3.875% |  | 7/7/2041 | $4365000 | 2962955 |
| **Entertainment 0.10%** |  |  |  |  |  |
| Warnermedia Holdings, Inc.<sup>†</sup> | 3.428% |  | 3/15/2024 | 2263000 | 2197927 |
| **Food 0.25%** |  |  |  |  |  |
| Kraft Heinz Foods Co.<sup>(b)</sup> | 2.25% |  | 5/25/2028 | 5620000 | 5457240 |
| **Gas 1.51%** |  |  |  |  |  |
| CenterPoint Energy Resources Corp. | 1.75% |  | 10/1/2030 | $6650000 | 5313986 |
| CenterPoint Energy Resources Corp. | 4.40% |  | 7/1/2032 | 5655000 | 5482321 |
| East Ohio Gas Co. (The)<sup>†</sup> | 1.30% |  | 6/15/2025 | 8546000 | 7748277 |
| National Fuel Gas Co. | 3.95% |  | 9/15/2027 | 9500000 | 8683740 |
| NiSource, Inc. | 2.95% |  | 9/1/2029 | 3267000 | 2867579 |
| Southwest Gas Corp. | 4.05% |  | 3/15/2032 | 2745000 | 2397814 |
| *Total* |  |  |  |  | 32493717 |

---

92 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care-Products 0.52%** |  |  |  |  |
| GE Healthcare Holding LLC<sup>†</sup> | 5.65% | 11/15/2027 | $6136000 | $6260968 |
| PerkinElmer, Inc. | 0.85% | 9/15/2024 | 5319000 | 4918057 |
| *Total* |  |  |  | 11179025 |
| **Health Care-Services 2.30%** |  |  |  |  |
| Centene Corp. | 2.45% | 7/15/2028 | 4050000 | 3410012 |
| Centene Corp. | 3.375% | 2/15/2030 | 9000000 | 7677837 |
| Elevance Health, Inc. | 2.25% | 5/15/2030 | 8325000 | 6960562 |
| Elevance Health, Inc. | 5.50% | 10/15/2032 | 8100000 | 8369231 |
| Humana, Inc. | 1.35% | 2/3/2027 | 5908000 | 5099887 |
| Humana, Inc. | 5.875% | 3/1/2033 | 6474000 | 6744704 |
| UnitedHealth Group, Inc. | 4.00% | 5/15/2029 | 6730000 | 6471338 |
| UnitedHealth Group, Inc. | 5.25% | 2/15/2028 | 4690000 | 4827234 |
| *Total* |  |  |  | 49560805 |
| **Home Builders 0.14%** |  |  |  |  |
| PulteGroup, Inc. | 6.375% | 5/15/2033 | 1408000 | 1401138 |
| Toll Brothers Finance Corp. | 3.80% | 11/1/2029 | 1916000 | 1618953 |
| *Total* |  |  |  | 3020091 |
| **Insurance 0.46%** |  |  |  |  |
| Assurant, Inc. | 2.65% | 1/15/2032 | 1685000 | 1254459 |
| First American Financial Corp. | 2.40% | 8/15/2031 | 2703000 | 2005564 |
| GA Global Funding Trust<sup>†</sup> | 3.85% | 4/11/2025 | 5176000 | 4956498 |
| Metropolitan Life Global Funding I<sup>†</sup> | 4.05% | 8/25/2025 | 1686000 | 1652189 |
| *Total* |  |  |  | 9868710 |
| **Internet 1.00%** |  |  |  |  |
| Amazon.com, Inc. | 4.70% | 12/1/2032 | 14018000 | 14153090 |
| Netflix, Inc. | 5.875% | 11/15/2028 | 2497000 | 2528737 |
| Netflix, Inc. | 6.375% | 5/15/2029 | 2971000 | 3068924 |
| Prosus NV (Netherlands)<sup>†(a)</sup> | 3.257% | 1/19/2027 | 2000000 | 1759696 |
| *Total* |  |  |  | 21510447 |
| **Machinery-Diversified 0.38%** |  |  |  |  |
| nVent Finance Sarl (Luxembourg)<sup>(a)</sup> | 4.55% | 4/15/2028 | 8831000 | 8176281 |
| **Media 1.13%** |  |  |  |  |
| Charter Communications Operating LLC/Charter Communications Operating Capital | 6.484% | 10/23/2045 | 4600000 | 4339776 |
| Comcast Corp. | 5.50% | 11/15/2032 | 10433000 | 10945319 |
| FactSet Research Systems, Inc. | 3.45% | 3/1/2032 | 6656000 | 5615978 |
| Time Warner Cable LLC | 7.30% | 7/1/2038 | 3385000 | 3466296 |
| *Total* |  |  |  | 24367369 |

---

*See Notes to Financial Statements.* 93

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Mining 0.08%** |  |  | | |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(a)</sup> | 4.125% | 3/31/2029 | $1986000 | $1744105 |
| **Multi-National 0.23%** |  |  |  |  |
| Inter-American Investment Corp. | 2.625% | 4/22/2025 | 5100000 | 4898401 |
| **Oil & Gas 1.47%** |  |  |  |  |
| Continental Resources, Inc. | 4.90% | 6/1/2044 | 5167000 | 3898217 |
| Continental Resources, Inc.<sup>†</sup> | 5.75% | 1/15/2031 | 5650000 | 5301379 |
| Diamondback Energy, Inc. | 3.50% | 12/1/2029 | 7161000 | 6381019 |
| Eni SpA (Italy)<sup>†(a)</sup> | 5.70% | 10/1/2040 | 5053000 | 4718246 |
| EQT Corp. | 7.00% | 2/1/2030 | 9000000 | 9480857 |
| Occidental Petroleum Corp. | 6.45% | 9/15/2036 | 1919000 | 1926139 |
| *Total* |  |  |  | 31705857 |
| **Oil & Gas Services 0.51%** |  |  |  |  |
| Halliburton Co. | 7.45% | 9/15/2039 | 2595000 | 2963795 |
| NOV, Inc. | 3.60% | 12/1/2029 | 8885000 | 7934022 |
| *Total* |  |  |  | 10897817 |
| **Pharmaceuticals 0.81%** |  |  |  |  |
| Bayer Corp.<sup>†</sup> | 6.65% | 2/15/2028 | 1425000 | 1470383 |
| Cigna Corp. | 2.40% | 3/15/2030 | 5062000 | 4304321 |
| CVS Health Corp. | 3.25% | 8/15/2029 | 13000000 | 11755154 |
| *Total* |  |  |  | 17529858 |
| **Pipelines 1.20%** |  |  |  |  |
| Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates)<sup>†(a)</sup> | 4.60% | 11/2/2047 | 3460000 | 3108962 |
| Eastern Gas Transmission & Storage, Inc. | 3.00% | 11/15/2029 | 5911000 | 5166261 |
| EIG Pearl Holdings Sarl (Luxembourg)<sup>†(a)</sup> | 3.545% | 8/31/2036 | 4235000 | 3525477 |
| Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)<sup>†(a)</sup> | 3.25% | 9/30/2040 | 4400000 | 3388893 |
| Kinder Morgan Energy Partners LP | 4.25% | 9/1/2024 | 4342000 | 4279324 |
| NGPL PipeCo LLC<sup>†</sup> | 3.25% | 7/15/2031 | 3973000 | 3257883 |
| Sabine Pass Liquefaction LLC | 5.625% | 3/1/2025 | 1586000 | 1590606 |
| Venture Global Calcasieu Pass LLC<sup>†</sup> | 4.125% | 8/15/2031 | 1908000 | 1647825 |
| *Total* |  |  |  | 25965231 |
| **Real Estate 0.07%** |  |  |  |  |
| American Tower Corp. | 2.95% | 1/15/2025 | 1586000 | 1514366 |
| **REITS 0.37%** |  |  |  |  |
| Crown Castle, Inc. | 3.30% | 7/1/2030 | 9000000 | 7924488 |

---

94 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Retail 0.27%** |  |  | | |
| 7-eleven, Inc.<sup>†</sup> | 0.80% | 2/10/2024 | $6229000 | $5911527 |
| **Semiconductors 0.69%** |  |  |  |  |
| Advanced Micro Devices, Inc. | 3.924% | 6/1/2032 | 3420000 | 3231972 |
| Advanced Micro Devices, Inc. | 4.393% | 6/1/2052 | 1981000 | 1762736 |
| Broadcom, Inc.<sup>†</sup> | 4.15% | 4/15/2032 | 11300000 | 9973450 |
| *Total* |  |  |  | 14968158 |
| **Software 0.84%** |  |  |  |  |
| Oracle Corp. | 2.875% | 3/25/2031 | 6226000 | 5214140 |
| Oracle Corp. | 5.375% | 7/15/2040 | 672000 | 621598 |
| Oracle Corp. | 6.125% | 7/8/2039 | 721000 | 720983 |
| Oracle Corp. | 6.25% | 11/9/2032 | 11010000 | 11628489 |
| *Total* |  |  |  | 18185210 |
| **Sovereign 0.65%** |  |  |  |  |
| Export Finance & Insurance Corp. (Australia)<sup>†(a)</sup> | 4.625% | 10/26/2027 | 4972000 | 5043082 |
| Svensk Exportkredit AB (Sweden)<sup>(a)</sup> | 4.625% | 11/28/2025 | 8965000 | 9019058 |
| *Total* |  |  |  | 14062140 |
| **Telecommunications 1.09%** |  |  |  |  |
| T-Mobile USA, Inc. | 3.50% | 4/15/2025 | 4878000 | 4725272 |
| T-Mobile USA, Inc. | 3.875% | 4/15/2030 | 13746000 | 12638078 |
| Verizon Communications, Inc.<sup>(b)</sup> | 4.25% | 10/31/2030 | 5654000 | 6159556 |
| *Total* |  |  |  | 23522906 |
| **Transportation 0.15%** |  |  |  |  |
| Burlington Northern Santa Fe LLC | 4.45% | 1/15/2053 | $3529000 | 3240989 |
| *Total Corporate Bonds* (cost $800,623,352) |  |  |  | 751093673 |
| **FLOATING RATE LOANS**<sup>(c)</sup> **1.24%** |  |  |  |  |
| **Advertising 0.33%** |  |  |  |  |
| Lamar Media Corporation 2020 Term Loan B | 5.102%<br>(3 Mo. LIBOR + 1.50% | 2/5/2027 | 7262852 | 7064285 |
| **Media 0.48%** |  |  |  |  |
| Charter Communications Operating, LLC 2019 Term Loan B1 | 5.83%<br>(1 Mo. LIBOR + 1.75% | 4/30/2025 | 10466189 | 10318982 |

---

*See Notes to Financial Statements.* 95

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oil & Gas 0.43%** |  |  |  |  |  |
| Southwestern Energy Company 2021 Term Loan | 6.203%<br>(3 Mo. SOFR + 2.50% |)<sup>#</sup> | 6/22/2027 | $9358109 | $9264528 |
| *Total Floating Rate Loans* (cost $27,086,705) |  |  |  |  | 26647795 |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(a)</sup> **2.22%** |  |  |  |  |  |
| **Canada 0.41%** |  |  |  |  |  |
| Province of Ontario Canada | 3.10% |  | 5/19/2027 | 9335000 | 8934792 |
| **France 0.83%** |  |  |  |  |  |
| Caisse d'Amortissement de la Dette Sociale<sup>†</sup> | 4.625% |  | 11/2/2025 | 17795000 | 17936534 |
| **Japan 0.49%** |  |  |  |  |  |
| Japan Bank for International Cooperation | 3.875% |  | 9/16/2025 | 6638000 | 6518365 |
| Japan International Cooperation Agency | 3.25% |  | 5/25/2027 | 4348000 | 4122651 |
| *Total* |  |  |  |  | 10641016 |
| **Mexico 0.15%** |  |  |  |  |  |
| Mexico Government International Bond | 4.875% |  | 5/19/2033 | 3448000 | 3245400 |
| **Norway 0.34%** |  |  |  |  |  |
| Kommunalbanken AS<sup>†</sup> | 2.054% |  |  |  |  |
|  | (SOFR + 1.00% |)<sup>#</sup> | 6/17/2026 | 7124000 | 7247036 |
| *Total Foreign Government Obligations* (cost $48,605,522) | *Total Foreign Government Obligations* (cost $48,605,522) |  |  |  | 48004778 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.23%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.23%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.23%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.23%** |  |  |
| Freddie Mac Multifamily Structured Pass Through Certificates A2 | 2.58% |  | 5/25/2032 | 9925000 | 8560510 |
| Freddie Mac Multifamily Structured Pass Through Certificates A2 | 3.53% | <sup>#</sup> | 8/25/2032 | 3685000 | 3447742 |
| Freddie Mac Multifamily Structured Pass Through Certificates A2 | 3.71% | <sup>#</sup> | 9/25/2032 | 5369000 | 5086651 |
| Freddie Mac Multifamily Structured Pass Through Certificates A2 | 3.123% | <sup>#(d)</sup> | 8/25/2032 | 9594000 | 8636593 |
| Freddie Mac Multifamily Structured Pass Through Certificates Q001 XA | 2.117% | <sup>#(d)</sup> | 2/25/2032 | 10731917 | 881202 |
| *Total Government Sponsored Enterprises* |  |  |  |  |  |
| *Collateralized Mortgage Obligations* (cost $26,493,409) | *Collateralized Mortgage Obligations* (cost $26,493,409) |  |  |  | 26612698 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 34.00%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 34.00%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 34.00%** |  |  |  |
| Fannie Mae or Freddie Mac<sup>(e)</sup> | 2.00% |  | TBA | 47828000 | 39442669 |
| Fannie Mae or Freddie Mac<sup>(e)</sup> | 3.00% |  | TBA | 60106000 | 53252539 |
| Fannie Mae or Freddie Mac<sup>(e)</sup> | 3.50% |  | TBA | 42976000 | 39373403 |

---

96 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |  |  |
| Fannie Mae or Freddie Mac<sup>(e)</sup> | 4.00% |  | TBA | $26153000 | $25039135 |
| Fannie Mae or Freddie Mac<sup>(e)</sup> | 4.50% |  | TBA | 56238000 | 55517022 |
| Fannie Mae or Freddie Mac<sup>(e)</sup> | 5.00% |  | TBA | 50729000 | 50951795 |
| Fannie Mae or Freddie Mac<sup>(e)</sup> | 5.50% |  | TBA | 18802000 | 19011037 |
| Fannie Mae or Freddie Mac<sup>(e)</sup> | 6.00% |  | TBA | 25137000 | 25684763 |
| Fannie Mae or Freddie Mac<sup>(e)</sup> | 6.50% |  | TBA | 23848000 | 24533974 |
| Fannie Mae Pool | 2.00% |  | 6/1/2051 | 11404137 | 9436586 |
| Fannie Mae Pool | 2.50% |  | 8/1/2050 - 5/1/2052 | 116537004 | 101319849 |
| Fannie Mae Pool | 3.00% |  | 12/1/2048 - 1/1/2051 | 21874947 | 19709590 |
| Fannie Mae Pool | 3.50% |  | 7/1/2045 - 4/1/2052 | 11909715 | 11055127 |
| Fannie Mae Pool | 4.00% |  | 5/1/2052 - 6/1/2052 | 14418749 | 13795030 |
| Fannie Mae Pool | 5.00% |  | 7/1/2052 - 8/1/2052 | 13619278 | 13711035 |
| Federal Farm Credit Banks Funding Corp. | 4.01%<br>(SOFR + 1.19% |)<sup>#</sup> | 11/25/2024 | 3862000 | 3861971 |
| Federal Home Loan Bank Discount Notes | Zero Coupon |  | 1/25/2023 | 7876000 | 7823528 |
| Federal Home Loan Banks | 3.375% |  | 12/8/2023 | 19420000 | 19141678 |
| Federal Home Loan Banks | 3.83%<br>(SOFR + .02% |)<sup>#</sup> | 1/3/2023 | 37180000 | 37183430 |
| Freddie Mac Pool | 2.00% |  | 10/1/2051 | 9031773 | 7464346 |
| Freddie Mac Pool | 2.50% |  | 11/1/2050 - 5/1/2052 | 14361501 | 12419062 |
| Freddie Mac Pool | 3.50% |  | 2/1/2046 | 3229743 | 3030062 |
| Freddie Mac Pool | 4.50% |  | 8/1/2052 | 9073594 | 8925708 |
| Freddie Mac Pool | 5.00% |  | 7/1/2052 - 8/1/2052 | 18906113 | 19023819 |
| Ginnie Mae<sup>(e)</sup> | 3.00% |  | TBA | 4646000 | 4201493 |
| Ginnie Mae<sup>(e)</sup> | 3.50% |  | TBA | 4700000 | 4367328 |
| Ginnie Mae<sup>(e)</sup> | 4.00% |  | TBA | 7803000 | 7452780 |
| Ginnie Mae<sup>(e)</sup> | 4.50% |  | TBA | 24538000 | 24041640 |
| Ginnie Mae<sup>(e)</sup> | 5.00% |  | TBA | 20466000 | 20448412 |
| Ginnie Mae<sup>(e)</sup> | 5.50% |  | TBA | 25653000 | 25955249 |
| Ginnie Mae<sup>(e)</sup> | 6.00% |  | TBA | 26110000 | 26623997 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $734,218,091) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $734,218,091) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $734,218,091) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $734,218,091) |  | 733798057 |

---

*See Notes to Financial Statements.* 97

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **MUNICIPAL BONDS 0.59%** |  |  |  |  |
| **Government** |  |  |  |  |
| Bay Area Toll Authority | 3.126% | 4/1/2055 | $5910000 | $4014136 |
| Foothill-Eastern Transportation Corridor Agency | 4.094% | 1/15/2049 | 1567000 | 1219857 |
| New York City Transitional Finance Authority Future Tax Secured Revenue A5 | 2.69% | 5/1/2033 | 8450000 | 6733421 |
| Regents of the University of California Medical Ce | 3.006% | 5/15/2050 | 950000 | 646854 |
| *Total Municipal Bonds* (cost $17,284,626) |  |  |  | 12614268 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.06%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.06%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.06%** |  |  |
| Angel Oak Mortgage Trust 2020-1 A1<sup>†</sup> | 2.466% | 12/25/2059 | 172132 | 161376 |
| Angel Oak Mortgage Trust 2021-3 A1<sup>†</sup> | 1.068% | 5/25/2066 | 2609702 | 2044098 |
| Angel Oak Mortgage Trust 2022-3 A1<sup>†</sup> | 4.00% | 1/25/2067 | 3508827 | 3193585 |
| BBCMS Mortgage Trust 2019-BWAY A<sup>†</sup> | 4.831%<br>(1 Mo. LIBOR + .96% | 11/15/2034 | 1510000 | 1431698 |
| BBCMS Mortgage Trust 2019-BWAY B<sup>†</sup> | 5.185%<br>(1 Mo. LIBOR + 1.31% | 11/15/2034 | 664000 | 617331 |
| BHMS 2018-ATLS A<sup>†</sup> | 5.125%<br>(1 Mo. LIBOR + 1.25% | 7/15/2035 | 3290000 | 3160158 |
| BRAVO Residential Funding Trust 2021-NQM2 A1<sup>†</sup> | 0.97% | 3/25/2060 | 5990039 | 5630692 |
| BX Trust 2018-GW A<sup>†</sup> | 4.675%<br>(1 Mo. LIBOR + .80% | 5/15/2035 | 5060000 | 4907457 |
| BX Trust 2021-ARIA E<sup>†</sup> | 6.12%<br>(1 Mo. LIBOR + 2.24% | 10/15/2036 | 4120000 | 3732829 |
| BX Trust 2021-RISE A<sup>†</sup> | 4.623%<br>(1 Mo. LIBOR + .75% | 11/15/2036 | 4600000 | 4385330 |
| CF Trust 2019-BOSS A1 | 4.75%<br>(1 Mo. LIBOR + 3.25% | 12/15/2024 | 1690000 | 1547738 <sup>(f)</sup> |
| Citigroup Commercial Mortgage Trust 2014-GC21 XA | 1.299% | 5/10/2047 | 14053056 | 173169 |
| Commercial Mortgage Pass-Through Certificates 2014-CR19 XA | 1.089% | 8/10/2047 | 2562496 | 29723 |
| Commercial Mortgage Pass-Through Certificates 2014-UBS4 D<sup>†</sup> | 4.869% | 8/10/2047 | 4440000 | 3216707 |
| Commercial Mortgage Pass-Through Certificates 2015-DC1 D<sup>†</sup> | 4.441% | 2/10/2048 | 3741365 | 3034073 |
| Connecticut Avenue Securities Trust 2021-R01 1M2<sup>†</sup> | 5.071%<br>(1 Mo. SOFR + 1.55% | 10/25/2041 | 2570000 | 2469906 |
| Connecticut Avenue Securities Trust 2022-R08 1M1<sup>†</sup> | 6.071%<br>(1 Mo. SOFR + 2.55% | 7/25/2042 | 3712594 | 3690744 |

---

98 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1<sup>†</sup> | 1.616% |  | 4/25/2065 | $399396 | $385578 |
| Credit Suisse Mortgage Capital Certificates Trust 2020-AFC1 A1<sup>†</sup> | 2.24% | <sup>#(d)</sup> | 2/25/2050 | 664898 | 613091 |
| CSMC 2021-BHAR B<sup>†</sup> | 5.376%<br>(1 Mo. LIBOR + 1.50% |)<sup>#</sup> | 11/15/2038 | 5635000 | 5265980 |
| DBWF Mortgage Trust 2018-GLKS A<sup>†</sup> | 4.969%<br>(1 Mo. LIBOR + 1.03% |)<sup>#</sup> | 12/19/2030 | 2000000 | 1933565 |
| Deephaven Residential Mortgage Trust 2021-3 A1<sup>†</sup> | 1.194% | <sup>#(d)</sup> | 8/25/2066 | 5133453 | 4241287 |
| Ellington Financial Mortgage Trust 2020-1 A1<sup>†</sup> | 2.006% | <sup>#(d)</sup> | 5/25/2065 | 637987 | 616865 |
| Fannie Mae Connecticut Avenue Securities 2021-R02 2M2<sup>†</sup> | 5.521%<br>(1 Mo. SOFR + 2.00% |)<sup>#</sup> | 11/25/2041 | 2460000 | 2220347 |
| Freddie Mac STACR REMIC Trust 2021-DNA6 M2<sup>†</sup> | 5.047%<br>(1 Mo. SOFR + 1.50% |)<sup>#</sup> | 10/25/2041 | 3080000 | 2885214 |
| Freddie Mac STACR REMIC Trust 2021-DNA7 M2<sup>†</sup> | 5.321%<br>(1 Mo. SOFR + 1.80% |)<sup>#</sup> | 11/25/2041 | 3100000 | 2881442 |
| Freddie Mac STACR REMIC Trust 2021-HQA4 M1<sup>†</sup> | 4.471%<br>(1 Mo. SOFR + .95% |)<sup>#</sup> | 12/25/2041 | 2017593 | 1893622 |
| Freddie Mac STACR REMIC Trust 2022-HQA3 M1A<sup>†</sup> | 5.821%<br>(1 Mo. SOFR + 2.30% |)<sup>#</sup> | 8/25/2042 | 2686396 | 2658523 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA2 M1A<sup>†</sup> | 6.171%<br>(1 Mo. SOFR + 2.65% |)<sup>#</sup> | 7/25/2042 | 4705702 | 4679222 |
| GCAT Trust 2020-NQM2 A1<sup>†</sup> | 1.555% |  | 4/25/2065 | 1049160 | 940106 |
| Great Wolf Trust 2019-WOLF A<sup>†</sup> | 4.909%<br>(1 Mo. LIBOR + 1.03% |)<sup>#</sup> | 12/15/2036 | 6000000 | 5796577 |
| GS Mortgage Securities Corp. Trust 2018-RIVR A<sup>†</sup> | 4.825%<br>(1 Mo. LIBOR + .95% |)<sup>#</sup> | 7/15/2035 | 1345682 | 1258647 |
| GS Mortgage Securities Corp. Trust 2022-AGSS A<sup>†</sup> | 5.989%<br>(1 Mo. Term SOFR + 2.19% |)<sup>#</sup> | 8/15/2039 | 5820000 | 5743165 |
| Hilton Orlando Trust 2018-ORL A<sup>†</sup> | 4.795%<br>(1 Mo. LIBOR + .92% |)<sup>#</sup> | 12/15/2034 | 2060000 | 2002741 |
| HONO Mortgage Trust 2021-LULU B<sup>†</sup> | 5.325%<br>(1 Mo. LIBOR + 1.45% |)<sup>#</sup> | 10/15/2036 | 1490000 | 1402644 |
| Hudsons Bay Simon JV Trust 2015-HB7 B7<sup>†</sup> | 4.666% |  | 8/5/2034 | 2410000 | 2022802 |
| Hudsons Bay Simon JV Trust 2015-HB7 D7<sup>†</sup> | 5.331% | <sup>#(d)</sup> | 8/5/2034 | 2231000 | 1520858 |

---

*See Notes to Financial Statements.* 99

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 C | 4.372% | <sup>#(d)</sup> | 7/15/2048 | $2629000 | $2320613 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN A<sup>†</sup> | 5.143%<br>(1 Mo. LIBOR + 1.27% |)<sup>#</sup> | 11/15/2035 | 1026000 | 979627 |
| New Residential Mortgage Loan Trust 2020-NQM1 A1<sup>†</sup> | 2.464% | <sup>#(d)</sup> | 1/26/2060 | 185710 | 167448 |
| Ready Capital Mortgage Financing LLC 2022-FL8 A<sup>†</sup> | 5.197%<br>(1 Mo. SOFR + 1.65% |)<sup>#</sup> | 1/25/2037 | 6410000 | 6207936 |
| ReadyCap Commercial Mortgage Trust 2019-6 A<sup>†</sup> | 2.833% |  | 10/25/2052 | 535726 | 493804 |
| Residential Mortgage Loan Trust 2020-1 A1<sup>†</sup> | 2.376% | <sup>#(d)</sup> | 1/26/2060 | 116722 | 109146 |
| Starwood Mortgage Residential Trust 2020-1 A1<sup>†</sup> | 2.275% | <sup>#(d)</sup> | 2/25/2050 | 41288 | 39669 |
| Starwood Mortgage Residential Trust 2020-3 A1<sup>†</sup> | 1.486% | <sup>#(d)</sup> | 4/25/2065 | 1630938 | 1547412 |
| Verus Securitization Trust 2020-1 A1<sup>†</sup> | 2.417% |  | 1/25/2060 | 339123 | 320011 |
| Verus Securitization Trust 2020-4 A1<sup>†</sup> | 1.502% |  | 5/25/2065 | 1179230 | 1058127 |
| Verus Securitization Trust 2020-INV1 A1<sup>†</sup> | 1.977% | <sup>#(d)</sup> | 3/25/2060 | 694585 | 665458 |
| Vista Point Securitization Trust 2020-2 A1<sup>†</sup> | 1.475% | <sup>#(d)</sup> | 4/25/2065 | 928619 | 815688 |
| WFRBS Commercial Mortgage Trust 2014-C23 XA | 0.70% | <sup>#(d)</sup> | 10/15/2057 | 18671359 | 142302 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $116,993,958) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $116,993,958) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $116,993,958) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $116,993,958) |  | 109256131 |
| **U.S. TREASURY OBLIGATIONS 18.70%** |  |  |  |  |  |
| U.S. Treasury Bond | 2.00% |  | 11/15/2041 | 21865000 | 15936681 |
| U.S. Treasury Bond | 3.00% |  | 8/15/2052 | 16463000 | 14101588 |
| U.S. Treasury Bond | 3.375% |  | 11/15/2048 | 8130000 | 7382104 |
| U.S. Treasury Bond | 4.00% |  | 11/15/2042 | 72013000 | 72373065 |
| U.S. Treasury Inflation Indexed Bond<sup>(g)</sup> | 0.125% |  | 2/15/2052 | 19486907 | 13518795 |
| U.S. Treasury Inflation Indexed Note<sup>(g)</sup> | 1.625% |  | 10/15/2027 | 31341812 | 31701873 |
| U.S. Treasury Note | 2.75% |  | 7/31/2027 | 37932000 | 36148011 |
| U.S. Treasury Note | 3.00% |  | 6/30/2024 | 55302000 | 54004779 |
| U.S. Treasury Note | 4.125% |  | 10/31/2027 | 52352000 | 53024805 |
| U.S. Treasury Note | 4.50% |  | 11/30/2024 | 105133000 | 105453328 |
| *Total U.S. Treasury Obligations* (cost $403,764,674) | *Total U.S. Treasury Obligations* (cost $403,764,674) | *Total U.S. Treasury Obligations* (cost $403,764,674) | *Total U.S. Treasury Obligations* (cost $403,764,674) |  | 403645029 |
| *Total Long-Term Investments* (cost $2,584,695,361) | *Total Long-Term Investments* (cost $2,584,695,361) | *Total Long-Term Investments* (cost $2,584,695,361) | *Total Long-Term Investments* (cost $2,584,695,361) |  | 2508668999 |

---

100 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 4.37%** |  |  |  |  |
| **U.S. TREASURY OBLIGATIONS 2.89%** |  |  |  |  |
| U.S. Treasury Bill <br> (Cost $62,434,488) | 0.01% | 3/14/2023 | $63205000 | $62435992 |
| **REPURCHASE AGREEMENTS 1.48%** |  |  |  |  |
| Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $6,152,500 of U.S. Treasury Note at 3.00% due 6/30/2024; $28,349,500 of U.S. Treasury Note at 0.25% due 6/15/2024; value: $32,514,227; proceeds: $31,878,213 (cost $31,876,663) | Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $6,152,500 of U.S. Treasury Note at 3.00% due 6/30/2024; $28,349,500 of U.S. Treasury Note at 0.25% due 6/15/2024; value: $32,514,227; proceeds: $31,878,213 (cost $31,876,663) | Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $6,152,500 of U.S. Treasury Note at 3.00% due 6/30/2024; $28,349,500 of U.S. Treasury Note at 0.25% due 6/15/2024; value: $32,514,227; proceeds: $31,878,213 (cost $31,876,663) | 31876663 | 31876663 |
| *Total Short-Term Investments* (cost $94,311,151) | *Total Short-Term Investments* (cost $94,311,151) |  |  | 94312655 |
| *Total Investments in Securities 120.60%* (cost $2,679,006,512) | *Total Investments in Securities 120.60%* (cost $2,679,006,512) | *Total Investments in Securities 120.60%* (cost $2,679,006,512) |  | 2602981654 |
| *Other Assets and Liabilities – Net*<sup>(h)</sup> *(20.60)%* | *Other Assets and Liabilities – Net*<sup>(h)</sup> *(20.60)%* |  |  | (444553979) |
| *Net Assets 100.00%* |  |  |  | $2158427675 |

---

---

| | |
|:---|:---|
| EUR | Euro. |
| CMT | Constant Maturity Rate. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2022, the total value of Rule 144A securities was $566,736,512, which represents 26.26% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2022. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(c)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate ("LIBOR") or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2022. |
| <sup>(d)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(e)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |
| <sup>(f)</sup> | Level 3 Investment as described in Note 2(t) in the Notes Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(g)</sup> | Treasury Inflation Protected Security. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on principal amount that is adjusted for inflation based on the Consumer Price Index. |
| <sup>(h)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts and futures contracts as follows: |

---

*See Notes to Financial Statements.* 101

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2022*

**Forward Foreign Currency Exchange Contracts at November 30, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange <br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| Euro | Sell | Bank of America | 12/12/2022 | 5269000 | $5483886 | $5487042 | $(3156) |
| Euro | Sell | Bank of America | 12/12/2022 | 2471000 | 2546440 | 2573255 | (26815) |
| Euro | Sell | Bank of America | 12/12/2022 | 5284000 | 5446435 | 5502662 | (56227) |
| Euro | Sell | Morgan Stanley | 12/12/2022 | 1261000 | 1308365 | 1313183 | (4818) |
| Euro | Sell | Morgan Stanley | 12/12/2022 | 2737000 | 2825189 | 2850263 | (25074) |
| Euro | Sell | State Street Bank and Trust | 12/12/2022 | 4984000 | 4971818 | 5190248 | (218430) |
| *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* |  | $(334520) |

---

**Futures Contracts at November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 2-Year Treasury Note | March 2023 | 352 | Long | $72102650 | $72286500 | $183850 |
| U.S. 5-Year Treasury Note | March 2023 | 532 | Long | 57432256 | 57759406 | 327150 |
| U.S. Ultra Treasury Bond | March 2023 | 778 | Long | 105605747 | 106026813 | 421066 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  | $932066 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br> **Amount** | **Notional**<br> **Value** | **Unrealized**<br> **Depreciation** |
| Euro-Bund | December 2022 | 69 | Short | (9670632) | (9720720) | $(52121) |
| U.S. 10-Year Ultra Treasury Bond | March 2023 | 241 | Short | $(28704454) | $(28837156) | (132702) |
| U.S. Treasury Bonds | March 2023 | 230 | Short | (29101009) | (29210000) | (108991) |
| *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* |  | $(293814) |

---

102 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

CORE FIXED INCOME FUND *November 30, 2022*

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $396996570 | $– | $396996570 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 751093673 |  | 751093673 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 26647795 |  | 26647795 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 48004778 |  | 48004778 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 26612698 |  | 26612698 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 733798057 |  | 733798057 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 12614268 |  | 12614268 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 107708393 | 1547738 | 109256131 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 403645029 |  | 403645029 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 62435992 |  | 62435992 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 31876663 | – | 31876663 |
| Total | $– | $2601433916 | $1547738 | $2602981654 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (334520) |  | (334520) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 932066 |  |  | 932066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (293814) | – | – | (293814) |
| Total | $638252 | $(334520) | $– | $303732 |

---

<sup>(1)</sup> Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuer and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the year.

*See Notes to Financial Statements.* 103

**Schedule of Investments**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **LONG-TERM INVESTMENTS 115.35%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 16.16%** |  |  |  |  |  |
| **Automobiles 4.25%** |  |  |  |  |  |
| Avid Automobile Receivables Trust 2019-1 C<sup>†</sup> | 3.14% |  | 7/15/2026 | $492149 | $489365 |
| Avid Automobile Receivables Trust 2021-1 E<sup>†</sup> | 3.39% |  | 4/17/2028 | 950000 | 839294 |
| Capital One Prime Auto Receivables Trust 2022-1 A2 | 2.71% |  | 6/16/2025 | 3607520 | 3552914 |
| CPS Auto Receivables Trust 2020-B D<sup>†</sup> | 4.75% |  | 4/15/2026 | 290993 | 289761 |
| CPS Auto Receivables Trust 2020-B E<sup>†</sup> | 7.38% |  | 6/15/2027 | 1300000 | 1310500 |
| Drive Auto Receivables Trust 2019-1 D | 4.09% |  | 6/15/2026 | 368517 | 367551 |
| Exeter Automobile Receivables Trust 2020-2A E<sup>†</sup> | 7.19% |  | 9/15/2027 | 1300000 | 1296685 |
| Exeter Automobile Receivables Trust 2022-3A B | 4.86% |  | 12/15/2026 | 2000000 | 1962381 |
| Flagship Credit Auto Trust 2019-3 E<sup>†</sup> | 3.84% |  | 12/15/2026 | 800000 | 741916 |
| Flagship Credit Auto Trust 2021-1 A<sup>†</sup> | 0.31% |  | 6/16/2025 | 77535 | 77022 |
| Flagship Credit Auto Trust 2022-3 A3<sup>†</sup> | 4.55% |  | 4/15/2027 | 2185000 | 2136299 |
| GM Financial Automobile Leasing Trust 2022-2 A2 | 2.93% |  | 10/21/2024 | 1871347 | 1845441 |
| Hertz Vehicle Financing III LP 2021-2A A<sup>†</sup> | 1.68% |  | 12/27/2027 | 1144000 | 979975 |
| OneMain Direct Auto Receivables Trust 2019-1 A<sup>†</sup> | 3.63% |  | 9/14/2027 | 1026000 | 981163 |
| OneMain Direct Auto Receivables Trust 2019-1A C<sup>†</sup> | 4.19% |  | 11/14/2028 | 1487000 | 1361495 |
| Prestige Auto Receivables Trust 2021-1A E<sup>†</sup> | 3.47% |  | 3/15/2029 | 1620000 | 1431392 |
| Santander Consumer Auto Receivables Trust 2020-BA F<sup>†</sup> | 7.03% |  | 8/15/2028 | 2588000 | 2568717 |
| Santander Consumer Auto Receivables Trust 2021-AA F<sup>†</sup> | 5.79% |  | 8/15/2028 | 750000 | 689994 |
| Santander Drive Auto Receivables Trust 2022-5 C | 4.74% |  | 10/16/2028 | 1730000 | 1649172 |
| Santander Drive Auto Receivables Trust 2022-6 C | 4.96% |  | 11/15/2028 | 2090000 | 2019099 |
| Tricolor Auto Securitization Trust 2021-1A E<sup>†</sup> | 3.23% |  | 9/15/2026 | 500000 | 472062 |
| Westlake Automobile Receivables Trust 2019-2A D<sup>†</sup> | 3.20% |  | 11/15/2024 | 25211 | 25148 |
| Westlake Automobile Receivables Trust 2020-3A E<sup>†</sup> | 3.34% |  | 6/15/2026 | 500000 | 477342 |
| Westlake Automobile Receivables Trust 2021-1A F<sup>†</sup> | 3.91% |  | 9/15/2027 | 1100000 | 1000220 |
| *Total* |  |  |  |  | 28564908 |
| **Credit Card 1.91%** |  |  |  |  |  |
| American Express Credit Account Master Trust 2021-1 A | 0.90% |  | 11/15/2026 | 3125000 | 2891333 |
| American Express Credit Account Master Trust 2022-3 A | 3.75% |  | 8/15/2027 | 1525000 | 1485215 |
| Capital One Multi-Asset Execution Trust 2005-B3 B3 | 4.629%<br> (3 Mo. LIBOR + .55% |)<sup>#</sup> | 5/15/2028 | 1670000 | 1603657 |

---

104 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Credit Card (continued)** |  |  |  |  |  |
| Capital One Multi-Asset Execution Trust 2022-A1 A1 | 2.80% |  | 3/15/2027 | $2255000 | $2156228 |
| Discover Card Execution Note Trust 2022-A3 A3 | 3.56% |  | 7/15/2027 | 2700000 | 2593614 |
| Genesis Sales Finance Master Trust 2020-AA B<sup>†</sup> | 2.24% |  | 9/22/2025 | 1000000 | 956464 |
| Perimeter Master Note Business Trust 2019-2A C<sup>†</sup> | 7.06% |  | 5/15/2024 | 750000 | 727929 |
| Perimeter Master Note Business Trust 2021-1A B<sup>†</sup> | 4.17% |  | 5/15/2024 | 500000 | 454128 <sup>(a)</sup> |
| *Total* |  |  |  |  | 12868568 |
| **Other 10.00%** |  |  |  |  |  |
| AMMC CLO Ltd. 2016-19A BR<sup>†</sup> | 5.879%<br> (3 Mo. LIBOR + 1.80% |)<sup>#</sup> | 10/16/2028 | 500000 | 495167 |
| AMMC CLO Ltd. 2016-19A CR<sup>†</sup> | 6.629%<br> (3 Mo. LIBOR + 2.55% |)<sup>#</sup> | 10/16/2028 | 500000 | 490471 |
| Amur Equipment Finance Receivables IX LLC 2021-1A D<sup>†</sup> | 2.30% |  | 11/22/2027 | 1000000 | 904315 |
| Apidos CLO XXVI A2R<sup>†</sup> | 5.694%<br> (3 Mo. LIBOR + 1.50% |)<sup>#</sup> | 7/18/2029 | 380000 | 367567 |
| Aqua Finance Trust 2021-A A<sup>†</sup> | 1.54% |  | 7/17/2046 | 887153 | 810778 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL2 E<sup>†</sup> | 6.825%<br> (1 Mo. LIBOR + 2.95% |)<sup>#</sup> | 5/15/2036 | 130000 | 118911 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL1 A<sup>†</sup> | 4.668%<br> (1 Mo. SOFR + 1.45% |)<sup>#</sup> | 1/15/2037 | 2000000 | 1945000 |
| Ares XLII CLO Ltd. 2017-42A BR<sup>†</sup> | 5.825%<br> (3 Mo. LIBOR + 1.50% |)<sup>#</sup> | 1/22/2028 | 2000000 | 1920875 |
| Avant Loans Funding Trust 2021-REV1 D<sup>†</sup> | 4.30% |  | 7/15/2030 | 825000 | 713986 |
| Avant Loans Funding Trust 2022-REV1 A<sup>†</sup> | 6.54% |  | 9/15/2031 | 2435000 | 2375832 |
| Bain Capital Credit CLO 2018-2A A1<sup>†</sup> | 5.307%<br> (3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 7/19/2031 | 2380000 | 2334381 |
| Bain Capital Credit CLO 2019-2A AR<sup>†</sup> | 5.179%<br> (3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 10/17/2032 | 870000 | 851077 |
| Barings CLO Ltd. 2019-3A A1R<sup>†</sup> | 5.313%<br> (3 Mo. LIBOR + 1.07% |)<sup>#</sup> | 4/20/2031 | 1000000 | 979807 |
| BDS Ltd. 2021-FL10 A<sup>†</sup> | 5.009%<br> (1 Mo. LIBOR + 1.07% |)<sup>#</sup> | 6/16/2036 | 2280000 | 2209702 |
| Benefit Street Partners CLO XVII Ltd. 2019-17A AR<sup>†</sup> | 5.159%<br> (3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 7/15/2032 | 3250000 | 3173625 |
| BlueMountain CLO Ltd. 2013-2A A1R<sup>†</sup> | 5.505%<br> (3 Mo. LIBOR + 1.18% |)<sup>#</sup> | 10/22/2030 | 1960771 | 1929387 |

---

*See Notes to Financial Statements.* 105

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Other (continued)** |  |  |  |  |  |
| BlueMountain Fuji US CLO III Ltd. 2017-3A B<sup>†</sup> | 5.454%<br> (3 Mo. LIBOR + 1.38% |)<sup>#</sup> | 1/15/2030 | $1200000 | $1148650 |
| Carlyle Global Market Strategies CLO Ltd. 2014-3RA A1A<sup>†</sup> | 5.408%<br> (3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 7/27/2031 | 2028298 | 1990259 |
| Carlyle Global Market Strategies CLO Ltd. 2014-5A A1RR<sup>†</sup> | 5.219%<br> (3 Mo. LIBOR + 1.14% |)<sup>#</sup> | 7/15/2031 | 1778774 | 1745356 |
| Carlyle Global Market Strategies CLO Ltd. 2015-1A AR3<sup>†</sup> | 5.223%<br> (3 Mo. LIBOR + .98% |)<sup>#</sup> | 7/20/2031 | 742331 | 724799 |
| Carlyle US CLO Ltd. 2017-2A A1R<sup>†</sup> | 5.293%<br> (3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 7/20/2031 | 1000000 | 977980 |
| Carlyle US CLO Ltd. 2019-1A A1AR<sup>†</sup> | 5.323%<br> (3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 4/20/2031 | 870000 | 852067 |
| CBAM Ltd. 2017-1A D<sup>†</sup> | 7.993%<br> (3 Mo. LIBOR + 3.75% |)<sup>#</sup> | 7/20/2030 | 300000 | 268869 |
| Cedar Funding V CLO Ltd. 2016-5A A1R<sup>†</sup> | 5.179%<br> (3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 7/17/2031 | 700000 | 687817 |
| CIFC Funding V Ltd. 2014-5A A1R2<sup>†</sup> | 5.279%<br> (3 Mo. LIBOR + 1.20% |)<sup>#</sup> | 10/17/2031 | 410000 | 405208 |
| CoreVest American Finance Trust 2018-1 A<sup>†</sup> | 3.804% |  | 6/15/2051 | 3949 | 3936 |
| Dryden 36 Senior Loan Fund 2014-36A BR3<sup>†</sup> | 5.529%<br> (3 Mo. LIBOR + 1.45% |)<sup>#</sup> | 4/15/2029 | 1590000 | 1560121 |
| Encina Equipment Finance LLC 2022-1A A2<sup>†</sup> | 4.88% |  | 11/15/2028 | 1674000 | 1627797 |
| Fairstone Financial Issuance Trust I 2020-1A D<sup>†(b)</sup> | 6.873% |  | 10/20/2039 | 781000 | 571561 |
| Generate CLO 2 Ltd. 2A AR<sup>†</sup> | 5.475%<br> (3 Mo. LIBOR + 1.15% |)<sup>#</sup> | 1/22/2031 | $250000 | 246381 |
| Goldentree Loan Management U.S. CLO 3 Ltd. 2018-3A B1<sup>†</sup> | 5.793%<br> (3 Mo. LIBOR + 1.55% |)<sup>#</sup> | 4/20/2030 | 250000 | 242021 |
| GreatAmerica Leasing Receivables Funding LLC Series 2019-1 A4<sup>†</sup> | 3.21% |  | 2/18/2025 | 24014 | 23995 |
| Grippen Park CLO Ltd. 2017-1A B<sup>†</sup> | 5.893%<br> (3 Mo. LIBOR + 1.65% |)<sup>#</sup> | 1/20/2030 | 550000 | 536261 |
| HGI CRE CLO Ltd. 2021-FL2 B<sup>†</sup> | 5.387%<br> (1 Mo. LIBOR + 1.50% |)<sup>#</sup> | 9/17/2036 | 980000 | 945956 |
| Jamestown CLO VI-R Ltd. 2018-6RA A1<sup>†</sup> | 5.508%<br> (3 Mo. LIBOR + 1.15% |)<sup>#</sup> | 4/25/2030 | 393827 | 387439 |

---

106 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Other (continued)** |  |  |  |  |  |
| Lending Funding Trust 2020-2A D<sup>†</sup> | 6.77% |  | 4/21/2031 | $630000 | $538614 |
| Lendmark Funding Trust 2021-1A A<sup>†</sup> | 5.12% |  | 7/20/2032 | 1500000 | 1452596 |
| Lendmark Funding Trust 2021-2A D<sup>†</sup> | 4.46% |  | 4/20/2032 | 725000 | 534180 |
| LoanCore Issuer Ltd. 2022-CRE7 A<sup>†</sup> | 4.891%<br> (1 Mo. SOFR + 1.55% |)<sup>#</sup> | 1/17/2037 | 830000 | 797860 |
| M360 LLC 2019-CRE2 AS<sup>†</sup> | 5.759%<br> (1 Mo. Term SOFR + 1.96% |)<sup>#</sup> | 9/15/2034 | 98655 | 97425 |
| M360 LLC 2019-CRE2 B<sup>†</sup> | 6.159%<br> (1 Mo. Term SOFR + 2.36% |)<sup>#</sup> | 9/15/2034 | 258000 | 257358 |
| Magnetite VII Ltd. 2012-7A A1R2<sup>†</sup> | 4.879%<br> (3 Mo. LIBOR + .80% |)<sup>#</sup> | 1/15/2028 | 1692533 | 1667259 |
| Marble Point CLO XVII Ltd. 2020-1A A<sup>†</sup> | 5.543%<br> (3 Mo. LIBOR + 1.30% |)<sup>#</sup> | 4/20/2033 | 428920 | 421414 |
| Mariner Finance Issuance Trust 2021-AA E<sup>†</sup> | 5.40% |  | 3/20/2036 | 550000 | 443372 |
| Mariner Finance Issuance Trust 2021-BA E<sup>†</sup> | 4.68% |  | 11/20/2036 | 400000 | 301757 <sup>(a)</sup> |
| Marlette Funding Trust 2021-3A B<sup>†</sup> | 1.30% |  | 12/15/2031 | 1100000 | 1028769 |
| ME Funding LLC 2019-1 A2<sup>†</sup> | 6.448% |  | 7/30/2049 | 816740 | 794337 |
| MF1 LLC 2022-FL9 A<sup>†</sup> | 6.082%<br> (1 Mo. Term SOFR + 2.15% |)<sup>#</sup> | 6/19/2037 | 2000000 | 1977188 |
| MF1 Ltd. 2022-FL8 A<sup>†</sup> | 4.768%<br> (1 Mo. SOFR + 1.35% |)<sup>#</sup> | 2/19/2037 | 1300000 | 1244750 |
| Mountain View CLO LLC 2017-1A BR<sup>†</sup> | 5.829%<br> (3 Mo. LIBOR + 1.75% |)<sup>#</sup> | 10/16/2029 | 250000 | 241435 |
| Octagon Investment Partners 49 Ltd. 2020-5A B<sup>†</sup> | 5.629%<br> (3 Mo. LIBOR + 1.55% |)<sup>#</sup> | 1/15/2033 | 1765000 | 1699016 |
| Octagon Investment Partners XV Ltd. 2013-1A A1RR<sup>†</sup> | 5.197%<br> (3 Mo. LIBOR + .97% |)<sup>#</sup> | 7/19/2030 | 2020000 | 1982194 |
| Octane Receivables Trust 2022-2A B<sup>†</sup> | 5.85% |  | 7/20/2028 | 2084000 | 2046660 |
| OneMain Financial Issuance Trust 2018-2A A<sup>†</sup> | 3.57% |  | 3/14/2033 | 100000 | 97795 |
| OneMain Financial Issuance Trust 2020-2A A<sup>†</sup> | 1.75% |  | 9/14/2035 | 1700000 | 1486284 |
| OneMain Financial Issuance Trust 2020-2A D<sup>†</sup> | 3.45% |  | 9/14/2035 | 280000 | 232229 |
| Orange Lake Timeshare Trust 2019-A A<sup>†</sup> | 3.06% |  | 4/9/2038 | 15152 | 14349 |
| Rad CLO 6 Ltd. 2019-6A A1<sup>†</sup> | 5.623%<br> (3 Mo. LIBOR + 1.38% |)<sup>#</sup> | 1/20/2033 | 1500000 | 1478685 |
| Rad CLO Ltd. 2020-7A A1<sup>†</sup> | 5.279%<br> (3 Mo. LIBOR + 1.20% |)<sup>#</sup> | 4/17/2033 | 1470768 | 1440037 |
| Rockford Tower CLO Ltd. 2018-1A A<sup>†</sup> | 5.775%<br> (3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 5/20/2031 | 980022 | 960644 |

---

*See Notes to Financial Statements.* 107

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Other (continued)** |  |  |  |  |  |
| Romark CLO Ltd. 2017-1A A2R<sup>†</sup> | 5.975%<br> (3 Mo. LIBOR + 1.65% |)<sup>#</sup> | 10/23/2030 | $830000 | $793147 |
| SCF Equipment Leasing LLC 2019-2A B<sup>†</sup> | 2.76% |  | 8/20/2026 | 402000 | 386411 |
| SCF Equipment Leasing LLC 2021-1A E<sup>†</sup> | 3.56% |  | 8/20/2032 | 2252000 | 2049726 <sup>(a)</sup> |
| SEB Funding LLC 2021-1A A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 937650 | 801876 |
| Sunrun Demeter Issuer 2021-2A A<sup>†</sup> | 2.27% |  | 1/30/2057 | 666043 | 522147 |
| TCW CLO Ltd. 2022 1A A1<sup>†</sup> | 5.40%<br> (3 Mo. Term SOFR + 1.34% |)<sup>#</sup> | 4/22/2033 | 1000000 | 974661 |
| TRTX Issuer Ltd. 2019-FL3 C<sup>†</sup> | 6.089%<br> (1 Mo. Term SOFR + 2.21% |)<sup>#</sup> | 10/15/2034 | 411000 | 408317 |
| Upstart Securitization Trust 2021-2 B<sup>†</sup> | 1.75% |  | 6/20/2031 | 500000 | 472470 |
| VERDE CLO Ltd. 2019-1A AR<sup>†</sup> | 5.179%<br> (3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 4/15/2032 | 1040000 | 1018160 |
| *Total* |  |  |  |  | 67230476 |
| *Total Asset-Backed Securities* (cost $112,677,865) | *Total Asset-Backed Securities* (cost $112,677,865) |  |  |  | 108663952 |
| **CORPORATE BONDS 46.79%** |  |  |  |  |  |
| **Advertising 0.02%** |  |  |  |  |  |
| National CineMedia LLC<sup>†</sup> | 5.875% |  | 4/15/2028 | 431000 | 151442 |
| **Aerospace/Defense 0.11%** |  |  |  |  |  |
| TransDigm, Inc. | 6.375% |  | 6/15/2026 | 769000 | 756442 |
| **Agriculture 0.92%** |  |  |  |  |  |
| BAT Capital Corp. | 3.222% |  | 8/15/2024 | 1868000 | 1802277 |
| Cargill, Inc. <sup>†</sup> | 4.00% |  | 6/22/2032 | 1950000 | 1816391 |
| MHP Lux SA (Luxembourg)<sup>†(c)</sup> | 6.25% |  | 9/19/2029 | 400000 | 189114 |
| Philip Morris International, Inc. | 5.625% |  | 11/17/2029 | 852000 | 867066 |
| Viterra Finance BV (Netherlands)<sup>†(c)</sup> | 3.20% |  | 4/21/2031 | 708000 | 537818 |
| Viterra Finance BV (Netherlands)<sup>†(c)</sup> | 4.90% |  | 4/21/2027 | 1013000 | 948007 |
| *Total* |  |  |  |  | 6160673 |
| **Airlines 0.36%** |  |  |  |  |  |
| American Airlines Group, Inc.<sup>†(d)</sup> | 3.75% |  | 3/1/2025 | 297000 | 260374 |
| American Airlines, Inc.<sup>†</sup> | 11.75% |  | 7/15/2025 | 340000 | 378030 |
| British Airways 20-1 Trust 2020-1 A (United Kingdom)<sup>†(c)</sup> | 4.25% |  | 5/15/2034 | 686007 | 628728 |
| Delta Air Lines, Inc.<sup>†</sup> | 7.00% |  | 5/1/2025 | 517000 | 527227 |
| Hawaiian Brand Intellectual Property Ltd./ HawaiianMiles Loyalty Ltd.<sup>†</sup> | 5.75% |  | 1/20/2026 | 249000 | 236297 |

---

108 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Airlines (continued)** |  |  |  |  |  |
| United Airlines, Inc.<sup>†</sup> | 4.375% |  | 4/15/2026 | $431000 | $401703 |
| *Total* |  |  |  |  | 2432359 |
| **Apparel 0.04%** |  |  |  |  |  |
| Levi Strauss & Co.<sup>†</sup> | 3.50% |  | 3/1/2031 | 293000 | 240908 |
| **Auto Manufacturers 0.41%** |  |  |  |  |  |
| Ford Motor Co. | 3.25% |  | 2/12/2032 | 1595000 | 1263176 |
| Ford Motor Credit Co. LLC | 7.35% |  | 11/4/2027 | 1434000 | 1491919 |
| *Total* |  |  |  |  | 2755095 |
| **Banks 10.59%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(c)</sup> | 3.324%<br> (5 Yr. Treasury CMT + 1.90% |)<sup>#</sup> | 3/13/2037 | 1000000 | 725069 |
| Bank of America Corp. | 1.486%<br> (SOFR + 1.46% |)<sup>#</sup> | 5/19/2024 | 2546000 | 2499519 |
| Bank of America Corp. | 2.087%<br> (SOFR + 1.06% |)<sup>#</sup> | 6/14/2029 | 609000 | 514555 |
| Bank of America Corp. | 2.687%<br> (SOFR + 1.32% |)<sup>#</sup> | 4/22/2032 | 2324000 | 1885291 |
| Bank of America Corp. | 3.004%<br> (3 Mo. LIBOR + .79% |)<sup>#</sup> | 12/20/2023 | 612000 | 611291 |
| Bank of America Corp. | 3.384%<br> (SOFR + 1.33% |)<sup>#</sup> | 4/2/2026 | 497000 | 473431 |
| Bank of America Corp. | 3.593%<br> (3 Mo. LIBOR + 1.37% |)<sup>#</sup> | 7/21/2028 | 1956000 | 1814745 |
| Bank of America Corp. | 3.97%<br> (3 Mo. LIBOR + 1.07% |)<sup>#</sup> | 3/5/2029 | 1514000 | 1407536 |
| Bank of New York Mellon Corp.(The) | 4.596%<br> (SOFR + 1.76% |)<sup>#</sup> | 7/26/2030 | 851000 | 830770 |
| BankUnited, Inc. | 5.125% |  | 6/11/2030 | 1300000 | 1208627 |
| BNG Bank NV (Netherlands)<sup>†(c)</sup> | 4.75% |  | 5/22/2024 | 7328000 | 7308308 |
| BNP Paribas SA (France)<sup>†(c)</sup> | 4.375%<br> (5 Yr. Swap rate + 1.48% |)<sup>#</sup> | 3/1/2033 | 1500000 | 1319270 |
| Citigroup, Inc. | 3.887%<br> (3 Mo. LIBOR + 1.56% |)<sup>#</sup> | 1/10/2028 | 2400000 | 2265311 |
| Citigroup, Inc. | 3.98%<br> (3 Mo. LIBOR + 1.34% |)<sup>#</sup> | 3/20/2030 | 4539000 | 4155023 |
| Citigroup, Inc. | 4.14%<br> (SOFR + 1.37% |)<sup>#</sup> | 5/24/2025 | 394000 | 386830 |

---

*See Notes to Financial Statements.* 109

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |  |
| Danske Bank A/S (Denmark)<sup>†(c)</sup> | 3.773%<br> (1 Yr. Treasury CMT + 1.45% |)<sup>#</sup> | 3/28/2025 | $1345000 | $1295417 |
| Danske Bank A/S (Denmark)<sup>†(c)</sup> | 4.375% |  | 6/12/2028 | 800000 | 728405 |
| Danske Bank A/S (Denmark)<sup>†(c)</sup> | 5.375% |  | 1/12/2024 | 1360000 | 1353199 |
| Discover Bank | 4.682%<br> (5 Yr. Swap rate + 1.73% |)<sup>#</sup> | 8/9/2028 | 1475000 | 1420864 |
| Goldman Sachs Group, Inc. (The) | 2.383%<br> (SOFR + 1.25% |)<sup>#</sup> | 7/21/2032 | 4936000 | 3902830 |
| Goldman Sachs Group, Inc. (The) | 3.50% |  | 4/1/2025 | 2877000 | 2785538 |
| JPMorgan Chase & Co. | 2.963%<br> (SOFR + 1.26% |)<sup>#</sup> | 1/25/2033 | 7000000 | 5777291 |
| Macquarie Bank Ltd. (Australia)<sup>†(c)</sup> | 3.624% |  | 6/3/2030 | 696000 | 564466 |
| Macquarie Group Ltd. (Australia)<sup>†(c)</sup> | 2.691%<br> (SOFR + 1.44% |)<sup>#</sup> | 6/23/2032 | 980000 | 760776 |
| Macquarie Group Ltd. (Australia)<sup>†(c)</sup> | 4.654%<br> (3 Mo. LIBOR + 1.73% |)<sup>#</sup> | 3/27/2029 | 284000 | 266009 |
| Morgan Stanley | 2.239%<br> (SOFR + 1.18% |)<sup>#</sup> | 7/21/2032 | 1500000 | 1170946 |
| Morgan Stanley | 2.484%<br> (SOFR + 1.36% |)<sup>#</sup> | 9/16/2036 | 1170000 | 870585 |
| Morgan Stanley | 4.00% |  | 7/23/2025 | 959000 | 940062 |
| Morgan Stanley | 4.431%<br> (3 Mo. LIBOR + 1.63% |)<sup>#</sup> | 1/23/2030 | 4000000 | 3787357 |
| National Australia Bank Ltd. (Australia)<sup>†(c)</sup> | 3.933%<br> (5 Yr. Treasury CMT + 1.88% |)<sup>#</sup> | 8/2/2034 | 1425000 | 1198178 |
| Royal Bank of Canada (Canada) | 6.00% |  | 11/1/2027 | 1391000 | 1448093 |
| Santander UK Group Holdings plc (United Kingdom)<sup>(c)</sup> | 3.373%<br> (3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 1/5/2024 | 1212000 | 1209416 |
| State Street Corp. | 4.164%<br> (SOFR + 1.73% |)<sup>#</sup> | 8/4/2033 | 2430000 | 2264349 |
| Toronto-Dominion Bank (The) (Canada)<sup>(c)</sup> | 4.456% |  | 6/8/2032 | 1302000 | 1246588 |
| UBS AG (Switzerland)<sup>(c)</sup> | 5.125% |  | 5/15/2024 | 3045000 | 2996673 |
| US Bancorp | 4.967%<br> (SOFR + 2.11% |)<sup>#</sup> | 7/22/2033 | 1849000 | 1772039 |
| Wells Fargo & Co. | 2.188%<br> (SOFR + 2.00% |)<sup>#</sup> | 4/30/2026 | 1358000 | 1265438 |
| Wells Fargo & Co. | 3.35%<br> (SOFR + 1.50% |)<sup>#</sup> | 3/2/2033 | 2457000 | 2103633 |

---

110 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |  |
| Western Alliance Bancorp | 3.00%<br> (3 Mo. Term SOFR + 2.25% |)<sup>#</sup> | 6/15/2031 | $215000 | $183682 |
| Westpac Banking Corp. (Australia)<sup>(c)</sup> | 2.894%<br> (5 Yr. Treasury CMT+ 1.35% |)<sup>#</sup> | 2/4/2030 | 399000 | 363063 |
| Westpac Banking Corp. (Australia)<sup>(c)</sup> | 4.11%<br> (5 Yr. Treasury CMT + 2.00% |)<sup>#</sup> | 7/24/2034 | 550000 | 469929 |
| Westpac Banking Corp. (Australia)<sup>(c)</sup> | 4.322%<br> (USD ICE 5 Yr. Swap rate + 2.24% |)<sup>#</sup> | 11/23/2031 | 1800000 | 1644789 |
| *Total* |  |  |  |  | 71195191 |
| **Biotechnology 0.06%** |  |  |  |  |  |
| Baxalta, Inc. | 4.00% |  | 6/23/2025 | 436000 | 428918 |
| **Building Materials 0.06%** |  |  |  |  |  |
| Standard Industries, Inc.<sup>†</sup> | 4.375% |  | 7/15/2030 | 492000 | 404153 |
| **Chemicals 0.67%** |  |  |  |  |  |
| CF Industries, Inc. | 5.15% |  | 3/15/2034 | 899000 | 859050 |
| CVR Partners LP/CVR Nitrogen Finance Corp.<sup>†</sup> | 6.125% |  | 6/15/2028 | 487000 | 440231 |
| International Flavors & Fragrances, Inc.<sup>†</sup> | 1.23% |  | 10/1/2025 | 1984000 | 1755125 |
| OCP SA (Malaysia)<sup>†(c)</sup> | 3.75% |  | 6/23/2031 | 1200000 | 986669 |
| Valvoline, Inc.<sup>†</sup> | 4.25% |  | 2/15/2030 | 472000 | 459312 |
| *Total* |  |  |  |  | 4500387 |
| **Coal 0.05%** |  |  |  |  |  |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% |  | 6/30/2029 | 425000 | 360770 |
| **Commercial Services 0.37%** |  |  |  |  |  |
| Adani Ports & Special Economic Zone Ltd. (India)<sup>(c)</sup> | 4.00% |  | 7/30/2027 | 1000000 | 872941 |
| Global Payments, Inc. | 4.00% |  | 6/1/2023 | 1635000 | 1622756 |
| *Total* |  |  |  |  | 2495697 |
| **Computers 0.13%** |  |  |  |  |  |
| Condor Merger Sub, Inc.<sup>†</sup> | 7.375% |  | 2/15/2030 | 422000 | 346256 |
| Dell International LLC/EMC Corp. | 8.35% |  | 7/15/2046 | 473000 | 554326 |
| *Total* |  |  |  |  | 900582 |
| **Cosmetics/Personal Care 0.33%** |  |  |  |  |  |
| GSK Consumer Healthcare Capital US LLC | 3.625% |  | 3/24/2032 | 2540000 | 2243911 |
| **Diversified Financial Services 2.61%** |  |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(c)</sup> | 3.50% |  | 1/15/2025 | 1500000 | 1431518 |

---

*See Notes to Financial Statements.* 111

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(c)</sup> | 4.875% |  | 1/16/2024 | $1050000 | $1035560 |
| Aircastle Ltd.<sup>†</sup> | 2.85% |  | 1/26/2028 | 919000 | 749092 |
| Ally Financial, Inc. | 8.00% |  | 11/1/2031 | 959000 | 1030389 |
| American Express Co. | 4.42%<br> (SOFR + 1.76% |)<sup>#</sup> | 8/3/2033 | 1326000 | 1258526 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 1/30/2026 | 315000 | 274937 |
| Aviation Capital Group LLC<sup>†</sup> | 5.50% |  | 12/15/2024 | 1177000 | 1153072 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 2.125% |  | 2/21/2026 | 1000000 | 856317 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 3.95% |  | 7/1/2024 | 500000 | 476418 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 4.25% |  | 4/15/2026 | 729000 | 661877 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 5.25% |  | 5/15/2024 | 418000 | 407973 |
| Coinbase Global, Inc.<sup>†</sup> | 3.375% |  | 10/1/2028 | 350000 | 205214 |
| CPPIB Capital, Inc. (Canada)<sup>†(c)</sup> | 4.753%<br> (SOFR + 1.25% |)<sup>#</sup> | 4/4/2025 | 2540000 | 2590828 |
| Intercontinental Exchange, Inc. | 4.00% |  | 9/15/2027 | 3973000 | 3890117 |
| Navient Corp. | 6.75% |  | 6/25/2025 | 879000 | 857245 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 18000 | 17218 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.875% |  | 4/15/2045 | 303000 | 254676 |
| Park Aerospace Holdings Ltd. (Ireland)<sup>†(c)</sup> | 5.50% |  | 2/15/2024 | 382000 | 376530 |
| *Total* |  |  |  |  | 17527507 |
| **Electric 4.11%** |  |  |  |  |  |
| AEP Transmission Co. LLC | 4.50% |  | 6/15/2052 | 1730000 | 1549445 |
| Alfa Desarrollo SpA (Chile)<sup>†(c)</sup> | 4.55% |  | 9/27/2051 | 467290 | 343463 |
| Ausgrid Finance Pty Ltd. (Australia)<sup>†(c)</sup> | 4.35% |  | 8/1/2028 | 772000 | 721337 |
| Calpine Corp.<sup>†</sup> | 5.125% |  | 3/15/2028 | 1170000 | 1049643 |
| Constellation Energy Generation LLC | 6.25% |  | 10/1/2039 | 1470000 | 1535439 |
| Duke Energy Corp. | 4.50% |  | 8/15/2032 | 3213000 | 3051758 |
| Enel Finance International NV<sup>(b)</sup> | 0.50% |  | 6/17/2030 | 1948000 | 1603435 |
| Entergy Corp. | 0.90% |  | 9/15/2025 | $2675000 | 2386511 |
| Indianapolis Power & Light Co.<sup>†</sup> | 5.65% |  | 12/1/2032 | 1849000 | 1919361 |
| IPALCO Enterprises, Inc. | 4.25% |  | 5/1/2030 | 2300000 | 2064924 |
| Minejesa Capital BV (Netherlands)<sup>†(c)</sup> | 4.625% |  | 8/10/2030 | 750000 | 656250 |
| NextEra Energy Capital Holdings, Inc. | 4.255% |  | 9/1/2024 | 56000 | 55300 |
| NextEra Energy Capital Holdings, Inc. | 5.00% |  | 7/15/2032 | 3088000 | 3089014 |
| NRG Energy, Inc.<sup>†</sup> | 4.45% |  | 6/15/2029 | 2046000 | 1886040 |

---

112 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Electric (continued)** |  |  |  |  |
| Oglethorpe Power Corp. | 5.95% | 11/1/2039 | $700000 | $686238 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia)<sup>†(c)</sup> | 3.00% | 6/30/2030 | 1155000 | 929639 |
| Pike Corp.<sup>†</sup> | 5.50% | 9/1/2028 | 619000 | 553974 |
| Southern Co. (The) | 4.475% | 8/1/2024 | 2819000 | 2777840 |
| Vistra Operations Co. LLC<sup>†</sup> | 4.375% | 5/1/2029 | 878000 | 786511 |
| *Total* |  |  |  | 27646122 |
| **Electronics 0.28%** |  |  |  |  |
| Atkore, Inc.<sup>†</sup> | 4.25% | 6/1/2031 | 390000 | 329000 |
| Honeywell International, Inc.<sup>(b)</sup> | 4.125% | 11/2/2034 | 1455000 | 1558579 |
| *Total* |  |  |  | 1887579 |
| **Energy-Alternate Sources 0.06%** |  |  |  |  |
| TerraForm Power Operating LLC<sup>†</sup> | 4.75% | 1/15/2030 | $469000 | 422951 |
| **Engineering & Construction 0.19%** |  |  |  |  |
| Cellnex Finance Co. S.A. (Spain)<sup>†(c)</sup> | 3.875% | 7/7/2041 | 500000 | 339399 |
| Fluor Corp. | 4.25% | 9/15/2028 | 1015000 | 925427 |
| *Total* |  |  |  | 1264826 |
| **Entertainment 0.31%** |  |  |  |  |
| Jacobs Entertainment, Inc.<sup>†</sup> | 6.75% | 2/15/2029 | 383000 | 345083 |
| Live Nation Entertainment, Inc.<sup>†</sup> | 3.75% | 1/15/2028 | 404000 | 354955 |
| Penn Entertainment, Inc.<sup>†</sup> | 4.125% | 7/1/2029 | 439000 | 358586 |
| Warnermedia Holdings, Inc.<sup>†</sup> | 3.428% | 3/15/2024 | 1080000 | 1048944 |
| Total |  |  |  | 2107568 |
| **Environmental Control 0.07%** |  |  |  |  |
| Madison IAQ LLC<sup>†</sup> | 5.875% | 6/30/2029 | 598000 | 443112 |
| **Food 0.52%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 3.50% | 3/15/2029 | 764000 | 637350 |
| Kraft Heinz Foods Co.<sup>(b)</sup> | 2.25% | 5/25/2028 | 1640000 | 1592504 |
| Lamb Weston Holdings, Inc.<sup>†</sup> | 4.125% | 1/31/2030 | $431000 | 381713 |
| Post Holdings, Inc.<sup>†</sup> | 4.625% | 4/15/2030 | 600000 | 527340 |
| SEG Holding LLC/SEG Finance Corp.<sup>†</sup> | 5.625% | 10/15/2028 | 375000 | 356451 |
| *Total* |  |  |  | 3495358 |
| **Forest Products & Paper 0.07%** |  |  |  |  |
| Mercer International, Inc. (Canada)<sup>(c)</sup> | 5.125% | 2/1/2029 | 546000 | 469385 |

---

*See Notes to Financial Statements.* 113

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Gas 1.48%** |  |  |  |  |
| CenterPoint Energy Resources Corp. | 4.40% | 7/1/2032 | $2550000 | $2472134 |
| East Ohio Gas Co. (The)<sup>†</sup> | 1.30% | 6/15/2025 | 2649000 | 2401730 |
| National Fuel Gas Co. | 3.95% | 9/15/2027 | 1848000 | 1689216 |
| National Fuel Gas Co. | 5.50% | 1/15/2026 | 1308000 | 1311547 |
| NiSource, Inc. | 2.95% | 9/1/2029 | 903000 | 792600 |
| ONE Gas, Inc. | 1.10% | 3/11/2024 | 451000 | 429297 |
| Southwest Gas Corp. | 4.05% | 3/15/2032 | 1000000 | 873520 |
| *Total* |  |  |  | 9970044 |
| **Health Care-Products 0.31%** |  |  |  |  |
| GE Healthcare Holding LLC<sup>†</sup> | 5.65% | 11/15/2027 | 1677000 | 1711154 |
| Medline Borrower LP<sup>†</sup> | 3.875% | 4/1/2029 | 419000 | 360711 |
| *Total* |  |  |  | 2071865 |
| **Health Care-Services 2.81%** |  |  |  |  |
| Acadia Healthcare Co., Inc.<sup>†</sup> | 5.00% | 4/15/2029 | 253000 | 233807 |
| Centene Corp. | 2.45% | 7/15/2028 | 1260000 | 1060893 |
| Centene Corp. | 3.375% | 2/15/2030 | 3150000 | 2687243 |
| Centene Corp. | 4.25% | 12/15/2027 | 962000 | 904487 |
| Elevance Health, Inc. | 2.25% | 5/15/2030 | 2750000 | 2299285 |
| Elevance Health, Inc. | 5.50% | 10/15/2032 | 2250000 | 2324786 |
| Humana, Inc. | 1.35% | 2/3/2027 | 1642000 | 1417403 |
| Humana, Inc. | 5.875% | 3/1/2033 | 1842000 | 1919021 |
| ModivCare Escrow Issuer, Inc.<sup>†</sup> | 5.00% | 10/1/2029 | 413000 | 348060 |
| Molina Healthcare, Inc.<sup>†</sup> | 3.875% | 11/15/2030 | 537000 | 462491 |
| Tenet Healthcare Corp.<sup>†</sup> | 6.25% | 2/1/2027 | 223000 | 213955 |
| UnitedHealth Group, Inc. | 4.00% | 5/15/2029 | 3741000 | 3597218 |
| UnitedHealth Group, Inc. | 5.25% | 2/15/2028 | 1353000 | 1392590 |
| *Total* |  |  |  | 18861239 |
| **Home Builders 0.12%** |  |  |  |  |
| PulteGroup, Inc. | 6.375% | 5/15/2033 | 393000 | 391085 |
| Toll Brothers Finance Corp. | 3.80% | 11/1/2029 | 530000 | 447831 |
| *Total* |  |  |  | 838916 |
| **Insurance 0.94%** |  |  |  |  |
| Assurant, Inc. | 2.65% | 1/15/2032 | 515000 | 383410 |
| Assurant, Inc. | 3.70% | 2/22/2030 | 312000 | 266972 |
| F&G Global Funding<sup>†</sup> | 5.15% | 7/7/2025 | 1250000 | 1226161 |
| First American Financial Corp. | 2.40% | 8/15/2031 | 1484000 | 1101094 |

---

114 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Insurance (continued)** |  |  |  |  |
| GA Global Funding Trust<sup>†</sup> | 3.85% | 4/11/2025 | $2577000 | $2467715 |
| Metropolitan Life Global Funding I<sup>†</sup> | 4.05% | 8/25/2025 | 558000 | 546810 |
| Protective Life Corp. | 8.45% | 10/15/2039 | 275000 | 330036 |
| *Total* |  |  |  | 6322198 |
| **Internet 1.00%** |  |  |  |  |
| Amazon.com, Inc. | 4.70% | 12/1/2032 | 4518000 | 4561539 |
| Netflix, Inc. | 5.875% | 11/15/2028 | 270000 | 273432 |
| Netflix, Inc. | 6.375% | 5/15/2029 | 559000 | 577425 |
| Prosus NV (Netherlands)<sup>†(c)</sup> | 3.257% | 1/19/2027 | 1500000 | 1319772 |
| *Total* |  |  |  | 6732168 |
| **Iron-Steel 0.08%** |  |  |  |  |
| Commercial Metals Co. | 4.125% | 1/15/2030 | 424000 | 365641 |
| United States Steel Corp. | 6.875% | 3/1/2029 | 141000 | 137684 |
| *Total* |  |  |  | 503325 |
| **Leisure Time 0.06%** |  |  |  |  |
| Life Time, Inc.<sup>†</sup> | 5.75% | 1/15/2026 | 401000 | 386141 |
| **Lodging 0.10%** |  |  |  |  |
| Hilton Domestic Operating Co., Inc. | 4.875% | 1/15/2030 | 364000 | 337348 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>†</sup> | 5.25% | 5/15/2027 | 390000 | 357842 |
| *Total* |  |  |  | 695190 |
| **Machinery-Diversified 0.34%** |  |  |  |  |
| nVent Finance Sarl (Luxembourg)<sup>(c)</sup> | 4.55% | 4/15/2028 | 2100000 | 1944309 |
| TK Elevator US Newco, Inc.<sup>†</sup> | 5.25% | 7/15/2027 | 382000 | 347236 |
| *Total* |  |  |  | 2291545 |
| **Media 1.80%** |  |  |  |  |
| AMC Networks, Inc. | 4.25% | 2/15/2029 | 596000 | 444950 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.75% | 3/1/2030 | 888000 | 764522 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | 2.25% | 1/15/2029 | 3675000 | 3009658 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | 6.484% | 10/23/2045 | 1137000 | 1072679 |
| Comcast Corp. | 5.50% | 11/15/2032 | 3045000 | 3194527 |
| FactSet Research Systems, Inc. | 3.45% | 3/1/2032 | 2397000 | 2022461 |
| Gray Escrow II, Inc.<sup>†</sup> | 5.375% | 11/15/2031 | 724000 | 553701 |
| Time Warner Cable LLC | 7.30% | 7/1/2038 | 981000 | 1004560 |
| *Total* |  |  |  | 12067058 |

---

*See Notes to Financial Statements.* 115

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Mining 0.67%** |  |  |  |  |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(c)</sup> | 4.125% | 3/31/2029 | $381000 | $334594 |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(c)</sup> | 6.125% | 5/15/2028 | 627000 | 609431 |
| Anglo American Capital plc (United Kingdom)<sup>†(c)</sup> | 4.00% | 9/11/2027 | 1550000 | 1454606 |
| FMG Resources August 2006 Pty Ltd. (Australia)<sup>†(c)</sup> | 4.375% | 4/1/2031 | 438000 | 369519 |
| Glencore Funding LLC<sup>†</sup> | 4.875% | 3/12/2029 | 1283000 | 1237875 |
| Hecla Mining Co. | 7.25% | 2/15/2028 | 164000 | 160180 |
| Novelis Corp.<sup>†</sup> | 3.875% | 8/15/2031 | 414000 | 339973 |
| *Total* |  |  |  | 4506178 |
| **Miscellaneous Manufacturing 0.09%** |  |  |  |  |
| Amsted Industries, Inc.<sup>†</sup> | 4.625% | 5/15/2030 | 312000 | 264189 |
| Hillenbrand, Inc. | 3.75% | 3/1/2031 | 408000 | 331959 |
| *Total* |  |  |  | 596148 |
| **Multi-National 0.15%** |  |  |  |  |
| Inter-American Investment Corp. | 2.625% | 4/22/2025 | 1080000 | 1037308 |
| **Oil & Gas 3.64%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 8.25% | 2/15/2026 | 378000 | 376600 |
| California Resources Corp.<sup>†</sup> | 7.125% | 2/1/2026 | 296000 | 288233 |
| Callon Petroleum Co.<sup>†</sup> | 8.00% | 8/1/2028 | 567000 | 560840 |
| Chord Energy Corp.<sup>†</sup> | 6.375% | 6/1/2026 | 1090000 | 1066712 |
| Civitas Resources, Inc.<sup>†</sup> | 5.00% | 10/15/2026 | 400000 | 369060 |
| Colgate Energy Partners III LLC<sup>†</sup> | 7.75% | 2/15/2026 | 385000 | 382119 |
| Comstock Resources, Inc.<sup>†</sup> | 6.75% | 3/1/2029 | 474000 | 463484 |
| Continental Resources, Inc.<sup>†</sup> | 5.75% | 1/15/2031 | 3918000 | 3676248 |
| Diamondback Energy, Inc. | 3.125% | 3/24/2031 | 1000000 | 842463 |
| Diamondback Energy, Inc. | 3.50% | 12/1/2029 | 2039000 | 1816911 |
| EQT Corp. | 7.00% | 2/1/2030 | 3200000 | 3370972 |
| Gulfport Energy Corp.<sup>†</sup> | 8.00% | 5/17/2026 | 703517 | 702092 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 5.75% | 2/1/2029 | 593000 | 544221 |
| Laredo Petroleum, Inc. | 9.50% | 1/15/2025 | 765000 | 766121 |
| MEG Energy Corp. (Canada)<sup>†(c)</sup> | 5.875% | 2/1/2029 | 585000 | 555782 |
| Occidental Petroleum Corp. | 6.125% | 1/1/2031 | 168000 | 170654 |
| Occidental Petroleum Corp. | 6.625% | 9/1/2030 | 926000 | 967207 |
| Ovintiv, Inc. | 6.50% | 2/1/2038 | 1000000 | 1019306 |
| PDC Energy, Inc. | 5.75% | 5/15/2026 | 1345000 | 1286385 |
| Petroleos Mexicanos (Mexico)<sup>(c)</sup> | 6.70% | 2/16/2032 | 1300000 | 1007496 |
| Precision Drilling Corp. (Canada)<sup>†(c)</sup> | 6.875% | 1/15/2029 | 370000 | 350214 |
| PTTEP Treasury Center Co. Ltd.<sup>†(c)</sup> | 2.993% | 1/15/2030 | 1900000 | 1619398 |

---

116 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Oil & Gas (continued)** |  |  |  |  |  |
| Range Resources Corp. | 8.25% |  | 1/15/2029 | $595000 | $621460 |
| SM Energy Co. | 6.75% |  | 9/15/2026 | 428000 | 420166 |
| Vermilion Energy, Inc. (Canada)<sup>†(c)</sup> | 6.875% |  | 5/1/2030 | 1350000 | 1248089 |
| *Total* |  |  |  |  | 24492233 |
| **Oil & Gas Services 0.26%** |  |  |  |  |  |
| NOV, Inc. | 3.60% |  | 12/1/2029 | 1500000 | 1339452 |
| Weatherford International Ltd.<sup>†</sup> | 8.625% |  | 4/30/2030 | 400000 | 384078 |
| *Total* |  |  |  |  | 1723530 |
| **Packaging & Containers 0.13%** |  |  |  |  |  |
| Ball Corp. | 2.875% |  | 8/15/2030 | 424000 | 345293 |
| Silgan Holdings, Inc. | 4.125% |  | 2/1/2028 | 575000 | 540532 |
| *Total* |  |  |  |  | 885825 |
| **Pharmaceuticals 2.35%** |  |  |  |  |  |
| 180 Medical, Inc.<sup>†</sup> | 3.875% |  | 10/15/2029 | 866000 | 737709 |
| AbbVie, Inc. | 3.20% |  | 11/21/2029 | 3941000 | 3601903 |
| Bayer Corp.<sup>†</sup> | 6.65% |  | 2/15/2028 | 203000 | 209465 |
| Bayer US Finance II LLC<sup>†</sup> | 4.25% |  | 12/15/2025 | 2194000 | 2128718 |
| Cigna Corp. | 2.40% |  | 3/15/2030 | 3318000 | 2821363 |
| CVS Health Corp. | 3.25% |  | 8/15/2029 | 5300000 | 4792486 |
| Option Care Health, Inc.<sup>†</sup> | 4.375% |  | 10/31/2029 | 430000 | 366840 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>†</sup> | 4.125% |  | 4/30/2028 | 836000 | 753219 |
| Owens & Minor, Inc.<sup>†</sup> | 6.625% |  | 4/1/2030 | 441000 | 392490 |
| *Total* |  |  |  |  | 15804193 |
| **Pipelines 1.44%** |  |  |  |  |  |
| Buckeye Partners LP | 6.375%<br> (3 Mo. LIBOR + 4.02% |)<sup>#</sup> | 1/22/2078 | 361000 | 286345 |
| Cheniere Energy Partners LP | 3.25% |  | 1/31/2032 | 437000 | 356157 |
| CNX Midstream Partners LP<sup>†</sup> | 4.75% |  | 4/15/2030 | 396000 | 330731 |
| EIG Pearl Holdings Sarl (Luxembourg)<sup>†(c)</sup> | 3.545% |  | 8/31/2036 | 1435000 | 1194583 |
| Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)<sup>†(c)</sup> | 3.25% |  | 9/30/2040 | 1502000 | 1156845 |
| Kinder Morgan Energy Partners LP | 4.25% |  | 9/1/2024 | 1129000 | 1112703 |
| NGPL PipeCo LLC<sup>†</sup> | 3.25% |  | 7/15/2031 | 600000 | 492003 |
| NGPL PipeCo LLC<sup>†</sup> | 4.875% |  | 8/15/2027 | 1750000 | 1667217 |
| Sabine Pass Liquefaction LLC | 5.625% |  | 3/1/2025 | 1912000 | 1917553 |
| Venture Global Calcasieu Pass LLC<sup>†</sup> | 4.125% |  | 8/15/2031 | 1319000 | 1139141 |
| *Total* |  |  |  |  | 9653278 |

---

*See Notes to Financial Statements.* 117

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Real Estate 0.27%** |  |  |  |  |
| American Tower Corp. | 2.95% | 1/15/2025 | $1912000 | $1825642 |
| **REITS 0.95%** |  |  |  |  |
| American Tower Corp. | 3.80% | 8/15/2029 | 1188000 | 1088036 |
| Crown Castle, Inc. | 3.30% | 7/1/2030 | 3377000 | 2973444 |
| EPR Properties | 4.95% | 4/15/2028 | 1023000 | 888530 |
| Invitation Homes Operating Partnership LP | 2.30% | 11/15/2028 | 700000 | 579485 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 5.625% | 5/1/2024 | 831000 | 823998 |
| *Total* |  |  |  | 6353493 |
| **Retail 0.35%** |  |  |  |  |
| 7-eleven, Inc.<sup>†</sup> | 0.80% | 2/10/2024 | 1620000 | 1537434 |
| Murphy Oil USA, Inc. | 4.75% | 9/15/2029 | 650000 | 601445 |
| Party City Holdings, Inc.<sup>†</sup> | 8.75% | 2/15/2026 | 506000 | 192062 |
| *Total* |  |  |  | 2330941 |
| **Semiconductors 1.08%** |  |  |  |  |
| Advanced Micro Devices, Inc. | 3.924% | 6/1/2032 | 1594000 | 1506363 |
| Advanced Micro Devices, Inc. | 4.393% | 6/1/2052 | 736000 | 654909 |
| Broadcom, Inc.<sup>†</sup> | 4.15% | 4/15/2032 | 4800000 | 4236510 |
| Entegris, Inc.<sup>†</sup> | 3.625% | 5/1/2029 | 353000 | 293371 |
| Microchip Technology, Inc. | 4.333% | 6/1/2023 | 598000 | 595540 |
| *Total* |  |  |  | 7286693 |
| **Software 1.51%** |  |  |  |  |
| Elastic NV<sup>†</sup> | 4.125% | 7/15/2029 | 777000 | 633085 |
| Oracle Corp. | 2.875% | 3/25/2031 | 6013000 | 5035758 |
| Oracle Corp. | 6.25% | 11/9/2032 | 862000 | 910423 |
| ServiceNow, Inc. | 1.40% | 9/1/2030 | 2000000 | 1559671 |
| Twilio, Inc. | 3.875% | 3/15/2031 | 260000 | 210902 |
| Workday, Inc. | 3.80% | 4/1/2032 | 2000000 | 1788833 |
| *Total* |  |  |  | 10138672 |
| **Sovereign 1.01%** |  |  |  |  |
| Export Finance & Insurance Corp. (Australia)<sup>†(c)</sup> | 4.625% | 10/26/2027 | 4239000 | 4299603 |
| Svensk Exportkredit AB (Sweden)<sup>(c)</sup> | 4.625% | 11/28/2025 | 2446000 | 2460749 |
| *Total* |  |  |  | 6760352 |
| **Telecommunications 1.46%** |  |  |  |  |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.00% | 5/1/2028 | 398000 | 354634 |
| Sprint Capital Corp. | 6.875% | 11/15/2028 | 1226000 | 1300676 |

---

118 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Telecommunications (continued)** |  |  |  |  |
| Sprint Capital Corp. | 8.75% | 3/15/2032 | $380000 | $454850 |
| T-Mobile USA, Inc. | 3.50% | 4/15/2025 | 1358000 | 1315482 |
| T-Mobile USA, Inc. | 3.875% | 4/15/2030 | 4600000 | 4229242 |
| Verizon Communications, Inc.<sup>(b)</sup> | 4.25% | 10/31/2030 | 1975000 | 2151596 |
| *Total* |  |  |  | 9806480 |
| **Trucking & Leasing 0.05%** |  |  |  |  |
| Fortress Transportation and Infrastructure Investors LLC<sup>†</sup> | 5.50% | 5/1/2028 | $415000 | 361575 |
| *Total Corporate Bonds* (cost $331,496,878) |  |  |  | 314593166 |
| **FLOATING RATE LOANS<sup>(e)</sup> 0.96%** |  |  |  |  |
| **Advertising 0.20%** |  |  |  |  |
| Lamar Media Corporation 2020 Term Loan B | 5.102%<br> (3 Mo. LIBOR + 1.50% | 2/5/2027 | 1397283 | 1359081 |
| **Aerospace/Defense 0.12%** |  |  |  |  |
| Vertex Aerospace Services Corp. 2021 First Lien Term Loan | 7.571%<br> (1 Mo. LIBOR + 3.50% | 12/6/2028 | 797995 | 785427 |
| **Airlines 0.10%** |  |  |  |  |
| American Airlines, Inc. 2021 Term Loan | 8.993%<br> (3 Mo. LIBOR + 4.75% | 4/20/2028 | 689248 | 686232 |
| **Commercial Services 0.07%** |  |  |  |  |
| Amentum Government Services Holdings LLC Term Loan B | 7.674% - 8.17% | 1/29/2027 | 510648 | 504691 |
| Employbridge LLC 2021 Term Loan B | 8.424%<br> (3 Mo. LIBOR + 4.75% | 7/19/2028 | 503 | 414 |
| *Total* |  |  |  | 505105 |
| **Diversified Financial Services 0.09%** |  |  |  |  |
| Jane Street Group, LLC 2021 Term Loan | 6.821%<br> (1 Mo. LIBOR + 2.75% | 1/26/2028 | 589985 | 574684 |
| **Oil & Gas 0.08%** |  |  |  |  |
| Parkway Generation, LLC Term Loan B | 8.821%<br> (1 Mo. LIBOR + 4.75% | 2/18/2029 | 461855 | 456082 |
| Parkway Generation, LLC Term Loan C | 8.821%<br> (1 Mo. LIBOR + 4.75% | 2/18/2029 | 64985 | 64172 |
| *Total* |  |  |  | 520254 |

---

*See Notes to Financial Statements.* 119

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Pharmaceuticals 0.23%** |  |  |  |  |
| Jazz Financing Lux S.a.r.l. USD Term Loan (Luxembourg)<sup>(c)</sup> | 7.571%<br> (1 Mo. LIBOR + 3.50% | 5/5/2028 | $741252 | $736793 |
| Packaging Coordinators Midco, Inc. 2020 1st Lien Term Loan | 7.174%<br> (3 Mo. LIBOR + 3.50% | 11/30/2027 | 806150 | 779108 |
| *Total* |  |  |  | 1515901 |
| **Software 0.07%** |  |  |  |  |
| Playtika Holding Corp 2021 Term Loan | 6.821%<br> (1 Mo. LIBOR + 2.75% | 3/13/2028 | 518483 | 506493 |
| *Total Floating Rate Loans* (cost $6,491,377) |  |  |  | 6453177 |
| **FOREIGN GOVERNMENT OBLIGATIONS<sup>(c)</sup> 2.59%** |  |  |  |  |
| **Canada 0.37%** |  |  |  |  |
| Province of Ontario Canada | 3.10% | 5/19/2027 | 2609000 | 2497148 |
| **France 0.56%** |  |  |  |  |
| Caisse d'Amortissement de la Dette Sociale<sup>†</sup> | 4.625% | 11/2/2025 | 3716000 | 3745556 |
| **Japan 1.04%** |  |  |  |  |
| Japan Bank for International Cooperation | 3.875% | 9/16/2025 | 6128000 | 6017556 |
| Japan International Cooperation Agency | 3.25% | 5/25/2027 | 990000 | 938690 |
| *Total* |  |  |  | 6956246 |
| **Mexico 0.20%** |  |  |  |  |
| Mexico Government International Bond | 4.40% | 2/12/2052 | 1750000 | 1350436 |
| **Nigeria 0.04%** |  |  |  |  |
| Republic of Nigeria<sup>†</sup> | 7.143% | 2/23/2030 | 370000 | 286794 |
| **Norway 0.22%** |  |  |  |  |
| Kommunalbanken AS<sup>†</sup> | 2.054%<br> (SOFR + 1.00% | 6/17/2026 | 1480000 | 1505561 |
| **Senegal 0.15%** |  |  |  |  |
| Republic of Senegal<sup>†</sup> | 6.25% | 5/23/2033 | 1200000 | 1007760 |
| **Sri Lanka 0.01%** |  |  |  |  |
| Sri Lanka Government International Bond<sup>†</sup> | 5.875% | 7/25/2022 | 290000 | 92697 |
| *Total Foreign Government Obligations* (cost $17,890,926) | *Total Foreign Government Obligations* (cost $17,890,926) |  |  | 17442198 |

---

120 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.11%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.11%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.11%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.11%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.11%** |  |
| Freddie Mac Multifamily Structured Pass Through Certificates A2 | 2.58% |  | 5/25/2032 | $2865000 | $2471120 |
| Freddie Mac Multifamily Structured Pass Through Certificates A2 | 3.53% | <sup>#</sup> | 8/25/2032 | 1063000 | 994559 |
| Freddie Mac Multifamily Structured Pass Through Certificates A2 | 3.71% | <sup>#</sup> | 9/25/2032 | 1551000 | 1469435 |
| Freddie Mac Multifamily Structured Pass Through Certificates A2 | 3.123% | <sup>#(f)</sup> | 8/25/2032 | 2769000 | 2492675 |
| Government National Mortgage Assoc. 2017-76 AS | 2.65% |  | 11/16/2050 | 4457 | 3986 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $7,369,097) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $7,369,097) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $7,369,097) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $7,369,097) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $7,369,097) | 7431775 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 31.13%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 31.13%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 31.13%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 31.13%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 31.13%** |  |
| Fannie Mae or Freddie Mac<sup>(g)</sup> | 2.00% |  | TBA | 16102000 | 13279505 |
| Fannie Mae or Freddie Mac<sup>(g)</sup> | 2.50% |  | TBA | 7849000 | 6724692 |
| Fannie Mae or Freddie Mac<sup>(g)</sup> | 3.00% |  | TBA | 5634000 | 4992108 |
| Fannie Mae or Freddie Mac<sup>(g)</sup> | 3.50% |  | TBA | 8643000 | 7918474 |
| Fannie Mae or Freddie Mac<sup>(g)</sup> | 4.00% |  | TBA | 8454000 | 8088214 |
| Fannie Mae or Freddie Mac<sup>(g)</sup> | 4.50% |  | TBA | 13671000 | 13506245 |
| Fannie Mae or Freddie Mac<sup>(g)</sup> | 5.00% |  | TBA | 18840000 | 18915796 |
| Fannie Mae or Freddie Mac<sup>(g)</sup> | 5.50% |  | TBA | 5761000 | 5825050 |
| Fannie Mae or Freddie Mac<sup>(g)</sup> | 6.00% |  | TBA | 8908000 | 9102115 |
| Fannie Mae or Freddie Mac<sup>(g)</sup> | 6.50% |  | TBA | 12027000 | 12372950 |
| Fannie Mae Pool | 2.00% |  | 6/1/2051 | 1947048 | 1611125 |
| Fannie Mae Pool | 2.50% |  | 1/1/2051 -<br> 5/1/2052 | 17433757 | 15087803 |
| Fannie Mae Pool | 3.00% |  | 12/1/2048 -<br> 1/1/2051 | 1768438 | 1592138 |
| Fannie Mae Pool | 3.50% |  | 7/1/2045 -<br> 4/1/2052 | 3378546 | 3135884 |
| Fannie Mae Pool | 4.00% |  | 5/1/2052 -<br> 6/1/2052 | 3477400 | 3326098 |
| Fannie Mae Pool | 5.00% |  | 7/1/2052 -<br> 8/1/2052 | 3583195 | 3607540 |
| Federal Farm Credit Banks Funding Corp. | 4.01%<br> (SOFR + 1.19% |)<sup>#</sup> | 11/25/2024 | 850000 | 849994 |
| Federal Home Loan Bank Discount Notes | Zero Coupon |  | 1/25/2023 | 1190000 | 1182072 |

---

*See Notes to Financial Statements.* 121

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |  |
| Federal Home Loan Banks | 3.83%<br> (SOFR + .02% |)<sup>#</sup> | 1/3/2023 | $10180000 | $10180939 |
| Freddie Mac Pool | 2.50% |  | 11/1/2050 -<br> 7/1/2051 | 7326173 | 6333909 |
| Freddie Mac Pool | 3.50% |  | 2/1/2046 | 916142 | 859501 |
| Freddie Mac Pool | 4.50% |  | 8/1/2052 | 2277462 | 2240342 |
| Freddie Mac Pool | 5.00% |  | 7/1/2052 -<br> 8/1/2052 | 4956394 | 4987585 |
| Ginnie Mae<sup>(g)</sup> | 3.00% |  | TBA | 1254000 | 1134023 |
| Ginnie Mae<sup>(g)</sup> | 3.50% |  | TBA | 3328000 | 3092440 |
| Ginnie Mae<sup>(g)</sup> | 4.00% |  | TBA | 2993000 | 2858555 |
| Ginnie Mae<sup>(g)</sup> | 4.50% |  | TBA | 6779000 | 6641873 |
| Ginnie Mae<sup>(g)</sup> | 5.00% |  | TBA | 13064000 | 13052773 |
| Ginnie Mae<sup>(g)</sup> | 5.50% |  | TBA | 11815000 | 11954703 |
| Ginnie Mae<sup>(g)</sup> | 6.00% |  | TBA | 14527000 | 14812671 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $208,070,963) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $208,070,963) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $208,070,963) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $208,070,963) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $208,070,963) | 209267117 |
| **MUNICIPAL BONDS 0.26%** |  |  |  |  |  |
| **Government** |  |  |  |  |  |
| Foothill-Eastern Transportation Corridor Agency | 4.094% |  | 1/15/2049 | 221000 | 172041 |
| State of Illinois | 5.10% |  | 6/1/2033 | 1635000 | 1577869 |
| *Total Municipal Bonds* (cost $1,875,057) |  |  |  |  | 1749910 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.10%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.10%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.10%** |  |  |  |
| Angel Oak Mortgage Trust 2020-1 A1<sup>†</sup> | 2.466% | <sup>#(f)</sup> | 12/25/2059 | 25478 | 23886 |
| BAMLL Commercial Mortgage Securities Trust 2019-AHT B<sup>†</sup> | 5.475%<br> (1 Mo. LIBOR + 1.60% |)<sup>#</sup> | 3/15/2034 | 100000 | 96464 |
| BBCMS Mortgage Trust 2018-TALL E<sup>†</sup> | 6.312%<br> (1 Mo. LIBOR + 2.44% |)<sup>#</sup> | 3/15/2037 | 64000 | 48375 |
| BBCMS Mortgage Trust 2019-BWAY A<sup>†</sup> | 4.831%<br> (1 Mo. LIBOR + .96% |)<sup>#</sup> | 11/15/2034 | 311000 | 294873 |
| BBCMS Mortgage Trust 2019-BWAY B<sup>†</sup> | 5.185%<br> (1 Mo. LIBOR + 1.31% |)<sup>#</sup> | 11/15/2034 | 87000 | 80885 |
| BBCMS Mortgage Trust 2019-BWAY C<sup>†</sup> | 5.485%<br> (1 Mo. LIBOR + 1.61% |)<sup>#</sup> | 11/15/2034 | 350000 | 315034 |
| BFLD 2019-DPLO F<sup>†</sup> | 6.415%<br> (1 Mo. LIBOR + 2.54% |)<sup>#</sup> | 10/15/2034 | 1070000 | 1002584 |

---

122 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| BHMS 2018-ATLS A<sup>†</sup> | 5.125%<br> (1 Mo. LIBOR + 1.25% | 7/15/2035 | $550000 | $528294 |
| BHMS 2018-ATLS C<sup>†</sup> | 5.775%<br> (1 Mo. LIBOR + 1.90% | 7/15/2035 | 2000000 | 1870043 |
| BRAVO Residential Funding Trust 2021-NQM2 A1<sup>†</sup> | 0.97% | 3/25/2060 | 1354326 | 1273078 |
| BX Commercial Mortgage Trust 2021-VOLT A<sup>†</sup> | 4.575%<br> (1 Mo. LIBOR + .70% | 9/15/2036 | 690000 | 661479 |
| BX Commercial Mortgage Trust 2021-XL2 A<sup>†</sup> | 4.564%<br> (1 Mo. LIBOR + .69% | 10/15/2038 | 2780145 | 2656073 |
| BX Trust 2018-GW A<sup>†</sup> | 4.675%<br> (1 Mo. LIBOR + .80% | 5/15/2035 | 55000 | 53342 |
| BX Trust 2021-ARIA E<sup>†</sup> | 6.12%<br> (1 Mo. LIBOR + 2.24% | 10/15/2036 | 2000000 | 1812053 |
| BX Trust 2021-RISE A<sup>†</sup> | 4.623%<br> (1 Mo. LIBOR + .75% | 11/15/2036 | 1300000 | 1239332 |
| BX Trust 2022-LBA6 A<sup>†</sup> | 4.794%<br> (1 Mo. Term SOFR + 1.00% | 1/15/2039 | 2340000 | 2244591 |
| CF Trust 2019-BOSS A1 | 4.75%<br> (1 Mo. LIBOR + 3.25% | 12/15/2024 | 222000 | 203312 <sup>(a)</sup> |
| CIM Retail Portfolio Trust 2021-RETL E<sup>†</sup> | 7.626%<br> (1 Mo. LIBOR + 3.75% | 8/15/2036 | 862500 | 781544 |
| Citigroup Commercial Mortgage Trust 2016-GC36 AS | 3.849% | 2/10/2049 | 97572 | 90154 |
| Citigroup Commercial Mortgage Trust 2016-GC36 D<sup>†</sup> | 2.85% | 2/10/2049 | 485000 | 264240 |
| Commercial Mortgage Pass-Through Certificates 2012-LTRT A2<sup>†</sup> | 3.40% | 10/5/2030 | 95704 | 81996 |
| Commercial Mortgage Pass-Through Certificates 2014-UBS4 D<sup>†</sup> | 4.869% | 8/10/2047 | 835000 | 604944 |
| Commercial Mortgage Pass-Through Certificates 2014-UBS6 B | 4.349% | 12/10/2047 | 50000 | 46557 |
| Commercial Mortgage Pass-Through Certificates 2015-DC1 D<sup>†</sup> | 4.441% | 2/10/2048 | 707000 | 573344 |
| Commercial Mortgage Pass-Through Certificates 2015-PC1 C | 4.434% | 7/10/2050 | 10000 | 8890 |
| Connecticut Avenue Securities Trust 2022-R08 1M1<sup>†</sup> | 6.071%<br> (1 Mo. SOFR + 2.55% | 7/25/2042 | 921099 | 915678 |

---

*See Notes to Financial Statements.* 123

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1<sup>†</sup> |  | 1.616% |  | 4/25/2065 | $56000 | $54063 |
| Credit Suisse Mortgage Capital Certificates Trust 2020-AFC1 A1<sup>†</sup> | Credit Suisse Mortgage Capital Certificates Trust 2020-AFC1 A1<sup>†</sup> | 2.24% | <sup>#(f)</sup> | 2/25/2050 | 84179 | 77620 |
| CS Master Trust 2021-AHP A<sup>†</sup> |  | 7.805%<br> (1 Mo. LIBOR + 3.95% |)<sup>#</sup> | 4/15/2025 | 400000 | 398358 <sup>(a)</sup> |
| CS Master Trust 2021-BLUF A<sup>†</sup> |  | 8.033%<br> (1 Mo. LIBOR + 4.18% |)<sup>#</sup> | 4/15/2023 | 200000 | 198185 <sup>(a)</sup> |
| CSAIL Commercial Mortgage Trust 2019-C18 AS |  | 3.321% |  | 12/15/2052 | 214129 | 180044 |
| CSMC 2021-BHAR C<sup>†</sup> |  | 5.876%<br> (1 Mo. LIBOR + 2.00% |)<sup>#</sup> | 11/15/2038 | 650000 | 597769 |
| DBWF Mortgage Trust 2018-GLKS A<sup>†</sup> |  | 4.969%<br> (1 Mo. LIBOR + 1.03% |)<sup>#</sup> | 12/19/2030 | 500000 | 483391 |
| Deephaven Residential Mortgage Trust 2021-3 A1<sup>†</sup> |  | 1.194% | <sup>#(f)</sup> | 8/25/2066 | 627858 | 518740 |
| Ellington Financial Mortgage Trust 2020-2 A1<sup>†</sup> |  | 1.178% | <sup>#(f)</sup> | 10/25/2065 | 50696 | 45116 |
| Freddie Mac STACR REMIC Trust 2021-HQA4 M1<sup>†</sup> | 4.471% (1 Mo. SOFR + .95% | 4.471% (1 Mo. SOFR + .95% |)<sup>#</sup> | 12/25/2041 | 691746 | 649242 |
| Freddie Mac STACR REMIC Trust 2022-HQA1 M1A<sup>†</sup> | 5.621% (1 Mo. SOFR + 2.10% | 5.621% (1 Mo. SOFR + 2.10% |)<sup>#</sup> | 3/25/2042 | 2071881 | 2044106 |
| Freddie Mac STACR REMIC Trust 2022-HQA3 M1A<sup>†</sup> | 5.821% (1 Mo. SOFR + 2.30% | 5.821% (1 Mo. SOFR + 2.30% |)<sup>#</sup> | 8/25/2042 | 1401178 | 1386640 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA2 M1A<sup>†</sup> |  | 6.171%<br> (1 Mo. SOFR + 2.65% |)<sup>#</sup> | 7/25/2042 | 1414540 | 1406580 |
| Great Wolf Trust 2019-WOLF A<sup>†</sup> |  | 4.909%<br> (1 Mo. LIBOR + 1.03% |)<sup>#</sup> | 12/15/2036 | 512000 | 494641 |
| GS Mortgage Securities Corp. II 2021-ARDN B<sup>†</sup> |  | 5.525%<br> (1 Mo. LIBOR + 1.65% |)<sup>#</sup> | 11/15/2036 | 870000 | 838603 |
| GS Mortgage Securities Corp. Trust 2018-RIVR A<sup>†</sup> |  | 4.825%<br> (1 Mo. LIBOR + .95% |)<sup>#</sup> | 7/15/2035 | 99828 | 93371 |
| GS Mortgage Securities Corp. Trust 2019-70P B<sup>†</sup> |  | 5.195%<br> (1 Mo. LIBOR + 1.32% |)<sup>#</sup> | 10/15/2036 | 812724 | 767183 |
| GS Mortgage Securities Corp. Trust 2019-70P XCP<sup>†</sup> |  | Zero Coupon | <sup>#(f)</sup> | 10/15/2036 | 86776000 | 1623 |
| GS Mortgage Securities Corp. Trust 2019-SMP B<sup>†</sup> |  | 5.375%<br> (1 Mo. LIBOR + 1.50% |)<sup>#</sup> | 8/15/2032 | 525000 | 507221 |
| GS Mortgage Securities Corp. Trust 2019-SMP XCP<sup>†</sup> |  | Zero Coupon | <sup>#(f)</sup> | 8/15/2032 | 36803000 | 784 |

---

124 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| GS Mortgage Securities Corp. Trust 2022-AGSS A<sup>†</sup> | 5.989%<br> (1 Mo. Term SOFR + 2.19% |)<sup>#</sup> | 8/15/2039 | $1500000 | $1480197 |
| GS Mortgage Securities Trust 2013-G1 A2<sup>†</sup> | 3.557% | <sup>#(f)</sup> | 4/10/2031 | 81084 | 80468 |
| GS Mortgage Securities Trust 2014-GC26 C | 4.672% | <sup>#(f)</sup> | 11/10/2047 | 50000 | 44399 |
| HONO Mortgage Trust 2021-LULU B<sup>†</sup> | 5.325%<br> (1 Mo. LIBOR + 1.45% |)<sup>#</sup> | 10/15/2036 | 250000 | 235343 |
| JP Morgan Chase Commercial Mortgage Securities Trust 2020-MKST E<sup>†</sup> | 6.125% (1 Mo. LIBOR + 2.25% |)<sup>#</sup> | 12/15/2036 | 1000000 | 829902 |
| JPMorgan Chase Commercial Mortgage Securities Trust A<sup>†</sup> | 5.659% (1 Mo. Term SOFR + 1.75% |)<sup>#</sup> | 9/15/2029 | 183552 | 182514 |
| JPMorgan Chase Commercial Mortgage Securities Trust B<sup>†</sup> | 6.559% (1 Mo. Term SOFR + 2.65% |)<sup>#</sup> | 9/15/2029 | 325000 | 322972 |
| JPMorgan Chase Commercial Mortgage Securities Trust C<sup>†</sup> | 7.259% (1 Mo. Term SOFR + 3.35% |)<sup>#</sup> | 9/15/2029 | 325000 | 322557 |
| JPMorgan Chase Commercial Mortgage Securities Trust D<sup>†</sup> | 8.259% (1 Mo. Term SOFR + 4.35% |)<sup>#</sup> | 9/15/2029 | 325000 | 321925 <sup>(a)</sup> |
| JPMorgan Chase Commercial Mortgage Securities Trust E<sup>†</sup> | 9.259% (1 Mo. Term SOFR + 5.35% |)<sup>#</sup> | 9/15/2029 | 325000 | 322875 <sup>(a)</sup> |
| JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY D<sup>†</sup> | 3.931% | <sup>#(f)</sup> | 6/10/2027 | 100000 | 4987 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 C | 4.372% | <sup>#(f)</sup> | 7/15/2048 | 10000 | 8827 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN A<sup>†</sup> | 5.143% (1 Mo. LIBOR + 1.27% |)<sup>#</sup> | 11/15/2035 | 10000 | 9548 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN B<sup>†</sup> | 5.473% (1 Mo. LIBOR + 1.60% |)<sup>#</sup> | 11/15/2035 | 10000 | 9555 |
| KIND Trust 2021-KIND D<sup>†</sup> | 6.175% (1 Mo. LIBOR + 2.30% |)<sup>#</sup> | 8/15/2038 | 466628 | 420027 |
| MTN Commercial Mortgage Trust 2022-LPFL A<sup>†</sup> | 5.191%<br> (1 Mo. Term SOFR + 1.40% |)<sup>#</sup> | 3/15/2039 | 2200000 | 2121317 |
| Natixis Commercial Mortgage Securities Trust 2018-285M A<sup>†</sup> | 3.917% | <sup>#(f)</sup> | 11/15/2032 | 50000 | 47673 |
| Natixis Commercial Mortgage Securities Trust 2018-285M B<sup>†</sup> | 3.917% | <sup>#(f)</sup> | 11/15/2032 | 50000 | 46193 |
| Prima Capital CRE Securitization Ltd. 2019-RK1 AG<sup>†</sup> | 4.00% |  | 4/15/2038 | 164588 | 140551 <sup>(a)</sup> |
| Prima Capital CRE Securitization Ltd. 2019-RK1 AT<sup>†</sup> | 4.45% |  | 4/15/2038 | 100000 | 73801 <sup>(a)</sup> |
| Ready Capital Mortgage Financing LLC 2022-FL8 A<sup>†</sup> | 5.197%<br> (1 Mo. SOFR + 1.65% |)<sup>#</sup> | 1/25/2037 | 1350000 | 1307444 |
| ReadyCap Commercial Mortgage Trust 2019-6 A<sup>†</sup> | 2.833% |  | 10/25/2052 | 371850 | 342752 |

---

*See Notes to Financial Statements.* 125

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** |  | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Residential Mortgage Loan Trust 2020-1 A1<sup>†</sup> | 2.376% | <sup>#(f)</sup> | 1/26/2060 | $19989 | $18691 |
| SG Commercial Mortgage Securities Trust 2019-787E X<sup>†</sup> | 0.456% | <sup>#(f)</sup> | 2/15/2041 | 1217000 | 22784 |
| SMRT 2022-MINI A<sup>†</sup> | 4.795%<br> (1 Mo. Term SOFR + 1.00% |)<sup>#</sup> | 1/15/2039 | 1460000 | 1403212 |
| Starwood Mortgage Residential Trust 2020-1 A1<sup>†</sup> | 2.275% | <sup>#(f)</sup> | 2/25/2050 | 6271 | 6025 |
| Verus Securitization Trust 2020-1 A1<sup>†</sup> | 2.417% |  | 1/25/2060 | 48155 | 45441 |
| Verus Securitization Trust 2020-5 A1<sup>†</sup> | 1.218% |  | 5/25/2065 | 242341 | 221230 |
| Verus Securitization Trust 2021-8 A1<sup>†</sup> | 1.824% | <sup>#(f)</sup> | 11/25/2066 | 1271646 | 1071970 |
| Vista Point Securitization Trust 2020-2 A1<sup>†</sup> | 1.475% | <sup>#(f)</sup> | 4/25/2065 | 130300 | 114454 |
| VMC Finance LLC 2019-FL3 A<sup>†</sup> | 5.011%<br> (1 Mo. LIBOR + 1.10% |)<sup>#</sup> | 9/15/2036 | 219622 | 216298 |
| Wells Fargo Commercial Mortgage Trust 2013-LC12 B | 4.431% | <sup>#(f)</sup> | 7/15/2046 | 494000 | 466866 |
| Wells Fargo Commercial Mortgage Trust 2017-C41 AS | 3.785% | <sup>#(f)</sup> | 11/15/2050 | 146000 | 131227 |
| WF-RBS Commercial Mortgage Trust 2013-C12 B | 3.863% | <sup>#(f)</sup> | 3/15/2048 | 25000 | 24743 |
| WF-RBS Commercial Mortgage Trust 2013-C12 C | 4.456% | <sup>#(f)</sup> | 3/15/2048 | 50000 | 49373 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $43,077,426) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $43,077,426) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $43,077,426) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $43,077,426) |  | 40982466 |
| **U.S. TREASURY OBLIGATIONS 10.25%** |  |  |  |  |  |
| U.S. Treasury Bond | 2.00% |  | 11/15/2041 | 4943000 | 3602790 |
| U.S. Treasury Bond | 3.00% |  | 8/15/2052 | 8471000 | 7255941 |
| U.S. Treasury Bond | 4.00% |  | 11/15/2042 | 17639000 | 17727195 |
| U.S. Treasury Inflation Indexed Bond<sup>(h)</sup> | 0.125% |  | 2/15/2052 | 5333898 | 3700325 |
| U.S. Treasury Inflation Indexed Note<sup>(h)</sup> | 1.625% |  | 10/15/2027 | 8415792 | 8512474 |
| U.S. Treasury Note | 3.00% |  | 6/30/2024 | 3657000 | 3571218 |
| U.S. Treasury Note | 4.125% |  | 10/31/2027 | 19815000 | 20069655 |
| U.S. Treasury Note | 4.125% |  | 11/15/2032 | 3654000 | 3797305 |
| U.S. Treasury Note | 4.50% |  | 11/30/2024 | 657000 | 659002 |
| *Total U.S. Treasury Obligations* (cost $68,242,815) | *Total U.S. Treasury Obligations* (cost $68,242,815) | *Total U.S. Treasury Obligations* (cost $68,242,815) | *Total U.S. Treasury Obligations* (cost $68,242,815) | *Total U.S. Treasury Obligations* (cost $68,242,815) | 68895905 |
| *Total Long-Term Investments* (cost $797,192,404) | *Total Long-Term Investments* (cost $797,192,404) | *Total Long-Term Investments* (cost $797,192,404) | *Total Long-Term Investments* (cost $797,192,404) | *Total Long-Term Investments* (cost $797,192,404) | 775479666 |

---

126 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Fair<br>Value** |
| **SHORT-TERM INVESTMENTS 6.64%** |  |  |  |  |  |
| **U.S. TREASURY OBLIGATIONS 2.77%** |  |  |  |  |  |
| U.S. Treasury Bill <br> (Cost $18,624,741) | 0.01% | 3/14/2023 | $| 18854000 | $18624606 |
| **REPURCHASE AGREEMENTS 3.87%** |  |  |  |  |  |
| Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $28,337,200, of U.S. Treasury Note at 0.25% due 5/15/2024; value: $26,565,745; proceeds: $26,046,087 (cost $26,044,821) | Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $28,337,200, of U.S. Treasury Note at 0.25% due 5/15/2024; value: $26,565,745; proceeds: $26,046,087 (cost $26,044,821) |  |  | 26044821 | 26044821 |
| *Total Short-Term Investments* (cost $44,669,562) | *Total Short-Term Investments* (cost $44,669,562) | *Total Short-Term Investments* (cost $44,669,562) | *Total Short-Term Investments* (cost $44,669,562) | *Total Short-Term Investments* (cost $44,669,562) | 44669427 |
| *Total Investments in Securities 121.99%* (cost $841,861,966) | *Total Investments in Securities 121.99%* (cost $841,861,966) | *Total Investments in Securities 121.99%* (cost $841,861,966) | *Total Investments in Securities 121.99%* (cost $841,861,966) | *Total Investments in Securities 121.99%* (cost $841,861,966) | 820149093 |
| *Other Assets and Liabilities – Net*<sup>(i)</sup> *(21.99)%* |  |  |  |  | (147863385) |
| *Net Assets 100.00%* |  |  |  |  | $672285708 |

---

---

| | |
|:---|:---|
| CAD | Canadian Dollar. |
| EUR | Euro. |
| CMT | Constant Maturity Rate. |
| ICE | Intercontinental Exchange. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2022, the total value of Rule 144A securities was $236,107,093, which represents 35.12% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2022. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(b)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(c)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(d)</sup> | Security has been fully or partially segregated for open reverse repurchase agreements as of November 30, 2022 (See Note 2(n)). |
| <sup>(e)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate ("LIBOR") or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2022. |
| <sup>(f)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(g)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |
| <sup>(h)</sup> | Treasury Inflation Protected Security. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on principal amount that is adjusted for inflation based on the Consumer Price Index. |
| <sup>(i)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows: |

---

*See Notes to Financial Statements.* 127

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

**Centrally Cleared Credit Default Swaps on Indexes - Sell Protection at November 30, 2022<sup>(1)</sup>:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes** | **Central<br> Clearing<br> Party** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br>Upfront<sup>(2)</sup>** | **Value** | **Unrealized<br>Appreciation<sup>(3)</sup>** |
| Markit CDX.NA.EM.38<sup>(4)(5)</sup> | Goldman Sachs | 1.00% | 12/20/2027 | $12940000 | $(794021) | $(698630) | $95389 |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) by Central Clearing Party are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $95,389. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $0.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

<sup>(5)</sup> The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of emerging markets securities.

**Forward Foreign Currency Exchange Contracts at November 30, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Appreciation** |
| Euro | Buy | Morgan Stanley | 12/12/2022 | 202000 | $197169 | $&nbsp;&nbsp;&nbsp;&nbsp;210359 | $13190 |
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| Canadian dollar | Sell | Toronto Dominion Bank | 1/20/2023 | 769000 | $558769 | $572135 | $(13366) |
| Euro | Sell | Bank of America | 12/12/2022 | 1502000 | 1563256 | 1564156 | (900) |
| Euro | Sell | Bank of America | 12/12/2022 | 721000 | 743012 | 750836 | (7824) |
| Euro | Sell | Bank of America | 12/12/2022 | 1542000 | 1589403 | 1605811 | (16408) |
| Euro | Sell | Morgan Stanley | 12/12/2022 | 372000 | 385973 | 387394 | (1421) |
| Euro | Sell | Morgan Stanley | 12/12/2022 | 1102000 | 1137507 | 1147603 | (10096) |
| Euro | Sell | State Street Bank and Trust | 12/12/2022 | 202000 | 203141 | 210359 | (7218) |
| Euro | Sell | State Street Bank and Trust | 12/12/2022 | 1439000 | 1435483 | 1498549 | (63066) |
| *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* |  |  | $(120299) |

---

128 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

**Futures Contracts at November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 2-Year Treasury Note | March 2023 | 340 | Long | $69644697 | $69822188 | $177491 |
| U.S. 5-Year Treasury Note | March 2023 | 11 | Long | 1187857 | 1194273 | 6416 |
| U.S. Long Bond | March 2023 | 81 | Long | 10246397 | 10287000 | 40603 |
| U.S. Ultra Treasury Bond | March 2023 | 179 | Long | 24324967 | 24394344 | 69377 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  | $293887 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| Euro-Bund | December 2022 | 20 | Short | (2803082) | (2817600) | $(15108) |
| U.S. 10-Year Ultra Treasury Bond | March 2023 | 237 | Short | $(28241828) | $(28358531) | (116703) |
| U.S. 10-Year Treasury Notes | March 2023 | 78 | Short | (8804842) | (8853000) | (48158) |
| *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* |  | $(179969) |

---

**Reverse Repurchase Agreement Payable as of November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Principal** | **Collateral<br> Held by<br> Counterparty** | **Interest<br> Rate<sup>(1)</sup>** | **Trade<br> Date** | **Maturity<br> Date<sup>(2)</sup>** | **Fair<br> Value<sup>(3)</sup>** |
| Barclays Bank plc | $5250 | $6,000 principal, American Airlines Group at 3.75% due 3/1/2025, $5,260 fair value | (10.00%) | 07/22/2022 | On Demand | $5062 |

---

<sup>(1)</sup> The negative interest rate on the reverse repurchase agreement results in interest income to the Fund.

<sup>(2)</sup> This reverse repurchase agreement has no stated maturity and may be terminated by either party at any time.

<sup>(3)</sup> Total fair value of reverse repurchase agreement is presented net of interest receivable of $188.

*See Notes to Financial Statements.* 129

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2022*

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | $– | $12414440 | $454128 | $12868568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 64878993 | 2351483 | 67230476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 28564908 |  | 28564908 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 314593166 |  | 314593166 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 6453177 |  | 6453177 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 17442198 |  | 17442198 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 7431775 |  | 7431775 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 209267117 |  | 209267117 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 1749910 |  | 1749910 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 39323459 | 1659007 | 40982466 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 68895905 |  | 68895905 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 18624606 |  | 18624606 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 26044821 | – | 26044821 |
| Total | $– | $815684475 | $4464618 | $820149093 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (698630) |  | (698630) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 13190 |  | 13190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (120299) |  | (120299) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 293887 |  |  | 293887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (179969) |  |  | (179969) |
| &nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | (5062) | – | (5062) |
| Total | $113918 | $(810801) | $– | $(696883) |

---

<sup>(1)</sup> Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

130 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

CORE PLUS BOND FUND *November 30, 2022*

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

---

| | | | |
|:---|:---|:---|:---|
| **Investment Type** | **Asset-<br> Backed<br> Securities** | **Floating<br> Rate Loans** | **Non- Agency<br> Commercial<br> Mortgage-Backed<br> Securities** |
| **Balance as of December 1, 2021** | $2981414 | $98806 | $2312450 |
| Accrued Discounts (Premiums) | (23) | 3 | (721) |
| Realized Gain (Loss) | (2192) | 491 |  |
| Change in Unrealized Appreciation (Depreciation) | (323946) | (494) | (53295) |
| Purchases | 1253565 |  |  |
| Sales | (357808) | (98806) | (1020000) |
| Transfers into Level 3<sup>(a)</sup> | 1377880 |  | 420573 |
| Transfers out of Level 3<sup>(a)</sup> | (2123279) | – | – |
| **Balance as of November 30, 2022** | $2805611 | $– | $1659007 |
| **Change in unrealized appreciation/depreciation for the year ended November 30, 2022, related to Level 3 investments held at November 30, 2022** | $(323946) | $– | $(61999) |

---

<sup>(a)</sup> The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with the valuation methodology.

*See Notes to Financial Statements.* 131

**Schedule of Investments**

CORPORATE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 97.97%** |  |  |  |  |  |
| **CORPORATE BONDS 91.54%** |  |  |  |  |  |
| **Agriculture 1.76%** |  |  |  |  |  |
| BAT Capital Corp. | 7.75% |  | 10/19/2032 | $45000 | $49631 |
| Cargill, Inc.<sup>†</sup> | 4.00% |  | 6/22/2032 | 44000 | 40985 |
| Philip Morris International, Inc. | 5.625% |  | 11/17/2029 | 28000 | 28495 |
| *Total* |  |  |  |  | 119111 |
| **Airlines 1.59%** |  |  |  |  |  |
| American Airlines 2021-1A Pass Through Trust | 2.875% |  | 1/11/2036 | 31000 | 25027 |
| British Airways 20-1 Trust 2020-1 A (United Kingdom)<sup>†(a)</sup> | 4.25% |  | 5/15/2034 | 89713 | 82222 |
| *Total* |  |  |  |  | 107249 |
| **Banks 22.52%** |  |  |  |  |  |
| Bank of America Corp. | 2.482%<br>(5 Yr. Treasury CMT + 1.20% |)<sup>#</sup> | 9/21/2036 | 10000 | 7579 |
| Bank of America Corp. | 2.687%<br>(SOFR + 1.32% |)<sup>#</sup> | 4/22/2032 | 79000 | 64087 |
| Bank of America Corp. | 3.593%<br>(3 Mo. LIBOR + 1.37% |)<sup>#</sup> | 7/21/2028 | 187000 | 173495 |
| Bank of Montreal (Canada)<sup>(a)</sup> | 3.803%<br>(5 Yr. Swap rate + 1.43% |)<sup>#</sup> | 12/15/2032 | 77000 | 68265 |
| Bank of New York Mellon Corp. (The) | 4.596%<br>(SOFR + 1.76% |)<sup>#</sup> | 7/26/2030 | 51000 | 49788 |
| BankUnited, Inc. | 5.125% |  | 6/11/2030 | 28000 | 26032 |
| Citigroup, Inc. | 2.561%<br>(SOFR + 1.17% |)<sup>#</sup> | 5/1/2032 | 154000 | 123332 |
| Goldman Sachs Group, Inc. (The) | 2.383%<br>(SOFR + 1.25% |)<sup>#</sup> | 7/21/2032 | 140000 | 110696 |
| Huntington Bancshares, Inc. | 2.487%<br>(5 Yr. Treasury CMT + 1.17% |)<sup>#</sup> | 8/15/2036 | 22000 | 15974 |
| JPMorgan Chase & Co. | 2.58%<br>(SOFR + 1.25% |)<sup>#</sup> | 4/22/2032 | 140000 | 113620 |
| JPMorgan Chase & Co. | 2.963%<br>(SOFR + 1.26% |)<sup>#</sup> | 1/25/2033 | 50000 | 41266 |
| Macquarie Group Ltd. (Australia)<sup>†(a)</sup> | 4.654%<br>(3 Mo. LIBOR + 1.73% |)<sup>#</sup> | 3/27/2029 | 100000 | 93665 |
| Morgan Stanley | 2.484%<br>(SOFR + 1.36% |)<sup>#</sup> | 9/16/2036 | 33000 | 24555 |
| Morgan Stanley | 4.431%<br>(3 Mo. LIBOR + 1.63% |)<sup>#</sup> | 1/23/2030 | 145000 | 137292 |

---

132 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORPORATE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| State Street Corp. | 4.164%<br>(SOFR + 1.73% |)<sup>#</sup> | 8/4/2033 | $49000 | $45660 |
| SVB Financial Group | 1.80% |  | 2/2/2031 | 54000 | 38944 |
| Toronto-Dominion Bank (The) (Canada)<sup>(a)</sup> | 4.456% |  | 6/8/2032 | 66000 | 63191 |
| US Bancorp | 4.967%<br>(SOFR + 2.11% |)<sup>#</sup> | 7/22/2033 | 34000 | 32585 |
| Wells Fargo & Co. | 2.393%<br>(SOFR + 2.10% |)<sup>#</sup> | 6/2/2028 | 95000 | 84076 |
| Wells Fargo & Co. | 3.35%<br>(SOFR + 1.50% |)<sup>#</sup> | 3/2/2033 | 17000 | 14555 |
| Wells Fargo & Co. | 4.897%<br>(SOFR + 2.10% |)<sup>#</sup> | 7/25/2033 | 70000 | 67505 |
| Western Alliance Bancorp | 3.00%<br>(3 Mo. Term |  |  |  |  |
|  | SOFR + 2.25% |)<sup>#</sup> | 6/15/2031 | 40000 | 34173 |
| Westpac Banking Corp. (Australia)<sup>(a)</sup> | 4.11%<br>(5 Yr. Treasury CMT + 2.00% |)<sup>#</sup> | 7/24/2034 | 64000 | 54683 |
| Westpac Banking Corp. (Australia)<sup>(a)</sup> | 4.322%<br>(USD ICE 5 Yr. Swap rate + 2.24% |)<sup>#</sup> | 11/23/2031 | 41000 | 37465 |
| *Total* |  |  |  |  | 1522483 |
| **Beverages 1.42%** |  |  |  |  |  |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | 4.70% |  | 2/1/2036 | 100000 | 96078 |
| **Biotechnology 1.59%** |  |  |  |  |  |
| Amgen, Inc. | 4.05% |  | 8/18/2029 | 80000 | 76321 |
| Gilead Sciences, Inc. | 4.00% |  | 9/1/2036 | 35000 | 31251 |
| *Total* |  |  |  |  | 107572 |
| **Chemicals 0.49%** |  |  |  |  |  |
| CF Industries, Inc. | 5.15% |  | 3/15/2034 | 35000 | 33445 |
| **Commercial Services 1.06%** |  |  |  |  |  |
| CoStar Group, Inc.<sup>†</sup> | 2.80% |  | 7/15/2030 | 35000 | 28812 |
| Global Payments, Inc. | 5.30% |  | 8/15/2029 | 44000 | 42672 |
| *Total* |  |  |  |  | 71484 |

---

*See Notes to Financial Statements.* 133

**Schedule of Investments (continued)**

CORPORATE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Computers 0.40%** |  |  |  |  |  |
| Dell International LLC/EMC Corp. | 8.35% |  | 7/15/2046 | $7000 | $8204 |
| Leidos Holdings, Inc. | 5.95% |  | 12/1/2040 | 20000 | 18593 |
| *Total* |  |  |  |  | 26797 |
| **Diversified Financial Services 3.71%** |  |  |  |  |  |
| Aircastle Ltd.<sup>†</sup> | 2.85% |  | 1/26/2028 | 34000 | 27714 |
| Ally Financial, Inc. | 8.00% |  | 11/1/2031 | 32000 | 34382 |
| American Express Co. | 4.42%<br>(SOFR + 1.76% |)<sup>#</sup> | 8/3/2033 | 41000 | 38914 |
| American Express Co. | 4.989%<br>(SOFR + 2.26% |)<sup>#</sup> | 5/26/2033 | 25000 | 24134 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 1/30/2026 | 56000 | 48878 |
| Aviation Capital Group LLC<sup>†</sup> | 3.50% |  | 11/1/2027 | 20000 | 17308 |
| Discover Financial Services | 6.70% |  | 11/29/2032 | 17000 | 17312 |
| Intercontinental Exchange, Inc. | 4.35% |  | 6/15/2029 | 43000 | 42297 |
| *Total* |  |  |  |  | 250939 |
| **Electric 11.27%** |  |  |  |  |  |
| AEP Transmission Co. LLC | 4.50% |  | 6/15/2052 | 25000 | 22391 |
| AES Corp. (The) | 2.45% |  | 1/15/2031 | 20000 | 15909 |
| Ameren Illinois Co. | 3.85% |  | 9/1/2032 | 24000 | 22328 |
| Baltimore Gas & Electric Co. | 4.55% |  | 6/1/2052 | 40000 | 36210 |
| Cleco Power LLC | 6.00% |  | 12/1/2040 | 20000 | 19146 |
| Constellation Energy Generation LLC | 6.25% |  | 10/1/2039 | 14000 | 14623 |
| Consumers Energy Co. | 4.20% |  | 9/1/2052 | 18000 | 15659 |
| DTE Energy Co. | 2.95% |  | 3/1/2030 | 30000 | 25764 |
| Duke Energy Corp. | 4.50% |  | 8/15/2032 | 25000 | 23745 |
| Duquesne Light Holdings, Inc.<sup>†</sup> | 2.775% |  | 1/7/2032 | 53000 | 41613 |
| FirstEnergy Transmission LLC<sup>†</sup> | 4.55% |  | 4/1/2049 | 12000 | 9802 |
| Georgia Power Co. | 4.75% |  | 9/1/2040 | 54000 | 49998 |
| IPALCO Enterprises, Inc. | 4.25% |  | 5/1/2030 | 39000 | 35014 |
| Narragansett Electric Co. (The)<sup>†</sup> | 3.395% |  | 4/9/2030 | 35000 | 31627 |
| NextEra Energy Capital Holdings, Inc. | 5.00% |  | 7/15/2032 | 32000 | 32011 |
| NRG Energy, Inc.<sup>†</sup> | 4.45% |  | 6/15/2029 | 49000 | 45169 |
| Oglethorpe Power Corp. | 5.05% |  | 10/1/2048 | 19000 | 16593 |
| Oglethorpe Power Corp. | 5.95% |  | 11/1/2039 | 25000 | 24508 |
| Ohio Edison Co. | 8.25% |  | 10/15/2038 | 28000 | 33871 |
| Oncor Electric Delivery Co. LLC<sup>†</sup> | 4.55% |  | 9/15/2032 | 41000 | 40447 |
| Pacific Gas and Electric Co. | 4.55% |  | 7/1/2030 | 66000 | 60282 |
| Public Service Electric & Gas Co. | 4.90% |  | 12/15/2032 | 12000 | 11992 |

---

134 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORPORATE BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |
| Puget Energy, Inc. | 4.10% | 6/15/2030 | $60000 | $53991 |
| Tampa Electric Co. | 5.00% | 7/15/2052 | 28000 | 26356 |
| Vistra Operations Co. LLC<sup>†</sup> | 3.55% | 7/15/2024 | 55000 | 52761 |
| *Total* |  |  |  | 761810 |
| **Engineering & Construction 0.67%** |  |  |  |  |
| Fluor Corp. | 4.25% | 9/15/2028 | 50000 | 45587 |
| **Gas 3.68%** |  |  |  |  |
| National Fuel Gas Co. | 3.95% | 9/15/2027 | 54000 | 49360 |
| National Fuel Gas Co. | 7.395% | 3/30/2023 | 15000 | 15017 |
| NiSource, Inc. | 2.95% | 9/1/2029 | 10000 | 8777 |
| NiSource, Inc. | 5.95% | 6/15/2041 | 30000 | 30450 |
| ONE Gas, Inc. | 4.25% | 9/1/2032 | 24000 | 22983 |
| Piedmont Natural Gas Co., Inc. | 2.50% | 3/15/2031 | 85000 | 69758 |
| Southwest Gas Corp. | 4.05% | 3/15/2032 | 60000 | 52411 |
| *Total* |  |  |  | 248756 |
| **Health Care-Services 3.39%** |  |  |  |  |
| Centene Corp. | 3.375% | 2/15/2030 | 74000 | 63129 |
| Elevance Health, Inc. | 4.10% | 5/15/2032 | 43000 | 40555 |
| Elevance Health, Inc. | 4.55% | 5/15/2052 | 10000 | 8917 |
| Elevance Health, Inc. | 5.50% | 10/15/2032 | 9000 | 9299 |
| Humana, Inc. | 3.70% | 3/23/2029 | 51000 | 47003 |
| Humana, Inc. | 5.875% | 3/1/2033 | 29000 | 30213 |
| UnitedHealth Group, Inc. | 5.875% | 2/15/2053 | 27000 | 29921 |
| *Total* |  |  |  | 229037 |
| **Home Builders 0.32%** |  |  |  |  |
| Toll Brothers Finance Corp. | 3.80% | 11/1/2029 | 19000 | 16054 |
| Toll Brothers Finance Corp. | 4.875% | 3/15/2027 | 6000 | 5627 |
| *Total* |  |  |  | 21681 |
| **Insurance 5.13%** |  |  |  |  |
| Assurant, Inc. | 3.70% | 2/22/2030 | 40000 | 34227 |
| Brown & Brown, Inc. | 4.20% | 3/17/2032 | 30000 | 26299 |
| CNO Financial Group, Inc. | 5.25% | 5/30/2029 | 35000 | 33413 |
| First American Financial Corp. | 2.40% | 8/15/2031 | 39000 | 28937 |
| Intact Financial Corp. (Canada)<sup>†(a)</sup> | 5.459% | 9/22/2032 | 17000 | 16970 |
| New York Life Insurance Co.<sup>†</sup> | 4.45% | 5/15/2069 | 60000 | 49590 |
| Protective Life Corp. | 8.45% | 10/15/2039 | 33000 | 39604 |

---

*See Notes to Financial Statements.* 135

**Schedule of Investments (continued)**

CORPORATE BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Insurance (continued)** |  |  |  |  |
| Selective Insurance Group, Inc. | 5.375% | 3/1/2049 | $39000 | $34114 |
| Teachers Insurance & Annuity Association of America<sup>†</sup> | 4.90% | 9/15/2044 | 43000 | 40225 |
| Transatlantic Holdings, Inc. | 8.00% | 11/30/2039 | 35000 | 43215 |
| *Total* |  |  |  | 346594 |
| **Internet 1.33%** |  |  |  |  |
| Amazon.com, Inc. | 4.70% | 12/1/2032 | 43000 | 43415 |
| Netflix, Inc.<sup>†</sup> | 5.375% | 11/15/2029 | 47000 | 46201 |
| *Total* |  |  |  | 89616 |
| **Lodging 0.47%** |  |  |  |  |
| Hyatt Hotels Corp. | 1.30% | 10/1/2023 | 33000 | 31881 |
| **Machinery-Diversified 1.27%** |  |  |  |  |
| Flowserve Corp. | 2.80% | 1/15/2032 | 55000 | 41211 |
| nVent Finance Sarl (Luxembourg)<sup>(a)</sup> | 4.55% | 4/15/2028 | 48000 | 44441 |
| *Total* |  |  |  | 85652 |
| **Media 2.01%** |  |  |  |  |
| Charter Communications Operating LLC/Charter Communications Operating Capital | 6.484% | 10/23/2045 | 85000 | 80192 |
| Comcast Corp. | 5.50% | 11/15/2032 | 13000 | 13638 |
| FactSet Research Systems, Inc. | 3.45% | 3/1/2032 | 40000 | 33750 |
| Time Warner Cable LLC | 7.30% | 7/1/2038 | 8000 | 8192 |
| *Total* |  |  |  | 135772 |
| **Oil & Gas 5.41%** |  |  |  |  |
| Antero Resources Corp.<sup>†</sup> | 5.375% | 3/1/2030 | 30000 | 28148 |
| Continental Resources, Inc.<sup>†</sup> | 5.75% | 1/15/2031 | 72000 | 67557 |
| Diamondback Energy, Inc. | 3.125% | 3/24/2031 | 40000 | 33699 |
| Eni USA, Inc. | 7.30% | 11/15/2027 | 50000 | 53573 |
| EQT Corp. | 7.00% | 2/1/2030 | 50000 | 52671 |
| Ovintiv, Inc. | 6.625% | 8/15/2037 | 45000 | 46648 |
| Patterson-UTI Energy, Inc. | 5.15% | 11/15/2029 | 29000 | 25991 |
| Suncor Energy, Inc. (Canada)<sup>(a)</sup> | 7.875% | 6/15/2026 | 18000 | 19423 |
| Viper Energy Partners LP<sup>†</sup> | 5.375% | 11/1/2027 | 40000 | 37982 |
| *Total* |  |  |  | 365692 |
| **Oil & Gas Services 1.23%** |  |  |  |  |
| Halliburton Co. | 7.45% | 9/15/2039 | 30000 | 34264 |
| NOV, Inc. | 3.60% | 12/1/2029 | 55000 | 49113 |
| *Total* |  |  |  | 83377 |

---

136 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORPORATE BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Pharmaceuticals 5.61%** |  |  |  |  |
| AbbVie, Inc. | 3.20% | 11/21/2029 | $110000 | $100535 |
| AbbVie, Inc. | 4.50% | 5/14/2035 | 13000 | 12327 |
| Bayer Corp.<sup>†</sup> | 6.65% | 2/15/2028 | 63000 | 65006 |
| Becton Dickinson & Co. | 4.298% | 8/22/2032 | 27000 | 25735 |
| Cigna Corp. | 4.375% | 10/15/2028 | 46000 | 44878 |
| Cigna Corp. | 6.125% | 11/15/2041 | 45000 | 47505 |
| CVS Health Corp. | 3.25% | 8/15/2029 | 73000 | 66010 |
| CVS Health Corp. | 4.78% | 3/25/2038 | 19000 | 17585 |
| *Total* |  |  |  | 379581 |
| **Pipelines 1.52%** |  |  |  |  |
| Eastern Gas Transmission & Storage, Inc. | 3.00% | 11/15/2029 | 30000 | 26220 |
| Eastern Gas Transmission & Storage, Inc. | 4.60% | 12/15/2044 | 35000 | 29159 |
| NGPL PipeCo LLC<sup>†</sup> | 4.875% | 8/15/2027 | 50000 | 47635 |
| *Total* |  |  |  | 103014 |
| **REITS 3.73%** |  |  |  |  |
| American Tower Corp. | 3.80% | 8/15/2029 | 50000 | 45793 |
| Crown Castle, Inc. | 3.30% | 7/1/2030 | 69000 | 60754 |
| EPR Properties | 4.95% | 4/15/2028 | 30000 | 26057 |
| GLP Capital LP/GLP Financing II, Inc. | 5.75% | 6/1/2028 | 45000 | 43601 |
| Invitation Homes Operating Partnership LP | 2.30% | 11/15/2028 | 12000 | 9934 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.625% | 6/15/2025 | 69000 | 66112 |
| *Total* |  |  |  | 252251 |
| **Retail 1.37%** |  |  |  |  |
| Lowe's Cos., Inc. | 5.00% | 4/15/2033 | 55000 | 54764 |
| McDonald's Corp. | 4.60% | 9/9/2032 | 38000 | 37818 |
| *Total* |  |  |  | 92582 |
| **Semiconductors 2.38%** |  |  |  |  |
| Advanced Micro Devices, Inc. | 3.924% | 6/1/2032 | 18000 | 17010 |
| Advanced Micro Devices, Inc. | 4.393% | 6/1/2052 | 11000 | 9788 |
| Broadcom, Inc.<sup>†</sup> | 4.15% | 4/15/2032 | 100000 | 88261 |
| Qorvo, Inc. | 4.375% | 10/15/2029 | 52000 | 46215 |
| *Total* |  |  |  | 161274 |
| **Software 3.34%** |  |  |  |  |
| Fidelity National Information Services, Inc. | 5.10% | 7/15/2032 | 27000 | 26426 |
| Oracle Corp. | 5.375% | 7/15/2040 | 68000 | 62900 |

---

*See Notes to Financial Statements.* 137

**Schedule of Investments (continued)**

CORPORATE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Software (continued)** |  |  |  |  |  |
| Oracle Corp. | 6.125% |  | 7/8/2039 | $45000 | $44999 |
| ServiceNow, Inc. | 1.40% |  | 9/1/2030 | 60000 | 46790 |
| Workday, Inc. | 3.80% |  | 4/1/2032 | 50000 | 44721 |
| *Total* |  |  |  |  | 225836 |
| **Telecommunications 2.52%** |  |  |  |  |  |
| Sprint Capital Corp. | 6.875% |  | 11/15/2028 | 25000 | 26523 |
| T-Mobile USA, Inc. | 3.875% |  | 4/15/2030 | 85000 | 78149 |
| Verizon Communications, Inc. | 2.10% |  | 3/22/2028 | 6000 | 5254 |
| Verizon Communications, Inc. | 2.355% |  | 3/15/2032 | 75000 | 60267 |
| *Total* |  |  |  |  | 170193 |
| **Transportation 0.35%** |  |  |  |  |  |
| FedEx Corp. | 4.25% |  | 5/15/2030 | 25000 | 23508 |
| *Total Corporate Bonds* (cost $6,975,342) |  |  |  |  | 6188852 |
| **FLOATING RATE LOANS**<sup>(b)</sup> **1.48%** |  |  |  |  |  |
| **Chemicals 0.11%** |  |  |  |  |  |
| Nutrition & Biosciences, Inc. 3 Year Delayed Draw Term Loan | 5.758%<br>(3 Mo. LIBOR + 1.25% |)<sup>#</sup> | 1/17/2023 | 7472 | 7463 |
| **Oil & Gas 1.37%** |  |  |  |  |  |
| Southwestern Energy Company 2021 Term Loan | 6.203%<br>(3 Mo. SOFR + 2.50% |)<sup>#</sup> | 6/22/2027 | 93242 | 92310 |
| *Total Floating Rate Loans* (cost $101,102) |  |  |  |  | 99773 |
| **MUNICIPAL BONDS 0.71%** |  |  |  |  |  |
| **Government** |  |  |  |  |  |
| State of Illinois (cost $52,549) | 5.10% |  | 6/1/2033 | 50000 | 48253 |
| **U.S. TREASURY OBLIGATIONS 4.24%** |  |  |  |  |  |
| U.S. Treasury Bond | 2.00% |  | 11/15/2041 | 19000 | 13848 |
| U.S. Treasury Bond | 3.00% |  | 8/15/2052 | 24000 | 20557 |
| U.S. Treasury Inflation Indexed Bond<sup>(c)</sup> | 0.125% |  | 2/15/2052 | 37315 | 25887 |
| U.S. Treasury Note | 4.125% |  | 11/15/2032 | 218000 | 226550 |
| *Total U.S. Treasury Obligations* (cost $290,278) |  |  |  |  | 286842 |
| *Total Investments in Securities 97.97%* (cost $7,419,271) | *Total Investments in Securities 97.97%* (cost $7,419,271) |  |  |  | 6623720 |
| *Other Assets and Liabilities – Net*<sup>(d)</sup> *2.03%* |  |  |  |  | 137278 |
| *Net Assets 100.00%* |  |  |  |  | $6760998 |

---

138 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORPORATE BOND FUND *November 30, 2022*

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| ICE | Intercontinental Exchange. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2022, the total value of Rule 144A securities was $1,114,690, which represents 16.49% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2022. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate ("LIBOR") or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2022. |
| <sup>(c)</sup> | Treasury Inflation Protected Security. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on principal amount that is adjusted for inflation based on the Consumer Price Index. |
| <sup>(d)</sup> | Other Assets and Liabilities - Net include net unrealized appreciation/depreciation on futures contracts and swaps as follows: |

---

**Centrally Cleared Credit Default Swaps on Indexes - Sell Protection at November 30, 2022<sup>(1)</sup>:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes** | **Central<br> Clearing Party** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br>Upfront<sup>(2)</sup>** | **Value** | **Unrealized<br> Appreciation<sup>(3)</sup>** |
| Markit CDX.NA.IG.39<sup>(4)(5)</sup> | Goldman Sachs | 1.00% | 12/20/2027 | $140000 | $1193 | $1526 | $333 |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $333. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $0.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

<sup>(5)</sup> The Referenced Index is for the Credit Default Swaps on Indexes, which is comprised of a basket of investment grade securities.

**Futures Contracts at November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 2-Year Treasury Note | March 2023 | 6 | Long | $1228585 | $1232156 | $3571 |
| U.S. Ultra Treasury Bond | March 2023 | 5 | Long | 678607 | 681406 | 2799 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  |  | $6370 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. 10-Year Ultra Treasury Bond | March 2023 | 8 | Short | $(952618) | $(957250) | $(4632) |
| U.S. 5-Year Treasury Note | March 2023 | 1 | Short | (108165) | (108570) | (405) |
| U.S. Treasury Notes | March 2023 | 9 | Short | (1015943) | (1021500) | (5557) |
| *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* |  |  | $(10594) |

---

*See Notes to Financial Statements.* 139

**Schedule of Investments (concluded)**

CORPORATE BOND FUND *November 30, 2022*

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $6188852 | $– | $6188852 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 99773 |  | 99773 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 48253 |  | 48253 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | – | 286842 | – | 286842 |
| Total | $– | $6623720 | $– | $6623720 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $1526 | $– | $1526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 6370 |  |  | 6370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (10594) | – | – | (10594) |
| Total | $(4224) | $1526 | $– | $(2698) |

---

<sup>(1)</sup> Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets.

140 *See Notes to Financial Statements.*

**Schedule of Investments**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 92.15%** | |  |  |  |  |
| **ASSET-BACKED SECURITIES 0.55%** | |  |  |  |  |
| **Other** | |  |  |  |  |
| Carlyle US CLO Ltd. 2019-3A CR<sup>†</sup> | 7.443%<br>(3 Mo. LIBOR + 3.20% |)<sup>#</sup> | 10/20/2032 | $3750000 | $3525916 |
| KKR CLO Ltd. 38A D<sup>†</sup> | 7.514%<br>(3 Mo. Term SOFR + 3.65% |)<sup>#</sup> | 4/15/2033 | 9000000 | 8194697 |
| Newark BSL CLO 1 Ltd. 2016-1A A1R<sup>†</sup> | 5.458%<br>(3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 12/21/2029 | 4808133 | 4754047 |
| Palmer Square Loan Funding Ltd. 2021-1A A1<sup>†</sup> | 5.143%<br>(3 Mo. LIBOR + .90% |)<sup>#</sup> | 4/20/2029 | 5684340 | 5613286 |
| Regatta XI Funding Ltd. 2018-1A A<sup>†</sup> | 5.149%<br>(3 Mo. LIBOR + 1.07% |)<sup>#</sup> | 7/17/2031 | 10000000 | 9832550 |
| TICP CLO IX Ltd. 2017-9A D<sup>†</sup> | 7.143%<br>(3 Mo. LIBOR + 2.90% |)<sup>#</sup> | 1/20/2031 | 4000000 | 3810193 |
| *Total Asset-Backed Securities* (cost $36,576,161) | *Total Asset-Backed Securities* (cost $36,576,161) |  |  |  | 35730689 |
|  |  |  |  | **Shares** |  |
| **COMMON STOCKS 0.55%** |  |  |  |  |  |
| **Electric-Generation 0.00%** |  |  |  |  |  |
| Frontera Generation Holdings LLC |  |  |  | 209679 | 3145 <sup>(a)</sup> |
| **Machinery 0.07%** |  |  |  |  |  |
| TNT Crane & Rigging, Inc. |  |  |  | 528781 | 4296346 |
| **Miscellaneous Financials 0.31%** |  |  |  |  |  |
| UTEX Industries, Inc. |  |  |  | 297535 | 20232380 |
| **Specialty Retail 0.11%** |  |  |  |  |  |
| Chinos Intermediate Holdings A, Inc. |  |  |  | 707835 | 7149133 |
| **Transportation Infrastructure 0.06%** |  |  |  |  |  |
| ACBL Holdings Corp. |  |  |  | 95210 | 3713190 |
| *Total Common Stocks* (cost $32,122,752) |  |  |  |  | 35394194 |
|  | **Interest** |  | **Maturity** | **Principal** |  |
|  | **Rate** |  | **Date** | **Amount** |  |
| **CONVERTIBLE BONDS 0.12%** |  |  |  |  |  |
| **Commercial Services** |  |  |  |  |  |
| Chegg, Inc. (cost $7,955,741) | Zero Coupon |  | 9/1/2026 | $9487000 | 7559819 |

---

*See Notes to Financial Statements.* 141

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **CORPORATE BONDS 9.46%** |  |  |  |  |
| **Advertising 0.07%** |  |  |  |  |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>†</sup> | 6.25% | 6/15/2025 | $4400000 | $4383830 |
| **Airlines 0.13%** |  |  |  |  |
| Allegiant Travel Co.<sup>†</sup> | 7.25% | 8/15/2027 | 8911000 | 8691210 |
| **Chemicals 0.59%** |  |  |  |  |
| CVR Partners LP/CVR Nitrogen Finance Corp.<sup>†</sup> | 6.125% | 6/15/2028 | 12745000 | 11521034 |
| LSF11 A5 HoldCo LLC<sup>†</sup> | 6.625% | 10/15/2029 | 10297000 | 8494613 |
| NOVA Chemicals Corp. (Canada)<sup>†(b)</sup> | 4.875% | 6/1/2024 | 10000000 | 9743650 |
| Rain CII Carbon LLC/CII Carbon Corp.<sup>†</sup> | 7.25% | 4/1/2025 | 9212000 | 8396876 |
| *Total* |  |  |  | 38156173 |
| **Coal 0.14%** |  |  |  |  |
| Warrior Met Coal, Inc.<sup>†</sup> | 7.875% | 12/1/2028 | 9176000 | 9124588 |
| **Computers 0.12%** |  |  |  |  |
| Ahead DB Holdings LLC<sup>†</sup> | 6.625% | 5/1/2028 | 9064000 | 7420742 |
| **Diversified Financial Services 1.00%** |  |  |  |  |
| Global Aircraft Leasing Co. Ltd. (Cayman Islands)<sup>†(b)</sup> | 6.50% | 9/15/2024 | 16283852 | 13397578 |
| Jefferson Capital Holdings LLC<sup>†</sup> | 6.00% | 8/15/2026 | 9237000 | 7693728 |
| Midcap Financial Issuer Trust<sup>†</sup> | 6.50% | 5/1/2028 | 7347000 | 6419331 |
| Navient Corp. | 6.125% | 3/25/2024 | 5000000 | 4987975 |
| Navient Corp. | 6.75% | 6/25/2025 | 12158000 | 11857090 |
| PRA Group, Inc.<sup>†</sup> | 5.00% | 10/1/2029 | 13498000 | 11239920 |
| VistaJet Malta Finance plc/XO Management Holding, Inc. (Malta)<sup>†(b)</sup> | 6.375% | 2/1/2030 | 11052000 | 9076455 |
| *Total* |  |  |  | 64672077 |
| **Electric 0.10%** |  |  |  |  |
| Pike Corp.<sup>†</sup> | 5.50% | 9/1/2028 | 7415000 | 6636054 |
| **Energy-Alternate Sources 0.23%** |  |  |  |  |
| Sunnova Energy Corp.<sup>†</sup> | 5.875% | 9/1/2026 | 9064000 | 8124970 |
| TerraForm Power Operating LLC<sup>†</sup> | 4.75% | 1/15/2030 | 7583000 | 6838463 |
| *Total* |  |  |  | 14963433 |
| **Entertainment 0.70%** |  |  |  |  |
| Caesars Entertainment, Inc.<sup>†</sup> | 6.25% | 7/1/2025 | 20842000 | 20626754 |
| Live Nation Entertainment, Inc.<sup>†</sup> | 4.75% | 10/15/2027 | 10370000 | 9374739 |

---

142 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Entertainment (continued)** |  |  |  |  |
| Live Nation Entertainment, Inc.<sup>†</sup> | 4.875% | 11/1/2024 | $15229000 | $15009626 |
| *Total* |  |  |  | 45011119 |
| **Environmental Control 0.34%** |  |  |  |  |
| GFL Environmental, Inc. (Canada)<sup>†(b)</sup> | 3.75% | 8/1/2025 | 16150000 | 15140140 |
| Madison IAQ LLC<sup>†</sup> | 5.875% | 6/30/2029 | 9216000 | 6828964 |
| *Total* |  |  |  | 21969104 |
| **Food 0.19%** |  |  |  |  |
| US Foods, Inc.<sup>†</sup> | 6.25% | 4/15/2025 | 12298000 | 12427929 |
| **Food Service 0.35%** |  |  |  |  |
| Aramark Services, Inc.<sup>†</sup> | 6.375% | 5/1/2025 | 22340000 | 22327601 |
| **Health Care-Services 0.34%** |  |  |  |  |
| Tenet Healthcare Corp.<sup>†</sup> | 4.625% | 9/1/2024 | 22595000 | 22150105 |
| **Insurance 0.01%** |  |  |  |  |
| Ardonagh Midco 2 plc PIK 12.75% (United Kingdom)<sup>†(b)</sup> | 11.50% | 1/15/2027 | 620942 | 463006 |
| **Internet 0.31%** |  |  |  |  |
| Gen Digital, Inc.<sup>†</sup> | 5.00% | 4/15/2025 | 10762000 | 10452324 |
| Millennium Escrow Corp.<sup>†</sup> | 6.625% | 8/1/2026 | 13546000 | 9779873 |
| *Total* |  |  |  | 20232197 |
| **Iron-Steel 0.03%** |  |  |  |  |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP (Canada)<sup>†(b)</sup> | 8.75% | 7/15/2026 | 2117000 | 1976015 |
| **Lodging 0.15%** |  |  |  |  |
| MGM Resorts International | 5.75% | 6/15/2025 | 10000000 | 9778299 |
| **Machinery-Diversified 0.11%** |  |  |  |  |
| SPX FLOW, Inc.<sup>†</sup> | 8.75% | 4/1/2030 | 8462000 | 7098476 |
| **Media 0.81%** |  |  |  |  |
| AMC Networks, Inc. | 5.00% | 4/1/2024 | 18894000 | 18061718 |
| CSC Holdings LLC | 5.25% | 6/1/2024 | 19578000 | 18889050 |
| Univision Communications, Inc.<sup>†</sup> | 5.125% | 2/15/2025 | 16376000 | 15824702 |
| *Total* |  |  |  | 52775470 |
| **Mining 0.00%** |  |  |  |  |
| Mirabela Nickel Ltd. | 1.00% | 9/10/2044 | 51005 | 5 <sup>(c)</sup> |

---

*See Notes to Financial Statements.* 143

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Miscellaneous Manufacturing 0.18%** |  |  |  |  |
| LSB Industries, Inc.<sup>†</sup> | 6.25% | 10/15/2028 | $12373000 | $11568631 |
| **Office/Business Equipment 0.10%** |  |  |  |  |
| CDW LLC/CDW Finance Corp. | 5.50% | 12/1/2024 | 6600000 | 6598977 |
| **Oil & Gas 2.21%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 8.25% | 2/15/2026 | 12063000 | 12018317 |
| Berry Petroleum Co. LLC<sup>†</sup> | 7.00% | 2/15/2026 | 9282000 | 8801981 |
| Callon Petroleum Co.<sup>†</sup> | 8.00% | 8/1/2028 | 9920000 | 9812219 |
| CITGO Petroleum Corp.<sup>†</sup> | 7.00% | 6/15/2025 | 10200000 | 10064238 |
| Civitas Resources, Inc.<sup>†</sup> | 5.00% | 10/15/2026 | 9243000 | 8528054 |
| Colgate Energy Partners III LLC<sup>†</sup> | 7.75% | 2/15/2026 | 7268000 | 7213614 |
| Comstock Resources, Inc.<sup>†</sup> | 5.875% | 1/15/2030 | 1916000 | 1767893 |
| Comstock Resources, Inc.<sup>†</sup> | 6.75% | 3/1/2029 | 6350000 | 6209125 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.25% | 5/1/2026 | 13006000 | 12571209 |
| CrownRock LP/CrownRock Finance, Inc.<sup>†</sup> | 5.625% | 10/15/2025 | 12696000 | 12411991 |
| Laredo Petroleum, Inc. | 9.50% | 1/15/2025 | 12013000 | 12030599 |
| Nabors Industries, Inc. | 5.75% | 2/1/2025 | 12264000 | 11788831 |
| PBF Holding Co. LLC/PBF Finance Corp. | 7.25% | 6/15/2025 | 10000000 | 9954800 |
| Permian Resources Operating LLC<sup>†</sup> | 6.875% | 4/1/2027 | 5947000 | 5764219 |
| Range Resources Corp. | 4.875% | 5/15/2025 | 10000000 | 9703000 |
| SM Energy Co. | 6.50% | 7/15/2028 | 4603000 | 4506130 |
| *Total* |  |  |  | 143146220 |
| **Oil & Gas Services 0.10%** |  |  |  |  |
| Welltec International ApS (Denmark)<sup>†(b)</sup> | 8.25% | 10/15/2026 | 5296000 | 5301561 |
| Welltec International ApS (Denmark)<sup>(b)</sup> | 8.25% | 10/15/2026 | 1243000 | 1244305 |
| *Total* |  |  |  | 6545866 |
| **Pipelines 0.15%** |  |  |  |  |
| New Fortress Energy, Inc.<sup>†</sup> | 6.75% | 9/15/2025 | 10000000 | 9783300 |
| **REITS 0.36%** |  |  |  |  |
| SBA Communications Corp. | 3.875% | 2/15/2027 | 10000000 | 9244924 |
| VICI Properties LP | 4.375% | 5/15/2025 | 10000000 | 9635739 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.50% | 2/15/2025 | 4723000 | 4451579 |
| *Total* |  |  |  | 23332242 |
| **Retail 0.18%** |  |  |  |  |
| 1011778 BC ULC/New Red Finance, Inc. (Canada)<sup>†(b)</sup> | 5.75% | 4/15/2025 | 3432000 | 3444596 |
| GPS Hospitality Holding Co. LLC/GPS Finco, Inc.<sup>†</sup> | 7.00% | 8/15/2028 | 11756000 | 8066203 |
| *Total* |  |  |  | 11510799 |

---

144 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Software 0.10%** |  |  |  |  |
| AthenaHealth Group, Inc.<sup>†</sup> | 6.50% | 2/15/2030 | $8576000 | $6432918 |
| **Transportation 0.24%** |  |  |  |  |
| Carriage Purchaser, Inc.<sup>†</sup> | 7.875% | 10/15/2029 | 11612000 | 8398030 |
| Seaspan Corp. (Hong Kong)<sup>†(b)</sup> | 5.50% | 8/1/2029 | 9592000 | 7401763 |
| *Total* |  |  |  | 15799793 |
| **Trucking & Leasing 0.12%** |  |  |  |  |
| Fortress Transportation and Infrastructure Investors LLC<sup>†</sup> | 5.50% | 5/1/2028 | 9230000 | 8041776 |
| *Total Corporate Bonds* (cost $653,993,124) |  |  |  | 613017955 |
|  |  |  | **Shares** |  |
| **EXCHANGE-TRADED FUNDS 1.43%** |  |  |  |  |
| **Exchange- Traded Funds 0.54%** |  |  |  |  |
| Invesco Senior Loan ETF<sup>(d)</sup> |  |  | 1688223 | 35148803 |
| **Miscellaneous Financials 0.89%** |  |  |  |  |
| SPDR Blackstone Senior Loan ETF<sup>(d)</sup> |  |  | 1385094 | 57453699 |
| *Total Exchange-Traded Funds* (cost $93,012,516) |  |  |  | 92602502 |
|  | **Interest** | **Maturity** | **Principal** |  |
|  | **Rate** | **Date** | **Amount** |  |
| **FLOATING RATE LOANS**<sup>(e)</sup> **79.55%** |  |  |  |  |
| **Aerospace 4.42%** |  |  |  |  |
| AI Convoy (Luxembourg) S.A.R.L USD Term Loan B (Luxembourg)<sup>(b)</sup> | 5.052% - 7.25%<br>(1 Mo. LIBOR + 3.5%) | 1/18/2027 | $9475314 | 9347019 |
| Air Canada 2021 Term Loan B (Canada)<sup>(b)</sup> | 8.13%<br>(3 Mo. LIBOR + 3.50%) | 8/11/2028 | 12629238 | 12506103 |
| Alloy Finco Limited 2020 USD Term Loan B2 (Jersey)<sup>(b)</sup> | 10.915%<br>(3 Mo. LIBOR + 6.50%) | 3/6/2024 | 4510195 | 4166292 |
| Arcline FM Holdings, LLC 2021 1st Lien Term Loan | 7.00%<br>(6 Mo. LIBOR + 4.75%) | 6/23/2028 | 27017786 | 26139708 |
| Atlas CC Acquisition Corp Term Loan B | 8.985%<br>(3 Mo. LIBOR + 4.25%) | 5/25/2028 | 14416643 | 12548535 |
| Atlas CC Acquisition Corp Term Loan C | 8.985%<br>(3 Mo. LIBOR + 4.25%) | 5/25/2028 | 2932197 | 2552243 |

---

*See Notes to Financial Statements.* 145

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Aerospace (continued)** |  |  |  |  |
| Bleriot US Bidco, Inc. 2021 Term Loan B | 7.674%<br>(3 Mo. LIBOR + 4.00%) | 10/31/2026 | $11271224 | $11144422 |
| Cobham Ultra SeniorCo S.a.r.l USD Term Loan B | 7.063%<br>(6 Mo. LIBOR + 3.75%) | 8/3/2029 | 25187162 | 24510257 |
| Dynasty Acquisition Co., Inc. 2020 CAD Term Loan B2 | 7.571%<br>(1 Mo. LIBOR + 3.50%) | 4/6/2026 | 3661139 | 3530143 |
| Dynasty Acquisition Co., Inc. 2020 Term Loan B1 | 7.571%<br>(1 Mo. LIBOR + 3.50%) | 4/6/2026 | 6809718 | 6566066 |
| Jazz Acquisition, Inc. 2019 1st Lien Term Loan | 8.187%<br>(1 Mo. Term SOFR + 4.00%) | 6/19/2026 | 10675247 | 10359740 |
| Jazz Acquisition, Inc. 2019 2nd Lien Term Loan | 12.07%<br>(1 Mo. LIBOR + 8.00%) | 6/18/2027 | 5291378 | 4841611 |
| KKR Apple Bidco, LLC 2021 Term Loan | 6.821%<br>(1 Mo. LIBOR + 2.75%) | 9/23/2028 | 10626429 | 10447905 |
| MHI Holdings,LLC Term Loan B | 9.071%<br>(1 Mo. LIBOR + 5.00%) | 9/21/2026 | 21497969 | 21323298 |
| Mileage Plus Holdings LLC 2020 Term Loan B | 8.777%<br>(3 Mo. LIBOR + 5.25%) | 6/21/2027 | 24014179 | 24734604 |
| Peraton Corp. 2nd Lien Term Loan B1 | 11.654%<br>(1 Mo. LIBOR + 7.75%) | 2/1/2029 | 9071727 | 8677107 |
| Peraton Corp. Term Loan B | 7.821%<br>(1 Mo. LIBOR + 3.75%) | 2/1/2028 | 41355049 | 40482664 |
| TransDigm, Inc. 2020 Term Loan E | 5.924%<br>(3 Mo. LIBOR + 2.25%) | 5/30/2025 | 2831332 | 2798021 |
| TransDigm, Inc. 2020 Term Loan G | 5.924%<br>(3 Mo. LIBOR + 2.25%) | 8/22/2024 | 28125946 | 28075741 |
| United Airlines, Inc. 2021 Term Loan B | 8.108%<br>(3 Mo. LIBOR + 3.75%) | 4/21/2028 | 18895299 | 18713054 |
| Vertex Aerospace Services Corp. 2022 Incremental Term Loan | 8.187%<br>(1 Mo. Term SOFR + 4.00%) | 12/6/2028 | 3257981 | 3227437 |
| *Total* |  |  |  | 286691970 |
| **Aerospace/Defense 0.53%** |  |  |  |  |
| Alloy Finco Limited USD Holdco Term Loan PIK 13.50% (Jersey)<sup>(b)</sup> | 0.50% | 3/6/2025 | 18349207 | 15826191 |
| Vertex Aerospace Services Corp. 2021 First Lien Term Loan | 7.571%<br>(1 Mo. LIBOR + 3.50%) | 12/6/2028 | 18650397 | 18356654 |
| *Total* |  |  |  | 34182845 |

---

146 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Airlines 0.87%** |  |  |  |  |
| American Airlines, Inc. 2021 Term Loan | 8.993%<br>(3 Mo. LIBOR + 4.75% | 4/20/2028 | $56771003 | $56522630 |
| **Automotive 0.56%** |  |  |  |  |
| Autokiniton US Holdings, Inc. 2021 Term Loan B | 8.379%<br>(1 Mo. LIBOR + 4.50% | 4/6/2028 | 9558338 | 9202912 |
| Clarios Global LP 2021 USD Term Loan B (Canada)<sup>(b)</sup> | 7.321%<br>(1 Mo. LIBOR + 3.25% | 4/30/2026 | 10000000 | 9867700 |
| DexKo Global Inc. 2021 USD Term Loan B | 7.821% - 8.165%<br>(1 Mo. LIBOR + 3.75%<br> (3 Mo. LIBOR + 3.75% | 10/4/2028 | 18940014 | 17206434 |
| *Total* |  |  |  | 36277046 |
| **Building & Construction 0.27%** |  |  |  |  |
| Refficiency Holdings LLC 2021 Delayed Draw Term Loan<sup>(f)</sup> | 3.75% - 7.82%<br>(1 Mo. LIBOR + 3.75% |  |  |  |
|  | (3 Mo. LIBOR + 3.75% | 12/16/2027 | 2058206 | 1989770 |
| Refficiency Holdings LLC 2021 Term Loan | 7.821%<br>(1 Mo. LIBOR + 3.75% | 12/16/2027 | 10520488 | 10170682 |
| USIC Holdings, Inc. 2021 2nd Lien Term Loan | 10.571%<br>(1 Mo. LIBOR + 6.50% | 5/14/2029 | 5323813 | 5057622 |
| *Total* |  |  |  | 17218074 |
| **Building Materials 0.24%** |  |  |  |  |
| ACProducts, Inc. 2021 Term Loan B | 7.127% - 7.92%<br>(3 Mo. LIBOR + 4.25<br> (6 Mo. LIBOR + 4.25 | 5/17/2028 | 21654915 | 15858328 |
| **Chemicals 1.02%** |  |  |  |  |
| Aruba Investments, Inc. 2020 2nd Lien Term Loan | 11.794%<br>(1 Mo. LIBOR + 7.75% | 11/24/2028 | 4501900 | 4111721 |
| Aruba Investments, Inc. 2020 USD Term Loan | 8.044%<br>(1 Mo. LIBOR + 4.00% | 11/24/2027 | 9624318 | 9343576 |
| Hexion Holdings Corporation 2022 USD Term Loan |  | 3/15/2029 | 9377384 | 8073927 |
| INEOS Styrolution US Holding LLC 2021 USD Term Loan B | 6.821%<br>(1 Mo. LIBOR + 2.75% | 1/29/2026 | 12447092 | 12275944 |
| LSF11 A5 Holdco LLC Term Loan |  | 10/15/2028 | 12399486 | 12032648 |
| PMHC II, Inc. 2022 Term Loan B | 8.494%<br>(3 Mo. Term SOFR + 4.25% | 4/23/2029 | 12459203 | 10516003 |
| Sparta U.S. HoldCo LLC 2021 Term Loan | 7.055%<br>(1 Mo. LIBOR + 3.25% | 8/2/2028 | 9971234 | 9711982 |
| *Total* |  |  |  | 66065801 |

---

*See Notes to Financial Statements.* 147

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Commercial Services 0.54%** |  |  |  |  |
| Amentum Government Services Holdings LLC Term Loan B | 7.674% - 8.17% | 1/29/2027 | $13868329 | $13706555 |
| R1 RCM, Inc. 2022 Term Loan B | 7.087%<br>(1 Mo. Term SOFR + 3.00% | 6/21/2029 | 17744002 | 17500022 |
| Trans Union, LLC 2019 Term Loan B5 | 5.821%<br>(1 Mo. LIBOR + 1.75% | 11/16/2026 | 3771641 | 3675993 |
| *Total* |  |  |  | 34882570 |
| **Consumer Durables 0.33%** |  |  |  |  |
| 19th Holdings Golf, LLC 2022 Term Loan B |  | 2/7/2029 | 9891206 | 9075181 |
| Griffon Corporation Term Loan B | 7.009%<br>(3 Mo. Term SOFR + 2.50% | 1/24/2029 | 12602038 | 12409101 |
| *Total* |  |  |  | 21484282 |
| **Consumer Non-Durables 0.94%** |  |  |  |  |
| AI Aqua Merger Sub, Inc. 2022 Delayed Draw Term loan<sup>(f)</sup> |  | 7/31/2028 | 2540124 | 2417348 |
| AI Aqua Merger Sub, Inc. 2022 Term Loan B |  | 7/31/2028 | 14605716 | 13899748 |
| Anastasia Parent, LLC 2018 Term Loan B | 7.424%<br>(3 Mo. LIBOR + 3.75% | 8/11/2025 | 21909951 | 16386343 |
| Coty Inc. 2018 USD Term Loan B | 6.108%<br>(1 Mo. LIBOR + 2.25% | 4/7/2025 | 17937695 | 17737510 |
| Pretium PKG Holdings, Inc. 2021 2nd Lien Term Loan | 9.918% - 10.49%<br>(3 Mo. LIBOR + 6.75% | 10/1/2029 | 13079643 | 10463714 |
| *Total* |  |  |  | 60904663 |
| **Distribution/Wholesale 0.19%** |  |  |  |  |
| Owens & Minor, Inc. 2022 Term Loan B | 7.831% - 7.94%<br>(1 Mo. Term SOFR + 3.75%<br> (6 Mo. Term SOFR + 3.75% | 3/29/2029 | 12034736 | 12019693 |
| **Diversified Capital Goods 0.18%** |  |  |  |  |
| Grinding Media Inc. 2021 Term Loan B | 7.702% - 7.14%<br>(3 Mo. LIBOR + 4.00% | 10/12/2028 | 12468358 | 11533231 |
| **Diversified Financial Services 0.81%** |  |  |  |  |
| Jane Street Group, LLC 2021 Term Loan | 6.821%<br>(1 Mo. LIBOR + 2.75% | 1/26/2028 | 32760383 | 31910743 |
| Minotaur Acquisition, Inc. Term Loan B | 8.937%<br>(1 Mo. Term SOFR + 4.75% | 3/27/2026 | 21642006 | 20781736 |
| *Total* |  |  |  | 52692479 |

---

148 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric 0.44%** |  |  |  |  |
| Calpine Corporation 2020 Term Loan B5 | 6.58%<br>(1 Mo. LIBOR + 2.50%) | 12/16/2027 | $19613797 | $19461791 |
| Vistra Operations Company LLC 1st Lien Term Loan B3 | 5.654% - 5.82%<br>(1 Mo. LIBOR + 1.75%) | 12/31/2025 | 9440000 | 9377271 |
| *Total* |  |  |  | 28839062 |
| **Electric: Generation 0.66%** |  |  |  |  |
| EFS Cogen Holdings I LLC 2020 Term Loan B | 7.18% - 8.24%<br>(3 Mo. LIBOR + 3.50%) | 10/1/2027 | 18390902 | 17750071 |
| ExGen Renewables IV, LLC 2020 Term Loan | 7.24%<br>(3 Mo. LIBOR + 2.50%) | 12/15/2027 | 14483252 | 14371586 |
| Frontera Generation Holdings LLC 2021 2nd Lien Term Loan | 5.174%<br>(3 Mo. LIBOR + 1.50%) | 7/28/2028 | 2856557 | 714139 <sup>(h)</sup> |
| Frontera Generation Holdings LLC 2021 Term Loan | 16.674%<br>(3 Mo. LIBOR + 13.00%) | 7/28/2026 | 2950702 | 2965456 <sup>(h)</sup> |
| TerraForm Power Operating, LLC 2022 Term Loan B | 6.403%<br>(3 Mo. Term SOFR + 2.75%) | 5/21/2029 | 7218484 | 7188382 |
| *Total* |  |  |  | 42989634 |
| **Electric: Integrated 0.21%** |  |  |  |  |
| Compass Power Generation LLC 2022 Term Loan B2 | 8.451%<br>(1 Mo. Term SOFR + 4.25%) | 4/14/2029 | 13773248 | 13566650 |
| **Energy 2.37%** |  |  |  |  |
| AL GCX Holdings, LLC Term Loan B | 7.566%<br>(3 Mo. Term SOFR + 3.75%) | 5/17/2029 | 10790477 | 10717642 |
| BCP Renaissance Parent LLC 2022 Term Loan B3 | 7.053%<br>(3 Mo. Term SOFR + 3.50%) | 10/31/2026 | 10538549 | 10416249 |
| Brazos Delaware II, LLC Term Loan B | 7.939%<br>(1 Mo. LIBOR + 4.00%) | 5/21/2025 | 11926117 | 11886344 |
| Citgo Petroleum Corporation 2019 Term Loan B | 10.321%<br>(1 Mo. LIBOR + 6.25%) | 3/28/2024 | 942952 | 945663 |
| CQP Holdco LP 2021 Term Loan B | 7.424%<br>(3 Mo. LIBOR + 3.75%) | 6/5/2028 | 31525285 | 31162744 |
| Freeport LNG Investments, LLLP Term Loan B | 7.743%<br>(3 Mo. LIBOR + 3.50%) | 12/21/2028 | 19420041 | 18478654 |
| M6 ETX Holdings II Midco LLC Term Loan B | 8.511% | 9/19/2029 | 16258887 | 16279292 |

---

*See Notes to Financial Statements.* 149

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Energy (continued)** |  |  |  |  |
| Medallion Midland Acquisition, LLC 2021 Term Loan | 7.424%<br>(1 Mo. LIBOR + 3.75%) | 10/18/2028 | $15155289 | $15025105 |
| NorthRiver Midstream Finance LP 2018 Term Loan B (Canada)<sup>(b)</sup> | 6.924%<br>(3 Mo. LIBOR + 3.25%) | 10/1/2025 | 12304738 | 12198302 |
| Oryx Midstream Services Permian Basin LLC Term Loan B | 7.924%<br>(3 Mo. LIBOR + 3.25%) | 10/5/2028 | 25931333 | 25643106 |
| Traverse Midstream Partners LLC 2017 Term Loan | – <sup>(g)</sup> | 9/27/2024 | 1098676 | 1093639 |
| *Total* |  |  |  | 153846740 |
| **Environmental 0.20%** |  |  |  |  |
| Bingo Industries Ltd Term Loan (Australia)<sup>(b)</sup> | 7.174%<br>(3 Mo. LIBOR + 3.50%) | 7/14/2028 | 14188252 | 13005945 |
| **Financial 5.14%** |  |  |  |  |
| Acrisure, LLC 2021 First Lien Term Loan B | 8.321%<br>(1 Mo. LIBOR + 4.25%) | 2/15/2027 | 36717154 | 35386158 |
| Advisor Group, Inc. 2021 Term Loan | 8.571%<br>(1 Mo. LIBOR + 4.50%) | 7/31/2026 | 18117667 | 17658565 |
| Alliant Holdings Intermediate, LLC 2018 Term Loan B | 7.321%<br>(1 Mo. LIBOR + 3.25%) | 5/9/2025 | 16457031 | 16167717 |
| AllSpring Buyer LLC Term Loan B | 6.688%<br>(3 Mo. LIBOR + 3.00%) | 11/1/2028 | 6240876 | 6171977 |
| AqGen Island Holdings, Inc. Term Loan | 7.188%<br>(3 Mo. LIBOR + 3.50%) | 8/2/2028 | 21436381 | 20632516 |
| Armor Holding II LLC 2021 Term Loan B | 8.174%<br>(3 Mo. LIBOR + 4.50%) | 12/11/2028 | 7151992 | 7067062 |
| AssuredPartners, Inc. 2020 Term Loan B | 7.571%<br>(1 Mo. LIBOR + 3.50%) | 2/12/2027 | 12247163 | 11803204 |
| AssuredPartners, Inc. 2022 Incremental Term Loan B | – <sup>(g)</sup> | 2/13/2027 | 6586027 | 6483153 <sup>(h)</sup> |
| Asurion LLC 2018 Term Loan B7 | 7.071%<br>(1 Mo. LIBOR + 3.00%) | 11/3/2024 | 27919614 | 26820279 |
| Asurion LLC 2021 Second Lien Term Loan B4 | 9.321%<br>(1 Mo. LIBOR + 5.25%) | 1/20/2029 | 20203469 | 15682943 |
| Asurion LLC 2022 Term Loan B10 | 7.653%<br>(3 Mo. Term SOFR + 4.00%) | 8/19/2028 | 15020000 | 13206635 |
| CoreLogic, Inc. Term Loan | 7.625%<br>(1 Mo. LIBOR + 3.50%) | 6/2/2028 | 10649226 | 8825546 |
| Cushman & Wakefield U.S. Borrower, LLC 2020 Term Loan B | 6.821%<br>(1 Mo. LIBOR + 2.75%) | 8/21/2025 | 14737638 | 14400809 |

---

150 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Financial (continued)** |  |  |  |  |
| Hub International Limited 2021 Term Loan B | 7.232% - 7.53%<br>(3 Mo. LIBOR + 3.25% | 4/25/2025 | $20757066 | $20449757 |
| Hub International Limited 2022 Term Loan B | 8.22%<br>(3 Mo. Term SOFR + 4.00% | 11/10/2029 | 9407365 | 9278625 |
| Hudson River Trading LLC 2021 Term Loan |  | 3/20/2028 | 27091580 | 25313695 |
| NEXUS Buyer LLC 2021 Second Lien Term Loan | 10.321%<br>(1 Mo. LIBOR + 6.25% | 10/29/2029 | 18305361 | 17085034 |
| NEXUS Buyer LLC Term Loan B | 7.821%<br>(1 Mo. LIBOR + 3.75% | 11/9/2026 | 5000000 | 4801875 |
| OneDigital Borrower LLC 2021 Term Loan |  | 11/16/2027 | 21027689 | 20028874 |
| Sedgwick Claims Management Services, Inc. 2018 Term Loan B | 7.321%<br>(1 Mo. LIBOR + 3.25% | 12/31/2025 | 15761008 | 15358236 |
| Sedgwick Claims Management Services, Inc. 2019 Term Loan B | 7.821%<br>(1 Mo. LIBOR + 3.75% | 9/3/2026 | 2479388 | 2426925 |
| VFH Parent LLC 2022 Term Loan B |  | 1/13/2029 | 18775610 | 18306220 |
| *Total* |  |  |  | 333355805 |
| **Food/Tobacco 1.29%** |  |  |  |  |
| 1011778 B.C. Unlimited Liability Company Term Loan B4 (Canada)<sup>(b)</sup> | 5.805% - 6.16%<br>(1 Mo. LIBOR + 1.75%<br> (3 Mo. LIBOR +1.75 | 11/19/2026 | 20826272 | 20482222 |
| Aramark Services, Inc. 2018 Term Loan B3 | 5.821%<br>(1 Mo. LIBOR + 1.75% | 3/11/2025 | 7698543 | 7611126 |
| IRB Holding Corp 2020 Term Loan B | 6.821%<br>(1 Mo. LIBOR + 2.75% | 2/5/2025 | 11617617 | 11430922 |
| IRB Holding Corp 2022 Term Loan B |  | 12/15/2027 | 7569802 | 7298236 |
| Miller's Ale House, Inc. 2018 Term Loan | 8.303% - 10.00%<br>(Prime Rate + 3.75%<br> (3 Mo. LIBOR + 4.75 | 5/30/2025 | 12498332 | 12126507 |
| NPC International, Inc. 2nd Lien Term Loan | 1.00% | 4/18/2025 | 9531000 | – <sup>(c)(i)(j)</sup> |
| Pretium PKG Holdings, Inc. 2021 1st Lien Term Loan | 7.168% - 7.74%<br>(3 Mo. LIBOR + 4.00% | 10/2/2028 | 9649074 | 8171560 |
| Reynolds Group Holdings Inc. 2021 Term Loan B |  | 9/24/2028 | 1880846 | 1858661 |
| Sunshine Investments B.V. 2022 USD Term Loan (Netherlands)<sup>(b)</sup> | 8.515% | 7/12/2029 | 14785317 | 14526574 |
| *Total* |  |  |  | 83505808 |

---

*See Notes to Financial Statements.* 151

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Gaming/Leisure 4.93%** |  |  |  |  |
| 888 Acquisitions Limited USD Term Loan B (United Kingdom)<sup>(b)</sup> | 8.282%<br>(3 Mo. Term SOFR + 5.25%) | 7/8/2028 | $14160697 | $12319883 |
| AVSC Holding Corp. 2018 2nd Lien Term Loan | 11.086%<br>(1 Mo. LIBOR + 7.25%) | 9/1/2025 | 3538783 | 2838599 |
| AVSC Holding Corp. 2020 Term Loan B1 PIK 0.25% | 0.25% - 6.39%<br>(3 Mo. LIBOR + 3.25%) | 3/3/2025 | 11613325 | 10491943 |
| Caesars Resort Collection, LLC 2020 Term Loan B1 | 7.571%<br>(1 Mo. LIBOR + 3.50%) | 7/21/2025 | 9406791 | 9359757 |
| City Football Group Limited Term Loan (United Kingdom)<sup>(b)</sup> | 7.457%<br>(1 Mo. LIBOR + 3.50%) | 7/21/2028 | 13562298 | 12833325 |
| Equinox Holdings, Inc. 2017 2nd Lien Term Loan | 10.674%<br>(3 Mo. LIBOR + 7.00%) | 9/6/2024 | 7044482 | 4607338 |
| Fertitta Entertainment, LLC 2022 Term Loan B | – <sup>(g)</sup> | 1/27/2029 | 26567738 | 25405399 |
| Formula One Holdings Limited. Term Loan B (United Kingdom)<sup>(b)</sup> | – <sup>(g)</sup> | 1/15/2030 | 18540000 | 18485029 <sup>(h)</sup> |
| Four Seasons Hotels Limited 2022 Term Loan B (Canada)<sup>(b)</sup> | – <sup>(g)</sup> | 11/16/2029 | 18540000 | 18537126 <sup>(h)</sup> |
| Hilton Grand Vacations Borrower LLC 2021 Term Loan B | 7.071%<br>(1 Mo. LIBOR + 3.00%) | 8/2/2028 | 12871245 | 12766731 |
| Kingpin Intermediate Holdings LLC 2018 Term Loan B | 7.58%<br>(1 Mo. LIBOR + 3.50%) | 7/3/2024 | 15880321 | 15618295 |
| Motion Finco Sarl Delayed Draw Term Loan B2 (Luxembourg)<sup>(b)</sup> | 6.924%<br>(3 Mo. LIBOR + 3.25%) | 11/12/2026 | 1409326 | 1360253 |
| Motion Finco Sarl USD Term Loan B1 (Luxembourg)<sup>(b)</sup> | 6.924%<br>(3 Mo. LIBOR + 3.25%) | 11/12/2026 | 9882174 | 9538076 |
| NASCAR Holdings, Inc Term Loan B | 6.571%<br>(1 Mo. LIBOR + 2.50%) | 10/19/2026 | 11281090 | 11238786 |
| PCI Gaming Authority Term Loan | 6.571%<br>(1 Mo. LIBOR + 2.50%) | 5/29/2026 | 16341733 | 16165814 |
| Penn National Gaming, Inc. 2022 Term Loan B | 6.937%<br>(1 Mo. Term SOFR + 2.75%) | 5/3/2029 | 16522681 | 16328539 |
| Playa Resorts Holding B.V. 2017 Term Loan B (Netherlands)<sup>(b)</sup> | 6.82%<br>(1 Mo. LIBOR + 2.75%) | 4/29/2024 | 12811825 | 12806508 |

---

152 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Gaming/Leisure (continued)** |  |  |  |  |
| PUG LLC USD Term Loan | 7.571%<br>(1 Mo. LIBOR + 3.50% | 2/12/2027 | $28774179 | $24841756 |
| Sabre GLBL Inc. 2021 Term Loan B1 | 7.571%<br>(1 Mo. LIBOR + 3.50% | 12/17/2027 | 864609 | 801657 |
| Sabre GLBL Inc. 2021 Term Loan B2 | 7.571%<br>(1 Mo. LIBOR + 3.50% | 12/17/2027 | 1270362 | 1177867 |
| Sabre GLBL Inc. 2022 Term Loan B | 8.437%<br>(1 Mo. Term SOFR + 4.25% | 6/30/2028 | 8680661 | 8140854 |
| Scientific Games Holdings LP 2022 USD Term Loan B | 7.097%<br>(3 Mo. Term SOFR + 3.50% | 4/4/2029 | 13760561 | 13177664 |
| Scientific Games International, Inc. 2022 USD Term Loan | 6.896%<br>(1 Mo. Term SOFR + 3.00% | 4/14/2029 | 11695055 | 11493315 |
| SeaWorld Parks & Entertainment, Inc. 2021 Term Loan B | 7.125%<br>(1 Mo. LIBOR + 3.00% | 8/25/2028 | 12972446 | 12749515 |
| Silk Bidco AS EUR Term Loan B<sup>(k)</sup> | 4.908%<br>(6 Mo. EURIBOR + 4.00% | 2/24/2025 | 11556254 | 9550483 |
| Station Casinos LLC 2020 Term Loan B | 6.33%<br>(1 Mo. LIBOR + 2.25% | 2/8/2027 | $8335018 | 8161816 |
| United PF Holdings, LLC 2019 1st Lien Term Loan | 7.674%<br>(3 Mo. LIBOR + 4.00% | 12/30/2026 | 17300601 | 14824453 |
| United PF Holdings, LLC 2019 2nd Lien Term Loan | 12.174%<br>(3 Mo. LIBOR + 8.50% | 12/30/2027 | 4000000 | 3682500 |
| *Total* |  |  |  | 319303281 |
| **Health Care Services 0.78%** |  |  |  |  |
| Wellpath Holdings, Inc. 2018 1st Lien Term Loan | 9.571% - 9.91%<br>(1 Mo. LIBOR + 5.50%<br> (3 Mo. LIBOR + 5.50% | 10/1/2025 | 23443013 | 21772698 |
| WP CityMD Bidco LLC 2021 1st Lien Term Loan B | 6.924%<br>(3 Mo. LIBOR + 3.25% | 12/22/2028 | 29132564 | 29041525 |
| *Total* |  |  |  | 50814223 |
| **Health Services 0.23%** |  |  |  |  |
| Covetrus, Inc. Term Loan | 8.784% | 10/13/2029 | 15556482 | 14832172 |
| **Healthcare 14.01%** |  |  |  |  |
| AEA International Holdings (Lux) S.a.r.l. Term Loan B (Luxembourg)<sup>(b)</sup> | 7.438%<br>(3 Mo. LIBOR + 3.75% | 9/7/2028 | 21300670 | 21034411 |

---

*See Notes to Financial Statements.* 153

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Healthcare (continued)** |  |  |  |  |
| Amneal Pharmaceuticals LLC 2018 Term Loan B | 7.188% - 7.63%<br>(1 Mo. LIBOR + 3.50%<br> (3 Mo. LIBOR + 3.50% | 5/4/2025 | $22229046 | $20393483 |
| Athenahealth, Inc. 2022 Delayed Draw Term loan<sup>(f)</sup> | 3.50% | 2/15/2029 | 4135230 | 3786837 |
| Athenahealth, Inc. 2022 Term Loan B | 7.411%<br>(1 Mo. Term SOFR + 3.50% | 2/15/2029 | 24336864 | 22286483 |
| Avantor Funding, Inc. 2021 Term Loan B5 | 6.321%<br>(1 Mo. LIBOR + 2.25% | 11/8/2027 | 8086406 | 8046499 |
| Bella Holding Company, LLC 2021 Term Loan B | 7.821%<br>(1 Mo. LIBOR + 3.75% | 5/10/2028 | 14706182 | 13952490 |
| Cano Health LLC 2022 Term Loan | 8.187%<br>(1 Mo. Term SOFR + 4.00% | 11/23/2027 | 12219704 | 8782912 |
| Canopy Growth Corporation Term Loan (Canada)<sup>(b)</sup> | 11.248%<br>(6 Mo. LIBOR + 8.50% | 3/18/2026 | 7644485 | 6561529 |
| CCRR Parent, Inc Term Loan B | 7.83%<br>(1 Mo. LIBOR + 3.75% | 3/6/2028 | 13426550 | 12822356 |
| CHG Healthcare Services Inc. 2021 Term Loan | 7.321%<br>(1 Mo. LIBOR + 3.25% | 9/29/2028 | 21379443 | 21001561 |
| CNT Holdings I Corp 2020 2nd Lien Term Loan | 10.489%<br>(3 Mo. LIBOR + 6.75% | 11/6/2028 | 7384122 | 7027247 |
| CNT Holdings I Corp 2020 Term Loan | 7.239%<br>(3 Mo. Term SOFR + 3.50% | 11/8/2027 | 14436073 | 14015406 |
| Da Vinci Purchaser Corp. 2019 Term Loan | 7.674% - 8.07%<br>(1 Mo. LIBOR + 4.00%<br> (3 Mo. LIBOR + 4.00% | 1/8/2027 | 16581961 | 15690681 |
| Dedalus Finance GmbH 2021 EUR Term Loan B2<sup>(k)</sup> | 5.782%<br>(6 Mo. EURIBOR + 3.75% | 7/17/2027 | 17027081 | 15791507 |
| Dermatology Intermediate Holdings III, Inc. 2022 Delayed Draw Term Loan<sup>(f)</sup> | 4.00% - 8.34%<br>(1 Mo. Term SOFR + 4.25% | 3/30/2029 | $1851159 | 1812988 |
| Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B | 8.337%<br>(1 Mo. Term SOFR + 4.25% | 3/30/2029 | 9878945 | 9675241 |
| Electron BidCo Inc. 2021 Term Loan | 7.071%<br>(1 Mo. LIBOR + 3.00% | 11/1/2028 | 21515270 | 20935218 |
| Emerald TopCo Inc Term Loan | 7.571%<br>(1 Mo. LIBOR + 3.50% | 7/24/2026 | 14310687 | 13291050 |
| eResearchTechnology, Inc. 2020 1st Lien Term Loan | 8.571%<br>(1 Mo. LIBOR + 4.50% | 2/4/2027 | 25375040 | 23245313 |
| EyeCare Partners, LLC 2020 Term Loan | 7.424%<br>(3 Mo. LIBOR + 3.75% | 2/18/2027 | 7380315 | 6431945 |

---

154 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Healthcare (continued)** |  |  |  |  |
| EyeCare Partners, LLC 2021 Incremental Term Loan | 7.424%<br>(3 Mo. LIBOR + 3.75%) | 11/15/2028 | $11516781 | $10052480 |
| Gainwell Acquisition Corp. Term Loan B | 7.674%<br>(3 Mo. LIBOR + 4.00%) | 10/1/2027 | 39261438 | 38427133 |
| Global Medical Response, Inc. 2020 Term Loan B | 8.092%<br>(1 Mo. LIBOR + 4.25%) | 10/2/2025 | 18312694 | 14631842 |
| Grifols Worldwide Operations USA, Inc. USD 2019 Term Loan B | 6.071%<br>(1 Mo. LIBOR + 2.00%) | 11/15/2027 | 16494298 | 16013242 |
| Heartland Dental, LLC 2018 1st Lien Term Loan | 7.821%<br>(1 Mo. LIBOR + 3.50%) | 4/30/2025 | 7888887 | 7314971 |
| Heartland Dental, LLC 2021 Incremental Term Loan | 8.044%<br>(1 Mo. LIBOR + 4.00%) | 4/30/2025 | 16004152 | 14891863 |
| Horizon Therapeutics USA Inc. 2021 Term Loan B2 | 5.813%<br>(1 Mo. LIBOR + 1.75%) | 3/15/2028 | 11434904 | 11353431 |
| Hunter Holdco 3 Limited USD Term Loan B (United Kingdom)<sup>(b)</sup> | 7.924%<br>(3 Mo. LIBOR + 4.25%) | 8/19/2028 | 16708968 | 16374789 |
| ICON Luxembourg S.A.R.L. LUX Term Loan (Luxembourg)<sup>(b)</sup> | 5.938%<br>(3 Mo. LIBOR + 2.25%) | 7/3/2028 | 33953329 | 33841453 |
| Insulet Corporation Term Loan B | 7.321%<br>(1 Mo. LIBOR + 3.25%) | 5/4/2028 | 16215759 | 15997900 |
| LSCS Holdings, Inc. 2021 1st Lien Term Loan | 8.174%<br>(3 Mo. LIBOR + 4.50%) | 12/16/2028 | 14600689 | 14031262 |
| Maravai Intermediate Holdings, LLC 2022 Term Loan B | – <sup>(g)</sup> | 10/19/2027 | 9268772 | 9135533 |
| MDVIP, Inc. 2021 Term Loan | 7.266%<br>(1 Mo. LIBOR + 3.25%) | 10/16/2028 | 12936051 | 12410524 |
| MED ParentCo LP 1st Lien Term Loan | 8.321%<br>(1 Mo. LIBOR + 4.25%) | 8/31/2026 | 16091479 | 13778329 |
| MedAssets Software Intermediate Holdings, Inc. 2021 Term Loan | 8.071%<br>(1 Mo. LIBOR + 4.00%) | 12/18/2028 | 23918548 | 21646286 |
| Medical Solutions Holdings, Inc. 2021 1st Lien Term Loan | 7.174%<br>(3 Mo. LIBOR + 3.50%) | 11/1/2028 | 9657469 | 9291547 |
| Medical Solutions Holdings, Inc. 2021 2nd Lien Term Loan | 9.877%<br>(3 Mo. LIBOR + 7.00%) | 11/1/2029 | 8000000 | 7690000 |
| Medline Borrower, LP USD Term Loan B | 7.321%<br>(1 Mo. LIBOR + 3.25%) | 10/23/2028 | 45110659 | 42923919 |

---

*See Notes to Financial Statements.* 155

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Healthcare (continued)** |  |  |  |  |
| NAPA Management Services Corporation Term Loan B | – <sup>(g)</sup> | 2/23/2029 | $21211124 | $18533326 |
| National Mentor Holdings, Inc. 2021 2nd Lien Term Loan | 10.93%<br>(3 Mo. LIBOR + 7.25%) | 3/2/2029 | 5832027 | 3929328 |
| Navicure, Inc. 2019 Term Loan B | 8.071%<br>(1 Mo. LIBOR + 4.00%) | 10/22/2026 | 18143868 | 17856560 |
| Organon & Co USD Term Loan | 6.188%<br>(3 Mo. LIBOR + 3.00%) | 6/2/2028 | 27171654 | 26967867 |
| Pacific Dental Services,LLC 2021 Term Loan | 7.439%<br>(1 Mo. LIBOR + 3.50%) | 5/5/2028 | 12452189 | 12152590 |
| Parexel International Corporation 2021 1st Lien Term Loan | 7.321%<br>(1 Mo. LIBOR + 3.25%) | 11/15/2028 | 30264229 | 29169118 |
| Pathway Vet Alliance LLC 2021 Term Loan | 7.424%<br>(3 Mo. LIBOR + 3.75%) | 3/31/2027 | 23424467 | 20697273 |
| Pearl Intermediate Parent LLC 2018 2nd Lien Term Loan | 10.321%<br>(1 Mo. LIBOR + 6.25%) | 2/13/2026 | 2425118 | 2277598 |
| PetVet Care Centers, LLC 2021 Term Loan B3 | 7.571%<br>(1 Mo. LIBOR + 3.50%) | 2/14/2025 | 23464293 | 21786596 |
| Physician Partners LLC Term Loan | – <sup>(g)</sup> | 12/23/2028 | 16557916 | 15947426 |
| PRA Health Sciences, Inc. US Term Loan | 5.938%<br>(3 Mo. LIBOR + 2.25%) | 7/3/2028 | 8459492 | 8431618 |
| Press Ganey Holdings, Inc. 2021 Term Loan B | 7.821%<br>(1 Mo. LIBOR + 3.75%) | 7/24/2026 | 2871469 | 2749432 |
| Press Ganey Holdings, Inc. 2022 Incremental Term Loan | 7.837%<br>(1 Mo. Term SOFR + 3.75%) | 7/24/2026 | 8585015 | 7959940 |
| RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B | 8.165%<br>(3 Mo. LIBOR + 3.75%) | 11/16/2025 | 24956276 | 23220317 |
| Select Medical Corporation 2017 Term Loan B | 6.58%<br>(1 Mo. LIBOR + 2.50%) | 3/6/2025 | 19163152 | 18872734 |
| Southern Veterinary Partners, LLC Term Loan | 8.071%<br>(1 Mo. LIBOR + 4.00%) | 10/5/2027 | 16293512 | 15702872 |
| Summit Behavioral Healthcare LLC 1st Lien Term Loan | 9.449%<br>(3 Mo. LIBOR + 4.75%) | 11/24/2028 | 13609695 | 12861161 |
| Surgery Center Holdings, Inc. 2021 Term Loan | 7.63%<br>(1 Mo. LIBOR + 3.75%) | 8/31/2026 | 13498154 | 13286300 |
| Team Health Holdings, Inc. 1st Lien Term Loan | 6.821%<br>(1 Mo. LIBOR + 2.75%) | 2/6/2024 | 6127505 | 5147104 |

---

156 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Healthcare (continued)** |  |  |  |  |
| Verscend Holding Corp. 2021 Term Loan B | 8.071%<br>(1 Mo. LIBOR + 4.00% | 8/27/2025 | $34996052 | $34824222 |
| Zelis Healthcare Corporation 2021 Term Loan | 7.571%<br>(1 Mo. LIBOR + 3.50% | 9/30/2026 | 19244384 | 19050208 |
| *Total* |  |  |  | 907815251 |
| **Housing 2.34%** |  |  |  |  |
| Beacon Roofing Supply, Inc. 2021 Term Loan B | 6.321%<br>(1 Mo. LIBOR + 2.25% | 5/19/2028 | 13350694 | 13180539 |
| Cornerstone Building Brands, Inc. 2021 Term Loan B | 7.123%<br>(1 Mo. LIBOR + 3.25% | 4/12/2028 | 14766487 | 13218294 |
| Foundation Building Materials Holding Company LLC 2021 Term Loan | 7.321% - 7.66%<br>(1 Mo. LIBOR + 3.25%<br> (3 Mo. LIBOR + 3.25% | 1/31/2028 | 12555040 | 11954784 |
| Groupe Solmax Inc. Term Loan (Canada)<sup>(b)</sup> | 8.392%<br>(3 Mo. LIBOR + 4.75% | 5/29/2028 | 1108566 | 889624 |
| Icebox Holdco III, Inc. 2021 1st Lien Term Loan | 7.424%<br>(3 Mo. LIBOR + 3.75% | 12/22/2028 | 11996627 | 11149365 |
| Icebox Holdco III, Inc. 2021 2nd Lien Term Loan | 10.424%<br>(3 Mo. LIBOR + 6.75% | 12/21/2029 | 7999189 | 7119278 |
| LBM Acquisition LLC Term Loan B | 7.121%<br>(6 Mo. LIBOR + 3.75% | 12/17/2027 | 20737848 | 17938239 |
| Oscar AcquisitionCo, LLC Term Loan B | 8.153%<br>(3 Mo. Term SOFR + 4.50% | 4/29/2029 | 10371960 | 9591885 |
| Quikrete Holdings, Inc. 2016 1st Lien Term Loan | 6.696%<br>(1 Mo. LIBOR + 2.63% | 2/1/2027 | 15404918 | 15166912 |
| Quikrete Holdings, Inc. 2021 Term Loan B1 | 7.071%<br>(1 Mo. LIBOR + 3.00% | 6/11/2028 | 19541057 | 19289857 |
| Solis IV BV USD Term Loan B1 (Netherlands)<sup>(b)</sup> | 7.859%<br>(3 Mo. Term SOFR + 3.50% | 2/26/2029 | 10033047 | 8814784 |
| SRS Distribution Inc. 2021 Term Loan B | 7.571%<br>(1 Mo. LIBOR + 3.50% | 6/2/2028 | 5118568 | 4928618 |
| White Cap Buyer LLC Term Loan B | 7.837%<br>(1 Mo. Term SOFR + 3.75% | 10/19/2027 | 18877463 | 18217979 |
| *Total* |  |  |  | 151460158 |
| **Information Technology 11.94%** |  |  |  |  |
| Altar Bidco, Inc. 2021 Term Loan |  | 2/1/2029 | 10118186 | 9579797 |
| AP Core Holdings II, LLC Amortization Term Loan B1 | 9.571%<br>(1 Mo. LIBOR + 5.50% | 9/1/2027 | 5026476 | 4479847 |

---

*See Notes to Financial Statements.* 157

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Information Technology (continued)** |  |  |  |  |
| AP Core Holdings II, LLC High-Yield Term Loan B2 | 9.571%<br>(1 Mo. LIBOR + 5.50%) | 9/1/2027 | $16919622 | $15044420 |
| Apttus Corporation 2021 Term Loan | 8.665%<br>(3 Mo. LIBOR + 4.25%) | 5/8/2028 | 15968679 | 15037146 |
| Ascend Learning, LLC 2021 Term Loan | 7.571%<br>(1 Mo. LIBOR + 3.50%) | 12/11/2028 | 16385462 | 15544560 |
| Banff Merger Sub Inc 2021 USD 2nd Lien Term Loan | 9.571%<br>(1 Mo. LIBOR + 5.50%) | 2/27/2026 | 947121 | 878455 |
| Banff Merger Sub Inc 2021 USD Term Loan | 7.821%<br>(1 Mo. LIBOR + 3.75%) | 10/2/2025 | 21743876 | 20913804 |
| Barracuda Networks, Inc. 2022 2nd Lien Term Loan | 11.094%<br>(3 Mo. Term SOFR + 7.00%) | 8/15/2030 | 9907507 | 9213982 |
| Barracuda Networks, Inc. 2022 Term Loan | 8.594%<br>(1 Mo. Term SOFR + 4.50%) | 8/15/2029 | 16091574 | 15577529 |
| CDK Global, Inc. 2022 USD Term Loan B | 8.112%<br>(3 Mo. Term SOFR + 4.50%) | 7/6/2029 | 19606670 | 19409525 |
| Cloudera, Inc. 2021 Second Lien Term Loan | 10.071%<br>(1 Mo. LIBOR + 6.00%) | 10/8/2029 | 10504590 | 8804212 |
| Cloudera, Inc. 2021 Term Loan | 7.821%<br>(1 Mo. LIBOR + 3.75%) | 10/8/2028 | 15421219 | 14676683 |
| ConnectWise, LLC 2021 Term Loan B | 7.174%<br>(3 Mo. LIBOR + 3.50%) | 9/29/2028 | 10178916 | 9804841 |
| Delta TopCo, Inc. 2020 Term Loan B | 5.836%<br>(3 Mo. LIBOR + 3.75%) | 12/1/2027 | 9496282 | 8933295 |
| Ensono, LP 2021 Term Loan | 7.821%<br>(1 Mo. LIBOR + 3.75%) | 5/26/2028 | 15664959 | 14171932 |
| Entegris, Inc. 2022 Term Loan B | – <sup>(g)</sup> | 7/6/2029 | 11490221 | 11417603 |
| Epicor Software Corporation 2020 2nd Lien Term Loan | 11.821%<br>(1 Mo. LIBOR + 7.75%) | 7/31/2028 | 7687953 | 7623874 |
| Epicor Software Corporation 2020 Term Loan | 7.321%<br>(1 Mo. LIBOR + 3.25%) | 7/30/2027 | 16850141 | 16306892 |
| Greeneden U.S. Holdings II, LLC 2020 USD Term Loan B4 | 8.071%<br>(1 Mo. LIBOR + 4.00%) | 12/1/2027 | 27352249 | 26617294 |
| Houghton Mifflin Harcourt Publishing Company 2022 Term Loan | 9.437%<br>(1 Mo. Term SOFR + 5.25%) | 4/9/2029 | 10514905 | 9962872 |
| Hyland Software, Inc. 2018 1st Lien Term Loan | 7.571%<br>(1 Mo. LIBOR + 3.50%) | 7/1/2024 | 34906261 | 34459111 |

---

158 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Information Technology (continued)** |  |  |  |  |
| Imprivata, Inc 2022 Incremental Term Loan | – <sup>(g)</sup> | 12/1/2027 | $5376539 | $5158144 |
| Imprivata, Inc Term Loan | 7.821%<br>(1 Mo. LIBOR + 3.75%) | 12/1/2027 | 14688359 | 14016881 |
| Informatica LLC 2021 USD Term Loan B | 6.875%<br>(1 Mo. LIBOR + 2.75%) | 10/27/2028 | 10393200 | 10219114 |
| Ingram Micro Inc. 2021 Term Loan B | 7.174%<br>(3 Mo. LIBOR + 3.50%) | 6/30/2028 | 12654990 | 12510659 |
| Magenta Buyer LLC 2021 USD 1st Lien Term Loan | 9.17%<br>(3 Mo. LIBOR + 4.75%) | 7/27/2028 | 9566555 | 8645774 |
| McAfee, LLC 2022 USD Term Loan B | 7.636%<br>(1 Mo. Term SOFR + 3.75%) | 3/1/2029 | 25330339 | 24143106 |
| MH Sub I, LLC 2020 Incremental Term Loan | 7.821%<br>(1 Mo. LIBOR + 3.75%) | 9/13/2024 | 28793548 | 28085803 |
| MKS Instruments, Inc. 2022 USD Term Loan B | 6.761%<br>(1 Mo. Term SOFR + 2.75%) | 8/17/2029 | 25357458 | 24805426 |
| NortonLifeLock Inc. 2022 Term Loan B | 6.187%<br>(1 Mo. Term SOFR + 2.00%) | 9/12/2029 | 16539955 | 16296983 |
| Open Text Corporation 2022 Term Loan B (Canada)<sup>(b)</sup> | – <sup>(g)</sup> | 11/16/2029 | 23517778 | 22895615 <sup>(h)</sup> |
| Perforce Software, Inc. 2020 Term Loan B | 7.821%<br>(1 Mo. LIBOR + 3.75%) | 7/1/2026 | 23571002 | 21857154 |
| Polaris Newco LLC 2nd Lien Term Loan | 12.735%<br>(3 Mo. LIBOR + 8.00%) | 6/4/2029 | 4734713 | 4663692 <sup>(h)</sup> |
| Polaris Newco LLC USD Term Loan B | 7.674%<br>(3 Mo. LIBOR + 4.00%) | 6/2/2028 | 10504722 | 9633145 |
| Project Boost Purchaser, LLC 2019 Term Loan B | 7.571%<br>(1 Mo. LIBOR + 3.50%) | 6/1/2026 | 9709363 | 9412013 |
| Proofpoint, Inc. 2nd Lien Term Loan | 10.985%<br>(3 Mo. LIBOR + 6.25%) | 8/31/2029 | 6750420 | 6511354 |
| RealPage, Inc 1st Lien Term Loan | 7.071%<br>(1 Mo. LIBOR + 3.00%) | 4/24/2028 | 36374541 | 34883367 |
| Renaissance Holding Corp. 2022 Incremental Term Loan | 8.294%<br>(1 Mo. Term SOFR + 4.50%) | 3/30/2029 | 7501737 | 7253279 |
| Rocket Software, Inc. 2018 Term Loan | 8.321%<br>(1 Mo. LIBOR + 4.25%) | 11/28/2025 | 6838765 | 6613667 |
| Rocket Software, Inc. 2021 USD Incremental Term Loan B | 8.321%<br>(1 Mo. LIBOR + 4.25%) | 11/28/2025 | 3470534 | 3357742 |
| SS&C European Holdings Sarl 2018 Term Loan B4 (Luxembourg)<sup>(b)</sup> | 5.821%<br>(1 Mo. LIBOR + 1.75%) | 4/16/2025 | 11001787 | 10826033 |

---

*See Notes to Financial Statements.* 159

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Information Technology (continued)** |  |  |  |  |
| SS&C Technologies Inc. 2018 Term Loan B3 | 5.821%<br>(1 Mo. LIBOR + 1.75% | 4/16/2025 | $7183573 | $7068816 |
| SS&C Technologies Inc. 2022 Term Loan B6 | 6.437%<br>(1 Mo. Term SOFR + 2.25% | 3/22/2029 | 8296622 | 8153007 |
| SS&C Technologies Inc. 2022 Term Loan B7 | 6.437%<br>(1 Mo. Term SOFR + 2.25% | 3/22/2029 | 12501100 | 12284706 |
| Storable, Inc Term Loan B | 7.587%<br>(1 Mo. Term SOFR + 3.50% | 4/17/2028 | 14266791 | 13678357 |
| Surf Holdings, LLC USD Term Loan | 6.668%<br>(3 Mo. LIBOR + 3.50% | 3/5/2027 | 23956413 | 23035648 |
| Tenable Holdings, Inc. Term Loan B | 7.165%<br>(3 Mo. LIBOR + 2.75% | 7/7/2028 | 11924196 | 11626091 |
| Tibco Software Inc. 2022 USD Term Loan | 8.153% | 3/30/2029 | 28285759 | 25765356 |
| Uber Technologies, Inc. 2021 1st Lien Term Loan B | 8.235%<br>(3 Mo. LIBOR + 3.50% | 4/4/2025 | 13076613 | 13069617 |
| Uber Technologies, Inc. 2021 Term Loan B |  | 2/25/2027 | 6981432 | 6972706 |
| Ultimate Software Group Inc (The) 2021 Term Loan | 6.998%<br>(3 Mo. LIBOR + 3.25% | 5/4/2026 | 37318442 | 36140486 |
| Ultimate Software Group Inc (The) Term Loan B | 7.821%<br>(1 Mo. LIBOR + 3.75% | 5/4/2026 | 6266349 | 6120155 |
| Ultimate Software Group Inc. (The) 2021 2nd Lien Term Loan | 8.998%<br>(1 Mo. LIBOR + 5.25% | 5/3/2027 | 15594991 | 14417569 |
| Vertiv Group Corporation 2021 Term Loan B | 6.555%<br>(1 Mo. LIBOR + 2.75% | 3/2/2027 | 10652351 | 10413632 |
| VS Buyer, LLC Term Loan B | 7.071%<br>(1 Mo. LIBOR + 3.00% | 2/28/2027 | 14698563 | 14468898 |
| *Total* |  |  |  | 773461669 |
| **Integrated Energy 0.16%** |  |  |  |  |
| Esdec Solar Group B.V. Term Loan B (Netherlands)<sup>(b)</sup> | 8.92%<br>(6 Mo. LIBOR + 4.75% | 8/30/2028 | 10813026 | 10488635 |
| **Lodging 0.23%** |  |  |  |  |
| Caesars Resort Collection, LLC 2017 1st Lien Term Loan B | 6.821%<br>(1 Mo. LIBOR + 2.75% | 12/23/2024 | 15139831 | 15060725 |
| **Manufacturing 6.80%** |  |  |  |  |
| ABG Intermediate Holdings 2 LLC 2021 2nd Lien Term Loan |  | 12/20/2029 | 10409187 | 9680544 |

---

160 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Manufacturing (continued)** |  |  |  |  |
| AMC Entertainment Holdings, Inc. 2019 Term Loan B | 6.859%<br>(1 Mo. LIBOR + 3.00% | 4/22/2026 | $10947372 | $6151055 |
| Banijay Entertainment S.A.S USD Term Loan (France)<sup>(b)</sup> | 7.592%<br>(1 Mo. LIBOR + 3.75% | 3/1/2025 | 11536249 | 11467782 |
| Camelot U.S. Acquisition LLC 2020 Incremental Term Loan B | 7.071%<br>(1 Mo. LIBOR + 3.00% | 10/30/2026 | 9484659 | 9348317 |
| Camelot U.S. Acquisition LLC Term Loan B | 7.071%<br>(1 Mo. LIBOR + 3.00% | 10/30/2026 | 4178673 | 4113904 |
| Chamberlain Group Inc Term Loan B | 7.571%<br>(1 Mo. LIBOR + 3.50% | 11/3/2028 | 12166066 | 11430445 |
| Clear Channel Outdoor Holdings, Inc. Term Loan B | 7.571% - 7.91%<br>(1 Mo. LIBOR + 3.50%<br>(3 Mo. LIBOR + 3.50% | 8/21/2026 | 11753210 | 10786861 |
| CMG Media Corporation 2021 Term Loan | 7.571%<br>(1 Mo. LIBOR + 3.50% | 12/17/2026 | 10550061 | 9841677 |
| Creative Artists Agency, LLC 2019 Term Loan B | 7.821%<br>(1 Mo. LIBOR + 3.75% | 11/27/2026 | 9344744 | 9278583 |
| CSC Holdings, LLC 2017 Term Loan B1 | 6.123%<br>(1 Mo. LIBOR + 2.25% | 7/17/2025 | 9380866 | 9010322 |
| DirecTV Financing, LLC Term Loan | 9.071%<br>(1 Mo. LIBOR + 5.00% | 8/2/2027 | 30751922 | 29532301 |
| E.W. Scripps Company (The) 2019 Term Loan B2 | 6.634%<br>(1 Mo. LIBOR + 2.56% | 5/1/2026 | 12219707 | 11917269 |
| Engineered Machinery Holdings, Inc. 2021 USD Incremental Term Loan | 7.424%<br>(3 Mo. LIBOR + 3.75% | 5/19/2028 | 12511839 | 12135546 |
| Frontier Communications Corp. 2021 1st Lien Term Loan | 7.438%<br>(3 Mo. LIBOR + 3.75% | 5/1/2028 | 16197601 | 15592215 |
| Gray Television, Inc. 2018 Term Loan C | 6.268%<br>(1 Mo. LIBOR + 2.50% | 1/2/2026 | 15032199 | 14650757 |
| iHeartCommunications, Inc. 2020 Term Loan | 7.071%<br>(1 Mo. LIBOR + 3.00% | 5/1/2026 | 11317798 | 10635730 |
| II-VI Incorporated 2022 Term Loan B | 6.586%<br>(1 Mo. LIBOR + 2.75% | 7/2/2029 | 27238400 | 27042692 |
| Intelsat Jackson Holdings S.A. 2021 Exit Term Loan B (Luxembourg)<sup>(b)</sup> |  | 2/1/2029 | 13756996 | 13316772 |
| Lions Gate Capital Holdings LLC 2018 Term Loan B | 6.321%<br>(1 Mo. LIBOR + 2.25% | 3/24/2025 | 9579695 | 9252357 |

---

*See Notes to Financial Statements.* 161

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Fair**<br> **Value** |
| **Manufacturing (continued)** |  |  |  |  |
| Madison IAQ LLC Term Loan | 6.815% | 6/21/2028 | $19466291 | $18536872 |
| MJH Healthcare Holdings, LLC 2022 Term Loan B |  | 1/28/2029 | 14314950 | 13894519 |
| Nexstar Broadcasting, Inc. 2019 Term Loan B4 | 6.571%<br> (1 Mo. LIBOR + 2.50% | 9/18/2026 | 21425381 | 21282581 |
| Numericable Group SA USD Term Loan B11 (France)<sup>(b)</sup> | 7.165%<br> (3 Mo. LIBOR + 2.75% | 7/31/2025 | 12792178 | 12312472 |
| Pro Mach Group, Inc. 2021 Term Loan B |  | 8/31/2028 | 9452977 | 9248840 |
| Project Castle, Inc. Term Loan B | 9.053%<br> (3 Mo. Term SOFR + 5.50% | 6/1/2029 | 9656790 | 8003065 |
| SBA Senior Finance II LLC 2018 Term Loan B | 5.83%<br> (1 Mo. LIBOR + 1.75% | 4/11/2025 | 1975118 | 1966606 |
| SPX Flow, Inc. 2022 Term Loan | 8.687%<br> (1 Mo. Term SOFR + 4.50% | 4/5/2029 | 6225535 | 5852003 |
| Tiger Acquisition, LLC 2021 Term Loan | 7.321%<br> (1 Mo. LIBOR + 3.25% | 6/1/2028 | 10233833 | 9728537 |
| Titan Acquisition Limited 2018 Term Loan B (Canada)<sup>(b)</sup> |  | 3/28/2025 | 4703555 | 4434935 <sup>(h)</sup> |
| Univision Communications Inc. 2022 First Lien Term Loan B | 7.79%<br> (3 Mo. Term SOFR + 4.25% | 6/24/2029 | 5141246 | 5086620 |
| Univision Communications Inc. 2022 Term Loan B | 7.321%<br> (1 Mo. LIBOR + 3.25% | 1/31/2029 | 11861386 | 11574696 |
| Vertical US Newco Inc Term Loan B | 6.871%<br> (6 Mo. LIBOR + 3.50% | 7/30/2027 | 18835109 | 18093477 |
| Virgin Media Bristol LLC USD Term Loan N | 6.373%<br> (1 Mo. LIBOR + 2.50% | 1/31/2028 | 37004077 | 36148358 |
| Vue International Bidco p.l.c. 2019 EUR Term Loan B<sup>(k)(l)</sup> |  | 7/3/2026 | 12196000 | 7191699 |
| Vue International Bidco p.l.c. 2022 EUR Term Loan<sup>(k)</sup> | 9.766%<br> (3 Mo. EURIBOR + 8.00% | 6/30/2027 | 1611847 | 1585037 |
| William Morris Endeavor Entertainment, LLC 2018 1st Lien Term Loan | 6.83%<br> (1 Mo. LIBOR + 2.75%<br> (3 Mo. LIBOR + 2.75% | 5/18/2025 | $8566919 | 8364954 |
| Windstream Services, LLC 2020 Exit Term Loan B | 10.437%<br> (1 Mo. LIBOR + 6.25% | 9/21/2027 | 12920969 | 11874370 |
| *Total* |  |  |  | 440364770 |
| **Media 0.16%** |  |  |  |  |
| Gray Television, Inc. 2021 Term Loan D | 6.768%<br> (1 Mo. LIBOR + 3.00% | 12/1/2028 | 10919063 | 10660664 |

---

162 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Metals/Minerals 0.53%** |  |  |  |  |
| Peabody Energy Corporation 2018 Term Loan | 6.766%<br> (1 Mo. LIBOR + 2.75%) | 3/31/2025 | $14553700 | $14366103 |
| SCIH Salt Holdings Inc. 2021 |  |  |  |  |
| Incremental Term Loan B | 8.415%<br> (3 Mo. LIBOR + 4.00%) | 3/16/2027 | 9522811 | 9189560 |
| Zekelman Industries, Inc. 2020 Term Loan | – <sup>(g)</sup> | 1/24/2027 | 11300000 | 11059875 |
| *Total* |  |  |  | 34615538 |
| **Oil & Gas 0.24%** |  |  |  |  |
| Parkway Generation, LLC Term Loan B | 8.821%<br> (1 Mo. LIBOR + 4.75%) | 2/18/2029 | 13528358 | 13359253 |
| Parkway Generation, LLC Term Loan C | 8.821%<br> (1 Mo. LIBOR + 4.75%) | 2/18/2029 | 1903488 | 1879694 |
| *Total* |  |  |  | 15238947 |
| **Oil Field Equipment & Services 0.25%** |  |  |  |  |
| Ulterra Drilling Technologies, LP Term Loan B | 9.321%<br> (1 Mo. LIBOR + 5.25%) | 11/26/2025 | 16561518 | 15926632 |
| **Personal & Household Products 0.28%** |  |  |  |  |
| AI Aqua Merger Sub, Inc. 2021 1st Lien Term Loan B | – <sup>(g)</sup> | 7/31/2028 | 19029806 | 18113997 |
| **Pharmaceuticals 1.18%** |  |  |  |  |
| Jazz Financing Lux S.a.r.l. USD Term Loan (Luxembourg)<sup>(b)</sup> | 7.571%<br> (1 Mo. LIBOR + 3.50%) | 5/5/2028 | 33681498 | 33478903 |
| Option Care Health, Inc. 2021 Term Loan B | 6.821%<br> (1 Mo. LIBOR + 2.75%) | 10/27/2028 | 17704535 | 17627078 |
| Packaging Coordinators Midco, Inc. 2020 1st Lien Term Loan | 7.174%<br> (3 Mo. LIBOR + 3.50%) | 11/30/2027 | 26000000 | 25127830 |
| *Total* |  |  |  | 76233811 |
| **Pipelines 0.25%** |  |  |  |  |
| AL NGPL Holdings, LLC Term Loan B | 7.534%<br> (3 Mo. LIBOR + 3.75%) | 4/14/2028 | 16233708 | 16113984 |
| **Retail 2.77%** |  |  |  |  |
| ABG Intermediate Holdings 2 LLC 2021 Term Loan B | 7.321%<br> (1 Mo. LIBOR + 3.25%) | 9/27/2024 | 6710778 | 6666051 |
| ABG Intermediate Holdings 2 LLC 2021 Term Loan B1 | – <sup>(g)</sup> | 12/21/2028 | 21683467 | 21014966 |
| Avient Corporation Term Loan B | 7.344%<br> (3 Mo. Term SOFR + 3.25%) | 8/29/2029 | 8241345 | 8219464 |

---

*See Notes to Financial Statements.* 163

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Retail (continued)** |  |  |  |  |
| Birkenstock GmbH & Co. KG USD Term Loan B (Germany)<sup>(b)</sup> | 7.69%<br> (6 Mo. LIBOR + 3.25% | 4/28/2028 | $16771065 | $16200848 |
| Crocs, Inc. Term Loan B |  | 2/20/2029 | 22639572 | 21924048 |
| Evergreen Acqco 1 LP 2021 USD Term Loan | 9.174%<br> (3 Mo. LIBOR + 5.50% | 4/26/2028 | 13101194 | 12740911 |
| Great Outdoors Group, LLC 2021 Term Loan B1 | 7.821%<br> (1 Mo. LIBOR + 3.75% | 3/6/2028 | 11791255 | 11366770 |
| New Era Cap Co., Inc. 2022 Term Loan B | 9.941%<br> (3 Mo. LIBOR + 6.00% | 7/13/2027 | 9720647 | 9137408 |
| Petco Health and Wellness Company, Inc. 2021 Term Loan B | 6.924%<br> (3 Mo. LIBOR + 3.25% | 3/3/2028 | 18547977 | 18012218 |
| PetSmart, Inc. 2021 Term Loan B | 7.82%<br> (1 Mo. LIBOR + 3.75% | 2/11/2028 | 21729126 | 20960784 |
| Torrid LLC 2021 Term Loan B | 8.871%<br> (6 Mo. LIBOR + 5.50% | 6/14/2028 | 24703535 | 22109664 |
| Tory Burch LLC Term Loan B | 7.321%<br> (1 Mo. LIBOR + 3.25% | 4/16/2028 | 12044603 | 11254176 |
| *Total* |  |  |  | 179607308 |
| **Service 6.38%** |  |  |  |  |
| Amentum Government Services Holdings LLC 2022 Term Loan | 7.206% - 7.56%<br> (3 Mo. Term SOFR + 4.00% | 2/15/2029 | 19784305 | 19524735 |
| APi Group DE, Inc. 2021 Incremental Term Loan B | 6.821%<br> (1 Mo. LIBOR + 2.75% | 1/3/2029 | 11802906 | 11711906 |
| AppLovin Corporation 2018 Term Loan B | 7.321%<br> (1 Mo. LIBOR + 3.25% | 8/15/2025 | 6202965 | 6037377 |
| AppLovin Corporation 2021 Term Loan B | 6.674%<br> (3 Mo. LIBOR + 3.00% | 10/25/2028 | 19758241 | 18591319 |
| Blackhawk Network Holdings, Inc 2018 2nd Lien Term Loan | 10.938%<br> (3 Mo. LIBOR + 7.00% | 6/15/2026 | 14701048 | 13515776 |
| Brown Group Holding, LLC 2022 Incremental Term Loan B2 | 7.837% - 7.84%<br> (1 Mo. Term SOFR + 3.75%<br> (3 Mo.Term SOFR + 3.75% | 7/2/2029 | 9612002 | 9569181 |
| Cengage Learning, Inc. 2021 Term Loan B | 7.814%<br> (6 Mo. LIBOR + 4.75% | 7/14/2026 | 22544192 | 20768837 |
| CMI Marketing, Inc. 2021 First Lien Term Loan B | 8.321%<br> (1 Mo. LIBOR + 4.25% | 3/23/2028 | 2055211 | 1888225 |

---

164 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Service (continued)** |  |  |  |  |
| DTI Holdco, Inc. 2022 Term Loan | 8.844% <br>(3 Mo. Term SOFR + 4.75%) | 4/26/2029 | $17478091 | $16223688 |
| Dun & Bradstreet Corporation (The) 2022 Incremental Term Loan B2 | 7.305% | 1/18/2029 | 19084341 | 18857714 |
| GFL Environmental Inc. 2020 Term Loan (Canada)<sup>(b)</sup> | 7.415%<br> (3 Mo. LIBOR + 3.00%) | 5/30/2025 | 4179365 | 4178780 |
| Harsco Corporation 2021 Term Loan | – <sup>(g)</sup> | 3/10/2028 | 1856204 | 1707708 |
| Instructure Holdings, Inc. 2021 Term Loan B | 6.121%<br> (3 Mo. LIBOR + 2.75%) | 10/30/2028 | 8064249 | 7993687 |
| KUEHG Corp. 2018 Incremental Term Loan | 7.821%<br> (1 Mo. LIBOR + 3.75%) | 2/21/2025 | 26796407 | 25762199 |
| Learning Care Group, Inc. 2018 1st Lien Term Loan | 6.924% - 7.66%<br> (3 Mo. LIBOR + 3.25%) | 3/13/2025 | 7801096 | 7296482 |
| Liftoff Mobile Inc Term Loan | 6.238% <br>(3 Mo. LIBOR + 3.50%) | 3/17/2028 | 1 | 1 |
| Magnite Inc Term Loan | 8.754% - 9.74%<br> (1 Mo. LIBOR + 5.00%) | 4/28/2028 | 17359150 | 16433386 |
| Prime Security Services Borrower, LLC 2021 Term Loan | – <sup>(g)</sup> | 9/23/2026 | 14106475 | 13929297 |
| Red Planet Borrower, LLC Term Loan B | 7.821%<br> (1 Mo. LIBOR + 3.75%) | 10/2/2028 | 25020690 | 15471169 |
| Renaissance Holding Corp. 2018 1st Lien Term Loan | 7.321%<br> (1 Mo. LIBOR + 3.25%) | 5/30/2025 | 9768349 | 9387384 |
| Renaissance Holding Corp. 2018 2nd Lien Term Loan | 11.071%<br> (1 Mo. LIBOR + 7.00%) | 5/29/2026 | 11467831 | 10966113 |
| Sabre GLBL Inc. 2022 1st Lien Term Loan B | 9.187%<br> (1 Mo. Term SOFR + 5.00%) | 6/30/2028 | 18109090 | 17052696 |
| Service Logic Acquisition, Inc Term Loan | 4.75%<br> (3 Mo. LIBOR + 4.00%) | 10/29/2027 | 9831005 | 9437764 |
| Severin Acquisition, LLC 2018 Term Loan B | 7.094% | 8/1/2025 | 12053070 | 11932539 |
| Sophia, L.P. 2021 Term Loan B | 7.174%<br> (3 Mo. LIBOR + 3.50%) | 10/7/2027 | 24629645 | 23779922 |
| SRS Distribution Inc. 2022 Incremental Term Loan | 7.687%<br> (1 Mo. Term SOFR + 3.50%) | 6/2/2028 | 17747038 | 17037157 |
| SSH Group Holdings, Inc. 2018 1st Lien Term Loan | 7.924%<br> (3 Mo. LIBOR + 4.25%) | 7/30/2025 | 19631114 | 19199916 |
| Team Health Holdings, Inc. 2022 Term Loan B | 9.336%<br> (1 Mo. Term SOFR + 5.25%) | 3/2/2027 | 14199735 | 9939815 |

---

*See Notes to Financial Statements.* 165

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Service (continued)** |  |  |  |  |
| Trans Union, LLC 2021 Term Loan B6 | 6.321% <br>(1 Mo. LIBOR + 2.25% | 12/1/2028 | $19656988 | $19359676 |
| Vaco Holdings, LLC 2022 Term Loan | 8.703% - 9.19%<br> (1 Mo. Term SOFR + 5.00% <br> (3 Mo. Term SOFR + 5.00% | 1/21/2029 | 12470363 | 11975477 |
| Weld North Education, LLC 2021 Term Loan B | 7.821%<br> (1 Mo. LIBOR + 3.75% | 12/21/2027 | 13983784 | 13732076 |
| ZoomInfo LLC 2021 Term Loan B | 7.071%<br> (1 Mo. LIBOR + 3.00% | 2/2/2026 | 9949263 | 9896432 |
| *Total* |  |  |  | 413158434 |
| **Software 1.24%** |  |  |  |  |
| Applied Systems, Inc. 2017 1st Lien Term Loan | 6.674%<br> (3 Mo LIBOR + 3.00% | 9/19/2024 | 23600000 | 23573096 |
| ECL Entertainment, LLC Term Loan | 11.571%<br> (1 Mo. LIBOR + 7.50% | 5/1/2028 | 8993694 | 8971209 |
| Playtika Holding Corp 2021 Term Loan | 6.821%<br> (1 Mo. LIBOR + 2.75% | 3/13/2028 | 27359701 | 26727008 |
| Project Alpha Intermediate Holding, Inc. 2021 Term Loan B | 8.08%<br> (1 Mo. LIBOR + 4.00% | 4/26/2024 | 21715193 | 21226601 |
| *Total* |  |  |  | 80497914 |
| **Software/Services 0.44%** |  |  |  |  |
| Proofpoint, Inc. 1st Lien Term Loan | 7.985%<br> (3 Mo. LIBOR + 3.25% | 8/31/2028 | 25098384 | 24223957 |
| Riverbed Technology, Inc. 2021 Exit Term Loan PIK 2.00% | 8.54%<br> (3 Mo. LIBOR + 6.00% | 12/7/2026 | 9765378 | 4129339 |
| *Total* |  |  |  | 28353296 |
| **Specialty Retail 0.11%** |  |  |  |  |
| Chinos Intermediate Holdings A, Inc. Exit Term Loan | 12.415%<br> (3 Mo. LIBOR + 8.00% | 9/10/2027 | 8066611 | 7328516 |
| **Support: Services 0.36%** |  |  |  |  |
| Element Materials Technology Group US Holdings, Inc. 2022 USD Delayed Draw Term Loan<sup>(f)</sup> |  | 7/6/2029 | 7411760 | 7288243 |
| Element Materials Technology Group US Holdings, Inc. 2022 USD Term Loan |  | 7/6/2029 | 16058814 | 15791194 |
| *Total* |  |  |  | 23079437 |

---

166 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Telecommunications 1.56%** |  |  |  |  |
| Carriage Purchaser, Inc. 2021 Term Loan B | 8.321%<br> (1 Mo. LIBOR + 4.25% | 9/30/2028 | $2930497 | $2667851 |
| Chassix Inc. 2017 1st Lien Term Loan | 11.50%<br> (PRIME Rate + 4.50% | 11/15/2023 | 10261753 | 9325368 |
| Drive Chassis HoldCo, LLC 2019 2nd Lien Term Loan | 10.609%<br> (1 Mo. LIBOR + 6.75% | 4/10/2026 | 23891924 | 23847127 |
| Fastlane Parent Company, Inc. 2018 Add On 1st Lien Term Loan | 8.571%<br> (1 Mo. LIBOR + 4.50% | 2/4/2026 | 9584803 | 9337994 |
| Kenan Advantage Group, Inc. 2021 Term Loan B1 | 7.821%<br> (1 Mo. LIBOR + 3.75% | 3/24/2026 | 17847485 | 17440294 |
| Northwest Fiber, LLC 2021 Term Loan | 7.977%<br> (3 Mo. LIBOR + 3.75% | 4/30/2027 | 12887545 | 12613685 |
| Truck Hero, Inc. 2021 Term Loan B | 7.821%<br> (1 Mo. LIBOR + 3.75% | 1/31/2028 | 18709425 | 15893656 |
| Wand NewCo 3, Inc. 2020 Term Loan | 7.071%<br> (1 Mo. LIBOR + 3.00% | 2/5/2026 | 10413690 | 9952520 |
| *Total* |  |  |  | 101078495 |
| **Utility 1.17%** |  |  |  |  |
| Astoria Energy LLC 2020 Term Loan B | 7.571%<br> (1 Mo. LIBOR + 3.50% | 12/10/2027 | 10033167 | 9909859 |
| Brookfield WEC Holdings Inc. 2021 Term Loan | 6.821%<br> (1 Mo. LIBOR + 2.75% | 8/1/2025 | 18081441 | 17775413 |
| Calpine Construction Finance Company, L.P. 2017 Term Loan B | 6.071%<br> (1 Mo. LIBOR + 2.00% | 1/15/2025 | 7346511 | 7299677 |
| Generation Bridge Acquisition, LLC Term Loan B | 8.674%<br> (3 Mo. LIBOR + 5.00% | 12/1/2028 | 15374268 | 15278178 |
| Generation Bridge Acquisition, LLC Term Loan C | 8.674%<br> (3 Mo. LIBOR + 5.00% | 12/1/2028 | 322718 | 320701 |
| Pacific Gas & Electric Company 2020 Term Loan | 7.125%<br> (1 Mo. LIBOR + 3.00% | 6/23/2025 | 8176530 | 8071748 |
| Pike Corporation 2021 Incremental Term Loan B |  | 1/21/2028 | 6000000 | 5892181 |
| USIC Holdings, Inc. 2021 Term Loan | 7.571%<br> (1 Mo. LIBOR + 3.50% | 5/12/2028 | 11389224 | 10950227 |
| *Total* |  |  |  | 75497984 |
| *Total Floating Rate Loans* (cost $5,368,528,808) |  |  |  | 5154549097 |

---

*See Notes to Financial Statements.* 167

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Dividend<br> Rate** | **Dividend<br> Rate** | | **Shares** | **Fair<br> Value** |
| **PREFERRED STOCKS 0.48%** |  |  |  |  |  |
| **Transportation Infrastructure** |  |  |  |  |  |
| ACBL Holdings Corp. Series A | Zero Coupon | Zero Coupon |  | 339592 | $8744494 |
| ACBL Holdings Corp. Series B | Zero Coupon | Zero Coupon |  | 444753 | 22237650 |
| *Total Preferred Stocks* (cost $19,608,625) |  |  |  |  | 30982144 |
|  |  | **Exercise**<br> **Price** | **Expiration<br> Date** |  |  |
| **WARRANTS 0.01%** |  |  |  |  |  |
| **Machinery 0.00%** |  |  |  |  |  |
| TNT Crane & Rigging, Inc.\* |  | $4.00 | 10/16/2025 | 12651 | 4428 |
| **Miscellaneous Financials 0.01%** |  |  |  |  |  |
| UTEX Industries, Inc.\* |  | 114.76 | 12/3/2025 | 57340 | 521220 <sup>(c)</sup> |
| **Specialty Retail 0.00%** |  |  |  |  |  |
| Chinos Intermediate Holdings A, Inc.\* |  | 3.50 |  | 147340 | 464121 |
| *Total Warrants* (cost $652,304) |  |  |  |  | 989769 |
| *Total Long-Term Investments* (cost $6,212,450,031) | *Total Long-Term Investments* (cost $6,212,450,031) |  |  |  | 5970826169 |
|  |  |  |  | **Principal**<br> **Amount** |  |
| **SHORT-TERM INVESTMENTS 10.98%** |  |  |  |  |  |
| **REPURCHASE AGREEMENTS 9.98%** |  |  |  |  |  |
| Repurchase Agreement dated 11/30/2022, 3.820% due 12/1/2022 with Barclays Bank plc collateralized by $613,496,000 of U.S. Treasury Bond at 2.875% due 5/15/2052; value: $509,999,225; proceeds: $500,052,295 (cost $499,999,240) | Repurchase Agreement dated 11/30/2022, 3.820% due 12/1/2022 with Barclays Bank plc collateralized by $613,496,000 of U.S. Treasury Bond at 2.875% due 5/15/2052; value: $509,999,225; proceeds: $500,052,295 (cost $499,999,240) | Repurchase Agreement dated 11/30/2022, 3.820% due 12/1/2022 with Barclays Bank plc collateralized by $613,496,000 of U.S. Treasury Bond at 2.875% due 5/15/2052; value: $509,999,225; proceeds: $500,052,295 (cost $499,999,240) |  | &nbsp;&nbsp;&nbsp;&nbsp;$499999240 | 499999240 |
| Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $156,043,900 of U.S. Treasury Note at 0.75% due 12/31/2023; value: $149,418,120; proceeds: $146,495,454 (cost $146,488,333) | Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $156,043,900 of U.S. Treasury Note at 0.75% due 12/31/2023; value: $149,418,120; proceeds: $146,495,454 (cost $146,488,333) | Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $156,043,900 of U.S. Treasury Note at 0.75% due 12/31/2023; value: $149,418,120; proceeds: $146,495,454 (cost $146,488,333) |  | 146488333 | 146488333 |
| Total |  |  |  |  | 646487573 |

---

168 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Money Market Funds 0.90%** |  |  |
| Fidelity Government Portfolio<sup>(m)</sup> (cost $58,600,823) | 58600823 | $58600823 |
| **Time Deposits 0.10%** |  |  |
| CitiBank N.A.<sup>(m)</sup> (cost $6,511,203) | 6511203 | 6511203 |
| *Total Short-Term Investments* (cost $711,599,599) |  | 711599599 |
| *Total Investments in Securities 103.13%* (cost $6,924,049,630) |  | 6682425768 |
| *Less Unfunded Loan Commitments (0.22%)* (cost $14,634,771) |  | (14076243) |
| *Net Investments in Securities 102.91%* (cost $6,909,414,859) |  | 6668349525 |
| *Other Assets and Liabilities – Net<sup>(n)</sup> (2.91)%* |  | (188931487) |
| *Net Assets 100.00%* |  | $6479418038 |

---

---

| | |
|:---|:---|
| EUR | Euro. |
| ETF | Exchange Traded Fund. |
| EURIBOR | Euro Interbank Offered Rate. |
| LIBOR | London Interbank Offered Rate. |
| PIK | Payment-in-kind. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2022, the total value of Rule 144A securities was $510,467,202, which represents 7.88% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2022. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(c)</sup> | Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security fair valued by the Pricing Committee. |
| <sup>(d)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(e)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate ("LIBOR") or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2022. |
| <sup>(f)</sup> | Security partially/fully unfunded. See Note (2(o)). |
| <sup>(g)</sup> | Interest rate to be determined. |
| <sup>(h)</sup> | Level 3 Investment as described in Note 2(t) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation. |
| <sup>(i)</sup> | Value is less than $1. |
| <sup>(j)</sup> | Level 3 Investment as described in Note 2(t) in the Notes to Financials. Floating Rate Loan fair valued by the Pricing Committee. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation. |

---

*See Notes to Financial Statements.* 169

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

<sup>(k)</sup> Investment in non-U.S. dollar denominated securities.

<sup>(l)</sup> Defaulted (non-income producing security).

<sup>(m)</sup> Security was purchased with the cash collateral from loaned securities.

<sup>(n)</sup> Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows:

**Centrally Cleared Interest Rate Swap Contracts at November 30, 2022:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation** |
| Bank of America<sup>(1)</sup> | 4.720% | 12-Month USD SOFR Index | 3/25/2024 | $5000000 | $591 |
| Bank of America<sup>(1)</sup> | 4.715% | 12-Month USD SOFR Index | 4/1/2024 | 18894000 | 1738 |
| Bank of America<sup>(1)</sup> | 2.534% | 12-Month USD SOFR Index | 5/1/2028 | 9064000 | 431308 |
| Bank of America<sup>(1)</sup> | 2.498% | 12-Month USD SOFR Index | 10/15/2029 | 6503000 | 361926 |
| Bank of America<sup>(1)</sup> | 2.496% | 12-Month USD SOFR Index | 12/1/2028 | 9176000 | 477195 |
| Bank of America<sup>(1)</sup> | 2.489% | 12-Month USD SOFR Index | 8/1/2029 | 9592000 | 531293 |
| Bank of America<sup>(1)</sup> | 2.476% | 12-Month USD SOFR Index | 10/1/2029 | 13498000 | 767246 |
| Bank of America<sup>(1)</sup> | 2.463% | 12-Month USD SOFR Index | 2/1/2030 | 11052000 | 652263 |
| Bank of America<sup>(1)</sup> | 1.225% | 12-Month USD SOFR Index | 1/15/2030 | 12445000 | 1696827 |
| Bank of America<sup>(1)</sup> | 1.220% | 12-Month USD SOFR Index | 10/15/2029 | 9775000 | 1300263 |
| Bank of America<sup>(1)</sup> | 1.152% | 12-Month USD SOFR Index | 10/15/2028 | 10098000 | 1233335 |
| Bank of America<sup>(1)</sup> | 0.493% | 3-Month USD LIBOR Index | 9/15/2024 | 21286000 | 1556529 |
| *Total Unrealized Appreciation on Centrally Cleared Interest Rate Swap Contracts* | *Total Unrealized Appreciation on Centrally Cleared Interest Rate Swap Contracts* | *Total Unrealized Appreciation on Centrally Cleared Interest Rate Swap Contracts* |  |  | $9010514 |

---

170 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Depreciation** |
| Bank of America<sup>(1)</sup> | 4.694% | 12-Month USD SOFR Index | 6/1/2024 | $10000000 | $(7290) |
| Bank of America<sup>(1)</sup> | 4.611% | 12-Month USD SOFR Index | 11/1/2024 | 15229000 | (50936) |
| Bank of America<sup>(1)</sup> | 4.550% | 12-Month USD SOFR Index | 1/15/2025 | 12358000 | (62254) |
| Bank of America<sup>(1)</sup> | 4.536% | 12-Month USD SOFR Index | 2/1/2025 | 11777000 | (63609) |
| Bank of America<sup>(1)</sup> | 4.526% | 12-Month USD SOFR Index | 2/15/2025 | 4384000 | (25051) |
| Bank of America<sup>(1)</sup> | 4.524% | 12-Month USD SOFR Index | 2/15/2025 | 12422000 | (70511) |
| Bank of America<sup>(1)</sup> | 4.494% | 12-Month USD SOFR Index | 4/1/2025 | 8021000 | (52565) |
| Bank of America<sup>(1)</sup> | 4.490% | 12-Month USD SOFR Index | 4/15/2025 | 13707000 | (95404) |
| Bank of America<sup>(1)</sup> | 4.486% | 12-Month USD SOFR Index | 4/15/2025 | 12295000 | (84695) |
| Bank of America<sup>(1)</sup> | 4.486% | 12-Month USD SOFR Index | 4/15/2025 | 3435000 | (23654) |
| Bank of America<sup>(1)</sup> | 4.477% | 12-Month USD SOFR Index | 5/1/2025 | 22480000 | (162751) |
| Bank of America<sup>(1)</sup> | 4.468% | 12-Month USD SOFR Index | 5/15/2025 | 9698000 | (73113) |
| Bank of America<sup>(1)</sup> | 4.468% | 12-Month USD SOFR Index | 5/15/2025 | 9777000 | (73679) |
| Bank of America<sup>(1)</sup> | 4.447% | 12-Month USD SOFR Index | 6/15/2025 | 10010000 | (81868) |
| Bank of America<sup>(1)</sup> | 4.447% | 12-Month USD SOFR Index | 6/15/2025 | 10186000 | (83314) |
| Bank of America<sup>(1)</sup> | 4.447% | 12-Month USD SOFR Index | 6/15/2025 | 9830000 | (80452) |
| Bank of America<sup>(1)</sup> | 4.447% | 12-Month USD SOFR Index | 6/15/2025 | 4413000 | (36089) |
| Bank of America<sup>(1)</sup> | 4.440% | 12-Month USD SOFR Index | 6/25/2025 | 12041000 | (100380) |
| Bank of America<sup>(1)</sup> | 4.435% | 12-Month USD SOFR Index | 7/1/2025 | 19357000 | (163020) |
| Bank of America<sup>(1)</sup> | 4.418% | 12-Month USD SOFR Index | 8/1/2025 | 15235000 | (137484) |
| Bank of America<sup>(1)</sup> | 4.389% | 12-Month USD SOFR Index | 9/15/2025 | 9622000 | (95162) |
| Bank of America<sup>(1)</sup> | 4.374% | 12-Month USD SOFR Index | 10/15/2025 | 12405000 | (132198) |

---

*See Notes to Financial Statements.* 171

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Depreciation** |
| Bank of America<sup>(1)</sup> | 4.302% | 12-Month USD SOFR Index | 2/15/2026 | $7278000 | $(96335) |
| Bank of America<sup>(1)</sup> | 4.301% | 12-Month USD SOFR Index | 2/15/2026 | 12040000 | (159331) |
| Bank of America<sup>(1)</sup> | 4.300% | 12-Month USD SOFR Index | 2/15/2026 | 8440000 | (111387) |
| Bank of America<sup>(1)</sup> | 4.265% | 12-Month USD SOFR Index | 5/1/2026 | 12207000 | (175802) |
| Bank of America<sup>(1)</sup> | 4.233% | 12-Month USD SOFR Index | 7/15/2026 | 9420000 | (148202) |
| Bank of America<sup>(1)</sup> | 4.217% | 12-Month USD SOFR Index | 8/15/2026 | 7668000 | (124636) |
| Bank of America<sup>(1)</sup> | 4.214% | 12-Month USD SOFR Index | 9/1/2026 | 7970000 | (132493) |
| Bank of America<sup>(1)</sup> | 4.203% | 12-Month USD SOFR Index | 10/15/2026 | 3011000 | (53033) |
| Bank of America<sup>(1)</sup> | 3.993% | 12-Month USD SOFR Index | 2/15/2027 | 10000000 | (134329) |
| Bank of America<sup>(1)</sup> | 3.974% | 12-Month USD SOFR Index | 4/1/2027 | 5947000 | (81534) |
| Bank of America<sup>(1)</sup> | 3.940% | 12-Month USD SOFR Index | 8/15/2027 | 8911000 | (136909) |
| Bank of America<sup>(1)</sup> | 3.913% | 12-Month USD SOFR Index | 10/15/2027 | 10370000 | (160776) |
| Bank of America<sup>(1)</sup> | 3.890% | 12-Month USD SOFR Index | 7/15/2028 | 4603000 | (92382) |
| Bank of America<sup>(1)</sup> | 3.875% | 12-Month USD SOFR Index | 5/1/2028 | 7347000 | (131743) |
| Bank of America<sup>(1)</sup> | 3.862% | 12-Month USD SOFR Index | 8/1/2028 | 9920000 | (187547) |
| Bank of America<sup>(1)</sup> | 3.858% | 12-Month USD SOFR Index | 5/1/2028 | 9230000 | (157850) |
| Bank of America<sup>(1)</sup> | 3.816% | 12-Month USD SOFR Index | 3/1/2029 | 6350000 | (129649) |
| Bank of America<sup>(1)</sup> | 3.803% | 12-Month USD SOFR Index | 6/30/2029 | 9216000 | (199966) |
| Bank of America<sup>(1)</sup> | 3.766% | 12-Month USD SOFR Index | 4/1/2030 | 8462000 | (202382) |
| Bank of America<sup>(1)</sup> | 3.760% | 12-Month USD SOFR Index | 1/15/2030 | 1916000 | (42845) |
| *Total Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts* | *Total Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts* | *Total Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts* |  |  | $(4414610) |

---

<sup>(1)</sup> Central clearinghouse: Chicago Mercantile Exchange (CME).

172 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

**Total Return Swap Contracts at November 30, 2022:**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Refer-<br> enced<br> Index\*** | **Referenced<br> Spread** | **Units** | **Position** | **Termi-<br> nation<br> Date** | **Notional<br> Amount** | **Upfront<br>Payment** | **Value** | **Unrealized<br> Appreciation** |
| Barclays Bank plc | IBOXX | 12-Month USD SOFR Index | 296591 | Long | 12/20/2022 | $52200000 | $(420) | $1002971 | $1003391 |
| Barclays Bank plc | IBOXX | 12-Month USD SOFR Index | 550562 | Long | 3/20/2023 | 98000000 | 2071 | 192697 | 190626 |
| Barclays Bank plc | IBOXX | 12-Month USD SOFR Index | 325843 | Long | 12/20/2022 | 58000000 | (675) | 450205 | 450880 |
| Morgan Stanley | IBOXX | 12-Month USD SOFR Index | 312234 | Long | 12/20/2022 | 55000000 | (1) | 1009035 | 1009036 |
| Morgan Stanley | IBOXX | 12-Month USD SOFR Index | 580791 | Long | 12/20/2022 | 102800000 | (877) | 1383250 | 1384127 |
| Morgan Stanley | IBOXX | 12-Month USD SOFR Index | 226308 | Long | 12/20/2022 | 40000000 | (1220) | 595569 | 596789 |
| *Total* |  |  |  |  |  | $406000000 | $(1122) | $4633727 | $4634849 |

---

\* iBoxx Leveraged Loan Index <br> SOFR Secured Overnight Financing Rate.

**Forward Foreign Currency Exchange Contracts at November 30, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Appreciation** |
| Euro | Buy | Morgan Stanley | 12/12/2022 | 16567000 | $16465250 | $17252576 | $787326 |
| Euro | Buy | Morgan Stanley | 12/12/2022 | 2801000 | 2757350 | 2916911 | 159561 |
| Euro | Buy | Standard Chartered Bank | 12/12/2022 | 2000000 | 2010364 | 2082764 | 72400 |
| *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* |  |  | $1019287 |
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| Euro | Sell | State Street Bank and Trust | 12/12/2022 | 53397000 | $53698693 | $55606675 | $(1907982) |
| Euro | Sell | State Street Bank and Trust | 12/12/2022 | 1468000 | 1472304 | 1528749 | (56445) |
| *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* |  |  | $(1964427) |

---

*See Notes to Financial Statements.* 173

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2022*

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $35730689 | $– | $35730689 |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric-Generation |  |  | 3145 | 3145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 35391049 |  | 35391049 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds |  | 7559819 |  | 7559819 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining |  |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 613017950 |  | 613017950 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 92602502 |  |  | 92602502 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric: Generation |  | 39310039 | 3679595 | 42989634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial |  | 326872652 | 6483153 | 333355805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food/Tobacco |  |  | –<sup>(3)</sup> | –<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming/Leisure |  | 282281126 | 37022155 | 319303281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology |  | 745902362 | 27559307 | 773461669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manufacturing |  | 435929835 | 4434935 | 440364770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 3245073938 |  | 3245073938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less Unfunded Commitments |  | (14076243) |  | (14076243) |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  | 30982144 |  | 30982144 |
| &nbsp;&nbsp;&nbsp;Warrants |  | 468549 | 521220 | 989769 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 646487573 |  | 646487573 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 58600823 |  |  | 58600823 |
| &nbsp;&nbsp;&nbsp;Time Deposits | – | 6511203 | – | 6511203 |
| Total | $151203325 | $6437442685 | $79703515 | $6668349525 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $9010514 | $– | $9010514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (4414610) |  | (4414610) |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 4633727 |  | 4633727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 1019287 |  | 1019287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | (1964427) | – | (1964427) |
| Total | $– | $8284491 | $– | $8284491 |

---

<sup>(1)</sup> Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy.

<sup>(3)</sup> Value is less than $1

174 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

FLOATING RATE FUND *November 30, 2022*

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Common<br> Stocks** | **Corporate<br> Bonds** | **Floating<br> Rate<br> Loans** | **Warrants** |
| **Balance as of December 1, 2021** | $– | 5 | $95929131 | $– |
| Accrued Discounts (Premiums) |  |  | 264053 |  |
| Realized Gain (Loss) |  |  | (3706425) |  |
| Change in Unrealized Appreciation (Depreciation) | (455528) |  | (1081987) | 377870 |
| Purchases |  |  | 94040980 |  |
| Sales |  |  | (78661233) |  |
| Transfers into Level 3(a) | 458673 |  | 1625314 | 143350 |
| Transfers out of Level 3(a) | – | – | (29230688) | – |
| **Balance as of November 30, 2022** | $3145 | $5 | $79179145 | $521220 |
| **Change in unrealized appreciation/depreciation for the year ended November 30, 2022, related to Level 3 investments held at November 30, 2022** | $(455528) | $– | $(1083435) | $377870 |

---

<sup>(a)</sup> The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with the valuation methodology.

 

*See Notes to Financial Statements.* 175

**Schedule of Investments**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 97.70%** |  |  |  |  |
| **ASSET-BACKED SECURITIES 0.33%** |  |  |  |  |
| **Other** |  |  |  |  |
| Perimeter Master Note Business Trust | 8.13% | 5/15/2027 | $5000000 | $4565185 |
| Perimeter Master Note Business Trust | 5.19% | 5/15/2027 | 12000000 | 10964904 |
| *Total Asset-Backed Securities* (cost $16,979,923) |  |  |  | 15530089 |
|  |  |  | **Shares** |  |
| **COMMON STOCKS 2.94%** |  |  |  |  |
| **Auto Components 0.07%** |  |  |  |  |
| Chassix Holdings, Inc. |  |  | 159596 | 3431314 |
| **Banks 0.00%** |  |  |  |  |
| Sable Bighorn, LLC |  |  | 5602 | 16453 <sup>(a)</sup> |
| **Beverages 0.11%** |  |  |  |  |
| Celsius Holdings, Inc.\* |  |  | 44889 | 4997941 |
| **Biotechnology 0.26%** |  |  |  |  |
| Karuna Therapeutics, Inc.\* |  |  | 20657 | 4860799 |
| Krystal Biotech, Inc.\* |  |  | 92509 | 7191649 |
| *Total* |  |  |  | 12052448 |
| **Commercial Banks 0.10%** |  |  |  |  |
| Cullen/Frost Bankers, Inc. |  |  | 32352 | 4693305 |
| **Commercial Services & Supplies 0.10%** |  |  |  |  |
| Tetra Tech, Inc. |  |  | 29849 | 4614357 |
| **Electrical Equipment 0.10%** |  |  |  |  |
| Shoals Technologies Group, Inc. Class A\* |  |  | 166155 | 4813510 |
| **Electric-Generation 0.00%** |  |  |  |  |
| Frontera Generation Holdings LLC |  |  | 87622 | 1314 <sup>(b)</sup> |
| **Electronic Equipment, Instruments & Components 0.10%** |  |  |  |  |
| Badger Meter, Inc. |  |  | 40457 | 4685730 |
| **Food Products 0.17%** |  |  |  |  |
| Vita Coco Co., Inc. (The)\*<sup>(c)</sup> |  |  | 660353 | 7818580 |
| **Health Care Equipment & Supplies 0.11%** |  |  |  |  |
| Silk Road Medical, Inc.\* |  |  | 93771 | 4993306 |

---

 

176 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Health Care Providers & Services 0.10%** |  |  |
| Cross Country Healthcare, Inc.\* | 133320 | $4770190 |
| **Hotels, Restaurants & Leisure 0.28%** |  |  |
| Melco Resorts & Entertainment Ltd. ADR\*<sup>(d)</sup> | 969907 | 8273306 |
| Wingstop, Inc. | 29631 | 4904227 |
| *Total* |  | 13177533 |
| **Interactive Media & Services 0.21%** |  |  |
| Aerojet Rocketdyne Holdings, Inc.\* | 92136 | 4791072 |
| Pinterest, Inc. Class A\* | 192999 | 4906035 |
| *Total* |  | 9697107 |
| **Internet & Direct Marketing Retail 0.21%** |  |  |
| Coupang, Inc. (South Korea)\*<sup>(d)</sup> | 255216 | 4971608 |
| Netflix, Inc.\* | 15905 | 4859454 |
| *Total* |  | 9831062 |
| **Machinery 0.00%** |  |  |
| TNT Crane & Rigging, Inc. | 14844 | 120607 |
| **Metals & Mining 0.10%** |  |  |
| Sibanye Stillwater Ltd. ADR<sup>(d)</sup> | 431517 | 4837306 |
| **Miscellaneous Financials 0.07%** |  |  |
| UTEX Industries, Inc. | 49219 | 3346892 |
| **Oil, Gas & Consumable Fuels 0.09%** |  |  |
| Earthstone Energy, Inc. Class A\* | 2722 | 43117 |
| Patterson-UTI Energy, Inc. | 239093 | 4291719 |
| *Total* |  | 4334836 |
| **Personal Products 0.14%** |  |  |
| Britax Group Ltd. | 2481 | – <sup>(b)(e)</sup> |
| Gibson Brands Private Equity | 56761 | 6669417 |
| Revlon, Inc. | 701653 | 133104 <sup>(a)</sup> |
| *Total* |  | 6802521 |
| **Pharmaceuticals 0.11%** |  |  |
| Harmony Biosciences Holdings, Inc.\* | 84507 | 5050983 |
| **Semiconductors & Semiconductor Equipment 0.10%** |  |  |
| First Solar, Inc.\* | 28266 | 4876733 |

---

*See Notes to Financial Statements.* 177

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | | | **Shares** | **Fair<br> Value** |
| **Specialty Retail 0.18%** | |  |  |  |
| Chinos Intermediate Holdings A, Inc. |  |  | 47809 | $482871 |
| Claires Holdings LLC |  |  | 7482 | 2992644 <sup>(b)</sup> |
| Warby Parker, Inc. Class A\*<sup>(c)</sup> |  |  | 296268 | 5045444 |
| *Total* |  |  |  | 8520959 |
| **Textiles, Apparel & Luxury Goods 0.10%** |  |  |  |  |
| Moncler SpA<sup>(d)(f)</sup> |  |  | 91546 | 4771746 |
| **Trading Companies & Distributors 0.11%** |  |  |  |  |
| Applied Industrial Technologies, Inc. |  |  | 37766 | 5003617 |
| **Transportation Infrastructure 0.02%** |  |  |  |  |
| ACBL Holdings Corp. |  |  | 22227 | 866853 |
| *Total Common Stocks* (cost $136,583,825) |  |  |  | 138127203 |
|  | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** |  |
| **CONVERTIBLE BONDS 0.92%** |  |  |  |  |
| **Biotechnology 0.15%** |  |  |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>†</sup> | 1.00% | 9/15/2027 | $6965000 | 7240117 |
| **Computers 0.10%** |  |  |  |  |
| Parsons Corp. | 0.25% | 8/15/2025 | 3919000 | 4683205 |
| **Electric 0.10%** |  |  |  |  |
| Ormat Technologies, Inc.<sup>†</sup> | 2.50% | 7/15/2027 | 3855000 | 4591305 |
| **Internet 0.27%** |  |  |  |  |
| Sea Ltd. (Singapore)<sup>(d)</sup> | 0.25% | 9/15/2026 | 10400000 | 7800000 |
| World Wrestling Entertainment, Inc. | 3.375% | 12/15/2023 | 1487000 | 4792601 |
| *Total* |  |  |  | 12592601 |
| **Pharmaceuticals 0.10%** |  |  |  |  |
| Neurocrine Biosciences, Inc. | 2.25% | 5/15/2024 | 2746000 | 4631129 |
| **Semiconductors 0.10%** |  |  |  |  |
| ON Semiconductor Corp. | Zero Coupon | 5/1/2027 | 3195000 | 4907520 |
| **Software 0.10%** |  |  |  |  |
| Ceridian HCM Holding, Inc. | 0.25% | 3/15/2026 | 5380000 | 4747850 |
| *Total Convertible Bonds* (cost $42,071,586) |  |  |  | 43393727 |

---

178 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **CORPORATE BONDS 90.05%** |  |  |  |  |
| **Advertising 0.28%** |  |  |  |  |
| Lamar Media Corp. | 3.75% | 2/15/2028 | $5163000 | $4672309 |
| National CineMedia LLC<sup>†</sup> | 5.875% | 4/15/2028 | 11473000 | 4031306 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>†</sup> | 4.25% | 1/15/2029 | 5315000 | 4443340 |
| *Total* |  |  |  | 13146955 |
| **Aerospace/Defense 2.01%** |  |  |  |  |
| Bombardier, Inc. (Canada)<sup>†(d)</sup> | 6.00% | 2/15/2028 | 10638000 | 9988763 |
| BWX Technologies, Inc.<sup>†</sup> | 4.125% | 4/15/2029 | 5179000 | 4566661 |
| Howmet Aerospace, Inc. | 3.00% | 1/15/2029 | 6118000 | 5177204 |
| Howmet Aerospace, Inc. | 5.95% | 2/1/2037 | 6842000 | 6475657 |
| Spirit AeroSystems, Inc. | 9.375% | 11/30/2029 | 9061000 | 9548029 |
| TransDigm, Inc. | 4.625% | 1/15/2029 | 25754000 | 22690562 |
| TransDigm, Inc. | 5.50% | 11/15/2027 | 21086000 | 19909296 |
| TransDigm, Inc.<sup>†</sup> | 6.25% | 3/15/2026 | 11585000 | 11542715 |
| Triumph Group, Inc.<sup>†</sup> | 6.25% | 9/15/2024 | 4845000 | 4608951 |
| *Total* |  |  |  | 94507838 |
| **Agriculture 0.53%** |  |  |  |  |
| Darling Ingredients, Inc.<sup>†</sup> | 5.25% | 4/15/2027 | 3876000 | 3755553 |
| Darling Ingredients, Inc.<sup>†</sup> | 6.00% | 6/15/2030 | 11183000 | 10918410 |
| Kernel Holding SA (Ukraine)<sup>†(d)</sup> | 6.50% | 10/17/2024 | 7288000 | 3279600 |
| Kernel Holding SA (Ukraine)<sup>†(d)</sup> | 6.75% | 10/27/2027 | 2967000 | 1290645 |
| MHP Lux SA (Luxembourg)<sup>†(d)</sup> | 6.25% | 9/19/2029 | 11792000 | 5575075 |
| *Total* |  |  |  | 24819283 |
| **Airlines 2.23%** |  |  |  |  |
| Air Canada (Canada)<sup>†(d)</sup> | 3.875% | 8/15/2026 | 14035000 | 12859588 |
| Allegiant Travel Co.<sup>†</sup> | 7.25% | 8/15/2027 | 6432000 | 6273355 |
| American Airlines Group, Inc.<sup>†</sup> | 3.75% | 3/1/2025 | 7273000 | 6376096 |
| American Airlines, Inc.<sup>†</sup> | 11.75% | 7/15/2025 | 16877000 | 18764742 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>†</sup> | 5.75% | 4/20/2029 | 8840146 | 8239144 |
| Azul Investments LLP<sup>†</sup> | 7.25% | 6/15/2026 | 13609000 | 9313724 |
| Delta Air Lines, Inc. | 3.75% | 10/28/2029 | 11924000 | 10232044 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>†</sup> | 4.75% | 10/20/2028 | 4945000 | 4690766 |
| Hawaiian Brand Intellectual Property Ltd./ HawaiianMiles Loyalty Ltd.<sup>†</sup> | 5.75% | 1/20/2026 | 8322471 | 7897900 |

---

*See Notes to Financial Statements.* 179

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Airlines (continued)** |  |  |  |  |  |
| United Airlines, Inc.<sup>†</sup> | 4.375% |  | 4/15/2026 | $9711000 | $9050897 |
| United Airlines, Inc.<sup>†</sup> | 4.625% |  | 4/15/2029 | 12418000 | 11067692 |
| *Total* |  |  |  |  | 104765948 |
| **Apparel 0.79%** |  |  |  |  |  |
| BK LC Lux Finco1 Sarl<sup>(d)(f)</sup> | 5.25% |  | 4/30/2029 | 8934000 | 8343807 |
| Crocs, Inc.<sup>†</sup> | 4.125% |  | 8/15/2031 | $12078000 | 9671821 |
| Kontoor Brands, Inc.<sup>†</sup> | 4.125% |  | 11/15/2029 | 6677000 | 5449405 |
| Levi Strauss & Co.<sup>†</sup> | 3.50% |  | 3/1/2031 | 12740000 | 10474978 |
| William Carter Co. (The)<sup>†</sup> | 5.625% |  | 3/15/2027 | 3448000 | 3312332 |
| *Total* |  |  |  |  | 37252343 |
| **Auto Manufacturers 2.27%** |  |  |  |  |  |
| Allison Transmission, Inc.<sup>†</sup> | 3.75% |  | 1/30/2031 | 8420000 | 7064043 |
| Ford Motor Co. | 3.25% |  | 2/12/2032 | 30141000 | 23870461 |
| Ford Motor Co. | 6.10% |  | 8/19/2032 | 9457000 | 9085980 |
| Ford Motor Credit Co. LLC | 2.90% |  | 2/10/2029 | 35868000 | 29641674 |
| Ford Motor Credit Co. LLC | 4.00% |  | 11/13/2030 | 23214000 | 19664347 |
| Ford Motor Credit Co. LLC | 7.35% |  | 11/4/2027 | 4719000 | 4909600 |
| Jaguar Land Rover Automotive plc (United Kingdom)<sup>†(d)</sup> | 4.50% |  | 10/1/2027 | 7419000 | 5680303 |
| Wabash National Corp.<sup>†</sup> | 4.50% |  | 10/15/2028 | 7647000 | 6475700 |
| *Total* |  |  |  |  | 106392108 |
| **Auto Parts & Equipment 0.24%** |  |  |  |  |  |
| American Axle & Manufacturing, Inc. | 5.00% |  | 10/1/2029 | 5365000 | 4678156 |
| Clarios Global LP<sup>†</sup> | 6.75% |  | 5/15/2025 | 3493000 | 3495506 |
| Real Hero Merger Sub 2, Inc.<sup>†</sup> | 6.25% |  | 2/1/2029 | 4369000 | 3022037 |
| *Total* |  |  |  |  | 11195699 |
| **Banks 0.67%** |  |  |  |  |  |
| Intesa Sanpaolo SpA (Italy)<sup>†(d)</sup> | 4.198%<br> (1 Yr. Treasury CMT + 2.60% |)<sup>#</sup> | 6/1/2032 | 6414000 | 4735844 |
| Synovus Financial Corp. | 5.90%<br> (5 Yr Swap rate + 3.38% |)<sup>#</sup> | 2/7/2029 | 11205000 | 10960287 |
| Texas Capital Bancshares, Inc. | 4.00%<br> (5 Yr. Treasury CMT + 3.15% |)<sup>#</sup> | 5/6/2031 | 9075000 | 7957744 |
| Texas Capital Bank NA | 5.25% |  | 1/31/2026 | 8402000 | 7972033 |
| *Total* |  |  |  |  | 31625908 |

---

180 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Beverages 0.10%** |  |  | | |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (Guatemala)<sup>†(d)</sup> | 5.25% | 4/27/2029 | $5385000 | $4860797 |
| **Biotechnology 0.26%** |  |  |  |  |
| Grifols Escrow Issuer SA (Spain)<sup>†(d)</sup> | 4.75% | 10/15/2028 | 14691000 | 12361595 |
| **Building Materials 1.25%** |  |  |  |  |
| Boise Cascade Co.<sup>†</sup> | 4.875% | 7/1/2030 | 5346000 | 4597223 |
| Builders FirstSource, Inc.<sup>†</sup> | 6.375% | 6/15/2032 | 10458000 | 9674146 |
| Eco Material Technologies, Inc.<sup>†</sup> | 7.875% | 1/31/2027 | 7139000 | 6802039 |
| JELD-WEN, Inc.<sup>†</sup> | 4.875% | 12/15/2027 | 5843000 | 4584593 |
| MIWD Holdco II LLC/MIWD Finance Corp.<sup>†</sup> | 5.50% | 2/1/2030 | 6915000 | 5678563 |
| New Enterprise Stone & Lime Co., Inc.<sup>†</sup> | 9.75% | 7/15/2028 | 1902000 | 1756050 |
| PGT Innovations, Inc.<sup>†</sup> | 4.375% | 10/1/2029 | 5700000 | 4807694 |
| Smyrna Ready Mix Concrete LLC<sup>†</sup> | 6.00% | 11/1/2028 | 3020000 | 2693296 |
| Standard Industries, Inc.<sup>†</sup> | 3.375% | 1/15/2031 | 8976000 | 6895045 |
| Summit Materials LLC/Summit Materials Finance Corp.<sup>†</sup> | 5.25% | 1/15/2029 | 5146000 | 4756191 |
| Victors Merger Corp.<sup>†</sup> | 6.375% | 5/15/2029 | 10385000 | 6657745 |
| *Total* |  |  |  | 58902585 |
| **Chemicals 2.41%** |  |  |  |  |
| ASP Unifrax Holdings, Inc.<sup>†</sup> | 5.25% | 9/30/2028 | 7756000 | 6414212 |
| CVR Partners LP/CVR Nitrogen Finance Corp.<sup>†</sup> | 6.125% | 6/15/2028 | 12501000 | 11300466 |
| INEOS Quattro Finance 2 Plc<sup>(d)(f)</sup> | 2.50% | 1/15/2026 | 5060000 | 4648506 |
| Ingevity Corp.<sup>†</sup> | 3.875% | 11/1/2028 | $12151000 | 10371608 |
| Iris Holding, Inc.<sup>†</sup> | 10.00% | 12/15/2028 | 12081000 | 10591851 |
| LSF11 A5 HoldCo LLC<sup>†</sup> | 6.625% | 10/15/2029 | 7252000 | 5982610 |
| Minerals Technologies, Inc.<sup>†</sup> | 5.00% | 7/1/2028 | 7013000 | 6189639 |
| Olin Corp. | 5.00% | 2/1/2030 | 13142000 | 11942858 |
| Rain CII Carbon LLC/CII Carbon Corp.<sup>†</sup> | 7.25% | 4/1/2025 | 5662000 | 5160998 |
| SCIH Salt Holdings, Inc.<sup>†</sup> | 4.875% | 5/1/2028 | 6357000 | 5685002 |
| SCIH Salt Holdings, Inc.<sup>†</sup> | 6.625% | 5/1/2029 | 10806000 | 9040462 |
| SK Invictus Intermediate II Sarl (Luxembourg)<sup>†(d)</sup> | 5.00% | 10/30/2029 | 11433000 | 9159719 |
| SPCM SA (France)<sup>†(d)</sup> | 3.375% | 3/15/2030 | 12878000 | 10277288 |
| Valvoline, Inc.<sup>†</sup> | 3.625% | 6/15/2031 | 7654000 | 6251749 |
| *Total* |  |  |  | 113016968 |
| **Coal 0.67%** |  |  |  |  |
| Coronado Finance Pty Ltd. (Australia)<sup>†(d)</sup> | 10.75% | 5/15/2026 | 9717000 | 10132645 |

---

*See Notes to Financial Statements.* 181

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Coal (continued)** |  |  |  |  |
| Peabody Energy Corp.<sup>†</sup> | 6.375% | 3/31/2025 | $2413000 | $2403447 |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% | 6/30/2029 | 12390000 | 10517497 |
| Warrior Met Coal, Inc.<sup>†</sup> | 7.875% | 12/1/2028 | 8491000 | 8443426 |
| *Total* |  |  |  | 31497015 |
| **Commercial Services 4.80%** |  |  |  |  |
| AA Bond Co. Ltd.<sup>(d)(f)</sup> | 6.50% | 1/31/2026 | 7709000 | $7418508 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl (Luxembourg)<sup>†(d)</sup> | 4.625% | 6/1/2028 | $11598000 | 9771315 |
| Alta Equipment Group, Inc.<sup>†</sup> | 5.625% | 4/15/2026 | 9076000 | 8016311 |
| AMN Healthcare, Inc.<sup>†</sup> | 4.00% | 4/15/2029 | 16122000 | 14172367 |
| APi Group DE, Inc.<sup>†</sup> | 4.125% | 7/15/2029 | 7356000 | 6126739 |
| APi Group DE, Inc.<sup>†</sup> | 4.75% | 10/15/2029 | 7587000 | 6525107 |
| BCP V Modular Services Finance II plc<sup>(d)(f)</sup> | 4.75% | 11/30/2028 | 6570000 | 5789012 |
| Block, Inc. | 2.75% | 6/1/2026 | $5607000 | 5017760 |
| Block, Inc. | 3.50% | 6/1/2031 | 8892000 | 7226617 |
| Gartner, Inc.<sup>†</sup> | 3.75% | 10/1/2030 | 7589000 | 6575299 |
| HealthEquity, Inc.<sup>†</sup> | 4.50% | 10/1/2029 | 18490000 | 16222202 |
| Herc Holdings, Inc.<sup>†</sup> | 5.50% | 7/15/2027 | 7143000 | 6761778 |
| Hertz Corp. (The) | 6.00% | 1/15/2028 | 6517000 | 586530 |
| Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc.<sup>†</sup> | 5.00% | 2/1/2026 | 10223000 | 8961433 |
| Movida Europe SA (Luxembourg)<sup>†(d)</sup> | 5.25% | 2/8/2031 | 10271000 | 7767392 |
| NESCO Holdings II, Inc.<sup>†</sup> | 5.50% | 4/15/2029 | 10973000 | 9666829 |
| PeopleCert Wisdom Issuer plc<sup>†(d)(f)</sup> | 5.75% | 9/15/2026 | 6753000 | 6777708 |
| PeopleCert Wisdom Issuer plc<sup>(d)(f)</sup> | 5.75% | 9/15/2026 | 12226000 | 12270732 |
| Port of Newcastle Investments Financing Pty Ltd. (Australia)<sup>†(d)</sup> | 5.90% | 11/24/2031 | $9736000 | 7963172 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>†</sup> | 3.375% | 8/31/2027 | 14400000 | 12688416 |
| Sabre GLBL, Inc.<sup>†</sup> | 9.25% | 4/15/2025 | 7670000 | 7662598 |
| Service Corp. International | 3.375% | 8/15/2030 | 15675000 | 13069580 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.<sup>†</sup> | 4.625% | 11/1/2026 | 4801000 | 4501394 |
| Sotheby's<sup>†</sup> | 7.375% | 10/15/2027 | 4985000 | 4863466 |
| TransJamaican Highway Ltd. (Jamaica)<sup>†(d)</sup> | 5.75% | 10/10/2036 | 4848680 | 3825608 |
| United Rentals North America, Inc. | 3.875% | 2/15/2031 | 21026000 | 18114740 |
| Williams Scotsman International, Inc.<sup>†</sup> | 4.625% | 8/15/2028 | 7746000 | 7051687 |
| *Total* |  |  |  | 225394300 |

---

 

182 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Computers 0.93%** |  |  | | |
| Ahead DB Holdings LLC<sup>†</sup> | 6.625% | 5/1/2028 | $8663000 | $7092441 |
| Booz Allen Hamilton, Inc.<sup>†</sup> | 3.875% | 9/1/2028 | 6212000 | 5605647 |
| Booz Allen Hamilton, Inc.<sup>†</sup> | 4.00% | 7/1/2029 | 4497000 | 3995944 |
| Condor Merger Sub, Inc.<sup>†</sup> | 7.375% | 2/15/2030 | 6143000 | 5040402 |
| Crowdstrike Holdings, Inc. | 3.00% | 2/15/2029 | 13602000 | 11339851 |
| Leidos, Inc. | 4.375% | 5/15/2030 | 4516000 | 4125772 |
| Science Applications International Corp.<sup>†</sup> | 4.875% | 4/1/2028 | 6923000 | 6388683 |
| *Total* |  |  |  | 43588740 |
| **Distribution/Wholesale 0.59%** |  |  |  |  |
| American Builders & Contractors Supply Co., Inc.<sup>†</sup> | 4.00% | 1/15/2028 | 7528000 | 6821196 |
| H&E Equipment Services, Inc.<sup>†</sup> | 3.875% | 12/15/2028 | 13068000 | 11315516 |
| Resideo Funding, Inc.<sup>†</sup> | 4.00% | 9/1/2029 | 11767000 | 9339821 |
| *Total* |  |  |  | 27476533 |
| **Diversified Financial Services 1.73%** |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(d)</sup> | 4.625% | 10/15/2027 | 8105000 | 7589847 |
| AG Issuer LLC<sup>†</sup> | 6.25% | 3/1/2028 | 9613000 | 8979431 |
| AG TTMT Escrow Issuer LLC<sup>†</sup> | 8.625% | 9/30/2027 | 11195000 | 11322567 |
| Armor Holdco, Inc.<sup>†</sup> | 8.50% | 11/15/2029 | 6034000 | 4519388 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 4.75% | 12/15/2024 | 6487000 | 5654404 |
| Coinbase Global, Inc.<sup>†</sup> | 3.375% | 10/1/2028 | 6616000 | 3879126 |
| Coinbase Global, Inc.<sup>†</sup> | 3.625% | 10/1/2031 | 5338000 | 2889886 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 4.50% | 11/15/2029 | 9147000 | 8041356 |
| Jefferson Capital Holdings LLC<sup>†</sup> | 6.00% | 8/15/2026 | 11166000 | 9300441 |
| Midcap Financial Issuer Trust<sup>†</sup> | 6.50% | 5/1/2028 | 5117000 | 4470902 |
| PRA Group, Inc.<sup>†</sup> | 5.00% | 10/1/2029 | 11219000 | 9342174 |
| VistaJet Malta Finance PLC/XO Management Holding, Inc. (Malta)<sup>†(d)</sup> | 7.875% | 5/1/2027 | 5716000 | 5186727 |
| *Total* |  |  |  | 81176249 |
| **Electric 4.18%** |  |  |  |  |
| Calpine Corp.<sup>†</sup> | 3.75% | 3/1/2031 | 13655000 | 11267545 |
| Calpine Corp.<sup>†</sup> | 4.50% | 2/15/2028 | 5780000 | 5293747 |
| Calpine Corp.<sup>†</sup> | 4.625% | 2/1/2029 | 5864000 | 5070419 |
| Calpine Corp.<sup>†</sup> | 5.00% | 2/1/2031 | 11188000 | 9689442 |
| Clearway Energy Operating LLC<sup>†</sup> | 3.75% | 2/15/2031 | 6572000 | 5575619 |
| DPL, Inc. | 4.35% | 4/15/2029 | 10881000 | 9661675 |
| Elwood Energy LLC | 8.159% | 7/5/2026 | 3018393 | 2812327 |

---

*See Notes to Financial Statements.* 183

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |  |
| Leeward Renewable Energy Operations LLC<sup>†</sup> | 4.25% |  | 7/1/2029 | $11364000 | $9576954 |
| NextEra Energy Operating Partners LP<sup>†</sup> | 4.50% |  | 9/15/2027 | 13093000 | 12337665 |
| NRG Energy, Inc.<sup>†</sup> | 3.875% |  | 2/15/2032 | 26329000 | 21194845 |
| NSG Holdings LLC/NSG Holdings, Inc.<sup>†</sup> | 7.75% |  | 12/15/2025 | 4258991 | 4151473 |
| Pampa Energia SA (Argentina)<sup>(d)</sup> | 7.50% |  | 1/24/2027 | 5610000 | 4958567 |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc.<sup>†</sup> | 4.50% |  | 8/15/2028 | 16732000 | 15032578 |
| PG&E Corp. | 5.00% |  | 7/1/2028 | 6852000 | 6332139 |
| Pike Corp.<sup>†</sup> | 5.50% |  | 9/1/2028 | 13899000 | 12438910 |
| Talen Energy Supply LLC<sup>(g)(l)</sup> | 6.50% |  | 6/1/2025 | 25000000 | 20750000 |
| TransAlta Corp. (Canada) | 7.75% |  | 11/15/2029 | 6139000 | 6314698 |
| Vistra Corp.<sup>†</sup> | 7.00% (5 Yr Treasury<br> CMT + 5.74% |)<sup>#</sup> | – <sup>(h)</sup> | 7032000 | 6298975 |
| Vistra Operations Co. LLC<sup>†</sup> | 4.375% |  | 5/1/2029 | 25222000 | 22593836 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.625% |  | 2/15/2027 | 4935000 | 4779834 |
| *Total* |  |  |  |  | 196131248 |
| **Electrical Components & Equipment 0.21%** |  |  |  |  |  |
| EnerSys<sup>†</sup> | 4.375% |  | 12/15/2027 | 10862000 | 9688632 |
| **Electronics 0.49%** |  |  |  |  |  |
| Atkore, Inc.<sup>†</sup> | 4.25% |  | 6/1/2031 | 16303000 | 13753048 |
| Imola Merger Corp.<sup>†</sup> | 4.75% |  | 5/15/2029 | 10500000 | 9383430 |
| *Total* |  |  |  |  | 23136478 |
| **Energy-Alternate Sources 0.96%** |  |  |  |  |  |
| Cullinan Holdco Scsp<sup>(d)(f)</sup> | 4.625% |  | 10/15/2026 | 6449000 | 5829564 |
| Cullinan Holdco Scsp<sup>†(d)(f)</sup> | 4.625% |  | 10/15/2026 | 6959000 | 6290577 |
| Sunnova Energy Corp.<sup>†</sup> | 5.875% |  | 9/1/2026 | $10987000 | 9848747 |
| TerraForm Power Operating LLC<sup>†</sup> | 4.75% |  | 1/15/2030 | 11460000 | 10334800 |
| TerraForm Power Operating LLC<sup>†</sup> | 5.00% |  | 1/31/2028 | 7871000 | 7308892 |
| YPF Energia Electrica SA (Argentina)<sup>†(d)</sup> | 10.00% |  | 7/25/2026 | 6325000 | 5322985 |
| *Total* |  |  |  |  | 44935565 |
| **Engineering & Construction 0.87%** |  |  |  |  |  |
| AECOM | 5.125% |  | 3/15/2027 | 4980000 | 4851367 |
| Arcosa, Inc.<sup>†</sup> | 4.375% |  | 4/15/2029 | 8502000 | 7402990 |
| Dycom Industries, Inc.<sup>†</sup> | 4.50% |  | 4/15/2029 | 12329000 | 10602570 |
| Fluor Corp. | 4.25% |  | 9/15/2028 | 6842000 | 6238193 |
| Great Lakes Dredge & Dock Corp.<sup>†</sup> | 5.25% |  | 6/1/2029 | 7888000 | 6369189 |

---

 

184 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Engineering & Construction (continued)** |  |  |  |  |
| Weekley Homes LLC/Weekley Finance Corp.<sup>†</sup> | 4.875% | 9/15/2028 | $6650000 | $5396780 |
| *Total* |  |  |  | 40861089 |
| **Entertainment 4.01%** |  |  |  |  |
| Boyne USA, Inc.<sup>†</sup> | 4.75% | 5/15/2029 | 10192000 | 9081633 |
| Caesars Entertainment, Inc.<sup>†</sup> | 4.625% | 10/15/2029 | 11975000 | 10044870 |
| CDI Escrow Issuer, Inc.<sup>†</sup> | 5.75% | 4/1/2030 | 13805000 | 12823257 |
| Cedar Fair LP | 5.25% | 7/15/2029 | 7885000 | 6898406 |
| Churchill Downs, Inc.<sup>†</sup> | 4.75% | 1/15/2028 | 14891000 | 13719748 |
| Empire Resorts, Inc.<sup>†</sup> | 7.75% | 11/1/2026 | 7566000 | 6151952 |
| Everi Holdings, Inc.<sup>†</sup> | 5.00% | 7/15/2029 | 7310000 | 6346315 |
| Inter Media and Communication SpA<sup>(d)(f)</sup> | 6.75% | 2/9/2027 | 7600000 | 7560584 |
| International Game Technology plc<sup>†</sup> | 5.25% | 1/15/2029 | $8726000 | 8227702 |
| Jacobs Entertainment, Inc.<sup>†</sup> | 6.75% | 2/15/2029 | 7969000 | 7180069 |
| Juventus Football Club SpA<sup>(f)</sup> | 3.375% | 2/19/2024 | 490000 | 491574 |
| Live Nation Entertainment, Inc.<sup>†</sup> | 3.75% | 1/15/2028 | $5574000 | 4897316 |
| Live Nation Entertainment, Inc.<sup>†</sup> | 4.75% | 10/15/2027 | 5135000 | 4642168 |
| Loarre Investments Sarl<sup>†(d)(f)</sup> | 6.50% | 5/15/2029 | 12607000 | 12317050 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp<sup>†</sup> | 4.875% | 5/1/2029 | $13399000 | 11586383 |
| Mohegan Gaming & Entertainment<sup>†</sup> | 8.00% | 2/1/2026 | 11521000 | 10832217 |
| Motion Bondco DAC (Ireland)<sup>†(d)</sup> | 6.625% | 11/15/2027 | 8736000 | 7531852 |
| Penn Entertainment, Inc.<sup>†</sup> | 4.125% | 7/1/2029 | 8486000 | 6931577 |
| Pinewood Finance Co. Ltd.<sup>(d)(f)</sup> | 3.625% | 11/15/2027 | 3564000 | 3778527 |
| Pinewood Finance Co. Ltd.<sup>†(d)(f)</sup> | 3.625% | 11/15/2027 | 5640000 | 5979486 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc.<sup>†</sup> | 4.625% | 4/6/2031 | $10900000 | 7389883 |
| SeaWorld Parks & Entertainment, Inc.<sup>†</sup> | 5.25% | 8/15/2029 | 9848000 | 8498823 |
| WMG Acquisition Corp.<sup>†</sup> | 3.00% | 2/15/2031 | 11226000 | 9321060 |
| WMG Acquisition Corp.<sup>†</sup> | 3.75% | 12/1/2029 | 7203000 | 6225625 |
| *Total* |  |  |  | 188458077 |
| **Environmental Control 0.47%** |  |  |  |  |
| Clean Harbors, Inc.<sup>†</sup> | 4.875% | 7/15/2027 | 6094000 | 5741279 |
| GFL Environmental, Inc. (Canada)<sup>†(d)</sup> | 3.50% | 9/1/2028 | 5623000 | 5007703 |
| Madison IAQ LLC<sup>†</sup> | 4.125% | 6/30/2028 | 6000000 | 5194740 |
| Madison IAQ LLC<sup>†</sup> | 5.875% | 6/30/2029 | 4733000 | 3507106 |
| Waste Pro USA, Inc.<sup>†</sup> | 5.50% | 2/15/2026 | 2579000 | 2384067 |
| *Total* |  |  |  | 21834895 |

---

*See Notes to Financial Statements.* 185

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Food 2.53%** |  |  | | |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 3.50% | 3/15/2029 | $12402000 | $10346089 |
| Bellis Finco plc<sup>(d)(f)</sup> | 4.00% | 2/16/2027 | 11100000 | 9603010 |
| Chobani LLC/hobani Finance Corp., Inc.<sup>†</sup> | 4.625% | 11/15/2028 | $6605000 | 5827643 |
| Ingles Markets, Inc.<sup>†</sup> | 4.00% | 6/15/2031 | 16828000 | 14087810 |
| Lamb Weston Holdings, Inc.<sup>†</sup> | 4.125% | 1/31/2030 | 18151000 | 16075342 |
| Performance Food Group, Inc.<sup>†</sup> | 4.25% | 8/1/2029 | 10582000 | 9418033 |
| Pilgrim's Pride Corp.<sup>†</sup> | 4.25% | 4/15/2031 | 8962000 | 7778254 |
| Post Holdings, Inc.<sup>†</sup> | 4.50% | 9/15/2031 | 21699000 | 18518795 |
| Post Holdings, Inc.<sup>†</sup> | 4.625% | 4/15/2030 | 7159000 | 6292045 |
| Premier Foods Finance plc<sup>(d)(f)</sup> | 3.50% | 10/15/2026 | 7387000 | 7842238 |
| SEG Holding LLC/SEG Finance Corp.<sup>†</sup> | 5.625% | 10/15/2028 | $5674000 | 5393336 |
| Tonon Luxembourg SA PIK 6.50% (Luxembourg)<sup>†(d)</sup> | 6.50% | 10/31/2024 | 1863197 | 280 |
| US Foods, Inc.<sup>†</sup> | 4.625% | 6/1/2030 | 8736000 | 7763377 |
| *Total* |  |  |  | 118946252 |
| **Food Service 0.11%** |  |  |  |  |
| Aramark Services, Inc.<sup>†</sup> | 5.00% | 2/1/2028 | 5293000 | 4957450 |
| **Forest Products & Paper 0.57%** |  |  |  |  |
| Mercer International, Inc. (Canada)<sup>(d)</sup> | 5.125% | 2/1/2029 | 11789000 | 10134767 |
| Sylvamo Corp.<sup>†</sup> | 7.00% | 9/1/2029 | 16871000 | 16394732 |
| *Total* |  |  |  | 26529499 |
| **Health Care-Products 0.81%** |  |  |  |  |
| Hologic, Inc.<sup>†</sup> | 3.25% | 2/15/2029 | 11415000 | 10047255 |
| Medline Borrower LP<sup>†</sup> | 3.875% | 4/1/2029 | 32612000 | 28075181 |
| *Total* |  |  |  | 38122436 |
| **Health Care-Services 3.84%** |  |  |  |  |
| Acadia Healthcare Co., Inc.<sup>†</sup> | 5.00% | 4/15/2029 | 16504000 | 15252007 |
| Air Methods Corp.<sup>†</sup> | 8.00% | 5/15/2025 | 18980000 | 3896309 |
| Catalent Pharma Solutions, Inc.<sup>†</sup> | 3.50% | 4/1/2030 | 5929000 | 4839131 |
| Centene Corp. | 3.375% | 2/15/2030 | 5441000 | 4641679 |
| Charles River Laboratories International, Inc.<sup>†</sup> | 3.75% | 3/15/2029 | 9732000 | 8479696 |
| Charles River Laboratories International, Inc.<sup>†</sup> | 4.00% | 3/15/2031 | 9623000 | 8437013 |
| Charles River Laboratories International, Inc.<sup>†</sup> | 4.25% | 5/1/2028 | 3748000 | 3426534 |
| DaVita, Inc.<sup>†</sup> | 4.625% | 6/1/2030 | 14540000 | 11791722 |
| ModivCare Escrow Issuer, Inc.<sup>†</sup> | 5.00% | 10/1/2029 | 13076000 | 11019930 |

---

186 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care-Services (continued)** |  |  |  |  |  |
| Molina Healthcare, Inc.<sup>†</sup> | 3.875% |  | 11/15/2030 | $24076000 | $20735455 |
| Molina Healthcare, Inc.<sup>†</sup> | 3.875% |  | 5/15/2032 | 5764000 | 4870234 |
| Pediatrix Medical Group, Inc.<sup>†</sup> | 5.375% |  | 2/15/2030 | 5673000 | 4797401 |
| Select Medical Corp.<sup>†</sup> | 6.25% |  | 8/15/2026 | 10726000 | 10397731 |
| Syneos Health, Inc.<sup>†</sup> | 3.625% |  | 1/15/2029 | 6224000 | 4930031 |
| Tenet Healthcare Corp.<sup>†</sup> | 4.25% |  | 6/1/2029 | 6698000 | 5819256 |
| Tenet Healthcare Corp.<sup>†</sup> | 4.375% |  | 1/15/2030 | 41525000 | 36226825 |
| Tenet Healthcare Corp.<sup>†</sup> | 6.125% |  | 10/1/2028 | 12037000 | 10641611 |
| US Acute Care Solutions LLC<sup>†</sup> | 6.375% |  | 3/1/2026 | 11208000 | 10184240 |
| *Total* |  |  |  |  | 180386805 |
| **Home Builders 0.50%** |  |  |  |  |  |
| Forestar Group, Inc.<sup>†</sup> | 3.85% |  | 5/15/2026 | 6993000 | 6186952 |
| M/I Homes, Inc. | 4.95% |  | 2/1/2028 | 10603000 | 9242091 |
| Tri Pointe Homes, Inc. | 5.25% |  | 6/1/2027 | 8663000 | 7810907 |
| *Total* |  |  |  |  | 23239950 |
| **Housewares 0.20%** |  |  |  |  |  |
| Scotts Miracle-Gro Co. | 5.25% |  | 12/15/2026 | 3023000 | 2892618 |
| Scotts Miracle-Gro Co. (The) | 4.00% |  | 4/1/2031 | 8195000 | 6243033 |
| *Total* |  |  |  |  | 9135651 |
| **Insurance 0.64%** |  |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% |  | 10/15/2027 | 459000 | 423427 |
| Ardonagh Midco 2 plc PIK 12.75% (United Kingdom)<sup>†(d)</sup> | 11.50% |  | 1/15/2027 | 11375361 | 10568342 |
| AssuredPartners, Inc.<sup>†</sup> | 5.625% |  | 1/15/2029 | 8063000 | 6861613 |
| Global Atlantic Fin Co.<sup>†</sup> | 4.70% (5 Yr. Treasury<br> CMT + 3.80% |)<sup>#</sup> | 10/15/2051 | 9203000 | 6819364 |
| HUB International Ltd.<sup>†</sup> | 7.00% |  | 5/1/2026 | 4718000 | 4677567 |
| *Total* |  |  |  |  | 29350314 |
| **Internet 1.09%** |  |  |  |  |  |
| Cablevision Lightpath LLC<sup>†</sup> | 5.625% |  | 9/15/2028 | 10294000 | 7848720 |
| Gen Digital, Inc.<sup>†</sup> | 7.125% |  | 9/30/2030 | 9283000 | 9369425 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>†</sup> | 3.50% |  | 3/1/2029 | 11868000 | 10044228 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>†</sup> | 5.25% |  | 12/1/2027 | 3363000 | 3192706 |
| Meituan (China)<sup>(d)</sup> | 3.05% |  | 10/28/2030 | 5235000 | 3938127 |
| Millennium Escrow Corp.<sup>†</sup> | 6.625% |  | 8/1/2026 | 7985000 | 5764970 |

---

*See Notes to Financial Statements.* 187

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Internet (continued)** |  |  |  |  |
| Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.<sup>†</sup> | 4.75% | 4/30/2027 | $7201000 | $6385395 |
| Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.<sup>†</sup> | 10.75% | 6/1/2028 | 5122000 | 4822875 |
| *Total* |  |  |  | 51366446 |
| **Iron-Steel 0.74%** |  |  |  |  |
| ATI, Inc. | 5.125% | 10/1/2031 | 7096000 | 6005048 |
| Carpenter Technology Corp. | 7.625% | 3/15/2030 | 5409000 | 5436153 |
| Commercial Metals Co. | 4.125% | 1/15/2030 | 5833000 | 5030156 |
| Mineral Resources Ltd. (Australia)<sup>†(d)</sup> | 8.00% | 11/1/2027 | 5126000 | 5272604 |
| United States Steel Corp. | 6.65% | 6/1/2037 | 9109000 | 8305404 |
| United States Steel Corp. | 6.875% | 3/1/2029 | 4933000 | 4816976 |
| *Total* |  |  |  | 34866341 |
| **Leisure Time 0.91%** |  |  |  |  |
| Life Time, Inc.<sup>†</sup> | 5.75% | 1/15/2026 | 5140000 | 4949537 |
| Lindblad Expeditions LLC<sup>†</sup> | 6.75% | 2/15/2027 | 10344000 | 9586664 |
| NCL Corp. Ltd.<sup>†</sup> | 5.875% | 3/15/2026 | 2998000 | 2463190 |
| NCL Corp. Ltd.<sup>†</sup> | 5.875% | 2/15/2027 | 10556000 | 9412469 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 8.25% | 1/15/2029 | 6282000 | 6384397 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 9.25% | 1/15/2029 | 2111000 | 2163363 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 11.625% | 8/15/2027 | 7775000 | 7997754 |
| *Total* |  |  |  | 42957374 |
| **Lodging 2.24%** |  |  |  |  |
| Boyd Gaming Corp.<sup>†</sup> | 4.75% | 6/15/2031 | 7646000 | 6681304 |
| Full House Resorts, Inc.<sup>†</sup> | 8.25% | 2/15/2028 | 6057000 | 5398362 |
| Genting New York LLC/GENNY Capital, Inc.<sup>†</sup> | 3.30% | 2/15/2026 | 13593000 | 12125330 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 3.625% | 2/15/2032 | 14878000 | 12264902 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 3.75% | 5/1/2029 | 6424000 | 5708720 |
| Hilton Domestic Operating Co., Inc. | 4.875% | 1/15/2030 | 5585000 | 5176066 |
| Marriott Ownership Resorts, Inc.<sup>†</sup> | 4.50% | 6/15/2029 | 9542000 | 8055280 |
| MGM China Holdings Ltd. (Macau)<sup>†(d)</sup> | 5.875% | 5/15/2026 | 11805000 | 10852691 |
| MGM Resorts International | 4.625% | 9/1/2026 | 5897000 | 5447631 |
| Studio City Co. Ltd. (Macau)<sup>†(d)</sup> | 7.00% | 2/15/2027 | 836000 | 775390 |
| Travel and Leisure Co.<sup>†</sup> | 6.625% | 7/31/2026 | 7260000 | 7122716 |
| Wyndham Hotels & Resorts, Inc.<sup>†</sup> | 4.375% | 8/15/2028 | 11006000 | 9855559 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>†</sup> | 5.25% | 5/15/2027 | 17271000 | 15846920 |
| *Total* |  |  |  | 105310871 |

---

188 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Machinery-Diversified 0.91%** |  |  | | |
| ATS Corp. (Canada)<sup>†(d)</sup> | 4.125% | 12/15/2028 | $11347000 | $9738219 |
| Husky III Holding Ltd. (Canada)<sup>†(d)</sup> | 13.00% | 2/15/2025 | 5431000 | 4752125 |
| Mueller Water Products, Inc.<sup>†</sup> | 4.00% | 6/15/2029 | 11610000 | 9998890 |
| SPX FLOW, Inc.<sup>†</sup> | 8.75% | 4/1/2030 | 11276000 | 9459042 |
| TK Elevator US Newco, Inc.<sup>†</sup> | 5.25% | 7/15/2027 | 9844000 | 8948147 |
| *Total* |  |  |  | 42896423 |
| **Media 4.74%** |  |  |  |  |
| AMC Networks, Inc. | 4.25% | 2/15/2029 | 15026000 | 11217811 |
| Belo Corp. | 7.25% | 9/15/2027 | 11082000 | 10759015 |
| Cable One, Inc.<sup>†</sup> | 4.00% | 11/15/2030 | 11416000 | 9214367 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.50% | 8/15/2030 | 38739000 | 32685644 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.75% | 3/1/2030 | 38856000 | 33452994 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 5.125% | 5/1/2027 | 5353000 | 5072583 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 6.375% | 9/1/2029 | 7207000 | 6874541 |
| CSC Holdings LLC<sup>†</sup> | 4.125% | 12/1/2030 | 5464000 | 4200450 |
| CSC Holdings LLC<sup>†</sup> | 6.50% | 2/1/2029 | 11271000 | 10284787 |
| Directv Financing LLC/Directv Financing Co.-Obligor, Inc.<sup>†</sup> | 5.875% | 8/15/2027 | 11283000 | 10366200 |
| DISH DBS Corp. | 5.875% | 11/15/2024 | 11108000 | 10570373 |
| DISH Network Corp.<sup>†</sup> | 11.75% | 11/15/2027 | 10150000 | 10445162 |
| Gray Escrow II, Inc.<sup>†</sup> | 5.375% | 11/15/2031 | 11113000 | 8499000 |
| Nexstar Media, Inc.<sup>†</sup> | 4.75% | 11/1/2028 | 4836000 | 4311052 |
| Univision Communications, Inc.<sup>†</sup> | 7.375% | 6/30/2030 | 13152000 | 13142333 |
| UPC Broadband Finco BV (Netherlands)<sup>†(d)</sup> | 4.875% | 7/15/2031 | 6226000 | 5331324 |
| Virgin Media Finance plc (United Kingdom)<sup>†(d)</sup> | 5.00% | 7/15/2030 | 12178000 | 10153347 |
| Virgin Media Secured Finance plc (United Kingdom)<sup>†(d)</sup> | 5.50% | 5/15/2029 | 19740000 | 18258316 |
| VZ Secured Financing BV (Netherlands)<sup>†(d)</sup> | 5.00% | 1/15/2032 | 9440000 | 7823494 |
| *Total* |  |  |  | 222662793 |
| **Metal Fabricate-Hardware 0.38%** |  |  |  |  |
| Advanced Drainage Systems, Inc.<sup>†</sup> | 6.375% | 6/15/2030 | 7112000 | 6853017 |
| Roller Bearing Co. of America, Inc.<sup>†</sup> | 4.375% | 10/15/2029 | 12618000 | 11065986 |
| *Total* |  |  |  | 17919003 |
| **Mining 1.81%** |  |  |  |  |
| Arconic Corp.<sup>†</sup> | 6.125% | 2/15/2028 | 6491000 | 6104104 |
| Bukit Makmur Mandiri Utama PT (Indonesia)<sup>(d)</sup> | 7.75% | 2/10/2026 | 6811000 | 5789350 |
| Coeur Mining, Inc.<sup>†</sup> | 5.125% | 2/15/2029 | 16411000 | 12805585 |

---

*See Notes to Financial Statements.* 189

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Mining (continued)** |  |  |  |  |
| Compass Minerals International, Inc.<sup>†</sup> | 4.875% | 7/15/2024 | $5384000 | $5147050 |
| Compass Minerals International, Inc.<sup>†</sup> | 6.75% | 12/1/2027 | 10182000 | 9619241 |
| FMG Resources August 2006 Pty Ltd. (Australia)<sup>†(d)</sup> | 4.375% | 4/1/2031 | 14869000 | 12544232 |
| FMG Resources August 2006 Pty Ltd. (Australia)<sup>†(d)</sup> | 6.125% | 4/15/2032 | 6840000 | 6371118 |
| Hecla Mining Co. | 7.25% | 2/15/2028 | 10892000 | 10638333 |
| Mirabela Nickel Ltd. | 1.00% | 9/10/2044 | 51005 | 5 <sup>(a)</sup> |
| Novelis Corp.<sup>†</sup> | 3.875% | 8/15/2031 | 10572000 | 8681621 |
| Stillwater Mining Co. | 4.50% | 11/16/2029 | 262000 | 211238 |
| Taseko Mines Ltd. (Canada)<sup>†(d)</sup> | 7.00% | 2/15/2026 | 8667000 | 7287933 |
| *Total* |  |  |  | 85199810 |
| **Miscellaneous Manufacturing 0.42%** |  |  |  |  |
| Amsted Industries, Inc.<sup>†</sup> | 4.625% | 5/15/2030 | 8858000 | 7500600 |
| LSB Industries, Inc.<sup>†</sup> | 6.25% | 10/15/2028 | 13212000 | 12353088 |
| *Total* |  |  |  | 19853688 |
| **Oil & Gas 11.85%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 8.25% | 2/15/2026 | 9094000 | 9060314 |
| Antero Resources Corp.<sup>†</sup> | 7.625% | 2/1/2029 | 2869000 | 2930788 |
| Apache Corp. | 4.75% | 4/15/2043 | 14923000 | 11289772 |
| Apache Corp. | 5.10% | 9/1/2040 | 14444000 | 11899545 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>†</sup> | 5.875% | 6/30/2029 | 6571000 | 5933252 |
| Baytex Energy Corp. (Canada)<sup>†(d)</sup> | 8.75% | 4/1/2027 | 12052000 | 12440376 |
| Berry Petroleum Co. LLC<sup>†</sup> | 7.00% | 2/15/2026 | 12109000 | 11482783 |
| California Resources Corp.<sup>†</sup> | 7.125% | 2/1/2026 | 9166000 | 8925484 |
| Callon Petroleum Co. | 6.375% | 7/1/2026 | 6839000 | 6574946 |
| Callon Petroleum Co.<sup>†</sup> | 7.50% | 6/15/2030 | 7151000 | 6813366 |
| Callon Petroleum Co.<sup>†</sup> | 8.00% | 8/1/2028 | 11620000 | 11493749 |
| Canacol Energy Ltd. (Canada)<sup>†(d)</sup> | 5.75% | 11/24/2028 | 8057000 | 6801994 |
| Chesapeake Energy Corp.<sup>†</sup> | 6.75% | 4/15/2029 | 4710000 | 4674675 |
| Chord Energy Corp.<sup>†</sup> | 6.375% | 6/1/2026 | 6558000 | 6417888 |
| Civitas Resources, Inc.<sup>†</sup> | 5.00% | 10/15/2026 | 10031000 | 9255102 |
| CNX Resources Corp.<sup>†</sup> | 6.00% | 1/15/2029 | 8912000 | 8433114 |
| CNX Resources Corp. | 7.375% | 1/15/2031 | 6649000 | 6660569 |
| Colgate Energy Partners III LLC<sup>†</sup> | 5.875% | 7/1/2029 | 7173000 | 6606620 |
| Comstock Resources, Inc.<sup>†</sup> | 5.875% | 1/15/2030 | 12253000 | 11305843 |
| Comstock Resources, Inc.<sup>†</sup> | 6.75% | 3/1/2029 | 8634000 | 8442455 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.25% | 5/1/2026 | 16103000 | 15564677 |
| CrownRock LP/CrownRock Finance, Inc.<sup>†</sup> | 5.00% | 5/1/2029 | 9186000 | 8473166 |

---

190 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| Earthstone Energy Holdings LLC<sup>†</sup> | 8.00% | 4/15/2027 | $13030000 | $12560920 |
| Encino Acquisition Partners Holdings LLC<sup>†</sup> | 8.50% | 5/1/2028 | 11758000 | 11271744 |
| Endeavor Energy Resources LP/EER Finance, Inc.<sup>†</sup> | 5.75% | 1/30/2028 | 9468000 | 9331708 |
| Geopark Ltd. (Colombia)<sup>†(d)</sup> | 5.50% | 1/17/2027 | 5460000 | 4791669 |
| Gulfport Energy Corp.<sup>†</sup> | 8.00% | 5/17/2026 | 13989004 | 13960676 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 6.00% | 2/1/2031 | 9119000 | 8413007 |
| Kosmos Energy Ltd.<sup>†</sup> | 7.50% | 3/1/2028 | 7773000 | 6706506 |
| Laredo Petroleum, Inc.<sup>†</sup> | 7.75% | 7/31/2029 | 7286000 | 6958130 |
| Laredo Petroleum, Inc. | 10.125% | 1/15/2028 | 13059000 | 13231836 |
| Matador Resources Co. | 5.875% | 9/15/2026 | 14191000 | 14076762 |
| MC Brazil Downstream Trading Sarl (Luxembourg)<sup>†(d)</sup> | 7.25% | 6/30/2031 | 9909000 | 8219258 |
| MEG Energy Corp. (Canada)<sup>†(d)</sup> | 5.875% | 2/1/2029 | 13393000 | 12724087 |
| Murphy Oil Corp. | 6.375% | 7/15/2028 | 8822000 | 8715871 |
| Nabors Industries, Inc. | 5.75% | 2/1/2025 | 5912000 | 5682940 |
| Nabors Industries, Inc.<sup>†</sup> | 7.375% | 5/15/2027 | 7195000 | 7006095 |
| Occidental Petroleum Corp. | 6.125% | 1/1/2031 | 44608000 | 45312806 |
| Occidental Petroleum Corp. | 6.45% | 9/15/2036 | 4649000 | 4666294 |
| Patterson-UTI Energy, Inc. | 3.95% | 2/1/2028 | 9394000 | 8344915 |
| PBF Holding Co. LLC/PBF Finance Corp. | 7.25% | 6/15/2025 | 6534000 | 6504466 |
| Permian Resources Operating LLC<sup>†</sup> | 5.375% | 1/15/2026 | 14136000 | 13138822 |
| Permian Resources Operating LLC<sup>†</sup> | 6.875% | 4/1/2027 | 13418000 | 13005598 |
| Precision Drilling Corp. (Canada)<sup>†(d)</sup> | 6.875% | 1/15/2029 | 11649000 | 11026070 |
| Range Resources Corp.<sup>†</sup> | 4.75% | 2/15/2030 | 7461000 | 6705648 |
| Range Resources Corp. | 8.25% | 1/15/2029 | 5654000 | 5905433 |
| ROCC Holdings LLC<sup>†</sup> | 9.25% | 8/15/2026 | 6555000 | 6566372 |
| Rockcliff Energy II LLC<sup>†</sup> | 5.50% | 10/15/2029 | 12083000 | 11100894 |
| SierraCol Energy Andina LLC<sup>†</sup> | 6.00% | 6/15/2028 | 9671000 | 7233908 |
| SM Energy Co. | 6.625% | 1/15/2027 | 9804000 | 9624538 |
| SM Energy Co. | 6.75% | 9/15/2026 | 9487000 | 9313341 |
| Southwestern Energy Co. | 5.375% | 2/1/2029 | 11282000 | 10661490 |
| Southwestern Energy Co. | 8.375% | 9/15/2028 | 10515000 | 10937739 |
| Tap Rock Resources LLC<sup>†</sup> | 7.00% | 10/1/2026 | 8331000 | 7804439 |
| Tullow Oil plc (United Kingdom)<sup>†(d)</sup> | 10.25% | 5/15/2026 | 7453000 | 6399630 |
| Vermilion Energy, Inc. (Canada)<sup>†(d)</sup> | 6.875% | 5/1/2030 | 16801000 | 15532704 |
| Viper Energy Partners LP<sup>†</sup> | 5.375% | 11/1/2027 | 12224000 | 11607262 |
| *Total* |  |  |  | 556524056 |

---

*See Notes to Financial Statements.* 191

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount** | **Fair**<br> **Value** |
| **Oil & Gas Services 1.10%** |  |  |  |  |
| Bristow Group, Inc.<sup>†</sup> | 6.875% | 3/1/2028 | $5693000 | $5335265 |
| CSI Compressco LP/CSI Compressco Finance, Inc.<sup>†</sup> | 7.50% | 4/1/2025 | 1014000 | 933146 |
| Enerflex Ltd. (Canada) | 9.00% | 10/15/2027 | 7437000 | 7356123 |
| Nine Energy Service, Inc.<sup>†</sup> | 8.75% | 11/1/2023 | 7336000 | 6948292 |
| Oceaneering International, Inc. | 6.00% | 2/1/2028 | 14681000 | 13324035 |
| USA Compression Partners LP/USA Compression Finance Corp. | 6.875% | 9/1/2027 | 9416000 | 9005133 |
| Welltec International ApS (Denmark)<sup>†(d)</sup> | 8.25% | 10/15/2026 | 8918000 | 8927364 |
| *Total* |  |  |  | 51829358 |
| **Packaging & Containers 1.80%** |  |  |  |  |
| Ball Corp. | 2.875% | 8/15/2030 | 17530000 | 14275906 |
| Ball Corp. | 6.875% | 3/15/2028 | 6495000 | 6724274 |
| Graphic Packaging International LLC<sup>†</sup> | 3.50% | 3/15/2028 | 5605000 | 4881152 |
| Graphic Packaging International LLC<sup>†</sup> | 3.50% | 3/1/2029 | 8969000 | 7640757 |
| LABL, Inc.<sup>†</sup> | 6.75% | 7/15/2026 | 8347000 | 7982361 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 5.50% | 4/15/2024 | 7635000 | 7540680 |
| Pactiv LLC | 7.95% | 12/15/2025 | 8754000 | 8279024 |
| Sealed Air Corp.<sup>†</sup> | 5.00% | 4/15/2029 | 5638000 | 5249034 |
| Sealed Air Corp.<sup>†</sup> | 6.875% | 7/15/2033 | 11508000 | 11294435 |
| Silgan Holdings, Inc. | 4.125% | 2/1/2028 | 11592000 | 10897118 |
| *Total* |  |  |  | 84764741 |
| **Pharmaceuticals 3.54%** |  |  |  |  |
| 180 Medical, Inc.<sup>†</sup> | 3.875% | 10/15/2029 | 19790000 | 16858266 |
| BellRing Brands, Inc.<sup>†</sup> | 7.00% | 3/15/2030 | 6147000 | 5946731 |
| DT Midstream, Inc.<sup>†</sup> | 4.125% | 6/15/2029 | 10060000 | 8875536 |
| Hess Midstream Operations LP<sup>†</sup> | 5.125% | 6/15/2028 | 5824000 | 5489120 |
| Jazz Securities DAC (Ireland)<sup>†(d)</sup> | 4.375% | 1/15/2029 | 34267000 | 31132426 |
| Option Care Health, Inc.<sup>†</sup> | 4.375% | 10/31/2029 | 14860000 | 12677326 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>†</sup> | 4.125% | 4/30/2028 | 20284000 | 18275478 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>†</sup> | 5.125% | 4/30/2031 | 20322000 | 18056097 |
| Owens & Minor, Inc.<sup>†</sup> | 4.50% | 3/31/2029 | 7354000 | 6047084 |
| Owens & Minor, Inc.<sup>†</sup> | 6.625% | 4/1/2030 | 8867000 | 7891630 |
| Perrigo Finance Unlimited Co. (Ireland)<sup>(d)</sup> | 4.40% | 6/15/2030 | 27428000 | 23481797 |
| PRA Health Sciences, Inc.<sup>†</sup> | 2.875% | 7/15/2026 | 5218000 | 4714124 |
| Teva Pharmaceutical Finance Netherlands III BV (Netherlands)<sup>(d)</sup> | 5.125% | 5/9/2029 | 7543000 | 6781157 |
| *Total* |  |  |  | 166226772 |

---

192 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Pipelines 3.16%** |  |  |  | | |
| AI Candelaria Spain SA (Spain)<sup>†(d)</sup> | 7.50% |  | 12/15/2028 | $6332000 | $5916842 |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>†</sup> | 5.375% |  | 6/15/2029 | 7460000 | 6890504 |
| Buckeye Partners LP | 3.95% |  | 12/1/2026 | 10028000 | 8865755 |
| Buckeye Partners LP | 4.125% |  | 12/1/2027 | 7654000 | 6775857 |
| Buckeye Partners LP | 6.375%<br> (3 Mo. LIBOR + 4.02% |)<sup>#</sup> | 1/22/2078 | 9306000 | 7381519 |
| Cheniere Energy Partners LP | 3.25% |  | 1/31/2032 | 11497000 | 9370113 |
| Cheniere Energy, Inc. | 4.625% |  | 10/15/2028 | 4937000 | 4564528 |
| CNX Midstream Partners LP<sup>†</sup> | 4.75% |  | 4/15/2030 | 9074000 | 7578409 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>†</sup> | 5.50% |  | 6/15/2031 | 12891000 | 11843155 |
| Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.<sup>†</sup> | 8.00% |  | 4/1/2029 | 12189000 | 12302662 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>†</sup> | 7.125% |  | 6/1/2028 | 9913000 | 9200255 |
| EnLink Midstream LLC<sup>†</sup> | 6.50% |  | 9/1/2030 | 6951000 | 7068368 |
| Holly Energy Partners LP/Holly Energy Finance Corp.<sup>†</sup> | 6.375% |  | 4/15/2027 | 4694000 | 4600337 |
| Kinetik Holdings LP<sup>†</sup> | 5.875% |  | 6/15/2030 | 6823000 | 6421159 |
| Northriver Midstream Finance LP (Canada)<sup>†(d)</sup> | 5.625% |  | 2/15/2026 | 7831000 | 7429606 |
| Venture Global Calcasieu Pass LLC<sup>†</sup> | 3.875% |  | 8/15/2029 | 3921000 | 3391469 |
| Venture Global Calcasieu Pass LLC<sup>†</sup> | 3.875% |  | 11/1/2033 | 9820000 | 8003300 |
| Venture Global Calcasieu Pass LLC<sup>†</sup> | 4.125% |  | 8/15/2031 | 7589000 | 6554164 |
| Western Midstream Operating LP | 4.30% |  | 2/1/2030 | 10321000 | 9211234 |
| Western Midstream Operating LP | 5.50% |  | 2/1/2050 | 6394000 | 5223738 |
| *Total* |  |  |  |  | 148592974 |
| **Real Estate 0.33%** |  |  |  |  |  |
| Howard Hughes Corp. (The)<sup>†</sup> | 5.375% |  | 8/1/2028 | 5290000 | 4793031 |
| Hunt Cos., Inc.<sup>†</sup> | 5.25% |  | 4/15/2029 | 5835000 | 4848968 |
| Logan Group Co. Ltd. (China)<sup>(d)</sup> | 4.50% |  | 1/13/2028 | 10233000 | 1290664 |
| Logan Group Co. Ltd. (China)<sup>(d)</sup> | 5.25% |  | 2/23/2023 | 6428000 | 840461 |
| Shimao Group Holdings Ltd. (Hong Kong)<sup>(d)</sup> | 5.20% |  | 1/16/2027 | 18891000 | 1931898 |
| Sunac China Holdings Ltd. (China)<sup>(d)(g)</sup> | 5.95% |  | 4/26/2024 | 9969000 | 1190875 |
| Sunac China Holdings Ltd. (China)<sup>(d)</sup> | 6.50% |  | 1/10/2025 | 5883000 | 685706 |
| *Total* |  |  |  |  | 15581603 |
| **REITS 0.79%** |  |  |  |  |  |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 3.375% |  | 6/15/2026 | 11038000 | 9615588 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 3.75% |  | 9/15/2030 | 12765000 | 9149138 |

---

*See Notes to Financial Statements.* 193

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **REITS (continued)** |  |  |  |  |  |
| SBA Communications Corp. | 3.875% |  | 2/15/2027 | $14524000 | $13427328 |
| XHR LP<sup>†</sup> | 4.875% |  | 6/1/2029 | 5483000 | 4692461 |
| *Total* |  |  |  |  | 36884515 |
| **Retail 4.92%** |  |  |  |  |  |
| 1011778 BC ULC/New Red Finance, Inc. (Canada)<sup>†(d)</sup> | 3.50% |  | 2/15/2029 | 12363000 | 10558222 |
| 1011778 BC ULC/New Red Finance, Inc. (Canada)<sup>†(d)</sup> | 4.00% |  | 10/15/2030 | 14876000 | 12549022 |
| Afflelou SAS<sup>(d)(f)</sup> | 4.25% |  | 5/19/2026 | 4748000 | 4513491 |
| Bath & Body Works, Inc.<sup>†</sup> | 6.625% |  | 10/1/2030 | $9869000 | 9252188 |
| Beacon Roofing Supply, Inc.<sup>†</sup> | 4.125% |  | 5/15/2029 | 9429000 | 7945394 |
| Bloomin' Brands, Inc./OSI Restaurant Partners LLC<sup>†</sup> | 5.125% |  | 4/15/2029 | 8860000 | 7665805 |
| BlueLinx Holdings, Inc.<sup>†</sup> | 6.00% |  | 11/15/2029 | 5615000 | 4558285 |
| Carrols Restaurant Group, Inc.<sup>†</sup> | 5.875% |  | 7/1/2029 | 8425000 | 5930652 |
| CEC Entertainment LLC<sup>†</sup> | 6.75% |  | 5/1/2026 | 6647000 | 6229701 |
| Dave & Buster's, Inc.<sup>†</sup> | 7.625% |  | 11/1/2025 | 4642000 | 4671016 |
| Douglas GmbH<sup>(d)(f)</sup> | 6.00% |  | 4/8/2026 | 5645000 | 4904065 |
| Dutch Lion BV<sup>(f)</sup> | 11.25% |  | 6/15/2020 | 9152880 | 952 <sup>(a)</sup> |
| Foot Locker, Inc.<sup>†</sup> | 4.00% |  | 10/1/2029 | $6528000 | 5394478 |
| Gap, Inc. (The)<sup>†</sup> | 3.875% |  | 10/1/2031 | 13407000 | 10139580 |
| Golden Goose SpA<sup>†(d)(f)</sup> | 6.637%<br> (3 Mo. EURIBOR + 4.88% |)<sup>#</sup> | 5/14/2027 | 5874000 | 5707991 |
| GPS Hospitality Holding Co. LLC/GPS Finco, Inc.<sup>†</sup> | 7.00% |  | 8/15/2028 | $8591000 | 5894586 |
| IRB Holding Corp.<sup>†</sup> | 7.00% |  | 6/15/2025 | 7118000 | 7148180 |
| LCM Investments Holdings II LLC<sup>†</sup> | 4.875% |  | 5/1/2029 | 6053000 | 5072141 |
| Macy's Retail Holdings LLC<sup>†</sup> | 5.875% |  | 4/1/2029 | 11205000 | 10435553 |
| Murphy Oil USA, Inc.<sup>†</sup> | 3.75% |  | 2/15/2031 | 14815000 | 12149871 |
| Murphy Oil USA, Inc. | 4.75% |  | 9/15/2029 | 5530000 | 5116909 |
| Nordstrom, Inc. | 4.375% |  | 4/1/2030 | 5843000 | 4703615 |
| Papa John's International, Inc.<sup>†</sup> | 3.875% |  | 9/15/2029 | 11981000 | 10031465 |
| Party City Holdings, Inc.<sup>†</sup> | 6.625% |  | 8/1/2026 | 8500000 | 711875 |
| Party City Holdings, Inc.<sup>†</sup> | 8.75% |  | 2/15/2026 | 7307000 | 2773518 |
| PetSmart, Inc./PetSmart Finance Corp.<sup>†</sup> | 4.75% |  | 2/15/2028 | 9983000 | 9132448 |
| PetSmart, Inc./PetSmart Finance Corp.<sup>†</sup> | 7.75% |  | 2/15/2029 | 7807000 | 7231117 |
| Punch Finance plc<sup>†(d)(f)</sup> | 6.125% |  | 6/30/2026 | 8001000 | 8269322 |
| Rite Aid Corp.<sup>†</sup> | 8.00% |  | 11/15/2026 | $6350000 | 3964210 |
| SRS Distribution, Inc.<sup>†</sup> | 4.625% |  | 7/1/2028 | 10250000 | 9176876 |
| SRS Distribution, Inc.<sup>†</sup> | 6.00% |  | 12/1/2029 | 7609000 | 6247364 |
| Stonegate Pub Co. Financing 2019 plc<sup>(d)(f)</sup> | 8.25% |  | 7/31/2025 | 9042000 | 9936138 |
| Victoria's Secret & Co.<sup>†</sup> | 4.625% |  | 7/15/2029 | $1815000 | 1534120 |

---

194 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Retail (continued)** |  |  | | |
| Wendy's International LLC | 7.00% | 12/15/2025 | $5091000 | $5139365 |
| White Cap Buyer LLC<sup>†</sup> | 6.875% | 10/15/2028 | 7377000 | 6368664 |
| *Total* |  |  |  | 231058179 |
| **Savings & Loans 0.00%** |  |  |  |  |
| Washington Mutual Bank<sup>(g)</sup> | 6.875% | 6/15/2011 | 10000000 | 1000 <sup>(a)</sup> |
| **Semiconductors 1.05%** |  |  |  |  |
| Entegris Escrow Corp.<sup>†</sup> | 4.75% | 4/15/2029 | 10967000 | 9939773 |
| Entegris, Inc.<sup>†</sup> | 3.625% | 5/1/2029 | 13362000 | 11104891 |
| ON Semiconductor Corp.<sup>†</sup> | 3.875% | 9/1/2028 | 18515000 | 16439839 |
| Synaptics, Inc.<sup>†</sup> | 4.00% | 6/15/2029 | 14300000 | 11940191 |
| *Total* |  |  |  | 49424694 |
| **Software 2.00%** |  |  |  |  |
| AthenaHealth Group, Inc.<sup>†</sup> | 6.50% | 2/15/2030 | 8008000 | 6006857 |
| Cloud Software Group Holdings, Inc.<sup>†</sup> | 6.50% | 3/31/2029 | 16141000 | 14122022 |
| Elastic NV<sup>†</sup> | 4.125% | 7/15/2029 | 14053000 | 11450126 |
| MSCI, Inc.<sup>†</sup> | 3.25% | 8/15/2033 | 6713000 | 5282904 |
| MSCI, Inc.<sup>†</sup> | 3.625% | 11/1/2031 | 7218000 | 6087553 |
| MSCI, Inc.<sup>†</sup> | 3.875% | 2/15/2031 | 12470000 | 10850895 |
| Open Text Corp. (Canada) | 6.90% | 12/1/2027 | 4314000 | 4324612 |
| PTC, Inc.<sup>†</sup> | 4.00% | 2/15/2028 | 8220000 | 7510573 |
| ROBLOX Corp.<sup>†</sup> | 3.875% | 5/1/2030 | 12357000 | 10126623 |
| SS&C Technologies, Inc.<sup>†</sup> | 5.50% | 9/30/2027 | 4735000 | 4532846 |
| Twilio, Inc. | 3.625% | 3/15/2029 | 10119000 | 8458270 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>†</sup> | 3.875% | 2/1/2029 | 6321000 | 5346302 |
| *Total* |  |  |  | 94099583 |
| **Telecommunications 3.14%** |  |  |  |  |
| Altice France SA (France)<sup>†(d)</sup> | 5.125% | 7/15/2029 | 22195000 | 17514962 |
| Altice France SA (France)<sup>†(d)</sup> | 8.125% | 2/1/2027 | 10373000 | 9895479 |
| CommScope, Inc.<sup>†</sup> | 4.75% | 9/1/2029 | 5406000 | 4559745 |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.875% | 10/15/2027 | 12943000 | 12332091 |
| Frontier Communications Holdings LLC<sup>†</sup> | 6.00% | 1/15/2030 | 9590000 | 7860108 |
| Iliad Holding SASU (France)<sup>†(d)</sup> | 7.00% | 10/15/2028 | 7271000 | 6873276 |
| Lorca Telecom Bondco S.A.<sup>(d)(f)</sup> | 4.00% | 9/18/2027 | 5519000 | 5223278 |
| Matterhorn Telecom SA<sup>(d)(f)</sup> | 4.00% | 11/15/2027 | 5113000 | 4871908 |
| Maxar Technologies, Inc.<sup>†</sup> | 7.75% | 6/15/2027 | $5394000 | 5306833 |

---

*See Notes to Financial Statements.* 195

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Telecommunications (continued)** |  |  |  | | |
| PLT VII Finance Sarl<sup>(d)(f)</sup> |  | 4.625% | 1/5/2026 | 7775000 | $7631884 |
| Sprint Capital Corp. |  | 6.875% | 11/15/2028 | $45063000 | 47807787 |
| VF Ukraine PAT via VFU Funding plc (Ukraine)<sup>†(d)</sup> |  | 6.20% | 2/11/2025 | 11567000 | 6364855 |
| Vmed O2 UK Financing I plc (United Kingdom)<sup>†(d)</sup> |  | 4.75% | 7/15/2031 | 13780000 | 11465374 |
| *Total* |  |  |  |  | 147707580 |
| **Toys/Games/Hobbies 0.22%** |  |  |  |  |  |
| Station Casinos LLC<sup>†</sup> |  | 4.625% | 12/1/2031 | 12374000 | 10387849 |
| **Transportation 0.40%** |  |  |  |  |  |
| Carriage Purchaser, Inc.<sup>†</sup> |  | 7.875% | 10/15/2029 | 7712000 | 5577473 |
| Seaspan Corp. (Hong Kong)<sup>†(d)</sup> |  | 5.50% | 8/1/2029 | 8124000 | 6268966 |
| Watco Cos. LLC/Watco Finance Corp.<sup>†</sup> |  | 6.50% | 6/15/2027 | 7080000 | 6890610 |
| *Total* |  |  |  |  | 18737049 |
| **Trucking & Leasing 0.21%** |  |  |  |  |  |
| Fortress Transportation and Infrastructure Investors LLC<sup>†</sup> |  | 5.50% | 5/1/2028 | 11481000 | 10002993 |
| **Water 0.15%** |  |  |  |  |  |
| Aegea Finance Sarl (Luxembourg)<sup>†(d)</sup> |  | 6.75% | 5/20/2029 | 7081000 | 6826010 |
| *Total Corporate Bonds* (cost $4,642,090,448) |  |  |  |  | 4229376910 |
| **FLOATING RATE LOANS**<sup>(i)</sup> **2.72%** |  |  |  |  |  |
| **Aerospace/Defense 0.14%** |  |  |  |  |  |
| Alloy Finco Limited USD Holdco Term Loan PIK 13.50% (Jersey)<sup>(d)</sup> |  | 0.50% | 3/6/2025 | 7650148 | 6598253 |
| **Building & Construction 0.12%** |  |  |  |  |  |
| USIC Holdings, Inc. 2021 2nd Lien Term Loan | 10.571%<br> (1 Mo. LIBOR + 6.50% | 10.571%<br> (1 Mo. LIBOR + 6.50%) | 5/14/2029 | 5759905 | 5471910 |
| **Building Materials 0.10%** |  |  |  |  |  |
| ACProducts, Inc. 2021 Term Loan B |  | – <sup>(j)</sup> | 5/17/2028 | 6386000 | 4676596 |
| **Diversified Capital Goods 0.25%** |  |  |  |  |  |
| Grinding Media Inc. 2021 Term Loan B | 7.702%<br> (3 Mo. LIBOR + 4.00% | 7.702%<br> (3 Mo. LIBOR + 4.00%) | 10/12/2028 | 7351315 | 6799966 |
| Tank Holding Corp. 2022 Term Loan | 9.937%<br> (1 Mo. SOFR + 5.75% | 9.937%<br> (1 Mo. SOFR + 5.75%) | 3/31/2028 | 5344406 | 5123949 |
| *Total* |  |  |  |  | 11923915 |

---

 

196 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric: Generation 0.28%** |  |  |  | | |
| CPV Shore Holdings, LLC Term Loan |  | 7.83%<br> (1 Mo. LIBOR + 5.75%) | 12/29/2025 | $7326204 | $6776116 |
| EFS Cogen Holdings I LLC 2020 Term Loan B |  | 7.18% - 8.24%<br> (3 Mo. LIBOR + 3.50%) | 10/1/2027 | 5140306 | 4961192 |
| Frontera Generation Holdings LLC 2021 2nd Lien Term Loan |  | 5.174%<br> (3 Mo. LIBOR + 1.50%) | 7/28/2028 | 1193718 | 298429 <sup>(k)</sup> |
| Frontera Generation Holdings LLC 2021 Term Loan |  | 16.674%<br> (3 Mo. LIBOR + 13.00%) | 7/28/2026 | 1233060 | 1239225 <sup>(k)</sup> |
| *Total* |  |  |  |  | 13274962 |
| **Electric: Integrated 0.16%** |  |  |  |  |  |
| Compass Power Generation LLC 2022 Term Loan B2 | 8.451%<br> (1 Mo.Term SOFR + 4.25% | 8.451%<br> (1 Mo.Term SOFR + 4.25%) | 4/14/2029 | 7478440 | 7366263 |
| **Energy: Exploration & Production 0.22%** |  |  |  |  |  |
| Kestrel Acquisition, LLC 2018 Term Loan B |  | 8.33%<br> (1 Mo. LIBOR + 4.25%) | 6/2/2025 | 10481943 | 10098199 |
| **Health Services 0.15%** |  |  |  |  |  |
| Covetrus, Inc. Term Loan |  | 8.784% | 10/13/2029 | 7621320 | 7266471 |
| **Integrated Energy 0.11%** |  |  |  |  |  |
| Oregon Clean Energy, LLC Term Loan |  | 7.937%<br> (1 Mo. LIBOR + 3.75%) | 3/1/2026 | 5319391 | 5213828 |
| **Machinery 0.11%** |  |  |  |  |  |
| CMBF LLC Term Loan |  | 9.879%<br> (1 Mo. LIBOR + 6.00%) | 8/2/2028 | 6062930 | 5214120 |
| **Manufacturing 0.06%** |  |  |  |  |  |
| Vue International Bidco p.l.c. 2019 EUR Term Loan B (United Kingdom)<sup>(f)(g)</sup> |  | – <sup>(j)</sup> | 7/3/2026 | 3719849 | 2193509 |
| Vue International Bidco p.l.c. 2022 EUR Term Loan (United Kingdom)<sup>(f)</sup> | Vue International Bidco p.l.c. 2022 EUR Term Loan (United Kingdom)<sup>(f)</sup> | 9.766%<br> (3 Mo. EURIBOR + 8.00%) | 6/30/2027 | 490811 | 482647 |
| *Total* |  |  |  |  | 2676156 |
| **Metals/Minerals 0.21%** |  |  |  |  |  |
| Peabody Energy Corporation 2018 Term Loan |  | 6.766%<br> (1 Mo. LIBOR + 2.75%) | 3/31/2025 | $10019070 | 9889925 |

---

 

*See Notes to Financial Statements.* 197

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oil & Gas 0.22%** |  |  | | |
| Parkway Generation, LLC Term Loan B | 8.821%<br> (1 Mo. LIBOR + 4.75% | 2/18/2029 | $9308158 | $9191806 |
| Parkway Generation, LLC Term Loan C | 8.821%<br> (1 Mo. LIBOR + 4.75% | 2/18/2029 | 1309694 | 1293323 |
| *Total* |  |  |  | 10485129 |
| **Oil Field Equipment & Services 0.26%** |  |  |  |  |
| Ulterra Drilling Technologies, LP Term Loan B | 9.321%<br> (1 Mo. LIBOR + 5.25% | 11/26/2025 | 12714694 | 12227276 |
| **Personal & Household Products 0.03%** |  |  |  |  |
| Britax Child Safety, Inc. Junior Term Loan PIK 12.00% |  | 3/31/2025 | 1523881 | 1148702 <sup>(k)</sup> |
| FGI Operating Company, LLC Exit Term Loan<sup>(g)</sup> | 13.674%<br> (3 Mo. LIBOR + 10.00% | 5/16/2023 | 637334 | 79985 <sup>(k)</sup> |
| Revlon Consumer Products Corporation 2020 Additional Term Loan B2<sup>(g)</sup> | 8.144%<br> (3 Mo. LIBOR + 3.50% | 6/30/2025 | 77 | 38 |
| *Total* |  |  |  | 1228725 |
| **Software/Services 0.27%** |  |  |  |  |
| Proofpoint, Inc. 1st Lien Term Loan | 7.985%<br> (3 Mo. LIBOR + 3.25% | 8/31/2028 | 4852505 | 4683444 |
| Riverbed Technology, Inc. 2021 Exit Term Loan PIK 2.00% | 8.54%<br> (3 Mo. LIBOR + 6.00% | 12/7/2026 | 19103239 | 8077900 |
| *Total* |  |  |  | 12761344 |
| **Specialty Retail 0.03%** |  |  |  |  |
| Chinos Intermediate Holdings A, Inc. Exit Term Loan | 12.415%<br> (3 Mo. LIBOR + 8.00% | 9/10/2027 | 1386496 | 1259632 |
| *Total Floating Rate Loans* (cost $140,477,376) |  |  |  | 127632704 |
| **FOREIGN GOVERNMENT OBLIGATIONS 0.07%** |  |  |  |  |
| **Sri Lanka** |  |  |  |  |
| Sri Lanka Government International Bond<sup>†(g)</sup> <br> (cost $9,711,572) | 5.875% | 7/25/2022 | 10289000 | 3288844 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.41%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.41%** |  |  |  |
| GS Mortgage Securities Corp. Trust 2021-RSMZ MZ<sup>†</sup> <br> (cost $20,000,000) | 13.375%<br> (1 Mo. LIBOR + 9.50% | 6/15/2026 | 20000000 | 19087836 |

---

198 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Dividend<br> Rate** | | **Shares** | **Fair<br> Value** |
| **PREFERRED STOCKS 0.26%** |  |  | | |
| **Construction & Engineering 0.11%** |  |  |  |  |
| Fluor Corp. | 6.50% |  | 3250 | $5219143 |
| **Transportation Infrastructure 0.15%** |  |  |  |  |
| ACBL Holdings Corp. Series A | Zero Coupon |  | 74612 | 1921259 |
| ACBL Holdings Corp. Series B | Zero Coupon |  | 102014 | 5100700 |
| Total |  |  |  | 7021959 |
| *Total Preferred Stocks* (cost $9,194,374) |  |  |  | 12241102 |
|  | **Exercise<br> Price** | **Expiration<br> Date** |  |  |
| **WARRANTS 0.00%** |  |  |  |  |
| **Machinery 0.00%** |  |  |  |  |
| TNT Crane & Rigging, Inc.\* | $4.00 | 10/16/2025 | 26319 | 9212 |
| **Specialty Retail 0.00%** |  |  |  |  |
| Chinos Intermediate Holdings A, Inc.\* | 3.50 |  | 56246 | 177175 |
| *Total Warrants* (cost $302,137) |  |  |  | 186387 |
| *Total Long-Term Investments* (cost $5,017,411,241) |  |  |  | 4588864801 |
|  |  |  | **Principal**<br> **Amount** |  |
| **SHORT-TERM INVESTMENTS 0.13%** |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.03%** |  |  |  |  |
| Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $1,760,100 of U.S. Treasury Note at 0.25% due 6/15/2024; value: $1,646,476; proceeds: $1,614,218<br> (cost $1,614,140) |  |  | $1614140 | 1614140 |
|  |  |  | **Shares** |  |
| **Money Market Funds 0.09%** |  |  |  |  |
| Fidelity Government Portfolio<sup>(m)</sup> <br> (cost $4,309,734) |  |  | 4309734 | 4309734 |

---

*See Notes to Financial Statements.* 199

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Time Deposits 0.01%** | | |
| CitiBank N.A.<sup>(m)</sup> |  |  |
| (cost $478,859) | 478859 | $478859 |
| *Total Short-Term Investments* (cost $6,402,733) |  | 6402733 |
| *Total Investments in Securities 97.82%* (cost $5,023,813,974) |  | 4595267534 |
| *Other Assets and Liabilities – Net<sup>(n)</sup> 2.18%* |  | 102282969 |
| *Net Assets 100.00%* |  | $4697550503 |

---

---

| | |
|:---|:---|
| EUR | Euro. |
| GBP | British Pound. |
| ADR | American Depositary Receipt. |
| CMT | Constant Maturity Rate. |
| EURIBOR | Euro Interbank Offered Rate. |
| LIBOR | London Interbank Offered Rate. |
| PIK | Payment-in-kind. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2022, the total value of Rule 144A securities was $3,237,999,275, which represents 68.93% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2022. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security fair valued by the Pricing Committee. |
| <sup>(b)</sup> | Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(c)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(d)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(e)</sup> | Amount is less than $1. |
| <sup>(f)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(g)</sup> | Defaulted (non-income producing security). |
| <sup>(h)</sup> | Security is perpetual in nature and has no stated maturity. |
| <sup>(i)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate ("LIBOR") or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2022. |
| <sup>(j)</sup> | Interest rate to be determined. |
| <sup>(k)</sup> | Level 3 Investment as described in Note 2(t) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation. |
| <sup>(l)</sup> | Issuer undergoing restructuring. Fair value of security includes value related to backstop rights offering representing 0.17% of net assets at November 30, 2022. |
| <sup>(m)</sup> | Security was purchased with the cash collateral from loaned securities. |
| <sup>(n)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows: |

---

200 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

**Centrally Cleared Credit Default Swaps on Indexes - Sell Protection at November 30, 2022**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Indexes** | **Central**<br> **Clearing**<br> **Party** | **Fund**<br> **Receives**<br> **(Quarterly)** | **Termination**<br> **Date** | **Notional**<br> **Amount** | **Payments**<br> **Upfront<sup>(2)</sup>** | **Value** | **Unrealized**<br> **Appreciation<sup>(3)</sup>** |
| Markit CDX.NA.HY.39<sup>(4)(5)</sup> | Bank of America | 5.00% | 12/20/2027 | $80498000 | $(727779) | $1510039 | $2237818 |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) by Central Clearing Party are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $2,237,818. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $0.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

<sup>(5)</sup> The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of high yield securities.

**Centrally Cleared Consumer Price Index ("CPI") Swaps at November 30, 2022:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments<br> to be Made<br> By The Fund<br> at Termination<br> Date** | **Payments<br> to be Received<br> By The Fund<br> at Termination<br> Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation** |
| Bank of America | 4.900% | CPI Urban Consumer NSA | 1/15/2024 | $331082000 | $478281 |
| Bank of America | 4.415% | CPI Urban Consumer NSA | 6/1/2023 | 259558000 | 651929 |
| Bank of America | 4.110% | CPI Urban Consumer NSA | 7/1/2023 | 221909120 | 630267 |
| Bank of America | 2.410% | CPI Urban Consumer NSA | 9/30/2023 | 316388062 | 1121197 |
| *Unrealized Appreciation on CPI Centrally Cleared Swaps* | *Unrealized Appreciation on CPI Centrally Cleared Swaps* | *Unrealized Appreciation on CPI Centrally Cleared Swaps* |  |  | $2881674 |

---

**Forward Foreign Currency Exchange Contracts at November 30, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Appreciation** |
| British pound | Buy | Morgan Stanley | 12/8/2022 | 874000 | $955855 | $1053546 | $97691 |
| British pound | Buy | Morgan Stanley | 12/8/2022 | 1303000 | 1399183 | 1570676 | 171493 |
| British pound | Buy | Morgan Stanley | 12/8/2022 | 3954000 | 4300357 | 4766272 | 465915 |
| Euro | Buy | Bank of America | 12/12/2022 | 2226000 | 2210563 | 2318116 | 107553 |
| Euro | Buy | Bank of America | 12/12/2022 | 1708000 | 1674236 | 1778680 | 104444 |
| Euro | Buy | Goldman Sachs | 12/12/2022 | 465000 | 460752 | 484243 | 23491 |
| Euro | Buy | Morgan Stanley | 12/12/2022 | 4901000 | 4847435 | 5103813 | 256378 |
| Euro | Buy | Morgan Stanley | 12/12/2022 | 12691000 | 12583705 | 13216179 | 632474 |
| Euro | Buy | State Street Bank and Trust | 12/12/2022 | 2306000 | 2329821 | 2401427 | 71606 |
| *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* |  |  | $1931045 |

---

*See Notes to Financial Statements.* 201

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| Canadian dollar | Buy | State Street Bank and Trust | 1/20/2023 | 6314000 | $4746874 | $4697611 | $(49263) |
| British pound | Sell | Morgan Stanley | 12/8/2022 | 39675000 | 45752020 | 47825457 | (2073437) |
| British pound | Sell | Morgan Stanley | 12/8/2022 | 1118000 | 1266494 | 1347671 | (81177) |
| British pound | Sell | Morgan Stanley | 12/8/2022 | 1175000 | 1396814 | 1416381 | (19567) |
| British pound | Sell | State Street Bank and Trust | 12/8/2022 | 3027000 | 3541104 | 3648838 | (107734) |
| British pound | Sell | State Street Bank and Trust | 12/8/2022 | 834000 | 947992 | 1005329 | (57337) |
| British pound | Sell | State Street Bank and Trust | 12/8/2022 | 862000 | 967076 | 1039081 | (72005) |
| British pound | Sell | State Street Bank and Trust | 12/8/2022 | 1219000 | 1377674 | 1469420 | (91746) |
| British pound | Sell | State Street Bank and Trust | 12/8/2022 | 812000 | 932896 | 978810 | (45914) |
| British pound | Sell | State Street Bank and Trust | 12/8/2022 | 2050000 | 2386166 | 2471133 | (84967) |
| Canadian dollar | Sell | Toronto Dominion Bank | 1/20/2023 | 6314000 | 4587863 | 4697611 | (109748) |
| Euro | Sell | Bank of America | 12/12/2022 | 920000 | 930597 | 958071 | (27474) |
| Euro | Sell | Morgan Stanley | 12/12/2022 | 2322000 | 2334924 | 2418089 | (83165) |
| Euro | Sell | Morgan Stanley | 12/12/2022 | 1764000 | 1738540 | 1836998 | (98458) |
| Euro | Sell | Morgan Stanley | 12/12/2022 | 5625000 | 5581263 | 5857774 | (276511) |
| Euro | Sell | Morgan Stanley | 12/12/2022 | 2243000 | 2317583 | 2335820 | (18237) |
| Euro | Sell | Morgan Stanley | 12/12/2022 | 1800000 | 1861843 | 1874488 | (12645) |
| Euro | Sell | Morgan Stanley | 12/12/2022 | 5417000 | 5602343 | 5641166 | (38823) |
| Euro | Sell | State Street Bank and Trust | 12/12/2022 | 91644000 | 92161789 | 95436412 | (3274623) |
| Euro | Sell | State Street Bank and Trust | 12/12/2022 | 4924000 | 5012993 | 5127765 | (114772) |
| Euro | Sell | State Street Bank and Trust | 12/12/2022 | 1143000 | 1147732 | 1190300 | (42568) |
| Euro | Sell | State Street Bank and Trust | 12/12/2022 | 447000 | 448311 | 465498 | (17187) |
| Euro | Sell | State Street Bank and Trust | 12/12/2022 | 4722000 | 4738476 | 4917406 | (178930) |
| Euro | Sell | State Street Bank and Trust | 12/12/2022 | 656000 | 641647 | 683147 | (41500) |
| Euro | Sell | State Street Bank and Trust | 12/12/2022 | 3300000 | 3214662 | 3436561 | (221899) |
| Euro | Sell | Toronto Dominion Bank | 12/12/2022 | 4791000 | 4971097 | 4989261 | (18164) |
| *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | $(7257851) |

---

 

202 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2022*

 

**Futures Contracts at November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| Euro-Bund | December 2022 | 307 | Short | (44321648) | (43250160) | $1114991 |
| U.S. 10-Year Treasury Note | March 2023 | 1836 | Long | $207296170 | $208386000 | 1089830 |
| U.S. 2-Year Treasury Note | March 2023 | 3163 | Long | 647847433 | 649551706 | 1704273 |
| U.S. 5-Year Treasury Note | March 2023 | 163 | Long | 17596757 | 17696961 | 100204 |
| U.S. Ultra Treasury Bond | March 2023 | 579 | Long | 78582689 | 78906843 | 324154 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  |  |  | $4333452 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. 10-Year Ultra Treasury Bond | March 2023 | 2161 | Short | $(257387245) | $(258577156) | $(1189911) |
| U.S. Treasury Bonds | March 2023 | 1179 | Short | (149174300) | (149733000) | (558700) |
| *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* |  |  |  |  | $(1748611) |

---

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $15530089 | $– | $15530089 |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto Components |  | 3431314 |  | 3431314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks |  |  | 16453 | 16453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric-Generation |  |  | 1314 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery |  | 120607 |  | 120607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Financials |  | 3346892 |  | 3346892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Products |  | 6669417 | 133104 | 6802521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail | 5045444 | 482871 | 2992644 | 8520959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods |  | 4771746 |  | 4771746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Infrastructure |  | 866853 |  | 866853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 110248544 |  |  | 110248544 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds |  | 43393727 |  | 43393727 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining |  | 85199805 | 5 | 85199810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  | 231057227 | 952 | 231058179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings & Loans |  |  | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 3913117921 |  | 3913117921 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric: Generation |  | 11737308 | 1537654 | 13274962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal & Household Products |  | 38 | 1228687 | 1228725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 113129017 |  | 113129017 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 3288844 |  | 3288844 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 19087836 |  | 19087836 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 5219143 | 7021959 |  | 12241102 |
| &nbsp;&nbsp;&nbsp;Warrants |  | 186387 |  | 186387 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1614140 |  | 1614140 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 4309734 |  |  | 4309734 |
| &nbsp;&nbsp;&nbsp;Time Deposits | – | 478859 | – | 478859 |
| Total | $124822865 | $4464532856 | $5911813 | $4595267534 |

---

*See Notes to Financial Statements.* 203

**Schedule of Investments (concluded)**

HIGH YIELD FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $1510039 | $– | $1510039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared CPI Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 2881674 |  | 2881674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 1931045 |  | 1931045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (7257851) |  | (7257851) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 4333452 |  |  | 4333452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (1748611) | – | – | (1748611) |
| Total | $2584841 | $(935093) | $– | $1649748 |

---

<sup>(1)</sup> Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the year.

204 *See Notes to Financial Statements.*

**Schedule of Investments**

INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount** | **Fair**<br> **Value** |
| **LONG-TERM INVESTMENTS 102.82%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 8.78%** |  |  |  |  |  |
| **Automobiles 2.61%** |  |  |  |  |  |
| Avis Budget Rental Car Funding AESOP LLC 2021-1A D<sup>†</sup> | 3.71% |  | 8/20/2027 | $12750000 | $10462361 |
| Carvana Auto Receivables Trust 2019-4A E<sup>†</sup> | 4.70% |  | 10/15/2026 | 7250000 | 6795740 |
| Exeter Automobile Receivables Trust 2020-3A E<sup>†</sup> | 3.44% |  | 8/17/2026 | 7500000 | 7074114 |
| Exeter Automobile Receivables Trust 2020-3A F<sup>†</sup> | 5.56% |  | 6/15/2027 | 6900000 | 6572822 |
| Flagship Credit Auto Trust 2019-1 D<sup>†</sup> | 4.08% |  | 2/18/2025 | 4000000 | 3936812 |
| Hertz Vehicle Financing LLC 2021-1A D<sup>†</sup> | 3.98% |  | 12/26/2025 | 5000000 | 4491633 |
| Santander Consumer Auto Receivables Trust 2020-BA F<sup>†</sup> | 7.03% |  | 8/15/2028 | 8452000 | 8389023 |
| Santander Consumer Auto Receivables Trust 2021-AA F<sup>†</sup> | 5.79% |  | 8/15/2028 | 3100000 | 2851974 |
| Santander Drive Auto Receivables Trust 2022-5 B | 4.43% |  | 3/15/2027 | 11275000 | 10888267 |
| Westlake Automobile Receivables Trust 2021-1A F<sup>†</sup> | 3.91% |  | 9/15/2027 | 4150000 | 3773559 |
| *Total* |  |  |  |  | 65236305 |
| **Credit Card 0.26%** |  |  |  |  |  |
| Continental Finance Credit Card ABS Master Trust 2020-1A B<sup>†</sup> | 3.66% |  | 12/15/2028 | 4000000 | 3626976 |
| Perimeter Master Note Business Trust 2019-2A A<sup>†</sup> | 4.23% |  | 5/15/2024 | 2831000 | 2798206 |
| *Total* |  |  |  |  | 6425182 |
| **Other 5.91%** |  |  |  |  |  |
| Arbor Realty Collateralized Loan Obligation Ltd. 2021-FL2 AS<sup>†</sup> | 5.275%<br> (1 Mo. LIBOR + 1.40% |)<sup>#</sup> | 5/15/2036 | 8470000 | 8158260 |
| Avant Loans Funding Trust 2021-REV1 D<sup>†</sup> | 4.30% |  | 7/15/2030 | 7135000 | 6174900 |
| Barings CLO Ltd. 2019-3A BR<sup>†</sup> | 5.843%<br> (3 Mo. LIBOR + 1.60% |)<sup>#</sup> | 4/20/2031 | 4480000 | 4321159 |
| BlueMountain CLO XXVIII Ltd. 2021-28A B<sup>†</sup> | 5.579%<br> (3 Mo. LIBOR + 1.50% |)<sup>#</sup> | 4/15/2034 | 12000000 | 11400159 |
| CBAM Ltd. 2017-1A D<sup>†</sup> | 7.993%<br> (3 Mo. LIBOR + 3.75% |)<sup>#</sup> | 7/20/2030 | 2579907 | 2312193 |
| CIFC Funding Ltd. 2019-2A BR<sup>†</sup> | 5.579%<br> (3 Mo. LIBOR + 1.50% |)<sup>#</sup> | 4/17/2034 | 5000000 | 4736984 |
| CIFC Funding Ltd. 2021-4A A<sup>†</sup> | 5.129%<br> (3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 7/15/2033 | 7000000 | 6861015 |

---

*See Notes to Financial Statements.* 205

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Elevation CLO Ltd. 2014-2A DR<sup>†</sup> | 7.325%<br> (3 Mo. Term SOFR + 3.46% |)<sup>#</sup> | 10/15/2029 | $1000000 | $929286 |
| Fairstone Financial Issuance Trust I 2020-1A C<sup>†</sup> | 5.162% |  | 10/20/2039 | 15535000 | 11100929 |
| Galaxy XXI CLO Ltd. 2015-21A AR<sup>†</sup> | 5.263%<br> (3 Mo. LIBOR + 1.02% |)<sup>#</sup> | 4/20/2031 | 1012000 | 992572 |
| JFIN CLO Ltd. 2013-1A A1NR<sup>†</sup> | 4.10%<br> (3 Mo. LIBOR + 1.39% |)<sup>#</sup> | 1/20/2030 | 1851789 | 1827454 |
| Lending Funding Trust 2020-2A D<sup>†</sup> | 6.77% |  | 4/21/2031 | 4651000 | 3976341 |
| Lendmark Funding Trust 2021-2A D<sup>†</sup> | 4.46% |  | 4/20/2032 | 5675000 | 4181338 |
| LoanCore Issuer Ltd. 2022-CRE7 A<sup>†</sup> | 4.891%<br> (1 Mo. SOFR + 1.55% |)<sup>#</sup> | 1/17/2037 | 6490000 | 6238691 |
| Madison Park Funding XVII Ltd. 2015-17A BR2<sup>†</sup> | 5.778%<br> (3 Mo. LIBOR + 1.50% |)<sup>#</sup> | 7/21/2030 | 10000000 | 9697608 |
| Marble Point CLO XVII Ltd. 2020-1A A<sup>†</sup> | 5.543%<br> (3 Mo. LIBOR + 1.30% |)<sup>#</sup> | 4/20/2033 | 4859946 | 4774897 |
| Marble Point CLO XVII Ltd. 2020-1A D<sup>†</sup> | 7.993%<br> (3 Mo. LIBOR + 3.75% |)<sup>#</sup> | 4/20/2033 | 3375000 | 3075857 |
| Mariner Finance Issuance Trust 2021-AA E<sup>†</sup> | 5.40% |  | 3/20/2036 | 5340000 | 4304735 |
| Mariner Finance Issuance Trust 2021-BA E<sup>†</sup> | 4.68% |  | 11/20/2036 | 3075000 | 2319754 <sup>(a)</sup> |
| Mountain View CLO LLC 2017-1A AR<sup>†</sup> | 5.169%<br> (3 Mo. LIBOR + 1.09% |)<sup>#</sup> | 10/16/2029 | 4208143 | 4154330 |
| Newark BSL CLO 2 Ltd. 2017-1A BR<sup>†</sup> | 6.108%<br> (3 Mo. LIBOR + 1.75% |)<sup>#</sup> | 7/25/2030 | 2500000 | 2355454 |
| Octagon Loan Funding Ltd. 2014-1A ARR<sup>†</sup> | 5.854%<br> (3 Mo. LIBOR + 1.18% |)<sup>#</sup> | 11/18/2031 | 5000000 | 4925400 |
| Octane Receivables Trust 2022-2A B<sup>†</sup> | 5.85% |  | 7/20/2028 | 11033000 | 10835316 |
| Rad CLO 2 Ltd. 2018-2A BR<sup>†</sup> | 5.579%<br> (3 Mo. LIBOR + 1.50% |)<sup>#</sup> | 10/15/2031 | 6500000 | 6238822 |
| Rad CLO Ltd. 2020-7A A1<sup>†</sup> | 5.279%<br> (3 Mo. LIBOR + 1.20% |)<sup>#</sup> | 4/17/2033 | 7850616 | 7686581 |
| Romark CLO Ltd. 2017-1A A2R<sup>†</sup> | 5.975%<br> (3 Mo. LIBOR + 1.65% |)<sup>#</sup> | 10/23/2030 | 8890000 | 8495271 |
| SEB Funding LLC 2021-1A A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 2241383 | 1916824 |
| Voya CLO Ltd. 2018-4A A1AR<sup>†</sup> | 5.119%<br> (3 Mo. LIBOR + 1.04% |)<sup>#</sup> | 1/15/2032 | 3950000 | 3876724 |
| *Total* |  |  |  |  | 147868854 |
| *Total Asset-Backed Securities* (cost $237,600,663) | *Total Asset-Backed Securities* (cost $237,600,663) | *Total Asset-Backed Securities* (cost $237,600,663) | *Total Asset-Backed Securities* (cost $237,600,663) |  | 219530341 |

---

206 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **CORPORATE BONDS 78.21%** |  |  |  |  |  |
| **Agriculture 2.75%** |  |  |  |  |  |
| BAT Capital Corp. | 7.75% |  | 10/19/2032 | $8432000 | $9299661 |
| Cargill, Inc.<sup>†</sup> | 4.00% |  | 6/22/2032 | 17298000 | 16112780 |
| Imperial Brands Finance plc (United Kingdom)<sup>†(b)</sup> | 6.125% |  | 7/27/2027 | 8102000 | 8112035 |
| JT International Financial Services BV (Netherlands)<sup>†(b)</sup> | 6.875% |  | 10/24/2032 | 9263000 | 9872939 |
| Philip Morris International, Inc. | 5.625% |  | 11/17/2029 | 4513000 | 4592803 |
| Viterra Finance BV (Netherlands)<sup>†(b)</sup> | 2.00% |  | 4/21/2026 | 5000000 | 4310920 |
| Viterra Finance BV (Netherlands)<sup>†(b)</sup> | 3.20% |  | 4/21/2031 | 14555000 | 11056418 |
| Viterra Finance BV (Netherlands)<sup>†(b)</sup> | 4.90% |  | 4/21/2027 | 5846000 | 5470928 |
| *Total* |  |  |  |  | 68828484 |
| **Airlines 0.26%** |  |  |  |  |  |
| American Airlines 2021-1A Pass Through Trust | 2.875% |  | 1/11/2036 | 4243000 | 3425418 |
| American Airlines Group, Inc.<sup>†(c)</sup> | 3.75% |  | 3/1/2025 | 3424000 | 3001754 |
| *Total* |  |  |  |  | 6427172 |
| **Apparel 0.24%** |  |  |  |  |  |
| PVH Corp. | 7.75% |  | 11/15/2023 | 5967000 | 6102590 |
| **Banks 12.50%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(b)</sup> | 3.324%<br> (5 Yr. Treasury CMT + 1.90% |)<sup>#</sup> | 3/13/2037 | 4000000 | 2900275 |
| Bank of America Corp. | 2.482%<br> (5 Yr. Treasury CMT + 1.20% |)<sup>#</sup> | 9/21/2036 | 10000000 | 7579463 |
| Bank of America Corp. | 2.687%<br> (SOFR + 1.32% |)<sup>#</sup> | 4/22/2032 | 29237000 | 23717843 |
| Bank of New York Mellon Corp. (The) | 4.596%<br> (SOFR + 1.76% |)<sup>#</sup> | 7/26/2030 | 4565000 | 4456481 |
| BankUnited, Inc. | 5.125% |  | 6/11/2030 | 9962000 | 9261802 |
| BNP Paribas SA (France)<sup>†(b)</sup> | 4.375%<br> (5 Yr. Swap rate + 1.48% |)<sup>#</sup> | 3/1/2033 | 6844000 | 6019390 |
| BPCE SA (France)<sup>†(b)</sup> | 3.116%<br> (SOFR + 1.73% |)<sup>#</sup> | 10/19/2032 | 7584000 | 5545844 |
| Citigroup, Inc. | 2.561%<br> (SOFR + 1.17% |)<sup>#</sup> | 5/1/2032 | 18611000 | 14904749 |
| Citigroup, Inc. | 4.91%<br> (SOFR + 2.09% |)<sup>#</sup> | 5/24/2033 | 15000000 | 14293389 |
| Credit Suisse Group AG (Switzerland)<sup>†(b)</sup> | 6.373%<br> (SOFR + 3.34% |)<sup>#</sup> | 7/15/2026 | 10000000 | 9279005 |

---

*See Notes to Financial Statements.* 207

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Danske Bank A/S (Denmark)<sup>†(b)</sup> | 3.773%<br> (1 Yr. Treasury CMT + 1.45% |)<sup>#</sup> | 3/28/2025 | $9892000 | $9527335 |
| Danske Bank A/S (Denmark)<sup>†(b)</sup> | 5.375% |  | 1/12/2024 | 12000000 | 11939990 |
| Discover Bank | 4.682%<br> (5 Yr. Swap rate + 1.73% |)<sup>#</sup> | 8/9/2028 | 7750000 | 7465556 |
| Goldman Sachs Group, Inc. (The) | 2.383%<br> (SOFR + 1.25% |)<sup>#</sup> | 7/21/2032 | 5104000 | 4035665 |
| Huntington Bancshares, Inc. | 2.487%<br> (5 Yr. Treasury CMT + 1.17% |)<sup>#</sup> | 8/15/2036 | 3556000 | 2581912 |
| Intesa Sanpaolo SpA (Italy)<sup>†(b)</sup> | 4.198%<br> (1 Yr. Treasury CMT + 2.60% |)<sup>#</sup> | 6/1/2032 | 2014000 | 1487058 |
| JPMorgan Chase & Co. | 2.963%<br> (SOFR + 1.26% |)<sup>#</sup> | 1/25/2033 | 12620000 | 10415631 |
| JPMorgan Chase & Co. | 4.912%<br> (SOFR + 2.08% |)<sup>#</sup> | 7/25/2033 | 10000000 | 9650180 |
| Macquarie Bank Ltd. (Australia)<sup>†(b)</sup> | 3.052%<br> (5 Yr. Treasury CMT + 1.70% |)<sup>#</sup> | 3/3/2036 | 9790000 | 7053337 |
| Macquarie Bank Ltd. (Australia)<sup>†(b)</sup> | 4.875% |  | 6/10/2025 | 1850000 | 1797786 |
| Macquarie Group Ltd. (Australia)<sup>†(b)</sup> | 2.691%<br> (SOFR + 1.44% |)<sup>#</sup> | 6/23/2032 | 3724000 | 2890949 |
| Morgan Stanley | 2.239%<br> (SOFR + 1.18% |)<sup>#</sup> | 7/21/2032 | 6125000 | 4781362 |
| Morgan Stanley | 2.484%<br> (SOFR + 1.36% |)<sup>#</sup> | 9/16/2036 | 9129000 | 6792798 |
| Morgan Stanley | 4.431%<br> (3 Mo. LIBOR + 1.63% |)<sup>#</sup> | 1/23/2030 | 1395000 | 1320841 |
| Morgan Stanley | 5.297%<br> (SOFR + 2.62% |)<sup>#</sup> | 4/20/2037 | 5000000 | 4660122 |
| National Australia Bank Ltd. (Australia)<sup>†(b)</sup> | 2.99% |  | 5/21/2031 | 3443000 | 2699115 |
| National Australia Bank Ltd. (Australia)<sup>†(b)</sup> | 3.933%<br> (5 Yr. Treasury CMT + 1.88% |)<sup>#</sup> | 8/2/2034 | 11000000 | 9249092 |
| NatWest Group plc (United Kingdom)<sup>(b)</sup> | 3.032%<br> (5 Yr. Treasury CMT + 2.35% |)<sup>#</sup> | 11/28/2035 | 7000000 | 5146679 |
| State Street Corp. | 4.164%<br> (SOFR + 1.73% |)<sup>#</sup> | 8/4/2033 | 14402000 | 13420228 |
| Texas Capital Bancshares, Inc. | 4.00%<br> (5 Yr. Treasury CMT + 3.15% |)<sup>#</sup> | 5/6/2031 | 8000000 | 7015092 |
| Toronto-Dominion Bank (The) (Canada)<sup>(b)</sup> | 4.456% |  | 6/8/2032 | 24515000 | 23471657 |
| UBS AG (Switzerland)<sup>(b)</sup> | 5.125% |  | 5/15/2024 | 13800000 | 13580980 |
| UniCredit SpA (Italy)<sup>†(b)</sup> | 5.459%<br> (5 Yr. Treasury CMT + 4.75% |)<sup>#</sup> | 6/30/2035 | 3270000 | 2585813 |

---

208 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| US Bancorp | 4.967%<br> (SOFR + 2.11% |)<sup>#</sup> | 7/22/2033 | $9918000 | $9505181 |
| Wells Fargo & Co. | 3.35%<br> (SOFR + 1.50% |)<sup>#</sup> | 3/2/2033 | 15461000 | 13237393 |
| Wells Fargo & Co. | 4.897%<br> (SOFR + 2.10% |)<sup>#</sup> | 7/25/2033 | 9955000 | 9600184 |
| Western Alliance Bancorp | 3.00%<br> (3 Mo. Term SOFR + 2.25% |)<sup>#</sup> | 6/15/2031 | 2558000 | 2185389 |
| Westpac Banking Corp. (Australia)<sup>(b)</sup> | 2.668%<br> (5 Yr. Treasury CMT + 1.75% |)<sup>#</sup> | 11/15/2035 | 8000000 | 5898745 |
| Westpac Banking Corp. (Australia)<sup>(b)</sup> | 4.11%<br> (5 Yr. Treasury CMT + 2.00% |)<sup>#</sup> | 7/24/2034 | 9061000 | 7741867 |
| Westpac Banking Corp. (Australia)<sup>(b)</sup> | 4.322%<br> (USD ICE 5 Yr. Swap rate + 2.24% |)<sup>#</sup> | 11/23/2031 | 3197000 | 2921327 |
| *Total* |  |  |  |  | 312617505 |
| **Beverages 0.81%** |  |  |  |  |  |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | 4.70% |  | 2/1/2036 | 20975000 | 20152292 |
| **Biotechnology 0.66%** |  |  |  |  |  |
| Amgen, Inc. | 4.05% |  | 8/18/2029 | 12566000 | 11988227 |
| Gilead Sciences, Inc. | 4.00% |  | 9/1/2036 | 4975000 | 4442080 |
| *Total* |  |  |  |  | 16430307 |
| **Chemicals 0.66%** |  |  |  |  |  |
| CF Industries, Inc. | 5.15% |  | 3/15/2034 | 11621000 | 11104579 |
| CVR Partners LP/CVR Nitrogen Finance Corp.<sup>†</sup> | 6.125% |  | 6/15/2028 | 6037000 | 5457237 |
| *Total* |  |  |  |  | 16561816 |
| **Commercial Services 0.70%** |  |  |  |  |  |
| CoStar Group, Inc.<sup>†</sup> | 2.80% |  | 7/15/2030 | 1995000 | 1642318 |
| Global Payments, Inc. | 5.30% |  | 8/15/2029 | 16461000 | 15964081 |
| *Total* |  |  |  |  | 17606399 |
| **Computers 0.84%** |  |  |  |  |  |
| Dell International LLC/EMC Corp. | 8.35% |  | 7/15/2046 | 9424000 | 11044340 |
| Leidos Holdings, Inc. | 5.95% |  | 12/1/2040 | 1325000 | 1231790 |
| Leidos, Inc. | 4.375% |  | 5/15/2030 | 2052000 | 1874686 |
| Leidos, Inc. | 7.125% |  | 7/1/2032 | 6806000 | 6862047 |
| *Total* |  |  |  |  | 21012863 |

---

*See Notes to Financial Statements.* 209

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount** | **Fair**<br> **Value** |
| **Cosmetics/Personal Care 0.56%** |  |  |  |  |  |
| GSK Consumer Healthcare Capital US LLC | 3.625% |  | 3/24/2032 | $15826000 | $13981153 |
| **Diversified Financial Services 3.82%** |  |  |  |  |  |
| Aircastle Ltd.<sup>†</sup> | 2.85% |  | 1/26/2028 | 11435000 | 9320853 |
| Ally Financial, Inc. | 8.00% |  | 11/1/2031 | 5975000 | 6419786 |
| American Express Co. | 4.42%<br> (SOFR + 1.76% |)<sup>#</sup> | 8/3/2033 | 8831000 | 8381630 |
| American Express Co. | 4.989%<br> (SOFR + 2.26% |)<sup>#</sup> | 5/26/2033 | 13975000 | 13490864 |
| Aviation Capital Group LLC<sup>†</sup> | 3.50% |  | 11/1/2027 | 3918000 | 3390766 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(b)</sup> | 3.95% |  | 7/1/2024 | 10118000 | 9640795 |
| Capital One Financial Corp. | 1.343%<br> (SOFR + .69% |)<sup>#</sup> | 12/6/2024 | 7151000 | 6824305 |
| Discover Financial Services | 6.70% |  | 11/29/2032 | 6983000 | 7111237 |
| Intercontinental Exchange, Inc. | 4.35% |  | 6/15/2029 | 14977000 | 14732089 |
| Midcap Financial Issuer Trust<sup>†</sup> | 6.50% |  | 5/1/2028 | 3000000 | 2621205 |
| Navient Corp. | 6.75% |  | 6/25/2025 | 5550000 | 5412637 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 5294000 | 5064008 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.875% |  | 4/15/2045 | 3685000 | 3097295 |
| *Total* |  |  |  |  | 95507470 |
| **Electric 9.48%** |  |  |  |  |  |
| AEP Transmission Co. LLC | 4.50% |  | 6/15/2052 | 9272000 | 8304307 |
| AES Corp. (The) | 2.45% |  | 1/15/2031 | 7975000 | 6343809 |
| AES Panama Generation Holdings SRL (Panama)<sup>†(b)</sup> | 4.375% |  | 5/31/2030 | 11000000 | 9220455 |
| Alfa Desarrollo SpA (Chile)<sup>†(b)</sup> | 4.55% |  | 9/27/2051 | 6974483 | 5126314 |
| Baltimore Gas & Electric Co. | 4.55% |  | 6/1/2052 | 6429000 | 5819855 |
| Comision Federal de Electricidad (Mexico)<sup>†(b)</sup> | 4.688% |  | 5/15/2029 | 20000000 | 17534242 |
| Constellation Energy Generation LLC | 6.25% |  | 10/1/2039 | 5185000 | 5415816 |
| Consumers Energy Co. | 4.20% |  | 9/1/2052 | 3485000 | 3031774 |
| DTE Energy Co. | 2.95% |  | 3/1/2030 | 13166000 | 11307165 |
| Duke Energy Corp. | 4.50% |  | 8/15/2032 | 14776000 | 14034480 |
| Duquesne Light Holdings, Inc.<sup>†</sup> | 2.775% |  | 1/7/2032 | 14523000 | 11402619 |
| Duquesne Light Holdings, Inc. | 6.25% |  | 8/15/2035 | 2650000 | 2601746 |
| FirstEnergy Transmission LLC<sup>†</sup> | 4.55% |  | 4/1/2049 | 6480000 | 5292895 |
| IPALCO Enterprises, Inc. | 4.25% |  | 5/1/2030 | 10206000 | 9162875 |
| Minejesa Capital BV (Netherlands)<sup>†(b)</sup> | 4.625% |  | 8/10/2030 | 12000000 | 10500000 |
| NextEra Energy Capital Holdings, Inc. | 5.00% |  | 7/15/2032 | 10158000 | 10161336 |

---

210 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount** | **Fair**<br> **Value** |
| **Electric (continued)** |  |  |  |  |
| NRG Energy, Inc.<sup>†</sup> | 4.45% | 6/15/2029 | $14584000 | $13443801 |
| Oglethorpe Power Corp. | 5.95% | 11/1/2039 | 9881000 | 9686734 |
| Oncor Electric Delivery Co. LLC<sup>†</sup> | 4.55% | 9/15/2032 | 6984000 | 6889850 |
| Pacific Gas and Electric Co. | 4.55% | 7/1/2030 | 21283000 | 19439118 |
| Puget Energy, Inc. | 4.10% | 6/15/2030 | 18809000 | 16925168 |
| Southern Co. (The) | 4.475% | 8/1/2024 | 11126000 | 10963549 |
| Tampa Electric Co. | 5.00% | 7/15/2052 | 7475000 | 7036180 |
| TransAlta Corp. (Canada)<sup>(b)</sup> | 7.75% | 11/15/2029 | 5000000 | 5143100 |
| Vistra Operations Co. LLC<sup>†</sup> | 3.55% | 7/15/2024 | 13009000 | 12479337 |
| *Total* |  |  |  | 237266525 |
| **Energy-Alternate Sources 0.12%** |  |  |  |  |
| Topaz Solar Farms LLC<sup>†</sup> | 5.75% | 9/30/2039 | 3210369 | 2981502 |
| **Engineering & Construction 0.82%** |  |  |  |  |
| Cellnex Finance Co. S.A. (Spain)<sup>†(b)</sup> | 3.875% | 7/7/2041 | 8563000 | 5812551 |
| Fluor Corp. | 4.25% | 9/15/2028 | 16240000 | 14806820 |
| *Total* |  |  |  | 20619371 |
| **Gas 1.12%** |  |  |  |  |
| ONE Gas, Inc. | 4.25% | 9/1/2032 | 9976000 | 9553106 |
| Southwest Gas Corp. | 4.05% | 3/15/2032 | 21000000 | 18343931 |
| *Total* |  |  |  | 27897037 |
| **Health Care-Products 1.02%** |  |  |  |  |
| Alcon Finance Corp.<sup>†</sup> | 5.375% | 12/6/2032 | 10000000 | 10084167 |
| GE Healthcare Holding LLC<sup>†</sup> | 5.65% | 11/15/2027 | 15073000 | 15379981 |
| *Total* |  |  |  | 25464148 |
| **Health Care-Services 3.76%** |  |  |  |  |
| Centene Corp. | 3.375% | 2/15/2030 | 28116000 | 23985564 |
| Elevance Health, Inc. | 2.25% | 5/15/2030 | 12000000 | 10033243 |
| Elevance Health, Inc. | 4.10% | 5/15/2032 | 9977000 | 9409779 |
| Elevance Health, Inc. | 5.50% | 10/15/2032 | 3636000 | 3756855 |
| Fresenius Medical Care US Finance III, Inc.<sup>†</sup> | 3.00% | 12/1/2031 | 8000000 | 6120037 |
| Humana, Inc. | 3.70% | 3/23/2029 | 21804000 | 20095292 |
| Humana, Inc. | 5.875% | 3/1/2033 | 7457000 | 7768807 |
| UnitedHealth Group, Inc. | 5.875% | 2/15/2053 | 11639000 | 12898056 |
| *Total* |  |  |  | 94067633 |

---

*See Notes to Financial Statements.* 211

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount** | **Fair**<br> **Value** |
| **Home Builders 0.45%** |  |  |  |  |  |
| PulteGroup, Inc. | 6.375% |  | 5/15/2033 | $3997000 | $3977521 |
| Toll Brothers Finance Corp. | 3.80% |  | 11/1/2029 | 5696000 | 4812922 |
| Toll Brothers Finance Corp. | 4.875% |  | 3/15/2027 | 2749000 | 2577836 |
| *Total* |  |  |  |  | 11368279 |
| **Insurance 2.41%** |  |  |  |  |  |
| Aon Corp. | 8.205% |  | 1/1/2027 | 5545000 | 5791226 |
| Assurant, Inc. | 2.65% |  | 1/15/2032 | 3049000 | 2269938 |
| Assurant, Inc. | 3.70% |  | 2/22/2030 | 9896000 | 8467820 |
| Brown & Brown, Inc. | 4.20% |  | 3/17/2032 | 11975000 | 10497599 |
| CNO Financial Group, Inc. | 5.25% |  | 5/30/2029 | 9239000 | 8820132 |
| First American Financial Corp. | 2.40% |  | 8/15/2031 | 4000000 | 2967908 |
| Global Atlantic Fin Co.<sup>†</sup> | 4.70%<br> (5 Yr. Treasury CMT + 3.80% |)<sup>#</sup> | 10/15/2051 | 5469000 | 4052494 |
| Intact Financial Corp. (Canada)<sup>†(b)</sup> | 5.459% |  | 9/22/2032 | 6983000 | 6970787 |
| Protective Life Corp. | 8.45% |  | 10/15/2039 | 5103000 | 6124261 |
| Selective Insurance Group, Inc. | 5.375% |  | 3/1/2049 | 5081000 | 4444466 |
| *Total* |  |  |  |  | 60406631 |
| **Internet 1.44%** |  |  |  |  |  |
| Amazon.com, Inc. | 4.70% |  | 12/1/2032 | 16300000 | 16457081 |
| Netflix, Inc.<sup>†</sup> | 5.375% |  | 11/15/2029 | 20000000 | 19660080 |
| *Total* |  |  |  |  | 36117161 |
| **Lodging 0.31%** |  |  |  |  |  |
| Hyatt Hotels Corp. | 1.30% |  | 10/1/2023 | 8000000 | 7728705 |
| **Machinery-Diversified 0.88%** |  |  |  |  |  |
| Flowserve Corp. | 2.80% |  | 1/15/2032 | 8450000 | 6331419 |
| nVent Finance Sarl (Luxembourg)<sup>(b)</sup> | 4.55% |  | 4/15/2028 | 13500000 | 12499128 |
| SPX FLOW, Inc.<sup>†</sup> | 8.75% |  | 4/1/2030 | 3938000 | 3303450 |
| *Total* |  |  |  |  | 22133997 |
| **Media 2.18%** |  |  |  |  |  |
| Charter Communications Operating LLC/Charter Communications Operating Capital | 6.484% |  | 10/23/2045 | 15031000 | 14180690 |
| Comcast Corp. | 5.50% |  | 11/15/2032 | 5371000 | 5634747 |
| FactSet Research Systems, Inc. | 3.45% |  | 3/1/2032 | 9551000 | 8058624 |
| Time Warner Cable Enterprises LLC | 8.375% |  | 7/15/2033 | 9175000 | 10306525 |
| Time Warner Cable LLC | 7.30% |  | 7/1/2038 | 15865000 | 16246024 |
| *Total* |  |  |  |  | 54426610 |

---

212 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount** | **Fair**<br> **Value** |
| **Mining 0.53%** |  |  |  |  |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(b)</sup> | 4.125% | 3/31/2029 | $15000000 | $13173000 |
| **Oil & Gas 10.63%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 8.25% | 2/15/2026 | 10000000 | 9962958 |
| Aker BP ASA (Norway)<sup>†(b)</sup> | 3.10% | 7/15/2031 | 10000000 | 8249063 |
| Antero Resources Corp.<sup>†</sup> | 5.375% | 3/1/2030 | 9975000 | 9359044 |
| Baytex Energy Corp. (Canada)<sup>†(b)</sup> | 8.75% | 4/1/2027 | 5000000 | 5161125 |
| Berry Petroleum Co. LLC<sup>†</sup> | 7.00% | 2/15/2026 | 7760000 | 7358692 |
| California Resources Corp.<sup>†</sup> | 7.125% | 2/1/2026 | 2733000 | 2661286 |
| Callon Petroleum Co.<sup>†</sup> | 8.00% | 8/1/2028 | 10000000 | 9891350 |
| Chord Energy Corp.<sup>†</sup> | 6.375% | 6/1/2026 | 7500000 | 7339763 |
| Civitas Resources, Inc.<sup>†</sup> | 5.00% | 10/15/2026 | 8000000 | 7381200 |
| Comstock Resources, Inc.<sup>†</sup> | 5.875% | 1/15/2030 | 5000000 | 4613500 |
| Continental Resources, Inc.<sup>†</sup> | 5.75% | 1/15/2031 | 25575000 | 23996948 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.25% | 5/1/2026 | 12000000 | 11598840 |
| Diamondback Energy, Inc. | 3.125% | 3/24/2031 | 10000000 | 8424634 |
| Diamondback Energy, Inc. | 3.50% | 12/1/2029 | 5488000 | 4890243 |
| Earthstone Energy Holdings LLC<sup>†</sup> | 8.00% | 4/15/2027 | 7100000 | 6844400 |
| Encino Acquisition Partners Holdings LLC<sup>†</sup> | 8.50% | 5/1/2028 | 4587000 | 4397303 |
| Eni SpA (Italy)<sup>†(b)</sup> | 5.70% | 10/1/2040 | 11398000 | 10642899 |
| EQT Corp. | 7.00% | 2/1/2030 | 16202000 | 17067650 |
| Gulfport Energy Corp.<sup>†</sup> | 8.00% | 5/17/2026 | 4864000 | 4854150 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 6.25% | 11/1/2028 | 10000000 | 9534375 |
| Laredo Petroleum, Inc.<sup>†</sup> | 7.75% | 7/31/2029 | 2750000 | 2626250 |
| Laredo Petroleum, Inc. | 10.125% | 1/15/2028 | 6000000 | 6079410 |
| Nabors Industries Ltd.<sup>†</sup> | 7.25% | 1/15/2026 | 6000000 | 5776170 |
| Occidental Petroleum Corp. | 6.625% | 9/1/2030 | 6500000 | 6789250 |
| OGX Austria GmbH (Brazil)<sup>†(b)(d)</sup> | 8.50% | 6/1/2018 | 1800000 | 36 |
| Ovintiv, Inc. | 6.50% | 2/1/2038 | 7362000 | 7504128 |
| Ovintiv, Inc. | 6.625% | 8/15/2037 | 4595000 | 4763285 |
| Patterson-UTI Energy, Inc. | 5.15% | 11/15/2029 | 9976000 | 8940725 |
| Permian Resources Operating LLC<sup>†</sup> | 6.875% | 4/1/2027 | 9250000 | 8965701 |
| Precision Drilling Corp. (Canada)<sup>†(b)</sup> | 6.875% | 1/15/2029 | 3250000 | 3076206 |
| ROCC Holdings LLC<sup>†</sup> | 9.25% | 8/15/2026 | 10000000 | 10017349 |
| Suncor Energy, Inc. (Canada)<sup>(b)</sup> | 7.875% | 6/15/2026 | 6422000 | 6929837 |
| Tap Rock Resources LLC<sup>†</sup> | 7.00% | 10/1/2026 | 8500000 | 7962758 |
| Vermilion Energy, Inc. (Canada)<sup>†(b)</sup> | 6.875% | 5/1/2030 | 10000000 | 9245107 |
| W&T Offshore, Inc.<sup>†</sup> | 9.75% | 11/1/2023 | 3000000 | 2972070 |
| *Total* |  |  |  | 265877705 |

---

*See Notes to Financial Statements.* 213

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount** | **Fair**<br> **Value** |
| **Oil & Gas Services 0.20%** |  |  |  |  |
| NOV, Inc. | 3.60% | 12/1/2029 | $5632000 | $5029197 |
| **Pharmaceuticals 5.50%** |  |  |  |  |
| AbbVie, Inc. | 3.20% | 11/21/2029 | 46000000 | 42042005 |
| Bayer Corp.<sup>†</sup> | 6.65% | 2/15/2028 | 12162000 | 12549330 |
| Bayer US Finance II LLC<sup>†</sup> | 4.375% | 12/15/2028 | 7450000 | 7078811 |
| Becton Dickinson & Co. | 4.298% | 8/22/2032 | 14976000 | 14274510 |
| Cigna Corp. | 2.40% | 3/15/2030 | 6767000 | 5754118 |
| Cigna Corp. | 4.375% | 10/15/2028 | 19225000 | 18756009 |
| CVS Health Corp. | 3.25% | 8/15/2029 | 32943000 | 29788465 |
| CVS Health Corp. | 4.78% | 3/25/2038 | 7981000 | 7386592 |
| *Total* |  |  |  | 137629840 |
| **Pipelines 1.03%** |  |  |  |  |
| Eastern Gas Transmission & Storage, Inc. | 4.60% | 12/15/2044 | 5529000 | 4606241 |
| NGPL PipeCo LLC<sup>†</sup> | 4.875% | 8/15/2027 | 20258000 | 19299700 |
| Western Midstream Operating LP | 4.75% | 8/15/2028 | 2000000 | 1853400 |
| *Total* |  |  |  | 25759341 |
| **REITS 2.89%** |  |  |  |  |
| American Tower Corp. | 3.80% | 8/15/2029 | 11950000 | 10944469 |
| Crown Castle, Inc. | 3.30% | 7/1/2030 | 25500000 | 22452717 |
| EPR Properties | 3.75% | 8/15/2029 | 5000000 | 3943930 |
| EPR Properties | 4.95% | 4/15/2028 | 10000000 | 8685527 |
| GLP Capital LP/GLP Financing II, Inc. | 5.75% | 6/1/2028 | 7325000 | 7097357 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.625% | 6/15/2025 | 20000000 | 19162952 |
| *Total* |  |  |  | 72286952 |
| **Retail 1.15%** |  |  |  |  |
| Lowe's Cos., Inc. | 5.00% | 4/15/2033 | 19000000 | 18918302 |
| McDonald's Corp. | 4.60% | 9/9/2032 | 9977000 | 9929272 |
| *Total* |  |  |  | 28847574 |
| **Semiconductors 2.22%** |  |  |  |  |
| Advanced Micro Devices, Inc. | 3.924% | 6/1/2032 | 5324000 | 5031292 |
| Advanced Micro Devices, Inc. | 4.393% | 6/1/2052 | 4640000 | 4128771 |
| Broadcom, Inc.<sup>†</sup> | 4.15% | 4/15/2032 | 36495000 | 32210713 |
| Qorvo, Inc.<sup>†</sup> | 3.375% | 4/1/2031 | 10000000 | 8036300 |
| Qorvo, Inc. | 4.375% | 10/15/2029 | 7023000 | 6241691 |
| *Total* |  |  |  | 55648767 |

---

214 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Software 3.17%** |  |  |  |  |
| Fidelity National Information Services, Inc. | 5.10% | 7/15/2032 | $9976000 | $9764127 |
| Oracle Corp. | 5.375% | 7/15/2040 | 15452000 | 14293061 |
| Oracle Corp. | 6.125% | 7/8/2039 | 12298000 | 12297706 |
| Oracle Corp. | 6.25% | 11/9/2032 | 10650000 | 11248266 |
| ServiceNow, Inc. | 1.40% | 9/1/2030 | 17120000 | 13350786 |
| Workday, Inc. | 3.80% | 4/1/2032 | 20630000 | 18451813 |
| *Total* |  |  |  | 79405759 |
| **Telecommunications 2.91%** |  |  |  |  |
| America Movil SAB de CV (Mexico)<sup>†(b)</sup> | 5.375% | 4/4/2032 | 11000000 | 10161250 |
| Sprint Capital Corp. | 6.875% | 11/15/2028 | 29675000 | 31482504 |
| T-Mobile USA, Inc. | 3.875% | 4/15/2030 | 11925000 | 10963850 |
| Verizon Communications, Inc. | 2.10% | 3/22/2028 | 2590000 | 2268227 |
| Verizon Communications, Inc. | 2.355% | 3/15/2032 | 11925000 | 9582437 |
| Xiaomi Best Time International Ltd. (Hong Kong)<sup>(b)</sup> | 2.875% | 7/14/2031 | 12000000 | 8283843 |
| *Total* |  |  |  | 72742111 |
| **Transportation 0.19%** |  |  |  |  |
| FedEx Corp. | 4.25% | 5/15/2030 | 4975000 | 4678124 |
| *Total Corporate Bonds* (cost $2,144,925,724) |  |  |  | 1956784020 |
| **FLOATING RATE LOANS<sup>(e)</sup> 1.57%** |  |  |  |  |
| **Aerospace/Defense 0.00%** |  |  |  |  |
| Alloy Finco Limited USD Holdco PIK Term Loan PIK 13.50% (Jersey)<sup>(b)</sup> | 0.50% - 13.50% | 3/6/2025 | 33239 | 28669 |
| **Health Care Services 0.04%** |  |  |  |  |
| WP CityMD Bidco LLC 2021 1st Lien Term Loan B |  | 12/22/2028 | 1078444 | 1075074 |
| **Lodging 0.04%** |  |  |  |  |
| Resorts World Las Vegas LLC Term Loan A | 5.571%<br> (1 Mo. LIBOR + 1.50% | 4/16/2024 | 1087500 | 1076625 |
| **Oil & Gas 1.13%** |  |  |  |  |
| Southwestern Energy Company 2021 Term Loan | 6.203%<br> (3 Mo. SOFR + 2.50% | 6/22/2027 | 28569675 | 28283978 |
| **Real Estate Investment Trusts 0.16%** |  |  |  |  |
| Invitation Homes Operating Partnership LP 2020 Term Loan A | 5.016%<br> (1 Mo. LIBOR + 1.00% | 1/31/2025 | 3911798 | 3843341 |

---

*See Notes to Financial Statements.* 215

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2022*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Fair<br> Value** | **Fair<br> Value** |
| **Telecommunications 0.20%** |  | |  |  |  |  |  |
| Drive Chassis HoldCo, LLC 2019 2nd Lien Term Loan | 10.609%<br> (1 Mo. LIBOR + 6.75% |)<sup>#</sup> | 4/10/2026 | $| 5000000 | $| 4990625 |
| *Total Floating Rate Loans* (cost $39,653,910) |  | |  |  |  |  | 39298312 |
| **FOREIGN GOVERNMENT OBLIGATIONS 0.04%** |  | |  |  |  |  |  |
| **Sri Lanka** |  | |  |  |  |  |  |
| Sri Lanka Government International Bond<sup>†(b)</sup><br> (cost $2,663,102) | 5.875% | | 7/25/2022 |  | 2840000 |  | 907796 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** |
| Government National Mortgage Assoc. 2013-48 IO<br> (Cost $273,541) | 0.35% | <sup>#(g)</sup> | 7/16/2054 |  | 6835164 |  | 74706 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 5.04%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 5.04%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 5.04%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 5.04%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 5.04%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 5.04%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 5.04%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 5.04%** |
| Fannie Mae or Freddie Mac<sup>(h)</sup> | 4.00% | | TBA |  | 9300000 |  | 8800488 |
| Fannie Mae or Freddie Mac<sup>(h)</sup> | 4.50% | | TBA |  | 27650000 |  | 26922027 |
| Fannie Mae or Freddie Mac<sup>(h)</sup> | 5.00% | | TBA |  | 27650000 |  | 27516070 |
| Fannie Mae or Freddie Mac<sup>(h)</sup> | 5.50% | | - TBA |  | 17350000 |  | 17542894 |
| Fannie Mae Pool | 3.50% | | 7/1/2045 |  | 8662767 |  | 8083436 |
| Federal National Mortgage Assoc. | 2.50% | | 5/1/2051 |  | 13414181 |  | 11715598 |
| Ginnie Mae<sup>(h)</sup> | 4.50% | | TBA |  | 12950000 |  | 12688028 |
| Ginnie Mae<sup>(h)</sup> | 5.00% | | TBA |  | 12850000 |  | 12838957 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $125,778,431) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $125,778,431) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $125,778,431) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $125,778,431) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $125,778,431) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $125,778,431) |  | 126107498 |
| **MUNICIPAL BONDS 0.60%** |  | |  |  |  |  |  |
| **Government** |  | |  |  |  |  |  |
| State of Illinois (cost $16,002,265) | 5.10% | | 6/1/2033 |  | 15610000 |  | 15064544 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 2.48%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 2.48%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 2.48%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 2.48%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 2.48%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 2.48%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 2.48%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 2.48%** |
| BBCMS Mortgage Trust 2019-BWAY C<sup>†</sup> | 5.485%<br> (1 Mo. LIBOR + 1.61% |)<sup>#</sup> | 11/15/2034 |  | 3950000 |  | 3555385 |
| BX Commercial Mortgage Trust 2019-IMC E<sup>†</sup> | 6.023%<br> (1 Mo. LIBOR + 2.15% |)<sup>#</sup> | 4/15/2034 |  | 4000000 |  | 3726166 |
| Commercial Mortgage Pass-Through Certificates 2015-PC1 C | 4.434% | <sup>#(g)</sup> | 7/10/2050 |  | 3017634 |  | 2682612 |
| CS Master Trust 2021-AHP A<sup>†</sup> | 7.805%<br> (1 Mo. LIBOR + 3.95% |)<sup>#</sup> | 4/15/2025 |  | 4200000 |  | 4182759 <sup>(a)</sup> |
| CS Master Trust 2021-BLUF A<sup>†</sup> | 8.033%<br> (1 Mo. LIBOR + 4.18% |)<sup>#</sup> | 4/15/2023 |  | 2400000 |  | 2378225 <sup>(a)</sup> |

---

216 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |
| Fannie Mae Connecticut Avenue Securities 2021-R02 2M2<sup>†</sup> | 5.521%<br> (1 Mo. SOFR + 2.00% |)<sup>#</sup> | 11/25/2041 | $3780000 | $3411752 |
| Freddie Mac STACR REMIC Trust 2021-DNA7 M2<sup>†</sup> | 5.321%<br> (1 Mo. SOFR + 1.80% |)<sup>#</sup> | 11/25/2041 | 4770000 | 4433702 |
| Freddie Mac STACR REMIC Trust 2021-HQA4 M1<sup>†</sup> | 4.471%<br> (1 Mo. SOFR + .95% |)<sup>#</sup> | 12/25/2041 | 10136004 | 9513199 |
| Great Wolf Trust 2019-WOLF A<sup>†</sup> | 4.909%<br> (1 Mo. LIBOR + 1.03% |)<sup>#</sup> | 12/15/2036 | 8100000 | 7825378 |
| GS Mortgage Securities Corp. Trust 2021-ROSS G<sup>†</sup> | 8.526%<br> (1 Mo. LIBOR + 4.65% |)<sup>#</sup> | 5/15/2026 | 5160000 | 4330459 |
| GS Mortgage Securities Trust 2013-GC12 XA | 1.472% | <sup>#(g)</sup> | 6/10/2046 | 17580340 | 18375 |
| GS Mortgage Securities Trust 2013-GC12 XB | 0.628% | <sup>#(g)</sup> | 6/10/2046 | 47400000 | 38811 |
| GS Mortgage Securities Trust 2015-GS1 XB | 0.327% | <sup>#(g)</sup> | 11/10/2048 | 30000000 | 184242 |
| HPLY Trust 2019-HIT A<sup>†</sup> | 4.875%<br> (1 Mo. LIBOR + 1.00% |)<sup>#</sup> | 11/15/2036 | 2871310 | 2791517 |
| Hudsons Bay Simon JV Trust 2015-HB10 XB10<sup>†</sup> | 0.723% | <sup>#(g)</sup> | 8/5/2034 | 16028000 | 1837 |
| Hudsons Bay Simon JV Trust 2015-HB7 XB7<sup>†</sup> | 0.665% | <sup>#(g)</sup> | 8/5/2034 | 18308000 | 2074 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 C | 4.372% | <sup>#(g)</sup> | 7/15/2048 | 1674000 | 1477637 |
| Merrill Lynch Mortgage Investors Trust 2006-AF2 AF1 | &nbsp;&nbsp;6.25% |  | 10/25/2036 | 391102 | 192910 |
| One Bryant Park Trust 2019-OBP A<sup>†</sup> | 2.516% |  | 9/15/2054 | 10000000 | 8240490 |
| VMC Finance LLC 2019-FL3 A<sup>†</sup> | 5.011%<br> (1 Mo. LIBOR + 1.10% |)<sup>#</sup> | 9/15/2036 | 368505 | 362928 |
| Wells Fargo Commercial Mortgage Trust 2013-LC12 D<sup>†</sup> | 4.431% | <sup>#(g)</sup> | 7/15/2046 | 2255889 | 789561 |
| Wells Fargo Commercial Mortgage Trust 2017-C41 AS | 3.785% | <sup>#(g)</sup> | 11/15/2050 | 2089000 | 1877631 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $69,035,577) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $69,035,577) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $69,035,577) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $69,035,577) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $69,035,577) | 62017650 |
| **U.S. TREASURY OBLIGATIONS 6.10%** |  |  |  |  |  |
| U.S. Treasury Bond | &nbsp;&nbsp;2.00% |  | 11/15/2041 | 18725000 | 13648038 |
| U.S. Treasury Bond | &nbsp;&nbsp;3.00% |  | 8/15/2052 | 37451000 | 32079122 |
| U.S. Treasury Bond | &nbsp;&nbsp;4.00% |  | 11/15/2042 | 64763000 | 65086815 |
| U.S. Treasury Inflation Indexed Bond<sup>(i)</sup> | 0.125% |  | 2/15/2052 | 23455080 | 16271665 |
| U.S. Treasury Inflation Indexed Note<sup>(i)</sup> | 0.625% |  | 7/15/2032 | 27145565 | 25554695 |
| *Total U.S. Treasury Obligations* (cost $156,664,008) |  |  |  |  | 152640335 |
| *Total Long-Term Investments* (cost $2,792,597,221) |  |  |  |  | 2572425202 |

---

*See Notes to Financial Statements.* 217

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 0.52%** |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.52%** |  |  |  |  |
| Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $3,162,700, of U.S. Treasury Note at 2.125% due 3/31/2024; value: $3,066,358; proceeds: $3,006,301 (cost $3,006,155) | Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $3,162,700, of U.S. Treasury Note at 2.125% due 3/31/2024; value: $3,066,358; proceeds: $3,006,301 (cost $3,006,155) |  | $3006155 | $3006155 |
| Repurchase Agreement dated 11/30/2022, 3.740% due 12/1/2022 with Barclays Bank PLC collateralized by $12,345,000 of U.S. Treasury Note at 2.875% due 05/15/2052; value: $10,199,439; proceeds: $10,000,489 (cost $9,999,450) | Repurchase Agreement dated 11/30/2022, 3.740% due 12/1/2022 with Barclays Bank PLC collateralized by $12,345,000 of U.S. Treasury Note at 2.875% due 05/15/2052; value: $10,199,439; proceeds: $10,000,489 (cost $9,999,450) |  | 9999450 | 9999450 |
| *Total Short-Term Investments* (cost $13,005,605) |  |  |  | 13005605 |
| *Total Investments in Securities 103.34%* (cost $2,805,602,826) | *Total Investments in Securities 103.34%* (cost $2,805,602,826) | *Total Investments in Securities 103.34%* (cost $2,805,602,826) |  | 2585430807 |
| *Other Assets and Liabilities – Net<sup>(j)</sup> (3.34)%* |  |  |  | (83606012) |
| *Net Assets 100.00%* |  |  |  | $2501824795 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| ICE | Intercontinental Exchange. |
| IO | Interest Only. |
| LIBOR | London Interbank Offered Rate. |
| PIK | Payment-in-kind. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2022, the total value of Rule 144A securities was $918,657,703, which represents 36.72% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2022. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(c)</sup> | Security has been fully or partially segregated for open reverse repurchase agreements as of November 30, 2022 (See Note 2(n)). |
| <sup>(d)</sup> | Defaulted (non-income producing security). |
| <sup>(e)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate ("LIBOR") or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2022. |
| <sup>(f)</sup> | Interest rate to be determined. |
| <sup>(g)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(h)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |
| <sup>(i)</sup> | Treasury Inflation Protected Security. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on principal amount that is adjusted for inflation based on the Consumer Price Index. |
| <sup>(j)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts and futures contracts as follows: |

---

218 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2022*

**Forward Foreign Currency Exchange Contracts at November 30, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciatio** |
| Canadian dollar | Sell | Toronto Dominion Bank | 1/20/2023 | 14691000 | $10674737 | $10930092 | $(255355) |

---

**Futures Contracts at November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 2-Year Treasury Note | March 2023 | 1964 | Long | $402300017 | $403325814 | $1025797 |
| U.S. Long Bond | March 2023 | 119 | Long | 15053349 | 15113000 | 59651 |
| U.S. Ultra Treasury Bond | March 2023 | 1527 | Long | 207246575 | 208101469 | 854894 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  | $1940342 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. 10-Year Ultra Treasury Bond | March 2023 | 2380 | Short | $(283508178) | $(284781875) | $(1273697) |
| U.S. 5-Year Treasury Note | March 2023 | 1829 | Short | (197544616) | (198575102) | (1030486) |
| *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* |  |  |  |  | $(2304183) |

---

**Reverse Repurchase Agreement Payable as of November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Principal** | **Collateral<br> Held by<br> Counterparty** | **Interest <br> Rate<sup>(1)</sup>** | **Trade <br> Date** | **Maturity <br> Date<sup>(2)</sup>** | **Fair <br> Value<sup>(3)</sup>** |
| Barclays Bank plc | $56875 | $65,001 principal, American Airlines Group, Inc. At 3.75% due 3/1/2025, $56,986 fair value | (10.00%) | 07/22/2022 | On Demand | $54837 |

---

<sup>(1)</sup> The negative interest rate on the reverse repurchase agreement results in interest income to the Fund.

<sup>(2)</sup> This reverse repurchase agreement has no stated maturity and may be terminated by either party at any time.

<sup>(3)</sup> Total fair value of reverse repurchase agreement is presented net of interest receivable of $2,038.

*See Notes to Financial Statements.* 219

**Schedule of Investments (concluded)**

INCOME FUND *November 30, 2022*

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup> :

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | $– | $145549100 | $2319754 | $147868854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 71661487 |  | 71661487 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 1956784020 |  | 1956784020 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 39298312 |  | 39298312 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 907796 |  | 907796 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 74706 |  | 74706 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 126107498 |  | 126107498 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 15064544 |  | 15064544 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 55456666 | 6560984 | 62017650 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 152640335 |  | 152640335 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 13005605 | – | 13005605 |
| Total | $– | $2576550069 | $8880738 | $2585430807 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (255355) |  | (255355) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 1940342 |  |  | 1940342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (2304183) |  |  | (2304183) |
| &nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | (54837) | – | (54837) |
| Total | $(363841) | $(310192) | $– | $(674033) |

---

<sup>(1)</sup> Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the year.

220 *See Notes to Financial Statements.*

**Schedule of Investments**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 87.74%** |  |  |  |  |
| **ASSET-BACKED SECURITIES 25.87%** |  |  |  |  |
| **Automobiles 5.08%** |  |  |  |  |
| Ally Auto Receivables Trust 2019-3 A3 | 1.93% | 5/15/2024 | $418277 | $417476 |
| Avis Budget Rental Car Funding AESOP LLC 2019-2A A<sup>†</sup> | 3.35% | 9/22/2025 | 8464000 | 8130178 |
| Avis Budget Rental Car Funding AESOP LLC 2020-1A D<sup>†</sup> | 3.34% | 8/20/2026 | 5000000 | 4223078 |
| Capital One Prime Auto Receivables Trust 2022-2 A2A | 3.74% | 9/15/2025 | 8030000 | 7930878 |
| CarMax Auto Owner Trust 2020-2 A3 | 1.70% | 11/15/2024 | 46120 | 45741 |
| Carvana Auto Receivables Trust 2021-N1 A | 0.70% | 1/10/2028 | 277227 | 259484 |
| Carvana Auto Receivables Trust 2021-N2 A1 | 0.32% | 3/10/2028 | 787370 | 772934 |
| Carvana Auto Receivables Trust 2022-P1 A3 | 3.35% | 2/10/2027 | 12310000 | 11813459 |
| CPS Auto Receivables Trust 2019-C D<sup>†</sup> | 3.17% | 6/16/2025 | 118316 | 117830 |
| Credit Acceptance Auto Loan Trust 2021-3A A<sup>†</sup> | 1.00% | 5/15/2030 | 1325000 | 1250166 |
| Donlen Fleet Lease Funding 2 LLC 2021-2 A2<sup>†</sup> | 0.56% | 12/11/2034 | 3617470 | 3486572 |
| Drive Auto Receivables Trust 2019-2 D | 3.69% | 8/17/2026 | 542646 | 538332 |
| Drive Auto Receivables Trust 2019-4 D | 2.70% | 2/16/2027 | 952313 | 935147 |
| Drive Auto Receivables Trust 2021-1 C | 1.02% | 6/15/2027 | 875000 | 851069 |
| Exeter Automobile Receivables Trust 2020-2A E<sup>†</sup> | 7.19% | 9/15/2027 | 15258000 | 15219089 |
| Exeter Automobile Receivables Trust 2021-2A C | 0.98% | 6/15/2026 | 960000 | 916386 |
| Exeter Automobile Receivables Trust 2021-2A D | 1.40% | 4/15/2027 | 1675000 | 1507905 |
| Exeter Automobile Receivables Trust 2021-3A E<sup>†</sup> | 3.04% | 12/15/2028 | 1680000 | 1425671 |
| Ford Credit Auto Owner Trust 2020-C A3 | 0.41% | 7/15/2025 | 691735 | 673344 |
| Ford Credit Auto Owner Trust 2022-1 A<sup>†</sup> | 3.88% | 11/15/2034 | 8255000 | 7904622 |
| Ford Credit Auto Owner Trust REV1 2018-1 A<sup>†</sup> | 3.19% | 7/15/2031 | 4225000 | 4033756 |
| Ford Credit Auto Owner Trust REV1 2021-1 A<sup>†</sup> | 1.37% | 10/17/2033 | 1785000 | 1587190 |
| Ford Credit Auto Owner Trust REV2 2019-1 A<sup>†</sup> | 3.52% | 7/15/2030 | 1143000 | 1116269 |
| GLS Auto Receivables Issuer Trust 2021-3A A<sup>†</sup> | 0.42% | 1/15/2025 | 1072173 | 1064597 |
| GM Financial Automobile Leasing Trust 2022-2 A3 | 3.42% | 6/20/2025 | 8300000 | 8096270 |
| Hertz Vehicle Financing III LP 2021-2A A<sup>†</sup> | 1.68% | 12/27/2027 | 8397000 | 7193049 |
| Hertz Vehicle Financing LLC 2021-1A A<sup>†</sup> | 1.21% | 12/26/2025 | 3385000 | 3106208 |
| Hertz Vehicle Financing LLC 2021-1A D<sup>†</sup> | 3.98% | 12/26/2025 | 5000000 | 4491633 |
| Mercedes-Benz Auto Receivables Trust 2022-1 A3 | 5.21% | 8/16/2027 | 2575000 | 2578755 |
| OneMain Direct Auto Receivables Trust 2019-1 A<sup>†</sup> | 3.63% | 9/14/2027 | 10899000 | 10422707 |
| OneMain Direct Auto Receivables Trust 2021-1A A<sup>†</sup> | 0.87% | 7/14/2028 | 5545000 | 5096644 |
| Santander Drive Auto Receivables Trust 2021-1 C | 0.75% | 2/17/2026 | 742635 | 730530 |
| Santander Drive Auto Receivables Trust 2022-5 A2 | 3.98% | 1/15/2025 | 8535000 | 8473383 |

---

*See Notes to Financial Statements.* 221

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| Santander Retail Auto Lease Trust 2021-A A3<sup>†</sup> | 0.51% |  | 7/22/2024 | $2915000 | $2828928 |
| Santander Retail Auto Lease Trust 2021-C A2<sup>†</sup> | 0.29% |  | 4/22/2024 | 418345 | 417033 |
| Westlake Automobile Receivables Trust 2019-2A D<sup>†</sup> | 3.20% |  | 11/15/2024 | 537839 | 536485 |
| Westlake Automobile Receivables Trust 2021-2A A2A<sup>†</sup> | 0.32% |  | 4/15/2025 | 1633887 | 1613002 |
| Westlake Automobile Receivables Trust 2021-2A C<sup>†</sup> | 0.89% |  | 7/15/2026 | 1865000 | 1758710 |
| World Omni Automobile Lease Securitization Trust 2020-B A3 | 0.45% |  | 2/15/2024 | 338594 | 335415 |
| World Omni Select Auto Trust 2019-A C | 2.38% |  | 12/15/2025 | 226000 | 222676 |
| World Omni Select Auto Trust 2019-A D | 2.59% |  | 12/15/2025 | 572000 | 561946 |
| *Total* |  |  |  |  | 134684547 |
| **Credit Card 2.38%** |  |  |  |  |  |
| American Express Credit Account Master Trust 2022-2 A | 3.39% |  | 5/15/2027 | 11400000 | 11027108 |
| American Express Credit Account Master Trust 2022-3 A | 3.75% |  | 8/15/2027 | 11805000 | 11497023 |
| BA Credit Card Trust 2022-A2 A2 | 5.00% |  | 4/17/2028 | 2415000 | 2417884 |
| Capital One Multi-Asset Execution Trust 2022-A2 A | 3.49% |  | 5/15/2027 | 14055000 | 13598402 |
| Capital One Multi-Asset Execution Trust 2022-A3 A | 4.95% |  | 10/15/2027 | 5015000 | 5041235 |
| Chase Issuance Trust 2022-A1 A | 3.97% |  | 9/15/2027 | 4165000 | 4080708 |
| Discover Card Execution Note Trust 2022-A3 A3 | 3.56% |  | 7/15/2027 | 9165000 | 8803880 |
| Discover Card Execution Note Trust 2022-A4 A | 5.03% |  | 10/15/2027 | 6535000 | 6570303 |
| *Total* |  |  |  |  | 63036543 |
| **Home Equity 0.00%** |  |  |  |  |  |
| New Century Home Equity Loan Trust 2005-A A6 | 4.706% |  | 8/25/2035 | 9300 | 8758 |
| **Other 17.69%** |  |  |  |  |  |
| ACREC Ltd. 2021-FL1 A<sup>†</sup> | 5.061%<br>(1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 10/16/2036 | 8973000 | 8558124 |
| ACRES Commercial Realty Ltd. 2021-FL2 A<sup>†</sup> | 5.311%<br>(1 Mo. LIBOR + 1.40% |)<sup>#</sup> | 1/15/2037 | 13290000 | 12888839 |
| Affirm Asset Securitization Trust 2021-B A<sup>†</sup> | 1.03% |  | 8/17/2026 | 3550000 | 3347246 |
| Affirm Asset Securitization Trust 2022-X1 A<sup>†</sup> | 1.75% |  | 2/15/2027 | 8810654 | 8551863 |
| AMMC CLO Ltd. 2016-19A CR<sup>†</sup> | 6.629%<br>(3 Mo. LIBOR + 2.55% |)<sup>#</sup> | 10/16/2028 | 750000 | 735707 |

---

222 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| AMMC CLO Ltd. 2020-23A A1R<sup>†</sup> | 5.119%<br>(3 Mo. LIBOR + 1.04% |)<sup>#</sup> | 10/17/2031 | $15000000 | $14631465 |
| Amur Equipment Finance Receivables VII LLC 2019-1A A2<sup>†</sup> | 2.63% |  | 6/20/2024 | 40501 | 40422 |
| Anchorage Capital CLO 3-R Ltd. 2014-3RA A<sup>†</sup> | 5.424%<br>(3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 1/28/2031 | 951406 | 933426 |
| Anchorage Capital CLO 4-R Ltd. 2014-4RA A<sup>†</sup> | 5.424%<br>(3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 1/28/2031 | 1187176 | 1167761 |
| Apidos CLO XXIV 2016-24A A1AL<sup>†</sup> | 5.193%<br>(3 Mo. LIBOR + .95% |)<sup>#</sup> | 10/20/2030 | 510000 | 500972 |
| Apidos Clo Xxv 2016-25A A1R<sup>†</sup> | 5.413%<br>(3 Mo. LIBOR + 1.17% |)<sup>#</sup> | 10/20/2031 | 6970000 | 6813771 |
| Apidos CLO XXXI 2019-31A A1R<sup>†</sup> | 5.179%<br>(3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 4/15/2031 | 5000000 | 4900000 |
| Aqua Finance Trust 2021-A A<sup>†</sup> | 1.54% |  | 7/17/2046 | 3582127 | 3273740 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL2 A<sup>†</sup> | 4.975%<br>(1 Mo. LIBOR + 1.10% |)<sup>#</sup> | 5/15/2036 | 1980000 | 1926509 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL3 A<sup>†</sup> | 4.945%<br>(1 Mo. LIBOR + 1.07% |)<sup>#</sup> | 8/15/2034 | 6890000 | 6620328 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A<sup>†</sup> | 5.225%<br>(1 Mo. LIBOR + 1.35% |)<sup>#</sup> | 11/15/2036 | 5940000 | 5764565 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL1 A<sup>†</sup> | 4.668%<br>(1 Mo. SOFR + 1.45% |)<sup>#</sup> | 1/15/2037 | 13000000 | 12642500 |
| ARES L CLO Ltd. 2018-50A AR<sup>†</sup> | 5.129%<br>(3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 1/15/2032 | 4180000 | 4080516 |
| Atalaya Equipment Leasing Trust 2021-1A A2<sup>†</sup> | 1.23% |  | 5/15/2026 | 5264166 | 5102740 |
| Bain Capital Credit CLO 2018-2A A1<sup>†</sup> | 5.307%<br>(3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 7/19/2031 | 850000 | 833707 |
| Bain Capital Credit CLO Ltd. 2017-1A A1R<sup>†</sup> | 5.213%<br>(3 Mo. LIBOR + .97% |)<sup>#</sup> | 7/20/2030 | 5904035 | 5809688 |
| BDS Ltd. 2021-FL10 A<sup>†</sup> | 5.009%<br>(1 Mo. LIBOR + 1.07% |)<sup>#</sup> | 6/16/2036 | 5210000 | 5049364 |
| BDS Ltd. 2022-FL11 ATS<sup>†</sup> | 5.732%<br>(1 Mo. Term SOFR + 1.80% |)<sup>#</sup> | 3/19/2039 | 20400000 | 19887257 |
| Benefit Street Partners CLO III Ltd. 2013-IIIA A1R2<sup>†</sup> | 5.243%<br>(3 Mo. LIBOR + 1.00% |)<sup>#</sup> | 7/20/2029 | 2063461 | 2040268 |

---

*See Notes to Financial Statements.* 223

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| BlueMountain CLO Ltd. 2013-2A A1R<sup>†</sup> | 5.505%<br>(3 Mo. LIBOR + 1.18% |)<sup>#</sup> | 10/22/2030 | $1176463 | $1157632 |
| BlueMountain Fuji US CLO I Ltd. 2017-1A A1R<sup>†</sup> | 5.223%<br>(3 Mo. LIBOR + .98% |)<sup>#</sup> | 7/20/2029 | 1187519 | 1163725 |
| BSPRT Issuer Ltd. 2021-FL7 A<sup>†</sup> | 5.195%<br>(1 Mo. LIBOR + 1.32% |)<sup>#</sup> | 12/15/2038 | 7600000 | 7290929 |
| Carlyle Global Market Strategies CLO Ltd. 2014-3RA A1A<sup>†</sup> | 5.408%<br>(3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 7/27/2031 | 1190199 | 1167878 |
| Carlyle Global Market Strategies CLO Ltd. 2015-1A AR3<sup>†</sup> | 5.223%<br>(3 Mo. LIBOR + .98% |)<sup>#</sup> | 7/20/2031 | 2137913 | 2087422 |
| Carlyle US CLO Ltd. 2017-2A A1R<sup>†</sup> | 5.293%<br>(3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 7/20/2031 | 4000000 | 3911921 |
| Carlyle US CLO Ltd. 2017-3A A1AR<sup>†</sup> | 5.143%<br>(3 Mo. LIBOR + .90% |)<sup>#</sup> | 7/20/2029 | 822819 | 811561 |
| Cedar Funding V CLO Ltd. 2016-5A A1R<sup>†</sup> | 5.179%<br>(3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 7/17/2031 | 3400000 | 3340823 |
| Cedar Funding XI Clo Ltd. 2019-11A A1R<sup>†</sup> | 5.786%<br>(3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 5/29/2032 | 3220000 | 3162072 |
| Cedar Funding XIV CLO Ltd. 2021-14A A<sup>†</sup> | 5.179%<br>(3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 7/15/2033 | 2340000 | 2293177 |
| CF Hippolyta Issuer LLC 2021-1A B1<sup>†</sup> | 1.98% |  | 3/15/2061 | 4694541 | 3931110 |
| CIFC Funding II Ltd. 2013-2A A1L2<sup>†</sup> | 5.194%<br>(3 Mo. LIBOR + 1.00% |)<sup>#</sup> | 10/18/2030 | 4000000 | 3933084 |
| Dell Equipment Finance Trust 2021-2 A2<sup>†</sup> | 0.33% |  | 12/22/2026 | 1989340 | 1961526 |
| Diamond Resorts Owner Trust 2018-1 A<sup>†</sup> | 3.70% |  | 1/21/2031 | 400868 | 391314 |
| Diamond Resorts Owner Trust 2018-1 B<sup>†</sup> | 4.19% |  | 1/21/2031 | 239970 | 234705 |
| Dryden CLO Ltd. 2019-72A AR<sup>†</sup> | 5.686%<br>(3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 5/15/2032 | 5720000 | 5589113 |
| Dryden Senior Loan Fund 2017-47A A1R<sup>†</sup> | 5.059%<br>(3 Mo. LIBOR + .98% |)<sup>#</sup> | 4/15/2028 | 5674255 | 5615693 |
| Galaxy XIX CLO Ltd. 2015-19A A1RR<sup>†</sup> | 5.275%<br>(3 Mo. LIBOR + .95% |)<sup>#</sup> | 7/24/2030 | 947377 | 929108 |
| Generate CLO 2 Ltd. 2A AR<sup>†</sup> | 5.475%<br>(3 Mo. LIBOR + 1.15% |)<sup>#</sup> | 1/22/2031 | 1320000 | 1300892 |
| Greystone CRE Notes Ltd. 2021-FL3 A<sup>†</sup> | 4.895%<br>(1 Mo. LIBOR + 1.02% |)<sup>#</sup> | 7/15/2039 | 6150000 | 5856446 |
| Halcyon Loan Advisors Funding Ltd. 2015-2A BR<sup>†</sup> | 6.008%<br>(3 Mo. LIBOR + 1.65% |)<sup>#</sup> | 7/25/2027 | 190766 | 191381 |

---

224 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| HGI CRE CLO Ltd. 2021-FL2 A<sup>†</sup> | 4.887%<br>(1 Mo. LIBOR + 1.00% |)<sup>#</sup> | 9/17/2036 | $6890000 | $6640548 |
| JFIN CLO Ltd. 2013-1A A2R<sup>†</sup> | 4.91%<br>(3 Mo. LIBOR + 2.20% |)<sup>#</sup> | 1/20/2030 | 690295 | 682195 |
| KKR CLO Ltd. 24 A1R<sup>†</sup> | 5.323%<br>(3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 4/20/2032 | 4980000 | 4873289 |
| KKR CLO Ltd. 30A A1R<sup>†</sup> | 5.099%<br>(3 Mo. LIBOR + 1.02% |)<sup>#</sup> | 10/17/2031 | 10000000 | 9754064 |
| KREF Ltd. 2021-FL2 A<sup>†</sup> | 4.981%<br>(1 Mo. LIBOR + 1.07% |)<sup>#</sup> | 2/15/2039 | 9930000 | 9563831 |
| KREF Ltd. 2021-FL2 AS<sup>†</sup> | 5.211%<br>(1 Mo. LIBOR + 1.30% |)<sup>#</sup> | 2/15/2039 | 4830000 | 4608114 |
| LCM Loan Income Fund I Income Note Issuer Ltd. 27A A1<sup>†</sup> | 5.159%<br>(3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 7/16/2031 | 8250000 | 8088222 |
| Lendmark Funding Trust 2021-1A A<sup>†</sup> | 5.12% |  | 7/20/2032 | 5810000 | 5626387 |
| Lendmark Funding Trust 2021-1A B<sup>†</sup> | 2.47% |  | 11/20/2031 | 14200000 | 11560964 |
| Lendmark Funding Trust 2021-2A A<sup>†</sup> | 2.00% |  | 4/20/2032 | 10585000 | 8795713 |
| LFT CRE Ltd. 2021-FL1 A<sup>†</sup> | 5.045%<br>(1 Mo. LIBOR + 1.17% |)<sup>#</sup> | 6/15/2039 | 2230000 | 2153686 |
| LFT CRE Ltd. 2021-FL1 B<sup>†</sup> | 5.625%<br>(1 Mo. LIBOR + 1.75% |)<sup>#</sup> | 6/15/2039 | 3520000 | 3420190 |
| LoanCore Issuer Ltd. 2022-CRE7 A<sup>†</sup> | 4.891%<br>(1 Mo. SOFR + 1.55% |)<sup>#</sup> | 1/17/2037 | 10880000 | 10458699 |
| Madison Park Funding XI Ltd. 2013-11A AR2<sup>†</sup> | 5.225%<br>(3 Mo. LIBOR + .90% |)<sup>#</sup> | 7/23/2029 | 2906948 | 2851483 |
| Magnetite XXII Ltd. 2019-22A AR<sup>†</sup> | 5.139%<br>(3 Mo. LIBOR + 1.06% |)<sup>#</sup> | 4/15/2031 | 4000000 | 3918489 |
| Magnetite Xxix Ltd. 2021-29A A<sup>†</sup> | 5.069%<br>(3 Mo. LIBOR + .99% |)<sup>#</sup> | 1/15/2034 | 1110000 | 1085783 |
| Mariner Finance Issuance Trust 2021-BA A<sup>†</sup> | 2.10% |  | 11/20/2036 | 3340000 | 2818466 |
| Marlette Funding Trust 2021-3A B<sup>†</sup> | 1.30% |  | 12/15/2031 | 5555000 | 5195281 |
| MF1 Ltd. 2021-FL6 AS<sup>†</sup> | 5.361%<br>(1 Mo. LIBOR + 1.45% |)<sup>#</sup> | 7/16/2036 | 7030000 | 6625947 |
| MF1 Ltd. 2021-FL7 A<sup>†</sup> | 5.019%<br>(1 Mo. LIBOR + 1.08% |)<sup>#</sup> | 10/16/2036 | 18740000 | 17959875 |
| Mountain View CLO X Ltd. 2015-10A AR<sup>†</sup> | 4.761%<br>(3 Mo. LIBOR + .82% |)<sup>#</sup> | 10/13/2027 | 112695 | 112110 |
| MVW Owner Trust 2017-1A A<sup>†</sup> | 2.42% |  | 12/20/2034 | 49006 | 47742 |
| New Economy Assets Phase 1 Sponsor LLC 2021-1 A1<sup>†</sup> | 1.91% |  | 10/20/2061 | 16590000 | 14058414 |

---

*See Notes to Financial Statements.* 225

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Newark BSL CLO 2 Ltd. 2017-1A A1R<sup>†</sup> | 5.328%<br>(3 Mo. LIBOR + .97% |)<sup>#</sup> | 7/25/2030 | $2977956 | $2928855 |
| N-Star REL CDO VIII Ltd. 2006-8A B<sup>†</sup> | 4.188%<br>(1 Mo. LIBOR + .42% |)<sup>#</sup> | 2/1/2041 | 689300 | 588469 |
| OCP CLO Ltd. 2019-17A A1R<sup>†</sup> | 5.283%<br>(3 Mo. LIBOR + 1.04% |)<sup>#</sup> | 7/20/2032 | 5700000 | 5551650 |
| Octagon Investment Partners 32 Ltd. 2017-1A A1R<sup>†</sup> | 5.029%<br>(3 Mo. LIBOR + .95% |)<sup>#</sup> | 7/15/2029 | 4980721 | 4916629 |
| Octagon Investment Partners XIV Ltd. 2012-1A AARR<sup>†</sup> | 5.029%<br>(3 Mo. LIBOR + .95% |)<sup>#</sup> | 7/15/2029 | 716285 | 707645 |
| Octagon Investment Partners XXI Ltd. 2014-1A AAR3<sup>†</sup> | 5.65%<br>(3 Mo. LIBOR + 1.00% |)<sup>#</sup> | 2/14/2031 | 1960000 | 1923590 |
| Octane Receivables Trust 2022-2A A<sup>†</sup> | 5.11% |  | 2/22/2028 | 3751634 | 3703591 |
| OneMain Financial Issuance Trust 2018-2A A<sup>†</sup> | 3.57% |  | 3/14/2033 | 210000 | 205369 |
| OneMain Financial Issuance Trust 2019-2A A<sup>†</sup> | 3.14% |  | 10/14/2036 | 16497000 | 14775917 |
| Orange Lake Timeshare Trust 2019-A A<sup>†</sup> | 3.06% |  | 4/9/2038 | 145762 | 138037 |
| Pagaya AI Debt Trust 2022-1 A<sup>†</sup> | 2.03% |  | 10/15/2029 | 8041905 | 7704499 |
| PFS Financing Corp. 2020-E A<sup>†</sup> | 1.00% |  | 10/15/2025 | 904000 | 865883 |
| PFS Financing Corp. 2020-G A<sup>†</sup> | 0.97% |  | 2/15/2026 | 647000 | 607851 |
| Rad CLO Ltd. 2021-15A A<sup>†</sup> | 5.333%<br>(3 Mo. LIBOR + 1.09% |)<sup>#</sup> | 1/20/2034 | 10000000 | 9760943 |
| Romark CLO Ltd. 2017-1A A1R<sup>†</sup> | 5.355%<br>(3 Mo. LIBOR + 1.03% |)<sup>#</sup> | 10/23/2030 | 8000000 | 7855270 |
| Romark CLO Ltd. 2017-1A A2R<sup>†</sup> | 5.975%<br>(3 Mo. LIBOR + 1.65% |)<sup>#</sup> | 10/23/2030 | 10000000 | 9555985 |
| SCF Equipment Leasing LLC 2019-2A A2<sup>†</sup> | 2.47% |  | 4/20/2026 | 1232195 | 1211345 |
| SCF Equipment Leasing LLC 2019-2A B<sup>†</sup> | 2.76% |  | 8/20/2026 | 2350000 | 2258872 |
| SCF Equipment Leasing LLC 2021-1A A3<sup>†</sup> | 0.83% |  | 8/21/2028 | 1800000 | 1703277 |
| SCF Equipment Leasing LLC 2021-1A B<sup>†</sup> | 1.37% |  | 8/20/2029 | 1130000 | 1018563 |
| SCF Equipment Leasing LLC 2022-1A A3<sup>†</sup> | 2.92% |  | 7/20/2029 | 7240000 | 6810221 |
| Signal Peak CLO Ltd. 2020-8A A<sup>†</sup> | 5.513%<br>(3 Mo. LIBOR + 1.27% |)<sup>#</sup> | 4/20/2033 | 11005000 | 10698284 |
| TCI-Flatiron CLO Ltd. 2017-1A AR<sup>†</sup> | 5.61%<br>(3 Mo. LIBOR + .96% |)<sup>#</sup> | 11/18/2030 | 4000000 | 3919801 |
| TCI-Flatiron CLO Ltd. 2018-1A ANR<sup>†</sup> | 5.475%<br>(3 Mo. LIBOR + 1.06% |)<sup>#</sup> | 1/29/2032 | 500000 | 490248 |
| TICP CLO IX Ltd. 2017-9A A<sup>†</sup> | 5.383%<br>(3 Mo. LIBOR + 1.14% |)<sup>#</sup> | 1/20/2031 | 1000000 | 984640 |

---

226 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| TICP CLO XIV Ltd. 2019-14A A1R<sup>†</sup> | 5.323%<br>(3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 10/20/2032 | $7780000 | $7616620 |
| Upstart Securitization Trust 2021-2 A<sup>†</sup> | 0.91% |  | 6/20/2031 | 471348 | 461340 |
| Upstart Securitization Trust 2021-5 A<sup>†</sup> | 1.31% |  | 11/20/2031 | 3589238 | 3425777 |
| Venture 33 CLO Ltd. 2018-33A A1LR<sup>†</sup> | 5.139%<br>(3 Mo. LIBOR + 1.06% |)<sup>#</sup> | 7/15/2031 | 3500000 | 3429196 |
| VERDE CLO Ltd. 2019-1A AR<sup>†</sup> | 5.179%<br>(3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 4/15/2032 | 6000000 | 5874000 |
| Verizon Master Trust 2022-7 A1A | 5.23% |  | 11/22/2027 | 4745000 | 4740613 |
| Wind River CLO Ltd. 2013-1A A1RR<sup>†</sup> | 5.223%<br>(3 Mo. LIBOR + .98% |)<sup>#</sup> | 7/20/2030 | 9211161 | 9072919 |
| *Total* |  |  |  |  | 468827681 |
| **Rec Vehicle Loan 0.23%** |  |  |  |  |  |
| Octane Receivables Trust 2021-1A A<sup>†</sup> | 0.93% |  | 3/22/2027 | 463244 | 446620 |
| Octane Receivables Trust 2022-1A A2<sup>†</sup> | 4.18% |  | 3/20/2028 | 5807676 | 5670125 |
| *Total* |  |  |  |  | 6116745 |
| **Student Loan 0.49%** |  |  |  |  |  |
| Navient Private Education Refi Loan Trust 2020-FA A<sup>†</sup> | 1.22% |  | 7/15/2069 | 586167 | 519995 |
| Navient Private Education Refi Loan Trust 2021-CA A<sup>†</sup> | 1.06% |  | 10/15/2069 | 3394324 | 2934675 |
| Navient Private Education Refi Loan Trust 2022-A A<sup>†</sup> | 2.23% |  | 7/15/2070 | 6577688 | 5730183 |
| Nelnet Student Loan Trust 2021-A APT1<sup>†</sup> | 1.36% |  | 4/20/2062 | 3846863 | 3392183 |
| Towd Point Asset Trust 2018-SL1 A<sup>†</sup> | 4.616%<br>(1 Mo. LIBOR + .60% |)<sup>#</sup> | 1/25/2046 | 454301 | 451313 |
| *Total* |  |  |  |  | 13028349 |
| *Total Asset-Backed Securities* (cost $718,163,203) |  |  |  |  | 685702623 |
|  |  |  |  | **Shares** |  |
| **COMMON STOCKS 0.00%** |  |  |  |  |  |
| **Banks 0.00%** |  |  |  |  |  |
| Sable Bighorn, LLC |  |  |  | 398 | 1169 <sup>(a)</sup> |
| **Oil, Gas & Consumable Fuels 0.00%** |  |  |  |  |  |
| Earthstone Energy, Inc. Class A\* |  |  |  | 193 | 3057 |
| *Total Common Stocks* (cost $2,725) |  |  |  |  | 4226 |

---

*See Notes to Financial Statements.* 227

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **CORPORATE BONDS 44.56%** |  |  | | |
| **Aerospace/Defense 0.12%** |  |  | | |
| Bombardier, Inc. (Canada)<sup>†(b)</sup> | 7.125% | 6/15/2026 | $3122000 | $3071252 |
| **Agriculture 1.04%** |  |  |  |  |
| BAT Capital Corp. | 3.222% | 8/15/2024 | 5957000 | 5747412 |
| Imperial Brands Finance plc (United Kingdom)<sup>†(b)</sup> | 3.125% | 7/26/2024 | 1871000 | 1785416 |
| Imperial Brands Finance plc (United Kingdom)<sup>†(b)</sup> | 6.125% | 7/27/2027 | 4421000 | 4426476 |
| Philip Morris International, Inc. | 5.00% | 11/17/2025 | 1398000 | 1397450 |
| Philip Morris International, Inc. | 5.125% | 11/17/2027 | 2094000 | 2099491 |
| Reynolds American, Inc. | 4.45% | 6/12/2025 | 1850000 | 1817997 |
| Viterra Finance BV (Netherlands)<sup>†(b)</sup> | 2.00% | 4/21/2026 | 7352000 | 6338777 |
| Viterra Finance BV (Netherlands)<sup>†(b)</sup> | 4.90% | 4/21/2027 | 4111000 | 3847244 |
| *Total* |  |  |  | 27460263 |
| **Airlines 0.20%** |  |  |  |  |
| Air Canada 2015-2B Pass-Through Trust (Canada)<sup>†(b)</sup> | 3.875% | 9/15/2024 | 184874 | 182977 |
| Air Canada 2015-2B Pass-Through Trust (Canada)<sup>†(b)</sup> | 5.00% | 6/15/2025 | 2199994 | 2153827 |
| American Airlines Group, Inc.<sup>†(c)</sup> | 3.75% | 3/1/2025 | 2743000 | 2404734 |
| British Airways 2013-1A Pass Through Trust (United Kingdom)<sup>†(b)</sup> | 4.625% | 12/20/2025 | 685859 | 665708 |
| *Total* |  |  |  | 5407246 |
| **Apparel 0.20%** |  |  |  |  |
| PVH Corp. | 4.625% | 7/10/2025 | 5561000 | 5402447 |
| **Auto Manufacturers 2.10%** |  |  |  |  |
| Ford Motor Credit Co. LLC | 5.584% | 3/18/2024 | 11093000 | 10980351 |
| General Motors Co. | 5.40% | 10/2/2023 | 8747000 | 8760351 |
| General Motors Financial Co., Inc. | 2.75% | 6/20/2025 | 1378000 | 1298243 |
| General Motors Financial Co., Inc. | 3.95% | 4/13/2024 | 2837000 | 2790120 |
| General Motors Financial Co., Inc. | 4.25% | 5/15/2023 | 280000 | 279036 |
| General Motors Financial Co., Inc. | 5.10% | 1/17/2024 | 6578000 | 6558685 |
| Hyundai Capital America<sup>†</sup> | 0.80% | 1/8/2024 | 1383000 | 1311753 |
| Hyundai Capital America<sup>†</sup> | 0.875% | 6/14/2024 | 3034000 | 2819754 |
| Hyundai Capital America<sup>†</sup> | 1.00% | 9/17/2024 | 1088000 | 999756 |
| Hyundai Capital America<sup>†</sup> | 1.25% | 9/18/2023 | 2272000 | 2195441 |
| Hyundai Capital America<sup>†</sup> | 1.50% | 6/15/2026 | 1692000 | 1461034 |
| Hyundai Capital America | 3.40% | 6/20/2024 | 6181000 | 5953616 |

---

228 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Auto Manufacturers (continued)** |  |  |  |  |  |
| Hyundai Capital America<sup>†</sup> | 5.875% |  | 4/7/2025 | $960000 | $961799 |
| Mercedes-Benz Finance North America LLC<sup>†</sup> | 5.50% |  | 11/27/2024 | 1754000 | 1766982 |
| Stellantis N.V. (Netherlands)<sup>(b)</sup> | 5.25% |  | 4/15/2023 | 7615000 | 7595315 |
| *Total* |  |  |  |  | 55732236 |
| **Auto Parts & Equipment 0.17%** |  |  |  |  |  |
| Clarios Global LP/Clarios US Finance Co.<sup>†</sup> | 8.50% |  | 5/15/2027 | 3201000 | 3136826 |
| IHO Verwaltungs GmbH PIK 5.50% (Germany)<sup>†(b)</sup> | 4.75% |  | 9/15/2026 | 1642563 | 1405504 |
| *Total* |  |  |  |  | 4542330 |
| **Banks 16.96%** |  |  |  |  |  |
| ABN AMRO Bank N.V. (Netherlands)<sup>(b)</sup> | 4.40%<br>(5 Yr. Swap rate + 2.20% |)<sup>#</sup> | 3/27/2028 | 4600000 | 4497052 |
| ABN AMRO Bank N.V. (Netherlands)<sup>†(b)</sup> | 4.75% |  | 7/28/2025 | 5620000 | 5400289 |
| ABN AMRO Bank N.V. (Netherlands)<sup>†(b)</sup> | 4.80% |  | 4/18/2026 | 2000000 | 1906993 |
| AIB Group plc (Ireland)<sup>†(b)</sup> | 4.263%<br>(3 Mo. LIBOR + 1.87% |)<sup>#</sup> | 4/10/2025 | 12000000 | 11558438 |
| Australia & New Zealand Banking Group Ltd. (Australia)<sup>†(b)</sup> | 4.40% |  | 5/19/2026 | 2317000 | 2210831 |
| Australia & New Zealand Banking Group Ltd. (Australia)<sup>†(b)</sup> | 4.50% |  | 3/19/2024 | 2516000 | 2481592 |
| Australia & New Zealand Banking Group Ltd.<sup>(d)</sup> | 5.088% |  | 12/8/2025 | 1960000 | 1977299 |
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (Mexico)<sup>†(b)</sup> | 5.375% |  | 4/17/2025 | 4894000 | 4863339 |
| Bank of America Corp. | 0.523%<br>(SOFR + .41% |)<sup>#</sup> | 6/14/2024 | 2758000 | 2676869 |
| Bank of America Corp. | 1.197%<br>(SOFR + 1.01% |)<sup>#</sup> | 10/24/2026 | 6122000 | 5437237 |
| Bank of America Corp. | 1.319%<br>(SOFR + 1.15% |)<sup>#</sup> | 6/19/2026 | 605000 | 546113 |
| Bank of America Corp. | 1.53%<br>(SOFR + .65% |)<sup>#</sup> | 12/6/2025 | 2411000 | 2215198 |
| Bank of America Corp. | 2.456%<br>(3 Mo. LIBOR + .87% |)<sup>#</sup> | 10/22/2025 | 6004000 | 5652900 |
| Bank of America Corp. | 3.004%<br>(3 Mo. LIBOR + .79% |)<sup>#</sup> | 12/20/2023 | 3830000 | 3825565 |
| Bank of America Corp. | 3.384%<br>(SOFR + 1.33% |)<sup>#</sup> | 4/2/2026 | 6858000 | 6532778 |
| Bank of America Corp. | 3.841%<br>(SOFR + 1.11% |)<sup>#</sup> | 4/25/2025 | 5123000 | 4997601 |
| Bank of America Corp. | 3.95% |  | 4/21/2025 | 4295000 | 4200450 |

---

*See Notes to Financial Statements.* 229

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Bank of America Corp. | 4.948%<br>(SOFR + 2.04% |)<sup>#</sup> | 7/22/2028 | $5101000 | $5003707 |
| Bank of Ireland Group plc (Ireland)<sup>†(b)</sup> | 2.029%<br>(1 Yr. Treasury CMT + 1.10% |)<sup>#</sup> | 9/30/2027 | 5505000 | 4575340 |
| Bank of Ireland Group plc (Ireland)<sup>†(b)</sup> | 4.50% |  | 11/25/2023 | 5242000 | 5144696 |
| Bank of Ireland Group plc (Ireland)<sup>†(b)</sup> | 6.253%<br>(1 Yr. Treasury CMT + 2.65% |)<sup>#</sup> | 9/16/2026 | 1715000 | 1681568 |
| Bank of Montreal (Canada)<sup>(b)</sup> | 3.70% |  | 6/7/2025 | 3004000 | 2929322 |
| Bank of Montreal (Canada)<sup>(b)</sup> | 4.25% |  | 9/14/2024 | 1925000 | 1901200 |
| BankUnited, Inc. | 4.875% |  | 11/17/2025 | 6803000 | 6750063 |
| Barclays plc (United Kingdom)<sup>(b)</sup> | 2.852%<br>(SOFR + 2.71% |)<sup>#</sup> | 5/7/2026 | 3150000 | 2906013 |
| Barclays plc (United Kingdom)<sup>(b)</sup> | 4.338%<br>(3 Mo. LIBOR + 1.36% |)<sup>#</sup> | 5/16/2024 | 1648000 | 1633080 |
| Barclays plc (United Kingdom)<sup>(b)</sup> | 4.836% |  | 5/9/2028 | 1142000 | 1047836 |
| Barclays plc (United Kingdom)<sup>(b)</sup> | 5.20% |  | 5/12/2026 | 4407000 | 4275101 |
| BBVA Bancomer SA<sup>†</sup> | 4.375% |  | 4/10/2024 | 1187000 | 1172192 |
| BNP Paribas SA (France)<sup>†(b)</sup> | 1.323%<br>(SOFR + 1.00% |)<sup>#</sup> | 1/13/2027 | 246000 | 213783 |
| BNP Paribas SA (France)<sup>†(b)</sup> | 2.219%<br>(SOFR + 2.07% |)<sup>#</sup> | 6/9/2026 | 200000 | 183757 |
| BNP Paribas SA (France)<sup>†(b)</sup> | 2.819%<br>(3 Mo. LIBOR + 1.11% |)<sup>#</sup> | 11/19/2025 | 5406000 | 5089910 |
| BNP Paribas SA (France)<sup>†(b)</sup> | 4.375% |  | 5/12/2026 | 436000 | 414954 |
| BPCE SA (France)<sup>†(b)</sup> | 2.375% |  | 1/14/2025 | 696000 | 646067 |
| BPCE SA (France)<sup>†(b)</sup> | 4.50% |  | 3/15/2025 | 5114000 | 4902593 |
| BPCE SA (France)<sup>†(b)</sup> | 4.875% |  | 4/1/2026 | 786000 | 750633 |
| BPCE SA (France)<sup>†(b)</sup> | 5.15% |  | 7/21/2024 | 7472000 | 7330480 |
| Canadian Imperial Bank of Commerce (Canada)<sup>(b)</sup> | 3.945% |  | 8/4/2025 | 5013000 | 4880481 |
| Citigroup, Inc. | 3.106%<br>(SOFR + 2.84% |)<sup>#</sup> | 4/8/2026 | 9576000 | 9087117 |
| Citigroup, Inc. | 3.29%<br>(SOFR + 1.53% |)<sup>#</sup> | 3/17/2026 | 1152000 | 1095521 |
| Citigroup, Inc. | 3.352%<br>(3 Mo. LIBOR + .90% |)<sup>#</sup> | 4/24/2025 | 2146000 | 2075923 |
| Citigroup, Inc. | 3.875% |  | 3/26/2025 | 2023000 | 1979248 |
| Citigroup, Inc. | 4.044%<br>(3 Mo. LIBOR + 1.02% |)<sup>#</sup> | 6/1/2024 | 3413000 | 3385904 |

---

230 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Citigroup, Inc. | 4.14%<br>(SOFR + 1.37% |)<sup>#</sup> | 5/24/2025 | $2053000 | $2015638 |
| Citigroup, Inc. | 4.40% |  | 6/10/2025 | 3586000 | 3528651 |
| Citigroup, Inc. | 5.50% |  | 9/13/2025 | 9523000 | 9672593 |
| Credit Agricole SA (France)<sup>†(b)</sup> | 4.375% |  | 3/17/2025 | 3558000 | 3426414 |
| Credit Suisse AG/New York NY | 3.625% |  | 9/9/2024 | 1566000 | 1441489 |
| Credit Suisse Group AG (Switzerland)<sup>†(b)</sup> | 2.193%<br>(SOFR + 2.04% |)<sup>#</sup> | 6/5/2026 | 529000 | 445805 |
| Credit Suisse Group AG (Switzerland)<sup>†(b)</sup> | 2.593%<br>(SOFR + 1.56% |)<sup>#</sup> | 9/11/2025 | 2557000 | 2266509 |
| Credit Suisse Group AG (Switzerland)<sup>†(b)</sup> | 2.997%<br>(3 Mo. LIBOR + 1.20% |)<sup>#</sup> | 12/14/2023 | 5000000 | 4950056 |
| Credit Suisse Group AG (Switzerland)<sup>†(b)</sup> | 4.207%<br>(3 Mo. LIBOR + 1.24% |)<sup>#</sup> | 6/12/2024 | 785000 | 761843 |
| Danske Bank A/S (Denmark)<sup>†(b)</sup> | 0.976%<br>(1 Yr. Treasury CMT + .55% |)<sup>#</sup> | 9/10/2025 | 2040000 | 1849356 |
| Danske Bank A/S (Denmark)<sup>†(b)</sup> | 1.171%<br>(1 Yr. Treasury CMT + 1.03% |)<sup>#</sup> | 12/8/2023 | 5059000 | 5055596 |
| Danske Bank A/S (Denmark)<sup>†(b)</sup> | 1.226% |  | 6/22/2024 | 3037000 | 2818729 |
| Danske Bank A/S (Denmark)<sup>†(b)</sup> | 1.621%<br>(1 Yr. Treasury CMT + 1.35% |)<sup>#</sup> | 9/11/2026 | 608000 | 528089 |
| Danske Bank A/S (Denmark)<sup>†(b)</sup> | 3.244%<br>(3 Mo. LIBOR + 1.59% |)<sup>#</sup> | 12/20/2025 | 11328000 | 10565252 |
| Danske Bank A/S (Denmark)<sup>†(b)</sup> | 4.298%<br>(1 Yr. Treasury CMT + 1.75% |)<sup>#</sup> | 4/1/2028 | 2565000 | 2349216 |
| Danske Bank A/S (Denmark)<sup>†(b)</sup> | 5.375% |  | 1/12/2024 | 16478000 | 16395597 |
| Discover Bank | 4.25% |  | 3/13/2026 | 1275000 | 1215292 |
| Fifth Third Bancorp | 6.361%<br>(SOFR + 2.19% |)<sup>#</sup> | 10/27/2028 | 1762000 | 1825654 |
| First-Citizens Bank & Trust Co. | 3.929%<br>(SOFR + 3.83% |)<sup>#</sup> | 6/19/2024 | 266000 | 262561 |
| FNB Corp. | 2.20% |  | 2/24/2023 | 510000 | 506421 |
| Goldman Sachs Group, Inc. (The) | 0.657%<br>(SOFR + .51% |)<sup>#</sup> | 9/10/2024 | 2758000 | 2643781 |
| Goldman Sachs Group, Inc. (The) | 1.948%<br>(SOFR + .91% |)<sup>#</sup> | 10/21/2027 | 5566000 | 4875681 |
| Goldman Sachs Group, Inc. (The) | 2.64%<br>(SOFR + 1.11% |)<sup>#</sup> | 2/24/2028 | 2467000 | 2202541 |
| Goldman Sachs Group, Inc. (The) | 3.272%<br>(3 Mo. LIBOR + 1.20% |)<sup>#</sup> | 9/29/2025 | 320000 | 308242 |
| Goldman Sachs Group, Inc. (The) | 4.25% |  | 10/21/2025 | 2670000 | 2619938 |

---

*See Notes to Financial Statements.* 231

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Goldman Sachs Group, Inc. (The) | 4.405%<br>(SOFR + .70% |)<sup>#</sup> | 1/24/2025 | $4991000 | $4902476 |
| Goldman Sachs Group, Inc. (The) | 4.482%<br>(SOFR + 1.73% |)<sup>#</sup> | 8/23/2028 | 4353000 | 4182142 |
| HSBC Holdings plc (United Kingdom)<sup>(b)</sup> | 0.732%<br>(SOFR + .53% |)<sup>#</sup> | 8/17/2024 | 1219000 | 1167135 |
| HSBC Holdings plc (United Kingdom)<sup>(b)</sup> | 0.976%<br>(SOFR + .71% |)<sup>#</sup> | 5/24/2025 | 679000 | 624890 |
| Huntington Bancshares, Inc. | 4.443%<br>(SOFR + 1.97% |)<sup>#</sup> | 8/4/2028 | 2177000 | 2069503 |
| Huntington National Bank | 5.699%<br>(SOFR + 1.22% |)<sup>#</sup> | 11/18/2025 | 4314000 | 4321813 |
| Huntington National Bank (The) | 4.008%<br>(SOFR + 1.21% |)<sup>#</sup> | 5/16/2025 | 1213000 | 1187708 |
| ING Groep NV (Netherlands)<sup>(b)</sup> | 4.70%<br>(USD ICE 5 Yr. Swap rate + 1.94% |)<sup>#</sup> | 3/22/2028 | 2626000 | 2557937 |
| Intesa Sanpaolo SpA (Italy)<sup>†(b)</sup> | 3.25% |  | 9/23/2024 | 3928000 | 3698889 |
| Intesa Sanpaolo SpA (Italy)<sup>†(b)</sup> | 3.375% |  | 1/12/2023 | 1966000 | 1960315 |
| Intesa Sanpaolo SpA (Italy)<sup>†(b)</sup> | 5.017% |  | 6/26/2024 | 8728000 | 8412031 |
| Intesa Sanpaolo SpA (Italy)<sup>†(b)</sup> | 5.71% |  | 1/15/2026 | 2302000 | 2224888 |
| JPMorgan Chase & Co. | 0.824%<br>(SOFR + .54% |)<sup>#</sup> | 6/1/2025 | 2899000 | 2697275 |
| JPMorgan Chase & Co. | 3.845%<br>(SOFR + .98% |)<sup>#</sup> | 6/14/2025 | 6842000 | 6720876 |
| JPMorgan Chase & Co. | 4.747%<br>(SOFR + .92% |)<sup>#</sup> | 2/24/2026 | 3765000 | 3686432 |
| JPMorgan Chase & Co. | 4.851%<br>(SOFR + 1.99% |)<sup>#</sup> | 7/25/2028 | 5146000 | 5042018 |
| JPMorgan Chase & Co. | 5.007%<br>(SOFR + 1.18% |)<sup>#</sup> | 2/24/2028 | 2527000 | 2441126 |
| Lloyds Banking Group plc (United Kingdom)<sup>(b)</sup> | 4.582% |  | 12/10/2025 | 5156000 | 4903197 |
| Lloyds Banking Group plc (United Kingdom)<sup>(b)</sup> | 4.65% |  | 3/24/2026 | 3048000 | 2900266 |
| Macquarie Group Ltd. (Australia)<sup>†(b)</sup> | 1.201%<br>(SOFR + .69% |)<sup>#</sup> | 10/14/2025 | 6843000 | 6251871 |
| Macquarie Group Ltd. (Australia)<sup>†(b)</sup> | 1.34%<br>(SOFR + 1.07% |)<sup>#</sup> | 1/12/2027 | 403000 | 348601 |
| Macquarie Group Ltd. (Australia)<sup>†(b)</sup> | 5.108%<br>(SOFR + 2.21% |)<sup>#</sup> | 8/9/2026 | 5321000 | 5279692 |
| Mitsubishi UFJ Financial Group, Inc. (Japan)<sup>(b)</sup> | 0.953%<br>(1 Yr. Treasury CMT + .55% |)<sup>#</sup> | 7/19/2025 | 2237000 | 2075396 |

---

232 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Mitsubishi UFJ Financial Group, Inc. (Japan)<sup>(b)</sup> | 4.788%<br>(1 Yr. Treasury CMT + 1.70% |)<sup>#</sup> | 7/18/2025 | $6660000 | $6593886 |
| Mitsubishi UFJ Financial Group, Inc. (Japan)<sup>(b)</sup> | 5.063%<br>(1 Yr. Treasury CMT + 1.55% |)<sup>#</sup> | 9/12/2025 | 3503000 | 3483280 |
| Morgan Stanley | 0.79%<br>(SOFR + .53% |)<sup>#</sup> | 5/30/2025 | 3468000 | 3214479 |
| Morgan Stanley | 0.791%<br>(SOFR + .51% |)<sup>#</sup> | 1/22/2025 | 3835000 | 3607886 |
| Morgan Stanley | 3.62%<br>(SOFR + 1.16% |)<sup>#</sup> | 4/17/2025 | 3253000 | 3171541 |
| Morgan Stanley | 3.737%<br>(3 Mo. LIBOR + .85% |)<sup>#</sup> | 4/24/2024 | 6519000 | 6474635 |
| NatWest Markets plc (United Kingdom)<sup>†(b)</sup> | 0.80% |  | 8/12/2024 | 613000 | 565946 |
| NatWest Markets plc (United Kingdom)<sup>†(b)</sup> | 3.479% |  | 3/22/2025 | 3036000 | 2910594 |
| Nordea Bank Abp (Finland)<sup>†(b)</sup> | 3.60% |  | 6/6/2025 | 2676000 | 2594608 |
| Popular, Inc. | 6.125% |  | 9/14/2023 | 354000 | 355315 |
| Royal Bank of Canada (Canada)<sup>(b)</sup> | 3.97% |  | 7/26/2024 | 2564000 | 2523823 |
| Royal Bank of Canada | 6.00% |  | 11/1/2027 | 1989000 | 2070638 |
| Santander Holdings USA, Inc. | 2.49%<br>(SOFR + 1.25% |)<sup>#</sup> | 1/6/2028 | 2232000 | 1938040 |
| Santander Holdings USA, Inc. | 3.244% |  | 10/5/2026 | 898000 | 825723 |
| Santander Holdings USA, Inc. | 3.40% |  | 1/18/2023 | 3651000 | 3647273 |
| Santander Holdings USA, Inc. | 5.807%<br>(SOFR + 2.33% |)<sup>#</sup> | 9/9/2026 | 1676000 | 1669747 |
| Santander UK Group Holdings plc (United Kingdom)<sup>(b)</sup> | 1.089%<br>(SOFR + .79% |)<sup>#</sup> | 3/15/2025 | 1913000 | 1775657 |
| Santander UK Group Holdings plc (United Kingdom)<sup>(b)</sup> | 2.469%<br>(SOFR + 1.22% |)<sup>#</sup> | 1/11/2028 | 2488000 | 2119975 |
| Santander UK Group Holdings plc (United Kingdom)<sup>(b)</sup> | 3.373%<br>(3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 1/5/2024 | 6040000 | 6027122 |
| Santander UK Group Holdings plc (United Kingdom)<sup>†(b)</sup> | 4.75% |  | 9/15/2025 | 3337000 | 3175964 |
| Santander UK Group Holdings plc (United Kingdom)<sup>(b)</sup> | 4.796%<br>(3 Mo. LIBOR + 1.57% |)<sup>#</sup> | 11/15/2024 | 5776000 | 5669015 |
| Societe Generale SA (France)<sup>†(b)</sup> | 2.226%<br>(1 Yr. Treasury CMT + 1.05% |)<sup>#</sup> | 1/21/2026 | 4992000 | 4572414 |

---

*See Notes to Financial Statements.* 233

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Standard Chartered plc (United Kingdom)<sup>†(b)</sup> | 0.991%<br>(1 Yr. Treasury CMT + .78% |)<sup>#</sup> | 1/12/2025 | $2093000 | $1957921 |
| Standard Chartered plc (United Kingdom)<sup>†(b)</sup> | 1.214%<br>(1 Yr. Treasury CMT + .88% |)<sup>#</sup> | 3/23/2025 | 200000 | 188724 |
| Standard Chartered plc (United Kingdom)<sup>†(b)</sup> | 2.819%<br>(3 Mo. LIBOR + 1.21% |)<sup>#</sup> | 1/30/2026 | 2530000 | 2341058 |
| Standard Chartered plc (United Kingdom)<sup>†(b)</sup> | 3.20% |  | 4/17/2025 | 3246000 | 3098466 |
| Standard Chartered plc (United Kingdom)<sup>†(b)</sup> | 3.785%<br>(3 Mo. LIBOR + 1.56% |)<sup>#</sup> | 5/21/2025 | 1940000 | 1859580 |
| Standard Chartered plc (United Kingdom)<sup>†(b)</sup> | 3.885%<br>(3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 3/15/2024 | 2377000 | 2359856 |
| Standard Chartered plc (United Kingdom)<sup>†(b)</sup> | 5.20% |  | 1/26/2024 | 3559000 | 3520995 |
| Svenska Handelsbanken AB (Sweden)<sup>†(b)</sup> | 3.65% |  | 6/10/2025 | 4444000 | 4307832 |
| Toronto-Dominion Bank (The) (Canada)<sup>(b)</sup> | 3.766% |  | 6/6/2025 | 6338000 | 6170972 |
| UBS AG (Switzerland)<sup>(b)</sup> | 5.125% |  | 5/15/2024 | 18374000 | 18082386 |
| UBS Group AG (Switzerland)<sup>†(b)</sup> | 4.488%<br>(1 Yr. Treasury CMT + 1.55% |)<sup>#</sup> | 5/12/2026 | 1756000 | 1711993 |
| UniCredit SpA (Italy)<sup>†(b)</sup> | 2.569%<br>(1 Yr. Treasury CMT + 2.30% |)<sup>#</sup> | 9/22/2026 | 2520000 | 2218302 |
| UniCredit SpA (Italy)<sup>†(b)</sup> | 7.83% |  | 12/4/2023 | 8170000 | 8176352 |
| US Bancorp | 4.548%<br>(SOFR + 1.66% |)<sup>#</sup> | 7/22/2028 | 3554000 | 3476290 |
| Wells Fargo & Co. | 4.808%<br>(SOFR + 1.98% |)<sup>#</sup> | 7/25/2028 | 5134000 | 5017950 |
| *Total* |  |  |  |  | 449700692 |
| **Biotechnology 0.13%** |  |  |  |  |  |
| Illumina, Inc.<sup>(d)</sup> | 5.75% |  | 12/13/2027 | 1662000 | 1674603 |
| Illumina, Inc.<sup>(d)</sup> | 5.80% |  | 12/12/2025 | 1878000 | 1888843 |
| *Total* |  |  |  |  | 3563446 |
| **Chemicals 0.71%** |  |  |  |  |  |
| Celanese US Holdings LLC | 5.90% |  | 7/5/2024 | 8845000 | 8794018 |
| International Flavors & Fragrances, Inc.<sup>†</sup> | 1.23% |  | 10/1/2025 | 2984000 | 2639765 |
| Nutrien Ltd. | 5.95% |  | 11/7/2025 | 3878000 | 3959990 |
| Orbia Advance Corp. SAB de CV (Mexico)<sup>†(b)</sup> | 1.875% |  | 5/11/2026 | 3810000 | 3326740 |
| *Total* |  |  |  |  | 18720513 |

---

234 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Commercial Services 0.72%** |  |  |  |  |
| Adani Ports & Special Economic Zone Ltd. (India)<sup>†(b)</sup> | 3.375% | 7/24/2024 | $1400000 | $1320493 |
| Ashtead Capital, Inc.<sup>†</sup> | 4.00% | 5/1/2028 | 7005000 | 6341184 |
| Sabre GLBL, Inc.<sup>†</sup> | 7.375% | 9/1/2025 | 2870000 | 2737822 |
| Triton Container International Ltd.<sup>†</sup> | 0.80% | 8/1/2023 | 3076000 | 2963871 |
| Triton Container International Ltd.<sup>†</sup> | 1.15% | 6/7/2024 | 2518000 | 2326299 |
| Triton Container International Ltd.<sup>†</sup> | 2.05% | 4/15/2026 | 3872000 | 3368222 |
| *Total* |  |  |  | 19057891 |
| **Computers 0.18%** |  |  |  |  |
| Dell International LLC/EMC Corp. | 6.02% | 6/15/2026 | 4556000 | 4655300 |
| **Diversified Financial Services 4.33%** |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(b)</sup> | 1.75% | 10/29/2024 | 1596000 | 1465799 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(b)</sup> | 3.15% | 2/15/2024 | 1224000 | 1181271 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(b)</sup> | 4.50% | 9/15/2023 | 1392000 | 1375139 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(b)</sup> | 4.875% | 1/16/2024 | 4400000 | 4339492 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(b)</sup> | 6.50% | 7/15/2025 | 5376000 | 5435502 |
| Air Lease Corp. | 3.00% | 9/15/2023 | 2000000 | 1961147 |
| Air Lease Corp. | 4.25% | 2/1/2024 | 325000 | 319339 |
| Aircastle Ltd. | 4.40% | 9/25/2023 | 2715000 | 2687094 |
| Aircastle Ltd. | 5.00% | 4/1/2023 | 1840000 | 1833949 |
| Aircastle Ltd.<sup>†</sup> | 5.25% | 8/11/2025 | 6323000 | 6071096 |
| Ally Financial, Inc. | 1.45% | 10/2/2023 | 4223000 | 4078928 |
| Ally Financial, Inc. | 3.875% | 5/21/2024 | 5389000 | 5245370 |
| Ally Financial, Inc. | 5.75% | 11/20/2025 | 5002000 | 4938261 |
| American Express Co. | 5.85% | 11/5/2027 | 2181000 | 2265775 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% | 1/30/2026 | 346000 | 301995 |
| Aviation Capital Group LLC<sup>†</sup> | 3.875% | 5/1/2023 | 9000000 | 8894590 |
| Aviation Capital Group LLC<sup>†</sup> | 4.375% | 1/30/2024 | 1000000 | 976855 |
| Aviation Capital Group LLC<sup>†</sup> | 5.50% | 12/15/2024 | 2287000 | 2240506 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(b)</sup> | 4.25% | 4/15/2026 | 8247000 | 7487653 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(b)</sup> | 5.125% | 10/1/2023 | 6298000 | 6215062 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(b)</sup> | 5.25% | 5/15/2024 | 1754000 | 1711926 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 4.75% | 12/15/2024 | 7213000 | 6287223 |

---

*See Notes to Financial Statements.* 235

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| Bread Financial Holdings, Inc.<sup>†</sup> | 7.00% |  | 1/15/2026 | $3486000 | $2986439 |
| Capital One Financial Corp. | 4.166%<br>(SOFR + 1.37% |)<sup>#</sup> | 5/9/2025 | 2893000 | 2815676 |
| Navient Corp. | 5.50% |  | 1/25/2023 | 249000 | 248659 |
| Navient Corp. | 5.875% |  | 10/25/2024 | 5921000 | 5759761 |
| Navient Corp. | 6.125% |  | 3/25/2024 | 3263000 | 3255152 |
| Navient Corp. | 7.25% |  | 9/25/2023 | 2997000 | 3001365 |
| OneMain Finance Corp. | 6.125% |  | 3/15/2024 | 3996000 | 3902294 |
| OneMain Finance Corp. | 8.25% |  | 10/1/2023 | 1362000 | 1363566 |
| Park Aerospace Holdings Ltd. (Ireland)<sup>†(b)</sup> | 4.50% |  | 3/15/2023 | 4399000 | 4377556 |
| Park Aerospace Holdings Ltd. (Ireland)<sup>†(b)</sup> | 5.50% |  | 2/15/2024 | 10000000 | 9856798 |
| *Total* |  |  |  |  | 114881238 |
| **Electric 3.08%** |  |  |  |  |  |
| AES Corp. (The)<sup>†</sup> | 3.30% |  | 7/15/2025 | 4791000 | 4493481 |
| Alexander Funding Trust<sup>†</sup> | 1.841% |  | 11/15/2023 | 2465000 | 2324915 |
| American Electric Power Co., Inc. | 2.031% |  | 3/15/2024 | 3223000 | 3098262 |
| American Electric Power Co., Inc. | 5.75% |  | 11/1/2027 | 1690000 | 1736120 |
| Ausgrid Finance Pty Ltd. (Australia)<sup>†(b)</sup> | 3.85% |  | 5/1/2023 | 2235000 | 2218995 |
| Calpine Corp.<sup>†</sup> | 5.25% |  | 6/1/2026 | 1987000 | 1906065 |
| CenterPoint Energy, Inc. | 4.475%<br>(SOFR + .65% |)<sup>#</sup> | 5/13/2024 | 4038000 | 3980892 |
| Cleveland Electric Illuminating Co. (The) | 5.50% |  | 8/15/2024 | 2650000 | 2675679 |
| Comision Federal de Electricidad (Mexico)<sup>(b)</sup> | 4.75% |  | 2/23/2027 | 1025000 | 951754 |
| Comision Federal de Electricidad (Mexico)<sup>†(b)</sup> | 4.875% |  | 1/15/2024 | 1128000 | 1115773 |
| Dominion Energy, Inc. | 3.823%<br>(3 Mo. LIBOR + .53% |)<sup>#</sup> | 9/15/2023 | 4387000 | 4378928 |
| DTE Energy Co. | 4.22% |  | 11/1/2024 | 1000000 | 985090 |
| Fells Point Funding Trust<sup>†</sup> | 3.046% |  | 1/31/2027 | 4277000 | 3895917 |
| IPALCO Enterprises, Inc. | 3.70% |  | 9/1/2024 | 1500000 | 1453487 |
| Israel Electric Corp. Ltd. (Israel)<sup>†(b)</sup> | 6.875% |  | 6/21/2023 | 3385000 | 3410760 |
| Jersey Central Power & Light Co.<sup>†</sup> | 4.70% |  | 4/1/2024 | 5530000 | 5459041 |
| Monongahela Power Co.<sup>†</sup> | 4.10% |  | 4/15/2024 | 4000000 | 3925093 |
| NextEra Energy Capital Holdings, Inc. | 4.255% |  | 9/1/2024 | 236000 | 233049 |
| Niagara Mohawk Power Corp.<sup>†</sup> | 3.508% |  | 10/1/2024 | 2337000 | 2245787 |
| NRG Energy, Inc.<sup>†</sup> | 3.75% |  | 6/15/2024 | 4197000 | 4058239 |
| Pacific Gas and Electric Co. | 3.15% |  | 1/1/2026 | 7690729 | 7129865 |
| Public Service Enterprise Group, Inc. | 5.85% |  | 11/15/2027 | 1877000 | 1934682 |
| Puget Energy, Inc. | 3.65% |  | 5/15/2025 | 4587000 | 4370646 |
| Southern Co. (The) | 5.113% |  | 8/1/2027 | 3494000 | 3486245 |

---

236 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |  |
| Trans-Allegheny Interstate Line Co.<sup>†</sup> | 3.85% |  | 6/1/2025 | $2520000 | $2438088 |
| Vistra Operations Co. LLC<sup>†</sup> | 3.55% |  | 7/15/2024 | 3863000 | 3705717 |
| Vistra Operations Co. LLC<sup>†</sup> | 4.875% |  | 5/13/2024 | 4211000 | 4118358 |
| *Total* |  |  |  |  | 81730928 |
| **Energy-Alternate Sources 0.14%** |  |  |  |  |  |
| Enviva Partners LP/Enviva Partners Finance Corp.<sup>†</sup> | 6.50% |  | 1/15/2026 | 2685000 | 2564379 |
| Greenko Dutch BV (Netherlands)<sup>†(b)</sup> | 3.85% |  | 3/29/2026 | 590190 | 510514 |
| Greenko Mauritius Ltd. (India)<sup>†(b)</sup> | 6.25% |  | 2/21/2023 | 700000 | 696500 |
| *Total* |  |  |  |  | 3771393 |
| **Entertainment 0.29%** |  |  |  |  |  |
| Caesars Entertainment, Inc.<sup>†</sup> | 6.25% |  | 7/1/2025 | 2800000 | 2771083 |
| Caesars Entertainment, Inc.<sup>†</sup> | 8.125% |  | 7/1/2027 | 2564000 | 2577281 |
| Warnermedia Holdings, Inc.<sup>†</sup> | 3.428% |  | 3/15/2024 | 2337000 | 2269799 |
| *Total* |  |  |  |  | 7618163 |
| **Forest Products & Paper 0.04%** |  |  |  |  |  |
| Suzano Austria GmbH (Brazil)<sup>†(b)</sup> | 5.75% |  | 7/14/2026 | 984000 | 982428 |
| **Gas 0.46%** |  |  |  |  |  |
| Brooklyn Union Gas Co. (The)<sup>†</sup> | 4.632% |  | 8/5/2027 | 3505000 | 3371444 |
| CenterPoint Energy Resources Corp. | 5.279%<br>(3 Mo. LIBOR + .50% |)<sup>#</sup> | 3/2/2023 | 1612000 | 1610799 |
| Centrica plc (United Kingdom)<sup>†(b)</sup> | 4.00% |  | 10/16/2023 | 2450000 | 2402621 |
| National Fuel Gas Co. | 5.50% |  | 1/15/2026 | 1183000 | 1186208 |
| ONE Gas, Inc. | 1.10% |  | 3/11/2024 | 1737000 | 1653411 |
| Southwest Gas Corp. | 5.80% |  | 12/1/2027 | 2002000 | 2022337 |
| *Total* |  |  |  |  | 12246820 |
| **Health Care-Products 0.10%** |  |  |  |  |  |
| GE Healthcare Holding LLC | 5.60% |  | 11/15/2025 | 2500000 | 2526027 |
| **Health Care-Services 0.46%** |  |  |  |  |  |
| Centene Corp. | 2.45% |  | 7/15/2028 | 1044000 | 879025 |
| Centene Corp. | 4.25% |  | 12/15/2027 | 4297000 | 4040104 |
| HCA, Inc. | 5.00% |  | 3/15/2024 | 952000 | 948463 |
| HCA, Inc. | 5.25% |  | 4/15/2025 | 3416000 | 3411321 |
| HCA, Inc. | 5.25% |  | 6/15/2026 | 610000 | 605586 |
| HCA, Inc. | 5.375% |  | 2/1/2025 | 611000 | 610280 |
| Humana, Inc. | 5.75% |  | 3/1/2028 | 1698000 | 1738322 |
| *Total* |  |  |  |  | 12233101 |

---

*See Notes to Financial Statements.* 237

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Home Builders 0.17%** |  |  |  |  |
| Lennar Corp. | 4.875% | 12/15/2023 | $66000 | $65646 |
| Toll Brothers Finance Corp. | 4.375% | 4/15/2023 | 615000 | 611822 |
| Toll Brothers Finance Corp. | 4.875% | 11/15/2025 | 3897000 | 3744655 |
| *Total* |  |  |  | 4422123 |
| **Housewares 0.08%** |  |  |  |  |
| Newell Brands, Inc. | 4.45% | 4/1/2026 | 2302000 | 2174515 |
| **Insurance 0.70%** |  |  |  |  |
| Aon Corp. | 8.205% | 1/1/2027 | 1183000 | 1235531 |
| CNO Financial Group, Inc. | 5.25% | 5/30/2025 | 2103000 | 2093179 |
| CNO Global Funding<sup>†</sup> | 1.75% | 10/7/2026 | 1313000 | 1157441 |
| F&G Global Funding<sup>†</sup> | 0.90% | 9/20/2024 | 1368000 | 1249268 |
| F&G Global Funding<sup>†</sup> | 1.75% | 6/30/2026 | 1080000 | 961260 |
| F&G Global Funding<sup>†</sup> | 2.30% | 4/11/2027 | 3750000 | 3285435 |
| GA Global Funding Trust<sup>†</sup> | 0.80% | 9/13/2024 | 1032000 | 939835 |
| GA Global Funding Trust<sup>†</sup> | 3.85% | 4/11/2025 | 3993000 | 3823666 |
| Jackson National Life Global Funding<sup>†</sup> | 1.75% | 1/12/2025 | 1966000 | 1822914 |
| Kemper Corp. | 4.35% | 2/15/2025 | 2101000 | 2059826 |
| *Total* |  |  |  | 18628355 |
| **Internet 0.78%** |  |  |  |  |
| Amazon.com, Inc. | 4.55% | 12/1/2027 | 3954000 | 3986933 |
| Netflix, Inc.<sup>†</sup> | 3.625% | 6/15/2025 | 1025000 | 985281 |
| Netflix, Inc. | 4.375% | 11/15/2026 | 4000000 | 3866990 |
| Netflix, Inc. | 5.875% | 2/15/2025 | 8000000 | 8092451 |
| Prosus NV (Netherlands)<sup>†(b)</sup> | 3.257% | 1/19/2027 | 4000000 | 3519392 |
| VeriSign, Inc. | 5.25% | 4/1/2025 | 147000 | 147750 |
| *Total* |  |  |  | 20598797 |
| **Iron-Steel 0.11%** |  |  |  |  |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP (Canada)<sup>†(b)</sup> | 8.75% | 7/15/2026 | 2230000 | 2081489 |
| CSN Resources SA (Brazil)<sup>†(b)</sup> | 7.625% | 4/17/2026 | 929000 | 924313 |
| *Total* |  |  |  | 3005802 |

---

238 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Lodging 0.45%** |  |  |  |  |
| Hyatt Hotels Corp. | 1.30% | 10/1/2023 | $6396000 | $6179099 |
| Hyatt Hotels Corp. | 1.80% | 10/1/2024 | 3213000 | 3012318 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>†</sup> | 4.25% | 5/30/2023 | 965000 | 956827 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>†</sup> | 5.50% | 3/1/2025 | 1719259 | 1652835 |
| *Total* |  |  |  | 11801079 |
| **Machinery-Diversified 0.22%** |  |  |  |  |
| Granite US Holdings Corp.<sup>†</sup> | 11.00% | 10/1/2027 | 1856000 | 1948243 |
| Westinghouse Air Brake Technologies Corp. | 4.375% | 8/15/2023 | 1937000 | 1915484 |
| Westinghouse Air Brake Technologies Corp. | 4.40% | 3/15/2024 | 2004000 | 1972260 |
| *Total* |  |  |  | 5835987 |
| **Media 0.23%** |  |  |  |  |
| Comcast Corp. | 5.35% | 11/15/2027 | 1477000 | 1522637 |
| FactSet Research Systems, Inc. | 2.90% | 3/1/2027 | 2005000 | 1833446 |
| Univision Communications, Inc.<sup>†</sup> | 5.125% | 2/15/2025 | 2725000 | 2633263 |
| *Total* |  |  |  | 5989346 |
| **Mining 1.76%** |  |  |  |  |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(b)</sup> | 5.50% | 12/15/2027 | 3757000 | 3606720 |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(b)</sup> | 6.125% | 5/15/2028 | 3513000 | 3414563 |
| Anglo American Capital plc (United Kingdom)<sup>†(b)</sup> | 3.625% | 9/11/2024 | 4500000 | 4361017 |
| Anglo American Capital plc (United Kingdom)<sup>†(b)</sup> | 4.875% | 5/14/2025 | 1542000 | 1514083 |
| First Quantum Minerals Ltd. (Canada)<sup>†(b)</sup> | 7.50% | 4/1/2025 | 3448000 | 3402279 |
| Freeport Indonesia PT (Indonesia)<sup>†(b)</sup> | 4.763% | 4/14/2027 | 2132000 | 2059512 |
| Glencore Funding LLC<sup>†</sup> | 1.625% | 4/27/2026 | 670000 | 596292 |
| Glencore Funding LLC<sup>†</sup> | 4.00% | 4/16/2025 | 1567000 | 1516903 |
| Glencore Funding LLC<sup>†</sup> | 4.00% | 3/27/2027 | 5273000 | 5022618 |
| Glencore Funding LLC<sup>†</sup> | 4.125% | 5/30/2023 | 4134000 | 4105138 |
| Glencore Funding LLC<sup>†</sup> | 4.125% | 3/12/2024 | 4797000 | 4721492 |
| Glencore Funding LLC<sup>†</sup> | 4.625% | 4/29/2024 | 10553000 | 10435833 |
| Kinross Gold Corp. (Canada)<sup>(b)</sup> | 5.95% | 3/15/2024 | 1963000 | 1970792 |
| *Total* |  |  |  | 46727242 |
| **Miscellaneous Manufacturing 0.10%** |  |  |  |  |
| Gates Global LLC/Gates Corp.<sup>†</sup> | 6.25% | 1/15/2026 | 1109000 | 1070839 |
| Parker-Hannifin Corp. | 3.65% | 6/15/2024 | 1633000 | 1596855 |
| *Total* |  |  |  | 2667694 |

---

*See Notes to Financial Statements.* 239

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oil & Gas 3.87%** |  |  |  |  |
| Aker BP ASA (Norway)<sup>†(b)</sup> | 2.00% | 7/15/2026 | $6429000 | $5663021 |
| Chord Energy Corp.<sup>†</sup> | 6.375% | 6/1/2026 | 2978000 | 2914375 |
| Continental Resources, Inc.<sup>†</sup> | 2.268% | 11/15/2026 | 4431000 | 3837024 |
| Continental Resources, Inc. | 3.80% | 6/1/2024 | 10168000 | 9905605 |
| Continental Resources, Inc. | 4.375% | 1/15/2028 | 5076000 | 4673613 |
| Continental Resources, Inc. | 4.50% | 4/15/2023 | 4718000 | 4703280 |
| CrownRock LP/CrownRock Finance, Inc.<sup>†</sup> | 5.625% | 10/15/2025 | 5117000 | 5002533 |
| Devon Energy Corp. | 5.25% | 9/15/2024 | 2711000 | 2715281 |
| Devon Energy Corp. | 5.25% | 10/15/2027 | 5729000 | 5751906 |
| Devon Energy Corp. | 5.875% | 6/15/2028 | 7055000 | 7061243 |
| Devon Energy Corp. | 8.25% | 8/1/2023 | 5532000 | 5623838 |
| Endeavor Energy Resources LP/EER Finance, Inc.<sup>†</sup> | 5.75% | 1/30/2028 | 462000 | 455350 |
| Eni SpA (Italy)<sup>†(b)</sup> | 4.00% | 9/12/2023 | 660000 | 650134 |
| EQT Corp.<sup>†</sup> | 3.125% | 5/15/2026 | 3925000 | 3627624 |
| EQT Corp. | 3.90% | 10/1/2027 | 3000000 | 2780705 |
| EQT Corp. | 6.125% | 2/1/2025 | 7455000 | 7486497 |
| Laredo Petroleum, Inc. | 9.50% | 1/15/2025 | 3251000 | 3255763 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.<sup>†</sup> | 6.00% | 8/1/2026 | 2359000 | 2286142 |
| Matador Resources Co. | 5.875% | 9/15/2026 | 4895000 | 4855595 |
| OGX Austria GmbH (Brazil)<sup>†(b)(e)</sup> | 8.50% | 6/1/2018 | 225000 | 4 |
| Parsley Energy LLC/Parsley Finance Corp.<sup>†</sup> | 4.125% | 2/15/2028 | 1930000 | 1776214 |
| PDC Energy, Inc. | 5.75% | 5/15/2026 | 2443000 | 2336534 |
| PDC Energy, Inc. | 6.125% | 9/15/2024 | 241000 | 239784 |
| Petroleos Mexicanos (Mexico)<sup>(b)</sup> | 6.875% | 8/4/2026 | 5338000 | 5064237 |
| Suncor Energy, Inc. (Canada)<sup>(b)</sup> | 7.875% | 6/15/2026 | 3151000 | 3400174 |
| Tengizchevroil Finance Co. International Ltd. (Kazakhstan)<sup>†(b)</sup> | 2.625% | 8/15/2025 | 3500000 | 2992500 |
| Viper Energy Partners LP<sup>†</sup> | 5.375% | 11/1/2027 | 2857000 | 2712856 |
| W&T Offshore, Inc.<sup>†</sup> | 9.75% | 11/1/2023 | 800000 | 792552 |
| *Total* |  |  |  | 102564384 |

---

240 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oil & Gas Services 0.09%** |  |  |  |  |  |
| Oceaneering International, Inc. | 4.65% |  | 11/15/2024 | $2076000 | $2015183 |
| Weatherford International Ltd.<sup>†</sup> | 11.00% |  | 12/1/2024 | 328000 | 336923 |
| *Total* |  |  |  |  | 2352106 |
| **Pharmaceuticals 0.34%** |  |  |  |  |  |
| Bayer US Finance II LLC<sup>†</sup> | 3.875% |  | 12/15/2023 | 4207000 | 4140828 |
| Bayer US Finance II LLC<sup>†</sup> | 4.25% |  | 12/15/2025 | 3750000 | 3638419 |
| Bayer US Finance II LLC<sup>†</sup> | 4.303%<br>(3 Mo. LIBOR + 1.01% |)<sup>#</sup> | 12/15/2023 | 1325000 | 1322709 |
| *Total* |  |  |  |  | 9101956 |
| **Pipelines 1.54%** |  |  |  |  |  |
| Cheniere Corpus Christi Holdings LLC | 5.875% |  | 3/31/2025 | 10180000 | 10232669 |
| Cheniere Corpus Christi Holdings LLC | 7.00% |  | 6/30/2024 | 5100000 | 5172661 |
| DCP Midstream Operating LP | 5.375% |  | 7/15/2025 | 1061000 | 1049189 |
| ONEOK, Inc. | 7.50% |  | 9/1/2023 | 672000 | 679325 |
| Plains All American Pipeline LP/PAA Finance Corp. | 3.85% |  | 10/15/2023 | 2036000 | 2009189 |
| Plains All American Pipeline LP/PAA Finance Corp. | 4.65% |  | 10/15/2025 | 2491000 | 2454648 |
| Sabine Pass Liquefaction LLC | 5.625% |  | 4/15/2023 | 4532000 | 4531702 |
| Sabine Pass Liquefaction LLC | 5.75% |  | 5/15/2024 | 3218000 | 3223959 |
| Sabine Pass Liquefaction LLC | 5.875% |  | 6/30/2026 | 5000000 | 5074696 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 6.50% |  | 7/15/2027 | 5879000 | 5918566 |
| Western Midstream Operating LP | 5.041%<br>(3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 1/13/2023 | 493000 | 492023 |
| *Total* |  |  |  |  | 40838627 |
| **REITS 1.26%** |  |  |  |  |  |
| American Tower Corp. | 3.60% |  | 1/15/2028 | 238000 | 219059 |
| American Tower Corp. | 3.65% |  | 3/15/2027 | 3421000 | 3198216 |
| EPR Properties | 4.50% |  | 6/1/2027 | 1372000 | 1191196 |
| EPR Properties | 4.75% |  | 12/15/2026 | 4125000 | 3682241 |
| GLP Capital LP/GLP Financing II, Inc. | 5.25% |  | 6/1/2025 | 1275000 | 1250985 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 3.375% |  | 6/15/2026 | 1418000 | 1235269 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 6.00% |  | 4/15/2025 | 894000 | 864882 |
| Kite Realty Group Trust | 4.00% |  | 3/15/2025 | 1755000 | 1684456 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.50% |  | 2/15/2025 | 6577000 | 6199034 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.75% |  | 2/15/2027 | 2599000 | 2347950 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 5.625% |  | 5/1/2024 | 2277000 | 2257814 |
| Vornado Realty LP | 2.15% |  | 6/1/2026 | 1231000 | 1040935 |

---

*See Notes to Financial Statements.* 241

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **REITS (continued)** |  |  |  |  |  |
| Vornado Realty LP | 3.50% |  | 1/15/2025 | $3565000 | $3323632 |
| WEA Finance LLC/Westfield UK & Europe Finance plc<sup>†</sup> | 3.75% |  | 9/17/2024 | 5314000 | 5036972 |
| *Total* |  |  |  |  | 33532641 |
| **Retail 0.06%** |  |  |  |  |  |
| Specialty Building Products Holdings LLC/SBP Finance Corp.<sup>†</sup> | 6.375% |  | 9/30/2026 | 1881000 | 1557017 |
| **Savings & Loans 0.05%** |  |  |  |  |  |
| Nationwide Building Society (United Kingdom)<sup>†(b)</sup> | 3.766%<br>(3 Mo. LIBOR + 1.06% |)<sup>#</sup> | 3/8/2024 | 1361000 | 1350211 |
| **Semiconductors 0.45%** |  |  |  |  |  |
| Microchip Technology, Inc. | 0.972% |  | 2/15/2024 | 4530000 | 4287345 |
| Microchip Technology, Inc. | 2.67% |  | 9/1/2023 | 1525000 | 1491704 |
| Microchip Technology, Inc. | 4.333% |  | 6/1/2023 | 4111000 | 4094086 |
| Qorvo, Inc.<sup>†</sup> | 1.75% |  | 12/15/2024 | 1840000 | 1688651 |
| SK Hynix, Inc. (South Korea)<sup>†(b)</sup> | 1.50% |  | 1/19/2026 | 316000 | 273755 |
| *Total* |  |  |  |  | 11835541 |
| **Software 0.32%** |  |  |  |  |  |
| Oracle Corp. | 2.30% |  | 3/25/2028 | 3556000 | 3083753 |
| Oracle Corp. | 2.50% |  | 4/1/2025 | 2664000 | 2521129 |
| Oracle Corp. | 2.65% |  | 7/15/2026 | 1100000 | 1013885 |
| Oracle Corp. | 5.80% |  | 11/10/2025 | 1467000 | 1503118 |
| Take-Two Interactive Software, Inc. | 3.55% |  | 4/14/2025 | 491000 | 473800 |
| *Total* |  |  |  |  | 8595685 |
| **Telecommunications 0.33%** |  |  |  |  |  |
| Altice France SA (France)<sup>†(b)</sup> | 8.125% |  | 2/1/2027 | 6750000 | 6439264 |
| Verizon Communications, Inc. | 2.10% |  | 3/22/2028 | 2777000 | 2431994 |
| *Total* |  |  |  |  | 8871258 |
| **Transportation 0.05%** |  |  |  |  |  |
| Pelabuhan Indonesia Persero PT (Indonesia)<sup>†(b)</sup> | 4.50% |  | 5/2/2023 | 1220000 | 1213022 |
| **Trucking & Leasing 0.06%** |  |  |  |  |  |
| Fortress Transportation and Infrastructure Investors LLC<sup>†</sup> | 6.50% |  | 10/1/2025 | 1577000 | 1516640 |
| **Water 0.11%** |  |  |  |  |  |
| Aquarion Co.<sup>†</sup> | 4.00% |  | 8/15/2024 | 2955000 | 2893656 |
| *Total Corporate Bonds* (cost $1,251,783,364) |  |  |  |  | 1181377398 |

---

242 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **FLOATING RATE LOANS**<sup>(f)</sup> **3.27%** |  |  |  |  |
| **Chemicals 0.09%** |  |  |  |  |
| Axalta Coating Systems US Holdings Inc. USD Term Loan B3 | 5.424%<br>(3 Mo. LIBOR + 1.75% | 6/1/2024 | $1908745 | $1908030 |
| Nutrition & Biosciences, Inc. 3 Year Delayed Draw Term Loan | 5.758%<br>(3 Mo. LIBOR + 1.25% | 1/17/2023 | 495689 | 495069 |
| *Total* |  |  |  | 2403099 |
| **Commercial Services 0.46%** |  |  |  |  |
| Moneygram International, Inc 2021 Term Loan B | 8.571%<br>(1 Mo. LIBOR + 4.50% | 7/21/2026 | 9268115 | 9216028 |
| Trans Union, LLC 2019 Term Loan B5 | 5.821%<br>(1 Mo. LIBOR + 1.75% | 11/16/2026 | 3181453 | 3100771 |
| *Total* |  |  |  | 12316799 |
| **Diversified Financial Services 0.46%** |  |  |  |  |
| Cowen Inc Term Loan B | 7.433%<br>(6 Mo. LIBOR + 3.25% | 3/24/2028 | 6823297 | 6806239 |
| Delos Finance Sarl 2018 Term Loan B (Luxembourg)<sup>(b)</sup> | 5.424%<br>(3 Mo. LIBOR + 1.75% | 10/6/2023 | 5277221 | 5267880 |
| *Total* |  |  |  | 12074119 |
| **Entertainment 0.26%** |  |  |  |  |
| Churchill Downs Incorporated 2017 Term Loan B | 6.08%<br>(1 Mo. LIBOR + 2.00% | 12/27/2024 | 6822964 | 6826171 |
| **Health Care Services 0.07%** |  |  |  |  |
| Humana Inc. Delayed Draw Term Loan | 5.321%<br>(1 Mo. LIBOR + 1.25% | 5/28/2024 | 1722914 | 1713223 <sup>(g)</sup> |
| **Lodging 0.33%** |  |  |  |  |
| Caesars Resort Collection, LLC 2017 1st Lien Term Loan B | 6.821%<br>(1 Mo. LIBOR + 2.75% | 12/23/2024 | 4509752 | 4486189 |
| Resorts World Las Vegas LLC Term Loan A | 5.571%<br>(1 Mo. LIBOR + 1.50% | 4/16/2024 | 4400000 | 4356000 |
| *Total* |  |  |  | 8842189 |

---

*See Notes to Financial Statements.* 243

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Media 0.57%** |  |  |  |  |
| Charter Communications Operating, LLC 2019 Term Loan B1 | 5.83%<br>(1 Mo. LIBOR + 1.75% | 4/30/2025 | $15326362 | $15110797 |
| **Pipelines 0.08%** |  |  |  |  |
| Buckeye Partners, L.P. 2021 Term Loan B | 6.018%<br> (1 Mo. LIBOR + 2.25% | 11/1/2026 | 2088125 | 2066064 |
| **Real Estate Investment Trusts 0.25%** |  |  |  |  |
| American Tower Corporation 2021 First Lien Delayed Draw Term loan | 5.188%<br> (1 Mo. LIBOR + 1.13% | 12/8/2023 | 4455475 | 4433198 <sup>(g)</sup> |
| Invitation Homes Operating Partnership LP 2020 Term Loan A | 5.016%<br> (1 Mo. LIBOR + 1.00% | 1/31/2025 | 2245570 | 2206272 |
| *Total* |  |  |  | 6639470 |
| **Software 0.16%** |  |  |  |  |
| Applied Systems, Inc. 2017 1st Lien Term Loan | 6.674%<br> (3 Mo LIBOR + 3.00% | 9/19/2024 | 2374877 | 2372169 |
| Project Alpha Intermediate Holding, Inc. 2021 Term Loan B | 8.08%<br> (1 Mo. LIBOR + 4.00% | 4/26/2024 | 1885281 | 1842862 |
| *Total* |  |  |  | 4215031 |
| **Telecommunications 0.54%** |  |  |  |  |
| CenturyLink, Inc. 2020 Term Loan A | 6.071%<br> (1 Mo. LIBOR + 2.00% | 1/31/2025 | 7665604 | 7511488 |
| Drive Chassis HoldCo, LLC 2019 2nd Lien Term Loan | 10.609%<br> (1 Mo. LIBOR + 6.75% | 4/10/2026 | 6850000 | 6837156 |
| *Total* |  |  |  | 14348644 |
| **Transportation 0.00%** |  |  |  |  |
| XPO Logistics, Inc. 2018 Term Loan B | 5.597%<br> (1 Mo. LIBOR + 1.75% | 2/24/2025 | 77225 | 76839 |
| *Total Floating Rate Loans* (cost $87,203,889) |  |  |  | 86632445 |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(b)</sup> **0.06%** |  |  |  |  |
| **Morocco** |  |  |  |  |
| Morocco Government International Bond<sup>†</sup><br> (cost $1,501,374) | 4.25% | 12/11/2022 | 1500000 | 1499832 |

---

 

244 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.01%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.01%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.01%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.01%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.01%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.01%** |
| Federal Home Loan Mortgage Corp. K061 X1 IO | 0.283% | <sup>#(h)</sup> | 11/25/2026 | $13842129 | $85208 |
| Freddie Mac Multifamily Structured Pass Through Certificates Q001 XA IO | 2.117% | <sup>#(h)</sup> | 2/25/2032 | 1229690 | 100970 |
| Government National Mortgage Assoc. 2013-193 IO | 0.187% | <sup>#(h)</sup> | 1/16/2055 | 30981 | 2096 |
| Government National Mortgage Assoc. 2014-112 A | 3.00% | <sup>#(h)</sup> | 1/16/2048 | 140817 | 127635 |
| Government National Mortgage Assoc. 2014-15 IO | 0.595% | <sup>#(h)</sup> | 8/16/2054 | 6309 | 2085 <sup>(a)</sup> |
| Government National Mortgage Assoc. 2015-19 AD | 2.90% |  | 10/16/2055 | 18400 | 17975 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $394,754) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $394,754) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $394,754) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $394,754) |  | 335969 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.06%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.06%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.06%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.06%** |  |  |
| Federal Home Loan Mortgage Corp. | 2.098%<br> (12 Mo. LIBOR + 1.66% |)<sup>#</sup> | 2/1/2038 | 97266 | 97195 |
| Federal Home Loan Mortgage Corp. | 2.652%<br> (12 Mo. LIBOR + 1.79% |)<sup>#</sup> | 5/1/2036 | 21908 | 22019 |
| Federal Home Loan Mortgage Corp. | 2.916%<br> (12 Mo. LIBOR + 1.78% |)<sup>#</sup> | 10/1/2038 | 16113 | 16265 |
| Federal Home Loan Mortgage Corp. | 3.033%<br> (12 Mo. LIBOR + 1.71% |)<sup>#</sup> | 4/1/2037 | 23544 | 23676 |
| Federal Home Loan Mortgage Corp. | 3.226%<br> (12 Mo. LIBOR + 1.96% |)<sup>#</sup> | 2/1/2037 | 62568 | 63444 |
| Federal Home Loan Mortgage Corp. | 3.566%<br> (12 Mo. LIBOR + 1.92% |)<sup>#</sup> | 9/1/2036 | 66426 | 67209 |
| Federal Home Loan Mortgage Corp. | 3.821%<br> (12 Mo. LIBOR + 1.79% |)<sup>#</sup> | 12/1/2036 | 60867 | 61573 |
| Federal Home Loan Mortgage Corp. | 3.89%<br> (12 Mo. LIBOR + 1.64% |)<sup>#</sup> | 11/1/2043 | 147736 | 145906 |
| Federal National Mortgage Assoc. | 2.444%<br> (12 Mo. LIBOR + 1.81% |)<sup>#</sup> | 4/1/2040 | 27511 | 27740 |
| Federal National Mortgage Assoc. | 2.518%<br> (12 Mo. LIBOR + 1.57% |)<sup>#</sup> | 6/1/2038 | 57445 | 57766 |
| Federal National Mortgage Assoc. | 2.579%<br> (1 Yr. Treasury CMT + 2.24% |)<sup>#</sup> | 3/1/2038 | 3679 | 3663 |
| Federal National Mortgage Assoc. | 2.626%<br> (12 Mo. LIBOR + 1.81% |)<sup>#</sup> | 12/1/2040 | 25632 | 25940 |
| Federal National Mortgage Assoc. | 2.644%<br> (12 Mo. LIBOR + 1.53% |)<sup>#</sup> | 3/1/2039 | 42543 | 42709 |
| Federal National Mortgage Assoc. | 2.824%<br> (1 Yr. Treasury CMT + 2.20% |)<sup>#</sup> | 1/1/2038 | 37807 | 38445 |
| Federal National Mortgage Assoc. | 2.829%<br> (12 Mo. LIBOR + 1.62% |)<sup>#</sup> | 8/1/2037 | 5717 | 5752 |

---

 

*See Notes to Financial Statements.* 245

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |  |  |
| Federal National Mortgage Assoc. | 2.917%<br> (12 Mo. LIBOR + 1.90% |)<sup>#</sup> | 12/1/2038 | $23626 | $24008 |
| Federal National Mortgage Assoc. | 3.00%<br> (12 Mo. LIBOR + 1.66% |)<sup>#</sup> | 8/1/2038 | 11545 | 11540 |
| Federal National Mortgage Assoc. | 3.043%<br> (12 Mo. LIBOR + 1.60% |)<sup>#</sup> | 12/1/2045 | 75475 | 78005 |
| Federal National Mortgage Assoc. | 3.473%<br> (12 Mo. LIBOR + 1.81% |)<sup>#</sup> | 12/1/2040 | 59673 | 60433 |
| Federal National Mortgage Assoc. | 3.513%<br> (12 Mo. LIBOR + 1.62% |)<sup>#</sup> | 9/1/2038 | 50935 | 51486 |
| Federal National Mortgage Assoc. | 3.523%<br> (12 Mo. LIBOR + 1.79% |)<sup>#</sup> | 3/1/2042 | 251662 | 254638 |
| Federal National Mortgage Assoc. | 3.539%<br> (12 Mo. LIBOR + 1.52% |)<sup>#</sup> | 10/1/2035 | 73105 | 73767 |
| Federal National Mortgage Assoc. | 4.014%<br> (12 Mo. LIBOR + 1.80% |)<sup>#</sup> | 10/1/2040 | 15783 | 16032 |
| Federal National Mortgage Assoc. | 5.039%<br> (12 Mo. LIBOR + 1.60% |)<sup>#</sup> | 12/1/2045 | 233220 | 240969 |
| Federal National Mortgage Assoc. | 5.488%<br> (12 Mo. LIBOR + 1.60% |)<sup>#</sup> | 10/1/2045 | 53084 | 54534 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,601,869) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,601,869) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,601,869) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,601,869) |  | 1564714 |
| **MUNICIPAL BONDS 0.08%** |  |  |  |  |  |
| **Government 0.07%** |  |  |  |  |  |
| Louisiana Local Government Environmental Facilities & Community Development Authority A1 | 3.615% |  | 2/1/2029 | 1732000 | 1680518 |
| New York Transportation Development Corp. B | 1.61% |  | 12/1/2022 | 110000 | 110000 |
| *Total* |  |  |  |  | 1790518 |
| **Miscellaneous 0.01%** |  |  |  |  |  |
| State of Illinois | 4.95% |  | 6/1/2023 | 318818 | 318751 |
| *Total Municipal Bonds* (cost $2,162,347) |  |  |  |  | 2109269 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 13.83%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 13.83%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 13.83%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 13.83%** |  |  |
| Angel Oak Mortgage Trust 2020-1 A1<sup>†</sup> | 2.466% | <sup>#(h)</sup> | 12/25/2059 | 107999 | 101250 |
| Angel Oak Mortgage Trust 2020-6 A1<sup>†</sup> | 1.261% | <sup>#(h)</sup> | 5/25/2065 | 157007 | 133552 |
| Angel Oak Mortgage Trust 2021-6 A1<sup>†</sup> | 1.458% | <sup>#(h)</sup> | 9/25/2066 | 3859973 | 3077431 |
| Atrium Hotel Portfolio Trust 2017-ATRM B<sup>†</sup> | 5.375%<br> (1 Mo. LIBOR + 1.50% |)<sup>#</sup> | 12/15/2036 | 842000 | 803325 |
| Atrium Hotel Portfolio Trust 2018-ATRM B<sup>†</sup> | 5.305%<br> (1 Mo. LIBOR + 1.43% |)<sup>#</sup> | 6/15/2035 | 907000 | 858770 |

---

 

246 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Atrium Hotel Portfolio Trust 2018-ATRM C<sup>†</sup> | 5.525%<br> (1 Mo. LIBOR + 1.65% |)<sup>#</sup> | 6/15/2035 | $288000 | $269880 |
| Bayview MSR Opportunity Master Fund Trust 2021-INV4 A11<sup>†</sup> | 3.847%<br> (1 Mo. SOFR + .85% |)<sup>#</sup> | 10/25/2051 | 8806068 | 7977483 |
| BBCMS Mortgage Trust 2018-TALL A<sup>†</sup> | 4.597%<br> (1 Mo. LIBOR + .72% |)<sup>#</sup> | 3/15/2037 | 3400000 | 3181973 |
| BBCMS Mortgage Trust 2018-TALL C<sup>†</sup> | 4.996%<br> (1 Mo. LIBOR + 1.12% |)<sup>#</sup> | 3/15/2037 | 3350000 | 2860177 |
| BBCMS Trust 2015-VFM A1<sup>†</sup> | 2.466% |  | 3/10/2036 | 191898 | 177978 |
| BBCMS Trust 2018-BXH A<sup>†</sup> | 4.873%<br> (1 Mo. LIBOR + 1.00% |)<sup>#</sup> | 10/15/2037 | 1492237 | 1433605 |
| BB-UBS Trust 2012-TFT B<sup>†</sup> | 3.678% | <sup>#(h)</sup> | 6/5/2030 | 2149000 | 1925645 |
| BB-UBS Trust 2012-TFT C<sup>†</sup> | 3.678% | <sup>#(h)</sup> | 6/5/2030 | 3000000 | 2569809 |
| BDS Ltd. 2021-FL8 A<sup>†</sup> | 4.859%<br> (1 Mo. LIBOR + .92% |)<sup>#</sup> | 1/18/2036 | 3830986 | 3688487 |
| BFLD 2019-DPLO A<sup>†</sup> | 4.965%<br> (1 Mo. LIBOR + 1.09% |)<sup>#</sup> | 10/15/2034 | 2780000 | 2706108 |
| BHMS 2018-ATLS A<sup>†</sup> | 5.125%<br> (1 Mo. LIBOR + 1.25% |)<sup>#</sup> | 7/15/2035 | 2639902 | 2535716 |
| BHMS 2018-ATLS C<sup>†</sup> | 5.775%<br> (1 Mo. LIBOR + 1.90% |)<sup>#</sup> | 7/15/2035 | 12254000 | 11457753 |
| BHMS 2018-ATLS D<sup>†</sup> | 6.125%<br> (1 Mo. LIBOR + 2.25% |)<sup>#</sup> | 7/15/2035 | 8630000 | 7880808 |
| BWAY Mortgage Trust 2013-1515 XB IO<sup>†</sup> | 0.534% | <sup>#(h)</sup> | 3/10/2033 | 47800000 | 373968 |
| BWAY Mortgage Trust 2015-1740 C<sup>†</sup> | 3.342% |  | 1/10/2035 | 3350000 | 2885611 |
| BX 2021-MFM1 A<sup>†</sup> | 4.575%<br> (1 Mo. LIBOR + .70% |)<sup>#</sup> | 1/15/2034 | 140000 | 135372 |
| BX Commercial Mortgage Trust 2019-IMC A<sup>†</sup> | 4.873%<br> (1 Mo. LIBOR + 1.00% |)<sup>#</sup> | 4/15/2034 | 5880895 | 5729166 |
| BX Commercial Mortgage Trust 2019-IMC B<sup>†</sup> | 5.173%<br> (1 Mo. LIBOR + 1.30% |)<sup>#</sup> | 4/15/2034 | 7950000 | 7648963 |
| BX Trust 2017-SLCT F<sup>†</sup> | 8.25%<br> (1 Mo. LIBOR + 4.38% |)<sup>#</sup> | 7/15/2034 | 1938850 | 1864242 |
| BX Trust 2021-ARIA E<sup>†</sup> | 6.12%<br> (1 Mo. LIBOR + 2.24% |)<sup>#</sup> | 10/15/2036 | 10070000 | 9123687 |
| BXHPP Trust 2021-FILM A<sup>†</sup> | 4.525%<br> (1 Mo. LIBOR + .65% |)<sup>#</sup> | 8/15/2036 | 20000000 | 18756278 |
| CFCRE Commercial Mortgage Trust 2016-C4 XA IO | 1.769% | <sup>#(h)</sup> | 5/10/2058 | 862130 | 35023 |
| CFCRE Commercial Mortgage Trust 2016-C6 XA IO | 1.233% | <sup>#(h)</sup> | 11/10/2049 | 2602517 | 84811 |
| CFCRE Commercial Mortgage Trust 2016-C7 XA IO | 0.807% | <sup>#(h)</sup> | 12/10/2054 | 3439449 | 75551 |

---

*See Notes to Financial Statements.* 247

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| CFCRE Commercial Mortgage Trust 2018-TAN A<sup>†</sup> | 4.236% |  | 2/15/2033 | $3500000 | $3450092 |
| Citigroup Commercial Mortgage Trust 2014-GC23 XB IO | 0.302% | <sup>#(h)</sup> | 7/10/2047 | 3452000 | 10780 |
| Citigroup Commercial Mortgage Trust 2015-GC31 XA IO | 0.456% | <sup>#(h)</sup> | 6/10/2048 | 5447495 | 39900 |
| COLT Mortgage Loan Trust 2021-2 A1<sup>†</sup> | 0.924% | <sup>#(h)</sup> | 8/25/2066 | 5665399 | 4624189 |
| Commercial Mortgage Pass-Through Certificates 2012-CR1 B | 4.612% |  | 5/15/2045 | 1370826 | 1368004 |
| Commercial Mortgage Pass-Through Certificates 2012-CR3 B<sup>†</sup> | 3.922% |  | 10/15/2045 | 617000 | 540800 |
| Commercial Mortgage Pass-Through Certificates 2012-CR4 XA IO | 1.428% | <sup>#(h)</sup> | 10/15/2045 | 1118551 | 42 |
| Commercial Mortgage Pass-Through Certificates 2012-LTRT A2<sup>†</sup> | 3.40% |  | 10/5/2030 | 1033603 | 885553 |
| Commercial Mortgage Pass-Through Certificates 2013-CR7 XA IO | 1.289% | <sup>#(h)</sup> | 3/10/2046 | 3597484 | 1198 |
| Commercial Mortgage Pass-Through Certificates 2013-CR8 XA IO | 0.362% | <sup>#(h)</sup> | 6/10/2046 | 10150455 | 3361 |
| Commercial Mortgage Pass-Through Certificates 2013-GAM A2<sup>†</sup> | 3.367% |  | 2/10/2028 | 79893 | 79140 |
| Commercial Mortgage Pass-Through Certificates 2013-SFS A1<sup>†</sup> | 1.873% |  | 4/12/2035 | 48280 | 47761 |
| Commercial Mortgage Pass-Through Certificates 2014-CR19 XA IO | 1.089% | <sup>#(h)</sup> | 8/10/2047 | 2109477 | 24468 |
| Commercial Mortgage Pass-Through Certificates 2016-CD1 XA IO | 1.502% | <sup>#(h)</sup> | 8/10/2049 | 795058 | 29035 |
| Credit Suisse Mortgage Capital Certificates 2016-NXSR XB IO | 0.346% | <sup>#(h)</sup> | 12/15/2049 | 20135000 | 177659 |
| Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1<sup>†</sup> | 1.616% |  | 4/25/2065 | 69693 | 67282 |
| Credit Suisse Mortgage Capital Certificates 2021-BHAR A<sup>†</sup> | 5.026%<br> (1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 11/15/2038 | 16329500 | 15585577 |
| Credit Suisse Mortgage Capital Certificates Trust 2014-USA X1 IO<sup>†</sup> | 0.686% | <sup>#(h)</sup> | 9/15/2037 | 39135267 | 461710 |
| Credit Suisse Mortgage Capital Certificates Trust 2017-PFHP A<sup>†</sup> | 4.825%<br> (1 Mo. LIBOR + .95% |)<sup>#</sup> | 12/15/2030 | 502000 | 495488 |
| Credit Suisse Mortgage Capital Certificates Trust 2020-AFC1 A1<sup>†</sup> | 2.24% | <sup>#(h)</sup> | 2/25/2050 | 328146 | 302578 |

---

 

248 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Credit Suisse Mortgage Capital Certificates Trust 2021-ADV A<sup>†</sup> | 5.276% <br> (1 Mo. LIBOR + 1.40% |)<sup>#</sup> | 7/15/2038 | $6130000 | $5830015 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-AFC1 A1<sup>†</sup> | 0.83% | <sup>#(h)</sup> | 3/25/2056 | 541639 | 422715 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-NQM1 A1<sup>†</sup> | 0.809% | <sup>#(h)</sup> | 5/25/2065 | 2334848 | 2082314 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-NQM3 A1<sup>†</sup> | 1.015% | <sup>#(h)</sup> | 4/25/2066 | 863659 | 706437 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-NQM6 A1<sup>†</sup> | 1.174% | <sup>#(h)</sup> | 7/25/2066 | 5393956 | 4321287 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-NQM7 A3<sup>†</sup> | 2.064% | <sup>#(h)</sup> | 10/25/2066 | 920829 | 740510 |
| Credit Suisse Mortgage Capital Certificates Trust 2022-NQM1 A1<sup>†</sup> | 2.265% | <sup>#(h)</sup> | 11/25/2066 | 4850273 | 3948055 |
| CSAIL Commercial Mortgage Trust 2015-C2 XB IO<sup>†</sup> | 0.108% | <sup>#(h)</sup> | 6/15/2057 | 82732000 | 105616 |
| CSAIL Commercial Mortgage Trust 2016-C7 XA IO | 1.084% | <sup>#(h)</sup> | 11/15/2049 | 4147247 | 108550 |
| CSMC 2021-NQM6 A2<sup>†</sup> | 1.379% | <sup>#(h)</sup> | 7/25/2066 | 3531848 | 2764659 |
| DBGS Mortgage Trust 2018-5BP A<sup>†</sup> | 4.67%<br> (1 Mo. LIBOR + .80% |)<sup>#</sup> | 6/15/2033 | 1120000 | 1069340 |
| DBGS Mortgage Trust 2018-BIOD A<sup>†</sup> | 4.658%<br> (1 Mo. LIBOR + .80% |)<sup>#</sup> | 5/15/2035 | 1239062 | 1212373 |
| DBGS Mortgage Trust 2021-W52 A<sup>†</sup> | 5.271%<br> (1 Mo. LIBOR + 1.39% |)<sup>#</sup> | 10/15/2036 | 4750000 | 4505246 |
| DBGS Mortgage Trust 2021-W52 C<sup>†</sup> | 6.176%<br> (1 Mo. LIBOR + 2.30% |)<sup>#</sup> | 10/15/2036 | 9905000 | 9007286 |
| DBJPM Mortgage Trust 2016-C3 XA IO | 1.565% | <sup>#(h)</sup> | 8/10/2049 | 9123517 | 364385 |
| DBWF Mortgage Trust 2015-LCM A1<sup>†</sup> | 2.998% |  | 6/10/2034 | 214805 | 197953 |
| DBWF Mortgage Trust 2015-LCM XA IO<sup>†</sup> | 0.537% | <sup>#(h)</sup> | 6/10/2034 | 429611 | 3392 |
| DBWF Mortgage Trust 2016-85T XA IO<sup>†</sup> | 0.116% | <sup>#(h)</sup> | 12/10/2036 | 61529000 | 114878 |
| Ellington Financial Mortgage Trust 2021-1 A1<sup>†</sup> | 0.797% | <sup>#(h)</sup> | 2/25/2066 | 94947 | 75193 |
| EQUS Mortgage Trust 2021-EQAZ B<sup>†</sup> | 4.975%<br> (1 Mo. LIBOR + 1.10% |)<sup>#</sup> | 10/15/2038 | 2639947 | 2506668 |
| EQUS Mortgage Trust 2021-EQAZ C<sup>†</sup> | 5.225%<br> (1 Mo. LIBOR + 1.35% |)<sup>#</sup> | 10/15/2038 | 8269834 | 7813200 |
| Freddie Mac STACR REMIC Trust 2021-DNA5 M2<sup>†</sup> | 5.171%<br> (1 Mo. SOFR + 1.65% |)<sup>#</sup> | 1/25/2034 | 3464630 | 3392354 |
| Freddie Mac STACR REMIC Trust 2021-HQA3 M1<sup>†</sup> | 4.371%<br> (1 Mo. SOFR + .85% |)<sup>#</sup> | 9/25/2041 | 2609942 | 2491821 |

---

 

*See Notes to Financial Statements.* 249

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Freddie Mac STACR REMIC Trust 2021-HQA4 M1<sup>†</sup> | 4.471%<br> (1 Mo. SOFR + .95% |)<sup>#</sup> | 12/25/2041 | $11990268 | $11253528 |
| Great Wolf Trust 2019-WOLF B<sup>†</sup> | 5.209%<br> (1 Mo. LIBOR + 1.33% |)<sup>#</sup> | 12/15/2036 | 10000000 | 9563682 |
| Great Wolf Trust 2019-WOLF C<sup>†</sup> | 5.508%<br> (1 Mo. LIBOR + 1.63% |)<sup>#</sup> | 12/15/2036 | 2945000 | 2809606 |
| GS Mortgage Securities Corp. II 2021-ARDN A<sup>†</sup> | 5.125%<br> (1 Mo. LIBOR + 1.25% |)<sup>#</sup> | 11/15/2036 | 11500000 | 11106703 |
| GS Mortgage Securities Corp. Trust 2017-GPTX A<sup>†</sup> | 2.856% |  | 5/10/2034 | 1159000 | 1091271 |
| GS Mortgage Securities Corp. Trust 2017-GPTX B<sup>†</sup> | 3.104% |  | 5/10/2034 | 1060000 | 992868 |
| GS Mortgage Securities Corp. Trust 2017-SLP A<sup>†</sup> | 3.419% |  | 10/10/2032 | 1148630 | 1116709 |
| GS Mortgage Securities Corp. Trust 2018-RIVR A<sup>†</sup> | 4.825%<br> (1 Mo. LIBOR + .95% |)<sup>#</sup> | 7/15/2035 | 2355942 | 2203566 |
| GS Mortgage Securities Corp. Trust 2019-70P B<sup>†</sup> | 5.195%<br> (1 Mo. LIBOR + 1.32% |)<sup>#</sup> | 10/15/2036 | 1245442 | 1175653 |
| GS Mortgage Securities Corp. Trust 2021-RENT B<sup>†</sup> | 5.039%<br> (1 Mo. LIBOR + 1.10% |)<sup>#</sup> | 11/21/2035 | 15856709 | 15140753 |
| GS Mortgage Securities Corp. Trust 2021-ROSS A<sup>†</sup> | 5.026%<br> (1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 5/15/2026 | 5000000 | 4706954 |
| GS Mortgage Securities Corp. Trust 2021-ROSS H<sup>†</sup> | 9.776%<br> (1 Mo. LIBOR + 5.90% |)<sup>#</sup> | 5/15/2026 | 560000 | 468842 |
| GS Mortgage Securities Trust 2013-G1 A2<sup>†</sup> | 3.557% | <sup>#(h)</sup> | 4/10/2031 | 1360546 | 1350202 |
| GS Mortgage Securities Trust 2013-GC12 B | 3.777% | <sup>#(h)</sup> | 6/10/2046 | 3450000 | 3391670 |
| GS Mortgage Securities Trust 2013-GC12 XA IO | 1.472% | <sup>#(h)</sup> | 6/10/2046 | 15185676 | 15872 |
| GS Mortgage Securities Trust 2015-GS1 XA IO | 0.905% | <sup>#(h)</sup> | 11/10/2048 | 1020049 | 19086 |
| HMH Trust 2017-NSS A<sup>†</sup> | 3.062% |  | 7/5/2031 | 974000 | 940192 |
| HMH Trust 2017-NSS B<sup>†</sup> | 3.343% |  | 7/5/2031 | 629000 | 599576 |
| HMH Trust 2017-NSS C<sup>†</sup> | 3.787% |  | 7/5/2031 | 469000 | 442274 |
| HMH Trust 2017-NSS D<sup>†</sup> | 4.723% |  | 7/5/2031 | 618000 | 577851 |
| HONO Mortgage Trust 2021-LULU A<sup>†</sup> | 5.025%<br> (1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 10/15/2036 | 13950000 | 13328692 |
| Hudsons Bay Simon JV Trust 2015-HB7 B7<sup>†</sup> | 4.666% |  | 8/5/2034 | 1200000 | 1007204 |
| Hudsons Bay Simon JV Trust 2015-HB7 D7<sup>†</sup> | 5.331% | <sup>#(h)</sup> | 8/5/2034 | 559000 | 381066 |
| Hudsons Bay Simon JV Trust 2015-HBFL CFL<sup>†</sup> | 6.647%<br> (1 Mo. LIBOR + 2.80% |)<sup>#</sup> | 8/5/2034 | 1732023 | 1421747 |
| Irvine Core Office Trust 2013-IRV A2<sup>†</sup> | 3.279% | <sup>#(h)</sup> | 5/15/2048 | 1532000 | 1508249 |
| JP Morgan Chase Commercial Mortgage Securities Trust 2020-MKST E<sup>†</sup> | 6.125%<br> (1 Mo. LIBOR + 2.25% |)<sup>#</sup> | 12/15/2036 | 5800000 | 4813433 |
| JPMorgan Chase Commercial Mortgage Securities Corp. 2018-AON A<sup>†</sup> | 4.128% |  | 7/5/2031 | 9500000 | 8901813 |

---

 

250 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| JPMorgan Chase Commercial Mortgage Securities Corp. 2018-AON XA IO<sup>†</sup> | 0.639% | <sup>#(h)</sup> | 7/5/2031 | $129394000 | $273940 |
| JPMorgan Chase Commercial Mortgage Securities Corp. 2018-AON XB IO<sup>†</sup> | 0.308% | <sup>#(h)</sup> | 7/5/2031 | 50413000 | 38112 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2012-WLDN A<sup>†</sup> | 3.905% |  | 5/5/2030 | 4504703 | 3631532 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2013-C10 XA IO | 1.149% | <sup>#(h)</sup> | 12/15/2047 | 3522650 | 82 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2013-C12 XA IO | 0.497% | <sup>#(h)</sup> | 7/15/2045 | 3359333 | 2541 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2013-LC11 XA IO | 1.368% | <sup>#(h)</sup> | 4/15/2046 | 975338 | 962 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2014-C24 XA IO | 1.006% | <sup>#(h)</sup> | 11/15/2047 | 2362268 | 25706 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY A<sup>†</sup> | 3.429% |  | 6/10/2027 | 5000000 | 2325000 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY XA IO<sup>†</sup> | 0.503% | <sup>#(h)</sup> | 6/10/2027 | 2906000 | 2229 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY XB IO<sup>†</sup> | 0.16% | <sup>#(h)</sup> | 6/10/2027 | 1292000 | 269 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2015-C29 XA IO | 0.714% | <sup>#(h)</sup> | 5/15/2048 | 1417782 | 15834 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA IO | 0.722% | <sup>#(h)</sup> | 12/15/2049 | 3326534 | 58616 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2016-NINE A<sup>†</sup> | 2.949% | <sup>#(h)</sup> | 9/6/2038 | 4340000 | 3859325 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2017-JP7 XA IO | 1.135% | <sup>#(h)</sup> | 9/15/2050 | 7501818 | 245972 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC A<sup>†</sup> | 5.325%<br> (1 Mo. LIBOR + 1.45% |)<sup>#</sup> | 4/15/2031 | 658000 | 599674 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC B<sup>†</sup> | 6.025%<br> (1 Mo. LIBOR + 2.15% |)<sup>#</sup> | 4/15/2031 | 449000 | 410829 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC C<sup>†</sup> | 6.425%<br> (1 Mo. LIBOR + 2.55% |)<sup>#</sup> | 4/15/2031 | 332000 | 303041 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT XBFX<sup>†</sup> | 0.555% | <sup>#(h)</sup> | 7/5/2033 | 95152000 | 140037 |
| KIND Trust 2021-KIND A<sup>†</sup> | 4.825%<br> (1 Mo. LIBOR + .95% |)<sup>#</sup> | 8/15/2038 | 6066158 | 5734343 |

---

*See Notes to Financial Statements.* 251

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| KKR Industrial Portfolio Trust 2021-KDIP A<sup>†</sup> | 4.425%<br> (1 Mo. LIBOR + .55% |)<sup>#</sup> | 12/15/2037 | $198826 | $191107 |
| LSTAR Commercial Mortgage Trust 2016-4 XA IO<sup>†</sup> | 1.852% | <sup>#(h)</sup> | 3/10/2049 | 892378 | 19630 |
| LSTAR Commercial Mortgage Trust 2016-4 XB XB IO<sup>†</sup> | 0.803% | <sup>#(h)</sup> | 3/10/2049 | 19753000 | 338043 |
| LSTAR Commercial Mortgage Trust 2017-5 A3<sup>†</sup> | 4.50% |  | 3/10/2050 | 1606537 | 1606588 |
| LUXE Trust 2021-TRIP C<sup>†</sup> | 5.625%<br> (1 Mo. LIBOR + 1.75% |)<sup>#</sup> | 10/15/2038 | 1000000 | 921178 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A2<sup>†</sup> | 3.277% |  | 10/15/2030 | 2042455 | 1664090 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 B | 3.71% | <sup>#(h)</sup> | 12/15/2048 | 1000000 | 991474 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 XA IO | 0.692% | <sup>#(h)</sup> | 7/15/2050 | 5412036 | 59391 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 XA IO | 1.417% | <sup>#(h)</sup> | 11/15/2049 | 4075978 | 151044 |
| Morgan Stanley Capital I Trust 2014-150E A<sup>†</sup> | 3.912% |  | 9/9/2032 | 11430000 | 10102529 |
| Morgan Stanley Capital I Trust 2016-UB11 XA IO | 1.578% | <sup>#(h)</sup> | 8/15/2049 | 3527153 | 147825 |
| MSCG Trust 2015-ALDR A1<sup>†</sup> | 2.612% |  | 6/7/2035 | 191769 | 180847 |
| New Residential Mortgage Loan Trust 2020-NQM1 A1<sup>†</sup> | 2.464% | <sup>#(h)</sup> | 1/26/2060 | 127524 | 114984 |
| NYO Commercial Mortgage Trust 2021-1290 A<sup>†</sup> | 4.971%<br> (1 Mo. LIBOR + 1.10% |)<sup>#</sup> | 11/15/2038 | 10340000 | 9595664 |
| One New York Plaza Trust 2020-1NYP A<sup>†</sup> | 4.825%<br> (1 Mo. LIBOR + .95% |)<sup>#</sup> | 1/15/2036 | 5000000 | 4719430 |
| One New York Plaza Trust 2020-1NYP AJ<sup>†</sup> | 5.125%<br> (1 Mo. LIBOR + 1.25% |)<sup>#</sup> | 1/15/2036 | 3250000 | 3052809 |
| PFP Ltd. 2021-7 A<sup>†</sup> | 4.725%<br> (1 Mo. LIBOR + .85% |)<sup>#</sup> | 4/14/2038 | 1192194 | 1163961 |
| Ready Capital Mortgage Financing LLC 2021-FL6 A<sup>†</sup> | 4.994%<br> (1 Mo. LIBOR + .95% |)<sup>#</sup> | 7/25/2036 | 5636424 | 5484243 |
| Ready Capital Mortgage Financing LLC 2022-FL8 A<sup>†</sup> | 5.197%<br> (1 Mo. SOFR + 1.65% |)<sup>#</sup> | 1/25/2037 | 10000000 | 9684768 |
| Residential Mortgage Loan Trust 2020-1 A1<sup>†</sup> | 2.376% | <sup>#(h)</sup> | 1/26/2060 | 69696 | 65172 |
| SFO Commercial Mortgage Trust 2021-555 A<sup>†</sup> | 5.025%<br> (1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 5/15/2038 | 1750000 | 1615308 |
| SLIDE 2018-FUN XCP<sup>†</sup> | 0.976% | <sup>#(h)</sup> | 12/15/2020 | 32786264 | 328 |
| Starwood Mortgage Residential Trust 2020-1 A1 IO<sup>†</sup> | 2.275% | <sup>#(h)</sup> | 2/25/2050 | 24445 | 23487 |
| Starwood Mortgage Residential Trust 2021-2 A1 IO<sup>†</sup> | 0.943% | <sup>#(h)</sup> | 5/25/2065 | 1436418 | 1330003 |

---

 

252 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Structured Asset Securities Corp. 2006-3H 1A3 | 5.75% |  | 12/25/2035 | $27468 | $25997 |
| UBS-Barclays Commercial Mortgage Trust 2013-C5 B<sup>†</sup> | 3.649% | <sup>#(h)</sup> | 3/10/2046 | 635141 | 627910 |
| UBS-Barclays Commercial Mortgage Trust 2013-C5 XA IO<sup>†</sup> | 1.05% | <sup>#(h)</sup> | 3/10/2046 | 1921846 | 39 |
| UBS-Barclays Commercial Mortgage Trust 2013-C6 XA IO<sup>†</sup> | 1.197% | <sup>#(h)</sup> | 4/10/2046 | 12278076 | 2885 |
| VASA Trust 2021-VASA B<sup>†</sup> | 5.125%<br> (1 Mo. LIBOR + 1.25% |)<sup>#</sup> | 7/15/2039 | 6000000 | 5547377 |
| Verus Securitization Trust 2020-1 A1<sup>†</sup> | 2.417% |  | 1/25/2060 | 96918 | 91456 |
| Verus Securitization Trust 2020-4 A1<sup>†</sup> | 1.502% |  | 5/25/2065 | 162293 | 145626 |
| Verus Securitization Trust 2020-5 A1<sup>†</sup> | 1.218% |  | 5/25/2065 | 153018 | 139688 |
| Verus Securitization Trust 2021-1 A1<sup>†</sup> | 0.815% | <sup>#(h)</sup> | 1/25/2066 | 326199 | 265907 |
| Verus Securitization Trust 2021-5 A1<sup>†</sup> | 1.013% | <sup>#(h)</sup> | 9/25/2066 | 3045786 | 2444975 |
| Verus Securitization Trust 2021-R2 A1<sup>†</sup> | 0.918% | <sup>#(h)</sup> | 2/25/2064 | 551379 | 502197 |
| Verus Securitization Trust 2021-R3 A1<sup>†</sup> | 1.02% | <sup>#(h)</sup> | 4/25/2064 | 815964 | 707528 |
| Waikiki Beach Hotel Trust 2019-WBM D<sup>†</sup> | 5.903%<br> (1 Mo. LIBOR + 2.03% |)<sup>#</sup> | 12/15/2033 | 1100000 | 1032641 |
| Wells Fargo Commercial Mortgage Trust 2015-C29 XA IO | 0.736% | <sup>#(h)</sup> | 6/15/2048 | 3180661 | 39907 |
| Wells Fargo Commercial Mortgage Trust 2015-C29 XB IO | 0.098% | <sup>#(h)</sup> | 6/15/2048 | 58000000 | 69240 |
| Wells Fargo Commercial Mortgage Trust 2016-BNK1 XA IO | 1.858% | <sup>#(h)</sup> | 8/15/2049 | 1623519 | 78141 |
| Wells Fargo Commercial Mortgage Trust 2016-LC24 XB IO | 1.125% | <sup>#(h)</sup> | 10/15/2049 | 7056835 | 223887 |
| WF-RBS Commercial Mortgage Trust 2013-C11 AS | 3.311% |  | 3/15/2045 | 1006631 | 1004068 |
| WF-RBS Commercial Mortgage Trust 2013-C13 XA IO<sup>†</sup> | 1.304% | <sup>#(h)</sup> | 5/15/2045 | 8115952 | 5538 |
| WF-RBS Commercial Mortgage Trust 2014-C21 XB IO | 0.80% | <sup>#(h)</sup> | 8/15/2047 | 15000000 | 161395 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $400,312,523) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $400,312,523) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $400,312,523) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $400,312,523) |  | 366668697 |
| *Total Long-Term Investments* (cost $2,463,126,048) |  |  |  |  | 2325895173 |
| **SHORT-TERM INVESTMENTS 5.53%** |  |  |  |  |  |
| **U.S. TREASURY OBLIGATIONS 4.64%** |  |  |  |  |  |
| U.S. Treasury Bill | Zero Coupon |  | 1/24/2023 | 61869000 | 61496394 |
| U.S. Treasury Bill | 0.01% |  | 3/14/2023 | 62403000 | 61643750 |
| *Total U.S. Treasury Obligations* (cost $123,133,091) |  |  |  |  | 123140144 |

---

 

*See Notes to Financial Statements.* 253

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **REPURCHASE AGREEMENTS 0.89%** |  |  |
| Repurchase Agreement dated 11/30/2022, 3.740% due 12/1/2022 with Barclays Bank plc collateralized by $16,049,000 of U.S. Treasury Note at 2.875% due 5/15/2052; value: $13,259,684; proceeds: $13,001,041 (cost $12,999,690) | $12999690 | $12999690 |
| Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $8,842,900 of U.S. Treasury Inflation Indexed Note at 0.125% due 7/15/2024; value: $10,689,218; proceeds: $10,480,102 (cost $10,479,593) | 10479593 | 10479593 |
| *Total* |  | 23479283 |
| *Total Short-Term Investments* (cost $146,612,374) |  | 146619427 |
| *Total Investments in Securities* 93.27% (cost $2,609,738,422) |  | 2472514600 |
| *Other Assets and Liabilities – Net<sup>(i)</sup> 6.73%* |  | 178466893 |
| *Net Assets 100.00%* |  | $2650981493 |

---

 

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| ICE | Intercontinental Exchange. |
| IO | Interest Only. |
| LIBOR | London Interbank Offered Rate. |
| PIK | Payment-in-kind. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2022, the total value of Rule 144A securities was $1,452,671,169, which represents 54.80% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2022. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(c)</sup> | Security has been fully or partially segregated for open reverse repurchase agreements as of November 30, 2022 (See Note 2(n)). |
| <sup>(d)</sup> | Securities purchased on a when-issued basis (See Note 2(j)). |
| <sup>(e)</sup> | Defaulted (non-income producing security). |
| <sup>(f)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate ("LIBOR") or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2022. |
| <sup>(g)</sup> | Level 3 Investment as described in Note 2(t) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation. |
| <sup>(h)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(i)</sup> | Other Assets and Liabilities - Net include net unrealized appreciation/depreciation on futures contracts and swaps as follows: |

---

 

254 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

**Centrally Cleared Interest Rate Swap Contracts at November 30, 2022:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be<br> Received<br> By The Fund<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation** |
| Bank of America<sup>(1)</sup> | 0.173% | 3-Month USD SOFR Index | 10/21/2025 | $165637 | $16979 |
| **Central<br> Clearingparty** | **Periodic<br>Payments<br>to be Made<br>By The Fund<br>(Quarterly)** | **Periodic<br> Payments<br> to be<br> Received<br> By The Fund<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Depreciation** |
| Bank of America<sup>(1)</sup> | 3-Month USD FedFunds Index | 0.184% | 10/21/2025 | $165637 | $(17034) |

---

SOFR Secured Overnight Financing Rate. <br> <sup>(1)</sup> Central clearinghouse: Chicago Mercantile Exchange (CME).

*See Notes to Financial Statements.* 255

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

**Centrally Cleared Consumer Price Index ("CPI") Swaps at November 30, 2022:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation** |
| Bank of America | 0.760% | CPI Urban Consumer NSA | 3/31/2025 | $15000000 | $2464471 |
| Bank of America | 0.903% | CPI Urban Consumer NSA | 4/7/2025 | 15000000 | 2368875 |
| Bank of America | 1.756% | CPI Urban Consumer NSA | 11/15/2024 | 10000000 | 1190324 |
| Bank of America | 1.888% | CPI Urban Consumer NSA | 10/2/2029 | 5000000 | 758031 |
| Bank of America | 1.935% | CPI Urban Consumer NSA | 9/1/2029 | 5000000 | 760346 |
| Bank of America | 1.953% | CPI Urban Consumer NSA | 10/15/2029 | 7000000 | 1018098 |
| Bank of America | 1.964% | CPI Urban Consumer NSA | 11/27/2029 | 5000000 | 717719 |
| Bank of America | 1.976% | CPI Urban Consumer NSA | 12/2/2028 | 10000000 | 1373968 |
| Bank of America | 1.980% | CPI Urban Consumer NSA | 10/14/2029 | 5000000 | 716251 |
| Bank of America | 2.085% | CPI Urban Consumer NSA | 12/10/2028 | 10000000 | 1291970 |
| Bank of America | 2.107% | CPI Urban Consumer NSA | 2/21/2031 | 5000000 | 657956 |
| Bank of America | 2.112% | CPI Urban Consumer NSA | 12/8/2029 | 5000000 | 654529 |
| Bank of America | 2.113% | CPI Urban Consumer NSA | 12/29/2027 | 5000000 | 613081 |
| Bank of America | 2.119% | CPI Urban Consumer NSA | 2/11/2031 | 15000000 | 1937177 |
| Bank of America | 2.229% | CPI Urban Consumer NSA | 1/6/2033 | 5000000 | 641885 |
| Bank of America | 2.269% | CPI Urban Consumer NSA | 10/30/2030 | 10000000 | 1092676 |
| Bank of America | 2.285% | CPI Urban Consumer NSA | 5/31/2028 | 10000000 | 1018165 |
| Bank of America | 2.295% | CPI Urban Consumer NSA | 1/15/2046 | 5000000 | 630313 |
| Bank of America | 2.302% | CPI Urban Consumer NSA | 1/11/2033 | 5000000 | 601670 |
| Bank of America | 2.309% | CPI Urban Consumer NSA | 1/19/2033 | 5000000 | 597165 |
| Bank of America | 2.310% | CPI Urban Consumer NSA | 6/1/2028 | 10000000 | 997319 |
| Bank of America | 2.335% | CPI Urban Consumer NSA | 11/17/2036 | 8000000 | 905242 |
| Bank of America | 2.335% | CPI Urban Consumer NSA | 11/21/2036 | 10000000 | 1130245 |
| Bank of America | 2.341% | CPI Urban Consumer NSA | 8/27/2028 | 10000000 | 944947 |
| Bank of America | 2.343% | CPI Urban Consumer NSA | 9/11/2028 | 10000000 | 946415 |

---

256 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap**<br> **Counterparty** | **Payments to be**<br> **Made By**<br> **The Fund at**<br> **Termination Date** | **Payments to be**<br> **Received By**<br> **The Fund at**<br> **Termination Date** | **Termination**<br> **Date** | **Notional**<br> **Amount** | **Value/**<br> **Unrealized**<br> **Appreciation** |
| Bank of America | 2.344% | CPI Urban Consumer NSA | 3/15/2029 | $5000000 | $486961 |
| Bank of America | 2.345% | CPI Urban Consumer NSA | 8/14/2028 | 10000000 | 938506 |
| Bank of America | 2.353% | CPI Urban Consumer NSA | 6/6/2028 | 10000000 | 953042 |
| Bank of America | 2.358% | CPI Urban Consumer NSA | 7/25/2028 | 10000000 | 928074 |
| Bank of America | 2.363% | CPI Urban Consumer NSA | 1/23/2033 | 5000000 | 515944 |
| Bank of America | 2.363% | CPI Urban Consumer NSA | 1/25/2033 | 5000000 | 516113 |
| Bank of America | 2.365% | CPI Urban Consumer NSA | 1/30/2038 | 10000000 | 1054847 |
| Bank of America | 2.365% | CPI Urban Consumer NSA | 9/29/2052 | 31000000 | 1213626 |
| Bank of America | 2.370% | CPI Urban Consumer NSA | 4/18/2030 | 25000000 | 2380684 |
| Bank of America | 2.370% | CPI Urban Consumer NSA | 2/28/2038 | 5000000 | 523235 |
| Bank of America | 2.375% | CPI Urban Consumer NSA | 8/9/2028 | 10000000 | 907959 |
| Bank of America | 2.379% | CPI Urban Consumer NSA | 9/21/2028 | 15000000 | 1370227 |
| Bank of America | 2.380% | CPI Urban Consumer NSA | 7/6/2028 | 10000000 | 916371 |
| Bank of America | 2.380% | CPI Urban Consumer NSA | 7/17/2028 | 15000000 | 1365293 |
| Bank of America | 2.384% | CPI Urban Consumer NSA | 10/1/2028 | 10000000 | 912720 |
| Bank of America | 2.390% | CPI Urban Consumer NSA | 8/3/2028 | 10000000 | 891426 |
| Bank of America | 2.393% | CPI Urban Consumer NSA | 5/11/2028 | 10000000 | 897099 |
| Bank of America | 2.396% | CPI Urban Consumer NSA | 10/9/2028 | 10000000 | 903594 |
| Bank of America | 2.400% | CPI Urban Consumer NSA | 4/26/2030 | 10000000 | 913641 |
| Bank of America | 2.408% | CPI Urban Consumer NSA | 5/21/2028 | 5000000 | 445544 |
| Bank of America | 2.410% | CPI Urban Consumer NSA | 3/15/2031 | 5000000 | 523364 |
| Bank of America | 2.410% | CPI Urban Consumer NSA | 4/12/2036 | 5000000 | 529485 |
| Bank of America | 2.420% | CPI Urban Consumer NSA | 4/23/2041 | 10000000 | 990420 |
| Bank of America | 2.425% | CPI Urban Consumer NSA | 3/16/2031 | 20000000 | 2063545 |
| Bank of America | 2.429% | CPI Urban Consumer NSA | 7/27/2036 | 20000000 | 1794950 |
| Bank of America | 2.434% | CPI Urban Consumer NSA | 3/23/2031 | 10000000 | 1021322 |

---

 

*See Notes to Financial Statements.* 257

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation** |
| Bank of America | 2.437% | CPI Urban Consumer NSA | 9/7/2037 | $10000000 | $793588 |
| Bank of America | 2.438% | CPI Urban Consumer NSA | 2/10/2042 | 30000000 | 1663930 |
| Bank of America | 2.439% | CPI Urban Consumer NSA | 4/13/2033 | 10000000 | 1021050 |
| Bank of America | 2.439% | CPI Urban Consumer NSA | 8/17/2041 | 10000000 | 783457 |
| Bank of America | 2.443% | CPI Urban Consumer NSA | 4/14/2033 | 10000000 | 1016545 |
| Bank of America | 2.443% | CPI Urban Consumer NSA | 3/26/2036 | 10000000 | 1020281 |
| Bank of America | 2.446% | CPI Urban Consumer NSA | 4/6/2041 | 5000000 | 478465 |
| Bank of America | 2.453% | CPI Urban Consumer NSA | 4/19/2036 | 10000000 | 997315 |
| Bank of America | 2.457% | CPI Urban Consumer NSA | 4/9/2031 | 10000000 | 992733 |
| Bank of America | 2.459% | CPI Urban Consumer NSA | 3/29/2033 | 10000000 | 1005415 |
| Bank of America | 2.463% | CPI Urban Consumer NSA | 4/16/2031 | 10000000 | 983499 |
| Bank of America | 2.463% | CPI Urban Consumer NSA | 8/27/2033 | 20000000 | 1567496 |
| Bank of America | 2.468% | CPI Urban Consumer NSA | 4/28/2031 | 10000000 | 972685 |
| Bank of America | 2.468% | CPI Urban Consumer NSA | 4/7/2033 | 10000000 | 992518 |
| Bank of America | 2.470% | CPI Urban Consumer NSA | 4/7/2033 | 10000000 | 990290 |
| Bank of America | 2.474% | CPI Urban Consumer NSA | 3/22/2031 | 10000000 | 984612 |
| Bank of America | 2.475% | CPI Urban Consumer NSA | 3/19/2031 | 10000000 | 983197 |
| Bank of America | 2.476% | CPI Urban Consumer NSA | 4/27/2031 | 15000000 | 1449643 |
| Bank of America | 2.477% | CPI Urban Consumer NSA | 6/11/2036 | 10000000 | 912265 |
| Bank of America | 2.480% | CPI Urban Consumer NSA | 4/1/2033 | 5000000 | 491426 |
| Bank of America | 2.481% | CPI Urban Consumer NSA | 7/29/2033 | 15000000 | 1248369 |
| Bank of America | 2.481% | CPI Urban Consumer NSA | 8/12/2036 | 15000000 | 1186999 |
| Bank of America | 2.483% | CPI Urban Consumer NSA | 4/26/2031 | 10000000 | 961106 |
| Bank of America | 2.484% | CPI Urban Consumer NSA | 6/25/2030 | 20000000 | 1767643 |
| Bank of America | 2.489% | CPI Urban Consumer NSA | 9/9/2034 | 20000000 | 1458474 |
| Bank of America | 2.493% | CPI Urban Consumer NSA | 6/28/2030 | 25000000 | 2178830 |

---

 

258 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation** |
| Bank of America | 2.496% | CPI Urban Consumer NSA | 3/31/2031 | $15000000 | $1437696 |
| Bank of America | 2.496% | CPI Urban Consumer NSA | 3/30/2033 | 10000000 | 963958 |
| Bank of America | 2.498% | CPI Urban Consumer NSA | 9/1/2036 | 20000000 | 1440442 |
| Bank of America | 2.500% | CPI Urban Consumer NSA | 10/4/2025 | 50000000 | 251091 |
| Bank of America | 2.502% | CPI Urban Consumer NSA | 9/29/2034 | 20000000 | 1379989 |
| Bank of America | 2.507% | CPI Urban Consumer NSA | 5/10/2041 | 10000000 | 827607 |
| Bank of America | 2.510% | CPI Urban Consumer NSA | 6/30/2030 | 20000000 | 1704426 |
| Bank of America | 2.520% | CPI Urban Consumer NSA | 4/29/2031 | 15000000 | 1384638 |
| Bank of America | 2.521% | CPI Urban Consumer NSA | 5/21/2046 | 13000000 | 944603 |
| Bank of America | 2.522% | CPI Urban Consumer NSA | 5/28/2036 | 15000000 | 1307401 |
| Bank of America | 2.540% | CPI Urban Consumer NSA | 9/15/2034 | 20000000 | 1323666 |
| Bank of America | 2.545% | CPI Urban Consumer NSA | 9/14/2034 | 15000000 | 986599 |
| Bank of America | 2.554% | CPI Urban Consumer NSA | 6/8/2031 | 15000000 | 1276964 |
| Bank of America | 2.559% | CPI Urban Consumer NSA | 6/1/2030 | 20000000 | 1723263 |
| Bank of America | 2.560% | CPI Urban Consumer NSA | 4/30/2031 | 15000000 | 1327276 |
| Bank of America | 2.564% | CPI Urban Consumer NSA | 6/15/2029 | 30000000 | 2501935 |
| Bank of America | 2.564% | CPI Urban Consumer NSA | 6/7/2033 | 20000000 | 1666493 |
| Bank of America | 2.565% | CPI Urban Consumer NSA | 5/6/2031 | 10000000 | 875634 |
| Bank of America | 2.566% | CPI Urban Consumer NSA | 5/28/2031 | 15000000 | 1283906 |
| Bank of America | 2.585% | CPI Urban Consumer NSA | 5/12/2036 | 15000000 | 1199995 |
| Bank of America | 2.593% | CPI Urban Consumer NSA | 5/17/2036 | 10000000 | 786989 |
| Bank of America | 2.623% | CPI Urban Consumer NSA | 5/11/2031 | 10000000 | 817711 |
| Bank of America | 2.638% | CPI Urban Consumer NSA | 11/15/2051 | 35000000 | 664901<sup>(1)</sup> |
| Bank of America | 2.700% | CPI Urban Consumer NSA | 10/15/2024 | 70000000 | 51398 |
| Bank of America | 3.150% | CPI Urban Consumer NSA | 3/2/2027 | 80000000 | 1189467 |
| *Total Unrealized Appreciation on Centrally Cleared CPI Swaps* | *Total Unrealized Appreciation on Centrally Cleared CPI Swaps* |  |  |  | $110206709 |

---

 

*See Notes to Financial Statements.* 259

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Depreciation** |
| Bank of America | 2.578% | CPI Urban Consumer NSA | 10/28/2052 | $10000000 | $(128073) |
| Bank of America | 2.665% | CPI Urban Consumer NSA | 3/9/2052 | 17000000 | (66031) |
| Bank of America | 2.665% | CPI Urban Consumer NSA | 3/9/2052 | 27000000 | (910359)<sup>(2)</sup> |
| Bank of America | 2.754% | CPI Urban Consumer NSA | 4/14/2052 | 20000000 | (667440) |
| Bank of America | 2.788% | CPI Urban Consumer NSA | 6/8/2026 | 5000000 | (231166) |
| Bank of America | 2.850% | CPI Urban Consumer NSA | 10/28/2027 | 30000000 | (186371) |
| *Total Unrealized Depreciation on Centrally Cleared CPI Swaps* | *Total Unrealized Depreciation on Centrally Cleared CPI Swaps* | *Total Unrealized Depreciation on Centrally Cleared CPI Swaps* |  |  | $(2189440) |

---

 

<sup>(1)</sup> Upfront payments paid (received) by Central Clearing Party are presented net of amortization. Includes upfront payment of $53,126.

<sup>(2)</sup> Upfront payments paid (received) by Central Clearing Party are presented net of amortization. Includes upfront payment of $805,486.

**Consumer Price Index ("CPI") OTC Swaps at November 30, 2022:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation** |
| Bank of America | 1.676% | CPI Urban Consumer NSA | 8/4/2026 | $15000000 | $2412429 |
| Bank of America | 1.747% | CPI Urban Consumer NSA | 8/22/2026 | 20000000 | 3051675 |
| Bank of America | 2.080% | CPI Urban Consumer NSA | 4/22/2025 | 10000000 | 1066193 |
| Bank of America | 2.100% | CPI Urban Consumer NSA | 4/26/2025 | 10000000 | 1053112 |
| Bank of America | 2.144% | CPI Urban Consumer NSA | 7/24/2029 | 10000000 | 1274135 |
| Bank of America | 2.148% | CPI Urban Consumer NSA | 7/31/2029 | 10000000 | 1272250 |
| Bank of America | 2.213% | CPI Urban Consumer NSA | 10/25/2032 | 5000000 | 651170 |
| Bank of America | 2.275% | CPI Urban Consumer NSA | 1/6/2026 | 20000000 | 1909100 |
| Bank of America | 2.298% | CPI Urban Consumer NSA | 4/5/2029 | 5000000 | 509745 |
| Bank of America | 2.301% | CPI Urban Consumer NSA | 3/28/2029 | 5000000 | 508540 |
| Bank of America | 2.345% | CPI Urban Consumer NSA | 2/13/2029 | 30000000 | 2961537 |
| Bank of America | 2.348% | CPI Urban Consumer NSA | 3/10/2032 | 5000000 | 516652 |
| Bank of America | 2.360% | CPI Urban Consumer NSA | 2/8/2029 | 10000000 | 969917 |
| Bank of America | 2.360% | CPI Urban Consumer NSA | 2/15/2029 | 10000000 | 967747 |

---

260 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation** |
| Bank of America | 2.363% | CPI Urban Consumer NSA | 2/1/2038 | $5000000 | $530536 |
| Bank of America | 2.370% | CPI Urban Consumer NSA | 1/26/2029 | 5000000 | 478705 |
| Bank of America | 2.370% | CPI Urban Consumer NSA | 2/27/2029 | 10000000 | 951480 |
| Bank of America | 2.376% | CPI Urban Consumer NSA | 2/26/2038 | 5000000 | 517340 |
| Bank of America | 2.380% | CPI Urban Consumer NSA | 1/13/2029 | 10000000 | 938059 |
| Bank of America | 2.380% | CPI Urban Consumer NSA | 1/18/2029 | 10000000 | 942490 |
| Bank of America | 2.398% | CPI Urban Consumer NSA | 1/24/2029 | 10000000 | 922166 |
| Bank of America | 2.398% | CPI Urban Consumer NSA | 2/12/2033 | 5000000 | 489134 |
| Bank of America | 2.445% | CPI Urban Consumer NSA | 4/24/2023 | 40000000 | 1348211 |
| Bank of America | 2.590% | CPI Urban Consumer NSA | 6/26/2023 | 40000000 | 563694 |
| Barclays Bank plc | 1.874% | CPI Urban Consumer NSA | 4/11/2026 | 10000000 | 1418048 |
| Barclays Bank plc | 1.944% | CPI Urban Consumer NSA | 3/22/2041 | 5000000 | 1001424 |
| Barclays Bank plc | 1.960% | CPI Urban Consumer NSA | 2/5/2025 | 10000000 | 1040962 |
| Barclays Bank plc | 2.128% | CPI Urban Consumer NSA | 6/22/2025 | 10000000 | 1008653 |
| Barclays Bank plc | 2.158% | CPI Urban Consumer NSA | 12/2/2024 | 10000000 | 1030552 |
| Barclays Bank plc | 2.159% | CPI Urban Consumer NSA | 11/25/2024 | 15000000 | 1548977 |
| Barclays Bank plc | 2.205% | CPI Urban Consumer NSA | 12/9/2024 | 15000000 | 1480950 |
| Barclays Bank plc | 2.207% | CPI Urban Consumer NSA | 1/11/2025 | 20000000 | 1952746 |
| Barclays Bank plc | 2.223% | CPI Urban Consumer NSA | 12/30/2023 | 30000000 | 2773782 |
| Barclays Bank plc | 2.228% | CPI Urban Consumer NSA | 12/5/2024 | 15000000 | 1454465 |
| Barclays Bank plc | 2.354% | CPI Urban Consumer NSA | 12/23/2031 | 10000000 | 1031679 |
| Barclays Bank plc | 2.393% | CPI Urban Consumer NSA | 12/13/2031 | 5000000 | 487429 |
| Barclays Bank plc | 2.410% | CPI Urban Consumer NSA | 2/1/2032 | 10000000 | 949585 |
| Deutsche Bank AG | 2.059% | CPI Urban Consumer NSA | 5/21/2025 | 20000000 | 2159390 |
| Deutsche Bank AG | 2.465% | CPI Urban Consumer NSA | 11/30/2031 | 5000000 | 112447 |
| Deutsche Bank AG | 2.505% | CPI Urban Consumer NSA | 12/7/2031 | 5000000 | 66787 |

---

 

*See Notes to Financial Statements.* 261

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation** |
| Deutsche Bank AG | 2.518% | CPI Urban Consumer NSA | 4/17/2026 | $15000000 | $443981 |
| Goldman Sachs | 1.568% | CPI Urban Consumer NSA | 3/2/2024 | 8000000 | 1196097 |
| Goldman Sachs | 1.649% | CPI Urban Consumer NSA | 3/4/2024 | 5000000 | 713027 |
| Goldman Sachs | 2.230% | CPI Urban Consumer NSA | 12/14/2024 | 10000000 | 962848 |
| Goldman Sachs | 2.317% | CPI Urban Consumer NSA | 3/16/2029 | 5000000 | 503454 |
| Goldman Sachs | 2.350% | CPI Urban Consumer NSA | 12/16/2036 | 10000000 | 1090841 |
| Goldman Sachs | 2.363% | CPI Urban Consumer NSA | 6/21/2027 | 20000000 | 1820162 |
| Goldman Sachs | 2.370% | CPI Urban Consumer NSA | 5/16/2028 | 10000000 | 924366 |
| Goldman Sachs | 2.372% | CPI Urban Consumer NSA | 5/3/2030 | 5000000 | 474543 |
| Goldman Sachs | 2.378% | CPI Urban Consumer NSA | 4/17/2030 | 5000000 | 471980 |
| Goldman Sachs | 2.380% | CPI Urban Consumer NSA | 12/8/2031 | 10000000 | 997386 |
| Goldman Sachs | 2.390% | CPI Urban Consumer NSA | 2/7/2032 | 5000000 | 488486 |
| Goldman Sachs | 2.448% | CPI Urban Consumer NSA | 4/24/2023 | 30000000 | 1003117 |
| J.P. Morgan | 1.950% | CPI Urban Consumer NSA | 10/14/2026 | 10000000 | 1347236 |
| J.P. Morgan | 2.074% | CPI Urban Consumer NSA | 11/21/2023 | 35000000 | 2652633 |
| *Unrealized Appreciation on CPI OTC Swaps* |  |  |  |  | $61414050 |

---

**Consumer Price Index ("CPI") OTC Swaps at November 30, 2022:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Depreciation** |
| Bank of America | 2.825% | CPI Urban Consumer NSA | 7/22/2023 | $5000000 | $(272224) |
| Bank of America | CPI Urban Consumer NSA | 1.645% | 10/1/2025 | 15000000 | (2230057) |
| Bank of America | CPI Urban Consumer NSA | 1.813% | 3/31/2026 | 5000000 | (732332) |
| Bank of America | CPI Urban Consumer NSA | 2.054% | 12/5/2022 | 10000000 | (962029) |
| Barclays Bank plc | 2.945% | CPI Urban Consumer NSA | 3/5/2038 | 15000000 | (1481544) |
| Barclays Bank plc | CPI Urban Consumer NSA | 2.150% | 2/10/2023 | 30000000 | (2924057) |
| Credit Suisse | 2.864% | CPI Urban Consumer NSA | 3/22/2032 | 8000000 | (550114) |
| Deutsche Bank AG | 2.750% | CPI Urban Consumer NSA | 3/30/2032 | 6000000 | (245016) |

---

262 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Depreciation** |
| Deutsche Bank AG | 3.010% | CPI Urban Consumer NSA | 2/15/2033 | $15000000 | $(1416972) |
| Deutsche Bank AG | CPI Urban Consumer NSA | 1.618% | 8/25/2023 | 15000000 | (1982348) |
| Deutsche Bank AG | CPI Urban Consumer NSA | 1.650% | 1/20/2026 | 10000000 | (1568454) |
| Deutsche Bank AG | CPI Urban Consumer NSA | 1.667% | 4/20/2023 | 20000000 | (2763985) |
| Deutsche Bank AG | CPI Urban Consumer NSA | 1.673% | 4/20/2023 | 20000000 | (2755630) |
| Deutsche Bank AG | CPI Urban Consumer NSA | 2.105% | 7/10/2025 | 10000000 | (1028464) |
| Goldman Sachs | 2.773% | CPI Urban Consumer NSA | 4/3/2023 | 20000000 | (338799) |
| Goldman Sachs | 2.945% | CPI Urban Consumer NSA | 1/16/2038 | 15000000 | (1576783) |
| Goldman Sachs | 2.980% | CPI Urban Consumer NSA | 2/7/2033 | 10000000 | (878476) |
| Goldman Sachs | CPI Urban Consumer NSA | 1.988% | 5/25/2023 | 10000000 | (1058632) |
| Goldman Sachs | CPI Urban Consumer NSA | 2.063% | 12/8/2024 | 15000000 | (1258109) |
| J.P. Morgan | 2.815% | CPI Urban Consumer NSA | 4/5/2032 | 5000000 | (283545) |
| J.P. Morgan | 2.955% | CPI Urban Consumer NSA | 7/6/2026 | 5000000 | (409492) |
| J.P. Morgan | CPI Urban Consumer NSA | 1.645% | 8/27/2023 | 5000000 | (649988) |
| *Unrealized Depreciation on CPI OTC Swaps* | *Unrealized Depreciation on CPI OTC Swaps* | *Unrealized Depreciation on CPI OTC Swaps* |  |  | $(27367050) |

---

**Futures Contracts at November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 2-Year Treasury Note | March 2023 | 6189 | Long | $1267736671 | $1270969178 | $3232507 |
| U.S. 5-Year Treasury Note | March 2023 | 823 | Long | 88847301 | 89353368 | 506067 |
| U.S. Ultra Treasury Bond | March 2023 | 890 | Long | 120795722 | 121290312 | 494590 |
| US 10-Year Ultra Treasury Note | March 2023 | 140 | Long | 16627422 | 16751875 | 124453 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  |  |  | $4357617 |

---

*See Notes to Financial Statements.* 263

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2022*

**Reverse Repurchase Agreement Payable as of November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Principal** | **Collateral<br> Held by<br> Counterparty** | **Interest<br>Rate**<sup>(1)</sup> | **Trade<br> Date** | **Maturity<br>Date**<sup>(2)</sup> | **Fair <br> Value**<sup>(3)</sup> |
| Barclays Bank plc | $45500 | $52,001 principal, American Airlines Group, Inc. at 3.75% due 3/1/2025, $45,588 Fair value | (10.00%) | 07/22/2022 | On Demand | $43870 |

---

<sup>(1)</sup> The negative interest rate on the reverse repurchase agreement results in interest income to the Fund.

<sup>(2)</sup> This reverse repurchase agreement has no stated maturity and may be terminated by either party at any time.

<sup>(3)</sup> Total fair value of reverse repurchase agreement is presented net of interest receivable of $1,630.

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $685702623 | $– | $685702623 |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks |  |  | 1169 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 3057 |  |  | 3057 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 1181377398 |  | 1181377398 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Services |  |  | 1713223 | 1713223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts |  | 2206272 | 4433198 | 6639470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 78279752 |  | 78279752 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 1499832 |  | 1499832 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 333884 | 2085 | 335969 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 1564714 |  | 1564714 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 2109269 |  | 2109269 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 366668697 |  | 366668697 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 123140144 |  | 123140144 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 23479283 | – | 23479283 |
| Total | $3057 | $2466361868 | $6149675 | $2472514600 |

---

264 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

INFLATION FOCUSED FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Other Financial Instruments** | | | | |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $16979 | $– | $16979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (17034) |  | (17034) |
| &nbsp;&nbsp;&nbsp;Centrally Cleared CPI Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 110206709 |  | 110206709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (2189440) |  | (2189440) |
| &nbsp;&nbsp;&nbsp;OTC CPI Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 61414050 |  | 61414050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (27367050) |  | (27367050) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 4357617 |  |  | 4357617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | (43870) | – | (43870) |
| Total | $4357617 | $142020344 | $– | $146377961 |

---

 

<sup>(1)</sup> Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Asset-<br> Backed<br> Securities** | **Common<br> Stocks** | **Floating<br> Rate Loans** | **Government<br> Sponsored<br> Enterprises<br> Collateralized<br> Mortgage<br> Obligations** | **Government<br> Sponsored<br> Enterprises<br> Pass-<br> Throughs** | **Non-Agency<br> Commercial<br> Mortgage-<br> Backed<br> Securities** |
| **Balance as of December 1, 2021** | $13531087 | $– | $16353205 | $– | $81892 | $40155648 |
| Accrued Discounts (Premiums) |  |  | 3462 | (63631) |  | (2260) |
| Realized Gain (Loss) |  | 6017 | 4090 |  |  | (885215) |
| Change in Unrealized Appreciation (Depreciation) | (33) | 1169 | 94776 | 48473 |  | 223107 |
| Purchases |  | 14925 | 4455896 |  |  |  |
| Sales | (67763) | (20942) | (14765008) |  |  | (39491280) |
| Transfers into Level 3<sup>(a)</sup> |  |  |  | 17243 |  |  |
| Transfers out of Level 3<sup>(a)</sup> | (13463291) | – | – | – | (81892) | – |
| **Balance as of November 30, 2022** | $– | $1169 | $6146421 | $2085 | $– | $– |
| **Change in unrealized appreciation/depreciation for the year ended November 30, 2022, related to Level 3 investments held at November 30, 2022** | $– | $1169 | $(10221) | $48472 | $– | $– |

---

<sup>(a)</sup> The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology.

*See Notes to Financial Statements.* 265

**Schedule of Investments**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 96.85%** |  |  |  |  |
| **ASSET-BACKED SECURITIES 25.01%** |  |  |  |  |
| **Automobiles 8.65%** |  |  |  |  |
| Avid Automobile Receivables Trust 2021-1 C<sup>†</sup> | 1.55% | 5/15/2026 | $830000 | $786064 |
| Avis Budget Rental Car Funding AESOP LLC 2018-2A A<sup>†</sup> | 4.00% | 3/20/2025 | 700000 | 686215 |
| CarMax Auto Owner Trust 2020-1 D | 2.64% | 7/15/2026 | 125000 | 118283 |
| Carvana Auto Receivables Trust 2020-P1 C | 1.32% | 11/9/2026 | 400000 | 344154 |
| Carvana Auto Receivables Trust 2022-P2 A4 | 4.68% | 2/10/2028 | 450000 | 433826 |
| CPS Auto Receivables Trust 2022-A A<sup>†</sup> | 0.98% | 4/16/2029 | 599236 | 588572 |
| Credit Acceptance Auto Loan Trust 2021-3A A<sup>†</sup> | 1.00% | 5/15/2030 | 825000 | 778405 |
| Drive Auto Receivables Trust 2018-5 D | 4.30% | 4/15/2026 | 124028 | 123661 |
| Drive Auto Receivables Trust 2019-1 D | 4.09% | 6/15/2026 | 109584 | 109297 |
| Drive Auto Receivables Trust 2020-2 C | 2.28% | 8/17/2026 | 603761 | 599253 |
| First Investors Auto Owner Trust 2021-2A A<sup>†</sup> | 0.48% | 3/15/2027 | 479028 | 464101 |
| Flagship Credit Auto Trust 2022-3 A2<sup>†</sup> | 4.06% | 10/15/2025 | 640000 | 633645 |
| Flagship Credit Auto Trust 2022-3 A3<sup>†</sup> | 4.55% | 4/15/2027 | 1400000 | 1368796 |
| Flagship Credit Auto Trust 2022-4 A2<sup>†</sup> | 6.15% | 9/15/2026 | 505000 | 504274 |
| Flagship Credit Auto Trust 2022-4 A3<sup>†</sup> | 6.32% | 6/15/2027 | 605000 | 606109 |
| GLS Auto Receivables Issuer Trust 2021-1A B<sup>†</sup> | 0.82% | 4/15/2025 | 147521 | 147084 |
| GLS Auto Receivables Issuer Trust 2021-1A C<sup>†</sup> | 1.20% | 1/15/2027 | 650000 | 636352 |
| GLS Auto Receivables Issuer Trust 2021-3A B<sup>†</sup> | 0.78% | 11/17/2025 | 460000 | 444991 |
| GLS Auto Receivables Issuer Trust 2021-3A C<sup>†</sup> | 1.11% | 9/15/2026 | 460000 | 429509 |
| Hertz Vehicle Financing III LP 2021-2A A<sup>†</sup> | 1.68% | 12/27/2027 | 620000 | 531105 |
| Hertz Vehicle Financing LLC 2021-1A A<sup>†</sup> | 1.21% | 12/26/2025 | 265000 | 243174 |
| Mercedes-Benz Auto Receivables Trust 2022-1 A3 | 5.21% | 8/16/2027 | 810000 | 811181 |
| OneMain Direct Auto Receivables Trust 2019-1 A<sup>†</sup> | 3.63% | 9/14/2027 | 584000 | 558479 |
| OneMain Direct Auto Receivables Trust 2019-1A C<sup>†</sup> | 4.19% | 11/14/2028 | 753000 | 689445 |
| OneMain Direct Auto Receivables Trust 2021-1A A<sup>†</sup> | 0.87% | 7/14/2028 | 340000 | 312508 |
| OneMain Direct Auto Receivables Trust 2021-1A B<sup>†</sup> | 1.26% | 7/14/2028 | 317000 | 274549 |
| PenFed Auto Receivables Owner Trust 2022-A A3<sup>†</sup> | 3.96% | 4/15/2026 | 1275000 | 1252112 |
| Prestige Auto Receivables Trust Part 2022-1A B<sup>†</sup> | 6.55% | 7/17/2028 | 1215000 | 1213089 |
| Santander Consumer Auto Receivables Trust 2020-BA C<sup>†</sup> | 1.29% | 4/15/2026 | 681000 | 653120 |
| Santander Consumer Auto Receivables Trust 2020-BA D<sup>†</sup> | 2.14% | 12/15/2026 | 1155000 | 1094581 |
| Santander Drive Auto Receivables Trust 2022-5 B | 4.43% | 3/15/2027 | 1085000 | 1047785 |
| Santander Drive Auto Receivables Trust 2022-6 B | 4.72% | 6/15/2027 | 1505000 | 1462533 |

---

<br> 266 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| World Omni Automobile Lease Securitization Trust 2022-A A3 | 3.21% |  | 2/18/2025 | $400000 | $391032 |
| *Total* |  |  |  |  | 20337284 |
| **Credit Card 1.72%** |  |  |  |  |  |
| American Express Credit Account Master Trust 2022-2 A | 3.39% |  | 5/15/2027 | 785000 | 759323 |
| Capital One Multi-Asset Execution Trust 2022-A3 A | 4.95% |  | 10/15/2027 | 435000 | 437276 |
| Continental Finance Credit Card ABS Master Trust 2020-1A A<sup>†</sup> | 2.24% |  | 12/15/2028 | 600000 | 561386 |
| Discover Card Execution Note Trust 2022-A4 A | 5.03% |  | 10/15/2027 | 565000 | 568052 |
| Master Credit Card Trust 2021-1A B<sup>†</sup> | 0.79% |  | 11/21/2025 | 1200000 | 1117116 |
| Newday Funding Master Issuer plc 2021-1A A2<sup>†</sup> | 4.905%<br> (SOFR + 1.10% |)<sup>#</sup> | 3/15/2029 | 600000 | 592586 |
| *Total* |  |  |  |  | 4035739 |
| **Other 14.12%** |  |  |  |  |  |
| ACREC Ltd. 2021-FL1 A<sup>†</sup> | 5.061%<br> (1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 10/16/2036 | 450000 | 429194 |
| ACRES Commercial Realty Ltd. 2021-FL2 A<sup>†</sup> | 5.311%<br> (1 Mo. LIBOR + 1.40% |)<sup>#</sup> | 1/15/2037 | 670000 | 649776 |
| Affirm Asset Securitization Trust 2022-X1 A<sup>†</sup> | 1.75% |  | 2/15/2027 | 578065 | 561086 |
| AMMC CLO Ltd. 2016-19A AR<sup>†</sup> | 5.219%<br> (3 Mo. LIBOR + 1.14% |)<sup>#</sup> | 10/16/2028 | 56866 | 56718 |
| AMMC CLO Ltd. 2020-23A A1R<sup>†</sup> | 5.119%<br> (3 Mo. LIBOR + 1.04% |)<sup>#</sup> | 10/17/2031 | 750000 | 731573 |
| Amur Equipment Finance Receivables IX LLC 2021-1A D<sup>†</sup> | 2.30% |  | 11/22/2027 | 675000 | 610412 |
| Amur Equipment Finance Receivables VII LLC 2019-1A C<sup>†</sup> | 3.09% |  | 3/20/2025 | 100000 | 98564 |
| Apidos CLO XXIV 2016-24A A1AL<sup>†</sup> | 5.193%<br> (3 Mo. LIBOR + .95% |)<sup>#</sup> | 10/20/2030 | 250000 | 245575 |
| Aqua Finance Trust 2021-A A<sup>†</sup> | 1.54% |  | 7/17/2046 | 224745 | 205397 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL2 A<sup>†</sup> | 4.975%<br> (1 Mo. LIBOR + 1.10% |)<sup>#</sup> | 5/15/2036 | 300000 | 291895 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL3 A<sup>†</sup> | 4.945%<br> (1 Mo. LIBOR + 1.07% |)<sup>#</sup> | 8/15/2034 | 460000 | 441996 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A<sup>†</sup> | 5.225%<br> (1 Mo. LIBOR + 1.35% |)<sup>#</sup> | 11/15/2036 | 560000 | 543461 |

---

<br> *See Notes to Financial Statements.* 267

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL1 A<sup>†</sup> | 4.668%<br> (1 Mo. SOFR + 1.45% |)<sup>#</sup> | 1/15/2037 | $1000000 | $972500 |
| Bain Capital Credit CLO 2018-2A A1<sup>†</sup> | 5.307%<br> (3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 7/19/2031 | 750000 | 735624 |
| BDS Ltd. 2020-FL5 A<sup>†</sup> | 5.175%<br> (1 Mo. Term SOFR + 1.26% |)<sup>#</sup> | 2/16/2037 | 184186 | 182010 |
| BDS Ltd. 2021-FL10 A<sup>†</sup> | 5.009%<br> (1 Mo. LIBOR + 1.07% |)<sup>#</sup> | 6/16/2036 | 500000 | 484584 |
| BlueMountain Fuji US CLO I Ltd. 2017-1A A1R<sup>†</sup> | 5.223%<br> (3 Mo. LIBOR + .98% |)<sup>#</sup> | 7/20/2029 | 249479 | 244480 |
| BSPRT Issuer Ltd. 2021-FL7 A<sup>†</sup> | 5.195%<br> (1 Mo. LIBOR + 1.32% |)<sup>#</sup> | 12/15/2038 | 380000 | 364546 |
| Carlyle US CLO Ltd. 2017-3A A1AR<sup>†</sup> | 5.143%<br> (3 Mo. LIBOR + .90% |)<sup>#</sup> | 7/20/2029 | 247837 | 244446 |
| Carlyle US CLO Ltd. 2019-1A A1AR<sup>†</sup> | 5.323%<br> (3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 4/20/2031 | 750000 | 734541 |
| CIFC Funding I Ltd. 2021-1A A1<sup>†</sup> | 5.468%<br> (3 Mo. LIBOR + 1.11% |)<sup>#</sup> | 4/25/2033 | 570000 | 560519 |
| Dell Equipment Finance Trust 2021-2 B<sup>†</sup> | 0.81% |  | 12/22/2026 | 460000 | 429142 |
| Dell Equipment Finance Trust 2021-2 C<sup>†</sup> | 0.94% |  | 12/22/2026 | 460000 | 429363 |
| Dell Equipment Finance Trust 2021-2 D<sup>†</sup> | 1.21% |  | 6/22/2027 | 460000 | 427117 |
| Diamond Resorts Owner Trust 2018-1 B<sup>†</sup> | 4.19% |  | 1/21/2031 | 46922 | 45893 |
| Dryden 53 CLO Ltd. 2017-53A A<sup>†</sup> | 5.199%<br> (3 Mo. LIBOR + 1.12% |)<sup>#</sup> | 1/15/2031 | 400000 | 392816 |
| Dryden XXVI Senior Loan Fund 2013-26A AR<sup>†</sup> | 4.979%<br> (3 Mo. LIBOR + .90% |)<sup>#</sup> | 4/15/2029 | 242807 | 239153 |
| Encina Equipment Finance LLC 2021-1A B<sup>†</sup> | 1.21% |  | 2/16/2027 | 800000 | 756319 |
| Encina Equipment Finance LLC 2022-1A A2<sup>†</sup> | 4.88% |  | 11/15/2028 | 848000 | 824595 |
| Galaxy XIX CLO Ltd. 2015-19A A1RR<sup>†</sup> | 5.275%<br> (3 Mo. LIBOR + .95% |)<sup>#</sup> | 7/24/2030 | 169531 | 166261 |
| Greystone CRE Notes Ltd. 2021-FL3 A<sup>†</sup> | 4.895%<br> (1 Mo. LIBOR + 1.02% |)<sup>#</sup> | 7/15/2039 | 460000 | 438043 |
| HGI CRE CLO Ltd. 2021-FL1 A<sup>†</sup> | 4.937%<br> (1 Mo. LIBOR + 1.05% |)<sup>#</sup> | 6/16/2036 | 555949 | 531654 |
| HGI CRE CLO Ltd. 2021-FL1 AS<sup>†</sup> | 5.287%<br> (1 Mo. LIBOR + 1.40% |)<sup>#</sup> | 6/16/2036 | 100000 | 94395 |
| HGI CRE CLO Ltd. 2021-FL1 B<sup>†</sup> | 5.487%<br> (1 Mo. LIBOR + 1.60% |)<sup>#</sup> | 6/16/2036 | 100000 | 94581 |
| KKR CLO Ltd. 29A A<sup>†</sup> | 5.279%<br> (3 Mo. LIBOR + 1.20% |)<sup>#</sup> | 1/15/2032 | 250000 | 245659 |

---

<br> 268 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| KREF Ltd. 2021-FL2 A<sup>†</sup> | 4.981%<br> (1 Mo. LIBOR + 1.07% |)<sup>#</sup> | 2/15/2039 | $360000 | $346725 |
| KREF Ltd. 2021-FL2 AS<sup>†</sup> | 5.211%<br> (1 Mo. LIBOR + 1.30% |)<sup>#</sup> | 2/15/2039 | 360000 | 343462 |
| LCM XXII Ltd. 22A A1R<sup>†</sup> | 5.403%<br> (3 Mo. LIBOR + 1.16% |)<sup>#</sup> | 10/20/2028 | 206893 | 204220 |
| Lendmark Funding Trust 2022-1A B<sup>†</sup> | 5.62% |  | 7/20/2032 | 715000 | 689255 |
| LFT CRE Ltd. 2021-FL1 B<sup>†</sup> | 5.625%<br> (1 Mo. LIBOR + 1.75% |)<sup>#</sup> | 6/15/2039 | 730000 | 709301 |
| LMREC LLC 2021-CRE4 A<sup>†</sup> | 5.094%<br> (1 Mo. LIBOR + 1.05% |)<sup>#</sup> | 4/22/2037 | 407554 | 395346 |
| LoanCore Issuer Ltd. 2019-CRE2 C<sup>†</sup> | 5.875%<br> (1 Mo. LIBOR + 2.00% |)<sup>#</sup> | 5/15/2036 | 630000 | 617944 |
| LoanCore Issuer Ltd. 2022-CRE7 A<sup>†</sup> | 4.891%<br> (1 Mo. SOFR + 1.55% |)<sup>#</sup> | 1/17/2037 | 560000 | 538315 |
| Madison Park Funding XI Ltd. 2013-11A AR2<sup>†</sup> | 5.225%<br> (3 Mo. LIBOR + .90% |)<sup>#</sup> | 7/23/2029 | 242246 | 237624 |
| Magnetite Xxix Ltd. 2021-29A A<sup>†</sup> | 5.069%<br> (3 Mo. LIBOR + .99% |)<sup>#</sup> | 1/15/2034 | 250000 | 244546 |
| Mariner Finance Issuance Trust 2022-AA A<sup>†</sup> | 6.45% |  | 10/20/2037 | 690000 | 685842 |
| Marlette Funding Trust 2020-3A D<sup>†</sup> | 4.65% |  | 9/16/2030 | 500000 | 485973 |
| Marlette Funding Trust 2021-1A B<sup>†</sup> | 1.00% |  | 6/16/2031 | 772801 | 760837 |
| ME Funding LLC 2019-1 A2<sup>†</sup> | 6.448% |  | 7/30/2049 | 480150 | 466979 |
| MF1 Ltd. 2021-FL7 A<sup>†</sup> | 5.019%<br> (1 Mo. LIBOR + 1.08% |)<sup>#</sup> | 10/16/2036 | 240000 | 230009 |
| Mountain View CLO LLC 2017-1A AR<sup>†</sup> | 5.169%<br> (3 Mo. LIBOR + 1.09% |)<sup>#</sup> | 10/16/2029 | 467091 | 461118 |
| MVW Owner Trust 2017-1A A<sup>†</sup> | 2.42% |  | 12/20/2034 | 148862 | 145023 |
| Newark BSL CLO 1 Ltd. 2016-1A A1R<sup>†</sup> | 5.458%<br> (3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 12/21/2029 | 480813 | 475405 |
| OCP CLO Ltd. 2020-18A AR<sup>†</sup> | 5.333%<br> (3 Mo. LIBOR + 1.09% |)<sup>#</sup> | 7/20/2032 | 900000 | 878108 |
| Octagon Investment Partners 30 Ltd. 2017-1A A1R<sup>†</sup> | 5.243%<br> (3 Mo. LIBOR + 1.00% |)<sup>#</sup> | 3/17/2030 | 750000 | 737580 |
| Octagon Investment Partners XIV Ltd. 2012-1A AARR<sup>†</sup> | 5.029%<br> (3 Mo. LIBOR + .95% |)<sup>#</sup> | 7/15/2029 | 248710 | 245710 |
| Octane Receivables Trust 2022-2A B<sup>†</sup> | 5.85% |  | 7/20/2028 | 1036000 | 1017437 |
| OneMain Financial Issuance Trust 2018-2A A<sup>†</sup> | 3.57% |  | 3/14/2033 | 301000 | 294362 |
| OneMain Financial Issuance Trust 2020-2A C<sup>†</sup> | 2.76% |  | 9/14/2035 | 690000 | 577548 |

---

<br> *See Notes to Financial Statements.* 269

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Pagaya AI Debt Selection Trust 2021-1 A<sup>†</sup> | 1.18% |  | 11/15/2027 | $126171 | $123789 |
| Pagaya AI Debt Trust 2022-1 A<sup>†</sup> | 2.03% |  | 10/15/2029 | 529702 | 507478 |
| Rad CLO 1 Ltd. 2018-1A AR<sup>†</sup> | 5.059%<br> (3 Mo. LIBOR + .98% |)<sup>#</sup> | 7/15/2031 | 580000 | 569618 |
| Rad CLO 2 Ltd. 2018-2A AR<sup>†</sup> | 5.159%<br> (3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 10/15/2031 | 270000 | 264166 |
| Rad CLO Ltd. 2020-7A A1<sup>†</sup> | 5.279%<br> (3 Mo. LIBOR + 1.20% |)<sup>#</sup> | 4/17/2033 | 1000000 | 979105 |
| Regatta Funding LP 2013-2A A1R3<sup>†</sup> | 4.929%<br> (3 Mo. LIBOR + .85% |)<sup>#</sup> | 1/15/2029 | 254195 | 251721 |
| RR 3 Ltd. 2018-3A A1R2<sup>†</sup> | 5.169%<br> (3 Mo. LIBOR + 1.09% |)<sup>#</sup> | 1/15/2030 | 700000 | 687813 |
| SCF Equipment Leasing LLC 2019-2A B<sup>†</sup> | 2.76% |  | 8/20/2026 | 500000 | 480611 |
| SCF Equipment Leasing LLC 2020-1A B<sup>†</sup> | 2.02% |  | 3/20/2028 | 875000 | 817911 |
| SCF Equipment Leasing LLC 2021-1A B<sup>†</sup> | 1.37% |  | 8/20/2029 | 1000000 | 901383 |
| Sound Point CLO III-R Ltd. 2013-2RA B<sup>†</sup> | 5.529%<br> (3 Mo. LIBOR + 1.45% |)<sup>#</sup> | 4/15/2029 | 250000 | 239007 |
| TICP CLO XIV Ltd. 2019-14A A1R<sup>†</sup> | 5.323%<br> (3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 10/20/2032 | 400000 | 391600 |
| Upstart Securitization Trust 2021-2 A<sup>†</sup> | 0.91% |  | 6/20/2031 | 318982 | 312209 |
| Verizon Master Trust 2022-7 A1A | 5.23% |  | 11/22/2027 | 405000 | 404626 |
| *Total* |  |  |  |  | 33223594 |
| **Recreation Vehicle Loan 0.27%** |  |  |  |  |  |
| Octane Receivables Trust 2021-1A A<sup>†</sup> | 0.93% |  | 3/22/2027 | 353200 | 340525 |
| Octane Receivables Trust 2022-1A A2<sup>†</sup> | 4.18% |  | 3/20/2028 | 305891 | 298646 |
| *Total* |  |  |  |  | 639171 |
| **Student Loan 0.25%** |  |  |  |  |  |
| Navient Private Education Refi Loan Trust 2020-FA A<sup>†</sup> | 1.22% |  | 7/15/2069 | 231992 | 205803 |
| Navient Private Education Refi Loan Trust 2022-A A<sup>†</sup> | 2.23% |  | 7/15/2070 | 426249 | 371328 |
| Towd Point Asset Trust 2018-SL1 A<sup>†</sup> | 4.616%<br> (1 Mo. LIBOR + .60% |)<sup>#</sup> | 1/25/2046 | 16876 | 16765 |
| *Total* |  |  |  |  | 593896 |
| *Total Asset-Backed Securities* (cost $61,088,892) |  |  |  |  | 58829684 |
| **CORPORATE BONDS 52.64%** |  |  |  |  |  |
| **Agriculture 1.67%** |  |  |  |  |  |
| BAT Capital Corp. | 2.789% |  | 9/6/2024 | 890000 | 851388 |
| Imperial Brands Finance plc (United Kingdom)<sup>†(a)</sup> | 3.125% |  | 7/26/2024 | 200000 | 190852 |
| Philip Morris International, Inc. | 5.00% |  | 11/17/2025 | 267000 | 266895 |

---

<br> 270 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Agriculture (continued)** |  |  |  |  |  |
| Philip Morris International, Inc. | 5.125% |  | 11/15/2024 | $725000 | $725140 |
| Reynolds American, Inc. | 4.45% |  | 6/12/2025 | 1210000 | 1189068 |
| Viterra Finance BV (Netherlands)<sup>†(a)</sup> | 2.00% |  | 4/21/2026 | 600000 | 517310 |
| Viterra Finance BV (Netherlands)<sup>†(a)</sup> | 4.90% |  | 4/21/2027 | 200000 | 187168 |
| *Total* |  |  |  |  | 3927821 |
| **Apparel 0.08%** |  |  |  |  |  |
| PVH Corp. | 7.75% |  | 11/15/2023 | 186000 | 190227 |
| **Auto Manufacturers 1.80%** |  |  |  |  |  |
| General Motors Financial Co., Inc. | 3.70% |  | 5/9/2023 | 167000 | 165957 |
| General Motors Financial Co., Inc. | 5.027%<br> (SOFR + 1.20% |)<sup>#</sup> | 11/17/2023 | 666000 | 663263 |
| Harley-Davidson Financial Services, Inc.<sup>†</sup> | 3.35% |  | 2/15/2023 | 1500000 | 1492010 |
| Hyundai Capital America<sup>†</sup> | 1.00% |  | 9/17/2024 | 400000 | 367558 |
| Mercedes-Benz Finance North America LLC<sup>†</sup> | 5.50% |  | 11/27/2024 | 153000 | 154132 |
| Stellantis N.V. (Netherlands)<sup>(a)</sup> | 5.25% |  | 4/15/2023 | 1400000 | 1396381 |
| *Total* |  |  |  |  | 4239301 |
| **Banks 18.00%** |  |  |  |  |  |
| Australia & New Zealand Banking Group Ltd. (Australia)<sup>†(a)</sup> | 4.40% |  | 5/19/2026 | 900000 | 858761 |
| Australia & New Zealand Banking Group Ltd.<sup>(b)</sup> | 5.088% |  | 12/8/2025 | 250000 | 252207 |
| Bank of America Corp. | 1.197%<br> (SOFR + 1.01% |)<sup>#</sup> | 10/24/2026 | 1500000 | 1332221 |
| Bank of America Corp. | 1.53%<br> (SOFR + .65% |)<sup>#</sup> | 12/6/2025 | 118000 | 108417 |
| Bank of America Corp. | 3.004%<br> (3 Mo. LIBOR + .79% |)<sup>#</sup> | 12/20/2023 | 1657000 | 1655081 |
| Bank of America Corp. | 3.384%<br> (SOFR + 1.33% |)<sup>#</sup> | 4/2/2026 | 370000 | 352454 |
| Bank of America Corp. | 3.55%<br> (3 Mo. LIBOR + .78% |)<sup>#</sup> | 3/5/2024 | 153000 | 152244 |
| Bank of America Corp. | 3.864%<br> (3 Mo. LIBOR + .94% |)<sup>#</sup> | 7/23/2024 | 3418000 | 3383179 |
| Bank of Ireland Group plc (Ireland)<sup>†(a)</sup> | 4.50% |  | 11/25/2023 | 488000 | 478942 |
| Bank of Ireland Group plc (Ireland)<sup>†(a)</sup> | 6.253%<br> (1 Yr. Treasury CMT + 2.65% |)<sup>#</sup> | 9/16/2026 | 200000 | 196101 |
| Bank of Montreal (Canada)<sup>(a)</sup> | 3.535%<br> (SOFR + .35% |)<sup>#</sup> | 12/8/2023 | 343000 | 341033 |
| Bank of Montreal (Canada)<sup>(a)</sup> | 3.70% |  | 6/7/2025 | 244000 | 237934 |
| Bank of Montreal (Canada)<sup>(a)</sup> | 4.25% |  | 9/14/2024 | 373000 | 368388 |

---

<br> *See Notes to Financial Statements.* 271

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |
| BPCE SA (France)<sup>†(a)</sup> | 4.50% | 3/15/2025 | $560000 | $536850 |
| BPCE SA (France)<sup>†(a)</sup> | 4.875% | 4/1/2026 | 200000 | 191001 |
| BPCE SA (France)<sup>†(a)</sup> | 5.15% | 7/21/2024 | 462000 | 453250 |
| BPCE SA (France)<sup>†(a)</sup> | 5.70% | 10/22/2023 | 771000 | 763233 |
| Canadian Imperial Bank of Commerce (Canada)<sup>(a)</sup> | 3.945% | 8/4/2025 | 320000 | 311541 |
| Citigroup, Inc. | 3.352%<br> (3 Mo. LIBOR + .90% | 4/24/2025 | 600000 | 580407 |
| Citigroup, Inc. | 3.887%<br> (3 Mo. LIBOR + 1.56% | 1/10/2028 | 1000000 | 943880 |
| Citigroup, Inc. | 4.044%<br> (3 Mo. LIBOR + 1.02% | 6/1/2024 | 202000 | 200396 |
| Citigroup, Inc. | 4.14%<br> (SOFR + 1.37% | 5/24/2025 | 225000 | 220905 |
| Citizens Bank NA | 4.575%<br> (SOFR + 2.00% | 8/9/2028 | 400000 | 388653 |
| Citizens Bank NA | 6.064%<br> (SOFR + 1.45% | 10/24/2025 | 250000 | 252916 |
| Danske Bank A/S (Denmark)<sup>†(a)</sup> | 1.171% <br> (1 Yr. Treasury CMT + 1.03% | 12/8/2023 | 200000 | 199865 |
| Danske Bank A/S (Denmark)<sup>†(a)</sup> | 3.244%<br> (3 Mo. LIBOR + 1.59% | 12/20/2025 | 1000000 | 932667 |
| Danske Bank A/S (Denmark)<sup>†(a)</sup> | 3.773% <br> (1 Yr. Treasury CMT + 1.45% | 3/28/2025 | 872000 | 839854 |
| Danske Bank A/S (Denmark)<sup>†(a)</sup> | 5.375% | 1/12/2024 | 746000 | 742269 |
| First-Citizens Bank & Trust Co. | 3.929%<br> (SOFR + 3.83% | 6/19/2024 | 837000 | 826179 |
| Goldman Sachs Group, Inc. (The) | 2.64%<br> (SOFR + 1.11% | 2/24/2028 | 163000 | 145527 |
| Goldman Sachs Group, Inc. (The) | 4.405%<br> (SOFR + .70% | 1/24/2025 | 330000 | 324147 |
| Goldman Sachs Group, Inc. (The) | 5.70% | 11/1/2024 | 235000 | 237933 |
| Huntington National Bank (The) | 4.008%<br> (SOFR + 1.21% | 5/16/2025 | 250000 | 244787 |
| Intesa Sanpaolo SpA (Italy)<sup>†(a)</sup> | 3.375% | 1/12/2023 | 1550000 | 1545518 |
| JPMorgan Chase & Co. | 3.559%<br> (3 Mo. LIBOR + .73% | 4/23/2024 | 479000 | 475705 |
| JPMorgan Chase & Co. | 3.797%<br> (3 Mo. LIBOR + .89% | 7/23/2024 | 2180000 | 2157298 |
| JPMorgan Chase & Co. | 3.845%<br> (SOFR + .98% | 6/14/2025 | 222000 | 218070 |

---

<br> 272 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| JPMorgan Chase & Co. | 4.747%<br> (SOFR + .92% |)<sup>#</sup> | 2/24/2026 | $479000 | $469004 |
| JPMorgan Chase & Co. | 4.851%<br> (SOFR + 1.99% |)<sup>#</sup> | 7/25/2028 | 250000 | 244948 |
| Macquarie Group Ltd. (Australia)<sup>†(a)</sup> | 5.108%<br> (SOFR + 2.21% |)<sup>#</sup> | 8/9/2026 | 342000 | 339345 |
| Macquarie Group Ltd. (Australia)<sup>†(a)</sup> | 6.207% |  | 11/22/2024 | 1288000 | 1296109 |
| Manufacturers & Traders Trust Co. | 5.40% |  | 11/21/2025 | 1009000 | 1014014 |
| Mitsubishi UFJ Financial Group, Inc. (Japan)<sup>(a)</sup> | 0.962% <br> (1 Yr. Treasury CMT + .45% |)<sup>#</sup> | 10/11/2025 | 820000 | 752960 |
| Mitsubishi UFJ Financial Group, Inc. (Japan)<sup>(a)</sup> | 4.788% <br> (1 Yr. Treasury CMT + 1.70% |)<sup>#</sup> | 7/18/2025 | 409000 | 404940 |
| Mitsubishi UFJ Financial Group, Inc. (Japan)<sup>(a)</sup> | 5.063%<br> (1 Yr. Treasury CMT + 1.55% |)<sup>#</sup> | 9/12/2025 | 265000 | 263508 |
| Morgan Stanley | 3.737%<br> (3 Mo. LIBOR + .85% |)<sup>#</sup> | 4/24/2024 | 3540000 | 3515909 |
| Morgan Stanley | 6.138%<br> (SOFR + 1.77% |)<sup>#</sup> | 10/16/2026 | 164000 | 167894 |
| Nordea Bank Abp (Finland)<sup>†(a)</sup> | 3.60% |  | 6/6/2025 | 200000 | 193917 |
| Royal Bank of Canada (Canada)<sup>(a)</sup> | 3.919%<br> (SOFR + .34% |)<sup>#</sup> | 10/7/2024 | 2000000 | 1965603 |
| Royal Bank of Canada (Canada)<sup>(a)</sup> | 5.66% |  | 10/25/2024 | 378000 | 382842 |
| Santander Holdings USA, Inc. | 3.50% |  | 6/7/2024 | 811000 | 787313 |
| Santander UK Group Holdings plc (United Kingdom)<sup>(a)</sup> | 3.373%<br> (3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 1/5/2024 | 924000 | 922030 |
| Societe Generale SA (France)<sup>†(a)</sup> | 2.226%<br> (1 Yr. Treasury CMT + 1.05% |)<sup>#</sup> | 1/21/2026 | 335000 | 306843 |
| Standard Chartered plc (United Kingdom)<sup>†(a)</sup> | 0.991%<br> (1 Yr. Treasury CMT + .78% |)<sup>#</sup> | 1/12/2025 | 500000 | 467731 |
| Standard Chartered plc (United Kingdom)<sup>†(a)</sup> | 1.214%<br> (1 Yr. Treasury CMT + .88% |)<sup>#</sup> | 3/23/2025 | 200000 | 188724 |
| Standard Chartered plc (United Kingdom)<sup>†(a)</sup> | 5.20% |  | 1/26/2024 | 236000 | 233480 |
| Svenska Handelsbanken AB (Sweden)<sup>†(a)</sup> | 3.65% |  | 6/10/2025 | 250000 | 242340 |
| Toronto-Dominion Bank (The) (Canada)<sup>(a)</sup> | 3.569%<br> (SOFR + .35% |)<sup>#</sup> | 9/10/2024 | 2000000 | 1969248 |
| Truist Financial Corp. | 4.26%<br> (SOFR + 1.46% |)<sup>#</sup> | 7/28/2026 | 476000 | 467585 |
| UBS AG (Switzerland)<sup>(a)</sup> | 5.125% |  | 5/15/2024 | 724000 | 712509 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 4.488%<br> (1 Yr. Treasury CMT + 1.55% |)<sup>#</sup> | 5/12/2026 | 200000 | 194988 |

---

<br> *See Notes to Financial Statements.* 273

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| UniCredit SpA (Italy)<sup>†(a)</sup> | 7.83% |  | 12/4/2023 | $1050000 | $1050816 |
| Wells Fargo & Co. | 4.54%<br> (SOFR + 1.56% |)<sup>#</sup> | 8/15/2026 | 341000 | 334239 |
| *Total* |  |  |  |  | 42338652 |
| **Biotechnology 0.13%** |  |  |  |  |  |
| Illumina, Inc.<sup>(b)</sup> | 5.75% |  | 12/13/2027 | 148000 | 149122 |
| Illumina, Inc.(b) | 5.80% |  | 12/12/2025 | 168000 | 168970 |
| *Total* |  |  |  |  | 318092 |
| **Chemicals 0.99%** |  |  |  |  |  |
| Celanese US Holdings LLC | 5.90% |  | 7/5/2024 | 969000 | 963415 |
| International Flavors & Fragrances, Inc.<sup>†</sup> | 1.23% |  | 10/1/2025 | 1138000 | 1006720 |
| Nutrien Ltd. (Canada)<sup>(a)</sup> | 5.95% |  | 11/7/2025 | 349000 | 356379 |
| *Total* |  |  |  |  | 2326514 |
| **Commercial Services 0.22%** |  |  |  |  |  |
| Global Payments, Inc. | 2.65% |  | 2/15/2025 | 551000 | 517642 |
| **Computers 0.59%** |  |  |  |  |  |
| Dell International LLC/EMC Corp. | 6.02% |  | 6/15/2026 | 1350000 | 1379424 |
| **Diversified Financial Services 3.32%** |  |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(a)</sup> | 1.75% |  | 10/29/2024 | 150000 | 137763 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(a)</sup> | 4.875% |  | 1/16/2024 | 1150000 | 1134185 |
| Aircastle Ltd. | 4.40% |  | 9/25/2023 | 232000 | 229615 |
| Aircastle Ltd. | 5.00% |  | 4/1/2023 | 187000 | 186385 |
| Aircastle Ltd.<sup>†</sup> | 5.25% |  | 8/11/2025 | 309000 | 296690 |
| Ally Financial, Inc. | 5.75% |  | 11/20/2025 | 893000 | 881621 |
| Aviation Capital Group LLC<sup>†</sup> | 3.875% |  | 5/1/2023 | 100000 | 98829 |
| Aviation Capital Group LLC<sup>†</sup> | 5.50% |  | 12/15/2024 | 722000 | 707322 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 5.125% |  | 10/1/2023 | 260000 | 256576 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 5.25% |  | 5/15/2024 | 749000 | 731033 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 5.50% |  | 1/15/2026 | 400000 | 379177 |
| Capital One Financial Corp. | 1.343%<br> (SOFR + .69% |)<sup>#</sup> | 12/6/2024 | 813000 | 775858 |
| Capital One Financial Corp. | 3.875%<br> (SOFR + .69% |)<sup>#</sup> | 12/6/2024 | 850000 | 831329 |
| Capital One Financial Corp. | 4.166%<br> (SOFR + 1.37% |)<sup>#</sup> | 5/9/2025 | 1014000 | 986898 |

---

<br> 274 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| Park Aerospace Holdings Ltd. (Ireland)<sup>†(a)</sup> | 4.50% |  | 3/15/2023 | $187000 | $186088 |
| *Total* |  |  |  |  | 7819369 |
| **Electric 6.46%** |  |  |  |  |  |
| AES Corp. (The)<sup>†</sup> | 3.30% |  | 7/15/2025 | 400000 | 375160 |
| Alexander Funding Trust<sup>†</sup> | 1.841% |  | 11/15/2023 | 825000 | 778116 |
| CenterPoint Energy, Inc. | 4.475%<br> (SOFR + .65% |)<sup>#</sup> | 5/13/2024 | 1356000 | 1336823 |
| Cleco Corporate Holdings LLC | 3.743% |  | 5/1/2026 | 650000 | 613262 |
| Cleveland Electric Illuminating Co. (The) | 5.50% |  | 8/15/2024 | 335000 | 338246 |
| Comision Federal de Electricidad (Mexico)<sup>†(a)</sup> | 4.875% |  | 1/15/2024 | 700000 | 692412 |
| Dominion Energy, Inc. | 3.071% |  | 8/15/2024 | 1008000 | 974685 |
| Dominion Energy, Inc. | 3.823%<br> (3 Mo. LIBOR + .53% |)<sup>#</sup> | 9/15/2023 | 500000 | 499080 |
| Evergy Missouri West, Inc. | 5.15% |  | 12/15/2027 | 843000 | 846392 |
| Fells Point Funding Trust<sup>†</sup> | 3.046% |  | 1/31/2027 | 393000 | 357984 |
| ITC Holdings Corp. | 3.65% |  | 6/15/2024 | 1300000 | 1265523 |
| ITC Holdings Corp.<sup>†</sup> | 4.95% |  | 9/22/2027 | 307000 | 305098 |
| Jersey Central Power & Light Co.<sup>†</sup> | 4.70% |  | 4/1/2024 | 1250000 | 1233961 |
| NextEra Energy Capital Holdings, Inc. | 4.20% |  | 6/20/2024 | 78000 | 76952 |
| NextEra Energy Capital Holdings, Inc. | 4.207%<br> (SOFR + .40% |)<sup>#</sup> | 11/3/2023 | 360000 | 356973 |
| NRG Energy, Inc.<sup>†</sup> | 3.75% |  | 6/15/2024 | 799000 | 772584 |
| Pacific Gas and Electric Co. | 3.15% |  | 1/1/2026 | 826592 | 766311 |
| Pennsylvania Electric Co.<sup>†</sup> | 4.15% |  | 4/15/2025 | 691000 | 664080 |
| Public Service Enterprise Group, Inc. | 5.85% |  | 11/15/2027 | 345000 | 355602 |
| Puget Energy, Inc. | 3.65% |  | 5/15/2025 | 897000 | 854691 |
| Saudi Electricity Global Sukuk Co. 2 (Saudi Arabia)<sup>†(a)</sup> | 3.473% |  | 4/8/2023 | 500000 | 497148 |
| Southern Co. (The) | 4.475% |  | 8/1/2024 | 629000 | 619816 |
| Vistra Operations Co. LLC<sup>†</sup> | 3.55% |  | 7/15/2024 | 653000 | 626413 |
| *Total* |  |  |  |  | 15207312 |
| **Entertainment 0.50%** |  |  |  |  |  |
| Warnermedia Holdings, Inc.<sup>†</sup> | 3.428% |  | 3/15/2024 | 385000 | 373929 |
| Warnermedia Holdings, Inc.<sup>†</sup> | 3.638% |  | 3/15/2025 | 675000 | 644951 |
| Warnermedia Holdings, Inc.<sup>†</sup> | 3.788% |  | 3/15/2025 | 170000 | 162553 |
| *Total* |  |  |  |  | 1181433 |
| **Gas 1.80%** |  |  |  |  |  |
| CenterPoint Energy Resources Corp. | 0.70% |  | 3/2/2023 | 350000 | 346033 |

---

<br> *See Notes to Financial Statements.* 275

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Gas (continued)** |  |  |  |  |
| Centrica plc (United Kingdom)<sup>†(a)</sup> | 4.00% | 10/16/2023 | $400000 | $392265 |
| East Ohio Gas Co. (The)<sup>†</sup> | 1.30% | 6/15/2025 | 1400000 | 1269318 |
| National Fuel Gas Co. | 5.20% | 7/15/2025 | 750000 | 747893 |
| National Fuel Gas Co. | 5.50% | 1/15/2026 | 500000 | 501356 |
| ONE Gas, Inc. | 0.85% | 3/11/2023 | 313000 | 312314 |
| ONE Gas, Inc. | 1.10% | 3/11/2024 | 189000 | 179905 |
| Southwest Gas Corp. | 5.80% | 12/1/2027 | 487000 | 491947 |
| *Total* |  |  |  | 4241031 |
| **Health Care-Products 0.44%** |  |  |  |  |
| GE Healthcare Holding LLC<sup>†</sup> | 5.55% | 11/15/2024 | 800000 | 803919 |
| GE Healthcare Holding LLC | 5.60% | 11/15/2025 | 224000 | 226332 |
| *Total* |  |  |  | 1030251 |
| **Health Care-Services 0.20%** |  |  |  |  |
| Centene Corp. | 4.25% | 12/15/2027 | 502000 | 471988 |
| **Insurance 2.47%** |  |  |  |  |
| CNO Global Funding<sup>†</sup> | 1.65% | 1/6/2025 | 809000 | 750811 |
| Equitable Financial Life Global Funding<sup>†</sup> | 1.40% | 7/7/2025 | 801000 | 726531 |
| F&G Global Funding<sup>†</sup> | 5.15% | 7/7/2025 | 1093000 | 1072155 |
| GA Global Funding Trust<sup>†</sup> | 0.80% | 9/13/2024 | 300000 | 273208 |
| Jackson Financial, Inc. | 5.17% | 6/8/2027 | 650000 | 637378 |
| Jackson National Life Global Funding<sup>†</sup> | 1.75% | 1/12/2025 | 150000 | 139083 |
| Metropolitan Life Global Funding I<sup>†</sup> | 4.05% | 8/25/2025 | 997000 | 977006 |
| Pricoa Global Funding I<sup>†</sup> | 4.20% | 8/28/2025 | 1256000 | 1236200 |
| *Total* |  |  |  | 5812372 |
| **Internet 0.77%** |  |  |  |  |
| Amazon.com, Inc. | 4.55% | 12/1/2027 | 353000 | 355940 |
| Netflix, Inc. | 4.375% | 11/15/2026 | 1106000 | 1069223 |
| Netflix, Inc. | 4.875% | 4/15/2028 | 400000 | 389098 |
| *Total* |  |  |  | 1814261 |
| **Lodging 0.56%** |  |  |  |  |
| Hyatt Hotels Corp. | 1.30% | 10/1/2023 | 1150000 | 1111001 |
| Hyatt Hotels Corp. | 1.80% | 10/1/2024 | 218000 | 204384 |
| *Total* |  |  |  | 1315385 |
| **Machinery-Diversified 0.04%** |  |  |  |  |
| Westinghouse Air Brake Technologies Corp. | 4.40% | 3/15/2024 | 86000 | 84638 |

---

<br> 276 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Media 0.50%** |  |  |  |  |  |
| Comcast Corp. | 5.35% |  | 11/15/2027 | $131000 | $135048 |
| RELX, Inc.<sup>†</sup> | 6.625% |  | 10/15/2023 | 500000 | 504526 |
| Time Warner Cable Enterprises LLC | 8.375% |  | 3/15/2023 | 529000 | 532954 |
| *Total* |  |  |  |  | 1172528 |
| **Mining 1.33%** |  |  |  |  |  |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(a)</sup> | 5.50% |  | 12/15/2027 | 625000 | 600000 |
| Freeport-McMoRan, Inc. | 3.875% |  | 3/15/2023 | 494000 | 492535 |
| Glencore Funding LLC<sup>†</sup> | 4.125% |  | 5/30/2023 | 357000 | 354508 |
| Glencore Funding LLC<sup>†</sup> | 4.625% |  | 4/29/2024 | 1693000 | 1674203 |
| *Total* |  |  |  |  | 3121246 |
| **Oil & Gas 3.62%** |  |  |  |  |  |
| Continental Resources, Inc.<sup>†</sup> | 2.268% |  | 11/15/2026 | 805000 | 697090 |
| Continental Resources, Inc. | 3.80% |  | 6/1/2024 | 1373000 | 1337568 |
| Continental Resources, Inc. | 4.50% |  | 4/15/2023 | 229000 | 228286 |
| Devon Energy Corp. | 5.25% |  | 10/15/2027 | 1500000 | 1505997 |
| Devon Energy Corp. | 8.25% |  | 8/1/2023 | 524000 | 532699 |
| EQT Corp. | 5.678% |  | 10/1/2025 | 216000 | 215667 |
| EQT Corp. | 6.125% |  | 2/1/2025 | 850000 | 853591 |
| Ovintiv Exploration, Inc. | 5.375% |  | 1/1/2026 | 1075000 | 1069988 |
| Suncor Energy, Inc. (Canada)<sup>(a)</sup> | 7.875% |  | 6/15/2026 | 500000 | 539539 |
| Tengizchevroil Finance Co. International Ltd. (Kazakhstan)<sup>†(a)</sup> | 2.625% |  | 8/15/2025 | 400000 | 342000 |
| Viper Energy Partners LP<sup>†</sup> | 5.375% |  | 11/1/2027 | 1250000 | 1186934 |
| *Total* |  |  |  |  | 8509359 |
| **Pharmaceuticals 0.82%** |  |  |  |  |  |
| Bayer US Finance II LLC<sup>†</sup> | 3.875% |  | 12/15/2023 | 1450000 | 1427193 |
| Mylan, Inc.<sup>†</sup> | 3.125% |  | 1/15/2023 | 500000 | 498324 |
| *Total* |  |  |  |  | 1925517 |
| **Pipelines 1.98%** |  |  |  |  |  |
| Cheniere Corpus Christi Holdings LLC | 7.00% |  | 6/30/2024 | 500000 | 507124 |
| DCP Midstream Operating LP | 5.375% |  | 7/15/2025 | 81000 | 80098 |
| Enbridge, Inc. (Canada)<sup>(a)</sup> | 4.456%<br> (SOFR + .63% |)<sup>#</sup> | 2/16/2024 | 1142000 | 1131044 |
| Energy Transfer LP | 3.60% |  | 2/1/2023 | 325000 | 323987 |
| Plains All American Pipeline LP/PAA Finance Corp. | 2.85% |  | 1/31/2023 | 900000 | 896573 |
| Sabine Pass Liquefaction LLC | 5.625% |  | 4/15/2023 | 1293000 | 1292915 |

---

<br> *See Notes to Financial Statements.* 277

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Pipelines (continued)** |  |  |  |  |  |
| Western Midstream Operating LP | 5.041%<br> (3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 1/13/2023 | $433000 | $432141 |
| *Total* |  |  |  |  | 4663882 |
| **REITS 1.78%** |  |  |  |  |  |
| American Tower Corp. | 3.65% |  | 3/15/2027 | 219000 | 204738 |
| GLP Capital LP/GLP Financing II, Inc. | 3.35% |  | 9/1/2024 | 337000 | 322486 |
| GLP Capital LP/GLP Financing II, Inc. | 5.25% |  | 6/1/2025 | 350000 | 343408 |
| GLP Capital LP/GLP Financing II, Inc. | 5.375% |  | 11/1/2023 | 1200000 | 1189668 |
| Kite Realty Group Trust | 4.00% |  | 3/15/2025 | 647000 | 620993 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.50% |  | 2/15/2025 | 1600000 | 1508051 |
| *Total* |  |  |  |  | 4189344 |
| **Semiconductors 1.08%** |  |  |  |  |  |
| Broadcom Corp./Broadcom Cayman Finance Ltd. | 2.65% |  | 1/15/2023 | 1250000 | 1246204 |
| Marvell Technology, Inc. | 4.20% |  | 6/22/2023 | 491000 | 488282 |
| Microchip Technology, Inc. | 0.972% |  | 2/15/2024 | 432000 | 408859 |
| Microchip Technology, Inc. | 2.67% |  | 9/1/2023 | 400000 | 391267 |
| *Total* |  |  |  |  | 2534612 |
| **Software 0.42%** |  |  |  |  |  |
| Fidelity National Information Services, Inc. | 4.50% |  | 7/15/2025 | 101000 | 99589 |
| Oracle Corp. | 2.50% |  | 4/1/2025 | 145000 | 137223 |
| Oracle Corp. | 2.65% |  | 7/15/2026 | 60000 | 55303 |
| Oracle Corp. | 3.25% |  | 11/15/2027 | 464000 | 428242 |
| Oracle Corp. | 5.80% |  | 11/10/2025 | 132000 | 135250 |
| Take-Two Interactive Software, Inc. | 3.30% |  | 3/28/2024 | 148000 | 144126 |
| *Total* |  |  |  |  | 999733 |
| **Sovereign 0.50%** |  |  |  |  |  |
| Svensk Exportkredit AB (Sweden)<sup>(a)</sup> | 4.625% |  | 11/28/2025 | 1173000 | 1180073 |
| **Telecommunications 0.29%** |  |  |  |  |  |
| T-Mobile USA, Inc. | 2.625% |  | 4/15/2026 | 500000 | 459112 |
| Verizon Communications, Inc. | 2.10% |  | 3/22/2028 | 245000 | 214562 |
| *Total* |  |  |  |  | 673674 |
| **Transportation 0.21%** |  |  |  |  |  |
| Pelabuhan Indonesia Persero PT (Indonesia)<sup>†(a)</sup> | 4.50% |  | 5/2/2023 | 500000 | 497140 |

---

<br> 278 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Unknown B2 0.07%** |  |  |  |  |
| American Electric Power Co., Inc. | 5.75% | 11/1/2027 | $150000 | $154093 |
| *Total Corporate Bonds* (cost $126,729,105) |  |  |  | 123836914 |
| **FLOATING RATE LOANS<sup>(c)</sup> 4.06%** |  |  |  |  |
| **Chemicals 0.28%** |  |  |  |  |
| Axalta Coating Systems US Holdings Inc. USD Term Loan B3 | 5.424%<br> (3 Mo. LIBOR + 1.75%) | 6/1/2024 | 668966 | 668715 |
| **Diversified Financial Services 0.32%** |  |  |  |  |
| Delos Finance Sarl 2018 Term Loan B (Luxembourg)<sup>(a)</sup> | 5.424%<br> (3 Mo. LIBOR + 1.75%) | 10/6/2023 | 741735 | 740422 |
| **Electric 0.35%** |  |  |  |  |
| Tampa Electric Company Term Loan | 4.566%<br> (1 Mo. LIBOR + 0.55%) | 12/16/2022 | 833081 | 830832 |
| **Health Care Services 0.26%** |  |  |  |  |
| Humana Inc. Delayed Draw Term Loan | 5.321%<br> (1 Mo. LIBOR + 1.25%) | 5/28/2024 | 615044 | 611584 <sup>(d)</sup> |
| **Media 1.18%** |  |  |  |  |
| Charter Communications Operating, LLC 2019 Term Loan B1 | 5.83%<br> (1 Mo. LIBOR + 1.75%) | 4/30/2025 | 2810687 | 2771154 |
| **Real Estate Investment Trusts 1.06%** |  |  |  |  |
| American Tower Corporation 2021 First Lien Delayed Draw Term loan | 5.188%<br> (1 Mo. LIBOR + 1.13%) | 12/8/2023 | 1048676 | 1043433 <sup>(d)</sup> |
| Invitation Homes Operating Partnership LP 2020 Term Loan A | 5.016%<br> (1 Mo. LIBOR + 1.00%) | 1/31/2025 | 1476388 | 1450551 |
| *Total* |  |  |  | 2493984 |
| **Transportation 0.61%** |  |  |  |  |
| XPO Logistics, Inc. 2018 Term Loan B | 5.597%<br> (1 Mo. LIBOR + 1.75%) | 2/24/2025 | 1451656 | 1444398 |
| *Total Floating Rate Loans* (cost $9,649,571) |  |  |  | 9561089 |

---

<br> *See Notes to Financial Statements.* 279

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Fair<br> Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(a)</sup> **0.36%** |  |  |  |  |  |  |
| **Japan** |  |  |  |  |  |  |
| Japan Bank for International Cooperation (cost $863,793) | 3.875% |  | 9/16/2025 | $| 866000 | $850392 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** |  |
| Government National Mortgage Assoc. 2014-112 A (Cost $8,538) | 3.00% | <sup>#(e)</sup> | 1/16/2048 |  | 8449 | 7658 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 2.92%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 2.92%** |  |  |  |  |  |
| Fannie Mae or Freddie Mac<sup>(f)</sup> | 4.00% |  | TBA |  | 582000 | 569337 |
| Fannie Mae or Freddie Mac<sup>(f)</sup> | 4.50% |  | TBA |  | 2031000 | 2023339 |
| Fannie Mae or Freddie Mac<sup>(f)</sup> | 5.00% |  | TBA |  | 1244000 | 1257640 |
| Fannie Mae Pool | 3.00% |  | 12/1/2035 |  | 3203285 | 3025545 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $6,984,938) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $6,984,938) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $6,984,938) |  |  |  | 6875861 |
| **MUNICIPAL BONDS 0.04%** |  |  |  |  |  |  |
| Miscellaneous |  |  |  |  |  |  |
| State of Illinois (cost $82,718) | 4.95% |  | 6/1/2023 |  | 82091 | 82074 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 10.44%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 10.44%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 10.44%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 10.44%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 10.44%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 10.44%** |  |
| Angel Oak Mortgage Trust 2020-6 A1<sup>†</sup> | 1.261% | <sup>#(e)</sup> | 5/25/2065 |  | 83328 | 70880 |
| Angel Oak Mortgage Trust 2021-7 A1<sup>†</sup> | 1.978% | <sup>#(e)</sup> | 10/25/2066 |  | 155862 | 125073 |
| Atrium Hotel Portfolio Trust 2017-ATRM A<sup>†</sup> | 4.805%<br> (1 Mo. LIBOR + .93% |)<sup>#</sup> | 12/15/2036 |  | 350000 | 340133 |
| BAMLL Commercial Mortgage Securities Trust 2013-WBRK A<sup>†</sup> | 3.652% | <sup>#(e)</sup> | 3/10/2037 |  | 230000 | 210237 |
| BBCMS Mortgage Trust 2017-DELC A<sup>†</sup> | 4.85%<br> (1 Mo. LIBOR + .98% |)<sup>#</sup> | 8/15/2036 |  | 758000 | 742456 |
| BBCMS Mortgage Trust 2018-TALL A<sup>†</sup> | 4.597%<br> (1 Mo. LIBOR + .72% |)<sup>#</sup> | 3/15/2037 |  | 500000 | 467937 |
| BBCMS Mortgage Trust 2018-TALL C<sup>†</sup> | 4.996%<br> (1 Mo. LIBOR + 1.12% |)<sup>#</sup> | 3/15/2037 |  | 340000 | 290287 |
| BBCMS Mortgage Trust 2020-C7 A2 | 2.021% |  | 4/15/2053 |  | 250000 | 230877 |
| BDS Ltd. 2021-FL8 A<sup>†</sup> | 4.859%<br> (1 Mo. LIBOR + .92% |)<sup>#</sup> | 1/18/2036 |  | 280887 | 270439 |
| Benchmark Mortgage Trust 2021 B23 A2 | 1.62% |  | 2/15/2054 |  | 220000 | 197426 |
| BHMS 2018-ATLS A<sup>†</sup> | 5.125%<br> (1 Mo. LIBOR + 1.25% |)<sup>#</sup> | 7/15/2035 |  | 940000 | 902902 |
| BHMS 2018-ATLS C<sup>†</sup> | 5.775%<br> (1 Mo. LIBOR + 1.90% |)<sup>#</sup> | 7/15/2035 |  | 890000 | 832169 |

---

<br> 280 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| BHMS 2018-ATLS D<sup>†</sup> | 6.125%<br> (1 Mo. LIBOR + 2.25% |)<sup>#</sup> | 7/15/2035 | $570000 | $520517 |
| BX Commercial Mortgage Trust 2019-IMC A<sup>†</sup> | 4.873%<br> (1 Mo. LIBOR + 1.00% |)<sup>#</sup> | 4/15/2034 | 686000 | 668301 |
| BX Commercial Mortgage Trust 2019-IMC B<sup>†</sup> | 5.173%<br> (1 Mo. LIBOR + 1.30% |)<sup>#</sup> | 4/15/2034 | 800000 | 769707 |
| BX Commercial Mortgage Trust 2020-VKNG A<sup>†</sup> | 4.805%<br> (1 Mo. LIBOR + .93% |)<sup>#</sup> | 10/15/2037 | 597192 | 578594 |
| BX Trust 2018-GW A<sup>†</sup> | 4.675%<br> (1 Mo. LIBOR + .80% |)<sup>#</sup> | 5/15/2035 | 773000 | 749696 |
| BXHPP Trust 2021-FILM B<sup>†</sup> | 4.775%<br> (1 Mo. LIBOR + .90% |)<sup>#</sup> | 8/15/2036 | 460000 | 425109 |
| Cantor Commercial Real Estate Lending 2019-CF1 65A<sup>†</sup> | 4.411% | <sup>#(e)</sup> | 5/15/2052 | 50000 | 46635 |
| CIM Retail Portfolio Trust 2021-RETL E<sup>†</sup> | 7.626%<br> (1 Mo. LIBOR + 3.75% |)<sup>#</sup> | 8/15/2036 | 375000 | 339802 |
| Citigroup Commercial Mortgage Trust 2013-375P C<sup>†</sup> | 3.635% | <sup>#(e)</sup> | 5/10/2035 | 275000 | 255548 |
| Citigroup Commercial Mortgage Trust 2015-GC27 AAB | 2.944% |  | 2/10/2048 | 3884 | 3781 |
| Citigroup Commercial Mortgage Trust 2016-GC36 A5 | 3.616% |  | 2/10/2049 | 100000 | 93590 |
| Citigroup Commercial Mortgage Trust 2016-GC37 A4 | 3.314% |  | 4/10/2049 | 225000 | 210649 |
| Citigroup Commercial Mortgage Trust 2018-B2 A2 | 3.788% |  | 3/10/2051 | 6000 | 5962 |
| Commercial Mortgage Pass-Through Certificates 2012-CR1 B | 4.612% |  | 5/15/2045 | 181187 | 180814 |
| Commercial Mortgage Pass-Through Certificates 2014-UBS3 A4 | 3.819% |  | 6/10/2047 | 107000 | 103552 |
| Commercial Mortgage Pass-Through Certificates 2014-UBS6 A5 | 3.644% |  | 12/10/2047 | 17404 | 16700 |
| Commercial Mortgage Pass-Through Certificates 2015-DC1 A4 | 3.078% |  | 2/10/2048 | 280000 | 268324 |
| Connecticut Avenue Securities Trust 2022-R01 1M1<sup>†</sup> | 4.521%<br> (1 Mo. SOFR + 1.00% |)<sup>#</sup> | 12/25/2041 | 533391 | 523952 |
| Credit Suisse Mortgage Capital Certificates 2019-ICE4 A<sup>†</sup> | 4.855%<br> (1 Mo. LIBOR + .98% |)<sup>#</sup> | 5/15/2036 | 660000 | 651904 |

---

<br> *See Notes to Financial Statements.* 281

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Credit Suisse Mortgage Capital Certificates 2021-BHAR A<sup>†</sup> | 5.026%<br> (1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 11/15/2038 | $500000 | $477221 |
| Credit Suisse Mortgage Capital Certificates Trust 2020-NQM1 A1<sup>†</sup> | 1.208% |  | 5/25/2065 | 89218 | 81273 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-ADV A<sup>†</sup> | 5.276%<br> (1 Mo. LIBOR + 1.40% |)<sup>#</sup> | 7/15/2038 | 450000 | 427978 |
| DBGS Mortgage Trust 2021-W52 A<sup>†</sup> | 5.271%<br> (1 Mo. LIBOR + 1.39% |)<sup>#</sup> | 10/15/2036 | 730000 | 692385 |
| Ellington Financial Mortgage Trust 2020-1 A1<sup>†</sup> | 2.006% | <sup>#(e)</sup> | 5/25/2065 | 20499 | 19820 |
| Fontainebleau Miami Beach Trust 2019-FBLU A<sup>†</sup> | 3.144% |  | 12/10/2036 | 500000 | 468328 |
| Freddie Mac STACR REMIC Trust 2021-HQA4 M1<sup>†</sup> | 4.471%<br> (1 Mo. SOFR + .95% |)<sup>#</sup> | 12/25/2041 | 595670 | 559069 |
| Freddie Mac STACR REMIC Trust 2022-DNA1 M1A<sup>†</sup> | 4.521%<br> (1 Mo. SOFR + 1.00% |)<sup>#</sup> | 1/25/2042 | 719861 | 696377 |
| GCAT Trust 2020-NQM2 A1<sup>†</sup> | 1.555% |  | 4/25/2065 | 41527 | 37211 |
| Great Wolf Trust 2019-WOLF A<sup>†</sup> | 4.909%<br> (1 Mo. LIBOR + 1.03% |)<sup>#</sup> | 12/15/2036 | 550000 | 531353 |
| Great Wolf Trust 2019-WOLF B<sup>†</sup> | 5.209%<br> (1 Mo. LIBOR + 1.33% |)<sup>#</sup> | 12/15/2036 | 290000 | 277347 |
| Great Wolf Trust 2019-WOLF C<sup>†</sup> | 5.508%<br> (1 Mo. LIBOR + 1.63% |)<sup>#</sup> | 12/15/2036 | 800000 | 763221 |
| GS Mortgage Securities Corp. Trust 2018-RIVR A<sup>†</sup> | 4.825%<br> (1 Mo. LIBOR + .95% |)<sup>#</sup> | 7/15/2035 | 773667 | 723629 |
| GS Mortgage Securities Corp. Trust 2019-70P XCP<sup>†</sup> | Zero Coupon | <sup>#(e)</sup> | 10/15/2036 | 21863000 | 409 |
| GS Mortgage Securities Corp. Trust 2019-SMP A<sup>†</sup> | 5.025%<br> (1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 8/15/2032 | 385000 | 376186 |
| GS Mortgage Securities Corp. Trust 2019-SMP B<sup>†</sup> | 5.375%<br> (1 Mo. LIBOR + 1.50% |)<sup>#</sup> | 8/15/2032 | 185000 | 178735 |
| GS Mortgage Securities Corp. Trust 2019-SMP XCP<sup>†</sup> | Zero Coupon | <sup>#(e)</sup> | 8/15/2032 | 10130600 | 216 |
| GS Mortgage Securities Corp. Trust 2021-ROSS A<sup>†</sup> | 5.026%<br> (1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 5/15/2026 | 270000 | 254176 |

---

<br> 282 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| GS Mortgage Securities Trust 2013-GCJ14 A5 | 4.243% |  | 8/10/2046 | $339000 | $334636 |
| GS Mortgage Securities Trust 2015-GC34 A4 | 3.506% |  | 10/10/2048 | 225000 | 211963 |
| GS Mortgage Securities Trust 2016-GS2 A4 | 3.05% |  | 5/10/2049 | 425000 | 392529 |
| HMH Trust 2017-NSS C<sup>†</sup> | 3.787% |  | 7/5/2031 | 28000 | 26404 |
| HONO Mortgage Trust 2021-LULU A<sup>†</sup> | 5.025%<br> (1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 10/15/2036 | 450000 | 429958 |
| Houston Galleria Mall Trust 2015-HGLR A1A2<sup>†</sup> | 3.087% |  | 3/5/2037 | 500000 | 459418 |
| HPLY Trust 2019-HIT A<sup>†</sup> | 4.875%<br> (1 Mo. LIBOR + 1.00% |)<sup>#</sup> | 11/15/2036 | 141651 | 137715 |
| Irvine Core Office Trust 2013-IRV A2<sup>†</sup> | 3.279% | <sup>#(e)</sup> | 5/15/2048 | 300000 | 295349 |
| JPMorgan Chase Commercial Mortgage Securities Corp. 2018-AON A<sup>†</sup> | 4.128% |  | 7/5/2031 | 225000 | 210832 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN A<sup>†</sup> | 5.143%<br> (1 Mo. LIBOR + 1.27% |)<sup>#</sup> | 11/15/2035 | 48000 | 45831 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN B<sup>†</sup> | 5.473%<br> (1 Mo. LIBOR + 1.60% |)<sup>#</sup> | 11/15/2035 | 12000 | 11466 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN C<sup>†</sup> | 5.823%<br> (1 Mo. LIBOR + 1.95% |)<sup>#</sup> | 11/15/2035 | 12000 | 11283 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2019-ICON A<sup>†</sup> | 3.884% |  | 1/5/2034 | 368000 | 353565 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2021-1440 B<sup>†</sup> | 5.625%<br> (1 Mo. LIBOR + 1.75% |)<sup>#</sup> | 3/15/2036 | 680000 | 652872 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A2<sup>†</sup> | 3.277% |  | 10/15/2030 | 97725 | 79622 |
| MSCG Trust 2015-ALDR A1<sup>†</sup> | 2.612% |  | 6/7/2035 | 21016 | 19819 |
| Natixis Commercial Mortgage Securities Trust 2018-285M A<sup>†</sup> | 3.917% | <sup>#(e)</sup> | 11/15/2032 | 33200 | 31655 |
| Ready Capital Mortgage Financing LLC 2021-FL6 A<sup>†</sup> | 4.994%<br> (1 Mo. LIBOR + .95% |)<sup>#</sup> | 7/25/2036 | 663643 | 645725 |
| SFO Commercial Mortgage Trust 2021-555 A<sup>†</sup> | 5.025%<br> (1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 5/15/2038 | 320000 | 295371 |
| SLIDE 2018-FUN XCP<sup>†</sup> | 0.976% | <sup>#(e)</sup> | 12/15/2020 | 5412633 | 54 |
| SMRT 2022-MINI A<sup>†</sup> | 4.795%<br> (1 Mo. Term SOFR + 1.00% |)<sup>#</sup> | 1/15/2039 | 1130000 | 1086048 |
| UBS-Barclays Commercial Mortgage Trust 2013-C6 A4 | 3.244% |  | 4/10/2046 | 242000 | 239966 |

---

<br> *See Notes to Financial Statements.* 283

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Verus Securitization Trust 2020-4 A1<sup>†</sup> | 1.502% |  | 5/25/2065 | $46675 | $41882 |
| Verus Securitization Trust 2020-5 A1<sup>†</sup> | 1.218% |  | 5/25/2065 | 99062 | 90432 |
| Verus Securitization Trust 2020-INV1 A1<sup>†</sup> | 1.977% | <sup>#(e)</sup> | 3/25/2060 | 22815 | 21858 |
| Vista Point Securitization Trust 2020-2 A1† | 1.475% | #<sup>(e)</sup> | 4/25/2065 | 36513 | 32073 |
| VMC Finance LLC 2019-FL3 A<sup>†</sup> | 5.011%<br> (1 Mo. LIBOR + 1.10% |)<sup>#</sup> | 9/15/2036 | 51713 | 50931 |
| Waikiki Beach Hotel Trust 2019-WBM D<sup>†</sup> | 5.903%<br> (1 Mo. LIBOR + 2.03% |)<sup>#</sup> | 12/15/2033 | 200000 | 187753 |
| Wells Fargo Commercial Mortgage Trust 2015-C26 AS | 3.58% |  | 2/15/2048 | 40000 | 37730 |
| WFLD Mortgage Trust 2014-MONT A<sup>†</sup> | 3.88% | <sup>#(e)</sup> | 8/10/2031 | 275000 | 256670 |
| WF-RBS Commercial Mortgage Trust 2014-C19 A5 | 4.101% |  | 3/15/2047 | 87000 | 85052 |
| WF-RBS Commercial Mortgage Trust 2014-C20 A5 | 3.995% |  | 5/15/2047 | 140000 | 135974 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $26,071,701) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $26,071,701) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $26,071,701) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $26,071,701) |  | 24571323 |
| **U.S. TREASURY OBLIGATIONS 1.38%** |  |  |  |  |  |
| U.S. Treasury Note (cost $3,338,695) | 3.00% |  | 6/30/2024 | 3332000 | 3253841 |
| *Total Long-Term Investments* (cost $234,817,951) |  |  |  |  | 227868836 |
| **SHORT-TERM INVESTMENTS 5.05%** |  |  |  |  |  |
| **COMMERCIAL PAPER 2.05%** |  |  |  |  |  |
| **Electric 0.25%** |  |  |  |  |  |
| Oglethorpe Power Corp. | 4.416% |  | 12/9/2022 | 601000 | 600419 |
| **Food 0.50%** |  |  |  |  |  |
| Conagra Brands, Inc. | 4.411% |  | 12/1/2022 | 1167000 | 1167000 |
| **Pipelines 1.13%** |  |  |  |  |  |
| Energy Transfer LP | 4.563% |  | 12/1/2022 | 1732000 | 1732000 |
| Energy Transfer LP | 4.563% |  | 12/1/2022 | 568000 | 568000 |
| Targa Resources Corp. | 4.614% |  | 12/1/2022 | 359000 | 359000 |
| *Total* |  |  |  |  | 2659000 |
| **REITS 0.17%** |  |  |  |  |  |
| Mid-America Apartments LP | 4.158% |  | 12/1/2022 | 389000 | 389000 |
| *Total Commercial Paper* (cost $4,815,419) |  |  |  |  | 4815419 |

---

<br> 284 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **REPURCHASE AGREEMENTS 3.00%** |  |  |  |  |
| Repurchase Agreement dated 11/30/2022, 3.740% due 12/1/2022 with Barclays Bank plc collateralized by $7,407,000 of U.S. Treasury Note at 2.875% due 5/15/2052; value: $6,119,663; proceeds: $6,000,293 <br> (cost $5,999,670) |  |  | $5999670 | $5999670 |
| Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $1,113,700, of U.S. Treasury Note at 2.50% due 5/15/2024; value: $1,079,964; proceeds: $1,058,805 <br> (cost $1,058,753) |  |  | 1058753 | 1058753 |
| *Total* |  |  |  | 7058423 |
| *Total Short-Term Investments* (cost $11,873,842) |  |  |  | 11873842 |
| *Total Investments in Securities 101.90%* (cost $246,691,793) | *Total Investments in Securities 101.90%* (cost $246,691,793) | *Total Investments in Securities 101.90%* (cost $246,691,793) |  | 239742678 |
| *Other Assets and Liabilities – Net<sup>(g)</sup> (1.90)%* |  |  |  | (4467479) |
| *Net Assets 100.00%* |  |  |  | $235275199 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2022, the total value of Rule 144A securities was $116,280,123, which represents 49.42% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2022. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | Securities purchased on a when-issued basis (See Note 2(j)). |
| <sup>(c)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate ("LIBOR") or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2022. |
| <sup>(d)</sup> | Level 3 Investment as described in Note 2(t) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation. |
| <sup>(e)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(f)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |
| <sup>(g)</sup> | Other Assets and Liabilities - Net include net unrealized appreciation/depreciation on futures contracts and swaps as follows: |

---

<br> *See Notes to Financial Statements.* 285

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

**Centrally Cleared Consumer Price Index ("CPI") Swaps at November 30, 2022:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to<br> be Made By<br> The Fund at<br> Termination<br> Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination<br> Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/Unrealized**<br> **Appreciation** |
| Goldman Sachs | 2.399% | CPI Urban Consumer NSA | 10/4/2023 | $1248431 | $4746 |
| Goldman Sachs | 4.145% | CPI Urban Consumer NSA | 4/15/2024 | 1205569 | 4139 |
| *Total Unrealized Appreciation on Centrally Cleared CPI Swaps* | *Total Unrealized Appreciation on Centrally Cleared CPI Swaps* | *Total Unrealized Appreciation on Centrally Cleared CPI Swaps* | *Total Unrealized Appreciation on Centrally Cleared CPI Swaps* | *Total Unrealized Appreciation on Centrally Cleared CPI Swaps* | $8885 |

---

**Futures Contracts at November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized**<br> **Appreciation** |
| U.S. 2-Year Treasury Note | March 2023 | 263 | Long | $53867915 | $54009516 | $141601 |
| U.S. 5-Year Treasury Note | March 2023 | 83 | Long | 8960327 | 9011336 | 51009 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | $192610 |

---

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $58829684 | $– | $58829684 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 123836914 |  | 123836914 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Services |  |  | 611584 | 611584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts |  | 1450551 | 1043433 | 2493984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 6455521 |  | 6455521 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 850392 |  | 850392 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 7658 |  | 7658 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 6875861 |  | 6875861 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 82074 |  | 82074 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 24571323 |  | 24571323 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 3253841 |  | 3253841 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Paper |  | 4815419 |  | 4815419 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 7058423 | – | 7058423 |
| Total | $– | $238087661 | $1655017 | $239742678 |

---

<br> 286 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

SHORT DURATION CORE BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Other Financial Instruments** | | | | |
| &nbsp;&nbsp;&nbsp;Centrally Cleared CPI Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $8885 | $– | $8885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 192610 |  |  | 192610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $192610 | $8885 | $– | $201495 |

---

<sup>(1)</sup> Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuer and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three- tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

---

| | | |
|:---|:---|:---|
| **Investment Type** | **Floating<br> Rate<br> Loans** | **Non-Agency<br> Commercial<br> Mortgage-Backed<br> Securities** |
| **Balance as of December 1, 2021** | $1972106 | $43738 |
| Accrued Discounts (Premiums) | 276 | 98 |
| Realized Gain (Loss) | 569 | (317) |
| Change in Unrealized Appreciation (Depreciation) | 7994 | (1975) |
| Purchases | 1549072 |  |
| Sales | (1875000) | (30370) |
| Transfers into Level 3 |  |  |
| Transfers out of Level 3<sup>(a)</sup> | – | (11174) |
| **Balance as of November 30, 2022** | $1655017 | – |
| **Change in unrealized appreciation/depreciation for the year ended November 30, 2022, related to Level 3 investments held at November 30, 2022** | $(7493) | – |

---

<sup></sup> <br> <sup>(a)</sup> The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology.

<br> *See Notes to Financial Statements.* 287

**Schedule of Investments**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **LONG-TERM INVESTMENTS 94.18%** |  |  |  |  |
| **ASSET-BACKED SECURITIES 24.69%** |  |  |  |  |
| **Automobiles 7.30%** |  |  |  |  |
| Ally Auto Receivables Trust 2019-3 A3 | 1.93% | 5/15/2024 | $3685038 | $3677978 |
| AmeriCredit Automobile Receivables Trust 2019-1 C | 3.36% | 2/18/2025 | 22833406 | 22731738 |
| AmeriCredit Automobile Receivables Trust 2020-1 B | 1.48% | 1/21/2025 | 27958750 | 27710135 |
| Avis Budget Rental Car Funding AESOP LLC 2018-2A A<sup>†</sup> | 4.00% | 3/20/2025 | 22004000 | 21570673 |
| Avis Budget Rental Car Funding AESOP LLC 2018-2A D<sup>†</sup> | 3.04% | 3/20/2025 | 59000000 | 54994903 <sup>(a)</sup> |
| Avis Budget Rental Car Funding AESOP LLC 2020-2A A<sup>†</sup> | 2.02% | 2/20/2027 | 22560000 | 20277767 |
| Capital One Prime Auto Receivables Trust 2022-1 A3 | 3.17% | 4/15/2027 | 82900000 | 79970654 |
| Capital One Prime Auto Receivables Trust 2022-2 A2A | 3.74% | 9/15/2025 | 125395000 | 123847124 |
| Capital One Prime Auto Receivables Trust 2022-2 A3 | 3.66% | 5/17/2027 | 127880000 | 124035684 |
| CarMax Auto Owner Trust 2020-2 A3 | 1.70% | 11/15/2024 | 3467567 | 3439057 |
| CarMax Auto Owner Trust 2020-2 A4 | 2.05% | 5/15/2025 | 35731000 | 34612938 |
| Carvana Auto Receivables Trust 2021-N1 A | 0.70% | 1/10/2028 | 14828812 | 13879747 |
| Carvana Auto Receivables Trust 2022-P1 A3 | 3.35% | 2/10/2027 | 178760000 | 171549465 |
| Carvana Auto Receivables Trust 2022-P2 A4 | 4.68% | 2/10/2028 | 70922000 | 68372893 |
| Carvana Auto Receivables Trust 2022-P3 A3<sup>(b)</sup> | 4.61% | 11/10/2027 | 34269000 | 33404564 |
| CPS Auto Receivables Trust 2019-B E<sup>†</sup> | 5.00% | 3/17/2025 | 3500000 | 3485118 |
| CPS Auto Receivables Trust 2019-C D<sup>†</sup> | 3.17% | 6/16/2025 | 3229048 | 3215793 |
| CPS Auto Receivables Trust 2020-A E<sup>†</sup> | 4.09% | 12/15/2025 | 11448000 | 11135436 |
| Credit Acceptance Auto Loan Trust 2021-3A A<sup>†</sup> | 1.00% | 5/15/2030 | 48200000 | 45477746 |
| Drive Auto Receivables Trust 2019-2 D | 3.69% | 8/17/2026 | 20454053 | 20291431 |
| Drive Auto Receivables Trust 2019-4 D | 2.70% | 2/16/2027 | 43254414 | 42474719 |
| Drive Auto Receivables Trust 2021-1 C | 1.02% | 6/15/2027 | 39725000 | 38638549 |
| Enterprise Fleet Financing LLC 2020-2 A2<sup>†</sup> | 0.61% | 7/20/2026 | 38951165 | 37847815 |
| Enterprise Fleet Financing LLC 2022-3 A2<sup>†</sup> | 4.38% | 7/20/2029 | 40650000 | 39613092 |
| Exeter Automobile Receivables Trust 2021-2A C | 0.98% | 6/15/2026 | 29900000 | 28541601 |
| Exeter Automobile Receivables Trust 2021-2A D | 1.40% | 4/15/2027 | 52760000 | 47496768 |
| Exeter Automobile Receivables Trust 2021-3A D | 1.55% | 6/15/2027 | 61755000 | 54454787 |
| Exeter Automobile Receivables Trust 2021-3A E<sup>†</sup> | 3.04% | 12/15/2028 | 40830000 | 34648901 |
| Exeter Automobile Receivables Trust 2022-3A A3 | 4.21% | 1/15/2026 | 54551000 | 54036349 |
| Exeter Automobile Receivables Trust 2022-3A B | 4.86% | 12/15/2026 | 51653000 | 50681443 |

---

288 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Automobiles (continued)** |  |  |  |  |
| Fifth Third Auto Trust 2019-1 A4 | 2.69% | 11/16/2026 | $18075917 | $18034342 |
| First Investors Auto Owners Trust 2022-2A A | 6.26% | 7/15/2027 | 110002370 | 109813342 |
| Ford Credit Auto Owner Trust 2018-2 A<sup>†</sup> | 3.47% | 1/15/2030 | 97245000 | 95982371 |
| Ford Credit Auto Owner Trust 2020-C A3 | 0.41% | 7/15/2025 | 60583515 | 58972799 |
| Ford Credit Auto Owner Trust 2022-1 A<sup>†</sup> | 3.88% | 11/15/2034 | 115555000 | 110650349 |
| Ford Credit Auto Owner Trust 2022-D A3 | 5.27% | 5/17/2027 | 54685000 | 54917843 |
| Ford Credit Auto Owner Trust REV1 2018-1 A<sup>†</sup> | 3.19% | 7/15/2031 | 39589000 | 37797012 |
| Ford Credit Auto Owner Trust REV1 2021-1 A<sup>†</sup> | 1.37% | 10/17/2033 | 76875000 | 68355882 |
| Ford Credit Auto Owner Trust REV2 2019-1 A<sup>†</sup> | 3.52% | 7/15/2030 | 89401000 | 87310206 |
| GLS Auto Receivables Issuer Trust 2021-3A A<sup>†</sup> | 0.42% | 1/15/2025 | 24561803 | 24388251 |
| GLS Auto Receivables Issuer Trust 2022-3A A2<sup>†</sup> | 4.59% | 5/15/2026 | 35880000 | 35579842 |
| GM Financial Automobile Leasing Trust 2022-2 A3 | 3.42% | 6/20/2025 | 91915000 | 89658873 |
| GM Financial Automobile Leasing Trust 2022-3 A2A | 4.01% | 10/21/2024 | 133815000 | 132489107 |
| GM Financial Automobile Leasing Trust 2022-3 A3 | 4.01% | 9/22/2025 | 121646000 | 119415183 |
| Hertz Vehicle Financing III LP 2021-2A A<sup>†</sup> | 1.68% | 12/27/2027 | 120899000 | 103564659 |
| Hertz Vehicle Financing LLC 2021-1A A<sup>†</sup> | 1.21% | 12/26/2025 | 91200000 | 83688668 |
| Hertz Vehicle Financing LLC 2021-1A D<sup>†</sup> | 3.98% | 12/26/2025 | 25000000 | 22458165 |
| Honda Auto Receivables Owner Trust 2021-2 A2 | 0.17% | 11/15/2023 | 3616233 | 3609088 |
| Hyundai Auto Lease Securitization Trust 2022-C A2A<sup>†</sup> | 4.34% | 1/15/2025 | 73200000 | 72520821 |
| Mercedes-Benz Auto Receivables Trust 2022-1 A3 | 5.21% | 8/16/2027 | 48220000 | 48290319 |
| Nissan Auto Lease Trust 2020-B A3 | 0.43% | 10/16/2023 | 8496935 | 8473416 |
| Nissan Auto Lease Trust 2022-A A3 | 3.81% | 5/15/2025 | 77680000 | 76321245 |
| OneMain Direct Auto Receivables Trust 2021-1A A<sup>†</sup> | 0.87% | 7/14/2028 | 119845000 | 110154609 |
| Prestige Auto Receivables Trust Part 2022-1A A2 | 5.90% | 7/15/2025 | 66650000 | 66534596 |
| Prestige Auto Receivables Trust Part 2022-1A A3 | 6.09% | 5/15/2026 | 22620000 | 22554814 |
| Santander Drive Auto Receivables Trust 2021-1 C | 0.75% | 2/17/2026 | 53613441 | 52739574 |
| Santander Drive Auto Receivables Trust 2022-5 A2 | 3.98% | 1/15/2025 | 57145000 | 56732447 |
| Santander Drive Auto Receivables Trust 2022-6 A2 | 4.37% | 5/15/2025 | 113645000 | 112983757 |
| Santander Retail Auto Lease Trust 2021-A A3<sup>†</sup> | 0.51% | 7/22/2024 | 159370000 | 154664234 |
| Santander Retail Auto Lease Trust 2021-C A2<sup>†</sup> | 0.29% | 4/22/2024 | 9583596 | 9553546 |
| Santander Retail Auto Lease Trust 2021-C A3<sup>†</sup> | 0.50% | 3/20/2025 | 30191000 | 29216912 |
| Toyota Auto Loan Extended Note Trust 2020-1A A<sup>†</sup> | 1.35% | 5/25/2033 | 129000000 | 117347017 |
| Westlake Automobile Receivables Trust 2019-2A D<sup>†</sup> | 3.20% | 11/15/2024 | 20976620 | 20923793 |
| Westlake Automobile Receivables Trust 2021-2A A2A<sup>†</sup> | 0.32% | 4/15/2025 | 46363226 | 45770579 |
| Westlake Automobile Receivables Trust 2021-2A C<sup>†</sup> | 0.89% | 7/15/2026 | 53150000 | 50120875 |

---

*See Notes to Financial Statements.* 289

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| World Omni Automobile Lease Securitization Trust 2020-B A3 | 0.45% |  | 2/15/2024 | $29393487 | $29117517 |
| World Omni Select Auto Trust 2019-A C | 2.38% |  | 12/15/2025 | 8886000 | 8755289 |
| World Omni Select Auto Trust 2019-A D | 2.59% |  | 12/15/2025 | 25464000 | 25016401 |
| *Total* |  |  |  |  | 3690592611 |
| **Credit Card 2.55%** |  |  |  |  |  |
| American Express Credit Account Master Trust 2022-2 A | 3.39% |  | 5/15/2027 | 191055000 | 184805629 |
| American Express Credit Account Master Trust 2022-3 A | 3.75% |  | 8/15/2027 | 197319000 | 192171204 |
| BA Credit Card Trust 2022-A1 A1 | 3.53% |  | 11/15/2027 | 50000000 | 48486565 |
| BA Credit Card Trust 2022-A2 A2 | 5.00% |  | 4/17/2028 | 45660000 | 45714532 |
| Capital One Multi-Asset Execution Trust 2022-A2 A | 3.49% |  | 5/15/2027 | 208288000 | 201521452 |
| Capital One Multi-Asset Execution Trust 2022-A3 A | 4.95% |  | 10/15/2027 | 95105000 | 95602513 |
| Chase Issuance Trust 2022-A1 A | 3.97% |  | 9/15/2027 | 71400000 | 69955000 |
| Citibank Credit Card Issuance Trust 2017-A6 A6 | 4.643%<br>(1 Mo. LIBOR + .77% |)<sup>#</sup> | 5/14/2029 | 26080000 | 25609381 |
| Discover Card Execution Note Trust 2018-A2 A2 | 4.203%<br>(1 Mo. LIBOR + .33% |)<sup>#</sup> | 8/15/2025 | 5100000 | 5099840 |
| Discover Card Execution Note Trust 2022-A3 A3 | 3.56% |  | 7/15/2027 | 143875000 | 138206023 |
| Discover Card Execution Note Trust 2022-A4 A | 5.03% |  | 10/15/2027 | 123665000 | 124333063 |
| Golden Credit Card Trust 2018-4A A<sup>†</sup> | 3.44% |  | 8/15/2025 | 53161000 | 52499518 |
| Master Credit Card Trust II 2020-1A A<sup>†</sup> | 1.99% |  | 9/21/2024 | 12223000 | 12102369 |
| Newday Funding Master Issuer plc 2021-1A A2<sup>†</sup> | 4.905%<br>(SOFR + 1.10% |)<sup>#</sup> | 3/15/2029 | 19600000 | 19357817 |
| Perimeter Master Note Business Trust 2019-2A A<sup>†</sup> | 4.23% |  | 5/15/2024 | 31250000 | 30888000 |
| Perimeter Master Note Business Trust 2021-1A A<sup>†</sup> | 3.19% |  | 5/15/2024 | 46000000 | 43810533 <sup>(a)</sup> |
| *Total* |  |  |  |  | 1290163439 |
| **Other 14.09%** |  |  |  |  |  |
| ACAM Ltd. 2019-FL1 A<sup>†</sup> | 5.378%<br>(1 Mo. Term SOFR + 1.51% |)<sup>#</sup> | 11/17/2034 | 46349706 | 45938654 |
| ACAM Ltd. 2019-FL1 AS<sup>†</sup> | 5.728%<br>(1 Mo. Term SOFR + 1.86% |)<sup>#</sup> | 11/17/2034 | 25000000 | 24707851 |
| ACREC Ltd. 2021-FL1 A<sup>†</sup> | 5.061%<br>(1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 10/16/2036 | 102830000 | 98075547 |
| Affirm Asset Securitization Trust 2021-B A<sup>†</sup> | 1.03% |  | 8/17/2026 | 89250000 | 84152584 |
| Affirm Asset Securitization Trust 2022-A 1A<sup>†</sup> | 4.30% |  | 5/17/2027 | 30000000 | 28451133 |
| Affirm Asset Securitization Trust 2022-X1 A<sup>†</sup> | 1.75% |  | 2/15/2027 | 35592463 | 34547023 |

---

290 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Other (continued)** |  |  |  |  |  |
| AIMCO CLO Series 2018-BA AR<sup>†</sup> | 5.179%<br>(3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 1/15/2032 | $69000000 | $67794119 |
| AMMC CLO Ltd. 2016-19A AR<sup>†</sup> | 5.219%<br>(3 Mo. LIBOR + 1.14% |)<sup>#</sup> | 10/16/2028 | 18952745 | 18903509 |
| AMMC CLO Ltd. 2016-19A BR<sup>†</sup> | 5.879%<br>(3 Mo. LIBOR + 1.80% |)<sup>#</sup> | 10/16/2028 | 29854271 | 29565713 |
| AMMC CLO Ltd. 2016-19A CR<sup>†</sup> | 6.629%<br>(3 Mo. LIBOR + 2.55% |)<sup>#</sup> | 10/16/2028 | 13000000 | 12752257 |
| AMMC CLO Ltd. 2020-23A A1R<sup>†</sup> | 5.119%<br>(3 Mo. LIBOR + 1.04% |)<sup>#</sup> | 10/17/2031 | 116150000 | 113296311 |
| Amur Equipment Finance Receivables VII LLC 2019-1A A2<sup>†</sup> | 2.63% |  | 6/20/2024 | 1692155 | 1688840 |
| Anchorage Capital CLO 3-R Ltd. 2014-3RA A<sup>†</sup> | 5.424%<br>(3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 1/28/2031 | 30658809 | 30079409 |
| Anchorage Capital CLO 4-R Ltd. 2014-4RA A<sup>†</sup> | 5.424%<br>(3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 1/28/2031 | 40048590 | 39393625 |
| Apidos CLO XXII 2015-22A A1R<sup>†</sup> | 5.303%<br>(3 Mo. LIBOR + 1.06% |)<sup>#</sup> | 4/20/2031 | 79418000 | 77648259 |
| Apidos CLO XXIV 2016-24A A1AL<sup>†</sup> | 5.193%<br>(3 Mo. LIBOR + .95% |)<sup>#</sup> | 10/20/2030 | 23480000 | 23064376 |
| Apidos CLO XXXI 2019-31A A1R<sup>†</sup> | 5.179%<br>(3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 4/15/2031 | 86400000 | 84672000 |
| Aqua Finance Trust 2019-A A<sup>†</sup> | 3.14% |  | 7/16/2040 | 12409670 | 11678235 |
| Aqua Finance Trust 2021-A A<sup>†</sup> | 1.54% |  | 7/17/2046 | 79367998 | 72535183 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL2 A<sup>†</sup> | 4.975%<br>(1 Mo. LIBOR + 1.10% |)<sup>#</sup> | 5/15/2036 | 40530000 | 39435062 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL3 A<sup>†</sup> | 4.945%<br>(1 Mo. LIBOR + 1.07% |)<sup>#</sup> | 8/15/2034 | 60510000 | 58141657 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL3 AS<sup>†</sup> | 5.275%<br>(1 Mo. LIBOR + 1.40% |)<sup>#</sup> | 8/15/2034 | 18530000 | 17868946 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A<sup>†</sup> | 5.225%<br>(1 Mo. LIBOR + 1.35% |)<sup>#</sup> | 11/15/2036 | 173500000 | 168375763 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL1 A<sup>†</sup> | 4.668%<br>(1 Mo. SOFR + 1.45% |)<sup>#</sup> | 1/15/2037 | 112840000 | 109736900 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL2 A<sup>†</sup> | 5.644%<br>(1 Mo. Term SOFR + 1.85% |)<sup>#</sup> | 5/15/2037 | 67630000 | 66082377 |

---

*See Notes to Financial Statements.* 291

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Other (continued)** |  |  |  |  |  |
| ARES L CLO Ltd. 2018-50A AR<sup>†</sup> | 5.129%<br>(3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 1/15/2032 | $117390000 | $114596105 |
| Bain Capital Credit CLO 2019-2A AR<sup>†</sup> | 5.179%<br>(3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 10/17/2032 | 25950000 | 25385582 |
| Bain Capital Credit CLO Ltd. 2017-1A A1R<sup>†</sup> | 5.213%<br>(3 Mo. LIBOR + .97% |)<sup>#</sup> | 7/20/2030 | 92348951 | 90873206 |
| Bain Capital Credit CLO Ltd. 2020-5A A1<sup>†</sup> | 5.463%<br>(3 Mo. LIBOR + 1.22% |)<sup>#</sup> | 1/20/2032 | 72770000 | 71338379 |
| Ballyrock CLO Ltd. 2019-1A A1R<sup>†</sup> | 5.109%<br>(3 Mo. LIBOR + 1.03% |)<sup>#</sup> | 7/15/2032 | 138960000 | 135750299 |
| Barings CLO Ltd. 2019-3A A1R<sup>†</sup> | 5.313%<br>(3 Mo. LIBOR + 1.07% |)<sup>#</sup> | 4/20/2031 | 21710000 | 21271617 |
| BDS Ltd. 2021-FL10 A<sup>†</sup> | 5.009%<br>(1 Mo. LIBOR + 1.07% |)<sup>#</sup> | 6/16/2036 | 74240000 | 71951012 |
| Benefit Street Partners CLO IV Ltd. 2014-IVA ARRR<sup>†</sup> | 5.423%<br>(3 Mo. LIBOR + 1.18% |)<sup>#</sup> | 1/20/2032 | 77740000 | 76269546 |
| BlueMountain Fuji US CLO I Ltd. 2017-1A A1R<sup>†</sup> | 5.223%<br>(3 Mo. LIBOR + .98% |)<sup>#</sup> | 7/20/2029 | 69574666 | 68180610 |
| BSPRT Issuer Ltd. 2019-FL5 A<sup>†</sup> | 5.025%<br>(1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 5/15/2029 | 2139506 | 2140998 |
| BSPRT Issuer Ltd. 2021-FL7 A<sup>†</sup> | 5.195%<br>(1 Mo. LIBOR + 1.32% |)<sup>#</sup> | 12/15/2038 | 58340000 | 55967473 |
| Carlyle Global Market Strategies CLO Ltd. 2015-1A AR3<sup>†</sup> | 5.223%<br>(3 Mo. LIBOR + .98% |)<sup>#</sup> | 7/20/2031 | 78014043 | 76171562 |
| Carlyle US CLO Ltd. 2017-2A A1R<sup>†</sup> | 5.293%<br>(3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 7/20/2031 | 90210000 | 88223597 |
| Carlyle US CLO Ltd. 2017-3A A1AR<sup>†</sup> | 5.143%<br>(3 Mo. LIBOR + .90% |)<sup>#</sup> | 7/20/2029 | 24773798 | 24434840 |
| Carlyle US CLO Ltd. 2019-1A A1AR<sup>†</sup> | 5.323%<br>(3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 4/20/2031 | 134350000 | 131580740 |
| Cedar Funding X CLO Ltd. 2019-10A AR<sup>†</sup> | 5.343%<br>(3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 10/20/2032 | 10610000 | 10372310 |
| Cedar Funding XIV CLO Ltd. 2021-14A A<sup>†</sup> | 5.179%<br>(3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 7/15/2033 | 96630000 | 94696452 |
| CF Hippolyta Issuer LLC 2021-1A A1<sup>†</sup> | 1.53% |  | 3/15/2061 | 38322787 | 33109999 |
| CIFC Funding II Ltd. 2013-2A A1L2<sup>†</sup> | 5.194%<br>(3 Mo. LIBOR + 1.00% |)<sup>#</sup> | 10/18/2030 | 37100000 | 36479354 |
| CIFC Funding Ltd. 2021-4A A<sup>†</sup> | 5.129%<br>(3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 7/15/2033 | 48100000 | 47144976 |
| CNH Equipment Trust 2022-B A2 | 3.94% |  | 12/15/2025 | 56750000 | 55940824 |

---

292 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Other (continued)** |  |  |  |  |  |
| Dell Equipment Finance Trust 2021-2 A2<sup>†</sup> | 0.33% |  | 12/22/2026 | $32947375 | $32486731 |
| Diamond Resorts Owner Trust 2018-1 A<sup>†</sup> | 3.70% |  | 1/21/2031 | 10806197 | 10548660 |
| Diamond Resorts Owner Trust 2018-1 B<sup>†</sup> | 4.19% |  | 1/21/2031 | 6478620 | 6336457 |
| Dryden 55 CLO Ltd. 2018-55A A1<sup>†</sup> | 5.099%<br>(3 Mo. LIBOR + 1.02% |)<sup>#</sup> | 4/15/2031 | 20170207 | 19914943 |
| Dryden CLO Ltd. 2019-72A AR<sup>†</sup> | 5.686%<br>(3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 5/15/2032 | 98100000 | 95855239 |
| Dryden Senior Loan Fund 2017-47A A1R<sup>†</sup> | 5.059%<br>(3 Mo. LIBOR + .98% |)<sup>#</sup> | 4/15/2028 | 85350259 | 84469383 |
| Elmwood CLO X Ltd. 2021-3A A<sup>†</sup> | 5.283%<br>(3 Mo. LIBOR + 1.04% |)<sup>#</sup> | 10/20/2034 | 64360000 | 62554852 |
| Fairstone Financial Issuance Trust I 2020-1A A<sup>†(c)</sup> | 2.509% |  | 10/20/2039 | 35080000 | 25465039 |
| Galaxy XIX CLO Ltd. 2015-19A A1RR<sup>†</sup> | 5.275%<br>(3 Mo. LIBOR + .95% |)<sup>#</sup> | 7/24/2030 | $54140084 | 53096078 |
| GreatAmerica Leasing Receivables Funding LLC Series 2019-1 A4<sup>†</sup> | 3.21% |  | 2/18/2025 | 3720011 | 3717036 |
| Greystone CRE Notes Ltd. 2021-FL3 A<sup>†</sup> | 4.895%<br>(1 Mo. LIBOR + 1.02% |)<sup>#</sup> | 7/15/2039 | 98670000 | 93960246 |
| Greywolf CLO VII Ltd. 2018-2A A1<sup>†</sup> | 5.403%<br>(3 Mo. Term SOFR + 1.18% |)<sup>#</sup> | 10/20/2031 | 37250000 | 36561748 |
| Halcyon Loan Advisors Funding Ltd. 2015-2A BR<sup>†</sup> | 6.008%<br>(3 Mo. LIBOR + 1.65% |)<sup>#</sup> | 7/25/2027 | 4498022 | 4512509 |
| Halcyon Loan Advisors Funding Ltd. 2017-2A A2<sup>†</sup> | 5.779%<br>(3 Mo. LIBOR + 1.70% |)<sup>#</sup> | 1/17/2030 | 23027000 | 22499630 |
| HGI CRE CLO Ltd. 2021-FL2 A<sup>†</sup> | 4.887%<br>(1 Mo. LIBOR + 1.00% |)<sup>#</sup> | 9/17/2036 | 26520000 | 25559847 |
| JFIN CLO Ltd. 2013-1A A1NR<sup>†</sup> | 4.10%<br>(3 Mo. LIBOR + 1.39% |)<sup>#</sup> | 1/20/2030 | 50316684 | 49655462 |
| JFIN CLO Ltd. 2013-1A A2R<sup>†</sup> | 4.91%<br>(3 Mo. LIBOR + 2.20% |)<sup>#</sup> | 1/20/2030 | 37290505 | 36852961 |
| KKR CLO Ltd. 24 A1R<sup>†</sup> | 5.323%<br>(3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 4/20/2032 | 130540000 | 127742806 |
| KKR CLO Ltd. 30A A1R<sup>†</sup> | 5.099%<br>(3 Mo. LIBOR + 1.02% |)<sup>#</sup> | 10/17/2031 | 18250000 | 17801167 |
| KKR CLO Ltd. 38A A1<sup>†</sup> | 5.184%<br>(3 Mo. Term SOFR + 1.32% |)<sup>#</sup> | 4/15/2033 | 98040000 | 95989334 |
| KREF Ltd. 2021-FL2 A<sup>†</sup> | 4.981%<br>(1 Mo. LIBOR + 1.07% |)<sup>#</sup> | 2/15/2039 | 74690000 | 71935806 |
| KREF Ltd. 2021-FL2 AS<sup>†</sup> | 5.211%<br>(1 Mo. LIBOR + 1.30% |)<sup>#</sup> | 2/15/2039 | 37030000 | 35328876 |
| LCM XXII Ltd. 22A A1R<sup>†</sup> | 5.403%<br>(3 Mo. LIBOR + 1.16% |)<sup>#</sup> | 10/20/2028 | 9723959 | 9598359 |

---

*See Notes to Financial Statements.* 293

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Other (continued)** |  |  |  |  |  |
| Lendmark Funding Trust 2021-1A A<sup>†</sup> | 5.12% |  | 7/20/2032 | $82215000 | $79616768 |
| Lendmark Funding Trust 2021-2A A<sup>†</sup> | 2.00% |  | 4/20/2032 | 137050000 | 113883082 |
| LMREC, Inc. 2019-CRE3 A<sup>†</sup> | 5.444%<br>(1 Mo. LIBOR + 1.40% |)<sup>#</sup> | 12/22/2035 | 31854833 | 31712607 |
| LoanCore Issuer Ltd. 2022-CRE7 A<sup>†</sup> | 4.891%<br>(1 Mo. SOFR + 1.55% |)<sup>#</sup> | 1/17/2037 | 106030000 | 101924253 |
| M360 LLC 2019-CRE2 B<sup>†</sup> | 6.159%<br>(1 Mo. Term SOFR + 2.36% |)<sup>#</sup> | 9/15/2034 | 10311000 | 10285344 |
| Madison Park Funding XI Ltd. 2013-11A AR2<sup>†</sup> | 5.225%<br>(3 Mo. LIBOR + .90% |)<sup>#</sup> | 7/23/2029 | 13691723 | 13430485 |
| Madison Park Funding XVII Ltd. 2015-17A AR2<sup>†</sup> | 5.278%<br>(3 Mo. LIBOR + 1.00% |)<sup>#</sup> | 7/21/2030 | 29341188 | 28831251 |
| Madison Park Funding XXV Ltd. 2017-25A A1R<sup>†</sup> | 5.328%<br>(3 Mo. LIBOR + .97% |)<sup>#</sup> | 4/25/2029 | 52721836 | 51840570 |
| Magnetite XXII Ltd. 2019-22A AR<sup>†</sup> | 5.139%<br>(3 Mo. LIBOR + 1.06% |)<sup>#</sup> | 4/15/2031 | 47750000 | 46776962 |
| Magnetite Xxix Ltd. 2021-29A A<sup>†</sup> | 5.069%<br>(3 Mo. LIBOR + .99% |)<sup>#</sup> | 1/15/2034 | 79670000 | 77931859 |
| Mariner Finance Issuance Trust 2021-BA A<sup>†</sup> | 2.10% |  | 11/20/2036 | 63990000 | 53998089 |
| MF1 LLC 2022-FL9 A<sup>†</sup> | 6.082%<br>(1 Mo. Term SOFR + 2.15% |)<sup>#</sup> | 6/19/2037 | 102540000 | 101370403 |
| MF1 Ltd. 2021-FL6 AS<sup>†</sup> | 5.361%<br>(1 Mo. LIBOR + 1.45% |)<sup>#</sup> | 7/16/2036 | 66840000 | 62998336 |
| MF1 Ltd. 2021-FL7 A<sup>†</sup> | 5.019%<br>(1 Mo. LIBOR + 1.08% |)<sup>#</sup> | 10/16/2036 | 112342000 | 107665332 |
| MF1 Ltd. 2021-FL7 AS<sup>†</sup> | 5.389%<br>(1 Mo. LIBOR + 1.45% |)<sup>#</sup> | 10/16/2036 | 57330000 | 53854794 |
| MF1 Ltd. 2022-FL8 A<sup>†</sup> | 4.768%<br>(1 Mo. SOFR + 1.35% |)<sup>#</sup> | 2/19/2037 | 5000000 | 4787500 |
| MF1 Ltd. 2022-FL8 AS<sup>†</sup> | 5.168%<br>(1 Mo. SOFR + 1.75% |)<sup>#</sup> | 2/19/2037 | 50000000 | 47724255 |
| Mountain View CLO LLC 2017-1A AR<sup>†</sup> | 5.169%<br>(3 Mo. LIBOR + 1.09% |)<sup>#</sup> | 10/16/2029 | 37859848 | 37375697 |
| Mountain View CLO LLC 2017-1A BR<sup>†</sup> | 5.829%<br>(3 Mo. LIBOR + 1.75% |)<sup>#</sup> | 10/16/2029 | 36501623 | 35251094 |
| MVW Owner Trust 2017-1A A<sup>†</sup> | 2.42% |  | 12/20/2034 | 2760532 | 2689342 |
| New Economy Assets Phase 1 Sponsor LLC 2021-1 A1<sup>†</sup> | 1.91% |  | 10/20/2061 | 70550000 | 59784275 |
| New Economy Assets Phase 1 Sponsor LLC 2021-1 B1<sup>†</sup> | 2.41% |  | 10/20/2061 | 28890000 | 23868066 |
| Newark BSL CLO 1 Ltd. 2016-1A A1R<sup>†</sup> | 5.458%<br>(3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 12/21/2029 | 64820531 | 64091379 |

---

294 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Other (continued)** |  |  |  |  |  |
| Newark BSL CLO 2 Ltd. 2017-1A A1R<sup>†</sup> | 5.328%<br>(3 Mo. LIBOR + .97% |)<sup>#</sup> | 7/25/2030 | $47945089 | $47154562 |
| OCP CLO Ltd. 2019-17A A1R<sup>†</sup> | 5.283%<br>(3 Mo. LIBOR + 1.04% |)<sup>#</sup> | 7/20/2032 | 157030000 | 152943089 |
| Octagon Investment Partners 30 Ltd. 2017-1A A1R<sup>†</sup> | 5.243%<br>(3 Mo. LIBOR + 1.00% |)<sup>#</sup> | 3/17/2030 | 34550000 | 33977851 |
| Octagon Investment Partners 32 Ltd. 2017-1A A1R<sup>†</sup> | 5.029%<br>(3 Mo. LIBOR + .95% |)<sup>#</sup> | 7/15/2029 | 117614739 | 116101273 |
| Octagon Investment Partners 49 Ltd. 2020-5A A1<sup>†</sup> | 5.299%<br>(3 Mo. LIBOR + 1.22% |)<sup>#</sup> | 1/15/2033 | 44600000 | 43970188 |
| Octagon Investment Partners XIV Ltd. 2012-1A AARR<sup>†</sup> | 5.029%<br>(3 Mo. LIBOR + .95% |)<sup>#</sup> | 7/15/2029 | 40947603 | 40453703 |
| Octagon Investment Partners XXI Ltd. 2014-1A AAR3<sup>†</sup> | 5.65%<br>(3 Mo. LIBOR + 1.00% |)<sup>#</sup> | 2/14/2031 | 73440000 | 72075722 |
| Octane Receivables Trust 2022-2A A<sup>†</sup> | 5.11% |  | 2/22/2028 | 59637901 | 58874184 |
| OneMain Financial Issuance Trust 2018-2A A<sup>†</sup> | 3.57% |  | 3/14/2033 | 7689000 | 7519445 |
| OneMain Financial Issuance Trust 2019-2A A<sup>†</sup> | 3.14% |  | 10/14/2036 | 75865000 | 67950232 |
| OneMain Financial Issuance Trust 2020-1A A1<sup>†</sup> | 1.55% |  | 6/16/2036 | 18835000 | 15930975 |
| OneMain Financial Issuance Trust 2020-2A A<sup>†</sup> | 1.75% |  | 9/14/2035 | 21084000 | 18433423 |
| OneMain Financial Issuance Trust 2020-2A C<sup>†</sup> | 2.76% |  | 9/14/2035 | 14375000 | 12032243 |
| Orange Lake Timeshare Trust 2019-A A<sup>†</sup> | 3.06% |  | 4/9/2038 | 5629254 | 5330909 |
| OZLM XVII Ltd. 2017 17A A1<sup>†</sup> | 5.493%<br>(3 Mo. LIBOR + 1.25% |)<sup>#</sup> | 7/20/2030 | 14086732 | 13805751 |
| Pagaya AI Debt Trust 2022-1 A<sup>†</sup> | 2.03% |  | 10/15/2029 | 127767221 | 122406619 |
| Perimeter Master Note Business | 2.13% |  | 5/15/2027 | 90000000 | 83240820 |
| PFS Financing Corp. 2020-E A<sup>†</sup> | 1.00% |  | 10/15/2025 | 71520000 | 68504345 |
| PFS Financing Corp. 2020-G A<sup>†</sup> | 0.97% |  | 2/15/2026 | 55841000 | 52462150 |
| Planet Fitness Master Issuer LLC 2018-1A A2II<sup>†</sup> | 4.666% |  | 9/5/2048 | 18200390 | 17068200 |
| Prima Capital CRE Securitization Ltd. 2013-3A C<sup>†</sup> | 5.00% |  | 10/24/2035 | 35011000 | 32849386 <sup>(a)</sup> |
| Rad CLO 2 Ltd. 2018-2A AR<sup>†</sup> | 5.159%<br>(3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 10/15/2031 | 100220000 | 98054530 |
| Rad CLO Ltd. 2020-7A A1<sup>†</sup> | 5.279%<br>(3 Mo. LIBOR + 1.20% |)<sup>#</sup> | 4/17/2033 | 7750000 | 7588067 |
| Rad CLO Ltd. 2021-15A A<sup>†</sup> | 5.333%<br>(3 Mo. LIBOR + 1.09% |)<sup>#</sup> | 1/20/2034 | 57860000 | 56476814 |

---

*See Notes to Financial Statements.* 295

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Other (continued)** |  |  |  |  |  |
| Romark CLO Ltd. 2017-1A A1R<sup>†</sup> | 5.355%<br>(3 Mo. LIBOR + 1.03% |)<sup>#</sup> | 10/23/2030 | $57250000 | $56214273 |
| SCF Equipment Leasing LLC 2019-2A A2<sup>†</sup> | 2.47% |  | 4/20/2026 | 51124940 | 50259860 |
| SCF Equipment Leasing LLC 2021-1A A3<sup>†</sup> | 0.83% |  | 8/21/2028 | 136635000 | 129292918 |
| SCF Equipment Leasing LLC 2021-1A B<sup>†</sup> | 1.37% |  | 8/20/2029 | 14900000 | 13430608 |
| SCF Equipment Leasing LLC 2022-1A A3<sup>†</sup> | 2.92% |  | 7/20/2029 | 111160000 | 104561342 |
| SCF Equipment Leasing LLC 2022-1A B<sup>†</sup> | 3.22% |  | 10/21/2030 | 45560000 | 42149884 |
| Sound Point CLO III-R Ltd. 2013-2RA B<sup>†</sup> | 5.529%<br>(3 Mo. LIBOR + 1.45% |)<sup>#</sup> | 4/15/2029 | 10000000 | 9560282 |
| TCI-Flatiron CLO Ltd. 2017-1A AR<sup>†</sup> | 5.61%<br>(3 Mo. LIBOR + .96% |)<sup>#</sup> | 11/18/2030 | 58190000 | 57023300 |
| TCI-Flatiron CLO Ltd. 2018-1A ANR<sup>†</sup> | 5.475%<br>(3 Mo. LIBOR + 1.06% |)<sup>#</sup> | 1/29/2032 | 32300000 | 31670040 |
| TCW CLO Ltd. 2022 1A A1<sup>†</sup> | 5.40%<br>(3 Mo. Term SOFR + 1.34% |)<sup>#</sup> | 4/22/2033 | 55200000 | 53801304 |
| TICP CLO XIV Ltd. 2019-14A A1R<sup>†</sup> | 5.323%<br>(3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 10/20/2032 | 58170000 | 56948430 |
| TRTX Issuer Ltd. 2019-FL3 A<sup>†</sup> | 5.139%<br>(1 Mo. Term SOFR + 1.26% |)<sup>#</sup> | 10/15/2034 | 2358845 | 2353175 |
| Upstart Securitization Trust 2021-2 A<sup>†</sup> | 0.91% |  | 6/20/2031 | 19054526 | 18649958 |
| Upstart Securitization Trust 2021-5 A<sup>†</sup> | 1.31% |  | 11/20/2031 | 33949442 | 32403320 |
| Venture 33 CLO Ltd. 2018-33A A1LR<sup>†</sup> | 5.139%<br>(3 Mo. LIBOR + 1.06% |)<sup>#</sup> | 7/15/2031 | 68200000 | 66820329 |
| VERDE CLO Ltd. 2019-1A AR<sup>†</sup> | 5.179%<br>(3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 4/15/2032 | 19355000 | 18948545 |
| Verizon Master Trust 2022-7 A1A | 5.23% |  | 11/22/2027 | 89315000 | 89232419 |
| Wind River CLO Ltd. 2013-1A A1RR<sup>†</sup> | 5.223%<br>(3 Mo. LIBOR + .98% |)<sup>#</sup> | 7/20/2030 | 123365073 | 121513600 |
| *Total* |  |  |  |  | 7124637794 |
| **Rec Vehicle Loan 0.19%** |  |  |  |  |  |
| Octane Receivables Trust 2021-1A A<sup>†</sup> | 0.93% |  | 3/22/2027 | 18577010 | 17910367 |
| Octane Receivables Trust 2022-1A A2<sup>†</sup> | 4.18% |  | 3/20/2028 | 80831628 | 78917187 |
| *Total* |  |  |  |  | 96827554 |
| **Student Loan 0.56%** |  |  |  |  |  |
| Navient Private Education Refi Loan Trust 2020-FA A<sup>†</sup> | 1.22% |  | 7/15/2069 | 45783183 | 40614738 |
| Navient Private Education Refi Loan Trust 2021-CA A<sup>†</sup> | 1.06% |  | 10/15/2069 | 112160265 | 96971869 |
| Navient Private Education Refi Loan Trust 2022-A A<sup>†</sup> | 2.23% |  | 7/15/2070 | 99715244 | 86867383 |
| Nelnet Student Loan Trust 2021-A APT1<sup>†</sup> | 1.36% |  | 4/20/2062 | 45515691 | 40135964 |

---

296 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Student Loan (continued)** |  |  |  |  |  |
| Towd Point Asset Trust 2018-SL1 A<sup>†</sup> | 4.616%<br>(1 Mo. LIBOR + .60% |)<sup>#</sup> | 1/25/2046 | $17766323 | $17649478 |
| *Total* |  |  |  |  | 282239432 |
| *Total Asset-Backed Securities* (cost $12,975,017,079) | *Total Asset-Backed Securities* (cost $12,975,017,079) |  |  |  | 12484460830 |
|  |  |  |  | **Shares** |  |
| **COMMON STOCKS 0.00%** |  |  |  |  |  |
| **Banks 0.00%** |  |  |  |  |  |
| Sable Bighorn, LLC |  |  |  | 18695 | 54907 <sup>(a)</sup> |
| **Oil, Gas & Consumable Fuels 0.00%** |  |  |  |  |  |
| Earthstone Energy, Inc. Class A\* |  |  |  | 9084 | 143891 |
| *Total Common Stocks* (cost $128,274) |  |  |  |  | 198798 |
|  |  |  |  | **Principal<br>Amount** |  |
| **CORPORATE BONDS 43.02%** |  |  |  |  |  |
| **Aerospace/Defense 0.13%** |  |  |  |  |  |
| Bombardier, Inc. (Canada)<sup>†(d)</sup> | 7.125% |  | 6/15/2026 | $24180000 | 23786954 |
| Bombardier, Inc. (Canada)<sup>†(d)</sup> | 7.875% |  | 4/15/2027 | 40000000 | 39408000 |
| *Total* |  |  |  |  | 63194954 |
| **Agriculture 1.24%** |  |  |  |  |  |
| BAT Capital Corp. | 2.789% |  | 9/6/2024 | 27255000 | 26072566 |
| BAT Capital Corp. | 3.222% |  | 8/15/2024 | 166397000 | 160542578 |
| BAT International Finance plc (United Kingdom)<sup>†(d)</sup> | 3.95% |  | 6/15/2025 | 19560000 | 18863479 |
| Imperial Brands Finance plc (United Kingdom)<sup>†(d)</sup> | 3.125% |  | 7/26/2024 | 166275000 | 158669153 |
| Imperial Brands Finance plc (United Kingdom)<sup>†(d)</sup> | 6.125% |  | 7/27/2027 | 82747000 | 82849490 |
| Philip Morris International, Inc. | 5.00% |  | 11/17/2025 | 26177000 | 26166706 |
| Philip Morris International, Inc. | 5.125% |  | 11/17/2027 | 39207000 | 39309817 |
| Reynolds American, Inc. | 4.45% |  | 6/12/2025 | 41974000 | 41247895 |
| Viterra Finance BV (Netherlands)<sup>†(d)</sup> | 2.00% |  | 4/21/2026 | 47780000 | 41195154 |
| Viterra Finance BV (Netherlands)<sup>†(d)</sup> | 4.90% |  | 4/21/2027 | 36422000 | 34085210 |
| *Total* |  |  |  |  | 629002048 |
| **Airlines 0.11%** |  |  |  |  |  |
| Air Canada 2015-2B Pass-Through Trust (Canada)<sup>†(d)</sup> | 3.875% |  | 9/15/2024 | 6103667 | 6041019 |
| Air Canada 2015-2B Pass-Through Trust (Canada)<sup>†(d)</sup> | 5.00% |  | 6/15/2025 | 4992667 | 4887895 |
| American Airlines Group, Inc.<sup>†(e)</sup> | 3.75% |  | 3/1/2025 | 51959000 | 45551437 |
| *Total* |  |  |  |  | 56480351 |

---

*See Notes to Financial Statements.* 297

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Apparel 0.04%** |  |  |  | | |
| PVH Corp. | 4.625% |  | 7/10/2025 | $19872000 | $19305418 |
| **Auto Manufacturers 2.15%** |  |  |  |  |  |
| Ford Motor Credit Co. LLC | 5.584% |  | 3/18/2024 | 157148000 | 155552162 |
| General Motors Co. | 5.40% |  | 10/2/2023 | 24769000 | 24806806 |
| General Motors Co. | 6.125% |  | 10/1/2025 | 48531000 | 49199628 |
| General Motors Financial Co., Inc. | 2.75% |  | 6/20/2025 | 74459000 | 70149416 |
| General Motors Financial Co., Inc. | 2.90% |  | 2/26/2025 | 30070000 | 28433357 |
| General Motors Financial Co., Inc. | 3.70% |  | 5/9/2023 | 18333000 | 18218529 |
| General Motors Financial Co., Inc. | 3.95% |  | 4/13/2024 | 35702000 | 35112037 |
| General Motors Financial Co., Inc. | 4.25% |  | 5/15/2023 | 17554000 | 17493555 |
| General Motors Financial Co., Inc. | 5.10% |  | 1/17/2024 | 197137000 | 196558147 |
| Hyundai Capital America<sup>†</sup> | 0.80% |  | 4/3/2023 | 7500000 | 7377889 |
| Hyundai Capital America<sup>†</sup> | 0.80% |  | 1/8/2024 | 99441000 | 94318208 |
| Hyundai Capital America<sup>†</sup> | 0.875% |  | 6/14/2024 | 84025000 | 78091570 |
| Hyundai Capital America<sup>†</sup> | 1.00% |  | 9/17/2024 | 24328000 | 22354849 |
| Hyundai Capital America<sup>†</sup> | 1.25% |  | 9/18/2023 | 98674000 | 95349002 |
| Hyundai Capital America<sup>†</sup> | 1.30% |  | 1/8/2026 | 39188000 | 34087107 |
| Hyundai Capital America<sup>†</sup> | 1.50% |  | 6/15/2026 | 47772000 | 41250894 |
| Hyundai Capital America<sup>†</sup> | 1.80% |  | 10/15/2025 | 10345000 | 9247164 |
| Hyundai Capital America<sup>†</sup> | 2.375% |  | 2/10/2023 | 39278000 | 39041006 |
| Hyundai Capital America<sup>†</sup> | 5.875% |  | 4/7/2025 | 13781000 | 13806831 |
| Mercedes-Benz Finance North America LLC<sup>†</sup> | 5.50% |  | 11/27/2024 | 33376000 | 33623029 |
| Stellantis N.V. (Netherlands)<sup>(d)</sup> | 5.25% |  | 4/15/2023 | 22137000 | 22079776 |
| *Total* |  |  |  |  | 1086150962 |
| **Auto Parts & Equipment 0.21%** |  |  |  |  |  |
| Clarios Global LP/Clarios US Finance Co.<sup>†</sup> | 8.50% |  | 5/15/2027 | 82121000 | 80474630 |
| IHO Verwaltungs GmbH PIK 5.50% (Germany)<sup>†(d)</sup> | 4.75% |  | 9/15/2026 | 32349055 | 27680347 |
| *Total* |  |  |  |  | 108154977 |
| **Banks 15.51%** |  |  |  |  |  |
| ABN AMRO Bank N.V. (Netherlands)<sup>†(d)</sup> | 4.75% |  | 7/28/2025 | 91639000 | 88056419 |
| ABN AMRO Bank N.V. (Netherlands)<sup>†(d)</sup> | 4.80% |  | 4/18/2026 | 48000000 | 45767831 |
| AIB Group plc (Ireland)<sup>†(d)</sup> | 4.263%<br>(3 Mo. LIBOR + 1.87% |)<sup>#</sup> | 4/10/2025 | 103827000 | 100006496 |
| Australia & New Zealand Banking Group Ltd. (Australia)<sup>†(d)</sup> | 4.40% |  | 5/19/2026 | 25108000 | 23957513 |
| Australia & New Zealand Banking Group Ltd. (Australia)<sup>†(d)</sup> | 4.50% |  | 3/19/2024 | 12844000 | 12668349 |

---

298 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |  |
| Australia & New Zealand Banking Group Ltd.<sup>(b)</sup> | 5.088% |  | 12/8/2025 | $37689000 | $38021650 |
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (Mexico)<sup>†(d)</sup> | 5.375% |  | 4/17/2025 | 28016000 | 27840480 |
| Bank of America Corp. | 0.523%<br>(SOFR + .41% |)<sup>#</sup> | 6/14/2024 | 78938000 | 76615912 |
| Bank of America Corp. | 0.981%<br>(SOFR + .91% |)<sup>#</sup> | 9/25/2025 | 19293000 | 17683561 |
| Bank of America Corp. | 1.197%<br>(SOFR + 1.01% |)<sup>#</sup> | 10/24/2026 | 104583000 | 92885093 |
| Bank of America Corp. | 1.319%<br>(SOFR + 1.15% |)<sup>#</sup> | 6/19/2026 | 81286000 | 73374173 |
| Bank of America Corp. | 1.53%<br>(SOFR + .65% |)<sup>#</sup> | 12/6/2025 | 40584000 | 37288094 |
| Bank of America Corp. | 3.004%<br>(3 Mo. LIBOR + .79% |)<sup>#</sup> | 12/20/2023 | 51569000 | 51509286 |
| Bank of America Corp. | 3.093%<br>(3 Mo. LIBOR + 1.09% |)<sup>#</sup> | 10/1/2025 | 45485000 | 43424134 |
| Bank of America Corp. | 3.366%<br>(3 Mo. LIBOR + .81% |)<sup>#</sup> | 1/23/2026 | 60488000 | 57867256 |
| Bank of America Corp. | 3.384%<br>(SOFR + 1.33% |)<sup>#</sup> | 4/2/2026 | 109223000 | 104043391 |
| Bank of America Corp. | 3.55%<br>(3 Mo. LIBOR + .78% |)<sup>#</sup> | 3/5/2024 | 108010000 | 107476289 |
| Bank of America Corp. | 3.841%<br>(SOFR + 1.11% |)<sup>#</sup> | 4/25/2025 | 77275000 | 75383487 |
| Bank of America Corp. | 3.864%<br>(3 Mo. LIBOR + .94% |)<sup>#</sup> | 7/23/2024 | 128784000 | 127472025 |
| Bank of America Corp. | 3.95% |  | 4/21/2025 | 97385000 | 95241167 |
| Bank of America Corp. | 4.00% |  | 1/22/2025 | 47739000 | 46825913 |
| Bank of America Corp. | 4.20% |  | 8/26/2024 | 39902000 | 39357980 |
| Bank of America Corp. | 4.948%<br>(SOFR + 2.04% |)<sup>#</sup> | 7/22/2028 | 77426000 | 75949223 |
| Bank of Ireland Group plc (Ireland)<sup>†(d)</sup> | 2.029%<br>(1 Yr. Treasury CMT + 1.10% |)<sup>#</sup> | 9/30/2027 | 56942000 | 47325887 |
| Bank of Ireland Group plc (Ireland)<sup>†(d)</sup> | 4.50% |  | 11/25/2023 | 35213000 | 34559363 |
| Bank of Ireland Group plc (Ireland)<sup>†(d)</sup> | 6.253%<br>(1 Yr. Treasury CMT + 2.65% |)<sup>#</sup> | 9/16/2026 | 28691000 | 28131707 |
| Bank of Montreal (Canada)<sup>(d)</sup> | 3.70% |  | 6/7/2025 | 56322000 | 54921859 |
| Bank of Montreal (Canada)<sup>(d)</sup> | 4.25% |  | 9/14/2024 | 81709000 | 80698785 |
| Bank of New York Mellon Corp.(The) | 4.414%<br>(SOFR + 1.35% |)<sup>#</sup> | 7/24/2026 | 27628000 | 27252847 |

---

*See Notes to Financial Statements.* 299

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |  |
| BankUnited, Inc. | 4.875% |  | 11/17/2025 | $66202000 | $65686856 |
| Barclays plc (United Kingdom)<sup>(d)</sup> | 2.852%<br>(SOFR + 2.71% |)<sup>#</sup> | 5/7/2026 | 44123000 | 40705395 |
| Barclays plc (United Kingdom)<sup>(d)</sup> | 3.932%<br>(3 Mo. LIBOR + 1.61% |)<sup>#</sup> | 5/7/2025 | 11594000 | 11187291 |
| Barclays plc (United Kingdom)<sup>(d)</sup> | 4.338%<br>(3 Mo. LIBOR + 1.36% |)<sup>#</sup> | 5/16/2024 | 23103000 | 22893840 |
| Barclays plc (United Kingdom)<sup>(d)</sup> | 4.836% |  | 5/9/2028 | 10192000 | 9351616 |
| Barclays plc (United Kingdom)<sup>(d)</sup> | 5.20% |  | 5/12/2026 | 93499000 | 90700624 |
| BBVA Bancomer SA<sup>†</sup> | 4.375% |  | 4/10/2024 | 25931000 | 25607511 |
| BNP Paribas SA (France)<sup>†(d)</sup> | 1.323%<br>(SOFR + 1.00% |)<sup>#</sup> | 1/13/2027 | 20584000 | 17888210 |
| BNP Paribas SA (France)<sup>†(d)</sup> | 2.219%<br>(SOFR + 2.07% |)<sup>#</sup> | 6/9/2026 | 13505000 | 12408198 |
| BNP Paribas SA (France)<sup>†(d)</sup> | 2.819%<br>(3 Mo. LIBOR + 1.11% |)<sup>#</sup> | 11/19/2025 | 36837000 | 34683135 |
| BNP Paribas SA (France)<sup>†(d)</sup> | 4.375% |  | 5/12/2026 | 11186000 | 10646054 |
| BPCE SA (France)<sup>†(d)</sup> | 2.375% |  | 1/14/2025 | 14304000 | 13277782 |
| BPCE SA (France)<sup>†(d)</sup> | 4.50% |  | 3/15/2025 | 53678000 | 51459007 |
| BPCE SA (France)<sup>†(d)</sup> | 4.875% |  | 4/1/2026 | 22232000 | 21231631 |
| BPCE SA (France)<sup>†(d)</sup> | 5.15% |  | 7/21/2024 | 5000000 | 4905300 |
| Canadian Imperial Bank of Commerce (Canada)<sup>(d)</sup> | 3.945% |  | 8/4/2025 | 77817000 | 75759897 |
| Citigroup, Inc. | 1.678%<br>(SOFR + 1.67% |)<sup>#</sup> | 5/15/2024 | 49728000 | 48887888 |
| Citigroup, Inc. | 3.106%<br>(SOFR + 2.84% |)<sup>#</sup> | 4/8/2026 | 241086000 | 228777844 |
| Citigroup, Inc. | 3.29%<br>(SOFR + 1.53% |)<sup>#</sup> | 3/17/2026 | 15948000 | 15166120 |
| Citigroup, Inc. | 3.352%<br>(3 Mo. LIBOR + .90% |)<sup>#</sup> | 4/24/2025 | 84116000 | 81369213 |
| Citigroup, Inc. | 3.70% |  | 1/12/2026 | 17120000 | 16441524 |
| Citigroup, Inc. | 3.875% |  | 3/26/2025 | 33016000 | 32301950 |
| Citigroup, Inc. | 3.887%<br>(3 Mo. LIBOR + 1.56% |)<sup>#</sup> | 1/10/2028 | 17272000 | 16302688 |
| Citigroup, Inc. | 4.044%<br>(3 Mo. LIBOR + 1.02% |)<sup>#</sup> | 6/1/2024 | 49140000 | 48749868 |
| Citigroup, Inc. | 4.14%<br>(SOFR + 1.37% |)<sup>#</sup> | 5/24/2025 | 27692000 | 27188044 |
| Citigroup, Inc. | 4.40% |  | 6/10/2025 | 170806000 | 168074370 |
| Citigroup, Inc. | 5.50% |  | 9/13/2025 | 37065000 | 37647241 |

---

300 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |
| Citizens Bank NA | 4.575%<br>(SOFR + 2.00% | 8/9/2028 | $54348000 | $52806231 |
| Citizens Bank NA | 6.064%<br>(SOFR + 1.45% | 10/24/2025 | 31438000 | 31804711 |
| Citizens Bank NA/Providence RI | 4.592%<br>(3 Mo. LIBOR + .95% | 3/29/2023 | 22245000 | 22262689 |
| Credit Agricole SA (France)<sup>†(d)</sup> | 4.375% | 3/17/2025 | 89787000 | 86466407 |
| Credit Suisse AG/New York NY | 3.625% | 9/9/2024 | 5668000 | 5217343 |
| Credit Suisse Group AG (Switzerland)<sup>†(d)</sup> | 2.193%<br>(SOFR + 2.04% | 6/5/2026 | 42530000 | 35841359 |
| Credit Suisse Group AG (Switzerland)<sup>†(d)</sup> | 2.593%<br>(SOFR + 1.56% | 9/11/2025 | 27460000 | 24340375 |
| Credit Suisse Group AG (Switzerland)<sup>†(d)</sup> | 4.207%<br>(3 Mo. LIBOR + 1.24% | 6/12/2024 | 17160000 | 16653801 |
| Danske Bank A/S (Denmark)<sup>†(d)</sup> | 0.976%<br>(1 Yr. Treasury CMT + .55% | 9/10/2025 | 46616000 | 42259593 |
| Danske Bank A/S (Denmark)<sup>†(d)</sup> | 1.171%<br>(1 Yr. Treasury CMT + 1.03% | 12/8/2023 | 145875000 | 145776838 |
| Danske Bank A/S (Denmark)<sup>†(d)</sup> | 1.226% | 6/22/2024 | 51642000 | 47930454 |
| Danske Bank A/S (Denmark)<sup>†(d)</sup> | 1.621%<br>(1 Yr. Treasury CMT + 1.35% | 9/11/2026 | 46515000 | 40401410 |
| Danske Bank A/S (Denmark)<sup>†(d)</sup> | 3.244%<br>(3 Mo. LIBOR + 1.59% | 12/20/2025 | 137918000 | 128631573 |
| Danske Bank A/S (Denmark)<sup>†(d)</sup> | 4.298%<br>(1 Yr. Treasury CMT + 1.75% | 4/1/2028 | 37345000 | 34203306 |
| Danske Bank A/S (Denmark)<sup>†(d)</sup> | 5.375% | 1/12/2024 | 66319000 | 65987351 |
| Discover Bank | 4.25% | 3/13/2026 | 17999000 | 17156104 |
| Fifth Third Bancorp | 6.361%<br>(SOFR + 2.19% | 10/27/2028 | 31707000 | 32852449 |
| First-Citizens Bank & Trust Co. | 3.929%<br>(SOFR + 3.83% | 6/19/2024 | 21437000 | 21159854 |
| FNB Corp. | 2.20% | 2/24/2023 | 30110000 | 29898719 |
| Goldman Sachs Group, Inc. (The) | 0.657%<br>(SOFR + .51% | 9/10/2024 | 78938000 | 75668894 |
| Goldman Sachs Group, Inc. (The) | 0.673%<br>(SOFR + .57% | 3/8/2024 | 35345000 | 34824387 |
| Goldman Sachs Group, Inc. (The) | 1.948%<br>(SOFR + .91% | 10/21/2027 | 99142000 | 86845985 |
| Goldman Sachs Group, Inc. (The) | 2.64%<br>(SOFR + 1.11% | 2/24/2028 | 38073000 | 33991623 |
| Goldman Sachs Group, Inc. (The) | 3.272%<br>(3 Mo. LIBOR + 1.20% | 9/29/2025 | 34934000 | 33650443 |

---

*See Notes to Financial Statements.* 301

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |
| Goldman Sachs Group, Inc. (The) | 3.50% | 4/1/2025 | $79656000 | $77123666 |
| Goldman Sachs Group, Inc. (The) | 4.25% | 10/21/2025 | 25439000 | 24962022 |
| Goldman Sachs Group, Inc. (The) | 4.387%<br>(SOFR + 1.51% | 6/15/2027 | 24825000 | 23974838 |
| Goldman Sachs Group, Inc. (The) | 4.405%<br>(SOFR + .70% | 1/24/2025 | 77022000 | 75655878 |
| Goldman Sachs Group, Inc. (The) | 4.482%<br>(SOFR + 1.73% | 8/23/2028 | 70417000 | 67653093 |
| Goldman Sachs Group, Inc. (The) | 5.442%<br>(3 Mo. LIBOR + .75% | 2/23/2023 | 47398000 | 47446408 |
| Goldman Sachs Group, Inc. (The) | 5.70% | 11/1/2024 | 26358000 | 26686918 |
| HSBC Holdings plc (United Kingdom)<sup>(d)</sup> | 0.732%<br>(SOFR + .53% | 8/17/2024 | 29988000 | 28712104 |
| HSBC Holdings plc (United Kingdom)<sup>(d)</sup> | 0.976%<br>(SOFR + .71% | 5/24/2025 | 22757000 | 20943464 |
| Huntington Bancshares, Inc. | 4.443%<br>(SOFR + 1.97% | 8/4/2028 | 33784000 | 32115790 |
| Huntington National Bank | 5.699%<br>(SOFR + 1.22% | 11/18/2025 | 80138000 | 80283132 |
| Huntington National Bank (The) | 4.008%<br>(SOFR + 1.21% | 5/16/2025 | 16781000 | 16431104 |
| Intesa Sanpaolo SpA (Italy)<sup>†(d)</sup> | 3.25% | 9/23/2024 | 20481000 | 19286392 |
| Intesa Sanpaolo SpA (Italy)<sup>†(d)</sup> | 5.017% | 6/26/2024 | 165445000 | 159455606 |
| Intesa Sanpaolo SpA (Italy)<sup>†(d)</sup> | 5.71% | 1/15/2026 | 82517000 | 79752842 |
| JPMorgan Chase & Co. | 0.768%<br>(SOFR + .49% | 8/9/2025 | 78538000 | 72495183 |
| JPMorgan Chase & Co. | 0.824%<br>(SOFR + .54% | 6/1/2025 | 91927000 | 85530335 |
| JPMorgan Chase & Co. | 3.559%<br>(3 Mo. LIBOR + .73% | 4/23/2024 | 29056000 | 28856153 |
| JPMorgan Chase & Co. | 3.797%<br>(3 Mo. LIBOR + .89% | 7/23/2024 | 52372000 | 51826611 |
| JPMorgan Chase & Co. | 3.845%<br>(SOFR + .98% | 6/14/2025 | 95901000 | 94203258 |
| JPMorgan Chase & Co. | 4.747%<br>(SOFR + .92% | 2/24/2026 | 57956000 | 56746580 |
| JPMorgan Chase & Co. | 4.851%<br>(SOFR + 1.99% | 7/25/2028 | 77862000 | 76288686 |
| JPMorgan Chase & Co. | 5.007%<br>(SOFR + 1.18% | 2/24/2028 | 38901000 | 37579037 |
| KeyBank NA | 4.15% | 8/8/2025 | 19426000 | 19022363 |

---

302 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |
| Lloyds Banking Group plc (United Kingdom)<sup>(d)</sup> | 4.582% | 12/10/2025 | $18348000 | $17448384 |
| Lloyds Banking Group plc (United Kingdom)<sup>(d)</sup> | 4.65% | 3/24/2026 | 29589000 | 28154843 |
| M&T Bank Corp. | 4.553%<br>(SOFR + 1.78% | 8/16/2028 | 43711000 | 41941579 |
| Macquarie Bank Ltd. (Australia)<sup>†(d)</sup> | 4.875% | 6/10/2025 | 32811000 | 31884943 |
| Macquarie Group Ltd. (Australia)<sup>†(d)</sup> | 1.201%<br>(SOFR + .69% | 10/14/2025 | 40033000 | 36574771 |
| Macquarie Group Ltd. (Australia)<sup>†(d)</sup> | 1.34%<br>(SOFR + 1.07% | 1/12/2027 | 33697000 | 29148420 |
| Macquarie Group Ltd. (Australia)<sup>†(d)</sup> | 4.15%<br>(3 Mo. LIBOR + 1.33% | 3/27/2024 | 45740000 | 45512631 |
| Macquarie Group Ltd. (Australia)<sup>†(d)</sup> | 5.108%<br>(SOFR + 2.21% | 8/9/2026 | 83107000 | 82461826 |
| Mitsubishi UFJ Financial Group, Inc. (Japan)<sup>(d)</sup> | 0.953%<br>(1 Yr. Treasury CMT + .55% | 7/19/2025 | 58686000 | 54446437 |
| Mitsubishi UFJ Financial Group, Inc. (Japan)<sup>(d)</sup> | 0.962%<br>(1 Yr. Treasury CMT + .45% | 10/11/2025 | 5000000 | 4591217 |
| Mitsubishi UFJ Financial Group, Inc. (Japan)<sup>(d)</sup> | 4.788%<br>(1 Yr. Treasury CMT + 1.70% | 7/18/2025 | 99237000 | 98251875 |
| Mitsubishi UFJ Financial Group, Inc. (Japan)<sup>(d)</sup> | 5.063%<br>(1 Yr. Treasury CMT + 1.55% | 9/12/2025 | 58107000 | 57779885 |
| Morgan Stanley | 0.79%<br>(SOFR + .53% | 5/30/2025 | 94058000 | 87182074 |
| Morgan Stanley | 0.791%<br>(SOFR + .51% | 1/22/2025 | 98685000 | 92840739 |
| Morgan Stanley | 3.62%<br>(SOFR + 1.16% | 4/17/2025 | 46263000 | 45104522 |
| Morgan Stanley | 3.737%<br>(3 Mo. LIBOR + .85% | 4/24/2024 | 199105000 | 197750003 |
| Morgan Stanley | 6.138%<br>(SOFR + 1.77% | 10/16/2026 | 34700000 | 35523989 |
| NatWest Group plc (United Kingdom)<sup>(d)</sup> | 4.519%<br>(3 Mo. LIBOR + 1.55% | 6/25/2024 | 24877000 | 24620577 |
| NatWest Markets plc (United Kingdom)<sup>†(d)</sup> | 0.80% | 8/12/2024 | 23409000 | 21612130 |
| NatWest Markets plc (United Kingdom)<sup>†(d)</sup> | 3.479% | 3/22/2025 | 41245000 | 39541321 |
| Nordea Bank Abp (Finland)<sup>†(d)</sup> | 3.60% | 6/6/2025 | 37771000 | 36622177 |
| Popular, Inc. | 6.125% | 9/14/2023 | 9933000 | 9969901 |
| Royal Bank of Canada (Canada)<sup>(d)</sup> | 3.97% | 7/26/2024 | 39737000 | 39114334 |
| Royal Bank of Canada (Canada)<sup>(d)</sup> | 4.24% | 8/3/2027 | 70098000 | 67992226 |
| Royal Bank of Canada (Canada)<sup>(d)</sup> | 6.00% | 11/1/2027 | 35670000 | 37134067 |
| Santander Holdings USA, Inc. | 2.49%<br>(SOFR + 1.25% | 1/6/2028 | 35038000 | 30423411 |

---

*See Notes to Financial Statements.* 303

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |  |
| Santander Holdings USA, Inc. | 3.244% |  | 10/5/2026 | $38058000 | $34994844 |
| Santander Holdings USA, Inc. | 3.50% |  | 6/7/2024 | 33117000 | 32149745 |
| Santander Holdings USA, Inc. | 5.807%<br>(SOFR + 2.33% |)<sup>#</sup> | 9/9/2026 | 27800000 | 27696281 |
| Santander UK Group Holdings plc (United Kingdom)<sup>(d)</sup> | 1.089%<br>(SOFR + .79% |)<sup>#</sup> | 3/15/2025 | 13611000 | 12633808 |
| Santander UK Group Holdings plc (United Kingdom)<sup>(d)</sup> | 2.469%<br>(SOFR + 1.22% |)<sup>#</sup> | 1/11/2028 | 37697000 | 32120861 |
| Santander UK Group Holdings plc (United Kingdom)<sup>(d)</sup> | 3.373%<br>(3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 1/5/2024 | 60653000 | 60523681 |
| Santander UK Group Holdings plc (United Kingdom)<sup>†(d)</sup> | 4.75% |  | 9/15/2025 | 42889000 | 40819280 |
| Santander UK Group Holdings plc (United Kingdom)<sup>(d)</sup> | 4.796%<br>(3 Mo. LIBOR + 1.57% |)<sup>#</sup> | 11/15/2024 | 10000000 | 9814777 |
| Societe Generale SA (France)<sup>†(d)</sup> | 2.226%<br>(1 Yr. Treasury CMT + 1.05% |)<sup>#</sup> | 1/21/2026 | 76944000 | 70476733 |
| Standard Chartered plc (United Kingdom)<sup>†(d)</sup> | 0.991%<br>(1 Yr. Treasury CMT + .78% |)<sup>#</sup> | 1/12/2025 | 100594000 | 94101805 |
| Standard Chartered plc (United Kingdom)<sup>†(d)</sup> | 1.214%<br>(1 Yr. Treasury CMT + .88% |)<sup>#</sup> | 3/23/2025 | 10244000 | 9666425 |
| Standard Chartered plc (United Kingdom)<sup>†(d)</sup> | 2.819%<br>(3 Mo. LIBOR + 1.21% |)<sup>#</sup> | 1/30/2026 | 8168000 | 7558009 |
| Standard Chartered plc (United Kingdom)<sup>†(d)</sup> | 3.885%<br>(3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 3/15/2024 | 21000000 | 20848542 |
| Standard Chartered plc (United Kingdom)<sup>†(d)</sup> | 5.20% |  | 1/26/2024 | 15029000 | 14868511 |
| Svenska Handelsbanken AB (Sweden)<sup>†(d)</sup> | 3.65% |  | 6/10/2025 | 60474000 | 58621028 |
| Toronto-Dominion Bank (The) (Canada)<sup>(d)</sup> | 3.766% |  | 6/6/2025 | 90096000 | 87721660 |
| Toronto-Dominion Bank (The) (Canada)<sup>(d)</sup> | 4.693% |  | 9/15/2027 | 58711000 | 58130993 |
| Truist Financial Corp. | 4.26%<br>(SOFR + 1.46% |)<sup>#</sup> | 7/28/2026 | 105821000 | 103950330 |
| UBS AG (Switzerland)<sup>(d)</sup> | 5.125% |  | 5/15/2024 | 97473000 | 95926006 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 4.488%<br>(1 Yr. Treasury CMT + 1.55% |)<sup>#</sup> | 5/12/2026 | 24578000 | 23962047 |
| UniCredit SpA (Italy)<sup>†(d)</sup> | 7.83% |  | 12/4/2023 | 38610000 | 38640020 |
| US Bancorp | 4.548%<br>(SOFR + 1.66% |)<sup>#</sup> | 7/22/2028 | 53941000 | 52761555 |

---

304 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |  |
| Wells Fargo & Co. | 4.54%<br>(SOFR + 1.56% |)<sup>#</sup> | 8/15/2026 | $74511000 | $73033685 |
| Wells Fargo & Co. | 4.808%<br>(SOFR + 1.98% |)<sup>#</sup> | 7/25/2028 | 77683000 | 75927035 |
| *Total* |  |  |  |  | 7841144572 |
| **Biotechnology 0.14%** |  |  |  |  |  |
| Illumina, Inc.<sup>(b)</sup> | 5.75% |  | 12/13/2027 | 31976000 | 32218474 |
| Illumina, Inc.<sup>(b)</sup> | 5.80% |  | 12/12/2025 | 36106000 | 36314460 |
| *Total* |  |  |  |  | 68532934 |
| **Chemicals 0.43%** |  |  |  |  |  |
| Celanese US Holdings LLC | 5.90% |  | 7/5/2024 | 138761000 | 137961186 |
| International Flavors & Fragrances, Inc.<sup>†</sup> | 1.23% |  | 10/1/2025 | 54746000 | 48430493 |
| Orbia Advance Corp. SAB de CV (Mexico)<sup>†(d)</sup> | 1.875% |  | 5/11/2026 | 36739000 | 32079025 |
| *Total* |  |  |  |  | 218470704 |
| **Commercial Services 0.50%** |  |  |  |  |  |
| Adani Ports & Special Economic Zone Ltd. (India)<sup>†(d)</sup> | 3.375% |  | 7/24/2024 | 30600000 | 28862193 |
| Ashtead Capital, Inc.<sup>†</sup> | 4.00% |  | 5/1/2028 | 28978000 | 26231954 |
| Ashtead Capital, Inc.<sup>†</sup> | 4.375% |  | 8/15/2027 | 52077000 | 48383178 |
| Global Payments, Inc. | 4.95% |  | 8/15/2027 | 23181000 | 22562247 |
| Sabre GLBL, Inc.<sup>†</sup> | 7.375% |  | 9/1/2025 | 59869000 | 57111733 |
| Triton Container International Ltd.<sup>†</sup> | 0.80% |  | 8/1/2023 | 39505000 | 38064925 |
| Triton Container International Ltd.<sup>†</sup> | 1.15% |  | 6/7/2024 | 32498000 | 30023856 |
| *Total* |  |  |  |  | 251240086 |
| **Computers 0.29%** |  |  |  |  |  |
| Dell International LLC/EMC Corp. | 4.90% |  | 10/1/2026 | 19101000 | 18900418 |
| Dell International LLC/EMC Corp. | 5.45% |  | 6/15/2023 | 38178000 | 38203869 |
| Dell International LLC/EMC Corp. | 6.02% |  | 6/15/2026 | 87487000 | 89393820 |
| *Total* |  |  |  |  | 146498107 |
| **Diversified Financial Services 3.82%** |  |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(d)</sup> | 1.75% |  | 10/29/2024 | 31795000 | 29201183 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(d)</sup> | 2.875% |  | 8/14/2024 | 30354000 | 28749272 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(d)</sup> | 3.15% |  | 2/15/2024 | 19000000 | 18336729 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(d)</sup> | 3.50% |  | 1/15/2025 | 22804000 | 21762891 |

---

*See Notes to Financial Statements.* 305

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(d)</sup> | 4.875% |  | 1/16/2024 | $27911000 | $27527173 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(d)</sup> | 6.50% |  | 7/15/2025 | 23021000 | 23275798 |
| Air Lease Corp. | 4.25% |  | 2/1/2024 | 14901000 | 14641448 |
| Aircastle Ltd. | 4.40% |  | 9/25/2023 | 52900000 | 52356266 |
| Aircastle Ltd. | 5.00% |  | 4/1/2023 | 39893000 | 39761807 |
| Aircastle Ltd.<sup>†</sup> | 5.25% |  | 8/11/2025 | 62465000 | 59976438 |
| Ally Financial, Inc. | 1.45% |  | 10/2/2023 | 11837000 | 11433169 |
| Ally Financial, Inc. | 3.875% |  | 5/21/2024 | 68920000 | 67083117 |
| Ally Financial, Inc. | 5.125% |  | 9/30/2024 | 91001000 | 90333324 |
| Ally Financial, Inc. | 5.75% |  | 11/20/2025 | 142452000 | 140636784 |
| American Express Co. | 3.95% |  | 8/1/2025 | 48086000 | 47117394 |
| American Express Co. | 5.85% |  | 11/5/2027 | 39615000 | 41154826 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 1/30/2026 | 27395000 | 23910842 |
| Aviation Capital Group LLC<sup>†</sup> | 3.875% |  | 5/1/2023 | 59242000 | 58548143 |
| Aviation Capital Group LLC<sup>†</sup> | 5.50% |  | 12/15/2024 | 56550000 | 55400346 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 2.125% |  | 2/21/2026 | 23269000 | 19925641 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 3.95% |  | 7/1/2024 | 20307000 | 19349240 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 4.25% |  | 4/15/2026 | 22567000 | 20489131 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 4.375% |  | 5/1/2026 | 19759000 | 17975899 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 5.125% |  | 10/1/2023 | 112721000 | 111236584 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 5.25% |  | 5/15/2024 | 47066000 | 45936998 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 5.50% |  | 1/15/2023 | 27137000 | 27059316 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 5.50% |  | 1/15/2026 | 20268000 | 19212916 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 4.75% |  | 12/15/2024 | 86014000 | 74974243 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 7.00% |  | 1/15/2026 | 57232000 | 49030368 |
| Capital One Financial Corp. | 3.875%<br> (SOFR + .69% |)<sup>#</sup> | 12/6/2024 | 49606000 | 48516333 |
| Capital One Financial Corp. | 4.166%<br> (SOFR + 1.37% |)<sup>#</sup> | 5/9/2025 | 44309000 | 43124707 |
| Capital One Financial Corp. | 5.135%<br> (3 Mo. LIBOR + .72% |)<sup>#</sup> | 1/30/2023 | 23854000 | 23854155 |
| Citigroup Global Markets Holdings, Inc. | 0.75% |  | 6/7/2024 | 46806000 | 43942892 |
| Navient Corp. | 5.50% |  | 1/25/2023 | 59306000 | 59224752 |
| Navient Corp. | 5.875% |  | 10/25/2024 | 80407000 | 78217381 |
| Navient Corp. | 6.125% |  | 3/25/2024 | 100605000 | 100363045 |
| Navient Corp. | 7.25% |  | 9/25/2023 | 31922000 | 31968491 |
| OneMain Finance Corp. | 6.125% |  | 3/15/2024 | 49040000 | 47890012 |

---

306 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |
| OneMain Finance Corp. | 8.25% | 10/1/2023 | $25423000 | $25452237 |
| Park Aerospace Holdings Ltd. (Ireland)<sup>†(d)</sup> | 4.50% | 3/15/2023 | 54041000 | 53777560 |
| Park Aerospace Holdings Ltd. (Ireland)<sup>†(d)</sup> | 5.50% | 2/15/2024 | 120847000 | 119116443 |
| *Total* |  |  |  | 1931845294 |
| **Electric 2.70%** |  |  |  |  |
| AES Corp. (The)<sup>†</sup> | 3.30% | 7/15/2025 | 75993000 | 71273863 |
| Alexander Funding Trust<sup>†</sup> | 1.841% | 11/15/2023 | 88422000 | 83397013 |
| American Electric Power Co., Inc. | 2.031% | 3/15/2024 | 36211000 | 34809545 |
| American Electric Power Co., Inc. | 5.75% | 11/1/2027 | 30708000 | 31546010 |
| Ausgrid Finance Pty Ltd. (Australia)<sup>†(d)</sup> | 3.85% | 5/1/2023 | 74470000 | 73936699 |
| Calpine Corp.<sup>†</sup> | 5.25% | 6/1/2026 | 32194000 | 30882658 |
| Cleveland Electric Illuminating Co. (The) | 5.50% | 8/15/2024 | 10475000 | 10576503 |
| Comision Federal de Electricidad (Mexico)<sup>(d)</sup> | 4.75% | 2/23/2027 | 9768000 | 9069979 |
| Comision Federal de Electricidad (Mexico)<sup>†(d)</sup> | 4.875% | 1/15/2024 | 26403000 | 26116791 |
| DTE Energy Co. | 4.22% | 11/1/2024 | 37572000 | 37011801 |
| Duke Energy Corp. | 4.30% | 3/15/2028 | 35827000 | 34551386 |
| Evergy Missouri West, Inc. | 5.15% | 12/15/2027 | 16835000 | 16902730 |
| Fells Point Funding Trust<sup>†</sup> | 3.046% | 1/31/2027 | 80973000 | 73758266 |
| FirstEnergy Corp. | 2.05% | 3/1/2025 | 71006000 | 65636910 |
| FirstEnergy Transmission LLC<sup>†</sup> | 4.35% | 1/15/2025 | 125751000 | 122730524 |
| IPALCO Enterprises, Inc. | 3.70% | 9/1/2024 | 18119000 | 17557152 |
| Israel Electric Corp. Ltd. (Israel)<sup>†(d)</sup> | 6.875% | 6/21/2023 | 31698000 | 31939222 |
| Jersey Central Power & Light Co.<sup>†</sup> | 4.70% | 4/1/2024 | 62463000 | 61661502 |
| NextEra Energy Capital Holdings, Inc. | 4.255% | 9/1/2024 | 6329000 | 6249870 |
| NextEra Energy Capital Holdings, Inc. | 4.45% | 6/20/2025 | 18401000 | 18296300 |
| NRG Energy, Inc.<sup>†</sup> | 3.75% | 6/15/2024 | 90412000 | 87422811 |
| Pacific Gas and Electric Co. | 3.15% | 1/1/2026 | 120471909 | 111686224 |
| Public Service Enterprise Group, Inc. | 5.85% | 11/15/2027 | 38474000 | 39656348 |
| Southern Co. (The) | 5.113% | 8/1/2027 | 63530000 | 63389002 |
| Vistra Operations Co. LLC<sup>†</sup> | 3.55% | 7/15/2024 | 154448000 | 148159630 |
| Vistra Operations Co. LLC<sup>†</sup> | 4.875% | 5/13/2024 | 59198000 | 57895644 |
| *Total* |  |  |  | 1366114383 |
| **Energy-Alternate Sources 0.18%** |  |  |  |  |
| Enviva Partners LP/Enviva Partners Finance Corp.<sup>†</sup> | 6.50% | 1/15/2026 | 42824000 | 40900170 |
| Greenko Dutch BV (Netherlands)<sup>†(d)</sup> | 3.85% | 3/29/2026 | 30892340 | 26721874 |
| Greenko Mauritius Ltd. (India)<sup>†(d)</sup> | 6.25% | 2/21/2023 | 23190000 | 23074050 |
| *Total* |  |  |  | 90696094 |

---

*See Notes to Financial Statements.* 307

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Entertainment 0.32%** |  |  |  |  |
| Caesars Entertainment, Inc.<sup>†</sup> | 6.25% | 7/1/2025 | $50731000 | $50207075 |
| Caesars Entertainment, Inc.<sup>†</sup> | 8.125% | 7/1/2027 | 49775000 | 50032834 |
| Warnermedia Holdings, Inc.<sup>†</sup> | 3.428% | 3/15/2024 | 55944000 | 54335314 |
| Warnermedia Holdings, Inc.<sup>†</sup> | 3.638% | 3/15/2025 | 10000000 | 9554832 |
| *Total* |  |  |  | 164130055 |
| **Food 0.08%** |  |  |  |  |
| NBM US Holdings, Inc.<sup>†</sup> | 7.00% | 5/14/2026 | 43000000 | 42650319 |
| **Forest Products & Paper 0.04%** |  |  |  |  |
| Suzano Austria GmbH (Brazil)<sup>†(d)</sup> | 5.75% | 7/14/2026 | 18736000 | 18706070 |
| **Gas 0.49%** |  |  |  |  |
| Brooklyn Union Gas Co. (The)<sup>†</sup> | 4.632% | 8/5/2027 | 54747000 | 52660893 |
| National Fuel Gas Co. | 5.20% | 7/15/2025 | 9650000 | 9622887 |
| National Fuel Gas Co. | 5.50% | 1/15/2026 | 106751000 | 107040464 |
| National Fuel Gas Co. | 7.395% | 3/30/2023 | 3993000 | 3997409 |
| ONE Gas, Inc. | 0.85% | 3/11/2023 | 10308000 | 10285423 |
| ONE Gas, Inc. | 1.10% | 3/11/2024 | 22804000 | 21706615 |
| Southwest Gas Corp. | 5.80% | 12/1/2027 | 41220000 | 41638728 |
| *Total* |  |  |  | 246952419 |
| **Health Care-Products 0.11%** |  |  |  |  |
| GE Healthcare Holding LLC<sup>†</sup> | 5.55% | 11/15/2024 | 7900000 | 7938705 |
| GE Healthcare Holding LLC | 5.60% | 11/15/2025 | 45212000 | 45682690 |
| *Total* |  |  |  | 53621395 |
| **Health Care-Services 0.73%** |  |  |  |  |
| Centene Corp. | 2.45% | 7/15/2028 | 20066000 | 16895135 |
| Centene Corp. | 4.25% | 12/15/2027 | 82247000 | 77329863 |
| HCA, Inc. | 5.00% | 3/15/2024 | 12641000 | 12594039 |
| HCA, Inc. | 5.25% | 4/15/2025 | 193688000 | 193422688 |
| HCA, Inc. | 5.25% | 6/15/2026 | 26757000 | 26563392 |
| HCA, Inc. | 5.375% | 2/1/2025 | 8520000 | 8509963 |
| Humana, Inc. | 5.75% | 3/1/2028 | 31220000 | 31961365 |
| *Total* |  |  |  | 367276445 |
| **Home Builders 0.11%** |  |  |  |  |
| Lennar Corp. | 4.875% | 12/15/2023 | 15364000 | 15281595 |
| Toll Brothers Finance Corp. | 4.375% | 4/15/2023 | 16223000 | 16139164 |
| Toll Brothers Finance Corp. | 4.875% | 11/15/2025 | 24292000 | 23342355 |
| *Total* |  |  |  | 54763114 |

---

308 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Housewares 0.06%** |  |  | | |
| Newell Brands, Inc. | 4.45% | 4/1/2026 | $34136000 | $32245548 |
| **Insurance 1.22%** |  |  |  |  |
| Aon Corp. | 8.205% | 1/1/2027 | 62792000 | 65580279 |
| CNO Financial Group, Inc. | 5.25% | 5/30/2025 | 90846000 | 90421730 |
| CNO Global Funding <sup>†</sup> | 1.75% | 10/7/2026 | 29008000 | 25571257 |
| Corebridge Financial, Inc.<sup>†</sup> | 3.50% | 4/4/2025 | 25000000 | 23956992 |
| F&G Global Funding<sup>†</sup> | 0.90% | 9/20/2024 | 31336000 | 28616273 |
| F&G Global Funding<sup>†</sup> | 1.75% | 6/30/2026 | 29365000 | 26136490 |
| F&G Global Funding<sup>†</sup> | 2.30% | 4/11/2027 | 58675000 | 51406109 |
| Fidelity & Guaranty Life Holdings, Inc.<sup>†</sup> | 5.50% | 5/1/2025 | 49979000 | 49582088 |
| GA Global Funding Trust<sup>†</sup> | 0.80% | 9/13/2024 | 50588000 | 46070123 |
| GA Global Funding Trust<sup>†</sup> | 3.85% | 4/11/2025 | 58346000 | 55871678 |
| Jackson Financial, Inc. | 5.17% | 6/8/2027 | 37759000 | 37025774 |
| Jackson National Life Global Funding<sup>†</sup> | 1.75% | 1/12/2025 | 30601000 | 28373855 |
| Kemper Corp. | 4.35% | 2/15/2025 | 25199000 | 24705161 |
| Metropolitan Life Global Funding I<sup>†</sup> | 4.05% | 8/25/2025 | 29100000 | 28516422 |
| Peachtree Corners Funding Trust<sup>†</sup> | 3.976% | 2/15/2025 | 21890000 | 21236812 |
| Pricoa Global Funding I<sup>†</sup> | 4.20% | 8/28/2025 | 16334000 | 16076503 |
| *Total* |  |  |  | 619147546 |
| **Internet 0.84%** |  |  |  |  |
| Amazon.com, Inc. | 4.55% | 12/1/2027 | 76023000 | 76656203 |
| Netflix, Inc.<sup>†</sup> | 3.625% | 6/15/2025 | 57545000 | 55315132 |
| Netflix, Inc. | 4.375% | 11/15/2026 | 159741000 | 154429193 |
| Netflix, Inc. | 5.875% | 2/15/2025 | 83995000 | 84965683 |
| Prosus NV (Netherlands)<sup>†(d)</sup> | 3.257% | 1/19/2027 | 60280000 | 53037232 |
| VeriSign, Inc. | 5.25% | 4/1/2025 | 2167000 | 2178058 |
| *Total* |  |  |  | 426581501 |
| **Iron-Steel 0.04%** |  |  |  |  |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP (Canada)<sup>†(d)</sup> | 8.75% | 7/15/2026 | 13849000 | 12926702 |
| CSN Resources SA (Brazil)<sup>†(d)</sup> | 7.625% | 4/17/2026 | 5530000 | 5502101 |
| *Total* |  |  |  | 18428803 |
| **Lodging 0.29%** |  |  |  |  |
| Hyatt Hotels Corp. | 1.30% | 10/1/2023 | 90856000 | 87774897 |
| Hyatt Hotels Corp. | 1.80% | 10/1/2024 | 39327000 | 36870661 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>†</sup> | 4.25% | 5/30/2023 | 8311000 | 8240606 |

---

*See Notes to Financial Statements.* 309

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Lodging (continued)** |  |  | | |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>†</sup> | 5.50% | 3/1/2025 | $15580529 | $14978575 |
| *Total* |  |  |  | 147864739 |
| **Machinery-Diversified 0.28%** |  |  |  |  |
| CNH Industrial NV (United Kingdom)<sup>(d)</sup> | 4.50% | 8/15/2023 | 48535000 | 48199304 |
| Granite US Holdings Corp.<sup>†</sup> | 11.00% | 10/1/2027 | 16193000 | 16997792 |
| Westinghouse Air Brake Technologies Corp. | 4.375% | 8/15/2023 | 25687000 | 25401674 |
| Westinghouse Air Brake Technologies Corp. | 4.40% | 3/15/2024 | 52901000 | 52063137 |
| *Total* |  |  |  | 142661907 |
| **Media 0.30%** |  |  |  |  |
| AMC Networks, Inc. | 4.75% | 8/1/2025 | 3004000 | 2681115 |
| AMC Networks, Inc. | 5.00% | 4/1/2024 | 11378000 | 10876798 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | 3.75% | 2/15/2028 | 14180000 | 12947064 |
| Comcast Corp. | 5.35% | 11/15/2027 | 26843000 | 27672411 |
| FactSet Research Systems, Inc. | 2.90% | 3/1/2027 | 30768000 | 28135394 |
| Univision Communications, Inc.<sup>†</sup> | 5.125% | 2/15/2025 | 69012000 | 66688711 |
| *Total* |  |  |  | 149001493 |
| **Mining 1.58%** |  |  |  |  |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(d)</sup> | 5.50% | 12/15/2027 | 89441000 | 85863360 |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(d)</sup> | 6.125% | 5/15/2028 | 12615000 | 12261517 |
| Anglo American Capital plc (United Kingdom)<sup>†(d)</sup> | 3.625% | 9/11/2024 | 113828000 | 110312414 |
| Anglo American Capital plc (United Kingdom)<sup>†(d)</sup> | 4.875% | 5/14/2025 | 50235000 | 49325521 |
| First Quantum Minerals Ltd. (Canada)<sup>†(d)</sup> | 7.50% | 4/1/2025 | 55478000 | 54742358 |
| Freeport Indonesia PT (Indonesia)<sup>†(d)</sup> | 4.763% | 4/14/2027 | 31203000 | 30142098 |
| Freeport-McMoRan, Inc. | 3.875% | 3/15/2023 | 26839000 | 26759422 |
| Freeport-McMoRan, Inc. | 4.55% | 11/14/2024 | 50600000 | 50058074 |
| Glencore Funding LLC<sup>†</sup> | 1.625% | 4/27/2026 | 28258000 | 25149271 |
| Glencore Funding LLC<sup>†</sup> | 4.00% | 3/27/2027 | 50850000 | 48435451 |
| Glencore Funding LLC<sup>†</sup> | 4.125% | 5/30/2023 | 87965000 | 87350855 |
| Glencore Funding LLC<sup>†</sup> | 4.125% | 3/12/2024 | 83462000 | 82148257 |
| Glencore Funding LLC<sup>†</sup> | 4.625% | 4/29/2024 | 93206000 | 92171162 |
| Kinross Gold Corp. (Canada)<sup>(d)</sup> | 5.95% | 3/15/2024 | 43332000 | 43503995 |
| *Total* |  |  |  | 798223755 |
| **Miscellaneous Manufacturing 0.06%** |  |  |  |  |
| Gates Global LLC/Gates Corp.<sup>†</sup> | 6.25% | 1/15/2026 | 9979000 | 9635623 |
| Parker-Hannifin Corp. | 3.65% | 6/15/2024 | 23011000 | 22501662 |
| *Total* |  |  |  | 32137285 |

---

310 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Oil & Gas 3.05%** |  |  |  |  |  |
| Aker BP ASA (Norway)<sup>†(d)</sup> | 2.00% |  | 7/15/2026 | $96528000 | $85027233 |
| Continental Resources, Inc.<sup>†</sup> | 2.268% |  | 11/15/2026 | 67465000 | 58421317 |
| Continental Resources, Inc. | 3.80% |  | 6/1/2024 | 153490000 | 149529046 |
| Continental Resources, Inc. | 4.375% |  | 1/15/2028 | 65334000 | 60154811 |
| Continental Resources, Inc. | 4.50% |  | 4/15/2023 | 41599000 | 41469211 |
| CrownRock LP/CrownRock Finance, Inc.<sup>†</sup> | 5.625% |  | 10/15/2025 | 120328000 | 117636263 |
| Devon Energy Corp. | 5.25% |  | 9/15/2024 | 74848000 | 74966185 |
| Devon Energy Corp. | 5.25% |  | 10/15/2027 | 78874000 | 79189354 |
| Devon Energy Corp. | 5.875% |  | 6/15/2028 | 27374000 | 27398225 |
| Devon Energy Corp. | 8.25% |  | 8/1/2023 | 26781000 | 27225595 |
| Endeavor Energy Resources LP/EER Finance, Inc.<sup>†</sup> | 5.75% |  | 1/30/2028 | 23047000 | 22715239 |
| Eni SpA (Italy)<sup>†(d)</sup> | 4.00% |  | 9/12/2023 | 29551000 | 29109274 |
| EQT Corp.<sup>†</sup> | 3.125% |  | 5/15/2026 | 53518000 | 49463227 |
| EQT Corp. | 3.90% |  | 10/1/2027 | 48500000 | 44954731 |
| EQT Corp. | 5.678% |  | 10/1/2025 | 28000000 | 27956880 |
| EQT Corp. | 6.125% |  | 2/1/2025 | 103028000 | 103463293 |
| Equinor ASA (Norway)<sup>†(d)</sup> | 7.875% |  | 12/9/2022 | 7000000 | 7001805 |
| Laredo Petroleum, Inc. | 9.50% |  | 1/15/2025 | 71104000 | 71208167 |
| Matador Resources Co. | 5.875% |  | 9/15/2026 | 104601000 | 103758962 |
| OGX Austria GmbH (Brazil)<sup>†(d)(f)</sup> | 8.50% |  | 6/1/2018 | 31150000 | 623 |
| Ovintiv Exploration, Inc. | 5.375% |  | 1/1/2026 | 70306000 | 69978224 |
| Parsley Energy LLC/Parsley Finance Corp.<sup>†</sup> | 4.125% |  | 2/15/2028 | 26480000 | 24370020 |
| PDC Energy, Inc. | 5.75% |  | 5/15/2026 | 43576000 | 41676958 |
| PDC Energy, Inc. | 6.125% |  | 9/15/2024 | 16511000 | 16427702 |
| Petroleos Mexicanos (Mexico)<sup>(d)</sup> | 6.875% |  | 8/4/2026 | 92567000 | 87819646 |
| Suncor Energy, Inc. (Canada)<sup>(d)</sup> | 7.875% |  | 6/15/2026 | 23572000 | 25436021 |
| Tengizchevroil Finance Co. International Ltd. (Kazakhstan)<sup>†(d)</sup> | 2.625% |  | 8/15/2025 | 60401000 | 51642855 |
| Viper Energy Partners LP<sup>†</sup> | 5.375% |  | 11/1/2027 | 48216000 | 45783356 |
| *Total* |  |  |  |  | 1543784223 |
| **Oil & Gas Services 0.06%** |  |  |  |  |  |
| Oceaneering International, Inc. | 4.65% |  | 11/15/2024 | 28663000 | 27823317 |
| **Pharmaceuticals 0.80%** |  |  |  |  |  |
| Bayer US Finance II LLC<sup>†</sup> | 3.875% |  | 12/15/2023 | 138894000 | 136709331 |
| Bayer US Finance II LLC<sup>†</sup> | 4.25% |  | 12/15/2025 | 101873000 | 98841779 |
| Bayer US Finance II LLC<sup>†</sup> | 4.303%<br> (3 Mo. LIBOR + 1.01% |)<sup>#</sup> | 12/15/2023 | 125880000 | 125662318 |

---

*See Notes to Financial Statements.* 311

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Pharmaceuticals (continued)** |  |  |  | | |
| Cigna Corp. | 4.969%<br> (3 Mo. LIBOR + .89% |)<sup>#</sup> | 7/15/2023 | $43170000 | $43267838 |
| *Total* |  |  |  |  | 404481266 |
| **Pipelines 1.95%** |  |  |  |  |  |
| Cheniere Corpus Christi Holdings LLC | 5.875% |  | 3/31/2025 | 176876000 | 177791125 |
| Cheniere Corpus Christi Holdings LLC | 7.00% |  | 6/30/2024 | 159730000 | 162005716 |
| DCP Midstream Operating LP | 5.375% |  | 7/15/2025 | 17607000 | 17410993 |
| Energy Transfer LP | 4.25% |  | 3/15/2023 | 65435000 | 65233224 |
| Energy Transfer LP | 5.875% |  | 1/15/2024 | 87329000 | 87689912 |
| Kinder Morgan, Inc. | 5.359%<br> (3 Mo. LIBOR + 1.28% |)<sup>#</sup> | 1/15/2023 | 11775000 | 11774929 |
| MPLX LP | 4.00% |  | 2/15/2025 | 14400000 | 13990677 |
| NOVA Gas Transmission Ltd. (Canada)<sup>(d)</sup> | 7.875% |  | 4/1/2023 | 11089000 | 11145554 |
| ONEOK, Inc. | 7.50% |  | 9/1/2023 | 28775000 | 29088658 |
| Plains All American Pipeline LP/PAA Finance Corp. | 4.65% |  | 10/15/2025 | 50709000 | 49968992 |
| Sabine Pass Liquefaction LLC | 5.625% |  | 4/15/2023 | 101372000 | 101365331 |
| Sabine Pass Liquefaction LLC | 5.75% |  | 5/15/2024 | 134798000 | 135047601 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 6.50% |  | 7/15/2027 | 85876000 | 86453946 |
| Western Midstream Operating LP | 5.041%<br> (3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 1/13/2023 | 38884000 | 38806911 |
| *Total* |  |  |  |  | 987773569 |
| **REITS 1.11%** |  |  |  |  |  |
| American Tower Corp. | 1.60% |  | 4/15/2026 | 9453000 | 8398318 |
| American Tower Corp. | 3.60% |  | 1/15/2028 | 3972000 | 3655900 |
| American Tower Corp. | 3.65% |  | 3/15/2027 | 49880000 | 46631696 |
| Brixmor Operating Partnership LP | 3.65% |  | 6/15/2024 | 39260000 | 38056116 |
| EPR Properties | 4.50% |  | 6/1/2027 | 38479000 | 33408198 |
| EPR Properties | 4.75% |  | 12/15/2026 | 27438000 | 24492928 |
| GLP Capital LP/GLP Financing II, Inc. | 5.25% |  | 6/1/2025 | 25105000 | 24632131 |
| GLP Capital LP/GLP Financing II, Inc. | 5.375% |  | 11/1/2023 | 18142000 | 17985797 |
| GLP Capital LP/GLP Financing II, Inc. | 5.375% |  | 4/15/2026 | 11000000 | 10677480 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 3.375% |  | 6/15/2026 | 24613000 | 21441246 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 6.00% |  | 4/15/2025 | 19225000 | 18598842 |
| Kilroy Realty LP | 4.375% |  | 10/1/2025 | 7275000 | 7016671 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.50% |  | 2/15/2025 | 77732000 | 73264905 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.75% |  | 2/15/2027 | 40353000 | 36455102 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.50% |  | 9/1/2026 | 12193000 | 11431974 |

---

312 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **REITS (continued)** |  |  |  |  |  |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.625% |  | 6/15/2025 | $11459000 | $10979414 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 5.625% |  | 5/1/2024 | 54255000 | 53797835 |
| Vornado Realty LP | 2.15% |  | 6/1/2026 | 17704000 | 14970520 |
| Vornado Realty LP | 3.50% |  | 1/15/2025 | 23249000 | 21674926 |
| WEA Finance LLC/Westfield UK & Europe Finance plc<sup>†</sup> | 3.75% |  | 9/17/2024 | 87757000 | 83182078 |
| *Total* |  |  |  |  | 560752077 |
| **Retail 0.04%** |  |  |  |  |  |
| Specialty Building Products Holdings LLC/SBP Finance Corp.<sup>†</sup> | 6.375% |  | 9/30/2026 | 23956000 | 19829825 |
| **Savings & Loans 0.15%** |  |  |  |  |  |
| Nationwide Building Society (United Kingdom)<sup>†(d)</sup> | 3.766%<br> (3 Mo. LIBOR + 1.06% |)<sup>#</sup> | 3/8/2024 | 19009000 | 18858305 |
| Nationwide Building Society (United Kingdom)<sup>†(d)</sup> | 4.00% |  | 9/14/2026 | 19128000 | 17479641 |
| Nationwide Building Society (United Kingdom)<sup>†(d)</sup> | 5.116%<br> (SOFR + 1.29% |)<sup>#</sup> | 2/16/2028 | 40000000 | 37350556 |
| *Total* |  |  |  |  | 73688502 |
| **Semiconductors 0.74%** |  |  |  |  |  |
| Microchip Technology, Inc. | 0.972% |  | 2/15/2024 | 95426000 | 90314389 |
| Microchip Technology, Inc. | 2.67% |  | 9/1/2023 | 126267000 | 123510190 |
| Microchip Technology, Inc. | 4.25% |  | 9/1/2025 | 54763000 | 53313467 |
| Microchip Technology, Inc. | 4.333% |  | 6/1/2023 | 64279000 | 64014528 |
| Qorvo, Inc.<sup>†</sup> | 1.75% |  | 12/15/2024 | 30312000 | 27818686 |
| SK Hynix, Inc. (South Korea)<sup>†(d)</sup> | 1.50% |  | 1/19/2026 | 19257000 | 16682597 |
| *Total* |  |  |  |  | 375653857 |
| **Shipbuilding 0.05%** |  |  |  |  |  |
| Huntington Ingalls Industries, Inc. | 3.844% |  | 5/1/2025 | 26743000 | 25811412 |
| **Software 0.39%** |  |  |  |  |  |
| Fidelity National Information Services, Inc. | 4.50% |  | 7/15/2025 | 24339000 | 23998918 |
| Oracle Corp. | 2.30% |  | 3/25/2028 | 65638000 | 56921093 |
| Oracle Corp. | 2.50% |  | 4/1/2025 | 37283000 | 35283506 |
| Oracle Corp. | 2.65% |  | 7/15/2026 | 15402000 | 14196235 |
| Oracle Corp. | 5.80% |  | 11/10/2025 | 26984000 | 27648347 |
| Take-Two Interactive Software, Inc. | 3.30% |  | 3/28/2024 | 30333000 | 29539002 |
| Take-Two Interactive Software, Inc. | 3.55% |  | 4/14/2025 | 7662000 | 7393598 |
| *Total* |  |  |  |  | 194980699 |

---

*See Notes to Financial Statements.* 313

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Telecommunications 0.58%** |  |  |  |  |  |
| Altice France SA (France)<sup>†(d)</sup> | 8.125% |  | 2/1/2027 | $126739000 | $120904570 |
| Sprint LLC | 7.875% |  | 9/15/2023 | 15050000 | 15395247 |
| T-Mobile USA, Inc. | 2.05% |  | 2/15/2028 | 55036000 | 47553072 |
| T-Mobile USA, Inc. | 2.25% |  | 2/15/2026 | 58311000 | 53460548 |
| T-Mobile USA, Inc. | 2.625% |  | 4/15/2026 | 11000000 | 10100458 |
| Verizon Communications, Inc. | 2.10% |  | 3/22/2028 | 52944000 | 46366403 |
| *Total* |  |  |  |  | 293780298 |
| **Toys/Games/Hobbies 0.04%** |  |  |  |  |  |
| Hasbro, Inc. | 3.00% |  | 11/19/2024 | 21329000 | 20423073 |
| **Transportation 0.04%** |  |  |  |  |  |
| Pelabuhan Indonesia Persero PT (Indonesia)<sup>†(d)</sup> | 4.50% |  | 5/2/2023 | 20485000 | 20367826 |
| **Trucking & Leasing 0.02%** |  |  |  |  |  |
| Fortress Transportation and Infrastructure Investors LLC<sup>†</sup> | 6.50% |  | 10/1/2025 | 11807000 | 11355087 |
| *Total Corporate Bonds* (cost $22,896,823,544) |  |  |  |  | 21751728309 |
| **FLOATING RATE LOANS**<sup>(g)</sup> **3.76%** |  |  |  |  |  |
| **Airlines 0.12%** |  |  |  |  |  |
| American Airlines, Inc. 2017 Incremental Term Loan | 5.80%<br> (1 Mo. LIBOR + 2.00% |)<sup>#</sup> | 12/15/2023 | 63177479 | 62958253 |
| **Chemicals 0.28%** |  |  |  |  |  |
| Axalta Coating Systems US Holdings Inc. USD Term Loan B3 | 5.424%<br> (3 Mo. LIBOR + 1.75% |)<sup>#</sup> | 6/1/2024 | 54856906 | 54836335 |
| Nutrition & Biosciences, Inc. 3 Year Delayed Draw Term Loan | 5.758%<br> (3 Mo. LIBOR + 1.25% |)<sup>#</sup> | 1/17/2023 | 36436659 | 36391113 |
| Nutrition & Biosciences, Inc. 5 Year Delayed Draw Term Loan | 6.133%<br> (3 Mo. LIBOR + 1.63% |)<sup>#</sup> | 1/17/2025 | 47764407 | 47704702 |
| *Total* |  |  |  |  | 138932150 |
| **Commercial Services 0.08%** |  |  |  |  |  |
| Trans Union, LLC 2019 Term Loan B5 | 5.821%<br> (1 Mo. LIBOR + 1.75% |)<sup>#</sup> | 11/16/2026 | 40495391 | 39468428 |

---

314 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Diversified Financial Services 0.10%** |  |  |  |  |
| Cowen Inc Term Loan B | 7.433%<br> (6 Mo. LIBOR + 3.25% | 3/24/2028 | $9974619 | $9949683 |
| Delos Finance Sarl 2018 Term Loan B (Luxembourg)<sup>(d)</sup> | 5.424%<br> (3 Mo. LIBOR + 1.75% | 10/6/2023 | 38538618 | 38470404 |
| *Total* |  |  |  | 48420087 |
| **Health Care Services 0.25%** |  |  |  |  |
| Humana Inc. Delayed Draw Term Loan | 5.321%<br> (1 Mo. LIBOR + 1.25% | 5/28/2024 | 39204132 | 38983609 <sup>(h)</sup> |
| WP CityMD Bidco LLC 2021 1st Lien Term Loan B | 6.924%<br> (3 Mo. LIBOR + 3.25% | 12/22/2028 | 85091044 | 84825134 |
| *Total* |  |  |  | 123808743 |
| **Internet 0.51%** |  |  |  |  |
| Comcast Hulu Holdings, LLC Term Loan A | 4.946%<br> (1 Mo. LIBOR + 0.88% | 3/15/2024 | 259815091 | 256731086 |
| **Leisure Time 0.03%** |  |  |  |  |
| Life Time Fitness Inc. 2021 Term Loan B | 9.485%<br> (3 Mo. LIBOR + 4.75% | 12/16/2024 | 16940926 | 16875280 |
| **Lodging 0.36%** |  |  |  |  |
| Caesars Resort Collection, LLC 2017 1st Lien Term Loan B | 6.821%<br> (1 Mo. LIBOR + 2.75% | 12/23/2024 | 81322602 | 80897692 |
| Hilton Domestic Operating Company, Inc. 2019 Term Loan B2 | 5.766%<br> (1 Mo. LIBOR + 1.75% | 6/22/2026 | 60528230 | 60148112 |
| Resorts World Las Vegas LLC Term Loan A | 5.571%<br> (1 Mo. LIBOR + 1.50% | 4/16/2024 | 25375000 | 25121250 |
| Wynn Resorts, Limited 2019 Term Loan A | 5.83%<br> (1 Mo. LIBOR + 1.75% | 9/20/2024 | 18396757 | 18120805 |
| *Total* |  |  |  | 184287859 |
| **Machinery: Industrial/Specialty 0.02%** |  |  |  |  |
| Granite Holdings US Acquisition Co. 2021 Term Loan B | 7.688%<br> (3 Mo. LIBOR + 4.00% | 9/30/2026 | 9185251 | 9185251 |

---

*See Notes to Financial Statements.* 315

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Media 0.50%** |  |  | | |
| Charter Communications Operating, LLC 2019 Term Loan B1 | 5.83%<br> (1 Mo. LIBOR + 1.75% | 4/30/2025 | $253872382 | $250301667 |
| **Pipelines 0.08%** |  |  |  |  |
| Buckeye Partners, L.P. 2021 Term Loan B | 6.018%<br> (1 Mo. LIBOR + 2.25% | 11/1/2026 | 40554984 | 40126521 |
| **Real Estate Investment Trusts 0.63%** |  |  |  |  |
| American Tower Corporation 2021 First Lien Delayed Draw Term loan | 5.188%<br> (1 Mo. LIBOR + 1.13% | 12/8/2023 | 71504483 | 71146961 <sup>(h)</sup> |
| Invitation Homes Operating Partnership LP 2020 Term Loan A | 5.016%<br> (1 Mo. LIBOR + 1.00% | 1/31/2025 | 251281186 | 246883765 |
| *Total* |  |  |  | 318030726 |
| **Software 0.19%** |  |  |  |  |
| Applied Systems, Inc. 2017 1st Lien Term Loan | 6.674%<br> (3 Mo LIBOR + 3.00% | 9/19/2024 | 42889128 | 42840234 |
| Project Alpha Intermediate Holding, Inc. 2021 Term Loan B | 8.08%<br> (1 Mo. LIBOR + 4.00% | 4/26/2024 | 26262736 | 25671825 |
| Signify Health, LLC 2021 Term Loan B | 6.127%<br> (3 Mo. LIBOR + 3.25% | 6/22/2028 | 29196050 | 28983211 |
| *Total* |  |  |  | 97495270 |
| **Telecommunications 0.29%** |  |  |  |  |
| CenturyLink, Inc. 2020 Term Loan A | 6.071%<br> (1 Mo. LIBOR + 2.00% | 1/31/2025 | 124307014 | 121807822 |
| Drive Chassis HoldCo, LLC 2019 2nd Lien Term Loan | 10.609%<br> (1 Mo. LIBOR + 6.75% | 4/10/2026 | 26759933 | 26709758 |
| *Total* |  |  |  | 148517580 |
| **Transportation 0.32%** |  |  |  |  |
| XPO Logistics, Inc. 2018 Term Loan B | 5.597%<br> (1 Mo. LIBOR + 1.75% | 2/24/2025 | 164727936 | 163904296 |
| *Total Floating Rate Loans* (cost $1,915,055,821) | *Total Floating Rate Loans* (cost $1,915,055,821) |  |  | 1899043197 |

---

316 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Fair<br>Value** | **Fair<br>Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS 1.18%** | **FOREIGN GOVERNMENT OBLIGATIONS 1.18%** | **FOREIGN GOVERNMENT OBLIGATIONS 1.18%** | **FOREIGN GOVERNMENT OBLIGATIONS 1.18%** |  |  |  |  |
| **Japan 1.07%** |  |  |  |  |  |  |  |
| Japan Treasury Discount Bill<sup>(c)</sup> | Zero Coupon |  | 1/11/2023 | JPY | 40406450000 | $| 292657527 |
| Japan Treasury Discount Bill<sup>(c)</sup> | Zero Coupon |  | 1/25/2023 | JPY | 34450000000 |  | 249528121 |
| *Total* |  |  |  |  |  |  | 542185648 |
| **Morocco 0.11%** |  |  |  |  |  |  |  |
| Morocco Government International Bond (Malaysia)<sup>†(d)</sup> | 4.25% |  | 12/11/2022 | $| 56058000 |  | 56051721 |
| *Total Foreign Government Obligations* (cost $568,417,058) | *Total Foreign Government Obligations* (cost $568,417,058) | *Total Foreign Government Obligations* (cost $568,417,058) | *Total Foreign Government Obligations* (cost $568,417,058) | *Total Foreign Government Obligations* (cost $568,417,058) | *Total Foreign Government Obligations* (cost $568,417,058) |  | 598237369 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.03%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.03%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.03%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.03%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.03%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.03%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.03%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.03%** |
| Federal Home Loan Mortgage Corp. K061 X1 | 0.283% | <sup>#(i)</sup> | 11/25/2026 |  | 513927653 |  | 3163585 |
| Federal Home Loan Mortgage Corp. K722 X1 | 1.48% | <sup>#(i)</sup> | 3/25/2023 |  | 68132957 |  | 43442 |
| Government National Mortgage Assoc. 2013-193 IO | 0.187% | <sup>#(i)</sup> | 1/16/2055 |  | 1137761 |  | 76984 |
| Government National Mortgage Assoc. 2014-112 A | 3.00% | <sup>#(i)</sup> | 1/16/2048 |  | 8018114 |  | 7267549 |
| Government National Mortgage Assoc. 2014-15 IO | 0.595% | <sup>#(i)</sup> | 8/16/2054 |  | 47315 |  | 15637 <sup>(a)</sup> |
| Government National Mortgage Assoc. 2014-186 AP | 2.80% |  | 4/16/2050 |  | 2297903 |  | 2210552 |
| Government National Mortgage Assoc. 2014-78 IO | 0.007% | <sup>#(i)</sup> | 3/16/2056 |  | 9101763 |  | 36871 |
| Government National Mortgage Assoc. 2015-19 AD | 2.90% |  | 10/16/2055 |  | 1821600 |  | 1779473 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $16,765,407) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $16,765,407) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $16,765,407) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $16,765,407) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $16,765,407) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $16,765,407) |  | 14594093 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.24%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.24%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.24%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.24%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.24%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.24%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.24%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.24%** |
| Federal Home Loan Mortgage Corp. | 2.098%<br> (12 Mo. LIBOR + 1.66% |)<sup>#</sup> | 2/1/2038 |  | 2078482 |  | 2076971 |
| Federal Home Loan Mortgage Corp. | 2.652%<br> (12 Mo. LIBOR + 1.79% |)<sup>#</sup> | 5/1/2036 |  | 1812109 |  | 1821275 |
| Federal Home Loan Mortgage Corp. | 2.836%<br> (12 Mo. LIBOR + 1.84% |)<sup>#</sup> | 6/1/2042 |  | 3676482 |  | 3687866 |
| Federal Home Loan Mortgage Corp. | 2.916%<br> (12 Mo. LIBOR + 1.78% |)<sup>#</sup> | 10/1/2038 |  | 1898021 |  | 1915864 |
| Federal Home Loan Mortgage Corp. | 3.003%<br> (12 Mo. LIBOR + 1.88% |)<sup>#</sup> | 12/1/2040 |  | 2442963 |  | 2463260 |

---

*See Notes to Financial Statements.* 317

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |
| Federal Home Loan Mortgage Corp. | 3.033%<br> (12 Mo. LIBOR + 1.71% |)<sup>#</sup> | 4/1/2037 | $3195490 | $3213348 |
| Federal Home Loan Mortgage Corp. | 3.226%<br> (12 Mo. LIBOR + 1.96% |)<sup>#</sup> | 2/1/2037 | 2544575 | 2580180 |
| Federal Home Loan Mortgage Corp. | 3.391%<br> (12 Mo. LIBOR + 1.89% |)<sup>#</sup> | 12/1/2040 | 307617 | 306923 |
| Federal Home Loan Mortgage Corp. | 3.451%<br> (12 Mo. LIBOR + 1.88% |)<sup>#</sup> | 9/1/2035 | 1348652 | 1363061 |
| Federal Home Loan Mortgage Corp. | 3.455%<br> (12 Mo. LIBOR + 1.76% |)<sup>#</sup> | 5/1/2037 | 1758210 | 1777745 |
| Federal Home Loan Mortgage Corp. | 3.566%<br> (12 Mo. LIBOR + 1.92% |)<sup>#</sup> | 9/1/2036 | 4997541 | 5056518 |
| Federal Home Loan Mortgage Corp. | 3.588%<br> (12 Mo. LIBOR + 1.80% |)<sup>#</sup> | 6/1/2041 | 1564404 | 1585629 |
| Federal Home Loan Mortgage Corp. | 3.821%<br> (12 Mo. LIBOR + 1.79% |)<sup>#</sup> | 12/1/2036 | 4601469 | 4654813 |
| Federal Home Loan Mortgage Corp. | 3.89%<br> (12 Mo. LIBOR + 1.64% |)<sup>#</sup> | 11/1/2043 | 402187 | 397205 |
| Federal Home Loan Mortgage Corp. | 3.951%<br> (1 Yr Treasury CMT + 2.50% |)<sup>#</sup> | 12/1/2035 | 2296039 | 2348025 |
| Federal National Mortgage Assoc. | 2.444%<br> (12 Mo. LIBOR + 1.81% |)<sup>#</sup> | 4/1/2040 | 989882 | 998131 |
| Federal National Mortgage Assoc. | 2.503%<br> (12 Mo. LIBOR + 1.84% |)<sup>#</sup> | 7/1/2040 | 594522 | 596612 |
| Federal National Mortgage Assoc. | 2.518%<br> (12 Mo. LIBOR + 1.57% |)<sup>#</sup> | 6/1/2038 | 716928 | 720925 |
| Federal National Mortgage Assoc. | 2.579%<br> (1 Yr. Treasury CMT + 2.24% |)<sup>#</sup> | 3/1/2038 | 271403 | 270237 |
| Federal National Mortgage Assoc. | 2.626%<br> (12 Mo. LIBOR + 1.81% |)<sup>#</sup> | 12/1/2040 | 1122665 | 1136179 |
| Federal National Mortgage Assoc. | 2.632%<br> (12 Mo. LIBOR + 1.80% |)<sup>#</sup> | 1/1/2041 | 1801156 | 1814913 |
| Federal National Mortgage Assoc. | 2.644%<br> (12 Mo. LIBOR + 1.53% |)<sup>#</sup> | 3/1/2039 | 2164063 | 2172510 |
| Federal National Mortgage Assoc. | 2.66%<br> (12 Mo. LIBOR + 1.64% |)<sup>#</sup> | 12/1/2036 | 1909634 | 1921684 |
| Federal National Mortgage Assoc. | 2.731%<br> (12 Mo. LIBOR + 1.45% |)<sup>#</sup> | 12/1/2035 | 4518224 | 4531461 |
| Federal National Mortgage Assoc. | 2.752%<br> (12 Mo. LIBOR + 1.78% |)<sup>#</sup> | 10/1/2036 | 1806652 | 1828948 |
| Federal National Mortgage Assoc. | 2.824%<br> (1 Yr. Treasury CMT + 2.20% |)<sup>#</sup> | 1/1/2038 | 1022528 | 1039790 |

---

318 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |
| Federal National Mortgage Assoc. | 2.829%<br> (12 Mo. LIBOR + 1.62% |)<sup>#</sup> | 8/1/2037 | $3078094 | $3096974 |
| Federal National Mortgage Assoc. | 2.845%<br> (12 Mo. LIBOR + 1.75% |)<sup>#</sup> | 5/1/2042 | 4594066 | 4570463 |
| Federal National Mortgage Assoc. | 2.852%<br> (12 Mo. LIBOR + 1.75% |)<sup>#</sup> | 11/1/2038 | 2942861 | 2974861 |
| Federal National Mortgage Assoc. | 2.915%<br> (12 Mo. LIBOR + 1.61% |)<sup>#</sup> | 4/1/2038 | 2340232 | 2360097 |
| Federal National Mortgage Assoc. | 2.916%<br> (12 Mo. LIBOR + 1.64% |)<sup>#</sup> | 1/1/2038 | 1054856 | 1063153 |
| Federal National Mortgage Assoc. | 2.917% |  | 12/1/2038 - 1/1/2041 | 6267131 | 6340538 |
| Federal National Mortgage Assoc. | 2.954%<br> (12 Mo. LIBOR + 1.51% |)<sup>#</sup> | 2/1/2036 | 2070830 | 2080708 |
| Federal National Mortgage Assoc. | 2.955%<br> (12 Mo. LIBOR + 1.58% |)<sup>#</sup> | 3/1/2038 | 2183267 | 2201387 |
| Federal National Mortgage Assoc. | 3.00%<br> (12 Mo. LIBOR + 1.66% |)<sup>#</sup> | 8/1/2038 | 855020 | 854649 |
| Federal National Mortgage Assoc. | 3.043%<br> (12 Mo. LIBOR + 1.60% |)<sup>#</sup> | 12/1/2045 | 3564960 | 3684467 |
| Federal National Mortgage Assoc. | 3.189%<br> (12 Mo. LIBOR + 1.73% |)<sup>#</sup> | 10/1/2036 | 2032407 | 2059730 |
| Federal National Mortgage Assoc. | 3.191%<br> (12 Mo. LIBOR + 1.65% |)<sup>#</sup> | 9/1/2036 | 1744991 | 1758360 |
| Federal National Mortgage Assoc. | 3.272%<br> (12 Mo. LIBOR + 1.82% |)<sup>#</sup> | 8/1/2041 | 1643219 | 1663307 |
| Federal National Mortgage Assoc. | 3.449%<br> (12 Mo. LIBOR + 1.59% |)<sup>#</sup> | 8/1/2034 | 4603169 | 4646574 |
| Federal National Mortgage Assoc. | 3.473%<br> (12 Mo. LIBOR + 1.81% |)<sup>#</sup> | 12/1/2040 | 2703402 | 2737791 |
| Federal National Mortgage Assoc. | 3.479%<br> (12 Mo. LIBOR + 1.59% |)<sup>#</sup> | 11/1/2036 | 767115 | 769910 |
| Federal National Mortgage Assoc. | 3.513%<br> (12 Mo. LIBOR + 1.62% |)<sup>#</sup> | 9/1/2038 | 2097663 | 2120350 |
| Federal National Mortgage Assoc. | 3.523%<br> (12 Mo. LIBOR + 1.79% |)<sup>#</sup> | 3/1/2042 | 2152225 | 2177681 |
| Federal National Mortgage Assoc. | 3.539%<br> (12 Mo. LIBOR + 1.52% |)<sup>#</sup> | 10/1/2035 | 3682809 | 3716177 |
| Federal National Mortgage Assoc. | 3.806%<br> (12 Mo. LIBOR + 1.72% |)<sup>#</sup> | 6/1/2042 | 1292473 | 1312752 |
| Federal National Mortgage Assoc. | 3.94%<br> (12 Mo. LIBOR + 1.80% |)<sup>#</sup> | 11/1/2040 | 5382007 | 5459280 |

---

*See Notes to Financial Statements.* 319

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |
| Federal National Mortgage Assoc. | 4.014%<br> (12 Mo. LIBOR + 1.80% |)<sup>#</sup> | 10/1/2040 | $667705 | $678262 |
| Federal National Mortgage Assoc. | 4.052%<br> (12 Mo. LIBOR + 1.81% |)<sup>#</sup> | 1/1/2042 | 4283856 | 4347953 |
| Federal National Mortgage Assoc. | 5.039%<br> (12 Mo. LIBOR + 1.60% |)<sup>#</sup> | 12/1/2045 | 2839736 | 2934084 |
| Federal National Mortgage Assoc. | 5.488%<br> (12 Mo. LIBOR + 1.60% |)<sup>#</sup> | 10/1/2045 | 2468447 | 2535877 |
| *Total Government Sponsored Enterprises Pass-Throughs* <br> (cost $123,979,747) | *Total Government Sponsored Enterprises Pass-Throughs* <br> (cost $123,979,747) | *Total Government Sponsored Enterprises Pass-Throughs* <br> (cost $123,979,747) | *Total Government Sponsored Enterprises Pass-Throughs* <br> (cost $123,979,747) | *Total Government Sponsored Enterprises Pass-Throughs* <br> (cost $123,979,747) | 120425458 |
| **MUNICIPAL BONDS 0.08%** |  |  |  |  |  |
| **Government 0.04%** |  |  |  |  |  |
| Louisiana Local Government Environmental Facilities & Community Development Authority A1 | 3.615% |  | 2/1/2029 | 23912000 | 23201235 |
| **Miscellaneous 0.04%** |  |  |  |  |  |
| State of Illinois | 4.95% |  | 6/1/2023 | 20088818 | 20084577 |
| *Total Municipal Bonds* (cost $44,101,007) |  |  |  |  | 43285812 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 15.89%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 15.89%** |  |  |  |  |
| 1211 Avenue of the Americas Trust 2015-1211 XA<sup>†</sup> | 0.38% | <sup>#(i)</sup> | 8/10/2035 | 214200000 | 1320971 |
| Angel Oak Mortgage Trust 2020-1 A1<sup>†</sup> | 2.466% | <sup>#(i)</sup> | 12/25/2059 | 6226256 | 5837197 |
| Angel Oak Mortgage Trust 2020-6 A1<sup>†</sup> | 1.261% | <sup>#(i)</sup> | 5/25/2065 | 11957330 | 10171037 |
| Angel Oak Mortgage Trust 2021-4 A1<sup>†</sup> | 1.035% | <sup>#(i)</sup> | 1/20/2065 | 41528427 | 32618100 |
| Angel Oak Mortgage Trust 2021-6 A1<sup>†</sup> | 1.458% | <sup>#(i)</sup> | 9/25/2066 | 80838325 | 64449762 |
| Angel Oak Mortgage Trust 2021-7 A1<sup>†</sup> | 1.978% | <sup>#(i)</sup> | 10/25/2066 | 58331465 | 46808697 |
| Atrium Hotel Portfolio Trust 2017-ATRM A<sup>†</sup> | 4.805%<br> (1 Mo. LIBOR + .93% |)<sup>#</sup> | 12/15/2036 | 19170000 | 18629544 |
| Atrium Hotel Portfolio Trust 2017-ATRM B<sup>†</sup> | 5.375%<br> (1 Mo. LIBOR + 1.50% |)<sup>#</sup> | 12/15/2036 | 30936000 | 29515026 |
| Atrium Hotel Portfolio Trust 2018-ATRM B<sup>†</sup> | 5.305%<br> (1 Mo. LIBOR + 1.43% |)<sup>#</sup> | 6/15/2035 | 28355000 | 26847200 |
| Atrium Hotel Portfolio Trust 2018-ATRM C<sup>†</sup> | 5.525%<br> (1 Mo. LIBOR + 1.65% |)<sup>#</sup> | 6/15/2035 | 9012000 | 8444994 |
| BAMLL Commercial Mortgage Securities Trust 2019-AHT B<sup>†</sup> | 5.475%<br> (1 Mo. LIBOR + 1.60% |)<sup>#</sup> | 3/15/2034 | 10221000 | 9859626 |
| Banc of America Commercial Mortgage Trust 2016-UB10 XA | 1.906% | <sup>#(i)</sup> | 7/15/2049 | 48382360 | 2142782 |
| BBCMS Mortgage Trust 2018-TALL A<sup>†</sup> | 4.597%<br> (1 Mo. LIBOR + .72% |)<sup>#</sup> | 3/15/2037 | 43808000 | 40998786 |

---

320 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| BBCMS Mortgage Trust 2018-TALL E<sup>†</sup> | 6.312%<br> (1 Mo. LIBOR + 2.44% |)<sup>#</sup> | 3/15/2037 | $36419000 | $27527494 |
| BBCMS Mortgage Trust 2019-BWAY A<sup>†</sup> | 4.831%<br> (1 Mo. LIBOR + .96% |)<sup>#</sup> | 11/15/2034 | 57710000 | 54717419 |
| BBCMS Mortgage Trust 2019-BWAY B<sup>†</sup> | 5.185%<br> (1 Mo. LIBOR + 1.31% |)<sup>#</sup> | 11/15/2034 | 26023000 | 24193976 |
| BBCMS Mortgage Trust 2019-BWAY C<sup>†</sup> | 5.485%<br> (1 Mo. LIBOR + 1.61% |)<sup>#</sup> | 11/15/2034 | 10000000 | 9000975 |
| BBCMS Mortgage Trust 2020-C7 A2 | 2.021% |  | 4/15/2053 | 13250000 | 12236506 |
| BBCMS Trust 2015-MSQ A<sup>†</sup> | 3.593% |  | 9/15/2032 | 19174000 | 19129783 |
| BBCMS Trust 2015-VFM A1<sup>†</sup> | 2.466% |  | 3/10/2036 | 14610713 | 13550890 |
| BBCMS Trust 2018-BXH A<sup>†</sup> | 4.873%<br> (1 Mo. LIBOR + 1.00% |)<sup>#</sup> | 10/15/2037 | 12518765 | 12026891 |
| BB-UBS Trust 2012-SHOW A<sup>†</sup> | 3.43% |  | 11/5/2036 | 39264000 | 36500023 |
| BB-UBS Trust 2012-TFT A<sup>†</sup> | 2.892% |  | 6/5/2030 | 27702546 | 26808624 |
| BB-UBS Trust 2012-TFT B<sup>†</sup> | 3.678% | <sup>#(i)</sup> | 6/5/2030 | 7850000 | 7034116 |
| BB-UBS Trust 2012-TFT C<sup>†</sup> | 3.678% | <sup>#(i)</sup> | 6/5/2030 | 14354000 | 12295681 |
| BDS Ltd. 2021-FL8 A<sup>†</sup> | 4.859%<br> (1 Mo. LIBOR + .92% |)<sup>#</sup> | 1/18/2036 | 48374974 | 46575596 |
| Benchmark Mortgage Trust 2018-B3 A3 | 3.746% |  | 4/10/2051 | 5000000 | 4817362 |
| Benchmark Mortgage Trust 2021 B23 A2 | 1.62% |  | 2/15/2054 | 28550000 | 25620573 |
| BHMS 2018-ATLS D<sup>†</sup> | 6.125%<br> (1 Mo. LIBOR + 2.25% |)<sup>#</sup> | 7/15/2035 | 39450000 | 36025247 |
| BHP Trust 2019-BXHP A<sup>†</sup> | 4.85%<br> (1 Mo. LIBOR + .98% |)<sup>#</sup> | 8/15/2036 | 75429108 | 73230455 |
| BWAY Mortgage Trust 2013-1515 A1<sup>†</sup> | 2.809% |  | 3/10/2033 | 3908287 | 3739843 |
| BWAY Mortgage Trust 2013-1515 XB<sup>†</sup> | 0.534% | <sup>#(i)</sup> | 3/10/2033 | 103040000 | 806144 |
| BX 2021-MFM1 A<sup>†</sup> | 4.575%<br> (1 Mo. LIBOR + .70% |)<sup>#</sup> | 1/15/2034 | 11340000 | 10965140 |
| BX Commercial Mortgage Trust 2019-IMC A<sup>†</sup> | 4.873%<br> (1 Mo. LIBOR + 1.00% |)<sup>#</sup> | 4/15/2034 | 3690000 | 3594797 |
| BX Commercial Mortgage Trust 2019-XL A<sup>†</sup> | 4.829%<br> (1 Mo. Term SOFR + .92% |)<sup>#</sup> | 10/15/2036 | 20115483 | 19777583 |
| BX Commercial Mortgage Trust 2021-ACNT A<sup>†</sup> | 4.726%<br> (1 Mo. LIBOR + .85% |)<sup>#</sup> | 11/15/2038 | 63820000 | 61305952 |
| BX Commercial Mortgage Trust 2021-XL2 A<sup>†</sup> | 4.564%<br> (1 Mo. LIBOR + .69% |)<sup>#</sup> | 10/15/2038 | 49366111 | 47163010 |
| BX Trust 2018-BILT A<sup>†</sup> | 4.675%<br> (1 Mo. LIBOR + .80% |)<sup>#</sup> | 5/15/2030 | 21628000 | 20949404 |
| BX Trust 2019-OC11 XA<sup>†</sup> | 0.874% | <sup>#(i)</sup> | 12/9/2041 | 561200000 | 23707389 |

---

*See Notes to Financial Statements.* 321

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| BX Trust 2019-RP B<sup>†</sup> | 5.37%<br> (1 Mo. LIBOR + 1.50% | 6/15/2034 | $17480000 | $16951431 |
| BX Trust 2021-ARIA E<sup>†</sup> | 6.12%<br> (1 Mo. LIBOR + 2.24% | 10/15/2036 | 194985000 | 176661577 |
| BX Trust 2021-ARIA F<sup>†</sup> | 6.469%<br> (1 Mo. LIBOR + 2.59% | 10/15/2036 | 69150000 | 60842934 |
| BX Trust 2021-RISE A<sup>†</sup> | 4.623%<br> (1 Mo. LIBOR + .75% | 11/15/2036 | 90700000 | 86467267 |
| BX Trust 2021-RISE B<sup>†</sup> | 5.125%<br> (1 Mo. LIBOR + 1.25% | 11/15/2036 | 49250000 | 46849570 |
| BX Trust 2022-LBA6 A<sup>†</sup> | 4.794%<br> (1 Mo. Term SOFR + 1.00% | 1/15/2039 | 54750000 | 52517667 |
| BX Trust 2022-PSB A<sup>†</sup> | 6.245%<br> (1 Mo. Term SOFR + 2.45% | 8/15/2039 | 54511148 | 54107215 |
| BXHPP Trust 2021-FILM A<sup>†</sup> | 4.525%<br> (1 Mo. LIBOR + .65% | 8/15/2036 | 154270000 | 144676550 |
| BXHPP Trust 2021-FILM B<sup>†</sup> | 4.775%<br> (1 Mo. LIBOR + .90% | 8/15/2036 | 38250000 | 35348734 |
| BXMT Ltd. 2021-FL4 A<sup>†</sup> | 4.925%<br> (1 Mo. LIBOR + 1.05% | 5/15/2038 | 57000000 | 56360545 |
| BXP Trust 2017-CQHP A<sup>†</sup> | 4.725%<br> (1 Mo. LIBOR + .85% | 11/15/2034 | 41359000 | 39716816 |
| Cantor Commercial Real Estate Lending 2019-CF1 65A<sup>†</sup> | 4.411% | 5/15/2052 | 5498000 | 5127933 |
| CF Trust 2019-BOSS A1 | 4.75%<br> (1 Mo. LIBOR + 3.25% | 12/15/2024 | 63488000 | 58143650 <sup>(a)</sup> |
| CFCRE Commercial Mortgage Trust 2016-C4 XA | 1.769% | 5/10/2058 | 59210875 | 2405394 |
| CFCRE Commercial Mortgage Trust 2016-C6 XA | 1.233% | 11/10/2049 | 146389082 | 4770513 |
| CFCRE Commercial Mortgage Trust 2016-C7 XA | 0.807% | 12/10/2054 | 136583337 | 3000190 |
| CFCRE Commercial Mortgage Trust 2018-TAN A<sup>†</sup> | 4.236% | 2/15/2033 | 9907000 | 9765733 |
| Citigroup Commercial Mortgage Trust 2012-GC8 XB<sup>†</sup> | 0.171% | 9/10/2045 | 153281878 | 138 |
| Citigroup Commercial Mortgage Trust 2013-GC11 XA | 1.447% | 4/10/2046 | 261530528 | 294117 |
| Citigroup Commercial Mortgage Trust 2014-GC19 A3 | 3.753% | 3/11/2047 | 3995041 | 3913818 |
| Citigroup Commercial Mortgage Trust 2014-GC21 XA | 1.299% | 5/10/2047 | 154387997 | 1902446 |
| Citigroup Commercial Mortgage Trust 2014-GC23 XB | 0.302% | 7/10/2047 | 120131000 | 375157 |
| Citigroup Commercial Mortgage Trust 2015-GC27 AAB | 2.944% | 2/10/2048 | 3567623 | 3472976 |

---

322 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| Citigroup Commercial Mortgage Trust 2015-GC27 XA | 1.46% | <sup>#(i)</sup> | 2/10/2048 | $98732053 | $2112836 |
| Citigroup Commercial Mortgage Trust 2015-GC31 XA | 0.456% | <sup>#(i)</sup> | 6/10/2048 | 224634525 | 1645313 |
| Citigroup Commercial Mortgage Trust 2015-GC35 XA | 0.87% | <sup>#(i)</sup> | 11/10/2048 | 151495810 | 2527162 |
| Citigroup Commercial Mortgage Trust 2016-GC36 A5 | 3.616% |  | 2/10/2049 | 16900000 | 15816646 |
| Citigroup Commercial Mortgage Trust 2016-GC36 XA | 1.37% | <sup>#(i)</sup> | 2/10/2049 | 91519968 | 2652084 |
| Citigroup Commercial Mortgage Trust 2016-GC37 A4 | 3.314% |  | 4/10/2049 | 46275000 | 43323377 |
| Citigroup Commercial Mortgage Trust 2016-GC37 XA | 1.819% | <sup>#(i)</sup> | 4/10/2049 | 51477116 | 2154219 |
| Citigroup Commercial Mortgage Trust 2018-B2 A2 | 3.788% |  | 3/10/2051 | 5605000 | 5569032 |
| COLT Mortgage Loan Trust 2021-2 A1<sup>†</sup> | 0.924% | <sup>#(i)</sup> | 8/25/2066 | 11252276 | 9184286 |
| Commercial Mortgage Pass-Through Certificates 2010-C1 D<sup>†</sup> | 5.985% | <sup>#(i)</sup> | 7/10/2046 | 11419838 | 11086979 |
| Commercial Mortgage Pass-Through Certificates 2012-CR3 AM<sup>†</sup> | 3.416% |  | 10/15/2045 | 7449000 | 6743586 |
| Commercial Mortgage Pass-Through Certificates 2012-CR4 XA | 1.428% | <sup>#(i)</sup> | 10/15/2045 | 53126889 | 2003 |
| Commercial Mortgage Pass-Through Certificates 2012-CR5 AM<sup>†</sup> | 3.223% |  | 12/10/2045 | 18018364 | 17990796 |
| Commercial Mortgage Pass-Through Certificates 2013-CR12 A3 | 3.765% |  | 10/10/2046 | 15238137 | 15025102 |
| Commercial Mortgage Pass-Through Certificates 2013-CR6 A4 | 3.101% |  | 3/10/2046 | 2851461 | 2842900 |
| Commercial Mortgage Pass-Through Certificates 2013-CR7 XA | 1.289% | <sup>#(i)</sup> | 3/10/2046 | 106567968 | 35487 |
| Commercial Mortgage Pass-Through Certificates 2013-CR8 XA | 0.362% | <sup>#(i)</sup> | 6/10/2046 | 316621624 | 104833 |
| Commercial Mortgage Pass-Through Certificates 2013-GAM A2<sup>†</sup> | 3.367% |  | 2/10/2028 | 12313956 | 12197899 |
| Commercial Mortgage Pass-Through Certificates 2013-SFS A1<sup>†</sup> | 1.873% |  | 4/12/2035 | 1921422 | 1900764 |
| Commercial Mortgage Pass-Through Certificates 2013-WWP XB<sup>†</sup> | 0.389% | <sup>#(i)</sup> | 3/10/2031 | 265903000 | 1782 |
| Commercial Mortgage Pass-Through Certificates 2014-CR17 A5 | 3.977% |  | 5/10/2047 | 7751000 | 7539890 |

---

*See Notes to Financial Statements.* 323

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| Commercial Mortgage Pass-Through Certificates 2014-CR19 A4 | 3.532% |  | 8/10/2047 | $11256012 | $10756227 |
| Commercial Mortgage Pass-Through Certificates 2014-CR19 A5 | 3.796% |  | 8/10/2047 | 10150000 | 9785259 |
| Commercial Mortgage Pass-Through Certificates 2014-CR19 XA | 1.089% | <sup>#(i)</sup> | 8/10/2047 | 68475002 | 794262 |
| Commercial Mortgage Pass-Through Certificates 2014-CR21 A3 | 3.528% |  | 12/10/2047 | 4568209 | 4380947 |
| Commercial Mortgage Pass-Through Certificates 2014-CR21 XA | 0.993% | <sup>#(i)</sup> | 12/10/2047 | 99738339 | 1339416 |
| Commercial Mortgage Pass-Through Certificates 2014-LC17 XA | 0.815% | <sup>#(i)</sup> | 10/10/2047 | 82630234 | 773832 |
| Commercial Mortgage Pass-Through Certificates 2014-UBS3 A3 | 3.546% |  | 6/10/2047 | 5797822 | 5610418 |
| Commercial Mortgage Pass-Through Certificates 2014-UBS3 A4 | 3.819% |  | 6/10/2047 | 13342000 | 12912013 |
| Commercial Mortgage Pass-Through Certificates 2014-UBS5 A4 | 3.838% |  | 9/10/2047 | 25610000 | 24705970 |
| Commercial Mortgage Pass-Through Certificates 2014-UBS5 XA | 1.002% | <sup>#(i)</sup> | 9/10/2047 | 184504201 | 2185674 |
| Commercial Mortgage Pass-Through Certificates 2014-UBS6 A5 | 3.644% |  | 12/10/2047 | 16942045 | 16256949 |
| Commercial Mortgage Pass-Through Certificates 2015-DC1 A5 | 3.35% |  | 2/10/2048 | 33734000 | 32106749 |
| Commercial Mortgage Pass-Through Certificates 2015-LC21 A4 | 3.708% |  | 7/10/2048 | 17723000 | 16890136 |
| Commercial Mortgage Pass-Through Certificates 2015-PC1 A5 | 3.902% |  | 7/10/2050 | 45504000 | 43570913 |
| Commercial Mortgage Pass-Through Certificates 2015-PC1 XA<sup>†</sup> | 0.548% | <sup>#(i)</sup> | 7/10/2050 | 126557472 | 995602 |
| Commercial Mortgage Pass-Through Certificates 2016-CD1 XA | 1.502% | <sup>#(i)</sup> | 8/10/2049 | 99348635 | 3628123 |
| Connecticut Avenue Securities Trust 2022-R04 1M1<sup>†</sup> | 5.521%<br> (1 Mo. SOFR + 2.00% |)<sup>#</sup> | 3/25/2042 | 23248136 | 22969951 |
| Connecticut Avenue Securities Trust 2022-R08 1M1<sup>†</sup> | 6.071%<br> (1 Mo. SOFR + 2.55% |)<sup>#</sup> | 7/25/2042 | 38977534 | 38748143 |
| Credit Suisse Mortgage Capital Certificates 2019-ICE4 A<sup>†</sup> | 4.855%<br> (1 Mo. LIBOR + .98% |)<sup>#</sup> | 5/15/2036 | 50884000 | 50259796 |

---

324 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1<sup>†</sup> | 1.616% |  | 4/25/2065 | $5939503 | $5734015 |
| Credit Suisse Mortgage Capital Certificates Trust 2014-USA A1<sup>†</sup> | 3.304% |  | 9/15/2037 | 8931112 | 8091503 |
| Credit Suisse Mortgage Capital Certificates Trust 2014-USA X1<sup>†</sup> | 0.686% | <sup>#(i)</sup> | 9/15/2037 | 113021624 | 1333407 |
| Credit Suisse Mortgage Capital Certificates Trust 2017-PFHP A<sup>†</sup> | 4.825%<br> (1 Mo. LIBOR + .95% |)<sup>#</sup> | 12/15/2030 | 18561000 | 18320208 |
| Credit Suisse Mortgage Capital Certificates Trust 2020-AFC1 A1<sup>†</sup> | 2.24% | <sup>#(i)</sup> | 2/25/2050 | 19361446 | 17852858 |
| Credit Suisse Mortgage Capital Certificates Trust 2020-NQM1 A1<sup>†</sup> | 1.208% |  | 5/25/2065 | 14677847 | 13370710 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-4SZN A<sup>†</sup> | 7.762%<br> (1 Mo. Term SOFR + 3.97% |)<sup>#</sup> | 11/15/2023 | 135000000 | 128856798 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-ADV A<sup>†</sup> | 5.276%<br> (1 Mo. LIBOR + 1.40% |)<sup>#</sup> | 7/15/2038 | 40940000 | 38936511 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-AFC1 A1<sup>†</sup> | 0.83% | <sup>#(i)</sup> | 3/25/2056 | 21719991 | 16951063 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-GATE B<sup>†</sup> | 5.833%<br> (1 Mo. LIBOR + 1.96% |)<sup>#</sup> | 12/15/2036 | 23751000 | 22931835 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-GATE C<sup>†</sup> | 6.583%<br> (1 Mo. LIBOR + 2.71% |)<sup>#</sup> | 12/15/2036 | 11386000 | 10983899 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-GATE D<sup>†</sup> | 7.433%<br> (1 Mo. LIBOR + 3.56% |)<sup>#</sup> | 12/15/2036 | 11443000 | 11034487 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-INV1 A11<sup>†</sup> | 3.797%<br> (1 Mo. SOFR + .80% |)<sup>#</sup> | 7/25/2056 | 13337870 | 12130526 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-INV1 A15<sup>†</sup> | 2.50% | <sup>#(i)</sup> | 7/25/2056 | 15613630 | 12195339 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-NQM1 A1<sup>†</sup> | 0.809% | <sup>#(i)</sup> | 5/25/2065 | 15273248 | 13621312 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-NQM3 A1<sup>†</sup> | 1.015% | <sup>#(i)</sup> | 4/25/2066 | 27740740 | 22690755 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-NQM5 A1<sup>†</sup> | 0.938% | <sup>#(i)</sup> | 5/25/2066 | 13024064 | 9911318 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-NQM6 A1<sup>†</sup> | 1.174% | <sup>#(i)</sup> | 7/25/2066 | 39228141 | 31427037 |

---

*See Notes to Financial Statements.* 325

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| Credit Suisse Mortgage Capital Certificates Trust 2021-NQM7 A1<sup>†</sup> | 1.756% | <sup>#(i)</sup> | 10/25/2066 | $23580756 | $19366076 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-NQM7 A3<sup>†</sup> | 2.064% | <sup>#(i)</sup> | 10/25/2066 | 17213952 | 13843087 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-SRDC A<sup>†</sup> | 8.021%<br> (1 Mo. LIBOR + 4.14% |)<sup>#</sup> | 11/15/2023 | 25000000 | 25129058 |
| Credit Suisse Mortgage Capital Certificates Trust 2022-NQM1 A1<sup>†</sup> | 2.265% | <sup>#(i)</sup> | 11/25/2066 | 65100363 | 52990797 |
| CS Master Trust 2021-AHP A<sup>†</sup> | 7.805%<br> (1 Mo. LIBOR + 3.95% |)<sup>#</sup> | 4/15/2025 | 83500000 | 83157233 <sup>(a)</sup> |
| CS Master Trust 2021-BLUF A<sup>†</sup> | 8.033%<br> (1 Mo. LIBOR + 4.18% |)<sup>#</sup> | 4/15/2023 | 47600000 | 47168125 <sup>(a)</sup> |
| CS Master Trust 2021-MV A<sup>†</sup> | 7.776%<br> (1 Mo. LIBOR + 3.90% |)<sup>#</sup> | 8/15/2023 | 62700000 | 63103500 |
| CSAIL Commercial Mortgage Trust 2016-C6 XA | 2.027% | <sup>#(i)</sup> | 1/15/2049 | 131368840 | 6259949 |
| CSAIL Commercial Mortgage Trust 2016-C7 A5 | 3.502% |  | 11/15/2049 | 26777993 | 24923853 |
| CSAIL Commercial Mortgage Trust 2016-C7 XA | 1.084% | <sup>#(i)</sup> | 11/15/2049 | 204506548 | 5352734 |
| CSAIL Commercial Mortgage Trust 2018-C14 A2 | 4.261% |  | 11/15/2051 | 11156183 | 11046695 |
| CSMC 2021-BPNY A<sup>†</sup> | 7.59%<br> (1 Mo. LIBOR + 3.71% |)<sup>#</sup> | 8/15/2023 | 64750000 | 63344413 |
| DBGS Mortgage Trust 2018-5BP A<sup>†</sup> | 4.67%<br> (1 Mo. LIBOR + .80% |)<sup>#</sup> | 6/15/2033 | 16500000 | 15753669 |
| DBGS Mortgage Trust 2018-BIOD A<sup>†</sup> | 4.658%<br> (1 Mo. LIBOR + .80% |)<sup>#</sup> | 5/15/2035 | 24555545 | 24026623 |
| DBGS Mortgage Trust 2021-W52 A<sup>†</sup> | 5.271%<br> (1 Mo. LIBOR + 1.39% |)<sup>#</sup> | 10/15/2036 | 86290000 | 81843718 |
| DBJPM Mortgage Trust 2016-C3 XA | 1.565% | <sup>#(i)</sup> | 8/10/2049 | 182337137 | 7282381 |
| DBUBS Mortgage Trust 2011-LC3A PM4<sup>†</sup> | 5.268% | <sup>#(i)</sup> | 5/10/2044 | 9200000 | 6534712 <sup>(a)</sup> |
| DBWF Mortgage Trust 2015-LCM A1<sup>†</sup> | 2.998% |  | 6/10/2034 | 8919031 | 8219307 |
| DBWF Mortgage Trust 2015-LCM XA<sup>†</sup> | 0.537% | <sup>#(i)</sup> | 6/10/2034 | 17624363 | 139170 |
| DCP Rights LLC A | 6.253% | <sup>#(i)</sup> | 1/15/2024 | 186000000 | 186338849 |
| Deephaven Residential Mortgage Trust 2021-3 A1<sup>†</sup> | 1.194% | <sup>#(i)</sup> | 8/25/2066 | 56473692 | 46658875 |
| Eleven Madison Mortgage Trust 2015-11MD A<sup>†</sup> | 3.673% | <sup>#(i)</sup> | 9/10/2035 | 26534000 | 24579012 |
| Ellington Financial Mortgage Trust 2020-2 A1<sup>†</sup> | 1.178% | <sup>#(i)</sup> | 10/25/2065 | 9902245 | 8812377 |
| Ellington Financial Mortgage Trust 2021-1 A1<sup>†</sup> | 0.797% | <sup>#(i)</sup> | 2/25/2066 | 6055274 | 4795440 |
| Ellington Financial Mortgage Trust 2021-3 A1<sup>†</sup> | 1.241% | <sup>#(i)</sup> | 9/25/2066 | 26138796 | 21093734 |
| ELP Commercial Mortgage Trust 2021-ELP D<sup>†</sup> | 5.395%<br> (1 Mo. LIBOR + 1.52% |)<sup>#</sup> | 11/15/2038 | 24200000 | 22450100 |

---

326 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| EQUS Mortgage Trust 2021-EQAZ B<sup>†</sup> | 4.975%<br> (1 Mo. LIBOR + 1.10% |)<sup>#</sup> | 10/15/2038 | $26030478 | $24716314 |
| EQUS Mortgage Trust 2021-EQAZ C<sup>†</sup> | 5.225%<br> (1 Mo. LIBOR + 1.35% |)<sup>#</sup> | 10/15/2038 | 4449911 | 4204201 |
| Fannie Mae Connecticut Avenue Securities 2021-R02 2M1<sup>†</sup> | 4.421%<br> (1 Mo. SOFR + .90% |)<sup>#</sup> | 11/25/2041 | 27551804 | 27043415 |
| Fannie Mae Connecticut Avenue Securities 2021-R02 2M2<sup>†</sup> | 5.521%<br> (1 Mo. SOFR + 2.00% |)<sup>#</sup> | 11/25/2041 | 18765000 | 16936912 |
| Fontainebleau Miami Beach Trust 2019-FBLU A<sup>†</sup> | 3.144% |  | 12/10/2036 | 53308590 | 49931821 |
| Fontainebleau Miami Beach Trust 2019-FBLU B<sup>†</sup> | 3.447% |  | 12/10/2036 | 16564190 | 15436422 |
| Fontainebleau Miami Beach Trust 2019-FBLU XA<sup>†</sup> | 0.774% | <sup>#(i)</sup> | 12/10/2036 | 367400000 | 4468253 |
| Freddie Mac STACR REMIC Trust 2021-DNA6 M2<sup>†</sup> | 5.047%<br> (1 Mo. SOFR + 1.50% |)<sup>#</sup> | 10/25/2041 | 27070000 | 25358036 |
| Freddie Mac STACR REMIC Trust 2021-DNA7 M1<sup>†</sup> | 4.371%<br> (1 Mo. SOFR + .85% |)<sup>#</sup> | 11/25/2041 | 28997114 | 28286513 |
| Freddie Mac STACR REMIC Trust 2021-DNA7 M2<sup>†</sup> | 5.321%<br> (1 Mo. SOFR + 1.80% |)<sup>#</sup> | 11/25/2041 | 46980000 | 43667783 |
| Freddie Mac STACR REMIC Trust 2021-HQA3 M1<sup>†</sup> | 4.371%<br> (1 Mo. SOFR + .85% |)<sup>#</sup> | 9/25/2041 | 67323128 | 64276191 |
| Freddie Mac STACR REMIC Trust 2021-HQA4 M1<sup>†</sup> | 4.471%<br> (1 Mo. SOFR + .95% |)<sup>#</sup> | 12/25/2041 | 174810032 | 164068865 |
| Freddie Mac STACR REMIC Trust 2022-DNA1 M1A<sup>†</sup> | 4.521%<br> (1 Mo. SOFR + 1.00% |)<sup>#</sup> | 1/25/2042 | 46431015 | 44916310 |
| Freddie Mac STACR REMIC Trust 2022-DNA3 M1A<sup>†</sup> | 5.521%<br> (1 Mo. SOFR + 2.00% |)<sup>#</sup> | 4/25/2042 | 30906333 | 30522301 |
| Freddie Mac STACR REMIC Trust 2022-DNA4 M1A<sup>†</sup> | 5.747%<br> (1 Mo. SOFR + 2.20% |)<sup>#</sup> | 5/25/2042 | 29618032 | 29429590 |
| Great Wolf Trust 2019-WOLF B<sup>†</sup> | 5.209%<br> (1 Mo. LIBOR + 1.33% |)<sup>#</sup> | 12/15/2036 | 38043000 | 36383115 |
| Great Wolf Trust 2019-WOLF C<sup>†</sup> | 5.508%<br> (1 Mo. LIBOR + 1.63% |)<sup>#</sup> | 12/15/2036 | 46595939 | 44453723 |
| GS Mortgage Securities Corp. II 2012-BWTR A<sup>†</sup> | 2.954% |  | 11/5/2034 | 9225000 | 8159087 |
| GS Mortgage Securities Corp. II 2021-ARDN A<sup>†</sup> | 5.125%<br> (1 Mo. LIBOR + 1.25% |)<sup>#</sup> | 11/15/2036 | 119190000 | 115113738 |
| GS Mortgage Securities Corp. Trust 2017-GPTX A<sup>†</sup> | 2.856% |  | 5/10/2034 | 42390714 | 39913507 |
| GS Mortgage Securities Corp. Trust 2017-GPTX B<sup>†</sup> | 3.104% |  | 5/10/2034 | 31044000 | 29077934 |

---

*See Notes to Financial Statements.* 327

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| GS Mortgage Securities Corp. Trust 2017-SLP A<sup>†</sup> | 3.419% |  | 10/10/2032 | $11133758 | $10824344 |
| GS Mortgage Securities Corp. Trust 2018-RIVR A<sup>†</sup> | 4.825%<br> (1 Mo. LIBOR + .95% |)<sup>#</sup> | 7/15/2035 | 47601011 | 44522301 |
| GS Mortgage Securities Corp. Trust 2019-70P A<sup>†</sup> | 4.875%<br> (1 Mo. LIBOR + 1.00% |)<sup>#</sup> | 10/15/2036 | 80163670 | 77242794 |
| GS Mortgage Securities Corp. Trust 2019-70P B<sup>†</sup> | 5.195%<br> (1 Mo. LIBOR + 1.32% |)<sup>#</sup> | 10/15/2036 | 31297668 | 29543894 |
| GS Mortgage Securities Corp. Trust 2019-SMP A<sup>†</sup> | 5.025%<br> (1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 8/15/2032 | 22000000 | 21496365 |
| GS Mortgage Securities Corp. Trust 2021-RNT2 A<sup>†</sup> | 6.975%<br> (1 Mo. LIBOR + 3.10% |)<sup>#</sup> | 11/21/2023 | 83880910 | 83631113 |
| GS Mortgage Securities Corp. Trust 2021-ROSS A<sup>†</sup> | 5.026%<br> (1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 5/15/2026 | 47760000 | 44960829 |
| GS Mortgage Securities Corp. Trust 2021-ROSS G<sup>†</sup> | 8.526%<br> (1 Mo. LIBOR + 4.65% |)<sup>#</sup> | 5/15/2026 | 15000000 | 12588545 |
| GS Mortgage Securities Corp. Trust 2021-ROSS H<sup>†</sup> | 9.776%<br> (1 Mo. LIBOR + 5.90% |)<sup>#</sup> | 5/15/2026 | 19706000 | 16498202 |
| GS Mortgage Securities Trust 2011-GC5 B<sup>†</sup> | 5.299% | <sup>#(i)</sup> | 8/10/2044 | 39534760 | 35396285 |
| GS Mortgage Securities Trust 2012-GCJ9 XB<sup>†</sup> | 0.31% | <sup>#(i)</sup> | 11/10/2045 | 45956064 | 41 |
| GS Mortgage Securities Trust 2013-GC12 B | 3.777% | <sup>#(i)</sup> | 6/10/2046 | 5809261 | 5711042 |
| GS Mortgage Securities Trust 2013-GC12 XA | 1.472% | <sup>#(i)</sup> | 6/10/2046 | 353415386 | 369390 |
| GS Mortgage Securities Trust 2013-GCJ14 A5 | 4.243% |  | 8/10/2046 | 10000000 | 9871275 |
| GS Mortgage Securities Trust 2014-GC18 A4 | 4.074% |  | 1/10/2047 | 13252225 | 12935855 |
| GS Mortgage Securities Trust 2014-GC26 XA | 1.087% | <sup>#(i)</sup> | 11/10/2047 | 73546360 | 1064488 |
| GS Mortgage Securities Trust 2015-GC34 A4 | 3.506% |  | 10/10/2048 | 36577000 | 34457655 |
| GS Mortgage Securities Trust 2015-GS1 XA | 0.905% | <sup>#(i)</sup> | 11/10/2048 | 89892257 | 1681947 |
| GS Mortgage Securities Trust 2016-GS2 A4 | 3.05% |  | 5/10/2049 | 28917000 | 26707640 |
| GS Mortgage Securities Trust 2016-GS2 XA | 1.893% | <sup>#(i)</sup> | 5/10/2049 | 161030334 | 7287750 |
| GS Mortgage Securities Trust 2020-GC45 A2 | 2.898% |  | 2/13/2053 | 15180000 | 14340626 |
| Hawaii Hotel Trust 2019-MAUI B<sup>†</sup> | 5.325%<br> (1 Mo. LIBOR + 1.45% |)<sup>#</sup> | 5/15/2038 | 35079000 | 33571427 |
| HMH Trust 2017-NSS A<sup>†</sup> | 3.062% |  | 7/5/2031 | 33687000 | 32517707 |
| HMH Trust 2017-NSS B<sup>†</sup> | 3.343% |  | 7/5/2031 | 21685000 | 20670595 |
| HMH Trust 2017-NSS C<sup>†</sup> | 3.787% |  | 7/5/2031 | 16116000 | 15197618 |
| HMH Trust 2017-NSS D<sup>†</sup> | 4.723% |  | 7/5/2031 | 21309000 | 19924629 |
| HONO Mortgage Trust 2021-LULU A<sup>†</sup> | 5.025%<br> (1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 10/15/2036 | 54660000 | 52225542 |
| Houston Galleria Mall Trust 2015-HGLR A1A2<sup>†</sup> | 3.087% |  | 3/5/2037 | 54825000 | 50375222 |
| Hudsons Bay Simon JV Trust 2015-HB10 XA10<sup>†</sup> | 1.474% | <sup>#(i)</sup> | 8/5/2034 | 150785000 | 20336 |
| Hudsons Bay Simon JV Trust 2015-HB7 A7<sup>†</sup> | 3.914% |  | 8/5/2034 | 61926000 | 55110307 |

---

328 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| Hudsons Bay Simon JV Trust 2015-HB7 B7<sup>†</sup> | 4.666% |  | 8/5/2034 | $5000000 | $4196684 |
| Hudsons Bay Simon JV Trust 2015-HB7 D7<sup>†</sup> | 5.331% | <sup>#(i)</sup> | 8/5/2034 | 5000000 | 3408466 |
| Hudsons Bay Simon JV Trust 2015-HB7 XA7<sup>†</sup> | 1.417% | <sup>#(i)</sup> | 8/5/2034 | 171661000 | 22932 |
| IMT Trust 2017-APTS AFX<sup>†</sup> | 3.478% |  | 6/15/2034 | 1380000 | 1312804 |
| Irvine Core Office Trust 2013-IRV A1<sup>†</sup> | 2.068% |  | 5/15/2048 | 3553034 | 3525001 |
| Irvine Core Office Trust 2013-IRV A2<sup>†</sup> | 3.279% | <sup>#(i)</sup> | 5/15/2048 | 40462264 | 39834961 |
| Irvine Core Office Trust 2013-IRV XA<sup>†</sup> | 1.211% | <sup>#(i)</sup> | 5/15/2048 | 7240119 | 12310 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP A<sup>†</sup> | 4.391%<br> (1 Mo. Term SOFR + .60% |)<sup>#</sup> | 4/15/2037 | 44500000 | 41366844 |
| JPMBB Commercial Mortgage Securities Trust 2015-C30 XA | 0.575% | <sup>#(i)</sup> | 7/15/2048 | 108796871 | 1034832 |
| JPMDB Commercial Mortgage Securities Trust 2020-COR7 A2 | 2.215% |  | 5/13/2053 | 14750000 | 13625212 |
| JPMorgan Chase Commercial Mortgage Securities Corp Series 2019-MARG A<sup>†</sup> | 4.975%<br> (1 Mo. LIBOR + 1.10% |)<sup>#</sup> | 5/15/2034 | 23269000 | 22845448 |
| JPMorgan Chase Commercial Mortgage Securities Corp Series 2019-MARG B<sup>†</sup> | 5.275%<br> (1 Mo. LIBOR + 1.40% |)<sup>#</sup> | 5/15/2034 | 11000000 | 10691658 |
| JPMorgan Chase Commercial Mortgage Securities Corp Series 2019-MARG C<sup>†</sup> | 5.585%<br> (1 Mo. LIBOR + 1.71% |)<sup>#</sup> | 5/15/2034 | 7900000 | 7597153 |
| JPMorgan Chase Commercial Mortgage Securities Trust A<sup>†</sup> | 5.659%<br> (1 Mo. Term SOFR + 1.75% |)<sup>#</sup> | 9/15/2029 | 39509392 | 39285970 |
| JPMorgan Chase Commercial Mortgage Securities Trust B<sup>†</sup> | 6.559%<br> (1 Mo. Term SOFR + 2.65% |)<sup>#</sup> | 9/15/2029 | 15299000 | 15203517 |
| JPMorgan Chase Commercial Mortgage Securities Trust C<sup>†</sup> | 7.259%<br> (1 Mo. Term SOFR + 3.35% |)<sup>#</sup> | 9/15/2029 | 11384000 | 11298444 |
| JPMorgan Chase Commercial Mortgage Securities Trust D<sup>†</sup> | 8.259%<br> (1 Mo. Term SOFR + 4.35% |)<sup>#</sup> | 9/15/2029 | 14048000 | 13915089 <sup>(a)</sup> |
| JPMorgan Chase Commercial Mortgage Securities Trust E<sup>†</sup> | 9.259%<br> (1 Mo. Term SOFR + 5.35% |)<sup>#</sup> | 9/15/2029 | 8338000 | 8283489 <sup>(a)</sup> |
| JPMorgan Chase Commercial Mortgage Securities Trust 2012-WLDN A<sup>†</sup> | 3.905% |  | 5/5/2030 | 67527360 | 54438167 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2013-C10 XA | 1.149% | <sup>#(i)</sup> | 12/15/2047 | 109202161 | 2533 |

---

*See Notes to Financial Statements.* 329

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| JPMorgan Chase Commercial Mortgage Securities Trust 2013-C12 XA | 0.497% | <sup>#(i)</sup> | 7/15/2045 | $97073474 | $73417 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2013-LC11 XA | 1.368% | <sup>#(i)</sup> | 4/15/2046 | 70799789 | 69816 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2014-C24 XA | 1.006% | <sup>#(i)</sup> | 11/15/2047 | 89887179 | 978134 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2014-C25 XA | 0.956% | <sup>#(i)</sup> | 11/15/2047 | 147590849 | 1899391 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2014-C26 XA | 1.075% | <sup>#(i)</sup> | 1/15/2048 | 130651671 | 1828914 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY A<sup>†</sup> | 3.429% |  | 6/10/2027 | 163798100 | 76166117 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY B<sup>†</sup> | 3.771% |  | 6/10/2027 | 20772000 | 4141847 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY C<sup>†</sup> | 3.931% | <sup>#(i)</sup> | 6/10/2027 | 14352000 | 1431170 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY D<sup>†</sup> | 3.931% | <sup>#(i)</sup> | 6/10/2027 | 25795381 | 1286359 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY XA<sup>†</sup> | 0.503% | <sup>#(i)</sup> | 6/10/2027 | 102274000 | 78457 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY XB<sup>†</sup> | &nbsp;&nbsp;0.16% | <sup>#(i)</sup> | 6/10/2027 | 45476000 | 9456 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2015-C29 XA | 0.714% | <sup>#(i)</sup> | 5/15/2048 | 51155955 | 571305 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA | 0.722% | <sup>#(i)</sup> | 12/15/2049 | 140299760 | 2472166 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2016-NINE A<sup>†</sup> | 2.949% | <sup>#(i)</sup> | 9/6/2038 | 10000000 | 8892454 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2017-JP7 A3 | 3.379% |  | 9/15/2050 | 10000000 | 9572876 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2017-JP7 XA | 1.135% | <sup>#(i)</sup> | 9/15/2050 | 263949826 | 8654466 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-BCON A<sup>†</sup> | 3.735% |  | 1/5/2031 | 27681000 | 27575605 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN A<sup>†</sup> | 5.143%<br> (1 Mo. LIBOR + 1.27% |)<sup>#</sup> | 11/15/2035 | 13730000 | 13109431 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN B<sup>†</sup> | 5.473%<br> (1 Mo. LIBOR + 1.60% |)<sup>#</sup> | 11/15/2035 | 10053000 | 9605634 |

---

330 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN C<sup>†</sup> | 5.823%<br> (1 Mo. LIBOR + 1.95% |)<sup>#</sup> | 11/15/2035 | $8746000 | $8223697 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC A<sup>†</sup> | 5.325%<br> (1 Mo. LIBOR + 1.45% |)<sup>#</sup> | 4/15/2031 | 25048000 | 22827695 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC B<sup>†</sup> | 6.025%<br> (1 Mo. LIBOR + 2.15% |)<sup>#</sup> | 4/15/2031 | 14359000 | 13138297 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC C<sup>†</sup> | 6.425%<br> (1 Mo. LIBOR + 2.55% |)<sup>#</sup> | 4/15/2031 | 10408000 | 9500167 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFX<sup>†</sup> | 4.248% |  | 7/5/2033 | 69261000 | 64789212 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT XAFX<sup>†</sup> | 1.295% | <sup>#(i)</sup> | 7/5/2033 | 155900000 | 604970 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2019-ICON A<sup>†</sup> | 3.884% |  | 1/5/2034 | 32965000 | 31671958 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2019-ICON B<sup>†</sup> | 4.235% |  | 1/5/2034 | 13737000 | 13108958 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2019-ICON C<sup>†</sup> | 4.536% |  | 1/5/2034 | 12800000 | 12185849 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2019-UES A<sup>†</sup> | 3.81% |  | 5/5/2032 | 6460000 | 6215238 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE A<sup>†</sup> | 3.287% |  | 1/10/2037 | 97700000 | 90427583 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2021-BOLT A<sup>†</sup> | 5.176%<br> (1 Mo. LIBOR + 1.30% |)<sup>#</sup> | 8/15/2033 | 50480000 | 50119931 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2021-BOLT B<sup>†</sup> | 6.326%<br> (1 Mo. LIBOR + 2.45% |)<sup>#</sup> | 8/15/2033 | 41740000 | 41710281 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2021-BOLT C<sup>†</sup> | 7.826%<br> (1 Mo. LIBOR + 3.95% |)<sup>#</sup> | 8/15/2033 | 37430000 | 37346625 |
| Key Commercial Mortgage Securities Trust 2019-S2 A1<sup>†</sup> | 2.656% |  | 6/15/2052 | 6337901 | 6060598 |
| Key Commercial Mortgage Securities Trust 2019-S2 X<sup>†</sup> | 1.595% | <sup>#(i)</sup> | 6/15/2052 | 117001205 | 7180232 |
| KIND Trust 2021-KIND A<sup>†</sup> | 4.825%<br> (1 Mo. LIBOR + .95% |)<sup>#</sup> | 8/15/2038 | 81908023 | 77427703 |
| KKR Industrial Portfolio Trust 2021-KDIP A<sup>†</sup> | 4.425%<br> (1 Mo. LIBOR + .55% |)<sup>#</sup> | 12/15/2037 | 15437439 | 14838106 |

---

*See Notes to Financial Statements.* 331

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| Ladder Capital Commercial Mortgage Trust 2013-GCP A1<sup>†</sup> | 3.575% |  | 2/15/2036 | $5604187 | $5191507 |
| Life 2021-BMR Mortgage Trust 2021-BMR A<sup>†</sup> | 4.575%<br> (1 Mo. LIBOR + .70% |)<sup>#</sup> | 3/15/2038 | 32536312 | 31317879 |
| Life Mortgage Trust 2022-BMR2 A1<sup>†</sup> | 5.09%<br> (1 Mo. Term SOFR + 1.30% |)<sup>#</sup> | 5/15/2039 | 74820000 | 72714947 |
| LoanCore Issuer Ltd. 2019-CRE3 AS<sup>†</sup> | 5.245%<br> (1 Mo. LIBOR + 1.37% |)<sup>#</sup> | 4/15/2034 | 19960054 | 19935334 |
| LSTAR Commercial Mortgage Trust 2016-4 XA<sup>†</sup> | 1.852% | <sup>#(i)</sup> | 3/10/2049 | 62174999 | 1367701 |
| LSTAR Commercial Mortgage Trust 2017-5 A3<sup>†</sup> | &nbsp;&nbsp;4.50% |  | 3/10/2050 | 55578530 | 55580300 |
| LUXE Trust 2021-TRIP A<sup>†</sup> | 4.925%<br> (1 Mo. LIBOR + 1.05% |)<sup>#</sup> | 10/15/2038 | 15922349 | 15129128 |
| LUXE Trust 2021-TRIP B<sup>†</sup> | 5.275%<br> (1 Mo. LIBOR + 1.40% |)<sup>#</sup> | 10/15/2038 | 18750000 | 17392898 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A2<sup>†</sup> | 3.277% |  | 10/15/2030 | 14966600 | 12194037 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9 XA | &nbsp;&nbsp;1.10% | <sup>#(i)</sup> | 5/15/2046 | 144493948 | 34549 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9 XB<sup>†</sup> | 0.386% | <sup>#(i)</sup> | 5/15/2046 | 107177251 | 171722 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA | 1.102% | <sup>#(i)</sup> | 12/15/2047 | 100843094 | 1416866 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17 A4 | 3.443% |  | 8/15/2047 | 5784540 | 5604176 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 A4 | 3.325% |  | 5/15/2049 | 18050000 | 16811344 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 XA | 1.671% | <sup>#(i)</sup> | 5/15/2049 | 109657362 | 4172704 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 XA | 1.417% | <sup>#(i)</sup> | 11/15/2049 | 228669644 | 8473811 |
| Morgan Stanley Capital I Trust 2015-420 A<sup>†</sup> | 3.727% |  | 10/12/2050 | 22755595 | 21286512 |
| Morgan Stanley Capital I Trust 2015-UBS8 ASB | 3.626% |  | 12/15/2048 | 5566567 | 5388686 |
| Morgan Stanley Capital I Trust 2016-UB11 XA | 1.578% | <sup>#(i)</sup> | 8/15/2049 | 68818559 | 2884220 |
| Morgan Stanley Capital I Trust 2016-UB11 XB | &nbsp;&nbsp;1.02% | <sup>#(i)</sup> | 8/15/2049 | 121222774 | 3526904 |
| MSCG Trust 2015-ALDR A1<sup>†</sup> | 2.612% |  | 6/7/2035 | 9475222 | 8935564 |
| MTK Mortgage Trust 2021-GRNY A<sup>†</sup> | 5.625%<br> (1 Mo. LIBOR + 1.75% |)<sup>#</sup> | 12/15/2038 | 68552500 | 65870623 |
| MTK Mortgage Trust 2021-GRNY B<sup>†</sup> | 6.525%<br> (1 Mo. LIBOR + 2.65% |)<sup>#</sup> | 12/15/2038 | 22648900 | 21671405 |
| MTK Mortgage Trust 2021-GRNY C<sup>†</sup> | 7.275%<br> (1 Mo. LIBOR + 3.40% |)<sup>#</sup> | 12/15/2038 | 9458500 | 9008909 |

---

332 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| MTN Commercial Mortgage Trust 2022-LPFL A<sup>†</sup> | 5.191%<br> (1 Mo. Term SOFR + 1.40% |)<sup>#</sup> | 3/15/2039 | $46434000 | $44773288 |
| Natixis Commercial Mortgage Securities Trust 2018-285M A<sup>†</sup> | 3.917% | <sup>#(i)</sup> | 11/15/2032 | 47581000 | 45366928 |
| Natixis Commercial Mortgage Securities Trust 2018-285M B<sup>†</sup> | 3.917% | <sup>#(i)</sup> | 11/15/2032 | 17029000 | 15732540 |
| New Residential Mortgage Loan Trust 2020-NQM1 A1<sup>†</sup> | 2.464% | <sup>#(i)</sup> | 1/26/2060 | 6810790 | 6141073 |
| NYO Commercial Mortgage Trust 2021-1290 A<sup>†</sup> | 4.971%<br> (1 Mo. LIBOR + 1.10% |)<sup>#</sup> | 11/15/2038 | 78460000 | 72811971 |
| One Bryant Park Trust 2019-OBP A<sup>†</sup> | 2.516% |  | 9/15/2054 | 3520000 | 2900652 |
| ONE Mortgage Trust 2021-PARK A<sup>†</sup> | 4.609%<br> (1 Mo. Term SOFR + .81% |)<sup>#</sup> | 3/15/2036 | 3800000 | 3626430 |
| One New York Plaza Trust 2020-1NYP A<sup>†</sup> | 4.825%<br> (1 Mo. LIBOR + .95% |)<sup>#</sup> | 1/15/2036 | 90000000 | 84949749 |
| One New York Plaza Trust 2020-1NYP AJ<sup>†</sup> | 5.125%<br> (1 Mo. LIBOR + 1.25% |)<sup>#</sup> | 1/15/2036 | 59595000 | 55979127 |
| Palisades Center Trust 2016-PLSD A<sup>†</sup> | 2.713% |  | 4/13/2033 | 6735000 | 5347220 |
| Palisades Center Trust 2016-PLSD C<sup>†</sup> | 3.998% |  | 4/13/2033 | 40040000 | 23423400 |
| Palisades Center Trust 2016-PLSD D<sup>†</sup> | 4.737% |  | 4/13/2033 | 34071926 | 16865603 |
| PFP Ltd. 2019-6 B<sup>†</sup> | 5.604%<br> (1 Mo. LIBOR + 1.70% |)<sup>#</sup> | 4/14/2037 | 29378935 | 28810062 |
| PFP Ltd. 2021-7 A<sup>†</sup> | 4.725%<br> (1 Mo. LIBOR + .85% |)<sup>#</sup> | 4/14/2038 | 1755808 | 1714229 |
| Prima Capital CRE Securitization Ltd. 2019-7A A<sup>†</sup> | 2.25% |  | 12/25/2050 | 7756416 | 7567532 <sup>(a)</sup> |
| RBS Commercial Funding, Inc. Trust 2013-SMV A<sup>†</sup> | 3.26% |  | 3/11/2031 | 57896000 | 57313867 |
| Ready Capital Mortgage Financing LLC 2021-FL6 A<sup>†</sup> | 4.994%<br> (1 Mo. LIBOR + .95% |)<sup>#</sup> | 7/25/2036 | 73928062 | 71932040 |
| Ready Capital Mortgage Financing LLC 2022-FL8 A<sup>†</sup> | 5.197%<br> (1 Mo. SOFR + 1.65% |)<sup>#</sup> | 1/25/2037 | 84630000 | 81962193 |
| Ready Capital Mortgage Trust 2019-5 A<sup>†</sup> | 3.777% |  | 2/25/2052 | 1686088 | 1659491 |
| ReadyCap Commercial Mortgage Trust 2018-4 A<sup>†</sup> | 3.39% |  | 2/27/2051 | 4865723 | 4647046 |
| ReadyCap Commercial Mortgage Trust 2019-6 A<sup>†</sup> | 2.833% |  | 10/25/2052 | 20120683 | 18546209 |
| Residential Mortgage Loan Trust 2020-1 A1<sup>†</sup> | 2.376% | <sup>#(i)</sup> | 1/26/2060 | 4082562 | 3817560 |
| SFO Commercial Mortgage Trust 2021-555 A<sup>†</sup> | 5.025%<br> (1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 5/15/2038 | 65000000 | 59997145 |
| Shops at Crystals Trust 2016-CSTL XA<sup>†</sup> | 0.73% | <sup>#(i)</sup> | 7/5/2036 | 112000000 | 2067082 |
| SLIDE 2018-FUN A<sup>†</sup> | 5.025%<br> (1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 6/15/2031 | 25302354 | 24941496 |

---

*See Notes to Financial Statements.* 333

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| SMRT 2022-MINI A<sup>†</sup> | 4.795%<br> (1 Mo. Term SOFR + 1.00% |)<sup>#</sup> | 1/15/2039 | $196210000 | $188578235 |
| SREIT Trust 2021-MFP A<sup>†</sup> | 4.606%<br> (1 Mo. LIBOR + .73% |)<sup>#</sup> | 11/15/2038 | 25100000 | 24025494 |
| Starwood Mortgage Residential Trust 2020-1 A1<sup>†</sup> | 2.275% | <sup>#(i)</sup> | 2/25/2050 | 1444437 | 1387785 |
| Starwood Mortgage Residential Trust 2021-2 A1<sup>†</sup> | 0.943% | <sup>#(i)</sup> | 5/25/2065 | 8360689 | 7741301 |
| Structured Asset Securities Corp. 2006-3H 1A2 | &nbsp;&nbsp;5.75% |  | 12/25/2035 | 3027110 | 2865198 |
| Structured Asset Securities Corp. 2006-3H 1A3 | &nbsp;&nbsp;5.75% |  | 12/25/2035 | 1816450 | 1719212 |
| UBS Commercial Mortgage Trust 2017-C6 XA | 1.287% | <sup>#(i)</sup> | 12/15/2050 | 274500857 | 11756432 |
| UBS-BAMLL Trust 2012-WRM D<sup>†</sup> | 4.379% | <sup>#(i)</sup> | 6/10/2030 | 6900000 | 6243816 |
| UBS-Barclays Commercial Mortgage Trust 2012-C2 A4 | 3.525% |  | 5/10/2063 | 4822 | 4834 |
| UBS-Barclays Commercial Mortgage Trust 2012-C2 XA<sup>†</sup> | 0.669% | <sup>#(i)</sup> | 5/10/2063 | 12471643 | 172 |
| UBS-Barclays Commercial Mortgage Trust 2013-C5 A4 | 3.185% |  | 3/10/2046 | 2414221 | 2406533 |
| UBS-Barclays Commercial Mortgage Trust 2013-C5 AS<sup>†</sup> | 3.347% |  | 3/10/2046 | 23805246 | 23686225 |
| UBS-Barclays Commercial Mortgage Trust 2013-C5 B<sup>†</sup> | 3.649% | <sup>#(i)</sup> | 3/10/2046 | 12000000 | 11863381 |
| UBS-Barclays Commercial Mortgage Trust 2013-C5 XA<sup>†</sup> | &nbsp;&nbsp;1.05% | <sup>#(i)</sup> | 3/10/2046 | 64934374 | 1318 |
| UBS-Barclays Commercial Mortgage Trust 2013-C6 XA<sup>†</sup> | 1.197% | <sup>#(i)</sup> | 4/10/2046 | 290683456 | 68311 |
| VASA Trust 2021-VASA B<sup>†</sup> | 5.125%<br> (1 Mo. LIBOR + 1.25% |)<sup>#</sup> | 7/15/2039 | 20502000 | 18917776 |
| Verus Securitization Trust 2020-1 A1<sup>†</sup> | 2.417% |  | 1/25/2060 | 5578125 | 5263753 |
| Verus Securitization Trust 2020-4 A1<sup>†</sup> | 1.502% |  | 5/25/2065 | 12950973 | 11620951 |
| Verus Securitization Trust 2020-5 A1<sup>†</sup> | 1.218% |  | 5/25/2065 | 13638283 | 12450180 |
| Verus Securitization Trust 2021-1 A1<sup>†</sup> | 0.815% | <sup>#(i)</sup> | 1/25/2066 | 24745413 | 20171674 |
| Verus Securitization Trust 2021-3 A1<sup>†</sup> | 1.046% | <sup>#(i)</sup> | 6/25/2066 | 39377688 | 31925358 |
| Verus Securitization Trust 2021-5 A1<sup>†</sup> | 1.013% | <sup>#(i)</sup> | 9/25/2066 | 34265094 | 27505969 |
| Verus Securitization Trust 2021-R2 A1<sup>†</sup> | 0.918% | <sup>#(i)</sup> | 2/25/2064 | 8608042 | 7840218 |
| Verus Securitization Trust 2021-R3 A1<sup>†</sup> | &nbsp;&nbsp;1.02% | <sup>#(i)</sup> | 4/25/2064 | 26556246 | 23027104 |
| VMC Finance LLC 2019-FL3 A<sup>†</sup> | 5.011%<br> (1 Mo. LIBOR + 1.10% |)<sup>#</sup> | 9/15/2036 | 18130933 | 17856554 |
| Waikiki Beach Hotel Trust 2019-WBM A<sup>†</sup> | 4.923%<br> (1 Mo. LIBOR + 1.05% |)<sup>#</sup> | 12/15/2033 | 49800000 | 48040437 |

---

334 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| Waikiki Beach Hotel Trust 2019-WBM B<sup>†</sup> | 5.103%<br> (1 Mo. LIBOR + 1.23% |)<sup>#</sup> | 12/15/2033 | $31700000 | $30294951 |
| Waikiki Beach Hotel Trust 2019-WBM C<sup>†</sup> | 5.353%<br> (1 Mo. LIBOR + 1.48% |)<sup>#</sup> | 12/15/2033 | 22200000 | 21044603 |
| Waikiki Beach Hotel Trust 2019-WBM D<sup>†</sup> | 5.903%<br> (1 Mo. LIBOR + 2.03% |)<sup>#</sup> | 12/15/2033 | 14900000 | 13987597 |
| WaMu Mortgage Pass-Through Certificates Trust 2005-AR18 1A1 | 2.999% | <sup>#(i)</sup> | 1/25/2036 | 1480080 | 1366749 |
| Wells Fargo Commercial Mortgage Trust 2014-LC16 A5 | 3.817% |  | 8/15/2050 | 13277000 | 12858173 |
| Wells Fargo Commercial Mortgage Trust 2015-C29 XA | 0.736% | <sup>#(i)</sup> | 6/15/2048 | 124430360 | 1561215 |
| Wells Fargo Commercial Mortgage Trust 2015-SG1 XA | 0.804% | <sup>#(i)</sup> | 9/15/2048 | 143190125 | 1996027 |
| Wells Fargo Commercial Mortgage Trust 2016-BNK1 XA | 1.858% | <sup>#(i)</sup> | 8/15/2049 | 184599403 | 8884898 |
| Wells Fargo Commercial Mortgage Trust 2016-C32 A4 | 3.56% |  | 1/15/2059 | 18500000 | 17410905 |
| Wells Fargo Commercial Mortgage Trust 2016-C34 XA | 2.229% | <sup>#(i)</sup> | 6/15/2049 | 118634402 | 5276194 |
| Wells Fargo Commercial Mortgage Trust 2017-SMP B<sup>†</sup> | 4.998%<br> (1 Mo. LIBOR + 1.13% |)<sup>#</sup> | 12/15/2034 | 16322000 | 15684796 |
| Wells Fargo Commercial Mortgage Trust 2018-C44 A2 | 4.178% |  | 5/15/2051 | 20000000 | 19776456 |
| Wells Fargo Commercial Mortgage Trust 2018-C47 A2 | 4.361% |  | 9/15/2061 | 22988000 | 22636426 |
| WFLD Mortgage Trust 2014-MONT A<sup>†</sup> | &nbsp;&nbsp;3.88% | <sup>#(i)</sup> | 8/10/2031 | 7750000 | 7233431 |
| WF-RBS Commercial Mortgage Trust 2012-C10 XA<sup>†</sup> | 1.486% | <sup>#(i)</sup> | 12/15/2045 | 14901197 | 453 |
| WF-RBS Commercial Mortgage Trust 2013-C11 AS | 3.311% |  | 3/15/2045 | 4316598 | 4305608 |
| WF-RBS Commercial Mortgage Trust 2013-C12 AS | 3.56% |  | 3/15/2048 | 23881462 | 23706969 |
| WF-RBS Commercial Mortgage Trust 2013-C13 XA<sup>†</sup> | 1.304% | <sup>#(i)</sup> | 5/15/2045 | 202742723 | 138331 |
| WF-RBS Commercial Mortgage Trust 2013-C15 A3 | 3.881% |  | 8/15/2046 | 1837496 | 1822559 |
| WF-RBS Commercial Mortgage Trust 2014-C19 A4 | 3.829% |  | 3/15/2047 | 11111633 | 10894400 |
| WF-RBS Commercial Mortgage Trust 2014-C19 A5 | 4.101% |  | 3/15/2047 | 25388286 | 24819946 |

---

*See Notes to Financial Statements.* 335

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |
| WF-RBS Commercial Mortgage Trust 2014-C20 A5 | 3.995% |  | 5/15/2047 | $9160000 | $8896583 |
| WFRBS Commercial Mortgage Trust 2014-C21 A4 | 3.41% |  | 8/15/2047 | 12121750 | 11711552 |
| WF-RBS Commercial Mortgage Trust 2014-C21 XB | 0.80% | <sup>#(i)</sup> | 8/15/2047 | 77368500 | 832462 |
| WF-RBS Commercial Mortgage Trust 2014-C22 XA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.938% | <sup>#(i)</sup> | 9/15/2057 | 73251882 | 731508 |
| WF-RBS Commercial Mortgage Trust 2014-C22 XB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.497% | <sup>#(i)</sup> | 9/15/2057 | 37769102 | 246368 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $8,798,441,618) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $8,798,441,618) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $8,798,441,618) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $8,798,441,618) |  | 8033199854 |
| **U.S. TREASURY OBLIGATIONS 5.29%** |  |  |  |  |  |
| U.S. Treasury Note | 3.00% |  | 6/30/2024 | 921941000 | 900315002 |
| U.S. Treasury Note | 4.375% |  | 10/31/2024 | 634690000 | 634590830 |
| U.S. Treasury Note | 4.50% |  | 11/30/2024 | 652021000 | 654007630 |
| U.S. Treasury Note | 4.50% |  | 11/15/2025 | 478101000 | 483516985 |
| *Total U.S. Treasury Obligations* (cost $2,683,057,204) | *Total U.S. Treasury Obligations* (cost $2,683,057,204) |  |  |  | 2672430447 |
| *Total Long-Term Investments* (cost $50,021,786,759) | *Total Long-Term Investments* (cost $50,021,786,759) |  |  |  | 47617604167 |
| **SHORT-TERM INVESTMENTS 5.07%** |  |  |  |  |  |
| **COMMERCIAL PAPER 0.36%** |  |  |  |  |  |
| **Electric 0.03%** |  |  |  |  |  |
| Oglethorpe Power Corp. | 4.55% |  | 12/6/2022 | 17521000 | 17510049 |
| **Pipelines 0.25%** |  |  |  |  |  |
| Energy Transfer LP | 4.563% |  | 12/1/2022 | 46146000 | 46146000 |
| Energy Transfer LP | 4.721% |  | 12/2/2022 | 16516000 | 16513867 |
| Targa Resources Corp. | 4.614% |  | 12/1/2022 | 40000000 | 40000000 |
| TransCanada PipeLines Ltd. | 4.477% |  | 12/7/2022 | 23419000 | 23401826 |
| *Total* |  |  |  |  | 126061693 |
| **REITS 0.08%** |  |  |  |  |  |
| Realty Income Corp. | 4.316% |  | 12/2/2022 | 40600000 | 40595207 |
| *Total Commercial Paper* (cost $184,166,949) |  |  |  |  | 184166949 |
| **U.S. TREASURY OBLIGATIONS 3.15%** |  |  |  |  |  |
| U.S. Treasury Bill | Zero Coupon |  | 1/24/2023 | 524930000 | 521768609 |
| U.S. Treasury Bill | Zero Coupon |  | 2/21/2023 | 568647000 | 563293296 |
| U.S. Treasury Bill | 0.01% |  | 3/14/2023 | 511891000 | 505662884 |
| *Total U.S. Treasury Obligations* (cost $1,590,698,666) | *Total U.S. Treasury Obligations* (cost $1,590,698,666) |  |  |  | 1590724789 |

---

336 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **REPURCHASE AGREEMENTS 1.56%** |  |  |
| Repurchase Agreement dated 11/30/2022, 3.740% due 12/1/2022 with Barclay's Bank plc collateralized by $370,370,000 of U.S. Treasury Bond at 2.875% due 5/15/2052; value: $305,999,694; proceeds: $300,030,867 (cost $299,999,700) | $299999700 | $299999700 |
| Repurchase Agreement dated 11/30/2022, 3.820% due 12/1/2022 with Barclay's Bank plc collateralized by $368,098,000 of U.S. Treasury Bond at 2.875% due 5/15/2052; value: $305,999,867; proceeds: $300,031,703 (cost $299,999,870) | 299999870 | 299999870 |
| Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $154,421,300 of U.S. Treasury Inflation Indexed Note at 0.625% due 1/15/2024; $1,461,300 of U.S. Treasury Note at 0.125% due 1/15/2024; value: $193,803,741; proceeds: $190,012,894 (cost $190,003,658) | 190003658 | 190003658 |
| *Total* |  | 790003228 |
| *Total Short-Term Investments* (cost $2,564,868,843) |  | 2564894966 |
| *Total Investments in Securities 99.25%* (cost $52,586,655,602) |  | 50182499133 |
| *Other Assets and Liabilities – Net<sup>(j)</sup> 0.75%* |  | 376692780 |
| *Net Assets 100.00%* |  | $50559191913 |

---

---

| | |
|:---|:---|
| CAD | Canadian Dollar. |
| JPY | Japanese Yen. |
| CMT | Constant Maturity Rate. |
| IO | Interest Only. |
| LIBOR | London Interbank Offered Rate. |
| PIK | Payment-in-kind. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2022, the total value of Rule 144A securities was $24,390,412,459, which represents 48.24% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2022. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(b)</sup> | Securities purchased on a when-issued basis (See Note 2(j)). |
| <sup>(c)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(d)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(e)</sup> | Security has been fully or partially segregated for open reverse repurchase agreements as of November 30, 2022 (See Note 2(n)). |
| <sup>(f)</sup> | Defaulted (non-income producing security). |
| <sup>(g)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate ("LIBOR") or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2022. |

---

*See Notes to Financial Statements.* 337

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

<sup>(h)</sup> Level 3 Investment as described in Note 2(t) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.

<sup>(i)</sup> Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.

<sup>(j)</sup> Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows:

**Centrally Cleared Credit Default Swaps on Issuers - Sell Protection at November 30, 2022<sup>(1)</sup>:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes** | **Central<br> Clearing<br> Party** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br> Upfront<sup>(2)</sup>** | **Value** | **Unrealized<br> Appreciation<sup>(3)</sup>** |
| Ford Motor Company<sup>(4)(5)</sup> | Goldman Sachs | 5.00% | 12/20/2023 | $50000000 | $1187566 | $1574879 | $387313 |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) by Central Clearing Party are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $387,313. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $0.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

<sup>(5)</sup> Moody's Credit Rating: Ba2.

**Centrally Cleared Consumer Price Index ("CPI") Swaps at November 30, 2022:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/Unrealized <br> Appreciation** |
| Goldman Sachs | 2.399% | CPI Urban Consumer NSA | 10/4/2023 | $270511787 | $1028324 |
| Goldman Sachs | 4.145% | CPI Urban Consumer NSA | 4/15/2024 | 261224873 | 896795 |
| *Total Unrealized Appreciation on Centrally Cleared CPI Swaps* | *Total Unrealized Appreciation on Centrally Cleared CPI Swaps* | *Total Unrealized Appreciation on Centrally Cleared CPI Swaps* |  |  | $1925119 |

---

**Credit Default Swaps on Indexes - Sell Protection at November 30, 2022<sup>(1)</sup>:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced <br> Indexes\*** | **Swap<br> Counterparty** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br> Upfront<sup>(2)</sup>** | **Unrealized<br> Appreciation/<br> (Depreciation)<sup>(3)</sup>** | **Credit<br> Default<br> Swap<br> Agreements<br> Payable at<br> Fair Value<sup>(4)</sup>** |
| Markit CMBX.NA.A.10 | Morgan Stanley | 2.000% | 11/17/2059 | 15000000 | $(72494) | $(819365) | $(891859) |
| Markit CMBX.NA.A.10 | Morgan Stanley | 2.000% | 11/17/2059 | 25000000 | (117375) | (1369056) | (1486431) |
| Markit CMBX.NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 5800471 | (55875) | (187672) | (243547) |
| Markit CMBX.NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 2900236 | (45610) | (76164) | (121774) |
| Markit CMBX.NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 1450118 | (16626) | (44261) | (60887) |

---

338 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes\*** | **Swap<br> Counterparty** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br> Upfront<sup>(2)</sup>** | **Unrealized<br> Appreciation/<br> (Depreciation)<sup>(3)</sup>** | **Credit<br> Default<br> Swap<br> Agreements<br> Payable at<br> Fair Value<sup>(4)</sup>** |
| Markit CMBX.NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 2900236 | $(53535) | $(68239) | $(121774) |
| Markit CMBX.NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 1450118 | (21892) | (38995) | (60887) |
| Markit CMBX.NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 2900236 | (32347) | (89427) | (121774) |
| Markit CMBX.NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 2900236 | (33252) | (88522) | (121774) |
| Markit CMBX.NA.AA.6 | Morgan Stanley | 1.500% | 5/11/2063 | 8700707 | (73341) | (291980) | (365321) |
| Markit CMBX.NA.AA.7 | Citibank | 1.500% | 1/17/2047 | 35000000 | (529907) | (533057) | (1062964) |
| Markit CMBX.NA.AA.7 | Citibank | 1.500% | 1/17/2047 | 25000000 | (436506) | (322754) | (759260) |
| Markit CMBX.NA.AA.7 | Citibank | 1.500% | 1/17/2047 | 20000000 | (308497) | (298911) | (607408) |
| Markit CMBX.NA.AA.8 | Citibank | 1.500% | 10/17/2057 | 25000000 | 76716 | (145513) | (68797) |
| Markit CMBX.NA.AA.8 | Morgan Stanley | 1.500% | 10/17/2057 | 25000000 | (67055) | (1742) | (68797) |
| Markit CMBX.NA.AA.9 | Morgan Stanley | 1.500% | 9/17/2058 | 10000000 | 46988 | (159959) | (112971) |
|  |  |  |  |  | $(1740608) | $(4535617) | $(6276225) |

---

\* The Referenced Index is for the Credit Default Swaps on Indexes, which is comprised of a basket of commercial mortgage-backed securities.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swaps in Indexes amounted to $0. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $4,535,617.

<sup>(4)</sup> Includes upfront payments paid (received).

**Forward Foreign Currency Exchange Contracts at November 30, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction <br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized <br> Depreciation** |
| Canadian dollar | Sell | Toronto Dominion Bank | 1/20/2023 | 34083000 | $24765303 | $25357724 | $(592421) |
| Japanese yen | Sell | Toronto Dominion Bank | 1/11/2023 | 40406450000 | 278080244 | 294172576 | (16092332) |
| Japanese yen | Sell | State Street Bank and Trust | 1/25/2023 | 34450000000 | 238963958 | 251262452 | (12298494) |
| *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* |  |  |  | $(28983247) |

---

*See Notes to Financial Statements.* 339

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

**Futures Contracts at November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 2-Year Treasury Note | March 2023 | 89346 | Long | $18300976369 | $18348038808 | $47062439 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. 5-Year Treasury Note | March 2023 | 10024 | Short | $(1082198343) | $(1088308817) | $(6110474) |

---

**Reverse Repurchase Agreements Payable as of November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Principal** | **Collateral <br> Held by <br> Counterparty** | **Interest <br> Rate<sup>(1)</sup>** | **Trade <br> Date** | **Maturity <br> Date<sup>(2)</sup>** | **Fair <br> Value<sup>(3)</sup>** |
| Barclays Bank plc | $861000 | $984,022 principal, American Airlines Group, Inc. at 3.75% due 3/1/2025, $862,673 fair value | (10.00%) | 07/22/2022 | On Demand | $830147 |
| Barclays Bank plc | $1263173 | $1,505,034 principal, American Airlines Group, Inc. at 3.75% due 3/1/2025, $1,319,434 fair value | (10.00%) | 08/31/2022 | On Demand | 1231243 |
|  |  |  |  |  |  | $2061390 |

---

<sup>(1)</sup> The negative interest rate on the reverse repurchase agreement results in interest income to the Fund.

<sup>(2)</sup> This reverse repurchase agreement has no stated maturity and may be terminated by either party at any time.

<sup>(3)</sup> Total fair value of reverse repurchase agreement is presented net of interest receivable of $30,853 and $31,930, respectively.

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobiles | $– | $3635597708 | $54994903 | $3690592611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card |  | 1246352906 | 43810533 | 1290163439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 7091788408 | 32849386 | 7124637794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 379066986 |  | 379066986 |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks |  |  | 54907 | 54907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 143891 |  |  | 143891 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 21751728309 |  | 21751728309 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Services |  | 84825134 | 38983609 | 123808743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts |  | 246883765 | 71146961 | 318030726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 1457203728 |  | 1457203728 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 598237369 |  | 598237369 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 14578456 | 15637 | 14594093 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 120425458 |  | 120425458 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 43285812 |  | 43285812 |

---

340 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities | $– | $7808430024 | $224769830 | $8033199854 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 2672430447 |  | 2672430447 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Paper |  | 184166949 |  | 184166949 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 1590724789 |  | 1590724789 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 790003228 | – | 790003228 |
| Total | $143891 | $49715729476 | $466625766 | $50182499133 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $1574879 | $– | $1574879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared CPI Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 1925119 |  | 1925119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (6276225) |  | (6276225) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (28983247) |  | (28983247) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 47062439 |  |  | 47062439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (6110474) |  |  | (6110474) |
| &nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | (2061390) | – | (2061390) |
| Total | $40951965 | $(33820864) | $– | $7131101 |

---

<sup>(1)</sup> Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets.

*See Notes to Financial Statements.* 341

**Schedule of Investments (concluded)**

SHORT DURATION INCOME FUND *November 30, 2022*

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Asset-<br> Backed<br> Securities** | **Common<br> Stocks** | **Floating<br> Rate Loans** | **Government<br> Sponsored<br> Enterprises<br> Pass-<br> Throughs** | **Government<br> Sponsored<br> Enterprises<br> Collateralized-<br> Mortgage<br> Obligations** | **Non-Agency<br> Commercial<br> Mortgage-<br> Backed<br> Securities** |
| **Balance as of December 1, 2021** | $334256942 | $– | $231080330 | $7787714 | $– | $1270813937 |
| Accrued Discounts (Premiums) | (29133) |  | 43467 |  | (479584) | (11602) |
| Realized Gain (Loss) |  | 282889 | 14561 |  |  | 74810 |
| Change in Unrealized Appreciation (Depreciation) | (7924063) | 54907 | 1158203 |  | 365892 | (9435351) |
| Purchases |  | 701063 | 71509975 |  |  |  |
| Sales | (2049824) | (983952) | (193675966) |  |  | (931102368) |
| Transfers into Level 3<sup>(a)</sup> | 34744771 |  |  |  | 129329 | 13936827 |
| Transfers out of Level 3<sup>(a)</sup> | (227343871) | – | – | (7787714) | – | (119506423) |
| **Balance as of November 30, 2022** | $131654822 | $54907 | $110130570 | $– | $15637 | $224769830 |
| **Change in unrealized appreciation/depreciation for the year ended November 30, 2022, related to Level 3 investments held at November 30, 2022** | $(7923062) | $54907 | $(82717) | $– | $365892 | $(2558833) |

---

<sup>(a)</sup> The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology.

342 *See Notes to Financial Statements.*

**Schedule of Investments**

TOTAL RETURN FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 115.13%** |  |  |  |  |
| **ASSET-BACKED SECURITIES 16.60%** |  |  |  |  |
| **Automobiles 4.28%** |  |  |  |  |
| Avid Automobile Receivables Trust 2019-1 C<sup>†</sup> | 3.14% | 7/15/2026 | $748067 | $743835 |
| Capital One Prime Auto Receivables Trust 2022-1 A2 | 2.71% | 6/16/2025 | 2704413 | 2663477 |
| Carvana Auto Receivables Trust 2019-3A E<sup>†</sup> | 4.60% | 7/15/2026 | 4236000 | 4049818 |
| Carvana Auto Receivables Trust NP1 2020-N1A E<sup>†</sup> | 5.20% | 7/15/2027 | 9077000 | 8198189 |
| CPS Auto Receivables Trust 2019-B E<sup>†</sup> | 5.00% | 3/17/2025 | 1585000 | 1578261 |
| CPS Auto Receivables Trust 2020-A E<sup>†</sup> | 4.09% | 12/15/2025 | 812000 | 789830 |
| CPS Auto Receivables Trust 2020-C C<sup>†</sup> | 1.71% | 8/17/2026 | 1715167 | 1701031 |
| Exeter Automobile Receivables Trust 2020-3A E<sup>†</sup> | 3.44% | 8/17/2026 | 10847000 | 10231055 |
| Flagship Credit Auto Trust 2018-4 E<sup>†</sup> | 5.51% | 3/16/2026 | 9800000 | 9512187 |
| Flagship Credit Auto Trust 2021-1 A<sup>†</sup> | 0.31% | 6/16/2025 | 1128559 | 1121091 |
| Flagship Credit Auto Trust 2022-3 A3<sup>†</sup> | 4.55% | 4/15/2027 | 11120000 | 10872150 |
| GM Financial Automobile Leasing Trust 2022-2 A2 | 2.93% | 10/21/2024 | 16358313 | 16131858 |
| Hertz Vehicle Financing III LP 2021-2A A<sup>†</sup> | 1.68% | 12/27/2027 | 13150000 | 11264570 |
| Mercedes-Benz Auto Receivables Trust 2022-1 A3 | 5.21% | 8/16/2027 | 10295000 | 10310013 |
| Santander Drive Auto Receivables Trust 2022-5 C | 4.74% | 10/16/2028 | 11360000 | 10829246 |
| Santander Drive Auto Receivables Trust 2022-6 C | 4.96% | 11/15/2028 | 12785000 | 12351284 |
| Tricolor Auto Securitization Trust 2021-1A E<sup>†</sup> | 3.23% | 9/15/2026 | 4270000 | 4031406 |
| Westlake Automobile Receivables Trust 2020-3A E<sup>†</sup> | 3.34% | 6/15/2026 | 8700000 | 8305754 |
| Westlake Automobile Receivables Trust 2021-1A E<sup>†</sup> | 2.33% | 8/17/2026 | 3045000 | 2809842 |
| *Total* |  |  |  | 127494897 |
| **Credit Card 2.37%** |  |  |  |  |
| American Express Credit Account Master Trust 2022-3 A | 3.75% | 8/15/2027 | 7580000 | 7382248 |
| BA Credit Card Trust 2022-A2 A2 | 5.00% | 4/17/2028 | 14855000 | 14872741 |
| Genesis Sales Finance Master Trust 2020-AA A<sup>†</sup> | 1.65% | 9/22/2025 | 15000000 | 14663037 |
| Genesis Sales Finance Master Trust 2020-AA D<sup>†</sup> | 4.71% | 9/22/2025 | 2300000 | 2124303 |
| Genesis Sales Finance Master Trust 2021-AA B<sup>†</sup> | 1.45% | 12/21/2026 | 8410000 | 7716413 |
| Genesis Sales Finance Master Trust 2021-AA D<sup>†</sup> | 2.09% | 12/21/2026 | 4000000 | 3603473 |
| Perimeter Master Note Business Trust 2019-2A A<sup>†</sup> | 4.23% | 5/15/2024 | 15000000 | 14826240 |
| Perimeter Master Note Business Trust 2021-1A B<sup>†</sup> | 4.17% | 5/15/2024 | 5875000 | 5336011 <sup>(a)</sup> |
| *Total* |  |  |  | 70524466 |
| **Home Equity 0.00%** |  |  |  |  |
| New Century Home Equity Loan Trust 2005-A A6 | 4.706% | 8/25/2035 | 52221 | 49181 |

---

*See Notes to Financial Statements.* 343

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other 9.91%** |  |  |  |  |  |
| AMMC CLO XIII Ltd. 2013-13A A2LR<sup>†</sup> | 6.025%<br> (3 Mo. LIBOR + 1.70% |)<sup>#</sup> | 7/24/2029 | $810000 | $788907 |
| Apidos CLO XXVI A2R<sup>†</sup> | 5.694%<br> (3 Mo. LIBOR + 1.50% |)<sup>#</sup> | 7/18/2029 | 3300000 | 3192031 |
| Apidos CLO XXXV 2021-35A A<sup>†</sup> | 5.293%<br> (3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 4/20/2034 | 4660000 | 4515759 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL2 E<sup>†</sup> | 6.825%<br> (1 Mo. LIBOR + 2.95% |)<sup>#</sup> | 5/15/2036 | 1930000 | 1765367 |
| Ares XL CLO Ltd. 2016-40A A1RR<sup>†</sup> | 4.949%<br> (3 Mo. LIBOR + .87% |)<sup>#</sup> | 1/15/2029 | 4188926 | 4130281 |
| Avant Loans Funding Trust 2022-REV1 A<sup>†</sup> | 6.54% |  | 9/15/2031 | 15210000 | 14840411 |
| Ballyrock CLO Ltd. 2020-2A A1R<sup>†</sup> | 5.253%<br> (3 Mo. LIBOR + 1.01% |)<sup>#</sup> | 10/20/2031 | 6120000 | 5992983 |
| Barings CLO Ltd. 2019-3A A1R<sup>†</sup> | 5.313%<br> (3 Mo. LIBOR + 1.07% |)<sup>#</sup> | 4/20/2031 | 7500000 | 7348555 |
| Barings CLO Ltd. 2019-3A BR<sup>†</sup> | 5.843%<br> (3 Mo. LIBOR + 1.60% |)<sup>#</sup> | 4/20/2031 | 6590000 | 6356348 |
| Carlyle US CLO Ltd. 2017-3A A1AR<sup>†</sup> | 5.143%<br> (3 Mo. LIBOR + .90% |)<sup>#</sup> | 7/20/2029 | 7474767 | 7372497 |
| Carlyle US CLO Ltd. 2019-1A A1AR<sup>†</sup> | 5.323%<br> (3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 4/20/2031 | 7700000 | 7541285 |
| CBAM Ltd. 2017-1A D<sup>†</sup> | 7.993%<br> (3 Mo. LIBOR + 3.75% |)<sup>#</sup> | 7/20/2030 | 3758530 | 3368511 |
| CIFC Funding I Ltd. 2021-1A A1<sup>†</sup> | 5.468%<br> (3 Mo. LIBOR + 1.11% |)<sup>#</sup> | 4/25/2033 | 16720000 | 16441882 |
| CIFC Funding V Ltd. 2014-5A A1R2<sup>†</sup> | 5.279%<br> (3 Mo. LIBOR + 1.20% |)<sup>#</sup> | 10/17/2031 | 3830000 | 3785238 |
| Consumer Loan Underlying Bond CLUB Credit Trust 2019-P2 C<sup>†</sup> | 4.41% |  | 10/15/2026 | 2306626 | 2288330 |
| Dryden Senior Loan Fund 2017-47A BR<sup>†</sup> | 5.549%<br> (3 Mo. LIBOR + 1.47% |)<sup>#</sup> | 4/15/2028 | 12670000 | 12334113 |
| Elmwood CLO VIII Ltd. 2021-1A B1<sup>†</sup> | 5.793%<br> (3 Mo. LIBOR + 1.55% |)<sup>#</sup> | 1/20/2034 | 5000000 | 4781369 |
| Fairstone Financial Issuance Trust I 2020-1A C<sup>†(b)</sup> | 5.162% |  | 10/20/2039 | 20760000 | 14834585 |
| Fairstone Financial Issuance Trust I 2020-1A D<sup>†(b)</sup> | 6.873% |  | 10/20/2039 | 2649000 | 1938622 |
| Galaxy XXI CLO Ltd. 2015-21A AR<sup>†</sup> | 5.263%<br> (3 Mo. LIBOR + 1.02% |)<sup>#</sup> | 4/20/2031 | $1970000 | 1932181 |
| Goldentree Loan Management U.S. CLO 3 Ltd. 2018-3A B1<sup>†</sup> | 5.793%<br> (3 Mo. LIBOR + 1.55% |)<sup>#</sup> | 4/20/2030 | 2050000 | 1984570 |

---

344 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Greywolf CLO VII Ltd. 2018-2A A1<sup>†</sup> | 5.403%<br> (3 Mo. Term SOFR + 1.18% |)<sup>#</sup> | 10/20/2031 | $3800000 | $3729789 |
| HGI CRE CLO Ltd. 2021-FL1 C<sup>†</sup> | 5.587%<br> (1 Mo. LIBOR + 1.70% |)<sup>#</sup> | 6/16/2036 | 2350000 | 2184632 |
| Lending Funding Trust 2020-2A A<sup>†</sup> | 2.32% |  | 4/21/2031 | 11751000 | 10235210 |
| Lendmark Funding Trust 2021-1A A<sup>†</sup> | 1.90% |  | 11/20/2031 | 8300000 | 7012722 |
| Lendmark Funding Trust 2021-2A D<sup>†</sup> | 4.46% |  | 4/20/2032 | 4025000 | 2965618 |
| LoanCore Issuer Ltd. 2022-CRE7 A<sup>†</sup> | 4.891%<br> (1 Mo. SOFR + 1.55% |)<sup>#</sup> | 1/17/2037 | 8100000 | 7786348 |
| Marble Point CLO XVII Ltd. 2020-1A A<sup>†</sup> | 5.543%<br> (3 Mo. LIBOR + 1.30% |)<sup>#</sup> | 4/20/2033 | 7154498 | 7029294 |
| Mariner Finance Issuance Trust 2021-BA E<sup>†</sup> | 4.68% |  | 11/20/2036 | 4100000 | 3093005 <sup>(a)</sup> |
| ME Funding LLC 2019-1 A2<sup>†</sup> | 6.448% |  | 7/30/2049 | 13157080 | 12796181 |
| Mountain View CLO LLC 2017-1A AR<sup>†</sup> | 5.169%<br> (3 Mo. LIBOR + 1.09% |)<sup>#</sup> | 10/16/2029 | 6174855 | 6095891 |
| Octagon Investment Partners XVII Ltd. 2013-1A A1R2<sup>†</sup> | 5.358%<br> (3 Mo. LIBOR + 1.00% |)<sup>#</sup> | 1/25/2031 | 4220000 | 4146875 |
| Parallel Ltd. 2017-1A A1R<sup>†</sup> | 5.273%<br> (3 Mo. LIBOR + 1.03% |)<sup>#</sup> | 7/20/2029 | 1998339 | 1970013 |
| Rad CLO 6 Ltd. 2019-6A A1<sup>†</sup> | 5.623%<br> (3 Mo. LIBOR + 1.38% |)<sup>#</sup> | 1/20/2033 | 8550000 | 8428503 |
| Rad CLO Ltd. 2020-7A A1<sup>†</sup> | 5.279%<br> (3 Mo. LIBOR + 1.20% |)<sup>#</sup> | 4/17/2033 | 12010613 | 11759656 |
| Rockford Tower CLO Ltd. 2018-1A A<sup>†</sup> | 5.775%<br> (3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 5/20/2031 | 9551309 | 9362454 |
| SCF Equipment Leasing LLC 2019-2A B<sup>†</sup> | 2.76% |  | 8/20/2026 | 9263000 | 8903799 |
| SCF Equipment Leasing LLC 2021-1A D<sup>†</sup> | 1.93% |  | 9/20/2030 | 8430000 | 7409683 |
| SCF Equipment Leasing LLC 2021-1A E<sup>†</sup> | 3.56% |  | 8/20/2032 | 2800000 | 2548505 <sup>(a)</sup> |
| SEB Funding LLC 2021-1A A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 9595950 | 8206430 |
| Signal Peak CLO Ltd. 2020-8A A<sup>†</sup> | 5.513%<br> (3 Mo. LIBOR + 1.27% |)<sup>#</sup> | 4/20/2033 | 12021647 | 11686597 |
| Sunrun Demeter Issuer 2021-2A A<sup>†</sup> | 2.27% |  | 1/30/2057 | 1751711 | 1373259 |
| TCW CLO Ltd. 2022 1A A1<sup>†</sup> | 5.40%<br> (3 Mo. Term SOFR + 1.34% |)<sup>#</sup> | 4/22/2033 | 3500000 | 3411315 |
| VERDE CLO Ltd. 2019-1A AR<sup>†</sup> | 5.179%<br> (3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 4/15/2032 | 10770000 | 10543830 |
| Verizon Master Trust 2022-7 A1A | 5.23% |  | 11/22/2027 | 14855000 | 14841265 |
| *Total* |  |  |  |  | 295054699 |

---

*See Notes to Financial Statements.* 345

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Student Loan 0.04%** |  |  |  |  |  |
| Towd Point Asset Trust 2018-SL1 A<sup>†</sup> | 4.616%<br> (1 Mo. LIBOR + .60% |)<sup>#</sup> | 1/25/2046 | $1350245 | $1341364 |
| *Total Asset-Backed Securities* (cost $520,065,575) |  |  |  |  | 494464607 |
| **CORPORATE BONDS 45.44%** |  |  |  |  |  |
| **Aerospace/Defense 0.21%** |  |  |  |  |  |
| Bombardier, Inc. (Canada)<sup>†(c)</sup> | 6.00% |  | 2/15/2028 | 3274000 | 3074188 |
| TransDigm, Inc. | 6.375% |  | 6/15/2026 | 3114000 | 3063148 |
| *Total* |  |  |  |  | 6137336 |
| **Agriculture 0.89%** |  |  |  |  |  |
| BAT Capital Corp. | 3.222% |  | 8/15/2024 | 7780000 | 7506273 |
| Cargill, Inc. <sup>†</sup> | 4.00% |  | 6/22/2032 | 8575000 | 7987460 |
| MHP Lux SA (Luxembourg)<sup>†(c)</sup> | 6.25% |  | 9/19/2029 | 5264000 | 2488738 |
| Philip Morris International, Inc. | 5.625% |  | 11/17/2029 | 3861000 | 3929273 |
| Viterra Finance BV (Netherlands)<sup>†(c)</sup> | 4.90% |  | 4/21/2027 | 4776000 | 4469578 |
| *Total* |  |  |  |  | 26381322 |
| **Airlines 0.74%** |  |  |  |  |  |
| American Airlines Group, Inc.<sup>†(d)</sup> | 3.75% |  | 3/1/2025 | 4678000 | 4101111 |
| American Airlines, Inc.<sup>†</sup> | 11.75% |  | 7/15/2025 | 3068000 | 3411165 |
| British Airways 20-1 Trust 2020-1 A (United Kingdom)<sup>†(c)</sup> | 4.25% |  | 5/15/2034 | 6681717 | 6123817 |
| Delta Air Lines, Inc.<sup>†</sup> | 7.00% |  | 5/1/2025 | 8298000 | 8462144 |
| *Total* |  |  |  |  | 22098237 |
| **Apparel 0.19%** |  |  |  |  |  |
| Levi Strauss & Co.<sup>†</sup> | 3.50% |  | 3/1/2031 | 3985000 | 3276514 |
| PVH Corp. | 7.75% |  | 11/15/2023 | 2290000 | 2342036 |
| *Total* |  |  |  |  | 5618550 |
| **Auto Manufacturers 0.33%** |  |  |  |  |  |
| Ford Motor Co. | 3.25% |  | 2/12/2032 | 12405000 | 9824261 |
| **Banks 11.81%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(c)</sup> | 3.324%<br> (5 Yr. Treasury CMT + 1.90% |)<sup>#</sup> | 3/13/2037 | 5400000 | 3915371 |
| Bank of America Corp. | 1.658%<br> (SOFR + .91% |)<sup>#</sup> | 3/11/2027 | 4792000 | 4248703 |
| Bank of America Corp. | 2.087%<br> (SOFR + 1.06% |)<sup>#</sup> | 6/14/2029 | 9122000 | 7707335 |

---

346 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Bank of America Corp. | 2.687%<br> (SOFR + 1.32% |)<sup>#</sup> | 4/22/2032 | $5984000 | $4854382 |
| Bank of America Corp. | 3.004%<br> (3 Mo. LIBOR + .79% |)<sup>#</sup> | 12/20/2023 | 5388000 | 5381761 |
| Bank of America Corp. | 3.593%<br> (3 Mo. LIBOR + 1.37% |)<sup>#</sup> | 7/21/2028 | 10476000 | 9719460 |
| Bank of America Corp. | 3.97%<br> (3 Mo. LIBOR + 1.07% |)<sup>#</sup> | 3/5/2029 | 5597000 | 5203422 |
| Bank of America Corp. | 4.00% |  | 1/22/2025 | 4554000 | 4466897 |
| BankUnited, Inc. | 5.125% |  | 6/11/2030 | 6768000 | 6292299 |
| BNG Bank NV (Netherlands)<sup>†(c)</sup> | 4.75% |  | 5/22/2024 | 35062000 | 34967781 |
| BNP Paribas SA (France)<sup>†(c)</sup> | 4.375%<br> (5 Yr. Swap rate + 1.48% |)<sup>#</sup> | 3/1/2033 | 9174000 | 8068657 |
| Citigroup, Inc. | 3.887%<br> (3 Mo. LIBOR + 1.56% |)<sup>#</sup> | 1/10/2028 | 13692000 | 12923599 |
| Citigroup, Inc. | 3.98%<br> (3 Mo. LIBOR + 1.34% |)<sup>#</sup> | 3/20/2030 | 26656000 | 24401036 |
| Citigroup, Inc. | 4.14%<br> (SOFR + 1.37% |)<sup>#</sup> | 5/24/2025 | 3361000 | 3299834 |
| Danske Bank A/S (Denmark)<sup>†(c)</sup> | 3.773%<br> (1 Yr. Treasury CMT + 1.45% |)<sup>#</sup> | 3/28/2025 | 12311000 | 11857160 |
| Danske Bank A/S (Denmark)<sup>†(c)</sup> | 4.375% |  | 6/12/2028 | 200000 | 182101 |
| Goldman Sachs Group, Inc. (The) | 2.383%<br> (SOFR + 1.25% |)<sup>#</sup> | 7/21/2032 | 8763000 | 6928788 |
| JPMorgan Chase & Co. | 2.963%<br> (SOFR + 1.26% |)<sup>#</sup> | 1/25/2033 | 8363000 | 6902213 |
| JPMorgan Chase & Co. | 3.54%<br> (3 Mo. LIBOR + 1.38% |)<sup>#</sup> | 5/1/2028 | 14941000 | 13890116 |
| JPMorgan Chase & Co. | 3.782%<br> (3 Mo. LIBOR + 1.34% |)<sup>#</sup> | 2/1/2028 | 11047000 | 10416719 |
| Macquarie Bank Ltd. (Australia)<sup>†(c)</sup> | 3.624% |  | 6/3/2030 | 2821000 | 2287871 |
| Macquarie Group Ltd. (Australia)<sup>†(c)</sup> | 2.691%<br> (SOFR + 1.44% |)<sup>#</sup> | 6/23/2032 | 11002000 | 8540876 |
| Macquarie Group Ltd. (Australia)<sup>†(c)</sup> | 4.654%<br> (3 Mo. LIBOR + 1.73% |)<sup>#</sup> | 3/27/2029 | 9640000 | 9029324 |
| Morgan Stanley | 2.239%<br> (SOFR + 1.18% |)<sup>#</sup> | 7/21/2032 | 7562000 | 5903128 |
| Morgan Stanley | 2.484%<br> (SOFR + 1.36% |)<sup>#</sup> | 9/16/2036 | 6328000 | 4708602 |
| Morgan Stanley | 4.431%<br> (3 Mo. LIBOR + 1.63% |)<sup>#</sup> | 1/23/2030 | 23303000 | 22064196 |

---

*See Notes to Financial Statements.* 347

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Royal Bank of Canada | 6.00% |  | 11/1/2027 | $7909000 | $8233623 |
| Santander UK Group Holdings plc (United Kingdom)<sup>(c)</sup> | 3.373%<br> (3 Mo. LIBOR + 1.08% |)<sup>#</sup> | 1/5/2024 | 10249000 | 10227148 |
| State Street Corp. | 4.164%<br> (SOFR + 1.73% |)<sup>#</sup> | 8/4/2033 | 5502000 | 5126933 |
| Toronto-Dominion Bank (The) (Canada)<sup>(c)</sup> | 4.456% |  | 6/8/2032 | 5557000 | 5320498 |
| UBS AG (Switzerland)<sup>(c)</sup> | 5.125% |  | 5/15/2024 | 9363000 | 9214400 |
| US Bancorp | 4.967%<br> (SOFR + 2.11% |)<sup>#</sup> | 7/22/2033 | 12314000 | 11801452 |
| Wells Fargo & Co. | 2.188%<br> (SOFR + 2.00% |)<sup>#</sup> | 4/30/2026 | 7724000 | 7197526 |
| Wells Fargo & Co. | 2.393%<br> (SOFR + 2.10% |)<sup>#</sup> | 6/2/2028 | 20155000 | 17837462 |
| Wells Fargo & Co. | 3.35%<br> (SOFR + 1.50% |)<sup>#</sup> | 3/2/2033 | 8054000 | 6895670 |
| Wells Fargo & Co. | 3.584%<br> (3 Mo. LIBOR + 1.31% |)<sup>#</sup> | 5/22/2028 | 10914000 | 10133789 |
| Westpac Banking Corp. (Australia)<sup>(c)</sup> | 2.894%<br> (5 Yr. Treasury CMT+ 1.35% |)<sup>#</sup> | 2/4/2030 | 5605000 | 5100174 |
| Westpac Banking Corp. (Australia)<sup>(c)</sup> | 4.322%<br> (USD ICE 5 Yr. Swap rate + 2.24% |)<sup>#</sup> | 11/23/2031 | 17998000 | 16446059 |
| *Total* |  |  |  |  | 351696365 |
| **Biotechnology 0.10%** |  |  |  |  |  |
| Baxalta, Inc. | 4.00% |  | 6/23/2025 | 2896000 | 2848960 |
| **Chemicals 0.46%** |  |  |  |  |  |
| CVR Partners LP/CVR Nitrogen Finance Corp.<sup>†</sup> | 6.125% |  | 6/15/2028 | 3972000 | 3590549 |
| International Flavors & Fragrances, Inc.<sup>†</sup> | 1.23% |  | 10/1/2025 | 11389000 | 10075163 |
| *Total* |  |  |  |  | 13665712 |
| **Coal 0.11%** |  |  |  |  |  |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% |  | 6/30/2029 | 3791000 | 3218065 |
| **Commercial Services 0.55%** |  |  |  |  |  |
| Adani Ports & Special Economic Zone Ltd. (India)<sup>(c)</sup> | 4.00% |  | 7/30/2027 | 3580000 | 3125128 |
| Gartner, Inc.<sup>†</sup> | 3.75% |  | 10/1/2030 | 1968000 | 1705125 |
| Global Payments, Inc. | 4.00% |  | 6/1/2023 | 10971000 | 10888844 |
| United Rentals North America, Inc. | 4.00% |  | 7/15/2030 | 855000 | 742798 |
| *Total* |  |  |  |  | 16461895 |

---

348 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Computers 0.25%** |  |  |  |  |  |
| Condor Merger Sub, Inc.<sup>†</sup> | 7.375% |  | 2/15/2030 | $3764000 | $3088405 |
| Dell International LLC/EMC Corp. | 8.35% |  | 7/15/2046 | 3674000 | 4305698 |
| *Total* |  |  |  |  | 7394103 |
| **Cosmetics/Personal Care 0.11%** |  |  |  |  |  |
| GSK Consumer Healthcare Capital US LLC | 3.625% |  | 3/24/2032 | 3778000 | 3337596 |
| **Diversified Financial Services 3.54%** |  |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(c)</sup> | 3.50% |  | 1/15/2025 | 10075000 | 9615029 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(c)</sup> | 4.875% |  | 1/16/2024 | 2348000 | 2315711 |
| Aircastle Ltd.<sup>†</sup> | 2.85% |  | 1/26/2028 | 6857000 | 5589252 |
| Ally Financial, Inc. | 8.00% |  | 11/1/2031 | 5556000 | 5969595 |
| American Express Co. | 4.42%<br> (SOFR + 1.76% |)<sup>#</sup> | 8/3/2033 | 6231000 | 5913932 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 1/30/2026 | 4918000 | 4292518 |
| Aviation Capital Group LLC<sup>†</sup> | 5.50% |  | 12/15/2024 | 11453000 | 11220162 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 2.125% |  | 2/21/2026 | 11378000 | 9743175 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 4.25% |  | 4/15/2026 | 5671000 | 5148840 |
| CPPIB Capital, Inc. (Canada)<sup>†(c)</sup> | 4.753%<br> (SOFR + 1.25% |)<sup>#</sup> | 4/4/2025 | 22800000 | 23256254 |
| Intercontinental Exchange, Inc. | 4.00% |  | 9/15/2027 | 15805000 | 15475284 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 3127000 | 2991151 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.875% |  | 4/15/2045 | 4780000 | 4017658 |
| *Total* |  |  |  |  | 105548561 |
| **Electric 3.90%** |  |  |  |  |  |
| AEP Transmission Co. LLC | 4.50% |  | 6/15/2052 | 6966000 | 6238978 |
| AES Corp. (The)<sup>†</sup> | 3.95% |  | 7/15/2030 | 6812000 | 5978688 |
| Alfa Desarrollo SpA (Chile)<sup>†(c)</sup> | 4.55% |  | 9/27/2051 | 5756936 | 4231406 |
| Ausgrid Finance Pty Ltd. (Australia)<sup>†(c)</sup> | 4.35% |  | 8/1/2028 | 6077000 | 5678191 |
| Calpine Corp.<sup>†</sup> | 5.00% |  | 2/1/2031 | 4293000 | 3717981 |
| Constellation Energy Generation LLC | 6.25% |  | 10/1/2039 | 5767000 | 6023725 |
| Consumers Energy Co. | 4.20% |  | 9/1/2052 | 3402000 | 2959568 |
| Duke Energy Corp. | 4.50% |  | 8/15/2032 | 11256000 | 10691128 |
| Enel Finance International NV <sup>(b)</sup> | 0.50% |  | 6/17/2030 | 9430000 | 7762010 |
| Indianapolis Power & Light Co.<sup>†</sup> | 5.65% |  | 12/1/2032 | $9456000 | 9815834 |
| Minejesa Capital BV (Netherlands)<sup>†(c)</sup> | 4.625% |  | 8/10/2030 | 7792000 | 6818000 |

---

*See Notes to Financial Statements.* 349

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |
| NextEra Energy Capital Holdings, Inc. | 4.255% | 9/1/2024 | $379000 | $374262 |
| NextEra Energy Capital Holdings, Inc. | 5.00% | 7/15/2032 | 9681000 | 9684179 |
| NRG Energy, Inc.<sup>†</sup> | 4.45% | 6/15/2029 | 3410000 | 3143401 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia)<sup>†(c)</sup> | 3.00% | 6/30/2030 | 8195000 | 6596014 |
| Pike Corp.<sup>†</sup> | 5.50% | 9/1/2028 | 3933000 | 3519838 |
| Southern Co. (The) | 4.475% | 8/1/2024 | 13655000 | 13455623 |
| Vistra Operations Co. LLC<sup>†</sup> | 3.55% | 7/15/2024 | 9911000 | 9507472 |
| *Total* |  |  |  | 116196298 |
| **Electronics 0.27%** |  |  |  |  |
| Honeywell International, Inc.<sup>(b)</sup> | 4.125% | 11/2/2034 | 7421000 | 7949290 |
| **Entertainment 0.34%** |  |  |  |  |
| Jacobs Entertainment, Inc.<sup>†</sup> | 6.75% | 2/15/2029 | $3610000 | 3252610 |
| Live Nation Entertainment, Inc.<sup>†</sup> | 4.75% | 10/15/2027 | 3312000 | 2994131 |
| Warnermedia Holdings, Inc.<sup>†</sup> | 3.428% | 3/15/2024 | 3907000 | 3794653 |
| *Total* |  |  |  | 10041394 |
| **Environmental Control 0.10%** |  |  |  |  |
| Madison IAQ LLC<sup>†</sup> | 5.875% | 6/30/2029 | 4018000 | 2977298 |
| **Food 0.36%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 3.50% | 3/15/2029 | 3949000 | 3294364 |
| Kraft Heinz Foods Co.<sup>(b)</sup> | 2.25% | 5/25/2028 | 7700000 | 7477001 |
| *Total* |  |  |  | 10771365 |
| **Gas 0.93%** |  |  |  |  |
| CenterPoint Energy Resources Corp. | 4.40% | 7/1/2032 | $7967000 | 7723722 |
| National Fuel Gas Co. | 5.50% | 1/15/2026 | 7186000 | 7205485 |
| NiSource, Inc. | 2.95% | 9/1/2029 | 6584000 | 5779045 |
| ONE Gas, Inc. | 1.10% | 3/11/2024 | 3029000 | 2883237 |
| Southwest Gas Corp. | 4.05% | 3/15/2032 | 4810000 | 4201634 |
| *Total* |  |  |  | 27793123 |
| **Health Care-Products 0.64%** |  |  |  |  |
| GE Healthcare Holding LLC<sup>†</sup> | 5.65% | 11/15/2027 | 7257000 | 7404799 |
| Medline Borrower LP<sup>†</sup> | 3.875% | 4/1/2029 | 3938000 | 3390165 |
| PerkinElmer, Inc. | 0.85% | 9/15/2024 | 8876000 | 8206932 |
| *Total* |  |  |  | 19001896 |

---

350 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care-Services 2.23%** |  |  |  |  |
| Centene Corp. | 3.375% | 2/15/2030 | $13904000 | $11861406 |
| Centene Corp. | 4.25% | 12/15/2027 | 4989000 | 4690733 |
| Elevance Health, Inc. | 2.25% | 5/15/2030 | 2498000 | 2088587 |
| Elevance Health, Inc. | 2.875% | 9/15/2029 | 8500000 | 7514237 |
| Elevance Health, Inc. | 5.50% | 10/15/2032 | 7051000 | 7285364 |
| Humana, Inc. | 1.35% | 2/3/2027 | 9338000 | 8060721 |
| Humana, Inc. | 5.875% | 3/1/2033 | 8936000 | 9309650 |
| Tenet Healthcare Corp.<sup>†</sup> | 4.875% | 1/1/2026 | 4000000 | 3801960 |
| UnitedHealth Group, Inc. | 4.00% | 5/15/2029 | 4647000 | 4468396 |
| UnitedHealth Group, Inc. | 5.25% | 2/15/2028 | 7285000 | 7498166 |
| *Total* |  |  |  | 66579220 |
| **Home Builders 0.11%** |  |  |  |  |
| Toll Brothers Finance Corp. | 3.80% | 11/1/2029 | 3800000 | 3210868 |
| **Insurance 0.63%** |  |  |  |  |
| Assurant, Inc. | 2.65% | 1/15/2032 | 3488000 | 2596768 |
| First American Financial Corp. | 2.40% | 8/15/2031 | 5418000 | 4020032 |
| GA Global Funding Trust<sup>†</sup> | 3.85% | 4/11/2025 | 9989000 | 9565389 |
| Metropolitan Life Global Funding I<sup>†</sup> | 4.05% | 8/25/2025 | 2599000 | 2546879 |
| *Total* |  |  |  | 18729068 |
| **Internet 1.19%** |  |  |  |  |
| Amazon.com, Inc. | 4.70% | 12/1/2032 | 19298000 | 19483973 |
| Netflix, Inc. | 5.875% | 11/15/2028 | 4150000 | 4202746 |
| Netflix, Inc. | 6.375% | 5/15/2029 | 7851000 | 8109769 |
| Prosus NV (Netherlands)<sup>†(c)</sup> | 3.257% | 1/19/2027 | 4000000 | 3519392 |
| *Total* |  |  |  | 35315880 |
| **Leisure Time 0.13%** |  |  |  |  |
| Life Time, Inc.<sup>†</sup> | 5.75% | 1/15/2026 | 4059000 | 3908594 |
| **Machinery-Diversified 0.43%** |  |  |  |  |
| nVent Finance Sarl (Luxembourg)<sup>(c)</sup> | 4.55% | 4/15/2028 | 13974000 | 12937986 |
| **Media 1.86%** |  |  |  |  |
| AMC Networks, Inc. | 4.25% | 2/15/2029 | 3729000 | 2783922 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.75% | 3/1/2030 | 5581000 | 4804951 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 5.00% | 2/1/2028 | 1951000 | 1796734 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | 2.25% | 1/15/2029 | 13371000 | 10950243 |

---

*See Notes to Financial Statements.* 351

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Media (continued)** |  |  |  |  |
| Charter Communications Operating LLC/Charter Communications Operating Capital | 6.484% | 10/23/2045 | $5014000 | $4730356 |
| Comcast Corp. | 5.50% | 11/15/2032 | 14309000 | 15011653 |
| FactSet Research Systems, Inc. | 3.45% | 3/1/2032 | 9354000 | 7892406 |
| Time Warner Cable Enterprises LLC | 8.375% | 7/15/2033 | 4078000 | 4580928 |
| Time Warner Cable LLC | 7.30% | 7/1/2038 | 2682000 | 2746412 |
| *Total* |  |  |  | 55297605 |
| **Mining 0.98%** |  |  |  |  |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(c)</sup> | 4.125% | 3/31/2029 | 4011000 | 3522460 |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(c)</sup> | 6.125% | 5/15/2028 | 2749000 | 2671971 |
| Anglo American Capital plc (United Kingdom)<sup>†(c)</sup> | 4.00% | 9/11/2027 | 13792000 | 12943178 |
| FMG Resources August 2006 Pty Ltd. (Australia)<sup>†(c)</sup> | 4.375% | 4/1/2031 | 3984000 | 3361101 |
| Glencore Funding LLC<sup>†</sup> | 4.875% | 3/12/2029 | 6901000 | 6658283 |
| *Total* |  |  |  | 29156993 |
| **Multi-National 0.32%** |  |  |  |  |
| Inter-American Investment Corp. | 2.625% | 4/22/2025 | 10000000 | 9604707 |
| **Oil & Gas 3.19%** |  |  |  |  |
| California Resources Corp.<sup>†</sup> | 7.125% | 2/1/2026 | 2119000 | 2063397 |
| Callon Petroleum Co.<sup>†</sup> | 8.00% | 8/1/2028 | 3955000 | 3912029 |
| Comstock Resources, Inc.<sup>†</sup> | 6.75% | 3/1/2029 | 3889000 | 3802723 |
| Continental Resources, Inc.<sup>†</sup> | 5.75% | 1/15/2031 | 16850000 | 15810306 |
| Diamondback Energy, Inc. | 3.125% | 3/24/2031 | 11675000 | 9835760 |
| Diamondback Energy, Inc. | 3.50% | 12/1/2029 | 3689000 | 3287191 |
| EQT Corp. | 7.00% | 2/1/2030 | 15389000 | 16211213 |
| Laredo Petroleum, Inc. | 9.50% | 1/15/2025 | 3449000 | 3454053 |
| MEG Energy Corp. (Canada)<sup>†(c)</sup> | 5.875% | 2/1/2029 | 2270000 | 2156625 |
| Occidental Petroleum Corp. | 6.125% | 1/1/2031 | 1650000 | 1676070 |
| Occidental Petroleum Corp. | 6.625% | 9/1/2030 | 10419000 | 10882645 |
| OGX Austria GmbH (Brazil)<sup>†(c)(e)</sup> | 8.50% | 6/1/2018 | 1730000 | 35 |
| Ovintiv, Inc. | 6.50% | 2/1/2038 | 5988000 | 6103602 |
| Petroleos Mexicanos (Mexico)<sup>(c)</sup> | 6.70% | 2/16/2032 | 11050000 | 8563715 |
| Range Resources Corp. | 8.25% | 1/15/2029 | 3803000 | 3972119 |
| SM Energy Co. | 6.75% | 9/15/2026 | 3462000 | 3398628 |
| *Total* |  |  |  | 95130111 |
| **Oil & Gas Services 0.10%** |  |  |  |  |
| Weatherford International Ltd.<sup>†</sup> | 8.625% | 4/30/2030 | 3177000 | 3050540 |

---

352 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Pharmaceuticals 1.62%** |  |  |  |  |  |
| AbbVie, Inc. | 3.20% |  | 11/21/2029 | $8050000 | $7357351 |
| Bayer Corp.<sup>†</sup> | 6.65% |  | 2/15/2028 | 3872000 | 3995314 |
| Cigna Corp. | 2.40% |  | 3/15/2030 | 13182000 | 11208923 |
| CVS Health Corp. | 3.25% |  | 8/15/2029 | 21067000 | 19049679 |
| Option Care Health, Inc.<sup>†</sup> | 4.375% |  | 10/31/2029 | 3900000 | 3327158 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>†</sup> | 4.125% |  | 4/30/2028 | 3832000 | 3452555 |
| *Total* |  |  |  |  | 48390980 |
| **Pipelines 1.68%** |  |  |  |  |  |
| Buckeye Partners LP | 6.375%<br> (3 Mo. LIBOR + 4.02% |)<sup>#</sup> | 1/22/2078 | 3812000 | 3023678 |
| Cheniere Energy Partners LP | 3.25% |  | 1/31/2032 | 4113000 | 3352116 |
| CNX Midstream Partners LP<sup>†</sup> | 4.75% |  | 4/15/2030 | 3860000 | 3223789 |
| Eastern Gas Transmission & Storage, Inc. | 3.00% |  | 11/15/2029 | 4956000 | 4331584 |
| EIG Pearl Holdings Sarl (Luxembourg)<sup>†(c)</sup> | 3.545% |  | 8/31/2036 | 8400000 | 6992681 |
| Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)<sup>†(c)</sup> | 3.25% |  | 9/30/2040 | 9000000 | 6931827 |
| Kinder Morgan Energy Partners LP | 4.25% |  | 9/1/2024 | 7507000 | 7398638 |
| NGPL PipeCo LLC<sup>†</sup> | 3.25% |  | 7/15/2031 | 3986000 | 3268542 |
| Sabine Pass Liquefaction LLC | 5.625% |  | 3/1/2025 | 8107000 | 8130545 |
| Venture Global Calcasieu Pass LLC<sup>†</sup> | 4.125% |  | 8/15/2031 | 3761000 | 3248150 |
| *Total* |  |  |  |  | 49901550 |
| **Real Estate 0.09%** |  |  |  |  |  |
| American Tower Corp. | 2.95% |  | 1/15/2025 | 2739000 | 2615289 |
| **REITS 1.10%** |  |  |  |  |  |
| American Tower Corp. | 2.40% |  | 3/15/2025 | 5260000 | 4953199 |
| American Tower Corp. | 3.80% |  | 8/15/2029 | 5139000 | 4706580 |
| Crown Castle, Inc. | 3.30% |  | 7/1/2030 | 9417000 | 8291656 |
| EPR Properties | 4.95% |  | 4/15/2028 | 6790000 | 5897473 |
| Invitation Homes Operating Partnership LP | 2.30% |  | 11/15/2028 | 4124000 | 3413996 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 5.625% |  | 5/1/2024 | 5519000 | 5472496 |
| *Total* |  |  |  |  | 32735400 |
| **Retail 0.12%** |  |  |  |  |  |
| Murphy Oil USA, Inc. | 4.75% |  | 9/15/2029 | 2233000 | 2066195 |
| Party City Holdings, Inc.<sup>†</sup> | 8.75% |  | 2/15/2026 | 3835000 | 1455651 |
| *Total* |  |  |  |  | 3521846 |

---

*See Notes to Financial Statements.* 353

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Semiconductors 0.59%** |  |  |  |  |
| Advanced Micro Devices, Inc. | 3.924% | 6/1/2032 | $6515000 | $6156812 |
| Advanced Micro Devices, Inc. | 4.393% | 6/1/2052 | 5674000 | 5048847 |
| Broadcom, Inc.<sup>†</sup> | 4.15% | 4/15/2032 | 7226000 | 6377712 |
| *Total* |  |  |  | 17583371 |
| **Software 0.95%** |  |  |  |  |
| Oracle Corp. | 2.875% | 3/25/2031 | 22283000 | 18661531 |
| Oracle Corp. | 6.25% | 11/9/2032 | 3196000 | 3375536 |
| Workday, Inc. | 3.80% | 4/1/2032 | 7018000 | 6277015 |
| *Total* |  |  |  | 28314082 |
| **Sovereign 0.72%** |  |  |  |  |
| Export Finance & Insurance Corp.<sup>†</sup> | 4.625% | 10/26/2027 | 7913000 | 8026128 |
| Svensk Exportkredit AB | 4.625% | 11/28/2025 | 13408000 | 13488849 |
| *Total* |  |  |  | 21514977 |
| **Telecommunications 1.57%** |  |  |  |  |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.00% | 5/1/2028 | 3891000 | 3467037 |
| Sprint Capital Corp. | 6.875% | 11/15/2028 | 5781000 | 6133121 |
| Sprint Capital Corp. | 8.75% | 3/15/2032 | 6302000 | 7543336 |
| T-Mobile USA, Inc. | 3.50% | 4/15/2025 | 7724000 | 7482165 |
| T-Mobile USA, Inc. | 3.875% | 4/15/2030 | 14614000 | 13436118 |
| Verizon Communications, Inc.<sup>(b)</sup> | 4.25% | 10/31/2030 | 8046000 | 8765438 |
| *Total* |  |  |  | 46827215 |
| *Total Corporate Bonds* (cost $1,469,550,738) |  |  |  | 1353287909 |
| **FLOATING RATE LOANS**<sup>(f)</sup> **1.20%** |  |  |  |  |
| **Advertising 0.48%** |  |  |  |  |
| Lamar Media Corporation 2020 Term Loan B | 5.102%<br> (3 Mo. LIBOR + 1.50%) | 2/5/2027 | $14571614 | 14173226 |
| **Airlines 0.17%** |  |  |  |  |
| American Airlines, Inc. 2021 Term Loan (Cayman Islands)<sup>(c)</sup> | 8.993%<br> (3 Mo. LIBOR + 4.75%) | 4/20/2028 | 4951363 | 4929701 |
| **Commercial Services 0.10%** |  |  |  |  |
| Amentum Government Services Holdings LLC Term Loan B |  | 1/29/2027 | 3161458 | 3124579 |

---

354 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services 0.10%** |  |  |  |  |
| Jane Street Group, LLC 2021 Term Loan | 6.821%<br> (1 Mo. LIBOR + 2.75% | 1/26/2028 | $3006591 | $2928615 |
| **Pharmaceuticals 0.25%** |  |  |  |  |
| Jazz Financing Lux S.a.r.l. USD Term Loan (Luxembourg)<sup>(c)</sup> | 7.571%<br> (1 Mo. LIBOR + 3.50% | 5/5/2028 | 3042378 | 3024079 |
| Packaging Coordinators Midco, Inc. 2020 1st Lien Term Loan | 7.174%<br> (3 Mo. LIBOR + 3.50% | 11/30/2027 | 4721480 | 4563098 |
| *Total* |  |  |  | 7587177 |
| **Software 0.10%** |  |  |  |  |
| Playtika Holding Corp 2021 Term Loan (Ireland)<sup>(c)</sup> | 6.821%<br> (1 Mo. LIBOR + 2.75% | 3/13/2028 | 3112120 | 3040152 |
| *Total Floating Rate Loans* (cost $36,412,734) |  |  |  | 35783450 |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(c)</sup> **2.63%** |  |  |  |  |
| **Canada 0.53%** |  |  |  |  |
| Province of Ontario Canada | 3.10% | 5/19/2027 | 16610000 | 15897900 |
| **France 0.72%** |  |  |  |  |
| Caisse d'Amortissement de la Dette Sociale<sup>†</sup> | 4.625% | 11/2/2025 | 21283000 | 21452276 |
| **Japan 0.64%** |  |  |  |  |
| Japan Bank for International Cooperation | 3.875% | 9/16/2025 | 11026000 | 10827280 |
| Japan International Cooperation Agency | 3.25% | 5/25/2027 | 8706000 | 8254784 |
| *Total* |  |  |  | 19082064 |
| **Nigeria 0.12%** |  |  |  |  |
| Republic of Nigeria<sup>†</sup> | 7.143% | 2/23/2030 | 4615000 | 3577179 |
| **Norway 0.48%** |  |  |  |  |
| Kommunalbanken AS<sup>†</sup> | 2.054%<br> (SOFR + 1.00% | 6/17/2026 | 13940000 | 14180754 |
| **Senegal 0.09%** |  |  |  |  |
| Republic of Senegal<sup>†</sup> | 6.25% | 5/23/2033 | 3380000 | 2838524 |
| **Sri Lanka 0.05%** |  |  |  |  |
| Sri Lanka Government International Bond<sup>†</sup> | 5.875% | 7/25/2022 | 4250000 | 1358498 |
| *Total Foreign Government Obligations* (cost $82,814,173) |  |  |  | 78387195 |

---

*See Notes to Financial Statements.* 355

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.23%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.23%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.23%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.23%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.23%** |  |
| Freddie Mac Multifamily Structured Pass Through Certificates A2 | 2.58% |  | 5/25/2032 | $13677000 | $11796684 |
| Freddie Mac Multifamily Structured Pass Through Certificates A2 | 3.53% |  | 8/25/2032 | 5076000 | 4749183 |
| Freddie Mac Multifamily Structured Pass Through Certificates A2 | 3.71% |  | 9/25/2032 | 7381000 | 6992843 |
| Freddie Mac Multifamily Structured Pass Through Certificates A2 | 3.123% | <sup>#(g)</sup> | 8/25/2032 | 13216000 | 11897145 |
| Freddie Mac Multifamily Structured Pass Through Certificates Q001 XA | 2.117% | <sup>#(g)</sup> | 2/25/2032 | 15300626 | 1256340 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $36,532,739) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $36,532,739) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $36,532,739) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $36,532,739) |  | 36692195 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 28.87%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 28.87%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 28.87%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 28.87%** |  |  |
| Fannie Mae or Freddie Mac<sup>(h)</sup> | 2.00% |  | TBA | 56602000 | 46678899 |
| Fannie Mae or Freddie Mac<sup>(h)</sup> | 3.00% |  | TBA | 52359000 | 46388875 |
| Fannie Mae or Freddie Mac<sup>(h)</sup> | 3.50% |  | TBA | 42612000 | 39039916 |
| Fannie Mae or Freddie Mac<sup>(h)</sup> | 4.00% |  | TBA | 45155000 | 43268636 |
| Fannie Mae or Freddie Mac<sup>(h)</sup> | 4.50% |  | TBA | 59922000 | 58897439 |
| Fannie Mae or Freddie Mac<sup>(h)</sup> | 5.00% |  | TBA | 36084000 | 36479633 |
| Fannie Mae or Freddie Mac<sup>(h)</sup> | 5.50% |  | TBA | 13095000 | 13240587 |
| Fannie Mae or Freddie Mac<sup>(h)</sup> | 6.00% |  | TBA | 30543000 | 31208566 |
| Fannie Mae or Freddie Mac<sup>(h)</sup> | 6.50% |  | TBA | 28704000 | 29529655 |
| Fannie Mae Pool | 2.00% |  | 6/1/2051 | 14127232 | 11689867 |
| Fannie Mae Pool | 2.50% |  | 8/1/2050 - 5/1/2052 | 169653623 | 147671639 |
| Fannie Mae Pool | 3.00% |  | 12/1/2048 - 1/1/2051 | 31877431 | 28719202 |
| Fannie Mae Pool | 3.50% |  | 7/1/2045 - 4/1/2052 | 22682447 | 21055040 |
| Fannie Mae Pool | 4.00% |  | 5/1/2052 - 6/1/2052 | 26095826 | 24974398 |
| Fannie Mae Pool | 5.00% |  | 7/1/2052 - 8/1/2052 | 23305824 | 23464274 |
| Federal Farm Credit Banks Funding Corp. | 4.01%<br> (SOFR + 1.19% |)<sup>#</sup> | 11/25/2024 | 7778000 | 7777942 |
| Freddie Mac Pool | 2.00% |  | 10/1/2051 | 11187930 | 9246311 |
| Freddie Mac Pool | 2.50% |  | 11/1/2050 - 5/1/2052 | 21287028 | 18410699 |
| Freddie Mac Pool | 3.50% |  | 2/1/2046 | 6138234 | 5758734 |
| Freddie Mac Pool | 4.50% |  | 8/1/2052 | 15360971 | 15110610 |

---

356 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |  |  |
| Freddie Mac Pool | 5.00% | 7/1/2052 - 8/1/2052 | $32360048 | $32562756 |
| Ginnie Mae<sup>(h)</sup> | 3.00% | TBA | 7592000 | 6865634 |
| Ginnie Mae<sup>(h)</sup> | 3.50% | TBA | 9275000 | 8618504 |
| Ginnie Mae<sup>(h)</sup> | 4.00% | TBA | 20040000 | 19139122 |
| Ginnie Mae<sup>(h)</sup> | 4.50% | TBA | 28066000 | 27498282 |
| Ginnie Mae<sup>(h)</sup> | 5.00% | TBA | 33701000 | 33672038 |
| Ginnie Mae<sup>(h)</sup> | 5.50% | TBA | 35229000 | 35645322 |
| Ginnie Mae<sup>(h)</sup> | 6.00% | TBA | 36468000 | 37185904 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $865,003,881) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $865,003,881) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $865,003,881) |  | 859798484 |
| **MUNICIPAL BONDS 0.46%** |  |  |  |  |
| **Government** |  |  |  |  |
| Foothill-Eastern Transportation Corridor Agency | 4.094% | 1/15/2049 | 4178000 | 3252433 |
| New Jersey Transportation Trust Fund Authority | 4.131% | 6/15/2042 | 7170000 | 5801040 |
| New York City Transitional Finance Authority Future B3 | 1.95% | 8/1/2034 | 4200000 | 2984966 |
| Regents of the University of California Medical Center | 3.006% | 5/15/2050 | 2380000 | 1620539 |
| *Total Municipal Bonds* (cost $18,659,932) |  |  |  | 13658978 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 8.24%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 8.24%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 8.24%** |  |  |
| Angel Oak Mortgage Trust 2020-1 A1<sup>†</sup> | 2.466% | 12/25/2059 | 451386 | 423181 |
| Angel Oak Mortgage Trust 2021-3 A1<sup>†</sup> | 1.068% | 5/25/2066 | 5102958 | 3996987 |
| Angel Oak Mortgage Trust 2022-3 A1<sup>†</sup> | 4.00% | 1/25/2067 | 6827988 | 6214544 |
| BBCMS Mortgage Trust 2019-BWAY A<sup>†</sup> | 4.831%<br> (1 Mo. LIBOR + .96% | 11/15/2034 | 4168000 | 3951866 |
| BBCMS Mortgage Trust 2019-BWAY B<sup>†</sup> | 5.185%<br> (1 Mo. LIBOR + 1.31% | 11/15/2034 | 1832000 | 1703238 |
| BHMS 2018-ATLS A<sup>†</sup> | 5.125%<br> (1 Mo. LIBOR + 1.25% | 7/15/2035 | 6580000 | 6320316 |
| BHMS 2018-ATLS C<sup>†</sup> | 5.775%<br> (1 Mo. LIBOR + 1.90% | 7/15/2035 | 3965000 | 3707360 |
| BRAVO Residential Funding Trust 2021-NQM2 A1<sup>†</sup> | 0.97% | 3/25/2060 | 10870244 | 10218130 |
| BX Trust 2018-GW A<sup>†</sup> | 4.675%<br> (1 Mo. LIBOR + .80% | 5/15/2035 | 10503000 | 10186367 |
| BX Trust 2021-ARIA E<sup>†</sup> | 6.12%<br> (1 Mo. LIBOR + 2.24% | 10/15/2036 | 14530000 | 13164565 |
| CF Trust 2019-BOSS A1<sup>†</sup> | 4.75%<br> (1 Mo. LIBOR + 3.25% | 12/15/2024 | 4660000 | 4267726 <sup>(a)</sup> |
| CIM Retail Portfolio Trust 2021-RETL E<sup>†</sup> | 7.626%<br> (1 Mo. LIBOR + 3.75% | 8/15/2036 | 7987500 | 7237779 |

---

*See Notes to Financial Statements.* 357

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Citigroup Commercial Mortgage Trust 2014-GC25 XB | 0.308% | <sup>#(g)</sup> | 10/10/2047 | $50626000 | $178320 |
| Citigroup Commercial Mortgage Trust 2016-GC36 D<sup>†</sup> | 2.85% |  | 2/10/2049 | 5370000 | 2925710 |
| Commercial Mortgage Pass-Through Certificates 2014-CR19 XA | 1.089% | <sup>#(g)</sup> | 8/10/2047 | 3200526 | 37124 |
| Commercial Mortgage Pass-Through Certificates 2014-UBS4 D<sup>†</sup> | 4.869% | <sup>#(g)</sup> | 8/10/2047 | 12450000 | 9019821 |
| Commercial Mortgage Pass-Through Certificates 2015-DC1 D<sup>†</sup> | 4.441% | <sup>#(g)</sup> | 2/10/2048 | 10551635 | 8556884 |
| Connecticut Avenue Securities Trust 2021-R01 1M2<sup>†</sup> | 5.071%<br> (1 Mo. SOFR + 1.55% |)<sup>#</sup> | 10/25/2041 | 7027000 | 6753320 |
| Credit Suisse Mortgage Capital Certificates 2014-USA E<sup>†</sup> | 4.373% |  | 9/15/2037 | 3000000 | 1999727 |
| Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1<sup>†</sup> | 1.616% |  | 4/25/2065 | 866746 | 836759 |
| Credit Suisse Mortgage Capital Certificates Trust 2020-AFC1 A1<sup>†</sup> | 2.24% | <sup>#(g)</sup> | 2/25/2050 | 1404329 | 1294908 |
| CS Master Trust 2021-AHP A<sup>†</sup> | 7.805%<br> (1 Mo. LIBOR + 3.95% |)<sup>#</sup> | 4/15/2025 | 5700000 | 5676602 |
| CS Master Trust 2021-BLUF A<sup>†</sup> | 8.033%<br> (1 Mo. LIBOR + 4.18% |)<sup>#</sup> | 4/15/2023 | 3300000 | 3270059 |
| CSMC 2021-BHAR C<sup>†</sup> | 5.876%<br> (1 Mo. LIBOR + 2.00% |)<sup>#</sup> | 11/15/2038 | 8148000 | 7493259 |
| DBWF Mortgage Trust 2018-GLKS A<sup>†</sup> | 4.969%<br> (1 Mo. LIBOR + 1.03% |)<sup>#</sup> | 12/19/2030 | 6500000 | 6284087 |
| Deephaven Residential Mortgage Trust 2021-3 A1<sup>†</sup> | 1.194% | <sup>#(g)</sup> | 8/25/2066 | 7491488 | 6189509 |
| Freddie Mac STACR REMIC Trust 2021-DNA3 M2<sup>†</sup> | 5.621%<br> (1 Mo. SOFR + 2.10% |)<sup>#</sup> | 10/25/2033 | 7725000 | 7295551 |
| Freddie Mac STACR REMIC Trust 2021-DNA6 M2<sup>†</sup> | 5.047%<br> (1 Mo. SOFR + 1.50% |)<sup>#</sup> | 10/25/2041 | 6110000 | 5723591 |
| Freddie Mac STACR REMIC Trust 2021-DNA7 M2<sup>†</sup> | 5.321%<br> (1 Mo. SOFR + 1.80% |)<sup>#</sup> | 11/25/2041 | 6260000 | 5818653 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA2 M1A<sup>†</sup> | 6.171%<br> (1 Mo. SOFR + 2.65% |)<sup>#</sup> | 7/25/2042 | 8119458 | 8073767 |
| Great Wolf Trust 2019-WOLF A<sup>†</sup> | 4.909%<br> (1 Mo. LIBOR + 1.03% |)<sup>#</sup> | 12/15/2036 | 10093000 | 9750808 |
| GS Mortgage Securities Corp. II 2021-ARDN B<sup>†</sup> | 5.525%<br> (1 Mo. LIBOR + 1.65% |)<sup>#</sup> | 11/15/2036 | 9400000 | 9060768 |
| GS Mortgage Securities Corp. Trust 2018-RIVR A<sup>†</sup> | 4.825%<br> (1 Mo. LIBOR + .95% |)<sup>#</sup> | 7/15/2035 | 4372469 | 4089669 |

---

358 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| GS Mortgage Securities Corp. Trust 2021-ROSS G<sup>†</sup> | 8.526%<br> (1 Mo. LIBOR + 4.65% |)<sup>#</sup> | 5/15/2026 | $7288000 | $6116354 |
| GS Mortgage Securities Corp. Trust 2022-AGSS A<sup>†</sup> | 5.989%<br> (1 Mo. Term SOFR + 2.19% |)<sup>#</sup> | 8/15/2039 | 10040000 | 9907454 |
| GS Mortgage Securities Trust 2014-GC26 C | 4.672% | <sup>#(g)</sup> | 11/10/2047 | 135000 | 119876 |
| HONO Mortgage Trust 2021-LULU B<sup>†</sup> | 5.325%<br> (1 Mo. LIBOR + 1.45% |)<sup>#</sup> | 10/15/2036 | 3000000 | 2824116 |
| Hudsons Bay Simon JV Trust 2015-HB10 XB10<sup>†</sup> | 0.723% | <sup>#(g)</sup> | 8/5/2034 | 19156000 | 2195 |
| Hudsons Bay Simon JV Trust 2015-HB7 XB7<sup>†</sup> | 0.665% | <sup>#(g)</sup> | 8/5/2034 | 22024000 | 2495 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN A<sup>†</sup> | 5.143%<br> (1 Mo. LIBOR + 1.27% |)<sup>#</sup> | 11/15/2035 | 3436000 | 3280700 |
| KIND Trust 2021-KIND D<sup>†</sup> | 6.175%<br> (1 Mo. LIBOR + 2.30% |)<sup>#</sup> | 8/15/2038 | 6691637 | 6023368 |
| Merrill Lynch Mortgage Investors Trust 2006-AF2 AF1 | 6.25% |  | 10/25/2036 | 366462 | 180757 |
| New Residential Mortgage Loan Trust 2020-NQM1 A1<sup>†</sup> | 2.464% | <sup>#(g)</sup> | 1/26/2060 | 497090 | 448210 |
| Ready Capital Mortgage Financing LLC 2021-FL6 C<sup>†</sup> | 5.944%<br> (1 Mo. LIBOR + 1.90% |)<sup>#</sup> | 7/25/2036 | 6320000 | 5961149 |
| Ready Capital Mortgage Financing LLC 2022-FL8 A<sup>†</sup> | 5.197%<br> (1 Mo. SOFR + 1.65% |)<sup>#</sup> | 1/25/2037 | 12710000 | 12309340 |
| Residential Mortgage Loan Trust 2020-1 A1<sup>†</sup> | 2.376% | <sup>#(g)</sup> | 1/26/2060 | 296275 | 277043 |
| SFAVE Commercial Mortgage Securities Trust 2015-5AVE A1<sup>†</sup> | 3.872% | <sup>#(g)</sup> | 1/5/2043 | 695000 | 488121 |
| Starwood Mortgage Residential Trust 2020-1 A1<sup>†</sup> | 2.275% | <sup>#(g)</sup> | 2/25/2050 | 104600 | 100498 |
| Starwood Mortgage Residential Trust 2020-3 A1<sup>†</sup> | 1.486% | <sup>#(g)</sup> | 4/25/2065 | 2784947 | 2642321 |
| Verus Securitization Trust 2020-1 A1<sup>†</sup> | 2.417% |  | 1/25/2060 | 818328 | 772209 |
| Verus Securitization Trust 2020-5 A1<sup>†</sup> | 1.218% |  | 5/25/2065 | 3655074 | 3336661 |
| Verus Securitization Trust 2021-2 A1<sup>†</sup> | 1.031% | <sup>#(g)</sup> | 2/25/2066 | 6534534 | 5427744 |
| Vista Point Securitization Trust 2020-2 A1<sup>†</sup> | 1.475% | <sup>#(g)</sup> | 4/25/2065 | 2018757 | 1773253 |
| Wells Fargo Commercial Mortgage Trust 2013-LC12 D<sup>†</sup> | 4.431% | <sup>#(g)</sup> | 7/15/2046 | 3865000 | 1352750 |
| WFRBS Commercial Mortgage Trust 2014-C23 XA | 0.70% | <sup>#(g)</sup> | 10/15/2057 | 52279806 | 398445 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $267,862,166) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $267,862,166) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $267,862,166) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $267,862,166) |  | 245466014 |
| **U.S. TREASURY OBLIGATIONS 10.46%** |  |  |  |  |  |
| U.S. Treasury Bond | 2.00% |  | 11/15/2041 | 14101000 | 10277756 |
| U.S. Treasury Bond | 3.00% |  | 8/15/2052 | 35186000 | 30139008 |
| U.S. Treasury Bond | 3.375% |  | 11/15/2048 | 17853000 | 16210663 |
| U.S. Treasury Bond | 4.00% |  | 11/15/2042 | 21384000 | 21490920 |
| U.S. Treasury Inflation Indexed Bond<sup>(i)</sup> | 0.125% |  | 2/15/2052 | 29602443 | 20536321 |

---

*See Notes to Financial Statements.* 359

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **U.S. TREASURY OBLIGATIONS (continued)** |  |  |  |  |
| U.S. Treasury Inflation Indexed Note<sup>(i)</sup> | 1.625% | 10/15/2027 | $44082720 | $44589152 |
| U.S. Treasury Note | 3.00% | 6/30/2024 | 54643000 | 53361237 |
| U.S. Treasury Note | 4.125% | 10/31/2027 | 76020000 | 76996976 |
| U.S. Treasury Note | 4.50% | 11/30/2024 | 37630000 | 37744654 |
| *Total U.S. Treasury Obligations* (cost $310,997,414) |  |  |  | 311346687 |
| *Total Long-Term Investments* (cost $3,607,899,352) |  |  |  | 3428885519 |
| **SHORT-TERM INVESTMENTS 0.93%** |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.93%** |  |  |  |  |
| Repurchase Agreement dated 11/30/2022, 1.750% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $29,104,300 of U.S. Treasury Note at 3.00% due 6/30/2024; value: $28,358,502; proceeds: $27,803,782 (cost $27,802,430) |  |  | 27802430 | 27802430 |
| *Total Investments in Securities 116.06%* (cost $3,635,701,782) | *Total Investments in Securities 116.06%* (cost $3,635,701,782) | *Total Investments in Securities 116.06%* (cost $3,635,701,782) |  | 3456687949 |
| *Other Assets and Liabilities – Net<sup>(j)</sup>* (16.06)% |  |  |  | (478327662) |
| *Net Assets 100.00%* |  |  |  | $2978360287 |

---

---

| | |
|:---|:---|
| CAD | Canadian Dollar. |
| EUR | Euro. |
| CMT | Constant Maturity Rate. |
| ICE | Intercontinental Exchange. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2022, the total value of Rule 144A securities was $1,138,422,622, which represents 38.22% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2022. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(b)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(c)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(d)</sup> | Security has been fully or partially segregated for open reverse repurchase agreements as of November 30, 2022 (See Note 2(n)). |
| <sup>(e)</sup> | Defaulted (non-income producing security). |
| <sup>(f)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate ("LIBOR") or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2022. |
| <sup>(g)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(h)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |

---

360 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

 

<sup>(i)</sup> Treasury Inflation Protected Security. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on principal amount that is adjusted for inflation based on the Consumer Price Index.

<sup>(j)</sup> Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows:

**Centrally Cleared Credit Default Swaps on Indexes - Buy Protection at November 30, 2022**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes** | **Central<br> Clearing<br> Party** | **Fund<br> Pays<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br> Upfront<sup>(2)</sup>** | **Value** | **Unrealized<br> Depreciation<sup>(3)</sup>** |
| Markit CDX.NA.HY.39<sup>(4)(5)</sup> | Goldman Sachs | 5.00% | 12/20/2027 | $103530000 | $4081659 | $(1942090) | $(6023749) |

---

**Centrally Cleared Credit Default Swaps on Indexes - Sell Protection at November 30, 2022**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes** | **Central <br> Clearing<br> Party** | **Fund <br> Receives <br> (Quarterly)** | **Termination <br> Date** | **Notional <br> Amount** | **Payments <br> Upfront<sup>(2)</sup>** | **Value** | **Unrealized <br> Appreciation<sup>(3)</sup>** |
| Markit CDX.NA.EM.38<sup>(4)(6)</sup> | Goldman Sachs | 1.00% | 12/20/2027 | $62600000 | $(3842648) | $(3379773) | $462875 |

---

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either <sup>(i)</sup> receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either <sup>(i)</sup> pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) by Central Clearing Party are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $462,875. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $6,023,749.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

<sup>(5)</sup> The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of high yield securities.

<sup>(6)</sup> The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of emerging market securities.

**Forward Foreign Currency Exchange Contracts at November 30, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Appreciation** |
| Euro | Buy | Bank of America | 12/12/2022 | 1910000 | $1896745 | $1989040 | $92295 |

---

*See Notes to Financial Statements.* 361

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| Canadian dollar | Sell | Toronto Dominion Bank | 1/20/2023 | 22500000 | $16348893 |  | $16739982 | $(391089) |
| Euro | Sell | Bank of America | 12/12/2022 | 7273000 | 7569615 |  | 7573971 | (4356) |
| Euro | Sell | Bank of America | 12/12/2022 | 3387000 | 3490405 |  | 3527161 | (36756) |
| Euro | Sell | Bank of America | 12/12/2022 | 7240000 | 7462565 |  | 7539606 | (77041) |
| Euro | Sell | Morgan Stanley | 12/12/2022 | 1728000 | 1792906 |  | 1799508 | (6602) |
| Euro | Sell | Morgan Stanley | 12/12/2022 | 4057000 | 4187720 |  | 4224887 | (37167) |
| Euro | Sell | State Street Bank and Trust | 12/12/2022 | 1910000 | 1920792 |  | 1989040 | (68248) |
| Euro | Sell | State Street Bank and Trust | 12/12/2022 | 7341000 | 7323057 |  | 7644785 | (321728) |
| *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* |  | $(942987) |

---

**Futures Contracts at November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized <br> Appreciation** |
| U.S. 10-Year Treasury Note | March 2023 | 181 | Long | $20436060 | $20543500 | $107440 |
| U.S. 2-Year Treasury Note | March 2023 | 704 | Long | 144205302 | 144573001 | 367699 |
| U.S. 5-Year Treasury Note | March 2023 | 689 | Long | 74381281 | 74804945 | 423664 |
| U.S. Long Bond | March 2023 | 1382 | Long | 174821242 | 175514000 | 692758 |
| U.S. Ultra Treasury Bond | March 2023 | 558 | Long | 75752646 | 76044938 | 292292 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  | $1883853 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized <br> Depreciation** |
| Euro-Bund | December 2022 | 95 | Short | (13314639) | (13383600) | $(71761) |
| U.S. 10-Year Ultra Treasury Bond | March 2023 | 1685 | Short | $(200692970) | $(201620782) | (927812) |
| *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* |  | $(999573) |

---

**Reverse Repurchase Agreement Payable as of November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Principal** | **Collateral<br> Held by<br> Counterparty** | **Interest <br> Rate**<sup>(1)</sup> | **Trade <br> Date** | **Maturity <br> Date**<sup>(2)</sup> | **Fair <br> Value**<sup>(3)</sup> |
| Barclays Bank plc | $77875 | $89,002 principal, American Airlines Group, Inc. at 3.75% due 3/1/2025, $78,026 fair value | (10.00%) | 07/22/2022 | On Demand | $75084 |

---

<sup>(1)</sup> The negative interest rate on the reverse repurchase agreement results in interest income to the Fund.

<sup>(2)</sup> This reverse repurchase agreement has no stated maturity and may be terminated by either party at any time.

<sup>(3)</sup> Total fair value of reverse repurchase agreement is presented net of interest receivable of $2,791.

362 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2022*

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | $– | $65188455 | $5336011 | $70524466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 289413189 | 5641510 | 295054699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 128885442 |  | 128885442 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 1353287909 |  | 1353287909 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 35783450 |  | 35783450 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 78387195 |  | 78387195 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 36692195 |  | 36692195 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 859798484 |  | 859798484 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 13658978 |  | 13658978 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 232251627 | 13214387 | 245466014 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 311346687 |  | 311346687 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 27802430 | – | 27802430 |
| Total | $– | $3432496041 | $24191908 | $3456687949 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (5321863) |  | (5321863) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 92295 |  | 92295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (942987) |  | (942987) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 1883853 |  |  | 1883853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (999573) |  |  | (999573) |
| &nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | (75084) | – | (75084) |
| Total | $884280 | $(6247639) | $– | $(5363359) |

---

<sup>(1)</sup> Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

*See Notes to Financial Statements.* 363

**Schedule of Investments (concluded)**

TOTAL RETURN FUND *November 30, 2022*

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

---

| | | | |
|:---|:---|:---|:---|
| **Investment Type** | **Asset-Backed<br> Securities** | **Floating<br> Rate Loans** | **Non-Agency<br> Commercial<br> Mortgage-Backed<br> Securities** |
| **Balance as of December 1, 2021** | $48589169 | $1003444 | $25240048 |
| Accrued Discounts (Premiums) | 499 | 26 |  |
| Realized Gain (Loss) | (23203) | 4991 |  |
| Change in Unrealized Appreciation (Depreciation) | (1797638) | (5017) | (35661) |
| Purchases | 2803500 |  |  |
| Sales | (3786797) | (1003444) | (11990000) |
| Transfers into Level 3<sup>(a)</sup> | 4118070 |  |  |
| Transfers out of Level 3<sup>(a)</sup> | (38926079) | – | – |
| **Balance as of November 30, 2022** | $10977521 | – | $13214387 |
| **Change in unrealized appreciation/depreciation for the year ended November 30, 2022, related to Level 3 investments held at November 30, 2022** | $(1797638) | $– | $(137996) |

---

<sup>(a)</sup> The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology.

364 *See Notes to Financial Statements.*

**Schedule of Investments**

ULTRA SHORT BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **LONG-TERM INVESTMENTS 87.92%** |  |  |  |  |
| **ASSET-BACKED SECURITIES 24.48%** |  |  |  |  |
| **Automobiles 11.10%** |  |  |  |  |
| Arivo Acceptance Auto Loan Receivables Trust 2021-1A A<sup>†</sup> | 1.19% | 1/15/2027 | $5309652 | $5114866 |
| Avid Automobile Receivables Trust 2021-1 A<sup>†</sup> | 0.61% | 1/15/2025 | 2392952 | 2380992 |
| Avis Budget Rental Car Funding AESOP LLC 2019-3A A<sup>†</sup> | 2.36% | 3/20/2026 | 7545000 | 7011781 |
| Carmax Auto Owner Trust 2019-2 A3 | 2.68% | 3/15/2024 | 541032 | 541300 |
| CarMax Auto Owner Trust 2020-2 A3 | 1.70% | 11/15/2024 | 1309821 | 1299052 |
| Carvana Auto Receivables Trust 2020-P1 A3 | 0.44% | 6/9/2025 | 7233132 | 7120920 |
| Carvana Auto Receivables Trust 2021-N1 B | 1.09% | 1/10/2028 | 14223714 | 13261316 |
| Carvana Auto Receivables Trust 2022-P3 A2 | 4.42% | 12/10/2025 | 23820000 | 23632644 |
| CPS Auto Receivables Trust 2021-D A<sup>†</sup> | 0.61% | 10/15/2025 | 15243220 | 15032862 |
| CPS Auto Receivables Trust 2022-A A<sup>†</sup> | 0.98% | 4/16/2029 | 15030651 | 14763172 |
| CPS Auto Receivables Trust 2022-C A<sup>†</sup> | 4.18% | 4/15/2030 | 18759121 | 18557466 |
| Donlen Fleet Lease Funding 2 LLC 2021-2 A2<sup>†</sup> | 0.56% | 12/11/2034 | 51298346 | 49442115 |
| Drive Auto Receivables Trust 2019-3 C | 2.90% | 8/15/2025 | 129018 | 128873 |
| Exeter Automobile Receivables Trust 2022-4A A2 | 3.99% | 8/15/2024 | 25750000 | 25696391 |
| Exeter Automobile Receivables Trust 2022-4A A3 | 4.33% | 2/17/2026 | 19895000 | 19634738 |
| Exeter Automobile Receivables Trust 2022-6A A2 | 6.23% | 11/17/2025 | 9650000 | 9649909 <sup>(a)</sup> |
| First Investors Auto Owner Trust 2021-2A A<sup>†</sup> | 0.48% | 3/15/2027 | 63517335 | 61538065 |
| First Investors Auto Owners Trust 2022-2A A | 6.26% | 7/15/2027 | 25425692 | 25382000 |
| Flagship Credit Auto Trust 2021-2 B<sup>†</sup> | 0.93% | 6/15/2027 | 10000000 | 9468444 |
| Flagship Credit Auto Trust 2022-2 A2<sup>†</sup> | 3.28% | 8/15/2025 | 60706997 | 59976674 |
| Flagship Credit Auto Trust 2022-3 A2<sup>†</sup> | 4.06% | 10/15/2025 | 25670000 | 25415084 |
| Foursight Capital Automobile Receivables Trust 2021-2 A3<sup>†</sup> | 0.81% | 5/15/2026 | 10885000 | 10532141 |
| GLS Auto Receivables Issuer Trust 2021-1A B<sup>†</sup> | 0.82% | 4/15/2025 | 3733416 | 3722356 |
| GLS Auto Receivables Issuer Trust 2021-1A C<sup>†</sup> | 1.20% | 1/15/2027 | 14600000 | 14293434 |
| GLS Auto Receivables Issuer Trust 2021-3A B<sup>†</sup> | 0.78% | 11/17/2025 | 31525000 | 30496418 |
| GLS Auto Receivables Issuer Trust 2021-3A C<sup>†</sup> | 1.11% | 9/15/2026 | 25348000 | 23667836 |
| GLS Auto Receivables Trust 2021-2A B<sup>†</sup> | 0.77% | 9/15/2025 | 25132560 | 24777668 |
| GLS Auto Receivables Trust 2021-2A C<sup>†</sup> | 1.08% | 6/15/2026 | 21660000 | 20620030 |
| Hertz Vehicle Financing III LLC 2022-1A A<sup>†</sup> | 1.99% | 6/25/2026 | 12150000 | 11128253 |
| Hertz Vehicle Financing LLC 2021-1A A<sup>†</sup> | 1.21% | 12/26/2025 | 27730000 | 25446127 |
| Honda Auto Receivables Owner Trust 2022-2 A2 | 3.81% | 3/18/2025 | 64800000 | 64019976 |
| Honda Auto Receivables Owner Trust 2022-C A2A | 3.83% | 8/15/2025 | 60000000 | 59284314 |

---

*See Notes to Financial Statements.* 365

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| Hyundai Auto Lease Securitization Trust 2020-B A3<sup>†</sup> | 0.51% |  | 9/15/2023 | $2819932 | $2815439 |
| OneMain Direct Auto Receivables Trust 2021-1A A<sup>†</sup> | 0.87% |  | 7/14/2028 | 34360000 | 31581729 |
| OneMain Direct Auto Receivables Trust 2021-1A B<sup>†</sup> | 1.26% |  | 7/14/2028 | 34347000 | 29747404 |
| Santander Consumer Auto Receivables Trust 2021-AA A3<sup>†</sup> | 0.33% |  | 10/15/2025 | 16408063 | 16079844 |
| Santander Drive Auto Receivables Trust 2021-2 C | 0.90% |  | 6/15/2026 | 15410000 | 14990329 |
| Santander Drive Auto Receivables Trust 2022-2 A3 | 2.98% |  | 10/15/2026 | 69306000 | 67682133 |
| Santander Drive Auto Receivables Trust 2022-3 A2 | 2.76% |  | 3/17/2025 | 48664019 | 48395550 |
| Santander Retail Auto Lease Trust 2021-A B<sup>†</sup> | 0.92% |  | 3/20/2026 | 24305000 | 22929891 |
| Santander Retail Auto Lease Trust 2021-C A2<sup>†</sup> | 0.29% |  | 4/22/2024 | 2785316 | 2776582 |
| Santander Retail Auto Lease Trust 2021-C A3<sup>†</sup> | 0.50% |  | 3/20/2025 | 21255000 | 20569224 |
| Santander Retail Auto Lease Trust 2022-A A2<sup>†</sup> | 0.97% |  | 3/20/2025 | 27156357 | 26452981 |
| Tesla Auto Lease Trust 2020-A A2<sup>†</sup> | 0.55% |  | 5/22/2023 |  | 0 |
| Tesla Auto Lease Trust 2021-A A3<sup>†</sup> | 0.56% |  | 3/20/2025 | 40000000 | 38637064 |
| Tesla Auto Lease Trust 2021-A B<sup>†</sup> | 1.02% |  | 3/20/2025 | 22250000 | 21191405 |
| Tricolor Auto Securitization Trust 2021-1A A<sup>†</sup> | 0.74% |  | 4/15/2024 | 1310090 | 1307614 |
| Tricolor Auto Securitization Trust 2022-1A A<sup>†</sup> | 3.30% |  | 2/18/2025 | 20419293 | 20156123 |
| Volkswagen Auto Lease Trust 2020-A A3 | 0.39% |  | 1/22/2024 | 18955731 | 18819263 |
| Volkswagen Auto Lease Trust 2022-A A3 | 3.44% |  | 7/21/2025 | 39700000 | 38645489 |
| Westlake Automobile Receivables Trust 2021-1A C<sup>†</sup> | 0.95% |  | 3/16/2026 | 87800000 | 83933323 |
| Westlake Automobile Receivables Trust 2021-2A D<sup>†</sup> | 1.23% |  | 12/15/2026 | 30025000 | 27414500 |
| World Omni Automobile Lease Securitization Trust 2022-A A3 | 3.21% |  | 2/18/2025 | 23900000 | 23364176 |
| *Total* |  |  |  |  | 1240527280 |
| **Credit Card 0.33%** |  |  |  |  |  |
| American Express Credit Account Master Trust 2022-2 A | 3.39% |  | 5/15/2027 | 38535000 | 37274528 |
| **Other 12.82%** |  |  |  |  |  |
| Affirm Asset Securitization Trust 2022-X1 A<sup>†</sup> | 1.75% |  | 2/15/2027 | 38708855 | 37571880 |
| Amur Equipment Finance Receivables VII LLC 2019-1A A2<sup>†</sup> | 2.63% |  | 6/20/2024 | 587753 | 586601 |
| Apidos CLO XXIV 2016-24A A1AL<sup>†</sup> | 5.193%<br>(3 Mo. LIBOR + .95% |)<sup>#</sup> | 10/20/2030 | 60000000 | 58937928 |
| Aqua Finance Trust 2021-A A<sup>†</sup> | 1.54% |  | 7/17/2046 | 22795890 | 20833385 |
| Atalaya Equipment Leasing Trust 2021-1A A2<sup>†</sup> | 1.23% |  | 5/15/2026 | 19004208 | 18421443 |
| Atrium IX-9A AR2<sup>†</sup> | 5.726%<br>(3 Mo. LIBOR + .99% |)<sup>#</sup> | 5/28/2030 | 40419546 | 39636938 |

---

366 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Other (continued)** |  |  |  |  |  |
| Avant Loans Funding Trust 2021-REV1 A<sup>†</sup> | 1.21% |  | 7/15/2030 | $6050000 | $5731291 |
| BDS Ltd. 2020-FL5 A<sup>†</sup> | 5.175%<br>(1 Mo. Term SOFR + 1.26% |)<sup>#</sup> | 2/16/2037 | 4432744 | 4380371 |
| Benefit Street Partners CLO V-B Ltd. 2018-5BA A1A<sup>†</sup> | 5.333%<br>(3 Mo. LIBOR + 1.09% |)<sup>#</sup> | 4/20/2031 | 15000000 | 14724667 |
| BlueMountain Fuji US CLO I Ltd. 2017-1A A1R<sup>†</sup> | 5.223%<br>(3 Mo. LIBOR + .98% |)<sup>#</sup> | 7/20/2029 | 59874928 | 58675224 |
| Carlyle Global Market Strategies CLO Ltd. 2015-1A AR3<sup>†</sup> | 5.223%<br>(3 Mo. LIBOR + .98% |)<sup>#</sup> | 7/20/2031 | 24259378 | 23686437 |
| CBAM Ltd. 2019-9A A<sup>†</sup> | 5.359%<br>(3 Mo. LIBOR + 1.28% |)<sup>#</sup> | 2/12/2030 | 20756076 | 20507305 |
| Dell Equipment Finance Trust 2020-2 A3<sup>†</sup> | 0.57% |  | 10/23/2023 | 24636619 | 24314946 |
| Dell Equipment Finance Trust 2021-2 A2<sup>†</sup> | 0.33% |  | 12/22/2026 | 9215103 | 9086265 |
| Dell Equipment Finance Trust 2021-2 B<sup>†</sup> | 0.81% |  | 12/22/2026 | 10880000 | 10150141 |
| Dell Equipment Finance Trust 2021-2 C<sup>†</sup> | 0.94% |  | 12/22/2026 | 7370000 | 6879140 |
| Dell Equipment Finance Trust 2021-2 D<sup>†</sup> | 1.21% |  | 6/22/2027 | 6980000 | 6481042 |
| Encina Equipment Finance LLC 2021-1A A2<sup>†</sup> | 0.74% |  | 12/15/2026 | 18132254 | 17734730 |
| Flatiron CLO Ltd. 2017-1A AR<sup>†</sup> | 5.586%<br>(3 Mo. LIBOR + .98% |)<sup>#</sup> | 5/15/2030 | 15554361 | 15299723 |
| FS Rialto 2021-FL2 A<sup>†</sup> | 5.107%<br>(1 Mo. LIBOR + 1.22% |)<sup>#</sup> | 5/16/2038 | 18000000 | 17480729 |
| Galaxy XIX CLO Ltd. 2015-19A A1RR<sup>†</sup> | 5.275%<br>(3 Mo. LIBOR + .95% |)<sup>#</sup> | 7/24/2030 | 49861931 | 48900422 |
| Galaxy XXIII CLO Ltd. 2017-23A AR<sup>†</sup> | 5.195%<br>(3 Mo. LIBOR + .87% |)<sup>#</sup> | 4/24/2029 | 52198942 | 51388295 |
| GreatAmerica Leasing Receivables Funding LLC Series 2021-2 A4<sup>†</sup> | 1.04% |  | 9/15/2027 | 14000000 | 12518026 |
| HGI CRE CLO Ltd. 2021-FL1 A<sup>†</sup> | 4.937%<br>(1 Mo. LIBOR + 1.05% |)<sup>#</sup> | 6/16/2036 | 20675548 | 19772027 |
| HGI CRE CLO Ltd. 2021-FL1 AS<sup>†</sup> | 5.287%<br>(1 Mo. LIBOR + 1.40% |)<sup>#</sup> | 6/16/2036 | 6177000 | 5830779 |
| HGI CRE CLO Ltd. 2021-FL1 B<sup>†</sup> | 5.487%<br>(1 Mo. LIBOR + 1.60% |)<sup>#</sup> | 6/16/2036 | 6990000 | 6611206 |
| KREF Ltd. 2021-FL2 A<sup>†</sup> | 4.981%<br>(1 Mo. LIBOR + 1.07% |)<sup>#</sup> | 2/15/2039 | 36710000 | 35356319 |
| Lending Funding Trust 2020-2A A<sup>†</sup> | 2.32% |  | 4/21/2031 | 19085000 | 16623180 |
| LFT CRE Ltd. 2021-FL1 A<sup>†</sup> | 5.045%<br>(1 Mo. LIBOR + 1.17% |)<sup>#</sup> | 6/15/2039 | 30570000 | 29523843 |

---

*See Notes to Financial Statements.* 367

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Other (continued)** |  |  |  |  |  |
| LFT CRE Ltd. 2021-FL1 B<sup>†</sup> | 5.625%<br>(1 Mo. LIBOR + 1.75% |)<sup>#</sup> | 6/15/2039 | $41120000 | $39954033 |
| LMREC LLC 2021-CRE4 A<sup>†</sup> | 5.094%<br>(1 Mo. LIBOR + 1.05% |)<sup>#</sup> | 4/22/2037 | 18886645 | 18320920 |
| Madison Park Funding XI Ltd. 2013-11A AR2<sup>†</sup> | 5.225%<br>(3 Mo. LIBOR + .90% |)<sup>#</sup> | 7/23/2029 | 58138950 | 57029662 |
| Madison Park Funding XVII Ltd. 2015-17A AR2<sup>†</sup> | 5.278%<br>(3 Mo. LIBOR + 1.00% |)<sup>#</sup> | 7/21/2030 | 39650255 | 38961150 |
| Marlette Funding Trust 2020-2A C<sup>†</sup> | 2.83% |  | 9/16/2030 | 2194586 | 2186708 |
| Marlette Funding Trust 2021-1A B<sup>†</sup> | 1.00% |  | 6/16/2031 | 5959486 | 5867224 |
| Marlette Funding Trust 2021-2A B<sup>†</sup> | 1.06% |  | 9/15/2031 | 12340000 | 11970668 |
| Marlette Funding Trust 2021-3A B<sup>†</sup> | 1.30% |  | 12/15/2031 | 38745000 | 36236037 |
| MF1 Ltd. 2021-FL6 A<sup>†</sup> | 5.011%<br>(1 Mo. LIBOR + 1.10% |)<sup>#</sup> | 7/16/2036 | 44800000 | 42887943 |
| Octagon Investment Partners 30 Ltd. 2017-1A A1R<sup>†</sup> | 5.243%<br>(3 Mo. LIBOR + 1.00% |)<sup>#</sup> | 3/17/2030 | 68340000 | 67208288 |
| Octagon Investment Partners 31 LLC 2017-1A AR<sup>†</sup> | 5.293%<br>(3 Mo. LIBOR + 1.05% |)<sup>#</sup> | 7/20/2030 | 50000000 | 48982484 |
| Octagon Investment Partners XIV Ltd. 2012-1A AARR<sup>†</sup> | 5.029%<br>(3 Mo. LIBOR + .95% |)<sup>#</sup> | 7/15/2029 | 59690383 | 58970412 |
| Octagon Loan Funding Ltd. 2014-1A ARR<sup>†</sup> | 5.854%<br>(3 Mo. LIBOR + 1.18% |)<sup>#</sup> | 11/18/2031 | 11640000 | 11466331 |
| Pagaya AI Debt Selection Trust 2021-1 A<sup>†</sup> | 1.18% |  | 11/15/2027 | 16228003 | 15921637 |
| Pagaya AI Debt Trust 2022-1 A<sup>†</sup> | 2.03% |  | 10/15/2029 | 35360773 | 33877176 |
| PFS Financing Corp. 2020-E A<sup>†</sup> | 1.00% |  | 10/15/2025 | 41275000 | 39534631 |
| Rad CLO 1 Ltd. 2018-1A AR<sup>†</sup> | 5.059%<br>(3 Mo. LIBOR + .98% |)<sup>#</sup> | 7/15/2031 | 11620000 | 11412002 |
| Regatta Funding LP 2013-2A A1R3<sup>†</sup> | 4.929%<br>(3 Mo. LIBOR + .85% |)<sup>#</sup> | 1/15/2029 | 47661514 | 47197691 |
| Regatta VIII Funding Ltd. 2017-1A A<sup>†</sup> | 5.329%<br>(3 Mo. LIBOR + 1.25% |)<sup>#</sup> | 10/17/2030 | 18000000 | 17736079 |
| SCF Equipment Leasing LLC 2021-1A A2<sup>†</sup> | 0.42% |  | 8/20/2026 | 3819778 | 3811430 |
| TCI-Flatiron CLO Ltd. 2017-1A AR<sup>†</sup> | 5.61%<br>(3 Mo. LIBOR + .96% |)<sup>#</sup> | 11/18/2030 | 50000000 | 48997509 |
| Theorem Funding Trust 2021-1A A<sup>†</sup> | 1.21% |  | 12/15/2027 | 2055555 | 2017949 |
| Verizon Master Trust 2022-1 A | 1.04% |  | 1/20/2027 | 118400000 | 115270759 |
| Verizon Master Trust 2022-7 A1A | 5.23% |  | 11/22/2027 | 19900000 | 19881601 |
| *Total* |  |  |  |  | 1433344607 |

---

368 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Rec Vehicle Loan 0.08%** |  |  |  |  |
| Octane Receivables Trust 2021-1A A<sup>†</sup> | 0.93% | 3/22/2027 | $8927553 | $8607184 |
| **Student Loan 0.15%** |  |  |  |  |
| Navient Private Education Refi Loan Trust 2020-EA A<sup>†</sup> | 1.69% | 5/15/2069 | 19378350 | 17227752 |
| *Total Asset-Backed Securities* (cost $2,819,858,769) |  |  |  | 2736981351 |
| **CORPORATE BONDS 51.97%** |  |  |  |  |
| **Aerospace/Defense 1.08%** |  |  |  |  |
| Boeing Co. (The) | 1.167% | 2/4/2023 | 39426000 | 39130275 |
| L3Harris Technologies, Inc. | 3.986%<br>(3 Mo. LIBOR + .75%) | 3/10/2023 | 81249000 | 81145867 |
| *Total* |  |  |  | 120276142 |
| **Agriculture 0.32%** |  |  |  |  |
| Philip Morris International, Inc. | 5.125% | 11/15/2024 | 35794000 | 35800905 |
| **Auto Manufacturers 4.20%** |  |  |  |  |
| General Motors Co. | 4.875% | 10/2/2023 | 49892000 | 49670202 |
| General Motors Co. | 5.40% | 10/2/2023 | 35030000 | 35083467 |
| General Motors Financial Co., Inc. | 3.70% | 5/9/2023 | 13587000 | 13502163 |
| General Motors Financial Co., Inc. | 4.263%<br> (SOFR + .62%) | 10/15/2024 | 44943000 | 43625434 |
| General Motors Financial Co., Inc. | 4.738%<br>(3 Mo. LIBOR + .99%) | 1/5/2023 | 3949000 | 3946177 |
| General Motors Financial Co., Inc. | 5.027%<br> (SOFR + 1.20%) | 11/17/2023 | 41986000 | 41813475 |
| General Motors Financial Co., Inc. | 5.10% | 1/17/2024 | 36347000 | 36240274 |
| Harley-Davidson Financial Services, Inc.<sup>†</sup> | 3.35% | 2/15/2023 | 6530000 | 6495215 |
| Hyundai Capital America<sup>†</sup> | 0.80% | 4/3/2023 | 10481000 | 10310354 |
| Hyundai Capital America<sup>†</sup> | 0.80% | 1/8/2024 | 99652000 | 94518339 |
| Hyundai Capital America<sup>†</sup> | 1.25% | 9/18/2023 | 15532000 | 15008621 |
| Hyundai Capital America<sup>†</sup> | 2.375% | 2/10/2023 | 41268000 | 41018999 |
| Hyundai Capital America<sup>†</sup> | 3.40% | 6/20/2024 | 9066000 | 8732483 |
| Hyundai Capital America<sup>†</sup> | 5.75% | 4/6/2023 | 13629000 | 13646786 |
| Mercedes-Benz Finance North America LLC<sup>†</sup> | 5.50% | 11/27/2024 | 7403000 | 7457793 |
| Stellantis N.V. (Netherlands)<sup>(b)</sup> | 5.25% | 4/15/2023 | 48582000 | 48456416 |
| *Total* |  |  |  | 469526198 |

---

*See Notes to Financial Statements.* 369

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks 32.79%** |  |  | | |
| ANZ New Zealand Int'l Ltd. (United Kingdom)<sup>†(b)</sup> | 4.418%<br>(SOFR + .60% | 2/18/2025 | $17916000 | $17747885 |
| Bank of America Corp. | 3.004%<br>(3 Mo. LIBOR + .79% | 12/20/2023 | 170889000 | 170691119 |
| Bank of America Corp. | 3.55%<br>(3 Mo. LIBOR + .78% | 3/5/2024 | 120681000 | 120084678 |
| Bank of America Corp. | 3.841%<br>(SOFR + 1.11% | 4/25/2025 | 27670000 | 26992702 |
| Bank of America Corp. | 3.864%<br>(3 Mo. LIBOR + .94% | 7/23/2024 | 95073000 | 94104452 |
| Bank of America Corp. | 4.484%<br>(SOFR + .66% | 2/4/2025 | 45370000 | 44591529 |
| Bank of Ireland Group plc (Ireland)<sup>†(b)</sup> | 4.50% | 11/25/2023 | 69084000 | 67801636 |
| Bank of Montreal (Canada)<sup>(b)</sup> | 3.535%<br>(SOFR + .35% | 12/8/2023 | 17097000 | 16998943 |
| Bank of Montreal (Canada)<sup>(b)</sup> | 3.70% | 6/7/2025 | 15607000 | 15219017 |
| Bank of Montreal (Canada)<sup>(b)</sup> | 3.895%<br>(SOFR + .71% | 3/8/2024 | 53961000 | 53714452 |
| Bank of Montreal (Canada)<sup>(b)</sup> | 3.899%<br>(SOFR + .68% | 3/10/2023 | 107269000 | 107308794 |
| Bank of Montreal (Canada)<sup>(b)</sup> | 4.25% | 9/14/2024 | 18905000 | 18671267 |
| Bank of Nova Scotia (Canada)<sup>(b)</sup> | 5.25% | 12/6/2024 | 58033000 | 57979610 |
| Bank of Nova Scotia (The) (Canada)<sup>(b)</sup> | 3.854%<br>(SOFR + .55% | 9/15/2023 | 67842000 | 67729149 |
| Barclays plc (United Kingdom)<sup>(b)</sup> | 4.338%<br>(3 Mo. LIBOR + 1.36% | 5/16/2024 | 42129000 | 41747591 |
| BBVA Bancomer SA<sup>†</sup> | 4.375% | 4/10/2024 | 2920000 | 2883573 |
| BPCE SA (France)<sup>†(b)</sup> | 4.207%<br>(SOFR + .57% | 1/14/2025 | 27056000 | 26408504 |
| BPCE SA (France)<sup>†(b)</sup> | 4.476%<br>(3 Mo. LIBOR + 1.24% | 9/12/2023 | 18134000 | 18137559 |
| BPCE SA (France)<sup>†(b)</sup> | 4.625% | 7/11/2024 | 13498000 | 13116382 |
| BPCE SA (France)<sup>†(b)</sup> | 5.15% | 7/21/2024 | 34141000 | 33494366 |
| BPCE SA (France)<sup>†(b)</sup> | 5.70% | 10/22/2023 | 51130000 | 50614938 |
| Canadian Imperial Bank of Commerce (Canada)<sup>(b)</sup> | 4.072%<br>(SOFR + .42% | 10/18/2024 | 13509000 | 13282288 |
| Canadian Imperial Bank of Commerce (Canada)<sup>(b)</sup> | 4.206%<br>(SOFR + .80% | 3/17/2023 | 137844000 | 137904647 |
| Citigroup, Inc. | 3.352%<br>(3 Mo. LIBOR + .90% | 4/24/2025 | 25361000 | 24532843 |

---

370 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |
| Citigroup, Inc. | 4.044%<br>(3 Mo. LIBOR + 1.02% | 6/1/2024 | $56860000 | $56408578 |
| Citizens Bank NA/Providence RI | 4.592%<br>(3 Mo. LIBOR + .95% | 3/29/2023 | 14500000 | 14511531 |
| Credit Suisse Group AG (Switzerland)<sup>†(b)</sup> | 2.997%<br>(3 Mo. LIBOR + 1.20% | 12/14/2023 | 20157000 | 19955654 |
| Credit Suisse Group AG (Switzerland)<sup>†(b)</sup> | 4.207%<br>(3 Mo. LIBOR + 1.24% | 6/12/2024 | 23000000 | 22321528 |
| Danske Bank A/S (Denmark)<sup>†(b)</sup> | 1.171%<br> (1 Yr. Treasury CMT + 1.03% | 12/8/2023 | 31766000 | 31744624 |
| Danske Bank A/S (Denmark)<sup>†(b)</sup> | 1.226% | 6/22/2024 | 11630000 | 10794144 |
| Danske Bank A/S (Denmark)<sup>†(b)</sup> | 3.875% | 9/12/2023 | 45195000 | 44543195 |
| Danske Bank A/S (Denmark)<sup>†(b)</sup> | 4.296%<br>(3 Mo. LIBOR + 1.06% | 9/12/2023 | 2800000 | 2799476 |
| Danske Bank A/S (Denmark)<sup>†(b)</sup> | 5.375% | 1/12/2024 | 73404000 | 73036921 |
| Discover Bank | 3.35% | 2/6/2023 | 11789000 | 11751456 |
| DNB Bank ASA (Norway)<sup>†(b)</sup> | 2.968%<br>(SOFR + .81% | 3/28/2025 | 22826000 | 22023365 |
| First-Citizens Bank & Trust Co. | 3.929%<br>(SOFR + 3.83% | 6/19/2024 | 16597000 | 16382427 |
| Goldman Sachs Group, Inc. (The) | 0.673%<br>(SOFR + .57% | 3/8/2024 | 77783000 | 76637298 |
| Goldman Sachs Group, Inc. (The) | 3.729%<br>(SOFR + .62% | 12/6/2023 | 73785000 | 73535719 |
| Goldman Sachs Group, Inc. (The) | 4.186%<br>(SOFR + .49% | 10/21/2024 | 63161000 | 61956405 |
| Goldman Sachs Group, Inc. (The) | 4.405%<br>(SOFR + .70% | 1/24/2025 | 22699000 | 22296393 |
| Goldman Sachs Group, Inc. (The) | 4.694%<br>(SOFR + 1.39% | 3/15/2024 | 23098000 | 23128242 |
| Goldman Sachs Group, Inc. (The) | 5.442%<br>(3 Mo. LIBOR + .75% | 2/23/2023 | 133230000 | 133366068 |
| Goldman Sachs Group, Inc. (The) | 5.70% | 11/1/2024 | 11166000 | 11305339 |
| Intesa Sanpaolo SpA (Italy)<sup>†(b)</sup> | 3.375% | 1/12/2023 | 41233000 | 41113769 |
| Intesa Sanpaolo SpA (Italy)<sup>(b)</sup> | 5.25% | 1/12/2024 | 33000000 | 32557605 |
| JPMorgan Chase & Co. | 3.559%<br>(3 Mo. LIBOR + .73% | 4/23/2024 | 35300000 | 35057207 |
| JPMorgan Chase & Co. | 3.797%<br>(3 Mo. LIBOR + .89% | 7/23/2024 | 113585000 | 112402154 |
| JPMorgan Chase & Co. | 3.845%<br>(SOFR + .98% | 6/14/2025 | 23567000 | 23149792 |

---

*See Notes to Financial Statements.* 371

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |
| Macquarie Bank Ltd. (Australia)<sup>†(b)</sup> | 0.441% | 12/16/2022 | $96940000 | $96797387 |
| Macquarie Group Ltd. (Australia)<sup>†(b)</sup> | 4.15%<br>(3 Mo. LIBOR + 1.33% | 3/27/2024 | 16643000 | 16560269 |
| Macquarie Group Ltd. (Australia)<sup>†(b)</sup> | 6.207% | 11/22/2024 | 63562000 | 63962180 |
| Morgan Stanley | 0.529%<br>(SOFR + .46% | 1/25/2024 | 94617000 | 93711316 |
| Morgan Stanley | 0.731%<br>(SOFR + .62% | 4/5/2024 | 64676000 | 63397562 |
| Morgan Stanley | 3.62%<br>(SOFR + 1.16% | 4/17/2025 | 55387000 | 54000047 |
| Morgan Stanley | 3.737%<br>(3 Mo. LIBOR + .85% | 4/24/2024 | 118215000 | 117410495 |
| Morgan Stanley | 4.364%<br>(SOFR + .63% | 1/24/2025 | 54477000 | 53621940 |
| National Australia Bank Ltd. (Australia)<sup>†(b)</sup> | 3.655%<br>(3 Mo. LIBOR + .41% | 12/13/2022 | 59981000 | 59975328 |
| NatWest Group plc (United Kingdom)<sup>(b)</sup> | 4.269%<br>(3 Mo. LIBOR + 1.76% | 3/22/2025 | 13887000 | 13518261 |
| NatWest Group plc (United Kingdom)<sup>(b)</sup> | 4.519%<br>(3 Mo. LIBOR + 1.55% | 6/25/2024 | 56995000 | 56407516 |
| NatWest Markets plc (United Kingdom)<sup>†(b)</sup> | 4.355%<br>(SOFR + .53% | 8/12/2024 | 22842000 | 22487725 |
| NatWest Markets plc (United Kingdom)<sup>†(b)</sup> | 4.873%<br>(SOFR + 1.45% | 3/22/2025 | 40000000 | 39535647 |
| Nordea Bank Abp (Finland)<sup>†(b)</sup> | 3.60% | 6/6/2025 | 9273000 | 8990957 |
| Royal Bank of Canada (Canada)<sup>(b)</sup> | 3.97% | 7/26/2024 | 28539000 | 28091803 |
| Royal Bank of Canada (Canada)<sup>(b)</sup> | 4.439%<br>(3 Mo. LIBOR + .36% | 1/17/2023 | 95792000 | 95805985 |
| Royal Bank of Canada (Canada)<sup>(b)</sup> | 5.66% | 10/25/2024 | 42313000 | 42855005 |
| Santander UK Group Holdings plc (United Kingdom)<sup>(b)</sup> | 1.089%<br>(SOFR + .79% | 3/15/2025 | 12444000 | 11550592 |
| Santander UK Group Holdings plc (United Kingdom)<sup>(b)</sup> | 3.373%<br>(3 Mo. LIBOR + 1.08% | 1/5/2024 | 125220000 | 124953017 |
| Standard Chartered plc (United Kingdom)<sup>†(b)</sup> | 3.885%<br>(3 Mo. LIBOR + 1.08% | 3/15/2024 | 20000000 | 19855754 |
| Standard Chartered plc (United Kingdom)<sup>†(b)</sup> | 3.95% | 1/11/2023 | 47578000 | 47466873 |
| Standard Chartered plc (United Kingdom)<sup>†(b)</sup> | 5.20% | 1/26/2024 | 30000000 | 29679641 |
| Toronto-Dominion Bank (The) (Canada)<sup>(b)</sup> | 3.569%<br>(SOFR + .35% | 9/10/2024 | 4700000 | 4627732 |

---

372 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |
| Toronto-Dominion Bank (The) (Canada)<sup>(b)</sup> | 3.612%<br>(3 Mo. LIBOR + .53% | 12/1/2022 | $59538000 | $59538000 |
| Toronto-Dominion Bank (The) (Canada)<sup>(b)</sup> | 3.766% | 6/6/2025 | 21896000 | 21318965 |
| Toronto-Dominion Bank (The) (Canada)<sup>(b)</sup> | 4.285% | 9/13/2024 | 63599000 | 62809558 |
| UBS AG (Switzerland)<sup>(b)</sup> | 5.125% | 5/15/2024 | 31248000 | 30752063 |
| UniCredit SpA (Italy)<sup>†(b)</sup> | 7.83% | 12/4/2023 | 69639000 | 69693146 |
| Westpac Banking Corp. (Australia)<sup>(b)</sup> | 4.331%<br>(3 Mo. LIBOR + .39% | 1/13/2023 | 41123000 | 41100365 |
| *Total* |  |  |  | 3665011943 |
| **Commercial Services 0.06%** |  |  |  |  |
| Triton Container International Ltd.<sup>†</sup> | 0.80% | 8/1/2023 | 7430000 | 7159154 |
| **Computers 0.22%** |  |  |  |  |
| Dell International LLC/EMC Corp. | 5.45% | 6/15/2023 | 24992000 | 25008934 |
| **Cosmetics/Personal Care 0.16%** |  |  |  |  |
| GSK Consumer Healthcare Capital US LLC | 4.347%<br>(SOFR + .89% | 3/24/2024 | 18242000 | 18163637 |
| **Diversified Financial Services 2.57%** |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(b)</sup> | 4.50% | 9/15/2023 | 24000000 | 23709299 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(b)</sup> | 4.875% | 1/16/2024 | 45000000 | 44381168 |
| Air Lease Corp. | 2.75% | 1/15/2023 | 13719000 | 13666422 |
| Aircastle Ltd. | 4.40% | 9/25/2023 | 8000000 | 7917772 |
| American Express Co. | 4.031%<br>(SOFR + .93% | 3/4/2025 | 36253000 | 36270167 |
| American Express Co. | 5.386%<br>(3 Mo. LIBOR + .65% | 2/27/2023 | 5961000 | 5958639 |
| Aviation Capital Group LLC<sup>†</sup> | 3.875% | 5/1/2023 | 8003000 | 7909267 |
| Aviation Capital Group LLC<sup>†</sup> | 4.375% | 1/30/2024 | 16212000 | 15836780 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(b)</sup> | 3.95% | 7/1/2024 | 9147000 | 8715591 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(b)</sup> | 5.125% | 10/1/2023 | 21534000 | 21250420 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(b)</sup> | 5.25% | 5/15/2024 | 36108000 | 35241855 |
| Citigroup Global Markets Holdings, Inc. | 0.75% | 6/7/2024 | 19291000 | 18110975 |
| Nasdaq, Inc. | 0.445% | 12/21/2022 | 21504000 | 21456542 |
| Park Aerospace Holdings Ltd. (Ireland)<sup>†(b)</sup> | 4.50% | 3/15/2023 | 4092000 | 4072052 |
| Park Aerospace Holdings Ltd. (Ireland)<sup>†(b)</sup> | 5.50% | 2/15/2024 | 22918000 | 22589809 |
| *Total* |  |  |  | 287086758 |

---

*See Notes to Financial Statements.* 373

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Electric 3.52%** |  |  | | |
| Abu Dhabi National Energy Co. PJSC (United Arab Emirates)<sup>†(b)</sup> | 3.625% | 1/12/2023 | $5690000 | $5686199 |
| American Electric Power Co., Inc. | 4.92%<br>(3 Mo. LIBOR + .48% | 11/1/2023 | 32614000 | 32420578 |
| CenterPoint Energy, Inc. | 4.475%<br>(SOFR + .65% | 5/13/2024 | 43573000 | 42956767 |
| Comision Federal de Electricidad (Mexico)<sup>†(b)</sup> | 4.875% | 1/15/2024 | 30753000 | 30419638 |
| Dominion Energy, Inc. | 3.823%<br>(3 Mo. LIBOR + .53% | 9/15/2023 | 33869000 | 33806681 |
| Jersey Central Power & Light Co.<sup>†</sup> | 4.70% | 4/1/2024 | 14500000 | 14313942 |
| Metropolitan Edison Co.<sup>†</sup> | 3.50% | 3/15/2023 | 2000000 | 1988744 |
| Monongahela Power Co.<sup>†</sup> | 4.10% | 4/15/2024 | 13665000 | 13409099 |
| NextEra Energy Capital Holdings, Inc. | 2.94% | 3/21/2024 | 66295000 | 64422288 |
| NextEra Energy Capital Holdings, Inc. | 4.20% | 6/20/2024 | 4898000 | 4832209 |
| NextEra Energy Capital Holdings, Inc. | 4.207%<br>(SOFR + .40% | 11/3/2023 | 57251000 | 56769691 |
| NextEra Energy Capital Holdings, Inc. | 4.368%<br>(SOFR + .54% | 3/1/2023 | 27104000 | 27083495 |
| OGE Energy Corp. | 0.703% | 5/26/2023 | 5434000 | 5321204 |
| Saudi Electricity Global Sukuk Co. 2 (Saudi Arabia)<sup>†(b)</sup> | 3.473% | 4/8/2023 | 41983000 | 41743529 |
| Saudi Electricity Global Sukuk Co. 3 (Saudi Arabia)<sup>†(b)</sup> | 4.00% | 4/8/2024 | 18106000 | 17863108 |
| *Total* |  |  |  | 393037172 |
| **Gas 0.40%** |  |  |  |  |
| Atmos Energy Corp. | 3.574%<br>(3 Mo. LIBOR + .38% | 3/9/2023 | 27228000 | 27200842 |
| CenterPoint Energy Resources Corp. | 5.279%<br>(3 Mo. LIBOR + .50% | 3/2/2023 | 17322000 | 17309098 |
| *Total* |  |  |  | 44509940 |
| **Health Care-Products 1.26%** |  |  |  |  |
| GE Healthcare Holding LLC<sup>†</sup> | 5.55% | 11/15/2024 | 50475000 | 50722292 |
| Thermo Fisher Scientific, Inc. | 4.002%<br>(SOFR + .35% | 4/18/2023 | 45122000 | 45055260 |
| Thermo Fisher Scientific, Inc. | 4.042%<br>(SOFR + .39% | 10/18/2023 | 31586000 | 31461413 |
| Thermo Fisher Scientific, Inc. | 4.182%<br>(SOFR + .53% | 10/18/2024 | 13647000 | 13525693 |
| *Total* |  |  |  | 140764658 |

---

374 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<br>(000)** | **Fair<br>Value** |
| **Insurance 1.36%** |  |  | | |
| Brighthouse Financial Global Funding<sup>†</sup> | 4.363%<br>(SOFR + .76% | 4/12/2024 | $25103000 | $24826233 |
| GA Global Funding Trust<sup>†</sup> | 0.80% | 9/13/2024 | 13745000 | 12517471 |
| GA Global Funding Trust<sup>†</sup> | 4.955%<br>(SOFR + 1.36% | 4/11/2025 | 45784000 | 44646373 |
| Metropolitan Life Global Funding I<sup>†</sup> | 4.199%<br>(SOFR + .57% | 1/13/2023 | 70611000 | 70630112 |
| *Total* |  |  |  | 152620189 |
| **Lodging 0.09%** |  |  |  |  |
| Hyatt Hotels Corp. | 1.80% | 10/1/2024 | 11059000 | 10368262 |
| **Media 0.59%** |  |  |  |  |
| Charter Communications Operating LLC/Charter Communications Operating Capital | 6.09%<br>(3 Mo. LIBOR + 1.65% | 2/1/2024 | 65224000 | 65603933 |
| **Mining 1.03%** |  |  |  |  |
| Glencore Funding LLC<sup>†</sup> | 4.125% | 5/30/2023 | 18458000 | 18329132 |
| Glencore Funding LLC<sup>†</sup> | 4.125% | 3/12/2024 | 42858000 | 42183389 |
| Glencore Funding LLC<sup>†</sup> | 4.625% | 4/29/2024 | 55531000 | 54914456 |
| *Total* |  |  |  | 115426977 |
| **Miscellaneous Manufacturing 0.26%** |  |  |  |  |
| Parker-Hannifin Corp. | 3.65% | 6/15/2024 | 29308000 | 28659282 |
| **Pharmaceuticals 0.45%** |  |  |  |  |
| AstraZeneca plc (United Kingdom)<sup>(b)</sup> | 5.315%<br>(3 Mo. LIBOR + .67% | 8/17/2023 | 7157000 | 7171075 |
| Bayer US Finance II LLC<sup>†</sup> | 4.303%<br>(3 Mo. LIBOR + 1.01% | 12/15/2023 | 13568000 | 13544537 |
| Cigna Corp. | 4.969%<br>(3 Mo. LIBOR + .89% | 7/15/2023 | 30112000 | 30180244 |
| *Total* |  |  |  | 50895856 |
| **Pipelines 0.34%** |  |  |  |  |
| Enbridge, Inc. (Canada)<sup>(b)</sup> | 4.456%<br>(SOFR + .63% | 2/16/2024 | 31647000 | 31343380 |
| Kinder Morgan, Inc. | 3.15% | 1/15/2023 | 6600000 | 6587451 |
| *Total* |  |  |  | 37930831 |
| **REITS 0.17%** |  |  |  |  |
| Simon Property Group LP | 4.025%<br>(SOFR + .43% | 1/11/2024 | 19480000 | 19348664 |

---

*See Notes to Financial Statements.* 375

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<br>(000)** | **Fair<br>Value** |
| **Savings & Loans 0.21%** |  |  |  |  |
| Nationwide Building Society (United Kingdom)<sup>†(b)</sup> | 3.766%<br>(3 Mo. LIBOR + 1.06% | 3/8/2024 | $23734000 | $23545848 |
| **Semiconductors 0.26%** |  |  |  |  |
| Marvell Technology, Inc. | 4.20% | 6/22/2023 | 29372000 | 29209410 |
| **Telecommunications 0.44%** |  |  |  |  |
| AT&T, Inc. | 4.097%<br>(SOFR + .64% | 3/25/2024 | 33143000 | 32908575 |
| Ooredoo International Finance Ltd.<sup>†</sup> | 3.25% | 2/21/2023 | 15894000 | 15838959 |
| *Total* |  |  |  | 48747534 |
| **Transportation 0.19%** |  |  |  |  |
| Pelabuhan Indonesia Persero PT (Indonesia)<sup>†(b)</sup> | 4.50% | 5/2/2023 | 21273000 | 21151319 |
| *Total Corporate Bonds* (cost $5,896,760,032) |  |  |  | 5809853546 |
| **FLOATING RATE LOANS**<sup>(c)</sup> **3.21%** |  |  |  |  |
| **Chemicals 0.52%** |  |  |  |  |
| Nutrition & Biosciences, Inc. 3 Year Delayed Draw Term Loan | 5.758%<br>(3 Mo. LIBOR + 1.25% | 1/17/2023 | 58398254 | 58325256 |
| **Diversified Financial Services 0.78%** |  |  |  |  |
| Delos Finance Sarl 2018 Term Loan B (Luxembourg)<sup>(b)</sup> | 5.424%<br>(3 Mo. LIBOR + 1.75% | 10/6/2023 | 87318354 | 87163801 |
| **Electric 0.44%** |  |  |  |  |
| Tampa Electric Company Term Loan | 4.566%<br>(1 Mo. LIBOR + 0.55% | 12/16/2022 | 49100000 | 48967430 |
| **Health Care Services 0.04%** |  |  |  |  |
| Humana Inc. Delayed Draw Term Loan | 5.321%<br>(1 Mo. LIBOR + 1.25% | 5/28/2024 | 4500000 | 4474688 <sup>(a)</sup> |
| **Media 0.86%** |  |  |  |  |
| Charter Communications Operating, LLC 2019 Term Loan B1 | 5.83%<br>(1 Mo. LIBOR + 1.75% | 4/30/2025 | 97368950 | 95999456 |
| **Real Estate Investment Trusts 0.57%** |  |  |  |  |
| American Tower Corporation 2021 First Lien Delayed Draw Term loan | 5.188%<br>(1 Mo. LIBOR + 1.13% | 12/8/2023 | 24629929 | 24506779 <sup>(a)</sup> |

---

376 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<br>(000)** | **Fair<br>Value** |
| **Real Estate Investment Trusts (continued)** |  |  |  |  |
| Invitation Homes Operating Partnership LP 2020 Term Loan A | 5.016%<br>(1 Mo. LIBOR + 1.00% | 1/31/2025 | $40000000 | $39300000 |
| *Total* |  |  |  | 63806779 |
| *Total Floating Rate Loans* (cost $361,291,208) |  |  |  | 358737410 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.36%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.36%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.36%** |  |  |
| Angel Oak Mortgage Trust 2021-6 A1<sup>†</sup> | 1.458% | 9/25/2066 | 15552318 | 12399356 |
| BBCMS Mortgage Trust 2017-DELC A<sup>†</sup> | 4.85%<br>(1 Mo. LIBOR + .98% | 8/15/2036 | 10660000 | 10441405 |
| BFLD 2019-DPLO A<sup>†</sup> | 4.965%<br>(1 Mo. LIBOR + 1.09% | 10/15/2034 | 11780000 | 11466890 |
| BX Trust 2021-ARIA A<sup>†</sup> | 4.774%<br>(1 Mo. LIBOR + .90% | 10/15/2036 | 53820000 | 50629965 |
| BXHPP Trust 2021-FILM A<sup>†</sup> | 4.525%<br>(1 Mo. LIBOR + .65% | 8/15/2036 | 29800000 | 27946854 |
| BXMT Ltd. 2020-FL2 A<sup>†</sup> | 4.889%<br>(1 Mo. Term SOFR + 1.01% | 2/15/2038 | 37342570 | 36738600 |
| BXMT Ltd. 2021-FL4 A<sup>†</sup> | 4.925%<br>(1 Mo. LIBOR + 1.05% | 5/15/2038 | 27035000 | 26731708 |
| COLT Mortgage Loan Trust 2021-2 A1<sup>†</sup> | 0.924% | 8/25/2066 | 42488530 | 34679814 |
| COLT Mortgage Loan Trust 2021-3 A1<sup>†</sup> | 0.956% | 9/27/2066 | 16543220 | 13244469 |
| Connecticut Avenue Securities Trust 2021-R01 1M1<sup>†</sup> | 4.271%<br>(1 Mo. SOFR + .75% | 10/25/2041 | 10443473 | 10343168 |
| Connecticut Avenue Securities Trust 2022-R02 2M1<sup>†</sup> | 4.721%<br>(1 Mo. SOFR + 1.20% | 1/25/2042 | 24811910 | 24313473 |
| Credit Suisse Mortgage Capital Certificates 2021-NQM4 A1<sup>†</sup> | 1.101% | 5/25/2066 | 10518674 | 8586599 |
| Credit Suisse Mortgage Capital Certificates Trust 2021-NQM5 A1<sup>†</sup> | 0.938% | 5/25/2066 | 40048996 | 30477302 |
| Fannie Mae Connecticut Avenue Securities 2021-R02 2M1<sup>†</sup> | 4.421%<br>(1 Mo. SOFR + .90% | 11/25/2041 | 19264309 | 18908842 |
| Freddie Mac STACR REMIC Trust 2021-DNA6 M1<sup>†</sup> | 4.347%<br>(1 Mo. SOFR + .80% | 10/25/2041 | 2730000 | 2682333 |
| Freddie Mac STACR REMIC Trust 2021-HQA1 M1<sup>†</sup> | 4.221%<br>(1 Mo. SOFR + .70% | 8/25/2033 | 2299759 | 2287823 |

---

*See Notes to Financial Statements.* 377

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount<br>(000)** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| Freddie Mac STACR REMIC Trust 2021-HQA2 M1<sup>†</sup> | 4.221%<br>(1 Mo. SOFR + .70% |)<sup>#</sup> | 12/25/2033 | $4960410 | $4911733 |
| Freddie Mac STACR REMIC Trust 2021-HQA3 M1<sup>†</sup> | 4.371%<br>(1 Mo. SOFR + .85% |)<sup>#</sup> | 9/25/2041 | 14205225 | 13562319 |
| Freddie Mac STACR REMIC Trust 2021-HQA4 M1<sup>†</sup> | 4.471%<br>(1 Mo. SOFR + .95% |)<sup>#</sup> | 12/25/2041 | 11702040 | 10983011 |
| Freddie Mac STACR REMIC Trust 2022-DNA1 M1A<sup>†</sup> | 4.521%<br>(1 Mo. SOFR + 1.00% |)<sup>#</sup> | 1/25/2042 | 29874219 | 28899641 |
| Great Wolf Trust 2019-WOLF A<sup>†</sup> | 4.909%<br>(1 Mo. LIBOR + 1.03% |)<sup>#</sup> | 12/15/2036 | 14400000 | 13911784 |
| GS Mortgage Securities Corp. Trust 2018-HULA A<sup>†</sup> | 4.795%<br>(1 Mo. LIBOR + .92% |)<sup>#</sup> | 7/15/2025 | 15002270 | 14533187 |
| GS Mortgage Securities Corp. Trust 2021-RENT A<sup>†</sup> | 4.639%<br>(1 Mo. LIBOR + .70% |)<sup>#</sup> | 11/21/2035 | 24496195 | 23575182 |
| GS Mortgage Securities Corp. Trust 2021-ROSS A<sup>†</sup> | 5.026%<br>(1 Mo. LIBOR + 1.15% |)<sup>#</sup> | 5/15/2026 | 40000000 | 37655636 |
| Hilton Orlando Trust 2018-ORL A<sup>†</sup> | 4.795%<br>(1 Mo. LIBOR + .92% |)<sup>#</sup> | 12/15/2034 | 36955000 | 35927821 |
| KIND Trust 2021-KIND A<sup>†</sup> | 4.825%<br>(1 Mo. LIBOR + .95% |)<sup>#</sup> | 8/15/2038 | 24572407 | 23228311 |
| OBX Trust 2021-NQM3 A1<sup>†</sup> | 1.054% | <sup>#(d)</sup> | 7/25/2061 | 45109380 | 34075188 |
| ONE Mortgage Trust 2021-PARK A<sup>†</sup> | 4.609%<br>(1 Mo. Term SOFR + .81% |)<sup>#</sup> | 3/15/2036 | 49520000 | 47258110 |
| PFP Ltd. 2021-7 A<sup>†</sup> | 4.725%<br>(1 Mo. LIBOR + .85% |)<sup>#</sup> | 4/14/2038 | 18418425 | 17982262 |
| VASA Trust 2021-VASA A<sup>†</sup> | 4.775%<br>(1 Mo. LIBOR + .90% |)<sup>#</sup> | 7/15/2039 | 45750000 | 42337338 |
| Verus Securitization Trust 2021-4 A1<sup>†</sup> | 0.938% | <sup>#(d)</sup> | 7/25/2066 | 45087992 | 34819766 |
| Verus Securitization Trust 2021-5 A2<sup>†</sup> | 1.218% | <sup>#(d)</sup> | 9/25/2066 | 6621811 | 5193007 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $781,629,726) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $781,629,726) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $781,629,726) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $781,629,726) |  | 710732897 |
| **U.S. TREASURY OBLIGATIONS 1.90%** | **U.S. TREASURY OBLIGATIONS 1.90%** | **U.S. TREASURY OBLIGATIONS 1.90%** | **U.S. TREASURY OBLIGATIONS 1.90%** |  |  |
| U.S. Treasury Note<br>(cost $211,248,000) | 4.50% |  | 11/30/2024 | 211248000 | 211891648 |
| *Total Long-Term Investments* (cost $10,070,787,735) | *Total Long-Term Investments* (cost $10,070,787,735) | *Total Long-Term Investments* (cost $10,070,787,735) | *Total Long-Term Investments* (cost $10,070,787,735) |  | 9828196852 |

---

378 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<br>(000)** | **Fair<br>Value** |
| **SHORT-TERM INVESTMENTS 11.15%** |  |  |  |  |
| **COMMERCIAL PAPER 7.26%** |  |  |  |  |
| **Beverages 0.41%** |  |  |  |  |
| Anheuser-Busch InBev Worldwide, Inc. | 4.163% | 12/14/2022 | $41528000 | $41471245 |
| Constellation Brands, Inc. | 4.55% | 12/5/2022 | 4200000 | 4197909 |
| *Total* |  |  |  | 45669154 |
| **Building Materials 0.17%** |  |  |  |  |
| Fortune Brands Home & Security, Inc. | 4.617% | 12/5/2022 | 19432000 | 19422176 |
| **Chemicals 0.10%** |  |  |  |  |
| Eastman Chemical Co. | 4.364% | 12/8/2022 | 11228000 | 11218612 |
| **Computers 0.32%** |  |  |  |  |
| Leidos, Inc. | 4.70% | 12/5/2022 | 36039000 | 36020380 |
| **Electric 0.05%** |  |  |  |  |
| Duke Energy Corp. | 4.214% | 12/5/2022 | 2000000 | 1999078 |
| Hawaiian Electric Industries, Inc. | 4.55% | 12/5/2022 | 3655000 | 3653193 |
| *Total* |  |  |  | 5652271 |
| **Electronics 0.32%** |  |  |  |  |
| Hitachi America Capital Ltd. | 4.263% | 12/7/2022 | 35147000 | 35122397 |
| **Health Care-Services 1.64%** |  |  |  |  |
| CommonSpirit Health | 4.978% | 12/7/2022 | 7984000 | 7977480 |
| CommonSpirit Health | 4.982% | 12/7/2022 | 72103000 | 72044116 |
| CommonSpirit Health | 5.038% | 12/15/2022 | 15992000 | 15961215 |
| CommonSpirit Health | 5.156% | 12/21/2022 | 87000000 | 86754950 |
| *Total* |  |  |  | 182737761 |
| **Oil & Gas 0.71%** |  |  |  |  |
| Ovintiv Canada ULC | 4.80% | 12/15/2022 | 13393000 | 13368260 |
| Ovintiv, Inc. | 4.826% | 12/15/2022 | 45139000 | 45055618 |
| Ovintiv, Inc. | 4.826% | 12/15/2022 | 21316000 | 21276625 |
| *Total* |  |  |  | 79700503 |
| **Pipelines 1.90%** |  |  |  |  |
| Energy Transfer LP | 4.563% | 12/1/2022 | 65000000 | 65000000 |
| Energy Transfer LP | 4.721% | 12/2/2022 | 30101000 | 30097112 |
| Targa Resources Corp. | 4.718% | 12/1/2022 | 11000000 | 11000000 |
| Targa Resources Corp. | 4.72% | 12/6/2022 | 15000000 | 14990313 |

---

*See Notes to Financial Statements.* 379

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<br>(000)** | **Fair<br>Value** |
| **Pipelines (continued)** |  |  |  |  |
| Targa Resources Corp. | 4.722% | 12/12/2022 | $31000000 | $30955954 |
| Targa Resources Corp. | 4.75% | 12/1/2022 | 52202000 | 52202000 |
| Targa Resources Corp. | 4.75% | 12/15/2022 | 8000000 | 7985378 |
| *Total* |  |  |  | 212230757 |
| **REITS 0.46%** |  |  |  |  |
| Crown Castle, Inc. | 4.587% | 12/6/2022 | 51672000 | 51639561 |
| **Retail 0.55%** |  |  |  |  |
| Canadian Tire Corp. Ltd. | 4.394% | 12/7/2022 | 61389000 | 61344697 |
| **Semiconductors 0.43%** |  |  |  |  |
| Sony Capital Corp. | 4.271% | 12/2/2022 | 48250000 | 48244358 |
| **Telecommunications 0.20%** |  |  |  |  |
| Rogers Communications, Inc. | 4.672% | 12/12/2022 | 22230000 | 22193073 |
| *Total Commercial Paper* (cost $811,195,701) | *Total Commercial Paper* (cost $811,195,701) | *Total Commercial Paper* (cost $811,195,701) |  | 811195700 |
| **U.S. TREASURY OBLIGATIONS 3.89%** |  |  |  |  |
| U.S. Treasury Bill<br> (Cost $435,277,188) | 0.01% | 3/14/2023 | 440649000 | 435287676 |
| *Total Short-Term Investments* (cost $1,246,472,889) | *Total Short-Term Investments* (cost $1,246,472,889) | *Total Short-Term Investments* (cost $1,246,472,889) |  | 1246483376 |
| *Total Investments in Securities 99.07%* (cost $11,317,260,624) | *Total Investments in Securities 99.07%* (cost $11,317,260,624) | *Total Investments in Securities 99.07%* (cost $11,317,260,624) |  | 11074680228 |
| *Other Assets and Liabilities – Net<sup>(e)</sup> 0.93%* | *Other Assets and Liabilities – Net<sup>(e)</sup> 0.93%* | *Other Assets and Liabilities – Net<sup>(e)</sup> 0.93%* |  | 103466453 |
| *Net Assets 100.00%* | *Net Assets 100.00%* | *Net Assets 100.00%* |  | $11178146681 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2022, the total value of Rule 144A securities was $4,625,519,311, which represents 41.38% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2022. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(c)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate ("LIBOR") or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2022. |
| <sup>(d)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(e)</sup> | Other Assets and Liabilities - Net include net unrealized appreciation on futures contracts as follows: |

---

380 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

ULTRA SHORT BOND FUND *November 30, 2022*

**Futures Contracts at November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation** |
| U.S. 2-Year Treasury Note | March 2023 | 1429 | Long | $292712189 | $293458548 | $746359 |

---

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value(1):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobiles | $– | $1230877371 | $9649909 | $1240527280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 1496454071 |  | 1496454071 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 5809853546 |  | 5809853546 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Services |  |  | 4474688 | 4474688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts |  | 39300000 | 24506779 | 63806779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 290455943 |  | 290455943 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 710732897 |  | 710732897 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 211891648 |  | 211891648 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Paper |  | 811195700 |  | 811195700 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | – | 435287676 | – | 435287676 |
| Total | $– | $11036048852 | $38631376 | $11074680228 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $746359 | $– | $– | $746359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $746359 | $– | $– | $746359 |

---

<sup>(1)</sup> Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuer and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three- tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the year.

*See Notes to Financial Statements.* 381

**Statements of Assets and Liabilities**

*November 30, 2022*

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible <br> Fund** | **Core Fixed <br> Income Fund** | **Core Plus <br> Bond Fund** |
| **ASSETS:** | | | |
| Investments in securities, at cost | $947661370 | $2679006512 | $841861966 |
| Investments in securities, at fair value including $0, $0, $0, $0, $63,696,914, $4,938,464, $0 and $0, respectively, of securities loaned | $936937474 | $2602981654 | $820149093 |
| Cash | 320 | 45302 | 181305 |
| Cash at brokers | 370000 | 4578981 |  |
| Deposits with brokers for futures collateral |  | 6183193 | 1468378 |
| Deposits with brokers for forwards and swaps collateral | 260000 |  | 1803077 |
| Foreign cash, at value (cost $0, $1, $0, $0, $0, $310,875, $0 and $5, respectively) |  |  |  |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 17206964 | 667911775 | 197841162 |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 3553187 | 12163882 | 4854455 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 1437847 | 13724790 | 17101071 |
| &nbsp;&nbsp;&nbsp;From broker |  |  |  |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 3) |  | 37754 |  |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income receivable | 2788 |  |  |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap agreements |  |  | 55262 |
| Total return swaps, at fair value (including upfront payment of $0, $0, $0, $0, $(1122), $0, $0 and $0, respectively) |  |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | 457076 |  | 13190 |
| Unrealized appreciation on CPI swaps |  |  |  |
| Prepaid expenses and other assets | 67918 | 61117 | 110346 |
| **Total assets** | 960293574 | 3307688448 | 1043577339 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 8949613 | 1121023794 | 367426602 |
| &nbsp;&nbsp;&nbsp;To broker for swap and TBA collateral | 370000 | 4578981 |  |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 8094989 | 14393833 | 1030743 |
| &nbsp;&nbsp;&nbsp;Management fee | 539536 | 389059 | 138826 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 125844 | 196408 | 15989 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 45949 | 118278 | 28992 |
| &nbsp;&nbsp;&nbsp;Fund administration | 30831 | 69595 | 19832 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts |  | 435518 | 147541 |
| &nbsp;&nbsp;&nbsp;To broker |  |  |  |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap agreements |  |  |  |
| Reverse repurchase agreement payable, at fair value |  |  | 5062 |
| Payable for collateral due to broker for securities lending |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | 1541906 | 334520 | 120299 |
| Unrealized depreciation on CPI swaps |  |  |  |
| Foreign currency overdraft (cost $0, $0, $18, $0, $1,675,425, $0, $1,486 and $0, respectively) |  |  | 17 |
| Unrealized depreciation on unfunded commitments |  |  |  |
| Distributions payable |  | 7297849 | 2242840 |
| Accrued expenses and other liabilities | 251644 | 422938 | 114888 |
| **Total liabilities** | 19950312 | 1149260773 | 371291631 |
| **NET ASSETS** | $940343262 | $2158427675 | $672285708 |

---

382 *See Notes to Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate<br> Bond Fund** | **Floating Rate<br> Fund** | **High Yield<br> Fund** | **Income<br> Fund** | **Inflation<br> Focused Fund** |
| $7419271 | $6909414859 | $5023813974 | $2805602826 | $2609738422 |
| $6623720 | $6668349525 | $4595267534 | $2585430807 | $2472514600 |
| 46188 | 254160 | 10158 | 5616567 | 93712 |
|  | 1670000 |  |  | 23295000 |
| 27573 |  | 8287415 | 7098707 | 14711575 |
| 1581 | 13468896 | 23842454 | 270053 | 92194820 |
|  |  | 313737 |  | 5 |
| 24437 | 171913360 | 69762047 | 156503850 | 24734659 |
| 75780 | 55696666 | 77426080 | 28334084 | 17770332 |
| 60210 | 47909493 | 32819701 | 20091011 | 11392411 |
|  |  | 426515 |  |  |
| 18302 |  |  |  |  |
|  |  | 1122877 |  | 1970531 |
|  | 165758 | 2716 |  |  |
| 4092 |  | 1557297 |  | 18226326 |
|  | 4633727 |  |  |  |
|  | 1019287 | 1931045 |  |  |
|  |  |  |  | 61414050 |
| 32538 | 303137 | 117379 | 68834 | 90223 |
| 6914421 | 6965384009 | 4812886955 | 2803413913 | 2738408244 |
| 66431 | 338697870 | 54803543 | 281408727 | 13341665 |
|  | 1670000 |  |  | 23295000 |
| 6250 | 28512377 | 19811457 | 6574033 | 12530900 |
| 1987 | 2469957 | 2030621 | 763882 | 659462 |
| 1087 | 1023213 | 782833 | 465338 | 134877 |
| 794 | 1397587 | 429818 | 305993 | 281824 |
| 199 | 215899 | 152587 | 80409 | 89512 |
| 7621 |  |  | 1463258 |  |
|  |  |  |  | 122116 |
|  | 2285573 |  |  |  |
|  |  |  | 54837 | 43870 |
|  | 65112026 | 4788593 |  |  |
|  | 1964427 | 7257851 | 255355 |  |
|  |  |  |  | 27367050 |
|  | 1773145 |  | 1521 |  |
|  | 558528 |  |  |  |
| 21445 | 36350456 | 24006568 | 9659296 | 8796237 |
| 47609 | 3934913 | 1272581 | 556469 | 764238 |
| 153423 | 485965971 | 115336452 | 301589118 | 87426751 |
| $6760998 | $6479418038 | $4697550503 | $2501824795 | $2650981493 |

---

*See Notes to Financial Statements.* 383

**Statements of Assets and Liabilities (continued)**

*November 30, 2022*

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible <br> Fund** | **Core Fixed <br> Income Fund** | **Core Plus <br> Bond Fund** |
| **COMPOSITION OF NET ASSETS:** |  |  |  |
| Paid-in capital | $1151865055 | $2479429278 | $748008839 |
| Total distributable earnings (loss) | (211521793) | (321001603) | (75723131) |
| **Net Assets** | $940343262 | $2158427675 | $672285708 |
| **Net Assets by class:** |  |  |  |
| Class A Shares | $215259264 | $476617618 | $92634739 |
| Class C Shares | $42136456 | $19226325 | $5380241 |
| Class F Shares | $137175435 | $81611624 | $111759525 |
| Class F3 Shares | $19538382 | $362922589 | $47207082 |
| Class I Shares | $487218325 | $1165865800 | $411464077 |
| Class P Shares | $35612 | $– | $– |
| Class R2 Shares | $76094 | $368277 | $– |
| Class R3 Shares | $20448474 | $5913821 | $155380 |
| Class R4 Shares | $608783 | $8046806 | $294691 |
| Class R5 Shares | $1577894 | $1782380 | $10260 |
| Class R6 Shares | $16268543 | $36072435 | $3379713 |
| **Outstanding shares by class (unlimited number of authorized shares of beneficial interest):** |  |  |  |
| Class A Shares | 17027480 | 51025933 | 7198364 |
| Class C Shares | 3372616 | 2067753 | 417931 |
| Class F Shares | 10841877 | 8738586 | 8692470 |
| Class F3 Shares | 1525615 | 38855148 | 3668317 |
| Class I Shares | 38187372 | 124892454 | 31994409 |
| Class P Shares | 2746 |  |  |
| Class R2 Shares | 5876 | 39415 |  |
| Class R3 Shares | 1629335 | 633093 | 12078 |
| Class R4 Shares | 48180 | 861673 | 22898 |
| Class R5 Shares | 123675 | 190785 | 797 |
| Class R6 Shares | 1269795 | 3864178 | 262569 |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):** |  |  |  |
| Class A Shares-Net asset value | $12.64 | $9.34 | $12.87 |
| Class A Shares-Maximum offering price (Net asset |  |  |  |
| value plus sales charge of 2.25%) | $12.93 | $9.55 | $13.17 |
| Class C Shares-Net asset value | $12.49 | $9.30 | $12.87 |
| Class F Shares-Net asset value | $12.65 | $9.34 | $12.86 |
| Class F3 Shares-Net asset value | $12.81 | $9.34 | $12.87 |
| Class I Shares-Net asset value | $12.76 | $9.33 | $12.86 |
| Class P Shares-Net asset value\* | $12.97 | $– | $– |
| Class R2 Shares-Net asset value | $12.95 | $9.34 | $– |
| Class R3 Shares-Net asset value | $12.55 | $9.34 | $12.86 |
| Class R4 Shares-Net asset value | $12.64 | $9.34 | $12.87 |
| Class R5 Shares-Net asset value | $12.76 | $9.34 | $12.87 |
| Class R6 Shares-Net asset value | $12.81 | $9.34 | $12.87 |

---

\* Net asset value may not recalculate due to rounding of fractional shares.

384 *See Notes to Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate<br> Bond Fund** | **Floating Rate<br> Fund** | **High Yield <br> Fund** | **Income <br> Fund** | **Inflation <br> Focused Fund** |
| $8279100 | $8514356023 | $5656119528 | $3053913220 | $3107370040 |
| (1518102) | (2034937985) | (958569025) | (552088425) | (456388547) |
| $6760998 | $6479418038 | $4697550503 | $2501824795 | $2650981493 |
| $1520928 | $1882334782 | $799529182 | $967718698 | $472590869 |
| $1034976 | $441111903 | $166372406 | $45245129 | $94131817 |
| $1181324 | $869844567 | $456719732 | $111919835 | $284592978 |
| $1368440 | $178267638 | $558735821 | $849235291 | $308595989 |
| $97618 | $2954553707 | $1753902222 | $429046670 | $1476954941 |
| $– | $– | $– | $– | $– |
| $23084 | $1086094 | $4736184 | $1106570 | $168963 |
| $87680 | $76898004 | $85877120 | $47035831 | $461948 |
| $23235 | $1745910 | $76121774 | $5992156 | $1682224 |
| $23416 | $2123348 | $213655503 | $1558685 | $473325 |
| $1400297 | $71452085 | $581900559 | $42965930 | $11328439 |
| 184111 | 238657311 | 128930482 | 403040995 | 40553973 |
| 125274 | 55881154 | 26972763 | 18766044 | 8067878 |
| 142697 | 110362123 | 73739559 | 46630952 | 24381966 |
| 165638 | 22568617 | 89677442 | 353737245 | 26456244 |
| 11822 | 374273466 | 281531919 | 178552748 | 126794930 |
| 2794 | 137559 | 759327 | 457599 | 14572 |
| 10617 | 9743808 | 13769976 | 19527593 | 39667 |
| 2812 | 221350 | 12277087 | 2493331 | 144446 |
| 2834 | 268795 | 34320408 | 649139 | 40677 |
| 169494 | 9049083 | 93386169 | 17894004 | 972880 |
| $8.26 | $7.89 | $6.20 | $2.40 | $11.65 |
| $8.45 | $8.07 | $6.34 | $2.46 | $11.92 |
| $8.26 | $7.89 | $6.17 | $2.41 | $11.67 |
| $8.28 | $7.88 | $6.19 | $2.40 | $11.67 |
| $8.26 | $7.90 | $6.23 | $2.40 | $11.66 |
| $8.26 | $7.89 | $6.23 | $2.40 | $11.65 |
| $– | $– | $– | $– | $– |
| $8.26 | $7.90 | $6.24 | $2.42 | $11.60 |
| $8.26 | $7.89 | $6.24 | $2.41 | $11.65 |
| $8.26 | $7.89 | $6.20 | $2.40 | $11.65 |
| $8.26 | $7.90 | $6.23 | $2.40 | $11.64 |
| $8.26 | $7.90 | $6.23 | $2.40 | $11.64 |

---

*See Notes to Financial Statements.* 385

**Statements of Assets and Liabilities (continued)**

*November 30, 2022*

---

| | | |
|:---|:---|:---|
|  | **Short Duration <br> Core Bond Fund** | **Short Duration<br> Income Fund** |
| **ASSETS:** | | |
| Investments in securities, at cost | $246691793 | $52586655602 |
| Investments in securities, at fair value | $239742678 | $50182499133 |
| Cash |  | 5458320 |
| Deposits with brokers for futures collateral | 433520 | 105148617 |
| Deposits with brokers for forwards and swaps collateral |  | 84949951 |
| Foreign cash, at value (cost $0, $54,085, $0 and $0, respectively) |  | 54622 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 6986349 | 385366938 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 3119496 | 290118592 |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 1591171 | 333070814 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | 101009 | 27649343 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 3) | 41446 |  |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap agreements | 38000 | 2314828 |
| Unrealized appreciation on forward foreign currency exchange contracts |  |  |
| Prepaid expenses and other assets | 50831 | 678870 |
| **Total assets** | 252104500 | 51417310028 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 13964174 | 403729833 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 1926792 | 208603854 |
| &nbsp;&nbsp;&nbsp;Management fee | 58656 | 10579749 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 14246 | 7184365 |
| &nbsp;&nbsp;&nbsp;Fund administration | 7821 | 1673034 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 6486 | 5781471 |
| &nbsp;&nbsp;&nbsp;To broker for collateral held for swap contracts | 599 |  |
| &nbsp;&nbsp;&nbsp;To bank | 228 |  |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;To broker |  | 2302956 |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap agreements |  |  |
| Reverse repurchase agreements payable, at fair value |  | 2061390 |
| Credit default swap agreements payable, at fair value (including upfront payments of $0, $1,740,608, $0 and $0, respectively) |  | 6276225 |
| Unrealized depreciation on forward foreign currency exchange contracts |  | 28983247 |
| Foreign currency overdraft (cost $0, $0, $84 and $0, respectively) |  |  |
| Distributions payable | 764982 | 173346767 |
| Accrued expenses and other liabilities | 85317 | 7595224 |
| **Total liabilities** | 16829301 | 858118115 |
| **NET ASSETS** | $235275199 | $50559191913 |
| **COMPOSITION OF NET ASSETS:** |  |  |
| Paid-in capital | $254615773 | $59447936072 |
| Total distributable earnings (loss) | (19340574) | (8888744159) |
| **Net Assets** | $235275199 | $50559191913 |

---

386 *See Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Total Return <br> Fund** | **Ultra Short <br> Bond Fund** |
| $3635701782 | $11317260624 |
| $3456687949 | $11074680228 |
| 6288 | 36061526 |
| 8986350 | 1679075 |
| 13057348 |  |
| 753073409 | 152149177 |
| 15478325 | 70552222 |
| 21451303 | 57766797 |
|  | 576186 |
| 24848 |  |
| 92295 |  |
| 53387 | 162147 |
| 4268911502 | 11393627358 |
| 1268885819 | 128444605 |
| 7138724 | 52022341 |
| 674905 | 1591028 |
| 218566 | 691251 |
| 96415 | 374359 |
| 438496 | 1321009 |
| 267834 |  |
| 774041 |  |
| 75084 |  |
| 942987 |  |
| 85 |  |
| 10222973 | 29366826 |
| 815286 | 1669258 |
| 1290551215 | 215480677 |
| $2978360287 | $11178146681 |
| $3625737804 | $11556946462 |
| (647377517) | (378799781) |
| $2978360287 | $11178146681 |

---

*See Notes to Financial Statements.* 387

**Statements of Assets and Liabilities (concluded)**

*November 30, 2022*

---

| | | |
|:---|:---|:---|
|  | **Short Duration <br> Core Bond Fund** | **Short Duration <br> Income Fund** |
| **Net Assets by class:** |  |  |
| Class A Shares | $44848782 | $9589050019 |
| Class A1 Shares | $– | $– |
| Class C Shares | $4444979 | $2170217479 |
| Class F Shares | $19104729 | $6132793826 |
| Class F3 Shares | $29951862 | $5143624781 |
| Class I Shares | $135395242 | $25868734168 |
| Class P Shares | $– | $– |
| Class R2 Shares | $– | $6312283 |
| Class R3 Shares | $582281 | $358356734 |
| Class R4 Shares | $11300 | $146586878 |
| Class R5 Shares | $11300 | $65954469 |
| Class R6 Shares | $924724 | $1077561276 |
| **Outstanding shares by class (unlimited number of authorized shares of beneficial interest):** |  |  |
| Class A Shares | 4918473 | 2500069257 |
| Class A1 Shares |  |  |
| Class C Shares | 487697 | 562388630 |
| Class F Shares | 2096421 | 1599296727 |
| Class F3 Shares | 3287247 | 1339400125 |
| Class I Shares | 14858164 | 6749881916 |
| Class P Shares |  |  |
| Class R2 Shares |  | 1645246 |
| Class R3 Shares | 63910 | 93336584 |
| Class R4 Shares | 1240 | 38145861 |
| Class R5 Shares | 1240 | 17226428 |
| Class R6 Shares | 101483 | 281086057 |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):** |  |  |
| Class A Shares-Net asset value | $9.12 | $3.84 |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%) | $9.33 | $3.93 |
| Class A1 Shares-Net asset value | $– | $– |
| Class A1 Shares-Maximum offering price (Net asset value plus sales charge of 1.50%) | $– | $– |
| Class C Shares-Net asset value | $9.11 | $3.86 |
| Class F Shares-Net asset value | $9.11 | $3.83 |
| Class F3 Shares-Net asset value | $9.11 | $3.84 |
| Class I Shares-Net asset value | $9.11 | $3.83 |
| Class P Shares-Net asset value | $– | $– |
| Class R2 Shares-Net asset value | $– | $3.84 |
| Class R3 Shares-Net asset value | $9.11 | $3.84 |
| Class R4 Shares-Net asset value | $9.11 | $3.84 |
| Class R5 Shares-Net asset value | $9.11 | $3.83 |
| Class R6 Shares-Net asset value | $9.11 | $3.83 |

---

388 *See Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Total Return <br> Fund** | **Ultra Short <br> Bond Fund** |
| $973820104 | $5193143421 |
| $– | $3869226 |
| $34392782 | $– |
| $234058086 | $1280935223 |
| $707782597 | $759272836 |
| $762733359 | $3872021707 |
| $515356 | $– |
| $1198704 | $– |
| $27760212 | $– |
| $30001853 | $– |
| $22289823 | $131457 |
| $183807411 | $68772811 |
| 111137441 | 529914062 |
|  | 394710 |
| 3928145 |  |
| 26715405 | 130679659 |
| 80737950 | 77482114 |
| 86874343 | 395144541 |
| 58529 |  |
| 136843 |  |
| 3168809 |  |
| 3424056 |  |
| 2543355 | 13413 |
| 20957539 | 7015770 |
| $8.76 | $9.80 |
| $8.96 | $– |
| $– | $9.80 |
| $– | $9.95 |
| $8.76 | $– |
| $8.76 | $9.80 |
| $8.77 | $9.80 |
| $8.78 | $9.80 |
| $8.81 | $– |
| $8.76 | $– |
| $8.76 | $– |
| $8.76 | $– |
| $8.76 | $9.80 |
| $8.77 | $9.80 |

---

*See Notes to Financial Statements.* 389

**Statements of Operations**

*For the Year Ended November 30, 2022*

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible<br> Fund** | **Core Fixed <br> Income Fund** | **Core Plus <br> Bond Fund** |
| **Investment income:** |  |  |  |
| Dividends (net of foreign withholding taxes of $0, $0, $0, $0, $0, $1,818, $0 and $0, respectively) | $6483999 | $– | $– |
| Securities lending net income | 211954 |  |  |
| Interest and other (net of foreign withholding taxes of $0, $1,038, $1,980, $0, $0, $18,434, $1,435 and $833, respectively) | 21803742 | 53194119 | 16793994 |
| Interest earned from Interfund Lending (See Note 11) | 424 | 472 | 973 |
| **Total investment income** | 28500119 | 53194591 | 16794967 |
| **Expenses:** |  |  |  |
| Management fee | 7788685 | 4295603 | 1283530 |
| 12b-1 distribution plan-Class A | 528452 | 1086268 | 160228 |
| 12b-1 distribution plan-Class C | 469089 | 188227 | 40368 |
| 12b-1 distribution plan-Class F | 345741 | 186097 | 184601 |
| 12b-1 distribution plan-Class P | 165 |  |  |
| 12b-1 distribution plan-Class R2 | 480 | 2614 |  |
| 12b-1 distribution plan-Class R3 | 131216 | 35691 | 761 |
| 12b-1 distribution plan-Class R4 | 1861 | 22270 | 790 |
| Shareholder servicing | 946578 | 1148149 | 390132 |
| Fund administration | 453380 | 761380 | 183362 |
| Registration | 240730 | 200379 | 165434 |
| Reports to shareholders | 104540 | 133117 | 38155 |
| Professional | 75746 | 74584 | 64659 |
| Custody | 63898 | 31672 | 5925 |
| Trustees' fees | 24455 | 36930 | 8448 |
| Interest paid from Interfund Lending (See Note 11) | 6047 |  |  |
| Other | 105645 | 114611 | 51004 |
| Gross expenses | 11286708 | 8317592 | 2577397 |
| Expense reductions (See Note 9) | (8401) | (10711) | (4593) |
| Fees waived and expenses reimbursed (See Note 3) | (63898) | (31672) | (25116) |
| Shareholder servicing reimbursed-Class I (See Note 3) | – | (283010) | – |
| **Net expenses** | 11214409 | 7992199 | 2547688 |
| **Net investment income** | 17285710 | 45202392 | 14247279 |

---

390 *See Notes to Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate <br> Bond Fund** | **Floating Rate <br> Fund** | **High Yield <br> Fund** | **Income <br> Fund** | **Inflation <br> Focused Fund** |
| $– | $6516813 | $1022988 | $– | $– |
|  | 625121 | 85395 |  |  |
| 236168 | 405284727 | 354482304 | 112109600 | 97789919 |
| – | 3517 | 2206 | 6390 | 861 |
| 236168 | 412430178 | 355592893 | 112115990 | 97790780 |
| 28570 | 35098601 | 30625080 | 10563432 | 10660691 |
| 3279 | 4065900 | 1856410 | 2183445 | 1186671 |
| 3577 | 4089075 | 1699940 | 500435 | 996088 |
| 1810 | 2055599 | 1322275 | 264388 | 1066180 |
|  |  | 79 |  |  |
| 150 | 6246 | 32048 | 7253 | 641 |
| 390 | 353903 | 507119 | 261541 | 2128 |
| 63 | 6163 | 207208 | 12044 | 4528 |
| 4972 | 5841564 | 5091252 | 1792982 | 3002805 |
| 2857 | 3075431 | 2330006 | 1113099 | 1465813 |
| 142881 | 869610 | 266211 | 282058 | 582671 |
| 2500 | 84566 | 224237 | 260717 | 294006 |
| 60837 | 199468 | 151990 | 113465 | 128321 |
| 5187 | 72295 | 182172 | 40681 | 99348 |
| 480 | 143547 | 119821 | 55253 | 69056 |
|  |  | 39448 |  |  |
| 9196 | 366313 | 305824 | 118304 | 442871 |
| 266749 | 56328281 | 44961120 | 17569097 | 20001818 |
| (34) | (69192) | (35478) | (16407) | (27652) |
| (224361) | (72295) | (182172) | (40681) | (99348) |
| – | – | – | – | – |
| 42354 | 56186794 | 44743470 | 17512009 | 19874818 |
| 193814 | 356243384 | 310849423 | 94603981 | 77915962 |

---

*See Notes to Financial Statements.* 391

**Statements of Operations (continued)**

*For the Year Ended November 30, 2022*

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible <br> Fund** | **Core Fixed <br> Income Fund** | **Core Plus <br> Bond Fund** |
| **Net realized and unrealized gain (loss):** |  |  |  |
| Net realized gain (loss) on investments | $(206467364) | $(179997138) | $(37758060) |
| Net realized gain (loss) on futures contracts |  | (45114559) | (10116755) |
| Net realized gain (loss) on forward foreign currency exchange contracts | 6032934 | 6168748 | 260478 |
| Net realized gain (loss) on swap contracts |  | 301438 | (551072) |
| Net realized gain (loss) on foreign currency related transactions | 206957 | 45981 | 69527 |
| Net change in unrealized appreciation/depreciation on investments | (104193084) | (88045859) | (22821919) |
| Net change in unrealized appreciation/depreciation on futures contracts |  | (3147616) | (262971) |
| Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts | (3436700) | (334520) | (135380) |
| Net change in unrealized appreciation/depreciation on swap contracts |  | (173600) | 178150 |
| Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies | 1413 | 23506 | 10004 |
| Net change in unrealized appreciation/depreciation on unfunded commitments | – | – | 803 |
| **Net realized and unrealized gain (loss)** | (307855844) | (310273619) | (71127195) |
| **Net Decrease in Net Assets Resulting From Operations** | $(290570134) | $(265071227) | $(56879916) |

---

392 *See Notes to Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate <br> Bond Fund** | **Floating Rate <br> Fund** | **High Yield <br> Fund** | **Income <br> Fund** | **Inflation <br> Focused Fund** |
| $(384039) | $(303319852) | $(497770396) | $(205559888) | $(106256387) |
| (160108) | 31184788 | (7859080) | (79417053) | (97537660) |
|  | 21330574 | 38543961 | 3188606 |  |
| (279) | (10842983) | (15220832) | (544804) | 26785688 |
|  | (1597614) | (1881428) | (116428) | (1) |
| (953488) | (258315816) | (569191606) | (279149968) | (123041180) |
| (12344) | 2815105 | 5326734 | (4274199) | 3286740 |
|  | (6082066) | (17577036) | (2197944) |  |
| 333 | 11333080 | (8786975) | (243180) | 79576142 |
| (1) | (411425) | 38650 | 12983 |  |
| – | (462225) | 18243 | – | – |
| (1509926) | (514368434) | (1074359765) | (568301875) | (217186658) |
| $(1316112) | $(158125050) | $(763510342) | $(473697894) | $(139270696) |

---

*See Notes to Financial Statements.* 393

**Statements of Operations (concluded)**

*For the Year Ended November 30, 2022*

---

| | | |
|:---|:---|:---|
|  | **Short Duration <br> Core Bond Fund** | **Short Duration <br> Income Fund** |
| **Investment income:** | | |
| Interest and other (net of foreign withholding taxes of $0, $0, $2,074 and $0, respectively) | $5673050 | $1542478939 |
| Interest earned from Interfund Lending (See Note 11) |  | 2496 |
| IRS compliance fee for foreign withholding tax claims | – | 474 |
| **Total investment income** | 5673050 | 1542481909 |
| **Expenses:** |  |  |
| Management fee | 718054 | 144173024 |
| 12b-1 distribution plan-Class A | 94314 | 22828756 |
| 12b-1 distribution plan-Class A1 |  |  |
| 12b-1 distribution plan-Class C | 36278 | 22948959 |
| 12b-1 distribution plan-Class F | 63339 | 14790470 |
| 12b-1 distribution plan-Class P |  |  |
| 12b-1 distribution plan-Class R2 |  | 51928 |
| 12b-1 distribution plan-Class R3 | 1749 | 1910743 |
| 12b-1 distribution plan-Class R4 | 29 | 410877 |
| Shareholder servicing | 252477 | 40128078 |
| Registration | 203238 | 2109252 |
| Fund administration | 95741 | 22827684 |
| Professional | 63356 | 659715 |
| Reports to shareholders | 16264 | 1883586 |
| Custody | 12669 | 582708 |
| Trustees' fees | 4212 | 1217466 |
| Other | 32698 | 818859 |
| Gross expenses | 1594418 | 277342105 |
| Expense reductions (See Note 9) | (2203) | (474615) |
| Fees waived and expenses reimbursed (See Note 3) | (446512) | (582708) |
| Shareholder servicing reimbursed-Class I (See Note 3) | – | – |
| **Net expenses** | 1145703 | 276284782 |
| **Net investment income** | 4527347 | 1266197127 |
| **Net realized and unrealized gain (loss):** |  |  |
| Net realized gain (loss) on investments | (5005403) | (727064311) |
| Net realized gain (loss) on futures contracts | (3824304) | (1176013053) |
| Net realized gain (loss) on forward foreign currency exchange contracts |  | 2575787 |
| Net realized gain (loss) on swap contracts | 133841 | (12700289) |
| Net realized gain (loss) on foreign currency related transactions |  | (122205) |
| Net change in unrealized appreciation/depreciation on investments | (6591917) | (2358532242) |
| Net change in unrealized appreciation/depreciation on futures contracts | 208052 | 25694092 |
| Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts |  | (25792360) |
| Net change in unrealized appreciation/depreciation on swap contracts | 4255 | 4935211 |
| Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies | (1) | 974 |
| Net change in unrealized appreciation/depreciation on unfunded commitments | – | – |
| **Net realized and unrealized gain (loss)** | (15075477) | (4267018396) |
| **Net Decrease in Net Assets Resulting From Operations** | $(10548130) | $(3000821269) |

---

394 *See Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Total Return <br> Fund** | **Ultra Short <br> Bond Fund** |
| $112067825 | $239827097 |
| 5525 | 2287 |
| – | – |
| 112073350 | 239829384 |
| 9676666 | 24407067 |
| 2223261 | 11460374 |
|  | 18646 |
| 377510 |  |
| 587431 | 3006543 |
| 2647 |  |
| 8235 |  |
| 162181 |  |
| 88481 |  |
| 2745780 | 7748016 |
| 231520 | 1116954 |
| 1382679 | 5742839 |
| 99510 | 213049 |
| 229443 | 271795 |
| 77811 | 172171 |
| 70252 | 297432 |
| 136654 | 489236 |
| 18100061 | 54944122 |
| (22194) | (114847) |
| (77811) | (172171) |
| (232658) | – |
| 17767398 | 54657104 |
| 94305952 | 185172280 |
| (308990323) | (80864253) |
| (105259945) | (1572964) |
| 3806191 |  |
| 6799348 |  |
| 612030 |  |
| (204085317) | (222047654) |
| (9131285) | 3970458 |
| (1767023) |  |
| (5893507) |  |
| 36147 |  |
| 8225 | – |
| (623865459) | (300514413) |
| $(529559507) | $(115342133) |

---

*See Notes to Financial Statements.* 395

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Convertible Fund** | **Convertible Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the <br> Year Ended <br> November 30, 2022** | **For the <br> Year Ended <br> November 30, 2021** |
| **Operations:** |  |  |
| Net investment income | $17285710 | $8983163 |
| Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts, swaps and foreign currency related transactions | (200227473) | 315176828 |
| Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts, swaps, unfunded commitments and translation of assets and liabilities denominated in foreign currencies | (107628371) | (215965586) |
| **Net increase (decrease) in net assets resulting from operations** | (290570134) | 108194405 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (56563619) | (44474798) |
| &nbsp;&nbsp;&nbsp;Class C | (12002250) | (9636964) |
| &nbsp;&nbsp;&nbsp;Class F | (119406126) | (98696767) |
| &nbsp;&nbsp;&nbsp;Class F3 | (5597825) | (3794157) |
| &nbsp;&nbsp;&nbsp;Class I | (42873939) | (44532989) |
| &nbsp;&nbsp;&nbsp;Class P | (6769) | (10698) |
| &nbsp;&nbsp;&nbsp;Class R2 | (14226) | (6653) |
| &nbsp;&nbsp;&nbsp;Class R3 | (5675187) | (3781842) |
| &nbsp;&nbsp;&nbsp;Class R4 | (145517) | (62354) |
| &nbsp;&nbsp;&nbsp;Class R5 | (307889) | (208290) |
| &nbsp;&nbsp;&nbsp;Class R6 | (3510782) | (938396) |
| **Total distributions to shareholders** | (246104129) | (206143908) |
| **Capital share transactions (Net of share conversions) (See Note 15):** | **Capital share transactions (Net of share conversions) (See Note 15):** |  |
| Net proceeds from sales of shares | 937344775 | 1148419471 |
| Reinvestment of distributions | 221444923 | 184921377 |
| Cost of shares reacquired | (1289981030) | (1004464628) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (131191332) | 328876220 |
| **Net increase (decrease) in net assets** | (667865595) | 230926717 |
| **NET ASSETS:** |  |  |
| Beginning of year | $1608208857 | $1377282140 |
| **End of year** | $940343262 | $1608208857 |

---

396 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** |
| **For the <br> Year Ended <br> November 30, 2022** | **For the <br> Year Ended <br> November 30, 2021** | **For the <br> Year Ended <br> November 30, 2022** | **For the <br> Year Ended <br> November 30, 2021** |
| $45202392 | $23118710 | $14247279 | $6746215 |
| (218595530) | 5784521 | (48095882) | 285179 |
| (91678089) | (33905711) | (23031313) | (4274267) |
| (265071227) | (5002480) | (56879916) | 2757127 |
| (16573308) | (30146588) | (2779601) | (2476213) |
| (564037) | (1823741) | (131337) | (181477) |
| (5697594) | (16536554) | (6146191) | (7213736) |
| (13022012) | (19418211) | (1406782) | (637706) |
| (24435779) | (23340610) | (6169249) | (1096104) |
| (12525) | (19609) |  |  |
| (197394) | (466113) | (4769) | (4961) |
| (267625) | (465934) | (10410) | (11229) |
| (52412) | (52146) | (396) | (456) |
| (1124724) | (1574971) | (101117) | (40649) |
| (61947410) | (93844477) | (16749852) | (11662531) |
| 1098594679 | 566871625 | 852606397 | 289650946 |
| 61392570 | 93164727 | 16621339 | 11626541 |
| (722290231) | (562456825) | (529424233) | (176565796) |
| 437697018 | 97579527 | 339803503 | 124711691 |
| 110678381 | (1267430) | 266173735 | 115806287 |
| $2047749294 | $2049016724 | $406111973 | $290305686 |
| $2158427675 | $2047749294 | $672285708 | $406111973 |

---

*See Notes to Financial Statements.* 397

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Corporate Bond Fund** | **Corporate Bond Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Year Ended<br> November 30, 2022** | **For the<br> Year Ended<br> November 30, 2021** |
| **Operations:** |  |  |
| Net investment income | $193814 | $247433 |
| Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts, swaps and foreign currency related transactions | (544426) | 248570 |
| Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts, swaps, unfunded commitments and translation of assets and liabilities denominated in foreign currencies | (965500) | (387882) |
| **Net increase (decrease) in net assets resulting from operations** | (1316112) | 108121 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (100211) | (118710) |
| &nbsp;&nbsp;&nbsp;Class C | (21477) | (30828) |
| &nbsp;&nbsp;&nbsp;Class F | (118345) | (195506) |
| &nbsp;&nbsp;&nbsp;Class F3 | (85109) | (87404) |
| &nbsp;&nbsp;&nbsp;Class I | (6561) | (6770) |
| &nbsp;&nbsp;&nbsp;Class P |  |  |
| &nbsp;&nbsp;&nbsp;Class R2 | (1273) | (1243) |
| &nbsp;&nbsp;&nbsp;Class R3 | (3758) | (2650) |
| &nbsp;&nbsp;&nbsp;Class R4 | (1371) | (1357) |
| &nbsp;&nbsp;&nbsp;Class R5 | (1450) | (1443) |
| &nbsp;&nbsp;&nbsp;Class R6 | (86866) | (88815) |
| **Return of Capital** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;Class C |  |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |
| &nbsp;&nbsp;&nbsp;Class F3 |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  |  |
| &nbsp;&nbsp;&nbsp;Class P |  |  |
| &nbsp;&nbsp;&nbsp;Class R2 |  |  |
| &nbsp;&nbsp;&nbsp;Class R3 |  |  |
| &nbsp;&nbsp;&nbsp;Class R4 |  |  |
| &nbsp;&nbsp;&nbsp;Class R5 |  |  |
| &nbsp;&nbsp;&nbsp;Class R6 | – | – |
| **Total distributions to shareholders** | (426421) | (534726) |
| **Capital share transactions (Net of share conversions) (See Note 15):** |  |  |
| Net proceeds from sales of shares | 1445810 | 3286355 |
| Reinvestment of distributions | 248459 | 279857 |
| Cost of shares reacquired | (4821175) | (2432483) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (3126906) | 1133729 |
| Net increase (decrease) in net assets | (4869439) | 707124 |
| **NET ASSETS:** |  |  |
| Beginning of year | $11630437 | $10923313 |
| **End of year** | $6760998 | $11630437 |

---

398 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Floating Rate Fund** | **Floating Rate Fund** | **High Yield Fund** | **High Yield Fund** |
| **For the<br> Year Ended<br> November 30, 2022** | **For the<br> Year Ended<br> November 30, 2021** | **For the<br> Year Ended<br> November 30, 2022** | **For the<br> Year Ended<br> November 30, 2021** |
| $356243384 | $242081655 | $310849423 | $376268770 |
| (263245087) | 24176252 | (484187775) | 445833782 |
| (251123347) | 86015760 | (590171990) | (282623503) |
| (158125050) | 352273667 | (763510342) | 539479049 |
| (92169705) | (71663534) | (51030954) | (55737636) |
| (19096986) | (17977968) | (10152499) | (11440283) |
| (86019818) | (100311162) | (73034610) | (107702794) |
| (9656542) | (4533210) | (36104232) | (67467481) |
| (137145318) | (39381013) | (97943279) | (90563940) |
|  |  | (897) | (2110) |
| (43750) | (33778) | (273365) | (271454) |
| (3120946) | (1669244) | (5276393) | (5084508) |
| (105696) | (103869) | (4522242) | (4921338) |
| (111390) | (140747) | (13415768) | (12626828) |
| (3926998) | (4430656) | (34928129) | (34216604) |
|  |  | (1846382) |  |
|  |  | (367334) |  |
|  |  | (2642510) |  |
|  |  | (1306309) |  |
|  |  | (3543748) |  |
|  |  | (32) |  |
|  |  | (9891) |  |
|  |  | (190908) |  |
|  |  | (163622) |  |
|  |  | (485404) |  |
| – | – | (1263756) | – |
| (351397149) | (240245181) | (338502264) | (390034976) |
| 7983304563 | 3152226991 | 2878099913 | 2223607627 |
| 303246251 | 202485760 | 317039838 | 363727584 |
| (8203729429) | (2322466657) | (4663902869) | (3770958816) |
| 82821385 | 1032246094 | (1468763118) | (1183623605) |
| (426700814) | 1144274580 | (2570775724) | (1034179532) |
| $6906118852 | $5761844272 | $7268326227 | $8302505759 |
| $6479418038 | $6906118852 | $4697550503 | $7268326227 |

---

*See Notes to Financial Statements.* 399

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Income Fund** | **Income Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Year Ended<br> November 30, 2022** | **For the<br> Year Ended<br> November 30, 2021** |
| **Operations:** |  |  |
| Net investment income | $94603981 | $78677188 |
| Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts, swaps and foreign currency related transactions | (282449567) | 84960230 |
| Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts, swaps and translation of assets and liabilities denominated in foreign currencies | (285852308) | (92869727) |
| **Net increase (decrease) in net assets resulting from operations** | (473697894) | 70767691 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (61769431) | (37966179) |
| &nbsp;&nbsp;&nbsp;Class C | (3189861) | (2229886) |
| &nbsp;&nbsp;&nbsp;Class F | (18636742) | (17756247) |
| &nbsp;&nbsp;&nbsp;Class F3 | (53890395) | (27165271) |
| &nbsp;&nbsp;&nbsp;Class I | (15773712) | (4553494) |
| &nbsp;&nbsp;&nbsp;Class R2 | (63027) | (37083) |
| &nbsp;&nbsp;&nbsp;Class R3 | (2734526) | (1496610) |
| &nbsp;&nbsp;&nbsp;Class R4 | (257918) | (182213) |
| &nbsp;&nbsp;&nbsp;Class R5 | (271026) | (205062) |
| &nbsp;&nbsp;&nbsp;Class R6 | (3209166) | (1942082) |
| **Total distributions to shareholders** | (159795804) | (93534127) |
| **Capital share transactions (Net of share conversions) (See Note 15):** |  |  |
| Net proceeds from sales of shares | 1137446596 | 903627448 |
| Reinvestment of distributions | 150507166 | 87005996 |
| Cost of shares reacquired | (1329956952) | (704310353) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (42003190) | 286323091 |
| **Net increase (decrease) in net assets** | (675496888) | 263556655 |
| **NET ASSETS:** |  |  |
| Beginning of year | $3177321683 | $2913765028 |
| **End of year** | $2501824795 | $3177321683 |

---

400 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Inflation Focused Fund** | **Inflation Focused Fund** | **Short Duration Core Bond Fund** | **Short Duration Core Bond Fund** |
| **For the<br> Year Ended<br> November 30, 2022** | **For the<br> Year Ended<br> November 30, 2021** | **For the<br> Year Ended<br> November 30, 2022** | **For the<br> Year Ended<br> November 30, 2021** |
| $77915962 | $21985020 | $4527347 | $1300243 |
| (177008360) | (73123732) | (8695866) | 528879 |
| (40178298) | 205910099 | (6379611) | (1169386) |
| (139270696) | 154771387 | (10548130) | 659736 |
| (17567509) | (6605755) | (1283096) | (783111) |
| (2421356) | (695768) | (85553) | (44830) |
| (30578500) | (19635542) | (1536849) | (1804755) |
| (11574025) | (1880994) | (345144) | (9140) |
| (49925281) | (15218619) | (3328168) | (303164) |
| (3001) | (822) |  |  |
| (11573) | (6861) | (9657) | (753) |
| (52651) | (47470) | (299) | (203) |
| (13710) | (5436) | (328) | (232) |
| (440059) | (446150) | (26265) | (17880) |
| (112587665) | (44543417) | (6615359) | (2964068) |
| 3576490242 | 3375804253 | 336428557 | 168095317 |
| 110112850 | 42764809 | 6264354 | 2830620 |
| (4517782175) | (435077649) | (273856258) | (109774576) |
| (831179083) | 2983491413 | 68836653 | 61151361 |
| (1083037444) | 3093719383 | 51673164 | 58847029 |
| $3734018937 | $640299554 | $183602035 | $124755006 |
| $2650981493 | $3734018937 | $235275199 | $183602035 |

---

*See Notes to Financial Statements.* 401

**Statements of Changes in Net Assets (concluded)**

---

| | | |
|:---|:---|:---|
|  | **Short Duration Income Fund** | **Short Duration Income Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Year Ended<br> November 30, 2022** | **For the<br> Year Ended<br> November 30, 2021** |
| **Operations:** |  |  |
| Net investment income | $1266197127 | $962939459 |
| Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts, swaps and foreign currency related transactions | (1913324071) | 311587368 |
| Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts, swaps and translation of assets and liabilities denominated in foreign currencies | (2353694325) | (395051709) |
| **Net increase (decrease) in net assets resulting from operations** | (3000821269) | 879475118 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (333489534) | (309607372) |
| &nbsp;&nbsp;&nbsp;Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;Class C | (62222924) | (62982386) |
| &nbsp;&nbsp;&nbsp;Class F | (413364645) | (617730413) |
| &nbsp;&nbsp;&nbsp;Class F3 | (173531776) | (125501106) |
| &nbsp;&nbsp;&nbsp;Class I | (701837319) | (279943499) |
| &nbsp;&nbsp;&nbsp;Class P |  |  |
| &nbsp;&nbsp;&nbsp;Class R2 | (217975) | (227822) |
| &nbsp;&nbsp;&nbsp;Class R3 | (10136275) | (8276628) |
| &nbsp;&nbsp;&nbsp;Class R4 | (4676483) | (3848330) |
| &nbsp;&nbsp;&nbsp;Class R5 | (1976912) | (1715632) |
| &nbsp;&nbsp;&nbsp;Class R6 | (32917410) | (25537393) |
| **Total distributions to shareholders** | (1734371253) | (1435370581) |
| **Capital share transactions (Net of share conversions) (See Note 15):** |  |  |
| Net proceeds from sales of shares | 39496673430 | 26643406283 |
| Reinvestment of distributions | 1500233564 | 1242281987 |
| Cost of shares reacquired | (48557667513) | (20390255915) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (7560760519) | 7495432355 |
| **Net increase (decrease) in net assets** | (12295953041) | 6939536892 |
| **NET ASSETS:** |  |  |
| Beginning of year | $62855144954 | $55915608062 |
| **End of year** | $50559191913 | $62855144954 |

---

402 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Total Return Fund** | **Total Return Fund** | **Ultra Short Bond Fund** | **Ultra Short Bond Fund** |
| **For the<br> Year Ended<br> November 30, 2022** | **For the<br> Year Ended<br> November 30, 2021** | **For the<br> Year Ended<br> November 30, 2022** | **For the<br> Year Ended<br> November 30, 2021** |
| $94305952 | $79344112 | $185172280 | $70895432 |
| (403032699) | 15017741 | (82437217) | 5962848 |
| (220832760) | (61530723) | (218077196) | (71863307) |
| (529559507) | 32831130 | (115342133) | 4994973 |
| (41063513) | (57216980) | (94086125) | (40628679) |
|  |  | (75197) | (42663) |
| (1438131) | (2760963) |  |  |
| (22666054) | (43026580) | (32900215) | (25148239) |
| (31015832) | (35456865) | (12931462) | (3563432) |
| (22739909) | (17833713) | (50640992) | (6438730) |
| (20248) | (25673) |  |  |
| (45801) | (87984) |  |  |
| (1102609) | (2707274) |  |  |
| (1293563) | (2208768) |  |  |
| (2576467) | (4197222) | (2567) | (3612) |
| (8550658) | (12413150) | (1211271) | (429817) |
| (132512785) | (177935172) | (191847829) | (76255172) |
| 1096644953 | 989612784 | 10131846342 | 11462190489 |
| 124569301 | 164741222 | 177839732 | 71411372 |
| (1731640699) | (1114907634) | (16117603459) | (15726627092) |
| (510426445) | 39446372 | (5807917385) | (4193025231) |
| (1172498737) | (105657670) | (6115107347) | (4264285430) |
| $4150859024 | $4256516694 | $17293254028 | $21557539458 |
| $2978360287 | $4150859024 | $11178146681 | $17293254028 |

---

*See Notes to Financial Statements.* 403

**Financial Highlights**

CONVERTIBLE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2022 | $19.24 | $0.20 | $(3.77) | $(3.57) | $(0.31) | $(2.72) | $(3.03) |
| 11/30/2021 | 20.52 | 0.09 | 1.68 | 1.77 | (0.19) | (2.86) | (3.05) |
| 11/30/2020 | 14.15 | 0.14 | 7.40 | 7.54 | (0.21) | (0.96) | (1.17) |
| 11/30/2019 | 13.16 | 0.21 | 1.70 | 1.91 | (0.53) | (0.39) | (0.92) |
| 11/30/2018 | 13.31 | 0.16 | (0.03) | 0.13 | (0.28) |  | (0.28) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2022 | 19.04 | 0.10 | (3.72) | (3.62) | (0.21) | (2.72) | (2.93) |
| 11/30/2021 | 20.37 | (0.04) | 1.66 | 1.62 | (0.09) | (2.86) | (2.95) |
| 11/30/2020 | 14.05 | 0.03 | 7.36 | 7.39 | (0.11) | (0.96) | (1.07) |
| 11/30/2019 | 13.08 | 0.12 | 1.69 | 1.81 | (0.45) | (0.39) | (0.84) |
| 11/30/2018 | 13.23 | 0.07 | (0.03) | 0.04 | (0.19) |  | (0.19) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2022 | 19.25 | 0.19 | (3.75) | (3.56) | (0.32) | (2.72) | (3.04) |
| 11/30/2021 | 20.52 | 0.11 | 1.68 | 1.79 | (0.20) | (2.86) | (3.06) |
| 11/30/2020 | 14.15 | 0.16 | 7.39 | 7.55 | (0.22) | (0.96) | (1.18) |
| 11/30/2019 | 13.17 | 0.22 | 1.69 | 1.91 | (0.54) | (0.39) | (0.93) |
| 11/30/2018 | 13.32 | 0.18 | (0.04) | 0.14 | (0.29) |  | (0.29) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2022 | 19.44 | 0.24 | (3.81) | (3.57) | (0.34) | (2.72) | (3.06) |
| 11/30/2021 | 20.68 | 0.15 | 1.69 | 1.84 | (0.22) | (2.86) | (3.08) |
| 11/30/2020 | 14.24 | 0.18 | 7.46 | 7.64 | (0.24) | (0.96) | (1.20) |
| 11/30/2019 | 13.25 | 0.24 | 1.70 | 1.94 | (0.56) | (0.39) | (0.95) |
| 11/30/2018 | 13.39 | 0.20 | (0.04) | 0.16 | (0.30) |  | (0.30) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2022 | 19.39 | 0.25 | (3.82) | (3.57) | (0.34) | (2.72) | (3.06) |
| 11/30/2021 | 20.66 | 0.13 | 1.68 | 1.81 | (0.22) | (2.86) | (3.08) |
| 11/30/2020 | 14.23 | 0.17 | 7.46 | 7.63 | (0.24) | (0.96) | (1.20) |
| 11/30/2019 | 13.24 | 0.24 | 1.70 | 1.94 | (0.56) | (0.39) | (0.95) |
| 11/30/2018 | 13.39 | 0.19 | (0.04) | 0.15 | (0.30) |  | (0.30) |
| **Class P** |  |  |  |  |  |  |  |
| 11/30/2022 | 19.65 | 0.17 | (3.86) | (3.69) | (0.27) | (2.72) | (2.99) |
| 11/30/2021 | 20.88 | 0.05 | 1.70 | 1.75 | (0.12) | (2.86) | (2.98) |
| 11/30/2020 | 14.37 | 0.09 | 7.55 | 7.64 | (0.17) | (0.96) | (1.13) |
| 11/30/2019 | 13.36 | 0.18 | 1.72 | 1.90 | (0.50) | (0.39) | (0.89) |
| 11/30/2018 | 13.51 | 0.13 | (0.04) | 0.09 | (0.24) |  | (0.24) |

---

404 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup>** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $12.64 | (21.50) | 1.07 | 1.07 | 1.44 | $215259 | 165 |
| 19.24 | 8.83 | 1.03 | 1.03 | 0.47 | 365551 | 154 |
| 20.52 | 57.67 | 1.06 | 1.06 | 0.86 | 290469 | 138 |
| 14.15 | 15.80 | 1.06 | 1.06 | 1.59 | 143294 | 161 |
| 13.16 | 0.94 | 1.04 | 1.04 | 1.21 | 133181 | 213 |
| 12.49 | (21.95) | 1.73 | 1.74 | 0.76 | 42136 | 165 |
| 19.04 | 8.08 | 1.70 | 1.70 | (0.19) | 79104 | 154 |
| 20.37 | 56.72 | 1.70 | 1.70 | 0.21 | 64570 | 138 |
| 14.05 | 15.00 | 1.70 | 1.70 | 0.94 | 41278 | 161 |
| 13.08 | 0.27 | 1.69 | 1.69 | 0.56 | 38615 | 213 |
| 12.65 | (21.43) | 0.97 | 0.98 | 1.34 | 137175 | 165 |
| 19.25 | 8.98 | 0.93 | 0.93 | 0.59 | 804859 | 154 |
| 20.52 | 57.83 | 0.96 | 0.96 | 0.96 | 625813 | 138 |
| 14.15 | 15.92 | 0.96 | 0.96 | 1.69 | 173878 | 161 |
| 13.17 | 0.95 | 0.94 | 0.94 | 1.32 | 201325 | 213 |
| 12.81 | (21.25) | 0.79 | 0.79 | 1.70 | 19538 | 165 |
| 19.44 | 9.18 | 0.75 | 0.75 | 0.77 | 37889 | 154 |
| 20.68 | 58.11 | 0.80 | 0.80 | 1.12 | 23424 | 138 |
| 14.24 | 16.02 | 0.83 | 0.83 | 1.81 | 8030 | 161 |
| 13.25 | 1.12 | 0.81 | 0.81 | 1.47 | 6635 | 213 |
| 12.76 | (21.33) | 0.86 | 0.87 | 1.86 | 487218 | 165 |
| 19.39 | 9.02 | 0.82 | 0.82 | 0.68 | 259180 | 154 |
| 20.66 | 58.08 | 0.86 | 0.86 | 1.05 | 340178 | 138 |
| 14.23 | 15.94 | 0.86 | 0.86 | 1.82 | 307308 | 161 |
| 13.24 | 1.12 | 0.84 | 0.84 | 1.40 | 469350 | 213 |
| 12.97 | (21.65) | 1.32 | 1.32 | 1.24 | 36 | 165 |
| 19.65 | 8.57 | 1.27 | 1.27 | 0.23 | 43 | 154 |
| 20.88 | 57.33 | 1.31 | 1.31 | 0.60 | 74 | 138 |
| 14.37 | 15.43 | 1.31 | 1.31 | 1.33 | 70 | 161 |
| 13.36 | 0.68 | 1.29 | 1.29 | 0.96 | 59 | 213 |

---

*See Notes to Financial Statements.* 405

**Financial Highlights (continued)**

CONVERTIBLE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R2** |  |  |  |  |  |  |  |
| 11/30/2022 | $19.63 | $0.15 | $(3.86) | $(3.71) | $(0.25) | $(2.72) | $(2.97) |
| 11/30/2021 | 20.88 | 0.02 | 1.71 | 1.73 | (0.12) | (2.86) | (2.98) |
| 11/30/2020 | 14.37 | 0.07 | 7.54 | 7.61 | (0.14) | (0.96) | (1.10) |
| 11/30/2019 | 13.35 | 0.17 | 1.71 | 1.88 | (0.47) | (0.39) | (0.86) |
| 11/30/2018 | 13.49 | 0.11 | (0.03) | 0.08 | (0.22) |  | (0.22) |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2022 | 19.12 | 0.16 | (3.75) | (3.59) | (0.26) | (2.72) | (2.98) |
| 11/30/2021 | 20.41 | 0.04 | 1.66 | 1.70 | (0.13) | (2.86) | (2.99) |
| 11/30/2020 | 14.08 | 0.09 | 7.37 | 7.46 | (0.17) | (0.96) | (1.13) |
| 11/30/2019 | 13.11 | 0.17 | 1.68 | 1.85 | (0.49) | (0.39) | (0.88) |
| 11/30/2018 | 13.26 | 0.13 | (0.04) | 0.09 | (0.24) |  | (0.24) |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2022 | 19.24 | 0.19 | (3.77) | (3.58) | (0.30) | (2.72) | (3.02) |
| 11/30/2021 | 20.52 | 0.09 | 1.67 | 1.76 | (0.18) | (2.86) | (3.04) |
| 11/30/2020 | 14.14 | 0.14 | 7.40 | 7.54 | (0.20) | (0.96) | (1.16) |
| 11/30/2019 | 13.16 | 0.20 | 1.70 | 1.90 | (0.53) | (0.39) | (0.92) |
| 11/30/2018 | 13.31 | 0.16 | (0.04) | 0.12 | (0.27) |  | (0.27) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2022 | 19.39 | 0.24 | (3.81) | (3.57) | (0.34) | (2.72) | (3.06) |
| 11/30/2021 | 20.65 | 0.14 | 1.68 | 1.82 | (0.22) | (2.86) | (3.08) |
| 11/30/2020 | 14.23 | 0.17 | 7.45 | 7.62 | (0.24) | (0.96) | (1.20) |
| 11/30/2019 | 13.24 | 0.23 | 1.71 | 1.94 | (0.56) | (0.39) | (0.95) |
| 11/30/2018 | 13.38 | 0.19 | (0.03) | 0.16 | (0.30) |  | (0.30) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2022 | 19.44 | 0.24 | (3.81) | (3.57) | (0.34) | (2.72) | (3.06) |
| 11/30/2021 | 20.69 | 0.15 | 1.68 | 1.83 | (0.22) | (2.86) | (3.08) |
| 11/30/2020 | 14.25 | 0.17 | 7.47 | 7.64 | (0.24) | (0.96) | (1.20) |
| 11/30/2019 | 13.25 | 0.24 | 1.71 | 1.95 | (0.56) | (0.39) | (0.95) |
| 11/30/2018 | 13.39 | 0.19 | (0.03) | 0.16 | (0.30) |  | (0.30) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

406 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $12.95 | (21.80) | 1.46 | 1.47 | 1.09 | $76 | 165 |
| 19.63 | 8.43 | 1.42 | 1.42 | 0.10 | 94 | 154 |
| 20.88 | 57.05 | 1.46 | 1.46 | 0.45 | 46 | 138 |
| 14.37 | 15.27 | 1.45 | 1.45 | 1.23 | 56 | 161 |
| 13.35 | 0.57 | 1.44 | 1.44 | 0.79 | 70 | 213 |
| 12.55 | (21.73) | 1.37 | 1.38 | 1.12 | 20448 | 165 |
| 19.12 | 8.52 | 1.33 | 1.33 | 0.19 | 36483 | 154 |
| 20.41 | 57.25 | 1.36 | 1.36 | 0.56 | 25311 | 138 |
| 14.08 | 15.37 | 1.36 | 1.36 | 1.28 | 10420 | 161 |
| 13.11 | 0.65 | 1.34 | 1.34 | 0.94 | 8548 | 213 |
| 12.64 | (21.54) | 1.12 | 1.12 | 1.40 | 609 | 165 |
| 19.24 | 8.80 | 1.08 | 1.08 | 0.44 | 919 | 154 |
| 20.52 | 57.67 | 1.13 | 1.13 | 0.86 | 418 | 138 |
| 14.14 | 15.68 | 1.11 | 1.11 | 1.53 | 88 | 161 |
| 13.16 | 0.88 | 1.09 | 1.09 | 1.17 | 64 | 213 |
| 12.76 | (21.32) | 0.86 | 0.87 | 1.70 | 1578 | 165 |
| 19.39 | 9.08 | 0.83 | 0.83 | 0.69 | 1905 | 154 |
| 20.65 | 58.01 | 0.86 | 0.86 | 1.05 | 1314 | 138 |
| 14.23 | 16.03 | 0.86 | 0.87 | 1.70 | 843 | 161 |
| 13.24 | 1.10 | 0.83 | 0.83 | 1.43 | 150 | 213 |
| 12.81 | (21.26) | 0.79 | 0.80 | 1.75 | 16269 | 165 |
| 19.44 | 9.12 | 0.75 | 0.75 | 0.79 | 22182 | 154 |
| 20.69 | 58.08 | 0.80 | 0.80 | 1.11 | 5665 | 138 |
| 14.25 | 16.01 | 0.83 | 0.83 | 1.77 | 5198 | 161 |
| 13.25 | 1.20 | 0.81 | 0.81 | 1.39 | 4558 | 213 |

---

*See Notes to Financial Statements.* 407

**Financial Highlights (continued)**

CORE FIXED INCOME FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2022 | $11.14 | $0.21 | $(1.70) | $(1.49) | $(0.27) | $(0.04) | $(0.31) |
| 11/30/2021 | 11.69 | 0.11 | (0.15) | (0.04) | (0.14) | (0.37) | (0.51) |
| 11/30/2020 | 11.10 | 0.19 | 0.62 | 0.81 | (0.22) |  | (0.22) |
| 11/30/2019 | 10.38 | 0.25 | 0.76 | 1.01 | (0.29) |  | (0.29) |
| 11/30/2018 | 10.87 | 0.25 | (0.43) | (0.18) | (0.31) |  | (0.31) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2022 | 11.08 | 0.15 | (1.69) | (1.54) | (0.20) | (0.04) | (0.24) |
| 11/30/2021 | 11.63 | 0.04 | (0.15) | (0.11) | (0.07) | (0.37) | (0.44) |
| 11/30/2020 | 11.05 | 0.12 | 0.61 | 0.73 | (0.15) |  | (0.15) |
| 11/30/2019 | 10.34 | 0.18 | 0.75 | 0.93 | (0.22) |  | (0.22) |
| 11/30/2018 | 10.82 | 0.18 | (0.41) | (0.23) | (0.25) |  | (0.25) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2022 | 11.13 | 0.19 | (1.66) | (1.47) | (0.28) | (0.04) | (0.32) |
| 11/30/2021 | 11.68 | 0.12 | (0.15) | (0.03) | (0.15) | (0.37) | (0.52) |
| 11/30/2020 | 11.10 | 0.19 | 0.62 | 0.81 | (0.23) |  | (0.23) |
| 11/30/2019 | 10.38 | 0.26 | 0.76 | 1.02 | (0.30) |  | (0.30) |
| 11/30/2018 | 10.87 | 0.26 | (0.43) | (0.17) | (0.32) |  | (0.32) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2022 | 11.13 | 0.24 | (1.70) | (1.46) | (0.29) | (0.04) | (0.33) |
| 11/30/2021 | 11.69 | 0.14 | (0.16) | (0.02) | (0.17) | (0.37) | (0.54) |
| 11/30/2020 | 11.10 | 0.22 | 0.62 | 0.84 | (0.25) |  | (0.25) |
| 11/30/2019 | 10.38 | 0.28 | 0.76 | 1.04 | (0.32) |  | (0.32) |
| 11/30/2018 | 10.87 | 0.28 | (0.43) | (0.15) | (0.34) |  | (0.34) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2022 | 11.13 | 0.26 | (1.73) | (1.47) | (0.29) | (0.04) | (0.33) |
| 11/30/2021 | 11.68 | 0.14 | (0.15) | (0.01) | (0.17) | (0.37) | (0.54) |
| 11/30/2020 | 11.10 | 0.21 | 0.62 | 0.83 | (0.25) |  | (0.25) |
| 11/30/2019 | 10.38 | 0.27 | 0.76 | 1.03 | (0.31) |  | (0.31) |
| 11/30/2018 | 10.86 | 0.28 | (0.42) | (0.14) | (0.34) |  | (0.34) |
| **Class R2** |  |  |  |  |  |  |  |
| 11/30/2022 | 11.14 | 0.17 | (1.70) | (1.53) | (0.23) | (0.04) | (0.27) |
| 11/30/2021 | 11.69 | 0.07 | (0.15) | (0.08) | (0.10) | (0.37) | (0.47) |
| 11/30/2020 | 11.10 | 0.14 | 0.63 | 0.77 | (0.18) |  | (0.18) |
| 11/30/2019 | 10.38 | 0.21 | 0.75 | 0.96 | (0.24) |  | (0.24) |
| 11/30/2018 | 10.87 | 0.21 | (0.43) | (0.22) | (0.27) |  | (0.27) |

---

408 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $9.34 | (13.54) | 0.57 | 0.57 | 2.14 | $476618 | 541 |
| 11.14 | (0.30) | 0.58 | 0.58 | 1.01 | 646894 | 492 |
| 11.69 | 7.40 | 0.60 | 0.60 | 1.63 | 677401 | 589 |
| 11.10 | 9.79 | 0.64 | 0.64 | 2.30 | 492702 | 836 |
| 10.38 | (1.64) | 0.62 | 0.69 | 2.36 | 405998 | 615 |
| 9.30 | (13.97) | 1.19 | 1.19 | 1.50 | 19226 | 541 |
| 11.08 | (0.96) | 1.22 | 1.22 | 0.38 | 29523 | 492 |
| 11.63 | 6.66 | 1.22 | 1.22 | 1.01 | 49939 | 589 |
| 11.05 | 9.05 | 1.25 | 1.25 | 1.70 | 42376 | 836 |
| 10.34 | (2.18) | 1.25 | 1.32 | 1.72 | 41820 | 615 |
| 9.34 | (13.37) | 0.48 | 0.48 | 1.89 | 81612 | 541 |
| 11.13 | (0.21) | 0.48 | 0.48 | 1.11 | 342050 | 492 |
| 11.68 | 7.41 | 0.49 | 0.49 | 1.70 | 371706 | 589 |
| 11.10 | 9.89 | 0.54 | 0.54 | 2.37 | 214720 | 836 |
| 10.38 | (1.54) | 0.52 | 0.60 | 2.43 | 128716 | 615 |
| 9.34 | (13.23) | 0.31 | 0.31 | 2.43 | 362923 | 541 |
| 11.13 | (0.12) | 0.30 | 0.30 | 1.28 | 442421 | 492 |
| 11.69 | 7.69 | 0.32 | 0.32 | 1.90 | 399915 | 589 |
| 11.10 | 10.09 | 0.35 | 0.35 | 2.58 | 307972 | 836 |
| 10.38 | (1.38) | 0.34 | 0.41 | 2.63 | 237638 | 615 |
| 9.33 | (13.34) | 0.33 | 0.37 | 2.68 | 1165866 | 541 |
| 11.13 | (0.07) | 0.34 | 0.38 | 1.25 | 534313 | 492 |
| 11.68 | 7.56 | 0.35 | 0.39 | 1.87 | 493395 | 589 |
| 11.10 | 10.04 | 0.40 | 0.44 | 2.50 | 364812 | 836 |
| 10.38 | (1.33) | 0.39 | 0.48 | 2.60 | 194836 | 615 |
| 9.34 | (13.88) | 0.97 | 0.98 | 1.65 | 368 | 541 |
| 11.14 | (0.70) | 0.98 | 0.98 | 0.60 | 850 | 492 |
| 11.69 | 6.97 | 1.00 | 1.00 | 1.26 | 445 | 589 |
| 11.10 | 9.35 | 1.04 | 1.04 | 1.93 | 532 | 836 |
| 10.38 | (2.03) | 1.02 | 1.10 | 1.95 | 632 | 615 |

---

*See Notes to Financial Statements.* 409

**Financial Highlights (continued)**

CORE FIXED INCOME FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2022 | $11.14 | $0.18 | $(1.70) | $(1.52) | $(0.24) | $(0.04) | $(0.28) |
| 11/30/2021 | 11.69 | 0.08 | (0.15) | (0.07) | (0.11) | (0.37) | (0.48) |
| 11/30/2020 | 11.10 | 0.15 | 0.63 | 0.78 | (0.19) |  | (0.19) |
| 11/30/2019 | 10.38 | 0.22 | 0.75 | 0.97 | (0.25) |  | (0.25) |
| 11/30/2018 | 10.87 | 0.22 | (0.43) | (0.21) | (0.28) |  | (0.28) |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2022 | 11.13 | 0.21 | (1.70) | (1.49) | (0.26) | (0.04) | (0.30) |
| 11/30/2021 | 11.68 | 0.11 | (0.15) | (0.04) | (0.14) | (0.37) | (0.51) |
| 11/30/2020 | 11.10 | 0.18 | 0.62 | 0.80 | (0.22) |  | (0.22) |
| 11/30/2019 | 10.38 | 0.24 | 0.76 | 1.00 | (0.28) |  | (0.28) |
| 11/30/2018 | 10.87 | 0.25 | (0.43) | (0.18) | (0.31) |  | (0.31) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2022 | 11.14 | 0.25 | (1.72) | (1.47) | (0.29) | (0.04) | (0.33) |
| 11/30/2021 | 11.69 | 0.13 | (0.14) | (0.01) | (0.17) | (0.37) | (0.54) |
| 11/30/2020 | 11.10 | 0.21 | 0.63 | 0.84 | (0.25) |  | (0.25) |
| 11/30/2019 | 10.38 | 0.27 | 0.76 | 1.03 | (0.31) |  | (0.31) |
| 11/30/2018 | 10.87 | 0.27 | (0.43) | (0.16) | (0.33) |  | (0.33) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2022 | 11.13 | 0.25 | (1.71) | (1.46) | (0.29) | (0.04) | (0.33) |
| 11/30/2021 | 11.68 | 0.14 | (0.15) | (0.01) | (0.17) | (0.37) | (0.54) |
| 11/30/2020 | 11.10 | 0.22 | 0.62 | 0.84 | (0.26) |  | (0.26) |
| 11/30/2019 | 10.38 | 0.28 | 0.76 | 1.04 | (0.32) |  | (0.32) |
| 11/30/2018 | 10.86 | 0.28 | (0.42) | (0.14) | (0.34) |  | (0.34) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

410 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $9.34 | (13.80) | 0.87 | 0.88 | 1.79 | $5914 | 541 |
| 11.14 | (0.60) | 0.88 | 0.88 | 0.71 | 9264 | 492 |
| 11.69 | 7.08 | 0.90 | 0.90 | 1.35 | 11473 | 589 |
| 11.10 | 9.46 | 0.94 | 0.94 | 2.02 | 11736 | 836 |
| 10.38 | (1.94) | 0.92 | 0.99 | 2.05 | 11965 | 615 |
| 9.34 | (13.50) | 0.62 | 0.62 | 2.10 | 8047 | 541 |
| 11.13 | (0.36) | 0.63 | 0.63 | 0.96 | 10587 | 492 |
| 11.68 | 7.26 | 0.65 | 0.65 | 1.58 | 10750 | 589 |
| 11.10 | 9.73 | 0.69 | 0.69 | 2.25 | 7553 | 836 |
| 10.38 | (1.69) | 0.67 | 0.73 | 2.34 | 8196 | 615 |
| 9.34 | (13.36) | 0.37 | 0.37 | 2.51 | 1782 | 541 |
| 11.14 | (0.10) | 0.38 | 0.38 | 1.20 | 1443 | 492 |
| 11.69 | 7.61 | 0.40 | 0.40 | 1.86 | 1053 | 589 |
| 11.10 | 10.01 | 0.44 | 0.44 | 2.50 | 1370 | 836 |
| 10.38 | (1.44) | 0.42 | 0.48 | 2.58 | 811 | 615 |
| 9.34 | (13.32) | 0.31 | 0.31 | 2.52 | 36072 | 541 |
| 11.13 | (0.03) | 0.30 | 0.30 | 1.29 | 30405 | 492 |
| 11.68 | 7.60 | 0.32 | 0.32 | 1.95 | 32940 | 589 |
| 11.10 | 10.10 | 0.35 | 0.35 | 2.60 | 42495 | 836 |
| 10.38 | (1.28) | 0.34 | 0.41 | 2.65 | 42302 | 615 |

---

*See Notes to Financial Statements.* 411

**Financial Highlights (continued)**

CORE PLUS BOND FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized <br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2022 | $15.38 | $0.40 | $(2.44) | $(2.04) | $(0.46) | $(0.01) | $(0.47) |
| 11/30/2021 | 15.78 | 0.33 | (0.14) | 0.19 | (0.42) | (0.17) | (0.59) |
| 11/30/2020 | 15.39 | 0.38 | 0.61 | 0.99 | (0.50) | (0.10) | (0.60) |
| 11/30/2019 | 14.41 | 0.42 | 1.06 | 1.48 | (0.50) |  | (0.50) |
| 11/30/2018 | 15.14 | 0.47 | (0.64) | (0.17) | (0.56) |  | (0.56) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2022 | 15.38 | 0.31 | (2.44) | (2.13) | (0.37) | (0.01) | (0.38) |
| 11/30/2021 | 15.78 | 0.23 | (0.14) | 0.09 | (0.32) | (0.17) | (0.49) |
| 11/30/2020 | 15.39 | 0.27 | 0.61 | 0.88 | (0.39) | (0.10) | (0.49) |
| 11/30/2019 | 14.42 | 0.31 | 1.06 | 1.37 | (0.40) |  | (0.40) |
| 11/30/2018 | 15.15 | 0.37 | (0.64) | (0.27) | (0.46) |  | (0.46) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2022 | 15.36 | 0.39 | (2.40) | (2.01) | (0.48) | (0.01) | (0.49) |
| 11/30/2021 | 15.76 | 0.34 | (0.14) | 0.20 | (0.43) | (0.17) | (0.60) |
| 11/30/2020 | 15.38 | 0.39 | 0.60 | 0.99 | (0.51) | (0.10) | (0.61) |
| 11/30/2019 | 14.41 | 0.41 | 1.07 | 1.48 | (0.51) |  | (0.51) |
| 11/30/2018 | 15.14 | 0.48 | (0.64) | (0.16) | (0.57) |  | (0.57) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2022 | 15.37 | 0.44 | (2.42) | (1.98) | (0.51) | (0.01) | (0.52) |
| 11/30/2021 | 15.77 | 0.36 | (0.13) | 0.23 | (0.46) | (0.17) | (0.63) |
| 11/30/2020 | 15.40 | 0.42 | 0.59 | 1.01 | (0.54) | (0.10) | (0.64) |
| 11/30/2019 | 14.42 | 0.47 | 1.04 | 1.51 | (0.53) |  | (0.53) |
| 11/30/2018 | 15.15 | 0.52 | (0.65) | (0.13) | (0.60) |  | (0.60) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2022 | 15.37 | 0.47 | (2.48) | (2.01) | (0.49) | (0.01) | (0.50) |
| 11/30/2021 | 15.77 | 0.37 | (0.15) | 0.22 | (0.45) | (0.17) | (0.62) |
| 11/30/2020 | 15.39 | 0.41 | 0.60 | 1.01 | (0.53) | (0.10) | (0.63) |
| 11/30/2019 | 14.41 | 0.40 | 1.11 | 1.51 | (0.53) |  | (0.53) |
| 11/30/2018 | 15.14 | 0.50 | (0.64) | (0.14) | (0.59) |  | (0.59) |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2022 | 15.37 | 0.36 | (2.44) | (2.08) | (0.42) | (0.01) | (0.43) |
| 11/30/2021 | 15.77 | 0.28 | (0.14) | 0.14 | (0.37) | (0.17) | (0.54) |
| 11/30/2020 | 15.39 | 0.34 | 0.59 | 0.93 | (0.45) | (0.10) | (0.55) |
| 11/30/2019 | 14.41 | 0.37 | 1.07 | 1.44 | (0.46) |  | (0.46) |
| 11/30/2018 | 15.13 | 0.43 | (0.64) | (0.21) | (0.51) |  | (0.51) |

---

412 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $12.87 | (13.38) | 0.68 | 0.69 | 2.93 | $92635 | 407 |
| 15.38 | 1.23 | 0.68 | 0.73 | 2.12 | 76162 | 258 |
| 15.78 | 6.57 | 0.68 | 0.80 | 2.46 | 57837 | 443 |
| 15.39 | 10.39 | 0.68 | 1.12 | 2.74 | 24429 | 598 |
| 14.41 | (1.16) | 0.68 | 2.45 | 3.18 | 6283 | 468 |
| 12.87 | (13.94) | 1.33 | 1.34 | 2.23 | 5380 | 407 |
| 15.38 | 0.57 | 1.33 | 1.38 | 1.50 | 5550 | 258 |
| 15.78 | 5.83 | 1.38 | 1.50 | 1.77 | 5846 | 443 |
| 15.39 | 9.63 | 1.32 | 1.70 | 2.03 | 3992 | 598 |
| 14.42 | (1.83) | 1.36 | 3.12 | 2.51 | 603 | 468 |
| 12.86 | (13.25) | 0.58 | 0.59 | 2.78 | 111760 | 407 |
| 15.36 | 1.32 | 0.58 | 0.62 | 2.18 | 274812 | 258 |
| 15.76 | 6.61 | 0.58 | 0.70 | 2.56 | 181474 | 443 |
| 15.38 | 10.41 | 0.58 | 0.89 | 2.71 | 157901 | 598 |
| 14.41 | (1.07) | 0.58 | 2.35 | 3.28 | 5774 | 468 |
| 12.87 | (13.06) | 0.39 | 0.40 | 3.22 | 47207 | 407 |
| 15.37 | 1.51 | 0.38 | 0.43 | 2.32 | 34554 | 258 |
| 15.77 | 6.69 | 0.39 | 0.50 | 2.74 | 8558 | 443 |
| 15.40 | 10.63 | 0.46 | 0.98 | 3.11 | 11 | 598 |
| 14.42 | (0.83) | 0.43 | 2.12 | 3.46 | 10 | 468 |
| 12.86 | (13.21) | 0.48 | 0.48 | 3.58 | 411464 | 407 |
| 15.37 | 1.42 | 0.48 | 0.54 | 2.40 | 13423 | 258 |
| 15.77 | 6.71 | 0.48 | 0.61 | 2.66 | 35271 | 443 |
| 15.39 | 10.61 | 0.47 | 0.70 | 2.62 | 13782 | 598 |
| 14.41 | (0.95) | 0.47 | 2.25 | 3.40 | 108 | 468 |
| 12.86 | (13.64) | 0.98 | 0.99 | 2.60 | 155 | 407 |
| 15.37 | 0.93 | 0.98 | 1.03 | 1.84 | 159 | 258 |
| 15.77 | 6.19 | 0.98 | 1.09 | 2.19 | 124 | 443 |
| 15.39 | 10.09 | 0.95 | 1.47 | 2.43 | 188 | 598 |
| 14.41 | (1.45) | 0.97 | 2.75 | 2.88 | 27 | 468 |

---

*See Notes to Financial Statements.* 413

**Financial Highlights (continued)**

CORE PLUS BOND FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized <br> gain** | **Total<br> distri-<br> butions** |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2022 | $15.37 | $0.38 | $(2.41) | $(2.03) | $(0.46) | $(0.01) | $(0.47) |
| 11/30/2021 | 15.77 | 0.32 | (0.14) | 0.18 | (0.41) | (0.17) | (0.58) |
| 11/30/2020 | 15.39 | 0.37 | 0.60 | 0.97 | (0.49) | (0.10) | (0.59) |
| 11/30/2019 | 14.41 | 0.43 | 1.04 | 1.47 | (0.49) |  | (0.49) |
| 11/30/2018 | 15.14 | 0.46 | (0.64) | (0.18) | (0.55) |  | (0.55) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2022 | 15.38 | 0.43 | (2.44) | (2.01) | (0.49) | (0.01) | (0.50) |
| 11/30/2021 | 15.77 | 0.36 | (0.13) | 0.23 | (0.45) | (0.17) | (0.62) |
| 11/30/2020 | 15.39 | 0.41 | 0.60 | 1.01 | (0.53) | (0.10) | (0.63) |
| 11/30/2019 | 14.41 | 0.47 | 1.04 | 1.51 | (0.53) |  | (0.53) |
| 11/30/2018 | 15.14 | 0.50 | (0.64) | (0.14) | (0.59) |  | (0.59) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2022 | 15.38 | 0.46 | (2.46) | (2.00) | (0.50) | (0.01) | (0.51) |
| 11/30/2021 | 15.78 | 0.38 | (0.14) | 0.24 | (0.47) | (0.17) | (0.64) |
| 11/30/2020 | 15.39 | 0.43 | 0.60 | 1.03 | (0.54) | (0.10) | (0.64) |
| 11/30/2019 | 14.41 | 0.47 | 1.04 | 1.51 | (0.53) |  | (0.53) |
| 11/30/2018 | 15.14 | 0.50 | (0.64) | (0.14) | (0.59) |  | (0.59) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

414 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $12.87 | (13.36) | 0.73 | 0.74 | 2.76 | $295 | 407 |
| 15.37 | 1.18 | 0.73 | 0.77 | 2.06 | 379 | 258 |
| 15.77 | 6.45 | 0.73 | 0.86 | 2.39 | 266 | 443 |
| 15.39 | 10.35 | 0.73 | 1.31 | 2.84 | 30 | 598 |
| 14.41 | (1.21) | 0.72 | 2.50 | 3.13 | 27 | 468 |
| 12.87 | (13.19) | 0.46 | 0.46 | 3.09 | 10 | 407 |
| 15.38 | 1.49 | 0.48 | 0.50 | 2.35 | 11 | 258 |
| 15.77 | 6.72 | 0.48 | 0.57 | 2.69 | 12 | 443 |
| 15.39 | 10.63 | 0.48 | 1.06 | 3.10 | 30 | 598 |
| 14.41 | (0.97) | 0.47 | 2.25 | 3.38 | 27 | 468 |
| 12.87 | (13.12) | 0.39 | 0.40 | 3.42 | 3380 | 407 |
| 15.38 | 1.53 | 0.38 | 0.44 | 2.44 | 1061 | 258 |
| 15.78 | 6.86 | 0.39 | 0.51 | 2.78 | 918 | 443 |
| 15.39 | 10.65 | 0.46 | 1.00 | 3.11 | 30 | 598 |
| 14.41 | (0.93) | 0.44 | 2.24 | 3.42 | 27 | 468 |

---

*See Notes to Financial Statements.* 415

**Financial Highlights (continued)**

CORPORATE BOND FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net** <br> **invest-**<br> **ment** <br> **income**<sup>(a)</sup> | **Net <br> realized <br> and <br> unrealized <br> gain <br> (loss)** | **Total <br> from <br> invest-<br> ment <br> opera-<br> tions** | **Net <br> investment <br> income** | **Net <br> realized <br> gain** | **Total <br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2022 | $10.39 | $0.24 | $(1.88) | $(1.64) | $(0.31) | $(0.18) | $(0.49) |
| 11/30/2021 | 10.78 | 0.21 | (0.11) | 0.10 | (0.31) | (0.18) | (0.49) |
| 11/30/2020 | 10.23 | 0.26 | 0.64 | 0.90 | (0.35) |  | (0.35) |
| 11/30/2019 | 9.32 | 0.31 | 0.99 | 1.30 | (0.39) |  | (0.39) |
| 11/30/2018 | 10.06 | 0.31 | (0.64) | (0.33) | (0.40) | (0.01) | (0.41) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.38 | 0.18 | (1.87) | (1.69) | (0.25) | (0.18) | (0.43) |
| 11/30/2021 | 10.77 | 0.15 | (0.12) | 0.03 | (0.24) | (0.18) | (0.42) |
| 11/30/2020 | 10.23 | 0.20 | 0.62 | 0.82 | (0.28) |  | (0.28) |
| 11/30/2019 | 9.32 | 0.24 | 0.99 | 1.23 | (0.32) |  | (0.32) |
| 11/30/2018 | 10.06 | 0.23 | (0.63) | (0.40) | (0.33) | (0.01) | (0.34) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.40 | 0.24 | (1.86) | (1.62) | (0.32) | (0.18) | (0.50) |
| 11/30/2021 | 10.79 | 0.23 | (0.12) | 0.11 | (0.32) | (0.18) | (0.50) |
| 11/30/2020 | 10.25 | 0.27 | 0.63 | 0.90 | (0.36) |  | (0.36) |
| 11/30/2019 | 9.34 | 0.32 | 0.99 | 1.31 | (0.40) |  | (0.40) |
| 11/30/2018 | 10.08 | 0.31 | (0.63) | (0.32) | (0.41) | (0.01) | (0.42) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.39 | 0.26 | (1.88) | (1.62) | (0.33) | (0.18) | (0.51) |
| 11/30/2021 | 10.78 | 0.24 | (0.11) | 0.13 | (0.34) | (0.18) | (0.52) |
| 11/30/2020 | 10.23 | 0.30 | 0.62 | 0.92 | (0.37) |  | (0.37) |
| 11/30/2019 | 9.32 | 0.34 | 0.98 | 1.32 | (0.41) |  | (0.41) |
| 11/30/2018 | 10.06 | 0.34 | (0.64) | (0.30) | (0.43) | (0.01) | (0.44) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.38 | 0.26 | (1.87) | (1.61) | (0.33) | (0.18) | (0.51) |
| 11/30/2021 | 10.77 | 0.24 | (0.12) | 0.12 | (0.33) | (0.18) | (0.51) |
| 11/30/2020 | 10.23 | 0.30 | 0.61 | 0.91 | (0.37) |  | (0.37) |
| 11/30/2019 | 9.32 | 0.33 | 0.98 | 1.31 | (0.40) |  | (0.40) |
| 11/30/2018 | 10.06 | 0.32 | (0.63) | (0.31) | (0.42) | (0.01) | (0.43) |
| **Class R2** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.39 | 0.20 | (1.88) | (1.68) | (0.27) | (0.18) | (0.45) |
| 11/30/2021 | 10.77 | 0.18 | (0.11) | 0.07 | (0.27) | (0.18) | (0.45) |
| 11/30/2020 | 10.23 | 0.23 | 0.62 | 0.85 | (0.31) |  | (0.31) |
| 11/30/2019 | 9.32 | 0.27 | 0.99 | 1.26 | (0.35) |  | (0.35) |
| 11/30/2018 | 10.06 | 0.27 | (0.64) | (0.37) | (0.36) | (0.01) | (0.37) |

---

416 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $8.26 | (16.19) | 0.68 | 3.85 | 2.63 | $1521 | 115 |
| 10.39 | 0.95 | 0.68 | 2.67 | 2.06 | 2547 | 111 |
| 10.78 | 8.95 | 0.68 | 3.24 | 2.53 | 2157 | 119 |
| 10.23 | 14.12 | 0.68 | 4.25 | 3.12 | 769 | 54 |
| 9.32 | (3.36) | 0.68 | 4.54 | 3.17 | 368 | 109 |
| 8.26 | (16.64) | 1.32 | 4.51 | 2.03 | 1035 | 115 |
| 10.38 | 0.29 | 1.35 | 3.35 | 1.43 | 547 | 111 |
| 10.77 | 8.12 | 1.36 | 4.13 | 1.96 | 791 | 119 |
| 10.23 | 13.38 | 1.33 | 4.78 | 2.43 | 597 | 54 |
| 9.32 | (4.07) | 1.43 | 5.17 | 2.39 | 71 | 109 |
| 8.28 | (15.98) | 0.58 | 3.68 | 2.66 | 1181 | 115 |
| 10.40 | 1.06 | 0.58 | 2.58 | 2.17 | 4660 | 111 |
| 10.79 | 8.95 | 0.58 | 3.17 | 2.64 | 3991 | 119 |
| 10.25 | 14.20 | 0.58 | 4.20 | 3.22 | 2764 | 54 |
| 9.34 | (3.26) | 0.58 | 4.20 | 3.21 | 1501 | 109 |
| 8.26 | (15.99) | 0.44 | 3.60 | 2.92 | 1368 | 115 |
| 10.39 | 1.20 | 0.44 | 2.45 | 2.32 | 1770 | 111 |
| 10.78 | 9.22 | 0.45 | 3.21 | 2.88 | 1837 | 119 |
| 10.23 | 14.42 | 0.41 | 4.15 | 3.42 | 1718 | 54 |
| 9.32 | (3.07) | 0.37 | 4.28 | 3.46 | 1501 | 109 |
| 8.26 | (15.94) | 0.48 | 3.70 | 2.88 | 98 | 115 |
| 10.38 | 1.16 | 0.48 | 2.48 | 2.28 | 146 | 111 |
| 10.77 | 9.08 | 0.48 | 3.33 | 2.88 | 134 | 119 |
| 10.23 | 14.34 | 0.48 | 4.17 | 3.35 | 171 | 54 |
| 9.32 | (3.19) | 0.48 | 4.16 | 3.30 | 144 | 109 |
| 8.26 | (16.52) | 1.08 | 4.29 | 2.28 | 23 | 115 |
| 10.39 | 0.65 | 1.08 | 3.08 | 1.68 | 29 | 111 |
| 10.77 | 8.43 | 1.08 | 3.84 | 2.24 | 30 | 119 |
| 10.23 | 13.66 | 1.08 | 4.78 | 2.74 | 28 | 54 |
| 9.32 | (3.75) | 1.08 | 4.92 | 2.76 | 25 | 109 |

---

*See Notes to Financial Statements.* 417

**Financial Highlights (continued)**

CORPORATE BOND FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | **Net <br> invest-<br> ment <br> income**<sup>(a)</sup> | **Net <br> realized <br> and <br> unrealized <br> gain <br> (loss)** | **Total <br> from <br> invest-<br> ment <br> opera-<br> tions** | **Net <br> investment <br> income** | **Net <br> realized <br> gain** | **Total <br> distri-<br> butions** |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2022 | $10.38 | $0.22 | $(1.88) | $(1.66) | $(0.28) | $(0.18) | $(0.46) |
| 11/30/2021 | 10.77 | 0.19 | (0.12) | 0.07 | (0.28) | (0.18) | (0.46) |
| 11/30/2020 | 10.23 | 0.24 | 0.62 | 0.86 | (0.32) |  | (0.32) |
| 11/30/2019 | 9.32 | 0.28 | 0.99 | 1.27 | (0.36) |  | (0.36) |
| 11/30/2018 | 10.06 | 0.28 | (0.64) | (0.36) | (0.37) | (0.01) | (0.38) |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.39 | 0.23 | (1.88) | (1.65) | (0.30) | (0.18) | (0.48) |
| 11/30/2021 | 10.78 | 0.21 | (0.11) | 0.10 | (0.31) | (0.18) | (0.49) |
| 11/30/2020 | 10.23 | 0.27 | 0.62 | 0.89 | (0.34) |  | (0.34) |
| 11/30/2019 | 9.32 | 0.30 | 0.99 | 1.29 | (0.38) |  | (0.38) |
| 11/30/2018 | 10.06 | 0.30 | (0.63) | (0.33) | (0.40) | (0.01) | (0.41) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.39 | 0.26 | (1.88) | (1.62) | (0.33) | (0.18) | (0.51) |
| 11/30/2021 | 10.78 | 0.24 | (0.12) | 0.12 | (0.33) | (0.18) | (0.51) |
| 11/30/2020 | 10.24 | 0.29 | 0.62 | 0.91 | (0.37) |  | (0.37) |
| 11/30/2019 | 9.32 | 0.33 | 0.99 | 1.32 | (0.40) |  | (0.40) |
| 11/30/2018 | 10.06 | 0.33 | (0.64) | (0.31) | (0.42) | (0.01) | (0.43) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.39 | 0.26 | (1.88) | (1.62) | (0.33) | (0.18) | (0.51) |
| 11/30/2021 | 10.78 | 0.24 | (0.11) | 0.13 | (0.34) | (0.18) | (0.52) |
| 11/30/2020 | 10.23 | 0.30 | 0.62 | 0.92 | (0.37) |  | (0.37) |
| 11/30/2019 | 9.32 | 0.34 | 0.98 | 1.32 | (0.41) |  | (0.41) |
| 11/30/2018 | 10.06 | 0.34 | (0.64) | (0.30) | (0.43) | (0.01) | (0.44) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

418 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset <br>value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $8.26 | (16.36) | 0.98 | 4.30 | 2.47 | $88 | 115 |
| 10.38 | 0.65 | 0.98 | 2.98 | 1.78 | 69 | 111 |
| 10.77 | 8.54 | 0.98 | 3.75 | 2.34 | 59 | 119 |
| 10.23 | 13.77 | 0.98 | 4.68 | 2.85 | 54 | 54 |
| 9.32 | (3.65) | 0.98 | 4.87 | 2.87 | 47 | 109 |
| 8.26 | (16.23) | 0.73 | 3.95 | 2.62 | 23 | 115 |
| 10.39 | 0.91 | 0.73 | 2.73 | 2.04 | 29 | 111 |
| 10.78 | 8.91 | 0.73 | 3.49 | 2.59 | 30 | 119 |
| 10.23 | 14.06 | 0.73 | 4.42 | 3.09 | 28 | 54 |
| 9.32 | (3.41) | 0.73 | 4.56 | 3.11 | 25 | 109 |
| 8.26 | (16.02) | 0.48 | 3.69 | 2.87 | 23 | 115 |
| 10.39 | 1.16 | 0.48 | 2.48 | 2.28 | 29 | 111 |
| 10.78 | 9.07 | 0.48 | 3.25 | 2.84 | 31 | 119 |
| 10.24 | 14.45 | 0.48 | 4.17 | 3.34 | 29 | 54 |
| 9.32 | (3.17) | 0.48 | 4.32 | 3.36 | 25 | 109 |
| 8.26 | (15.99) | 0.44 | 3.61 | 2.92 | 1400 | 115 |
| 10.39 | 1.20 | 0.44 | 2.45 | 2.32 | 1804 | 111 |
| 10.78 | 9.22 | 0.45 | 3.21 | 2.88 | 1864 | 119 |
| 10.23 | 14.42 | 0.41 | 4.15 | 3.42 | 1718 | 54 |
| 9.32 | (3.07) | 0.37 | 4.28 | 3.46 | 1501 | 109 |

---

*See Notes to Financial Statements.* 419

**Financial Highlights (continued)**

FLOATING RATE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net <br> asset <br> value,<br> beginning<br> of period** | **Net** <br> **invest-**<br> **ment**<br> **income**<sup>(a)</sup> | **Net <br> realized <br> and <br> unrealized <br> gain <br> (loss)** | **Total <br> from <br> invest-<br> ment <br> opera-<br> tions** | **Net <br> investment <br> income** | **Return<br> of <br> capital** | **Total <br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2022 | $8.37 | $0.37 | $(0.48) | $(0.11) | $(0.37) | $– | $(0.37) |
| 11/30/2021 | 8.20 | 0.33 | 0.16 | 0.49 | (0.32) |  | (0.32) |
| 11/30/2020 | 8.73 | 0.38 | (0.53) | (0.15) | (0.32) | (0.06) | (0.38) |
| 11/30/2019 | 8.97 | 0.49 | (0.24) | 0.25 | (0.49) |  | (0.49) |
| 11/30/2018 | 9.18 | 0.46 | (0.21) | 0.25 | (0.46) |  | (0.46) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2022 | 8.37 | 0.32 | (0.48) | (0.16) | (0.32) |  | (0.32) |
| 11/30/2021 | 8.20 | 0.27 | 0.17 | 0.44 | (0.27) |  | (0.27) |
| 11/30/2020 | 8.74 | 0.33 | (0.54) | (0.21) | (0.27) | (0.06) | (0.33) |
| 11/30/2019 | 8.98 | 0.44 | (0.24) | 0.20 | (0.44) |  | (0.44) |
| 11/30/2018 | 9.18 | 0.40 | (0.20) | 0.20 | (0.40) |  | (0.40) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2022 | 8.36 | 0.35 | (0.45) | (0.10) | (0.38) |  | (0.38) |
| 11/30/2021 | 8.19 | 0.33 | 0.17 | 0.50 | (0.33) |  | (0.33) |
| 11/30/2020 | 8.72 | 0.39 | (0.54) | (0.15) | (0.32) | (0.06) | (0.38) |
| 11/30/2019 | 8.96 | 0.50 | (0.24) | 0.26 | (0.50) |  | (0.50) |
| 11/30/2018 | 9.17 | 0.47 | (0.21) | 0.26 | (0.47) |  | (0.47) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2022 | 8.38 | 0.40 | (0.49) | (0.09) | (0.39) |  | (0.39) |
| 11/30/2021 | 8.21 | 0.35 | 0.17 | 0.52 | (0.35) |  | (0.35) |
| 11/30/2020 | 8.75 | 0.40 | (0.54) | (0.14) | (0.34) | (0.06) | (0.40) |
| 11/30/2019 | 8.98 | 0.52 | (0.23) | 0.29 | (0.52) |  | (0.52) |
| 11/30/2018 | 9.19 | 0.49 | (0.22) | 0.27 | (0.48) |  | (0.48) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2022 | 8.37 | 0.41 | (0.50) | (0.09) | (0.39) |  | (0.39) |
| 11/30/2021 | 8.20 | 0.34 | 0.17 | 0.51 | (0.34) |  | (0.34) |
| 11/30/2020 | 8.74 | 0.40 | (0.55) | (0.15) | (0.33) | (0.06) | (0.39) |
| 11/30/2019 | 8.97 | 0.51 | (0.23) | 0.28 | (0.51) |  | (0.51) |
| 11/30/2018 | 9.18 | 0.48 | (0.21) | 0.27 | (0.48) |  | (0.48) |
| **Class R2** |  |  |  |  |  |  |  |
| 11/30/2022 | 8.38 | 0.35 | (0.49) | (0.14) | (0.34) |  | (0.34) |
| 11/30/2021 | 8.20 | 0.29 | 0.18 | 0.47 | (0.29) |  | (0.29) |
| 11/30/2020 | 8.74 | 0.35 | (0.54) | (0.19) | (0.29) | (0.06) | (0.35) |
| 11/30/2019 | 8.98 | 0.46 | (0.24) | 0.22 | (0.46) |  | (0.46) |
| 11/30/2018 | 9.19 | 0.43 | (0.22) | 0.21 | (0.42) |  | (0.42) |

---

420 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $7.89 | (1.31) | 0.80 | 0.80 | 4.60 | $1882335 | 85 |
| 8.37 | 6.07 | 0.79 | 0.79 | 3.87 | 1981600 | 87 |
| 8.20 | (1.58) | 0.80 | 0.80 | 4.65 | 1790285 | 92 |
| 8.73 | 2.90 | 0.81 | 0.81 | 5.56 | 2462684 | 58 |
| 8.97 | 2.74 | 0.79 | 0.79 | 5.05 | 3653385 | 68 |
| 7.89 | (1.93) | 1.43 | 1.43 | 3.96 | 441112 | 85 |
| 8.37 | 5.42 | 1.41 | 1.41 | 3.26 | 499850 | 87 |
| 8.20 | (2.31) | 1.42 | 1.42 | 4.08 | 616741 | 92 |
| 8.74 | 2.37 | 1.45 | 1.45 | 4.93 | 1141085 | 58 |
| 8.98 | 2.10 | 1.43 | 1.43 | 4.42 | 1627126 | 68 |
| 7.88 | (1.22) | 0.69 | 0.69 | 4.24 | 869845 | 85 |
| 8.36 | 6.17 | 0.69 | 0.69 | 3.96 | 2999065 | 87 |
| 8.19 | (1.50) | 0.70 | 0.70 | 4.79 | 2231780 | 92 |
| 8.72 | 3.00 | 0.71 | 0.71 | 5.65 | 4007181 | 58 |
| 8.96 | 2.84 | 0.69 | 0.69 | 5.17 | 6725819 | 68 |
| 7.90 | (1.04) | 0.53 | 0.53 | 4.95 | 178268 | 85 |
| 8.38 | 6.34 | 0.53 | 0.53 | 4.12 | 137808 | 87 |
| 8.21 | (1.32) | 0.54 | 0.54 | 4.92 | 91251 | 92 |
| 8.75 | 3.17 | 0.54 | 0.54 | 5.83 | 147359 | 58 |
| 8.98 | 3.00 | 0.53 | 0.53 | 5.29 | 277822 | 68 |
| 7.89 | (1.11) | 0.60 | 0.60 | 5.05 | 2954554 | 85 |
| 8.37 | 6.28 | 0.59 | 0.59 | 4.06 | 1133927 | 87 |
| 8.20 | (1.50) | 0.60 | 0.60 | 4.92 | 855140 | 92 |
| 8.74 | 3.22 | 0.61 | 0.61 | 5.75 | 1475395 | 58 |
| 8.97 | 2.94 | 0.59 | 0.59 | 5.27 | 2462923 | 68 |
| 7.90 | (1.70) | 1.20 | 1.20 | 4.28 | 1086 | 85 |
| 8.38 | 5.78 | 1.19 | 1.19 | 3.48 | 965 | 87 |
| 8.20 | (2.09) | 1.20 | 1.20 | 4.26 | 1026 | 92 |
| 8.74 | 2.50 | 1.21 | 1.21 | 5.16 | 1471 | 58 |
| 8.98 | 2.35 | 1.19 | 1.19 | 4.68 | 1579 | 68 |

---

*See Notes to Financial Statements.* 421

**Financial Highlights (continued)**

FLOATING RATE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net <br> asset <br> value,<br> beginning<br> of period** | **Net <br> invest-<br> ment <br> income**<sup>(a)</sup> | **Net <br> realized <br> and <br> unrealized <br> gain <br> (loss)** | **Total <br> from <br> invest-<br> ment <br> opera-<br> tions** | **Net <br> investment <br> income** | **Return <br> of <br> capital** | **Total <br> distri-<br> butions** |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2022 | $8.37 | $0.36 | $(0.49) | $(0.13) | $(0.35) | $– | $(0.35) |
| 11/30/2021 | 8.20 | 0.30 | 0.17 | 0.47 | (0.30) |  | (0.30) |
| 11/30/2020 | 8.74 | 0.35 | (0.54) | (0.19) | (0.29) | (0.06) | (0.35) |
| 11/30/2019 | 8.97 | 0.47 | (0.23) | 0.24 | (0.47) |  | (0.47) |
| 11/30/2018 | 9.18 | 0.44 | (0.22) | 0.22 | (0.43) |  | (0.43) |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2022 | 8.37 | 0.36 | (0.47) | (0.11) | (0.37) |  | (0.37) |
| 11/30/2021 | 8.20 | 0.32 | 0.17 | 0.49 | (0.32) |  | (0.32) |
| 11/30/2020 | 8.73 | 0.38 | (0.54) | (0.16) | (0.31) | (0.06) | (0.37) |
| 11/30/2019 | 8.97 | 0.49 | (0.24) | 0.25 | (0.49) |  | (0.49) |
| 11/30/2018 | 9.18 | 0.47 | (0.22) | 0.25 | (0.46) |  | (0.46) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2022 | 8.38 | 0.39 | (0.48) | (0.09) | (0.39) |  | (0.39) |
| 11/30/2021 | 8.21 | 0.34 | 0.17 | 0.51 | (0.34) |  | (0.34) |
| 11/30/2020 | 8.75 | 0.40 | (0.55) | (0.15) | (0.33) | (0.06) | (0.39) |
| 11/30/2019 | 8.98 | 0.51 | (0.23) | 0.28 | (0.51) |  | (0.51) |
| 11/30/2018 | 9.19 | 0.51 | (0.24) | 0.27 | (0.48) |  | (0.48) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2022 | 8.38 | 0.39 | (0.48) | (0.09) | (0.39) |  | (0.39) |
| 11/30/2021 | 8.20 | 0.35 | 0.18 | 0.53 | (0.35) |  | (0.35) |
| 11/30/2020 | 8.74 | 0.40 | (0.54) | (0.14) | (0.34) | (0.06) | (0.40) |
| 11/30/2019 | 8.98 | 0.51 | (0.23) | 0.28 | (0.52) |  | (0.52) |
| 11/30/2018 | 9.19 | 0.49 | (0.22) | 0.27 | (0.48) |  | (0.48) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

422 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $7.89 | (1.60) | 1.10 | 1.10 | 4.48 | $76898 | 85 |
| 8.37 | 5.76 | 1.09 | 1.09 | 3.58 | 51915 | 87 |
| 8.20 | (1.99) | 1.10 | 1.10 | 4.35 | 43458 | 92 |
| 8.74 | 2.71 | 1.12 | 1.12 | 5.26 | 52957 | 58 |
| 8.97 | 2.45 | 1.09 | 1.09 | 4.78 | 52978 | 68 |
| 7.89 | (1.36) | 0.84 | 0.84 | 4.36 | 1746 | 85 |
| 8.37 | 6.02 | 0.84 | 0.84 | 3.83 | 2680 | 87 |
| 8.20 | (1.63) | 0.85 | 0.85 | 4.64 | 2953 | 92 |
| 8.73 | 2.85 | 0.86 | 0.86 | 5.54 | 5240 | 58 |
| 8.97 | 2.70 | 0.85 | 0.85 | 5.16 | 21747 | 68 |
| 7.90 | (1.11) | 0.60 | 0.60 | 4.73 | 2123 | 85 |
| 8.38 | 6.28 | 0.59 | 0.59 | 4.08 | 2975 | 87 |
| 8.21 | (1.49) | 0.60 | 0.60 | 4.93 | 5019 | 92 |
| 8.75 | 3.23 | 0.62 | 0.62 | 5.79 | 6661 | 58 |
| 8.98 | 2.96 | 0.60 | 0.60 | 5.62 | 44385 | 68 |
| 7.90 | (1.04) | 0.53 | 0.53 | 4.83 | 71452 | 85 |
| 8.38 | 6.48 | 0.53 | 0.53 | 4.15 | 95334 | 87 |
| 8.20 | (1.44) | 0.54 | 0.54 | 4.89 | 124190 | 92 |
| 8.74 | 3.16 | 0.55 | 0.55 | 5.77 | 109741 | 58 |
| 8.98 | 3.01 | 0.53 | 0.53 | 5.35 | 63275 | 68 |

---

*See Notes to Financial Statements.* 423

**Financial Highlights (continued)**

HIGH YIELD FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net <br> asset <br> value,<br> beginning <br> of period** | **Net** <br> **invest-**<br> **ment** <br> **income**<sup>(a)</sup> | **Net <br> realized <br> and <br> unrealized <br> gain <br> (loss)** | **Total <br> from <br> invest-<br> ment <br> opera-<br> tions** | **Net <br> investment <br> income** | **Return of <br> capital** | **Total <br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2022 | $7.43 | $0.35 | $(1.20) | $(0.85) | $(0.37) | $(0.01) | $(0.38) |
| 11/30/2021 | 7.30 | 0.35 | 0.14 | 0.49 | (0.36) |  | (0.36) |
| 11/30/2020 | 7.37 | 0.36 | (0.05)<sup>(c)</sup> | 0.31 | (0.38) |  | (0.38) |
| 11/30/2019 | 7.13 | 0.40 | 0.25 | 0.65 | (0.41) |  | (0.41) |
| 11/30/2018 | 7.71 | 0.41 | (0.56) | (0.15) | (0.43) |  | (0.43) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2022 | 7.39 | 0.31 | (1.19) | (0.88) | (0.33) | (0.01) | (0.34) |
| 11/30/2021 | 7.27 | 0.30 | 0.13 | 0.43 | (0.31) |  | (0.31) |
| 11/30/2020 | 7.33 | 0.32 | (0.04)<sup>(c)</sup> | 0.28 | (0.34) |  | (0.34) |
| 11/30/2019 | 7.09 | 0.35 | 0.26 | 0.61 | (0.37) |  | (0.37) |
| 11/30/2018 | 7.67 | 0.36 | (0.56) | (0.20) | (0.38) |  | (0.38) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2022 | 7.42 | 0.36 | (1.20) | (0.84) | (0.38) | (0.01) | (0.39) |
| 11/30/2021 | 7.30 | 0.35 | 0.14 | 0.49 | (0.37) |  | (0.37) |
| 11/30/2020 | 7.36 | 0.37 | (0.04)<sup>(c)</sup> | 0.33 | (0.39) |  | (0.39) |
| 11/30/2019 | 7.12 | 0.40 | 0.26 | 0.66 | (0.42) |  | (0.42) |
| 11/30/2018 | 7.70 | 0.42 | (0.56) | (0.14) | (0.44) |  | (0.44) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2022 | 7.46 | 0.37 | (1.20) | (0.83) | (0.39) | (0.01) | (0.40) |
| 11/30/2021 | 7.34 | 0.37 | 0.13 | 0.50 | (0.38) |  | (0.38) |
| 11/30/2020 | 7.41 | 0.37 | (0.03)<sup>(c)</sup> | 0.34 | (0.41) |  | (0.41) |
| 11/30/2019 | 7.16 | 0.42 | 0.27 | 0.69 | (0.44) |  | (0.44) |
| 11/30/2018 | 7.75 | 0.43 | (0.56) | (0.13) | (0.46) |  | (0.46) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2022 | 7.46 | 0.36 | (1.19) | (0.83) | (0.39) | (0.01) | (0.40) |
| 11/30/2021 | 7.34 | 0.36 | 0.14 | 0.50 | (0.38) |  | (0.38) |
| 11/30/2020 | 7.40 | 0.37 | (0.03)<sup>(c)</sup> | 0.34 | (0.40) |  | (0.40) |
| 11/30/2019 | 7.16 | 0.41 | 0.26 | 0.67 | (0.43) |  | (0.43) |
| 11/30/2018 | 7.74 | 0.43 | (0.56) | (0.13) | (0.45) |  | (0.45) |

---

424 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $6.20 | (11.62) | 0.89 | 0.90 | 5.24 | $799529 | 106 |
| 7.43 | 6.74 | 0.88 | 0.88 | 4.59 | 1089069 | 113 |
| 7.30 | 4.65 | 0.90 | 0.90 | 5.15 | 1134235 | 126 |
| 7.37 | 9.37 | 0.91 | 0.91 | 5.42 | 1218731 | 86 |
| 7.13 | (2.03) | 0.90 | 0.90 | 5.48 | 1126386 | 107 |
| 6.17 | (12.12) | 1.52 | 1.52 | 4.61 | 166372 | 106 |
| 7.39 | 5.94 | 1.50 | 1.50 | 3.96 | 258441 | 113 |
| 7.27 | 4.14 | 1.53 | 1.53 | 4.55 | 287145 | 126 |
| 7.33 | 8.72 | 1.53 | 1.53 | 4.81 | 376682 | 86 |
| 7.09 | (2.70) | 1.55 | 1.55 | 4.84 | 410469 | 107 |
| 6.19 | (11.56) | 0.79 | 0.80 | 5.22 | 456720 | 106 |
| 7.42 | 6.70 | 0.77 | 0.77 | 4.68 | 2239174 | 113 |
| 7.30 | 4.89 | 0.80 | 0.80 | 5.24 | 2097727 | 126 |
| 7.36 | 9.48 | 0.81 | 0.81 | 5.52 | 2144680 | 86 |
| 7.12 | (1.95) | 0.80 | 0.80 | 5.58 | 2082549 | 107 |
| 6.23 | (11.29) | 0.60 | 0.60 | 5.54 | 558736 | 106 |
| 7.46 | 6.90 | 0.59 | 0.59 | 4.88 | 737768 | 113 |
| 7.34 | 4.97 | 0.60 | 0.60 | 5.31 | 1984689 | 126 |
| 7.41 | 9.82 | 0.62 | 0.62 | 5.72 | 555795 | 86 |
| 7.16 | (1.85) | 0.60 | 0.60 | 5.77 | 507646 | 107 |
| 6.23 | (11.37) | 0.69 | 0.70 | 5.46 | 1753902 | 106 |
| 7.46 | 6.80 | 0.67 | 0.67 | 4.78 | 1759013 | 113 |
| 7.34 | 5.00 | 0.70 | 0.70 | 5.30 | 1664193 | 126 |
| 7.40 | 9.57 | 0.71 | 0.71 | 5.61 | 1610253 | 86 |
| 7.16 | (1.82) | 0.70 | 0.70 | 5.66 | 1412203 | 107 |

---

*See Notes to Financial Statements.* 425

**Financial Highlights (continued)**

HIGH YIELD FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net <br> asset <br> value,<br> beginning <br> of period** | **Net** <br> **invest-**<br> **ment** <br> **income**<sup>(a)</sup> | **Net <br> realized <br> and <br> unrealized <br> gain <br> (loss)** | **Total <br> from <br> invest-<br> ment <br> opera-<br> tions** | **Net <br> investment <br> income** | **Return of <br> capital** | **Total <br> distri-<br> butions** |
| **Class R2** |  |  |  |  |  |  |  |
| 11/30/2022 | $7.47 | $0.33 | $(1.20) | $(0.87) | $(0.35) | $(0.01) | $(0.36) |
| 11/30/2021 | 7.35 | 0.32 | 0.13 | 0.45 | (0.33) |  | (0.33) |
| 11/30/2020 | 7.41 | 0.34 | (0.04)<sup>(c)</sup> | 0.30 | (0.36) |  | (0.36) |
| 11/30/2019 | 7.17 | 0.37 | 0.26 | 0.63 | (0.39) |  | (0.39) |
| 11/30/2018 | 7.76 | 0.38 | (0.57) | (0.19) | (0.40) |  | (0.40) |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2022 | 7.47 | 0.33 | (1.20) | (0.87) | (0.35) | (0.01) | (0.36) |
| 11/30/2021 | 7.35 | 0.32 | 0.14 | 0.46 | (0.34) |  | (0.34) |
| 11/30/2020 | 7.41 | 0.34 | (0.04)<sup>(c)</sup> | 0.30 | (0.36) |  | (0.36) |
| 11/30/2019 | 7.17 | 0.38 | 0.25 | 0.63 | (0.39) |  | (0.39) |
| 11/30/2018 | 7.75 | 0.39 | (0.56) | (0.17) | (0.41) |  | (0.41) |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2022 | 7.43 | 0.35 | (1.20) | (0.85) | (0.37) | (0.01) | (0.38) |
| 11/30/2021 | 7.30 | 0.34 | 0.14 | 0.48 | (0.35) |  | (0.35) |
| 11/30/2020 | 7.37 | 0.36 | (0.05)<sup>(c)</sup> | 0.31 | (0.38) |  | (0.38) |
| 11/30/2019 | 7.12 | 0.39 | 0.27 | 0.66 | (0.41) |  | (0.41) |
| 11/30/2018 | 7.71 | 0.41 | (0.57) | (0.16) | (0.43) |  | (0.43) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2022 | 7.46 | 0.36 | (1.19) | (0.83) | (0.39) | (0.01) | (0.40) |
| 11/30/2021 | 7.33 | 0.36 | 0.15 | 0.51 | (0.38) |  | (0.38) |
| 11/30/2020 | 7.40 | 0.38 | (0.05)<sup>(c)</sup> | 0.33 | (0.40) |  | (0.40) |
| 11/30/2019 | 7.15 | 0.41 | 0.27 | 0.68 | (0.43) |  | (0.43) |
| 11/30/2018 | 7.74 | 0.43 | (0.57) | (0.14) | (0.45) |  | (0.45) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2022 | 7.46 | 0.37 | (1.20) | (0.83) | (0.39) | (0.01) | (0.40) |
| 11/30/2021 | 7.34 | 0.37 | 0.13 | 0.50 | (0.38) |  | (0.38) |
| 11/30/2020 | 7.41 | 0.38 | (0.04)<sup>(c)</sup> | 0.34 | (0.41) |  | (0.41) |
| 11/30/2019 | 7.16 | 0.42 | 0.27 | 0.69 | (0.44) |  | (0.44) |
| 11/30/2018 | 7.75 | 0.43 | (0.56) | (0.13) | (0.46) |  | (0.46) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the year ended November 30, 2020, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

426 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $6.24 | (11.88) | 1.29 | 1.30 | 4.85 | $4736 | 106 |
| 7.47 | 6.17 | 1.27 | 1.28 | 4.19 | 6381 | 113 |
| 7.35 | 4.39 | 1.31 | 1.31 | 4.81 | 6662 | 126 |
| 7.41 | 8.93 | 1.30 | 1.30 | 5.05 | 11284 | 86 |
| 7.17 | (2.50) | 1.29 | 1.29 | 5.10 | 14435 | 107 |
| 6.24 | (11.80) | 1.19 | 1.20 | 4.94 | 85877 | 106 |
| 7.47 | 6.27 | 1.17 | 1.18 | 4.29 | 113623 | 113 |
| 7.35 | 4.49 | 1.20 | 1.20 | 4.87 | 114737 | 126 |
| 7.41 | 9.03 | 1.21 | 1.21 | 5.14 | 117517 | 86 |
| 7.17 | (2.28) | 1.20 | 1.20 | 5.20 | 107532 | 107 |
| 6.20 | (11.67) | 0.94 | 0.95 | 5.20 | 76122 | 106 |
| 7.43 | 6.69 | 0.92 | 0.93 | 4.54 | 96477 | 113 |
| 7.30 | 4.61 | 0.95 | 0.95 | 5.11 | 113046 | 126 |
| 7.37 | 9.48 | 0.96 | 0.96 | 5.38 | 109351 | 86 |
| 7.12 | (2.21) | 0.95 | 0.95 | 5.45 | 91526 | 107 |
| 6.23 | (11.52) | 0.69 | 0.70 | 5.45 | 213656 | 106 |
| 7.46 | 6.95 | 0.67 | 0.68 | 4.80 | 267722 | 113 |
| 7.33 | 4.87 | 0.70 | 0.70 | 5.37 | 256527 | 126 |
| 7.40 | 9.73 | 0.71 | 0.71 | 5.64 | 289988 | 86 |
| 7.15 | (1.94) | 0.70 | 0.70 | 5.70 | 266231 | 107 |
| 6.23 | (11.29) | 0.60 | 0.60 | 5.55 | 581901 | 106 |
| 7.46 | 6.90 | 0.58 | 0.59 | 4.88 | 700615 | 113 |
| 7.34 | 4.97 | 0.61 | 0.61 | 5.45 | 643491 | 126 |
| 7.41 | 9.82 | 0.62 | 0.62 | 5.71 | 620871 | 86 |
| 7.16 | (1.84) | 0.60 | 0.61 | 5.78 | 451009 | 107 |

---

*See Notes to Financial Statements.* 427

**Financial Highlights (continued)**

INCOME FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br>income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2022 | $2.99 | $0.09 | $(0.53) | $(0.44) | $(0.10) | $(0.05) | $(0.15) |
| 11/30/2021 | 3.01 | 0.08 | (0.01) | 0.07 | (0.09) |  | (0.09) |
| 11/30/2020 | 2.90 | 0.09 | 0.13 | 0.22 | (0.11) |  | (0.11) |
| 11/30/2019 | 2.67 | 0.10 | 0.24 | 0.34 | (0.11) |  | (0.11) |
| 11/30/2018 | 2.86 | 0.10 | (0.18) | (0.08) | (0.11) |  | (0.11) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2022 | 3.00 | 0.07 | (0.53) | (0.46) | (0.08) | (0.05) | (0.13) |
| 11/30/2021 | 3.02 | 0.06 | (0.01) | 0.05 | (0.07) |  | (0.07) |
| 11/30/2020 | 2.92 | 0.07 | 0.12 | 0.19 | (0.09) |  | (0.09) |
| 11/30/2019 | 2.69 | 0.08 | 0.25 | 0.33 | (0.10) |  | (0.10) |
| 11/30/2018 | 2.87 | 0.08 | (0.16) | (0.08) | (0.10) |  | (0.10) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2022 | 2.99 | 0.08 | (0.52) | (0.44) | (0.10) | (0.05) | (0.15) |
| 11/30/2021 | 3.01 | 0.08 | (0.01) | 0.07 | (0.09) |  | (0.09) |
| 11/30/2020 | 2.91 | 0.09 | 0.12 | 0.21 | (0.11) |  | (0.11) |
| 11/30/2019 | 2.67 | 0.10 | 0.26 | 0.36 | (0.12) |  | (0.12) |
| 11/30/2018 | 2.86 | 0.10 | (0.17) | (0.07) | (0.12) |  | (0.12) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2022 | 2.99 | 0.09 | (0.52) | (0.43) | (0.11) | (0.05) | (0.16) |
| 11/30/2021 | 3.01 | 0.08 |  | 0.08 | (0.10) |  | (0.10) |
| 11/30/2020 | 2.90 | 0.10 | 0.12 | 0.22 | (0.11) |  | (0.11) |
| 11/30/2019 | 2.67 | 0.11 | 0.24 | 0.35 | (0.12) |  | (0.12) |
| 11/30/2018 | 2.86 | 0.10 | (0.17) | (0.07) | (0.12) |  | (0.12) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2022 | 2.99 | 0.09 | (0.53) | (0.44) | (0.10) | (0.05) | (0.15) |
| 11/30/2021 | 3.01 | 0.08 |  | 0.08 | (0.10) |  | (0.10) |
| 11/30/2020 | 2.91 | 0.10 | 0.11 | 0.21 | (0.11) |  | (0.11) |
| 11/30/2019 | 2.67 | 0.10 | 0.26 | 0.36 | (0.12) |  | (0.12) |
| 11/30/2018 | 2.86 | 0.10 | (0.17) | (0.07) | (0.12) |  | (0.12) |
| **Class R2** |  |  |  |  |  |  |  |
| 11/30/2022 | 3.01 | 0.08 | (0.53) | (0.45) | (0.09) | (0.05) | (0.14) |
| 11/30/2021 | 3.03 | 0.06 |  | 0.06 | (0.08) |  | (0.08) |
| 11/30/2020 | 2.93 | 0.08 | 0.11 | 0.19 | (0.09) |  | (0.09) |
| 11/30/2019 | 2.70 | 0.09 | 0.24 | 0.33 | (0.10) |  | (0.10) |
| 11/30/2018 | 2.88 | 0.09 | (0.17) | (0.08) | (0.10) |  | (0.10) |

---

428 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $2.40 | (15.22) | 0.74 | 0.75 | 3.29 | $967719 | 158 |
| 2.99 | 2.38 | 0.73 | 0.73 | 2.53 | 1275012 | 112 |
| 3.01 | 7.65 | 0.76 | 0.76 | 3.11 | 1229762 | 112 |
| 2.90 | 13.02 | 0.77 | 0.77 | 3.53 | 1054889 | 108 |
| 2.67 | (2.78) | 0.77 | 0.81 | 3.46 | 836525 | 117 |
| 2.41 | (15.68) | 1.37 | 1.37 | 2.61 | 45245 | 158 |
| 3.00 | 1.74 | 1.36 | 1.36 | 1.90 | 81240 | 112 |
| 3.02 | 6.60 | 1.38 | 1.38 | 2.53 | 107888 | 112 |
| 2.92 | 12.26 | 1.38 | 1.38 | 2.93 | 162000 | 108 |
| 2.69 | (3.00) | 1.39 | 1.43 | 2.82 | 166762 | 117 |
| 2.40 | (15.14) | 0.64 | 0.64 | 3.08 | 111920 | 158 |
| 2.99 | 2.48 | 0.63 | 0.63 | 2.62 | 570553 | 112 |
| 3.01 | 7.38 | 0.66 | 0.66 | 3.20 | 570685 | 112 |
| 2.91 | 13.09 | 0.67 | 0.67 | 3.61 | 591492 | 108 |
| 2.67 | (2.33) | 0.67 | 0.71 | 3.55 | 434593 | 117 |
| 2.40 | (14.98) | 0.46 | 0.46 | 3.59 | 849235 | 158 |
| 2.99 | 2.66 | 0.45 | 0.45 | 2.79 | 985589 | 112 |
| 3.01 | 7.95 | 0.47 | 0.47 | 3.38 | 722882 | 112 |
| 2.90 | 13.33 | 0.49 | 0.49 | 3.79 | 586822 | 108 |
| 2.67 | (2.51) | 0.47 | 0.51 | 3.75 | 394646 | 117 |
| 2.40 | (15.05) | 0.54 | 0.55 | 3.72 | 429047 | 158 |
| 2.99 | 2.58 | 0.53 | 0.53 | 2.73 | 135925 | 112 |
| 3.01 | 7.49 | 0.56 | 0.56 | 3.33 | 155970 | 112 |
| 2.91 | 13.63 | 0.57 | 0.57 | 3.73 | 184515 | 108 |
| 2.67 | (2.59) | 0.57 | 0.60 | 3.66 | 165736 | 117 |
| 2.42 | (15.43) | 1.14 | 1.15 | 2.90 | 1107 | 158 |
| 3.01 | 1.98 | 1.13 | 1.13 | 2.14 | 1350 | 112 |
| 3.03 | 6.83 | 1.16 | 1.16 | 2.73 | 1730 | 112 |
| 2.93 | 12.47 | 1.17 | 1.17 | 3.17 | 1285 | 108 |
| 2.70 | (2.76) | 1.17 | 1.21 | 3.05 | 1667 | 117 |

---

*See Notes to Financial Statements.* 429

**Financial Highlights (continued)**

INCOME FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2022 | $3.00 | $0.08 | $(0.53) | $(0.45) | $(0.09) | $(0.05) | $(0.14) |
| 11/30/2021 | 3.02 | 0.07 | (0.01) | 0.06 | (0.08) |  | (0.08) |
| 11/30/2020 | 2.91 | 0.08 | 0.13 | 0.21 | (0.10) |  | (0.10) |
| 11/30/2019 | 2.68 | 0.09 | 0.24 | 0.33 | (0.10) |  | (0.10) |
| 11/30/2018 | 2.87 | 0.09 | (0.18) | (0.09) | (0.10) |  | (0.10) |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2022 | 2.99 | 0.09 | (0.53) | (0.44) | (0.10) | (0.05) | (0.15) |
| 11/30/2021 | 3.01 | 0.08 | (0.01) | 0.07 | (0.09) |  | (0.09) |
| 11/30/2020 | 2.90 | 0.09 | 0.12 | 0.21 | (0.10) |  | (0.10) |
| 11/30/2019 | 2.67 | 0.10 | 0.24 | 0.34 | (0.11) |  | (0.11) |
| 11/30/2018 | 2.86 | 0.10 | (0.18) | (0.08) | (0.11) |  | (0.11) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2022 | 2.99 | 0.09 | (0.53) | (0.44) | (0.10) | (0.05) | (0.15) |
| 11/30/2021 | 3.01 | 0.08 |  | 0.08 | (0.10) |  | (0.10) |
| 11/30/2020 | 2.91 | 0.10 | 0.11 | 0.21 | (0.11) |  | (0.11) |
| 11/30/2019 | 2.68 | 0.11 | 0.24 | 0.35 | (0.12) |  | (0.12) |
| 11/30/2018 | 2.86 | 0.10 | (0.16) | (0.06) | (0.12) |  | (0.12) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2022 | 2.99 | 0.09 | (0.52) | (0.43) | (0.11) | (0.05) | (0.16) |
| 11/30/2021 | 3.01 | 0.08 |  | 0.08 | (0.10) |  | (0.10) |
| 11/30/2020 | 2.90 | 0.10 | 0.12 | 0.22 | (0.11) |  | (0.11) |
| 11/30/2019 | 2.67 | 0.11 | 0.24 | 0.35 | (0.12) |  | (0.12) |
| 11/30/2018 | 2.86 | 0.10 | (0.17) | (0.07) | (0.12) |  | (0.12) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

430 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $2.41 | (15.41) | 1.04 | 1.05 | 3.00 | $47036 | 158 |
| 3.00 | 2.08 | 1.03 | 1.03 | 2.23 | 56410 | 112 |
| 3.02 | 7.32 | 1.06 | 1.06 | 2.83 | 53114 | 112 |
| 2.91 | 12.65 | 1.07 | 1.07 | 3.24 | 55317 | 108 |
| 2.68 | (3.05) | 1.07 | 1.11 | 3.16 | 50016 | 117 |
| 2.40 | (15.26) | 0.79 | 0.80 | 3.38 | 5992 | 158 |
| 2.99 | 2.33 | 0.78 | 0.78 | 2.50 | 4501 | 112 |
| 3.01 | 7.60 | 0.81 | 0.81 | 3.07 | 9205 | 112 |
| 2.90 | 12.97 | 0.82 | 0.82 | 3.46 | 9218 | 108 |
| 2.67 | (2.83) | 0.82 | 0.85 | 3.44 | 5363 | 117 |
| 2.40 | (15.05) | 0.54 | 0.55 | 3.31 | 1559 | 158 |
| 2.99 | 2.59 | 0.53 | 0.53 | 2.73 | 6309 | 112 |
| 3.01 | 7.50 | 0.56 | 0.56 | 3.32 | 6548 | 112 |
| 2.91 | 13.21 | 0.57 | 0.57 | 3.73 | 6099 | 108 |
| 2.68 | (2.23) | 0.58 | 0.62 | 3.54 | 4048 | 117 |
| 2.40 | (14.98) | 0.46 | 0.46 | 3.59 | 42966 | 158 |
| 2.99 | 2.67 | 0.45 | 0.45 | 2.81 | 60434 | 112 |
| 3.01 | 7.95 | 0.48 | 0.48 | 3.40 | 55981 | 112 |
| 2.90 | 13.34 | 0.49 | 0.49 | 3.81 | 52133 | 108 |
| 2.67 | (2.50) | 0.47 | 0.51 | 3.77 | 33975 | 117 |

---

*See Notes to Financial Statements.* 431

**Financial Highlights (continued)**

INFLATION FOCUSED FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment<br> income**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain (loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 11/30/2022 | $12.44 | $0.25 | $(0.68) | $(0.43) | $(0.36) | $11.65 |
| 11/30/2021 | 11.33 | 0.13 | 1.28 | 1.41 | (0.30) | 12.44 |
| 11/30/2020 | 11.23 | 0.26 | 0.26 <sup>(c)</sup> | 0.52 | (0.42) | 11.33 |
| 11/30/2019 | 11.55 | 0.34 | (0.21) | 0.13 | (0.45) | 11.23 |
| 11/30/2018 | 11.88 | 0.29 | (0.17) | 0.12 | (0.45) | 11.55 |
| **Class C** |  |  |  |  |  |  |
| 11/30/2022 | 12.46 | 0.16 | (0.68) | (0.52) | (0.27) | 11.67 |
| 11/30/2021 | 11.35 | 0.05 | 1.29 | 1.34 | (0.23) | 12.46 |
| 11/30/2020 | 11.25 | 0.20 | 0.25 <sup>(c)</sup> | 0.45 | (0.35) | 11.35 |
| 11/30/2019 | 11.57 | 0.27 | (0.21) | 0.06 | (0.38) | 11.25 |
| 11/30/2018 | 11.90 | 0.22 | (0.18) | 0.04 | (0.37) | 11.57 |
| **Class F** |  |  |  |  |  |  |
| 11/30/2022 | 12.46 | 0.23 | (0.65) | (0.42) | (0.37) | 11.67 |
| 11/30/2021 | 11.35 | 0.14 | 1.29 | 1.43 | (0.32) | 12.46 |
| 11/30/2020 | 11.24 | 0.27 | 0.27 <sup>(c)</sup> | 0.54 | (0.43) | 11.35 |
| 11/30/2019 | 11.57 | 0.35 | (0.21) | 0.14 | (0.47) | 11.24 |
| 11/30/2018 | 11.89 | 0.31 | (0.17) | 0.14 | (0.46) | 11.57 |
| **Class F3** |  |  |  |  |  |  |
| 11/30/2022 | 12.45 | 0.29 | (0.69) | (0.40) | (0.39) | 11.66 |
| 11/30/2021 | 11.34 | 0.14 | 1.30 | 1.44 | (0.33) | 12.45 |
| 11/30/2020 | 11.23 | 0.29 | 0.27 <sup>(c)</sup> | 0.56 | (0.45) | 11.34 |
| 11/30/2019 | 11.55 | 0.37 | (0.21) | 0.16 | (0.48) | 11.23 |
| 11/30/2018 | 11.88 | 0.33 | (0.18) | 0.15 | (0.48) | 11.55 |
| **Class I** |  |  |  |  |  |  |
| 11/30/2022 | 12.44 | 0.29 | (0.69) | (0.40) | (0.39) | 11.65 |
| 11/30/2021 | 11.34 | 0.16 | 1.27 | 1.43 | (0.33) | 12.44 |
| 11/30/2020 | 11.24 | 0.28 | 0.26 <sup>(c)</sup> | 0.54 | (0.44) | 11.34 |
| 11/30/2019 | 11.56 | 0.36 | (0.20) | 0.16 | (0.48) | 11.24 |
| 11/30/2018 | 11.89 | 0.32 | (0.18) | 0.14 | (0.47) | 11.56 |
| **Class R2** |  |  |  |  |  |  |
| 11/30/2022 | 12.38 | 0.23 | (0.70) | (0.47) | (0.31) | 11.60 |
| 11/30/2021 | 11.30 | 0.11 | 1.23 | 1.34 | (0.26) | 12.38 |
| 11/30/2020 | 11.22 | 0.20 | 0.26 <sup>(c)</sup> | 0.46 | (0.38) | 11.30 |
| 11/30/2019 | 11.55 | 0.30 | (0.22) | 0.08 | (0.41) | 11.22 |
| 11/30/2018 | 11.87 | 0.24 | (0.16) | 0.08 | (0.40) | 11.55 |

---

432 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (3.51) | 0.66 | 0.67 | 2.02 | $472591 | 67 |
| 12.59 | 0.64 | 0.64 | 1.06 | 560624 | 97 |
| 4.87 | 0.69 | 0.70 | 2.40 | 89956 | 97 |
| 1.19 | 0.69 | 0.69 | 2.97 | 109626 | 43 |
| 0.95 | 0.69 | 0.69 | 2.48 | 171109 | 108 |
| (4.20) | 1.40 | 1.40 | 1.34 | 94132 | 67 |
| 11.85 | 1.31 | 1.31 | 0.39 | 92580 | 97 |
| 4.23 | 1.30 | 1.31 | 1.81 | 17716 | 97 |
| 0.55 | 1.33 | 1.33 | 2.33 | 28655 | 43 |
| 0.30 | 1.34 | 1.35 | 1.84 | 49435 | 108 |
| (3.40) | 0.54 | 0.55 | 1.83 | 284593 | 67 |
| 12.68 | 0.54 | 0.54 | 1.11 | 1818238 | 97 |
| 5.06 | 0.59 | 0.60 | 2.52 | 187180 | 97 |
| 1.20 | 0.59 | 0.59 | 3.06 | 285297 | 43 |
| 1.14 | 0.58 | 0.59 | 2.60 | 489043 | 108 |
| (3.23) | 0.38 | 0.39 | 2.39 | 308596 | 67 |
| 12.86 | 0.38 | 0.38 | 1.17 | 236951 | 97 |
| 5.24 | 0.42 | 0.43 | 2.68 | 8595 | 97 |
| 1.46 | 0.42 | 0.42 | 3.24 | 10645 | 43 |
| 1.25 | 0.39 | 0.43 | 2.80 | 22597 | 108 |
| (3.31) | 0.47 | 0.48 | 2.37 | 1476955 | 67 |
| 12.73 | 0.44 | 0.45 | 1.32 | 1006157 | 97 |
| 5.08 | 0.49 | 0.50 | 2.63 | 320045 | 97 |
| 1.39 | 0.49 | 0.49 | 3.16 | 631037 | 43 |
| 1.16 | 0.48 | 0.49 | 2.71 | 661340 | 108 |
| (3.92) | 1.08 | 1.09 | 1.97 | 169 | 67 |
| 11.96 | 1.07 | 1.07 | 0.96 |  | 97 |
| 4.28 | 1.07 | 1.08 | 1.83 | 166 | 97 |
| 0.70 | 1.08 | 1.08 | 2.59 | 51 | 43 |
| 0.64 | 1.10 | 1.11 | 2.07 | 201 | 108 |

---

*See Notes to Financial Statements.* 433

**Financial Highlights (continued)**

INFLATION FOCUSED FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income**<sup>(a)</sup> | **Net<br> realized and <br> unrealized<br> gain (loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class R3** |  |  |  |  |  |  |
| 11/30/2022 | $12.44 | $0.22 | $(0.69) | $(0.47) | $(0.32) | $11.65 |
| 11/30/2021 | 11.34 | 0.11 | 1.26 | 1.37 | (0.27) | 12.44 |
| 11/30/2020 | 11.23 | 0.22 | 0.28 <sup>(c)</sup> | 0.50 | (0.39) | 11.34 |
| 11/30/2019 | 11.56 | 0.30 | (0.21) | 0.09 | (0.42) | 11.23 |
| 11/30/2018 | 11.88 | 0.26 | (0.17) | 0.09 | (0.41) | 11.56 |
| **Class R4** |  |  |  |  |  |  |
| 11/30/2022 | 12.44 | 0.24 | (0.68) | (0.44) | (0.35) | 11.65 |
| 11/30/2021 | 11.34 | 0.15 | 1.25 | 1.40 | (0.30) | 12.44 |
| 11/30/2020 | 11.23 | 0.26 | 0.26 <sup>(c)</sup> | 0.52 | (0.41) | 11.34 |
| 11/30/2019 | 11.56 | 0.33 | (0.21) | 0.12 | (0.45) | 11.23 |
| 11/30/2018 | 11.88 | 0.30 | (0.18) | 0.12 | (0.44) | 11.56 |
| **Class R5** |  |  |  |  |  |  |
| 11/30/2022 | 12.43 | 0.29 | (0.70) | (0.41) | (0.38) | 11.64 |
| 11/30/2021 | 11.33 | 0.17 | 1.26 | 1.43 | (0.33) | 12.43 |
| 11/30/2020 | 11.23 | 0.28 | 0.26 <sup>(c)</sup> | 0.54 | (0.44) | 11.33 |
| 11/30/2019 | 11.55 | 0.36 | (0.20) | 0.16 | (0.48) | 11.23 |
| 11/30/2018 | 11.88 | 0.33 | (0.19) | 0.14 | (0.47) | 11.55 |
| **Class R6** |  |  |  |  |  |  |
| 11/30/2022 | 12.43 | 0.27 | (0.67) | (0.40) | (0.39) | 11.64 |
| 11/30/2021 | 11.34 | 0.18 | 1.25 | 1.43 | (0.34) | 12.43 |
| 11/30/2020 | 11.23 | 0.29 | 0.27 <sup>(c)</sup> | 0.56 | (0.45) | 11.34 |
| 11/30/2019 | 11.56 | 0.37 | (0.21) | 0.16 | (0.49) | 11.23 |
| 11/30/2018 | 11.88 | 0.33 | (0.17) | 0.16 | (0.48) | 11.56 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the year ended November 30, 2020, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

434 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(b**)**</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (3.88) | 0.97 | 0.97 | 1.81 | $462 | 67 |
| 12.17 | 0.94 | 0.95 | 0.90 | 402 | 97 |
| 4.65 | 0.98 | 0.99 | 2.03 | 226 | 97 |
| 0.80 | 0.99 | 0.99 | 2.66 | 104 | 43 |
| 0.74 | 0.99 | 1.00 | 2.17 | 111 | 108 |
| (3.55) | 0.72 | 0.72 | 1.97 | 1682 | 67 |
| 12.46 | 0.70 | 0.70 | 1.21 | 2020 | 97 |
| 4.91 | 0.74 | 0.75 | 2.35 | 1706 | 97 |
| 1.05 | 0.74 | 0.74 | 2.91 | 3174 | 43 |
| 1.00 | 0.73 | 0.73 | 2.52 | 2006 | 108 |
| (3.32) | 0.48 | 0.48 | 2.42 | 473 | 67 |
| 12.75 | 0.45 | 0.45 | 1.40 | 304 | 97 |
| 5.08 | 0.49 | 0.50 | 2.64 | 170 | 97 |
| 1.39 | 0.49 | 0.49 | 3.17 | 334 | 43 |
| 1.17 | 0.47 | 0.48 | 2.83 | 144 | 108 |
| (3.24) | 0.38 | 0.39 | 2.25 | 11328 | 67 |
| 12.71 | 0.39 | 0.40 | 1.52 | 16742 | 97 |
| 5.24 | 0.42 | 0.43 | 2.70 | 14541 | 97 |
| 1.37 | 0.42 | 0.42 | 3.25 | 35167 | 43 |
| 1.34 | 0.39 | 0.43 | 2.81 | 54549 | 108 |

---

*See Notes to Financial Statements.* 435

**Financial Highlights (continued)**

SHORT DURATION CORE BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment<br> income**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain (loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 11/30/2022 | $9.77 | $0.18 | $(0.58) | $(0.40) | $(0.25) | $9.12 |
| 11/30/2021 | 9.89 | 0.07 | (0.02) | 0.05 | (0.17) | 9.77 |
| 11/30/2020 | 9.89 | 0.14 | 0.10 | 0.24 | (0.24) | 9.89 |
| 11/30/2019 | 9.72 | 0.24 | 0.23 | 0.47 | (0.30) | 9.89 |
| 11/30/2018 | 9.92 | 0.22 | (0.12) | 0.10 | (0.30) | 9.72 |
| **Class C** |  |  |  |  |  |  |
| 11/30/2022 | 9.76 | 0.11 | (0.58) | (0.47) | (0.18) | 9.11 |
| 11/30/2021 | 9.89 | – <sup>(c)</sup> | (0.03) | (0.03) | (0.10) | 9.76 |
| 11/30/2020 | 9.89 | 0.09 | 0.08 | 0.17 | (0.17) | 9.89 |
| 11/30/2019 | 9.72 | 0.17 | 0.23 | 0.40 | (0.23) | 9.89 |
| 11/30/2018 | 9.92 | 0.14 | (0.11) | 0.03 | (0.23) | 9.72 |
| **Class F** |  |  |  |  |  |  |
| 11/30/2022 | 9.76 | 0.14 | (0.53) | (0.39) | (0.26) | 9.11 |
| 11/30/2021 | 9.89 | 0.08 | (0.03) | 0.05 | (0.18) | 9.76 |
| 11/30/2020 | 9.89 | 0.16 | 0.09 | 0.25 | (0.25) | 9.89 |
| 11/30/2019 | 9.72 | 0.24 | 0.24 | 0.48 | (0.31) | 9.89 |
| 11/30/2018 | 9.92 | 0.23 | (0.12) | 0.11 | (0.31) | 9.72 |
| **Class F3** |  |  |  |  |  |  |
| 11/30/2022 | 9.76 | 0.26 | (0.64) | (0.38) | (0.27) | 9.11 |
| 11/30/2021 | 9.88 | 0.10 | (0.02) | 0.08 | (0.20) | 9.76 |
| 11/30/2020 | 9.89 | 0.37 | (0.11) | 0.26 | (0.27) | 9.88 |
| 11/30/2019 | 9.72 | 0.27 | 0.22 | 0.49 | (0.32) | 9.89 |
| 11/30/2018 | 9.92 | 0.24 | (0.11) | 0.13 | (0.33) | 9.72 |
| **Class I** |  |  |  |  |  |  |
| 11/30/2022 | 9.77 | 0.19 | (0.58) | (0.39) | (0.27) | 9.11 |
| 11/30/2021 | 9.89 | 0.09 | (0.02) | 0.07 | (0.19) | 9.77 |
| 11/30/2020 | 9.89 | 0.16 | 0.10 | 0.26 | (0.26) | 9.89 |
| 11/30/2019 | 9.71 | 0.24 | 0.26 | 0.50 | (0.32) | 9.89 |
| 11/30/2018 | 9.92 | 0.24 | (0.13) | 0.11 | (0.32) | 9.71 |
| **Class R3** |  |  |  |  |  |  |
| 11/30/2022 | 9.76 | 0.19 | (0.62) | (0.43) | (0.22) | 9.11 |
| 11/30/2021 | 9.89 | 0.04 | (0.03) | 0.01 | (0.14) | 9.76 |
| 11/30/2020 | 9.89 | 0.13 | 0.08 | 0.21 | (0.21) | 9.89 |
| 11/30/2019 | 9.72 | 0.21 | 0.23 | 0.44 | (0.27) | 9.89 |
| 11/30/2018 | 9.92 | 0.19 | (0.12) | 0.07 | (0.27) | 9.72 |

---

436 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (4.16) | 0.60 | 0.79 | 1.88 | $44849 | 176 |
| 0.48 | 0.60 | 0.79 | 0.71 | 47227 | 220 |
| 2.46 | 0.60 | 1.00 | 1.47 | 32022 | 351 |
| 4.87 | 0.60 | 1.81 | 2.47 | 8032 | 136 |
| 1.04 | 0.60 | 3.11 | 2.21 | 3844 | 177 |
| (4.79) | 1.26 | 1.46 | 1.18 | 4445 | 176 |
| (0.29) | 1.28 | 1.47 | 0.04 | 4026 | 220 |
| 1.76 | 1.28 | 1.71 | 0.90 | 4334 | 351 |
| 4.15 | 1.29 | 2.54 | 1.77 | 2238 | 136 |
| 0.27 | 1.39 | 3.88 | 1.42 | 1083 | 177 |
| (4.06) | 0.50 | 0.68 | 1.46 | 19105 | 176 |
| 0.48 | 0.50 | 0.69 | 0.81 | 104324 | 220 |
| 2.54 | 0.50 | 0.91 | 1.58 | 82951 | 351 |
| 4.97 | 0.50 | 1.46 | 2.40 | 29007 | 136 |
| 1.14 | 0.50 | 3.00 | 2.32 | 4212 | 177 |
| (3.91) | 0.33 | 0.49 | 2.83 | 29952 | 176 |
| 0.80 | 0.34 | 0.52 | 1.02 | 514 | 220 |
| 2.65 | 0.36 | 1.06 | 3.78 | 12 | 351 |
| 5.13 | 0.36 | 1.64 | 2.72 | 1612 | 136 |
| 1.34 | 0.32 | 2.87 | 2.47 | 1533 | 177 |
| (4.06) | 0.40 | 0.59 | 2.08 | 135395 | 176 |
| 0.68 | 0.40 | 0.59 | 0.89 | 26463 | 220 |
| 2.65 | 0.40 | 0.80 | 1.63 | 4402 | 351 |
| 5.18 | 0.40 | 1.35 | 2.49 | 1821 | 136 |
| 1.14 | 0.40 | 2.88 | 2.42 | 127 | 177 |
| (4.45) | 0.90 | 1.12 | 2.03 | 582 | 176 |
| 0.09 | 0.90 | 1.09 | 0.42 | 61 | 220 |
| 2.16 | 0.90 | 1.34 | 1.32 | 98 | 351 |
| 4.56 | 0.90 | 2.14 | 2.17 | 76 | 136 |
| 0.75 | 0.90 | 3.42 | 1.92 | 49 | 177 |

---

*See Notes to Financial Statements.* 437

**Financial Highlights (continued)**

SHORT DURATION CORE BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment<br> income**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain (loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class R4** |  |  |  |  |  |  |
| 11/30/2022 | $9.77 | $0.16 | $(0.58) | $(0.42) | $(0.24) | $9.11 |
| 11/30/2021 | 9.89 | 0.07 | (0.03) | 0.04 | (0.16) | 9.77 |
| 11/30/2020 | 9.89 | 0.18 | 0.05 | 0.23 | (0.23) | 9.89 |
| 11/30/2019 | 9.72 | 0.24 | 0.22 | 0.46 | (0.29) | 9.89 |
| 11/30/2018 | 9.92 | 0.21 | (0.11) | 0.10 | (0.30) | 9.72 |
| **Class R5** |  |  |  |  |  |  |
| 11/30/2022 | 9.77 | 0.18 | (0.58) | (0.40) | (0.26) | 9.11 |
| 11/30/2021 | 9.89 | 0.09 | (0.02) | 0.07 | (0.19) | 9.77 |
| 11/30/2020 | 9.89 | 0.20 | 0.06 | 0.26 | (0.26) | 9.89 |
| 11/30/2019 | 9.72 | 0.26 | 0.23 | 0.49 | (0.32) | 9.89 |
| 11/30/2018 | 9.92 | 0.23 | (0.11) | 0.12 | (0.32) | 9.72 |
| **Class R6** |  |  |  |  |  |  |
| 11/30/2022 | 9.76 | 0.19 | (0.57) | (0.38) | (0.27) | 9.11 |
| 11/30/2021 | 9.89 | 0.10 | (0.04) | 0.06 | (0.19) | 9.76 |
| 11/30/2020 | 9.89 | 0.21 | 0.06 | 0.27 | (0.27) | 9.89 |
| 11/30/2019 | 9.72 | 0.27 | 0.22 | 0.49 | (0.32) | 9.89 |
| 11/30/2018 | 9.92 | 0.24 | (0.11) | 0.13 | (0.33) | 9.72 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Amount less than $0.01.

438 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)<sup>(</sup>**<sup>b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (4.31) | 0.65 | 0.80 | 1.71 | $11 | 176 |
| 0.44 | 0.65 | 0.81 | 0.67 | 12 | 220 |
| 2.41 | 0.65 | 1.11 | 1.81 | 12 | 351 |
| 4.82 | 0.65 | 1.95 | 2.42 | 27 | 136 |
| 1.00 | 0.65 | 3.13 | 2.14 | 25 | 177 |
| (4.07) | 0.40 | 0.57 | 1.95 | 11 | 176 |
| 0.68 | 0.40 | 0.57 | 0.90 | 12 | 220 |
| 2.66 | 0.40 | 0.87 | 2.06 | 12 | 351 |
| 5.08 | 0.40 | 1.69 | 2.67 | 27 | 136 |
| 1.25 | 0.40 | 2.88 | 2.39 | 26 | 177 |
| (3.90) | 0.33 | 0.49 | 2.04 | 925 | 176 |
| 0.65 | 0.34 | 0.52 | 0.98 | 963 | 220 |
| 2.75 | 0.36 | 0.81 | 2.17 | 911 | 351 |
| 5.13 | 0.36 | 1.63 | 2.72 | 1961 | 136 |
| 1.34 | 0.32 | 2.87 | 2.48 | 1653 | 177 |

---

*See Notes to Financial Statements.* 439

**Financial Highlights (continued)**

SHORT DURATION INCOME FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment<br> income**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain (loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 11/30/2022 | $4.16 | $0.08 | $(0.28) | $(0.20) | $(0.12) | $3.84 |
| 11/30/2021 | 4.20 | 0.07 | (0.01) | 0.06 | (0.10) | 4.16 |
| 11/30/2020 | 4.21 | 0.09 | 0.02 <sup>(c)</sup> | 0.11 | (0.12) | 4.20 |
| 11/30/2019 | 4.14 | 0.12 | 0.10 | 0.22 | (0.15) | 4.21 |
| 11/30/2018 | 4.26 | 0.11 | (0.07) | 0.04 | (0.16) | 4.14 |
| **Class C** |  |  |  |  |  |  |
| 11/30/2022 | 4.19 | 0.06 | (0.30) | (0.24) | (0.09) | 3.86 |
| 11/30/2021 | 4.22 | 0.04 |  | 0.04 | (0.07) | 4.19 |
| 11/30/2020 | 4.23 | 0.07 | 0.02 <sup>(c)</sup> | 0.09 | (0.10) | 4.22 |
| 11/30/2019 | 4.17 | 0.10 | 0.09 | 0.19 | (0.13) | 4.23 |
| 11/30/2018 | 4.29 | 0.09 | (0.08) | 0.01 | (0.13) | 4.17 |
| **Class F** |  |  |  |  |  |  |
| 11/30/2022 | 4.16 | 0.08 | (0.29) | (0.21) | (0.12) | 3.83 |
| 11/30/2021 | 4.19 | 0.07 |  | 0.07 | (0.10) | 4.16 |
| 11/30/2020 | 4.21 | 0.10 | 0.01 <sup>(c)</sup> | 0.11 | (0.13) | 4.19 |
| 11/30/2019 | 4.14 | 0.13 | 0.10 | 0.23 | (0.16) | 4.21 |
| 11/30/2018 | 4.26 | 0.12 | (0.08) | 0.04 | (0.16) | 4.14 |
| **Class F3** |  |  |  |  |  |  |
| 11/30/2022 | 4.17 | 0.10 | (0.30) | (0.20) | (0.13) | 3.84 |
| 11/30/2021 | 4.20 | 0.08 |  | 0.08 | (0.11) | 4.17 |
| 11/30/2020 | 4.21 | 0.10 | 0.02 <sup>(c)</sup> | 0.12 | (0.13) | 4.20 |
| 11/30/2019 | 4.14 | 0.13 | 0.10 | 0.23 | (0.16) | 4.21 |
| 11/30/2018 | 4.26 | 0.12 | (0.07) | 0.05 | (0.17) | 4.14 |
| **Class I** |  |  |  |  |  |  |
| 11/30/2022 | 4.16 | 0.10 | (0.30) | (0.20) | (0.13) | 3.83 |
| 11/30/2021 | 4.19 | 0.07 | 0.01 <sup>(c)</sup> | 0.08 | (0.11) | 4.16 |
| 11/30/2020 | 4.21 | 0.10 | 0.01 <sup>(c)</sup> | 0.11 | (0.13) | 4.19 |
| 11/30/2019 | 4.14 | 0.13 | 0.10 | 0.23 | (0.16) | 4.21 |
| 11/30/2018 | 4.25 | 0.12 | (0.06) | 0.06 | (0.17) | 4.14 |
| **Class R2** |  |  |  |  |  |  |
| 11/30/2022 | 4.16 | 0.07 | (0.29) | (0.22) | (0.10) | 3.84 |
| 11/30/2021 | 4.20 | 0.05 | (0.01) | 0.04 | (0.08) | 4.16 |
| 11/30/2020 | 4.21 | 0.08 | 0.02 <sup>(c)</sup> | 0.10 | (0.11) | 4.20 |
| 11/30/2019 | 4.14 | 0.11 | 0.10 | 0.21 | (0.14) | 4.21 |
| 11/30/2018 | 4.26 | 0.10 | (0.08) | 0.02 | (0.14) | 4.14 |

---

440 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)<sup>(</sup>**<sup>b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (4.90) | 0.58 | 0.58 | 2.10 | $9589050 | 75 |
| 1.40 | 0.58 | 0.58 | 1.55 | 13355736 | 84 |
| 2.76 | 0.59 | 0.59 | 2.22 | 12733693 | 102 |
| 5.48 | 0.60 | 0.60 | 2.92 | 11693022 | 57 |
| 0.96 | 0.59 | 0.59 | 2.70 | 8735221 | 71 |
| (5.69) | 1.22 | 1.22 | 1.45 | 2170217 | 75 |
| 0.99 | 1.23 | 1.23 | 0.91 | 3379490 | 84 |
| 2.10 | 1.24 | 1.24 | 1.62 | 3914470 | 102 |
| 4.57 | 1.22 | 1.22 | 2.31 | 4914970 | 57 |
| 0.35 | 1.23 | 1.23 | 2.07 | 4912225 | 71 |
| (5.05) | 0.48 | 0.48 | 1.96 | 6132794 | 75 |
| 1.74 | 0.48 | 0.48 | 1.65 | 26865299 | 84 |
| 2.62 | 0.49 | 0.49 | 2.33 | 23546579 | 102 |
| 5.58 | 0.50 | 0.50 | 3.02 | 23128477 | 57 |
| 1.06 | 0.49 | 0.49 | 2.80 | 15833169 | 71 |
| (4.87) | 0.31 | 0.32 | 2.41 | 5143625 | 75 |
| 1.91 | 0.31 | 0.31 | 1.81 | 5139001 | 84 |
| 3.03 | 0.33 | 0.33 | 2.48 | 4425861 | 102 |
| 5.75 | 0.34 | 0.34 | 3.19 | 4087351 | 57 |
| 1.22 | 0.32 | 0.32 | 2.95 | 3709795 | 71 |
| (4.95) | 0.38 | 0.38 | 2.51 | 25868734 | 75 |
| 1.85 | 0.38 | 0.38 | 1.74 | 12428298 | 84 |
| 2.97 | 0.39 | 0.39 | 2.44 | 9762949 | 102 |
| 5.44 | 0.40 | 0.40 | 3.12 | 10281839 | 57 |
| 1.40 | 0.39 | 0.39 | 2.90 | 7315707 | 71 |
| (5.28) | 0.98 | 0.98 | 1.70 | 6312 | 75 |
| 1.00 | 0.98 | 0.98 | 1.17 | 9901 | 84 |
| 2.36 | 0.99 | 0.99 | 1.85 | 13909 | 102 |
| 5.07 | 1.00 | 1.00 | 2.55 | 18031 | 57 |
| 0.56 | 0.99 | 0.99 | 2.30 | 20433 | 71 |

---

*See Notes to Financial Statements.* 441

**Financial Highlights (continued)**

SHORT DURATION INCOME FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **investment** <br> **income**<sup>(a)</sup> | **Net<br> realized and <br> unrealized<br> gain (loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class R3** |  |  |  |  |  |  |
| 11/30/2022 | $4.17 | $0.07 | $(0.29) | $(0.22) | $(0.11) | $3.84 |
| 11/30/2021 | 4.20 | 0.05 | 0.01 <sup>(c)</sup> | 0.06 | (0.09) | 4.17 |
| 11/30/2020 | 4.21 | 0.08 | 0.02 <sup>(c)</sup> | 0.10 | (0.11) | 4.20 |
| 11/30/2019 | 4.14 | 0.11 | 0.10 | 0.21 | (0.14) | 4.21 |
| 11/30/2018 | 4.26 | 0.10 | (0.07) | 0.03 | (0.15) | 4.14 |
| **Class R4** |  |  |  |  |  |  |
| 11/30/2022 | 4.17 | 0.08 | (0.30) | (0.22) | (0.11) | 3.84 |
| 11/30/2021 | 4.20 | 0.07 |  | 0.07 | (0.10) | 4.17 |
| 11/30/2020 | 4.22 | 0.09 | 0.01 <sup>(c)</sup> | 0.10 | (0.12) | 4.20 |
| 11/30/2019 | 4.15 | 0.12 | 0.10 | 0.22 | (0.15) | 4.22 |
| 11/30/2018 | 4.27 | 0.11 | (0.07) | 0.04 | (0.16) | 4.15 |
| **Class R5** |  |  |  |  |  |  |
| 11/30/2022 | 4.15 | 0.09 | (0.29) | (0.20) | (0.12) | 3.83 |
| 11/30/2021 | 4.19 | 0.08 | (0.01) | 0.07 | (0.11) | 4.15 |
| 11/30/2020 | 4.20 | 0.10 | 0.02 <sup>(c)</sup> | 0.12 | (0.13) | 4.19 |
| 11/30/2019 | 4.13 | 0.13 | 0.10 | 0.23 | (0.16) | 4.20 |
| 11/30/2018 | 4.25 | 0.12 | (0.07) | 0.05 | (0.17) | 4.13 |
| **Class R6** |  |  |  |  |  |  |
| 11/30/2022 | 4.16 | 0.10 | (0.30) | (0.20) | (0.13) | 3.83 |
| 11/30/2021 | 4.19 | 0.08 |  | 0.08 | (0.11) | 4.16 |
| 11/30/2020 | 4.21 | 0.10 | 0.01 <sup>(c)</sup> | 0.11 | (0.13) | 4.19 |
| 11/30/2019 | 4.14 | 0.13 | 0.10 | 0.23 | (0.16) | 4.21 |
| 11/30/2018 | 4.26 | 0.13 | (0.08) | 0.05 | (0.17) | 4.14 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the years ended November 30, 2020 and 2021, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

<br> 442 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (5.18) | 0.88 | 0.88 | 1.84 | $358357 | 75 |
| 1.10 | 0.88 | 0.88 | 1.26 | 410131 | 84 |
| 2.46 | 0.89 | 0.89 | 1.94 | 384845 | 102 |
| 5.17 | 0.90 | 0.90 | 2.64 | 367328 | 57 |
| 0.67 | 0.89 | 0.89 | 2.41 | 318477 | 71 |
| (5.23) | 0.63 | 0.63 | 2.10 | 146587 | 75 |
| 1.67 | 0.63 | 0.63 | 1.58 | 168338 | 84 |
| 2.47 | 0.64 | 0.64 | 2.18 | 166524 | 102 |
| 5.43 | 0.65 | 0.65 | 2.88 | 147772 | 57 |
| 0.93 | 0.64 | 0.64 | 2.68 | 105445 | 71 |
| (4.79) | 0.38 | 0.38 | 2.37 | 65954 | 75 |
| 1.67 | 0.38 | 0.38 | 1.83 | 63717 | 84 |
| 2.97 | 0.39 | 0.39 | 2.45 | 69901 | 102 |
| 5.70 | 0.40 | 0.40 | 3.14 | 70274 | 57 |
| 1.16 | 0.39 | 0.39 | 2.94 | 45264 | 71 |
| (4.89) | 0.31 | 0.32 | 2.42 | 1077561 | 75 |
| 1.91 | 0.31 | 0.31 | 1.82 | 1035235 | 84 |
| 2.79 | 0.33 | 0.33 | 2.50 | 896878 | 102 |
| 5.76 | 0.34 | 0.34 | 3.19 | 857139 | 57 |
| 1.23 | 0.33 | 0.33 | 3.00 | 551235 | 71 |

---

*See Notes to Financial Statements.* 443

**Financial Highlights (continued)**

TOTAL RETURN FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2022 | $10.54 | $0.25 | $(1.68) | $(1.43) | $(0.29) | $(0.06) | $(0.35) |
| 11/30/2021 | 10.91 | 0.19 | (0.12) | 0.07 | (0.21) | (0.23) | (0.44) |
| 11/30/2020 | 10.49 | 0.23 | 0.46 | 0.69 | (0.27) |  | (0.27) |
| 11/30/2019 | 9.86 | 0.28 | 0.66 | 0.94 | (0.31) |  | (0.31) |
| 11/30/2018 | 10.36 | 0.28 | (0.46) | (0.18) | (0.32) |  | (0.32) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.53 | 0.18 | (1.66) | (1.48) | (0.23) | (0.06) | (0.29) |
| 11/30/2021 | 10.90 | 0.12 | (0.11) | 0.01 | (0.15) | (0.23) | (0.38) |
| 11/30/2020 | 10.48 | 0.17 | 0.45 | 0.62 | (0.20) |  | (0.20) |
| 11/30/2019 | 9.85 | 0.21 | 0.66 | 0.87 | (0.24) |  | (0.24) |
| 11/30/2018 | 10.35 | 0.21 | (0.45) | (0.24) | (0.26) |  | (0.26) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.54 | 0.24 | (1.66) | (1.42) | (0.30) | (0.06) | (0.36) |
| 11/30/2021 | 10.91 | 0.20 | (0.12) | 0.08 | (0.22) | (0.23) | (0.45) |
| 11/30/2020 | 10.48 | 0.24 | 0.47 | 0.71 | (0.28) |  | (0.28) |
| 11/30/2019 | 9.86 | 0.29 | 0.65 | 0.94 | (0.32) |  | (0.32) |
| 11/30/2018 | 10.36 | 0.29 | (0.46) | (0.17) | (0.33) |  | (0.33) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.54 | 0.28 | (1.68) | (1.40) | (0.31) | (0.06) | (0.37) |
| 11/30/2021 | 10.91 | 0.22 | (0.11) | 0.11 | (0.25) | (0.23) | (0.48) |
| 11/30/2020 | 10.49 | 0.27 | 0.45 | 0.72 | (0.30) |  | (0.30) |
| 11/30/2019 | 9.87 | 0.31 | 0.65 | 0.96 | (0.34) |  | (0.34) |
| 11/30/2018 | 10.36 | 0.31 | (0.44) | (0.13) | (0.36) |  | (0.36) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.56 | 0.28 | (1.69) | (1.41) | (0.31) | (0.06) | (0.37) |
| 11/30/2021 | 10.93 | 0.22 | (0.12) | 0.10 | (0.24) | (0.23) | (0.47) |
| 11/30/2020 | 10.50 | 0.26 | 0.46 | 0.72 | (0.29) |  | (0.29) |
| 11/30/2019 | 9.88 | 0.30 | 0.65 | 0.95 | (0.33) |  | (0.33) |
| 11/30/2018 | 10.38 | 0.30 | (0.45) | (0.15) | (0.35) |  | (0.35) |
| **Class P** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.59 | 0.22 | (1.68) | (1.46) | (0.26) | (0.06) | (0.32) |
| 11/30/2021 | 10.96 | 0.16 | (0.11) | 0.05 | (0.19) | (0.23) | (0.42) |
| 11/30/2020 | 10.53 | 0.21 | 0.46 | 0.67 | (0.24) |  | (0.24) |
| 11/30/2019 | 9.91 | 0.25 | 0.65 | 0.90 | (0.28) |  | (0.28) |
| 11/30/2018 | 10.41 | 0.25 | (0.45) | (0.20) | (0.30) |  | (0.30) |

---

444 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $8.76 | (13.78) | 0.65 | 0.65 | 2.60 | $973820 | 461 |
| 10.54 | 0.68 | 0.64 | 0.64 | 1.79 | 1300031 | 393 |
| 10.91 | 6.63 | 0.66 | 0.66 | 2.19 | 1416776 | 538 |
| 10.49 | 9.62 | 0.68 | 0.68 | 2.68 | 1275715 | 736 |
| 9.86 | (1.71) | 0.68 | 0.72 | 2.74 | 1150292 | 643 |
| 8.76 | (14.32) | 1.27 | 1.27 | 1.95 | 34393 | 461 |
| 10.53 | 0.04 | 1.28 | 1.28 | 1.16 | 59759 | 393 |
| 10.90 | 5.98 | 1.29 | 1.29 | 1.59 | 85200 | 538 |
| 10.48 | 8.95 | 1.30 | 1.30 | 2.08 | 118447 | 736 |
| 9.85 | (2.32) | 1.30 | 1.35 | 2.10 | 123735 | 643 |
| 8.76 | (13.69) | 0.55 | 0.55 | 2.45 | 234058 | 461 |
| 10.54 | 0.78 | 0.54 | 0.54 | 1.88 | 1059760 | 393 |
| 10.91 | 6.84 | 0.56 | 0.56 | 2.29 | 1013091 | 538 |
| 10.48 | 9.62 | 0.58 | 0.58 | 2.78 | 960498 | 736 |
| 9.86 | (1.61) | 0.58 | 0.62 | 2.83 | 822274 | 643 |
| 8.77 | (13.42) | 0.35 | 0.35 | 2.91 | 707783 | 461 |
| 10.54 | 0.97 | 0.35 | 0.35 | 2.07 | 881986 | 393 |
| 10.91 | 6.95 | 0.36 | 0.36 | 2.49 | 774625 | 538 |
| 10.49 | 9.83 | 0.38 | 0.38 | 2.98 | 664783 | 736 |
| 9.87 | (1.31) | 0.37 | 0.40 | 3.05 | 632109 | 643 |
| 8.78 | (13.53) | 0.41 | 0.45 | 3.06 | 762733 | 461 |
| 10.56 | 0.92 | 0.40 | 0.44 | 2.02 | 433258 | 393 |
| 10.93 | 6.98 | 0.43 | 0.47 | 2.44 | 414220 | 538 |
| 10.50 | 9.76 | 0.44 | 0.48 | 2.93 | 405218 | 736 |
| 9.88 | (1.48) | 0.45 | 0.52 | 2.97 | 376595 | 643 |
| 8.81 | (14.01) | 0.90 | 0.90 | 2.33 | 515 | 461 |
| 10.59 | 0.43 | 0.89 | 0.89 | 1.53 | 710 | 393 |
| 10.96 | 6.45 | 0.91 | 0.91 | 1.94 | 659 | 538 |
| 10.53 | 9.21 | 0.93 | 0.93 | 2.45 | 528 | 736 |
| 9.91 | (1.93) | 0.93 | 0.97 | 2.49 | 555 | 643 |

---

*See Notes to Financial Statements.* 445

**Financial Highlights (continued)**

TOTAL RETURN FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R2** |  |  |  |  |  |  |  |
| 11/30/2022 | $10.54 | $0.21 | $(1.68) | $(1.47) | $(0.25) | $(0.06) | $(0.31) |
| 11/30/2021 | 10.90 | 0.15 | (0.11) | 0.04 | (0.17) | (0.23) | (0.40) |
| 11/30/2020 | 10.48 | 0.19 | 0.45 | 0.64 | (0.22) |  | (0.22) |
| 11/30/2019 | 9.86 | 0.24 | 0.65 | 0.89 | (0.27) |  | (0.27) |
| 11/30/2018 | 10.36 | 0.23 | (0.45) | (0.22) | (0.28) |  | (0.28) |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.54 | 0.22 | (1.68) | (1.46) | (0.26) | (0.06) | (0.32) |
| 11/30/2021 | 10.90 | 0.16 | (0.11) | 0.05 | (0.18) | (0.23) | (0.41) |
| 11/30/2020 | 10.48 | 0.20 | 0.45 | 0.65 | (0.23) |  | (0.23) |
| 11/30/2019 | 9.86 | 0.25 | 0.65 | 0.90 | (0.28) |  | (0.28) |
| 11/30/2018 | 10.36 | 0.24 | (0.45) | (0.21) | (0.29) |  | (0.29) |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.54 | 0.24 | (1.68) | (1.44) | (0.28) | (0.06) | (0.34) |
| 11/30/2021 | 10.91 | 0.18 | (0.11) | 0.07 | (0.21) | (0.23) | (0.44) |
| 11/30/2020 | 10.49 | 0.23 | 0.45 | 0.68 | (0.26) |  | (0.26) |
| 11/30/2019 | 9.86 | 0.27 | 0.66 | 0.93 | (0.30) |  | (0.30) |
| 11/30/2018 | 10.36 | 0.27 | (0.45) | (0.18) | (0.32) |  | (0.32) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.54 | 0.26 | (1.68) | (1.42) | (0.30) | (0.06) | (0.36) |
| 11/30/2021 | 10.91 | 0.21 | (0.11) | 0.10 | (0.24) | (0.23) | (0.47) |
| 11/30/2020 | 10.49 | 0.26 | 0.45 | 0.71 | (0.29) |  | (0.29) |
| 11/30/2019 | 9.86 | 0.30 | 0.66 | 0.96 | (0.33) |  | (0.33) |
| 11/30/2018 | 10.36 | 0.30 | (0.46) | (0.16) | (0.34) |  | (0.34) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2022 | 10.55 | 0.28 | (1.69) | (1.41) | (0.31) | (0.06) | (0.37) |
| 11/30/2021 | 10.92 | 0.22 | (0.11) | 0.11 | (0.25) | (0.23) | (0.48) |
| 11/30/2020 | 10.49 | 0.27 | 0.46 | 0.73 | (0.30) |  | (0.30) |
| 11/30/2019 | 9.87 | 0.31 | 0.65 | 0.96 | (0.34) |  | (0.34) |
| 11/30/2018 | 10.37 | 0.31 | (0.45) | (0.14) | (0.36) |  | (0.36) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<br> 446 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $8.76 | (14.12) | 1.05 | 1.05 | 2.18 | $1199 | 461 |
| 10.54 | 0.37 | 1.04 | 1.04 | 1.39 | 1768 | 393 |
| 10.90 | 6.21 | 1.06 | 1.06 | 1.81 | 2579 | 538 |
| 10.48 | 9.08 | 1.08 | 1.08 | 2.31 | 3501 | 736 |
| 9.86 | (2.10) | 1.08 | 1.13 | 2.31 | 4898 | 643 |
| 8.76 | (14.03) | 0.95 | 0.95 | 2.30 | 27760 | 461 |
| 10.54 | 0.47 | 0.95 | 0.95 | 1.50 | 37846 | 393 |
| 10.90 | 6.32 | 0.96 | 0.96 | 1.90 | 85403 | 538 |
| 10.48 | 9.19 | 0.98 | 0.98 | 2.40 | 93652 | 736 |
| 9.86 | (2.00) | 0.98 | 1.02 | 2.43 | 107380 | 643 |
| 8.76 | (13.82) | 0.70 | 0.70 | 2.54 | 30002 | 461 |
| 10.54 | 0.63 | 0.69 | 0.69 | 1.74 | 44058 | 393 |
| 10.91 | 6.58 | 0.71 | 0.71 | 2.16 | 58811 | 538 |
| 10.49 | 9.56 | 0.73 | 0.73 | 2.64 | 66840 | 736 |
| 9.86 | (1.76) | 0.73 | 0.77 | 2.70 | 63160 | 643 |
| 8.76 | (13.61) | 0.45 | 0.45 | 2.74 | 22290 | 461 |
| 10.54 | 0.88 | 0.44 | 0.44 | 1.99 | 78822 | 393 |
| 10.91 | 6.85 | 0.46 | 0.46 | 2.40 | 110056 | 538 |
| 10.49 | 9.84 | 0.49 | 0.49 | 2.88 | 127807 | 736 |
| 9.86 | (1.51) | 0.48 | 0.52 | 2.94 | 85701 | 643 |
| 8.77 | (13.50) | 0.35 | 0.35 | 2.90 | 183807 | 461 |
| 10.55 | 0.97 | 0.35 | 0.35 | 2.08 | 252862 | 393 |
| 10.92 | 7.05 | 0.36 | 0.36 | 2.51 | 295096 | 538 |
| 10.49 | 9.84 | 0.38 | 0.38 | 2.97 | 364578 | 736 |
| 9.87 | (1.40) | 0.37 | 0.40 | 3.07 | 220216 | 643 |

---

*See Notes to Financial Statements.* 447

**Financial Highlights (continued)**

ULTRA SHORT BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **investment** <br> **income**<sup>(a)</sup> | **Net<br> realized and <br> unrealized<br> gain (loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 11/30/2022 | $10.00 | $0.12 | $(0.18) | $(0.06) | $(0.14) | $9.80 |
| 11/30/2021 | 10.04 | 0.03 | (0.03) | – <sup>(c)</sup> | (0.04) | 10.00 |
| 11/30/2020 | 10.03 | 0.11 | 0.01 <sup>(d)</sup> | 0.12 | (0.11) | 10.04 |
| 11/30/2019 | 10.00 | 0.24 | 0.03 | 0.27 | (0.24) | 10.03 |
| 11/30/2018 | 10.01 | 0.21 | (0.02) | 0.19 | (0.20) | 10.00 |
| **Class A1** |  |  |  |  |  |  |
| 11/30/2022 | 10.00 | 0.09 | (0.16) | (0.07) | (0.13) | 9.80 |
| 11/30/2021 | 10.04 | 0.02 | (0.03) | (0.01) | (0.03) | 10.00 |
| 11/30/2020 | 10.03 | 0.07 | 0.04 <sup>(d)</sup> | 0.11 | (0.10) | 10.04 |
| 7/31/2019 to 11/30/2019<sup>(e)</sup> | 10.02 | 0.05 | 0.03 | 0.08 | (0.07) | 10.03 |
| **Class F** |  |  |  |  |  |  |
| 11/30/2022 | 10.00 | 0.10 | (0.16) | (0.06) | (0.14) | 9.80 |
| 11/30/2021 | 10.04 | 0.04 | (0.04) | – <sup>(c)</sup> | (0.04) | 10.00 |
| 11/30/2020 | 10.03 | 0.11 | 0.02 <sup>(d)</sup> | 0.13 | (0.12) | 10.04 |
| 11/30/2019 | 10.00 | 0.25 | 0.03 | 0.28 | (0.25) | 10.03 |
| 11/30/2018 | 10.01 | 0.22 | (0.02) | 0.20 | (0.21) | 10.00 |
| **Class F3** |  |  |  |  |  |  |
| 11/30/2022 | 10.00 | 0.15 | (0.19) | (0.04) | (0.16) | 9.80 |
| 11/30/2021 | 10.04 | 0.05 | (0.03) | 0.02 | (0.06) | 10.00 |
| 11/30/2020 | 10.03 | 0.11 | 0.03 <sup>(d)</sup> | 0.14 | (0.13) | 10.04 |
| 11/30/2019 | 10.00 | 0.26 | 0.03 | 0.29 | (0.26) | 10.03 |
| 11/30/2018 | 10.01 | 0.23 | (0.02) | 0.21 | (0.22) | 10.00 |
| **Class I** |  |  |  |  |  |  |
| 11/30/2022 | 10.00 | 0.18 | (0.23) | (0.05) | (0.15) | 9.80 |
| 11/30/2021 | 10.04 | 0.05 | (0.04) | 0.01 | (0.05) | 10.00 |
| 11/30/2020 | 10.03 | 0.13 | 0.01 <sup>(d)</sup> | 0.14 | (0.13) | 10.04 |
| 11/30/2019 | 9.99 | 0.26 | 0.04 | 0.30 | (0.26) | 10.03 |
| 11/30/2018 | 10.01 | 0.23 | (0.03) | 0.20 | (0.22) | 9.99 |
| **Class R5** |  |  |  |  |  |  |
| 11/30/2022 | 10.00 | 0.10 | (0.15) | (0.05) | (0.15) | 9.80 |
| 11/30/2021 | 10.04 | 0.05 | (0.04) | 0.01 | (0.05) | 10.00 |
| 11/30/2020 | 10.03 | 0.13 | 0.01 <sup>(d)</sup> | 0.14 | (0.13) | 10.04 |
| 11/30/2019 | 10.00 | 0.26 | 0.03 | 0.29 | (0.26) | 10.03 |
| 11/30/2018 | 10.01 | 0.23 | (0.02) | 0.21 | (0.22) | 10.00 |

---

448 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (0.62) | 0.43 | 0.44 | 1.18 | $5193143 | 48 |
| (0.03) | 0.43 | 0.43 | 0.34 | 10038159 | 72 |
| 1.25 | 0.42 | 0.45 | 1.14 | 12300460 | 93 |
| 2.87 | 0.41 | 0.48 | 2.39 | 11938003 | 46 |
| 1.84 | 0.40 | 0.49 | 2.11 | 6688131 | 23 |
| (0.72) | 0.54 | 0.54 | 0.95 | 3869 | 48 |
| (0.13) | 0.53 | 0.53 | 0.24 | 13240 | 72 |
| 1.15 | 0.52 | 0.54 | 0.74 | 19403 | 93 |
| 0.79 <sup>(f)</sup> | 0.48 <sup>(g)</sup> | 0.55 <sup>(g)</sup> | 1.56 <sup>(g)</sup> | 2860 | 46 |
| (0.57) | 0.39 | 0.39 | 1.03 | 1280935 | 48 |
| 0.02 | 0.38 | 0.38 | 0.38 | 5349686 | 72 |
| 1.30 | 0.37 | 0.40 | 1.15 | 7109132 | 93 |
| 2.82 | 0.36 | 0.43 | 2.47 | 6539665 | 46 |
| 1.98 | 0.35 | 0.44 | 2.18 | 4603442 | 23 |
| (0.43) | 0.24 | 0.24 | 1.52 | 759273 | 48 |
| 0.16 | 0.24 | 0.24 | 0.53 | 519235 | 72 |
| 1.45 | 0.25 | 0.26 | 1.13 | 804537 | 93 |
| 2.97 | 0.22 | 0.29 | 2.62 | 282582 | 46 |
| 2.13 | 0.22 | 0.30 | 2.27 | 271727 | 23 |
| (0.47) | 0.28 | 0.28 | 1.80 | 3872022 | 48 |
| 0.12 | 0.28 | 0.28 | 0.49 | 1285378 | 72 |
| 1.40 | 0.27 | 0.30 | 1.35 | 1258215 | 93 |
| 3.03 | 0.26 | 0.33 | 2.56 | 1803798 | 46 |
| 1.99 | 0.25 | 0.35 | 2.32 | 1291802 | 23 |
| (0.47) | 0.28 | 0.29 | 1.05 | 131 | 48 |
| 0.12 | 0.28 | 0.28 | 0.49 | 592 | 72 |
| 1.41 | 0.27 | 0.30 | 1.31 | 784 | 93 |
| 2.94 | 0.26 | 0.33 | 2.63 | 1369 | 46 |
| 2.11 | 0.25 | 0.35 | 2.29 | 1716 | 23 |

---

*See Notes to Financial Statements.* 449

**Financial Highlights (concluded)**

ULTRA SHORT BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **investment** <br> **income**<sup>(a)</sup> | **Net<br> realized and <br> unrealized<br> gain (loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class R6** |  |  |  |  |  |  |
| 11/30/2022 | $10.00 | $0.15 | $(0.19) | $(0.04) | $(0.16) | $9.80 |
| 11/30/2021 | 10.04 | 0.05 | (0.03) | 0.02 | (0.06) | 10.00 |
| 11/30/2020 | 10.03 | 0.12 | 0.02 <sup>(d)</sup> | 0.14 | (0.13) | 10.04 |
| 11/30/2019 | 10.00 | 0.26 | 0.03 | 0.29 | (0.26) | 10.03 |
| 11/30/2018 | 10.01 | 0.24 | (0.03) | 0.21 | (0.22) | 10.00 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and A1 does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Amount less than $0.01.

<sup>(d)</sup> Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the year ended November 30, 2020, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

<sup>(e)</sup> Commenced on July 31, 2019.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Annualized.

<br> 450 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (0.43) | 0.24 | 0.24 | 1.52 | $68773 | 48 |
| 0.16 | 0.24 | 0.24 | 0.54 | 86964 | 72 |
| 1.45 | 0.25 | 0.26 | 1.17 | 65008 | 93 |
| 2.96 | 0.22 | 0.29 | 2.55 | 11572 | 46 |
| 2.13 | 0.23 | 0.30 | 2.35 | 7075 | 23 |

---

*See Notes to Financial Statements.* 451

**Notes to Financial Statements**

**1.** **ORGANIZATION** 

Lord Abbett Investment Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company and was organized as a Delaware statutory trust on August 16, 1993.

The Trust currently consists of fourteen funds as of November 30, 2022. This report covers the following twelve funds (separately, a "Fund" and collectively, the "Funds") and their respective active share classes at November 30, 2022:

---

| | |
|:---|:---|
| **Funds** | **Classes** |
| Lord Abbett Convertible Fund ("Convertible Fund") | A, C, F, F3, I, P, R2, R3, R4, R5, and R6 |
| Lord Abbett Core Fixed Income Fund ("Core Fixed Income Fund") | A, C, F, F3 I, R2, R3, R4, R5, and R6 |
| Lord Abbett Core Plus Bond Fund ("Core Plus Bond Fund") | A, C, F, F3, I, R3, R4, R5, and R6 |
| Lord Abbett Corporate Bond Fund ("Corporate Bond Fund") | A, C, F, F3, I, R2, R3, R4, R5, and R6 |
| Lord Abbett Floating Rate Fund ("Floating Rate Fund") | A, C, F, F3, I, R2, R3, R4, R5, and R6 |
| Lord Abbett High Yield Fund ("High Yield Fund") | A, C, F, F3, I, P, R2, R3, R4, R5, and R6 |
| Lord Abbett Income Fund ("Income Fund") | A, C, F, F3, I, R2, R3, R4, R5, and R6 |
| Lord Abbett Inflation Focused Fund ("Inflation Focused Fund") | A, C, F, F3, I, R2, R3, R4, R5, and R6 |
| Lord Abbett Short Duration Core Bond Fund ("Short Duration Core Bond Fund") | A, C, F, F3, I, R3, R4, R5, and R6 |
| Lord Abbett Short Duration Income Fund ("Short Duration Income Fund") | A, C, F, F3, I, R2, R3, R4, R5, and R6 |
| Lord Abbett Total Return Fund ("Total Return Fund") | A, C, F, F3, I, P, R2, R3, R4, R5, and R6 |
| Lord Abbett Ultra Short Bond Fund ("Ultra Short Bond Fund") | A, A1, F, F3, I, R5, and R6 |

---

The Funds' Class P shares are closed to substantially all new investors, with certain exceptions as set forth in the Funds' prospectus.

Convertible Fund's investment objective is to seek current income and the opportunity for capital appreciation to produce a high total return. Corporate Bond Fund's investment objective is to seek current income. Each of Core Fixed Income Fund's, Core Plus Bond Fund's and Total Return Fund's investment objective is to seek income and capital appreciation to produce a high total return. Floating Rate Fund's investment objective is to seek a high level of current income. High Yield Fund's investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return. Each of Income Fund's and Short Duration Income Fund's investment objective is to seek a high level of income consistent with preservation of capital. Inflation Focused Fund's primary investment objective is to provide investment returns that exceed the rate of inflation in the U.S. economy over a full economic cycle. As a secondary objective, the Fund seeks current income. Each of Short Duration Core Bond Fund's and Ultra Short Bond Fund's investment objective is to seek current income consistent with the preservation of capital.

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value ("NAV") for Class A and A1 shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge ("CDSC") in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund's prospectus); Class A1 shares purchased

**Notes to Financial Statements (continued)**

without a sales charge and redeemed before the first day of the month in which the eighteenth month anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund's prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Funds or financial intermediary through which a shareholder purchased Class C shares have records verifying that the C shares have been held at least eight years.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. These Funds are considered investment companies under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

---

| | |
|:---|:---|
| (a) | **Investment Valuation** **–**Under procedures approved by the Funds' Board of Trustees (the "Board"), the Board has designated the determination of fair value of the Funds' portfolio investments to Lord, Abbett & Co. LLC ("Lord Abbett"), as valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
|  | Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Board has approved the use of an independent fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services' own electronic data processing techniques. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
|  | Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available. |
|  | Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |
|  | Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. |
| (b) | **Security Transactions** **–**Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (c) | **Investment Income** **–**Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, on the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (d) | **Income Taxes** **–**It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's filed U.S. federal tax returns remains open for the fiscal years ended November 30, 2019 through November 30, 2022. The statutes of limitations on the Trust's state and local tax returns may remain open for an additional year depending upon each Fund's jurisdiction. |
| (e) | **Expenses** **–**Expenses incurred by the Trust that do not specifically relate to an individual fund are generally allocated to the Funds within the Trust on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 and R6 bear only their class-specific shareholder servicing expenses. Class A, A1, C, F, P, R2, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Funds' 12b-1 Distribution Plan. |

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**Notes to Financial Statements (continued)**

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| | |
|:---|:---|
| (f) | **Foreign Transactions** **–**The books and records of each Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in each Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies on each Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain (loss) on foreign currency related transactions on each Fund's Statement of Operations. The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | Each Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (g) | **Forward Foreign Currency Exchange Contracts** **–**Each Fund may enter into forward foreign currency exchange contracts in order to reduce exposure to changes in foreign currency exchange rates on foreign portfolio holdings, or gain or reduce exposure to foreign currency solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts in each Fund's Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the forward foreign currency in U.S. dollars upon closing of such contracts is included, if applicable, in Net realized gain (loss) on forward foreign currency exchange contracts in each Fund's Statement of Operations. |
| (h) | **Futures Contracts** **–**Each Fund may purchase and sell futures contracts to manage cash, to adjust exposure to the direction of interest rates or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called "initial margin." Subsequent payments made or received by the Fund called "variation margin" are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract. |
| (i) | **Repurchase Agreements** **–**Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when |

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**Notes to Financial Statements (continued)**

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| | |
|:---|:---|
|  | the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities. |
| (j) | **When-Issued, Forward Transactions or To-Be-Announced ("TBA") Transactions** **–**Each Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by a Fund to purchase securities, with payment and delivery ("settlement") to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at each Fund's custodian in order to pay for the commitment. At the time each Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. Each Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date. |
| (k) | **TBA Sale Commitments** **–**Each Fund may enter into TBA sale commitments to hedge its positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as "cover" for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Investment Valuation" above. The contract is adjusted to market value daily and the change in market value is recorded by each Fund as unrealized appreciation (depreciation). If the TBA sale (purchase) commitment is closed through the acquisition of an offsetting purchase (sale) commitment, each Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the commitment was entered into. |
| (l) | **Mortgage Dollar Rolls** **–**Each Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, each Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold. |
| (m) | **Commercial Paper** **–**Each Fund may purchase commercial paper. Commercial paper consists of unsecured promissory notes issued by corporations to finance short-term credit needs. Commercial paper is issued in bearer form with maturities generally not exceeding nine months. Commercial paper obligations may include variable amount master demand notes. |
| (n) | **Reverse Repurchase Agreements** **–**Each Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells a security to a securities dealer or bank for cash and also agrees to repurchase the same security later at a set price. Reverse repurchase agreements expose the Fund to credit risk (that is, the risk that the counterparty will fail to |

---

**Notes to Financial Statements (continued)**

---

| |
|:---|
| resell the security to the Fund). Engaging in reverse repurchase agreements also may involve the use of leverage, in that a Fund may reinvest the cash it receives in additional securities. Reverse repurchase agreements involve the risk that the market value of the securities to be repurchased by the Fund may decline below the repurchase price. |
| For the fiscal year ended November 30, 2022, the average interest rate, the amount of interest received and the average principal amount for the days borrowed in the period were as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Interest<br> Rate** | **Interest<br> Income** | **Average<br> Amount Borrowed** |
| Core Plus Bond Fund | (10)% | $188 | $5250 |
| Income Fund | (10)% | 2038 | 56875 |
| Inflation Focused Fund | (10)% | 1630 | 45500 |
| Short Duration Income Fund | (10)% | 62783 | 2124173 |
| Total Return Fund | (10)% | 2791 | 77875 |

---

---

| | |
|:---|:---|
| (o) | **Floating Rate Loans** **–**Each Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the "Borrower") in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. Each Fund records an investment when the Borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or London InterBank Offered Rate ("LIBOR"). |
|  | The loans in which each Fund invests may be subject to some restrictions on resale. For example, each Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. Each Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, each Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between each Fund and the Borrower ("Intermediate Participants"). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. |
|  | Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statements of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments, if any, on the Statements of Assets and Liabilities represents mark to market of the unfunded portion of each Fund's floating rate notes. |

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**Notes to Financial Statements (continued)**

As of November 30, 2022 the following Funds had unfunded loan commitments:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Floating Rate Fund** | | | | |
| **Borrower** | **Principal<br> Amount** | **Market<br> Value** | **Cost** | **Unrealized<br> Appreciation/<br> Depreciation** |
| AI Aqua Merger Sub, Inc. 2022 Delayed Draw Term Loan | $2540124 | $2417347 | $2540124 | $(122777) |
| Athenahealth, Inc. 2022 Delayed Draw Term Loan | 4135230 | 3786837 | 4135230 | (348393) |
| Dermatology Intermediate Holdings III, Inc. 2022 Delayed Draw Term Loan | 583984 | 571942 | 583984 | (12042) |
| Element Materials Technology Group US Holdings Inc. 2022 USD Delayed Draw Term Loan | 7411760 | 7288243 | 7363151 | (74908) |
| Refficiency Holdings LLC 2021 Delayed Draw Term Loan | 12282 | 11874 | 12282 | (408) |
| Total | $14683380 | $14076243 | $14634771 | $(558528) |

---

---

| | |
|:---|:---|
| (p) | **Inflation-Linked Derivatives** **–**Inflation Focused Fund may invest in inflation-linked derivatives, such as Consumer Price Index Swap Agreements ("CPI swaps"). A CPI swap is a contract in which one party agrees to pay a fixed rate in exchange for a variable rate, which is the rate of change in the CPI during the life of the contract. Payments are based on a notional amount of principal. The Fund will normally enter into CPI swap contracts on a zero coupon basis, meaning that the floating rate will be based on the cumulative CPI during the life of the contract, and the fixed rate will compound until the swap's maturity date, at which point the payments are netted. The swaps are valued daily and any unrealized gain (loss) is included in the Net change in unrealized appreciation/depreciation on swap contracts in the Fund's Statement of Operations. A liquidation payment received or made at the termination or maturity of the swap is recorded in realized gain (loss) and is included in Net realized gain (loss) on swap contracts in the Fund's Statement of Operations. Daily changes in valuation of centrally cleared CPI swaps, if any, are recorded as a receivable or payable for the change in value as appropriate ("variation margin") on the Statements of Assets and Liabilities. For the centrally cleared CPI swaps, there was minimal counterparty risk to the Fund, since such CPI swaps entered into were traded through a central clearinghouse, which guarantees against default. |
| (q) | **Credit Default Swaps** **–**Each Fund may enter into credit default swap contracts in order to hedge credit risk or for speculation purposes. As a seller of a credit default swap contract ("seller of protection"), a Fund is required to pay the notional amount or other agreed-upon value of a referenced debt obligation to the counterparty in the event of a default by or other credit event involving the referenced issuer, obligation or index. In return, a Fund receives from the counterparty a periodic stream of payments over the term of the contract. |
|  | As a purchaser of a credit default swap contract ("buyer of protection"), a Fund would receive the notional amount or other agreed upon value of a referenced debt obligation from the counterparty in the event of default by or other credit event involving the referenced issuer, obligation or index. In return, a Fund makes periodic payments to the counterparty over the term of the contracts, provided no event of default has occurred. |

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**Notes to Financial Statements (continued)**

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| | |
|:---|:---|
|  | These credit default swaps may have as a reference obligation corporate or sovereign issuers or credit indexes. These credit indexes are comprised of a basket of securities representing a particular sector of the market. |
|  | Credit default swaps are fair valued based upon quotations from counterparties, brokers or market-makers and the change in value, if any, is recorded as unrealized appreciation or depreciation. For a credit default swap sold by a Fund, payment of the agreed-upon amount made by a Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation purchased/received. For a credit default swap purchased by a Fund, the agreed-upon amount received by a Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by a Fund. |
|  | Any upfront payments made or received upon entering a credit default swap contract would be amortized or accreted over the life of the swap and recorded as realized gains or losses. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the swap agreement. The value and credit rating of each credit default swap where a Fund is the seller of protection, are both measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities. |
|  | Entering into credit default swaps involves credit and market risk. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates, and that Lord Abbett does not correctly predict the creditworthiness of the issuers of the reference obligation on which the credit default swap is based. For the centrally cleared credit default swaps, there was minimal counterparty risk to the Fund, since such credit default swaps entered into were traded through a central clearinghouse, which guarantees against default. |
| (r) | **Interest Rate Swaps** **–**Each Fund may enter into interest rate swap agreements. Pursuant to interest rate swap agreements, a Fund either makes floating-rate payments to the counterparty (or Central counterparty clearing house ("CCP") in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or a Fund makes fixed-rate payments to the counterparty or CCP in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined |

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**Notes to Financial Statements (continued)**

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| | |
|:---|:---|
|  | by changes in the relationship between two rates of interest. A Fund is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates. |
| (s) | **Total Return Swaps** **–**Each Fund may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market. Each Fund may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap. If the value of the asset underlying a total return swap declines over the term of the swap, each Fund also may be required to pay an amount equal to that decline in value to their counterparty. |
| (t) | **Fair Value Measurements** **–**Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk – for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below: |

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&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted
 prices in active markets for identical investments;

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

• Level 3 – significant unobservable inputs
 (including each Fund's own assumptions in determining the fair value of investments).

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| |
|:---|
| A summary of inputs used in valuing each Fund's investments and other financial instruments as of November 30, 2022 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in each Fund's Schedule of Investments. |
| Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |

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**3.** **MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Management Fee**

The Trust has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides each Fund with investment management services and executive and other personnel, provides

**Notes to Financial Statements (continued)**

office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund's investment portfolio. The management fee is accrued daily and payable monthly.

The management fee is based on each Fund's average daily net assets at the following annual rates:

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| | | | |
|:---|:---|:---|:---|
| **Convertible Fund** |  | **Income Fund** |  |
| First $1 billion | .70% | First $3 billion | .38% |
| Next $1 billion | .60% | Next $7 billion | .35% |
| Over $2 billion | .57% | Over $10 billion | .34% |
| **Core Fixed Income Fund** |  | **Inflation Focused Fund** |  |
| First $1 billion | .24% | First $2 billion | .30% |
| Next $1 billion | .21% | Next $3 billion | .28% |
| Over $2 billion | .20% | Over $5 billion | .26% |
| **Core Plus Bond Fund** |  | **Short Duration Core Bond Fund** |  |
| First $4 billion | .28% | First $1 billion | .30% |
| Next $11 billion | .26% | Next $1 billion | .25% |
| Over $15 billion | .25% | Over $2 billion | .20% |
| **Corporate Bond Fund** |  | **Short Duration Income Fund** |  |
| First $2 billion | .40% | First $1 billion | .35% |
| Over $2 billion | .35% | Next $1 billion | .30% |
|  |  | Over $2 billion | .25% |
| **Floating Rate Fund** |  |  |  |
| First $1 billion | .50% | **Total Return Fund** |  |
| Over $1 billion | .45% | First $4 billion | .28% |
|  |  | Next $11 billion | .26% |
| **High Yield Fund** |  | Over $15 billion | .25% |
| First $1 billion | .60% |  |  |
| Next $1 billion | .55% | **Ultra Short Bond Fund** | .17% |
| Over $2 billion | .50% |  |  |

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For the fiscal year ended November 30, 2022, the effective management fee, net of any applicable waivers, was based on each Fund's average daily net assets at the following annualized rates:

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| | |
|:---|:---|
| | **Net Effective**<br> **Management Fee** |
| Convertible Fund | .69% |
| Core Fixed Income Fund | .23% |
| Core Plus Bond Fund | .28% |
| Corporate Bond Fund | .00% |
| Floating Rate Fund | .46% |
| High Yield Fund | .53% |
| Income Fund | .38% |
| Inflation Focused Fund | .29% |
| Short Duration Core Bond Fund | .12% |
| Short Duration Income Fund | .25% |
| Total Return Fund | .28% |
| Ultra Short Bond Fund | .17% |

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In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund's

**Notes to Financial Statements (continued)**

average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived the following fund administration fees during the fiscal year ended November 30, 2022:

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| | |
|:---|:---|
| **Fund** | **Fund**<br> **Administration Fee** |
| Convertible Fund | $63898 |
| Core Fixed Income Fund | 31672 |
| Core Plus Bond Fund | 5925 |
| Corporate Bond Fund | 5187 |
| Floating Rate Fund | 72295 |
| High Yield Fund | 182172 |
| Income Fund | 40681 |
| Inflation Focused Fund | 99348 |
| Short Duration Core Bond Fund | 12669 |
| Short Duration Income Fund | 582708 |
| Total Return Fund | 77811 |
| Ultra Short Bond Fund | 172171 |

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For the fiscal year ended November 30, 2022 and continuing through March 31, 2023, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses for each class, excluding certain of the Funds' expenses, to the following annual rates:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Effective April 1, 2022** | **Effective April 1, 2022** | **Prior to April 1, 2022** | **Prior to April 1, 2022** |
|  | **Classes** | **Classes** | **Classes** | **Classes** |
| **Fund** | **A,C,F,I,R2,R3,<br> R4 and R5** | **F3 and R6** | **A,C,F,I,R2,R3,<br> R4 and R5** | **F3 and R6** |
| Core Plus Bond Fund | .48% | .39% | .48% | .38% |
| Corporate Bond Fund | .48% | .44% | .48% | .44% |
| Short Duration Core Bond Fund | .40% | .33% | .40% | .34% |

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For the fiscal year ended November 30, 2022 and continuing through March 31, 2023, Lord Abbett has contractually agreed to waive Core Fixed Income Fund's and Total Return Fund's Class I shareholder servicing expenses at an annual rate of .04% of each Fund's average daily net assets.

All contractual management fee waivers and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only on approval of the Board.

**12b-1 Distribution Plan**

Each Fund has adopted a distribution plan with respect to Class A, A1, C, F, P, R2, R3 and R4 shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the "Distributor"), an affiliate of Lord Abbett. The distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fees\*** | **Class A** | **Class A1** | **Class C**<sup>(1)</sup> | **Class F**<sup>(2)</sup> | **Class P** | **Class R2** | **Class R3** | **Class R4** |
| Service | .15% | .25%<sup>(4)</sup> | .25% |  | .25% | .25% | .25% | 25% |
| Distribution | .05%<sup>(3)</sup> |  | .75% | .10% | .20% | .35% | .25% |  |

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\* The Funds may designate a portion of the aggregate fees attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations.

**Notes to Financial Statements (continued)**

<sup>(1)</sup> The 12b-1 fee each Fund pays on Class C shares is a blended rate based on 1.00% of each Fund's average daily net assets attributable to Class C shares held for less than one year and .80% (.25% service, .55% distribution) of each Fund's average daily net assets attributable to Class C shares for one year or more. All Class C shareholders of a Fund will bear 12b-1 fees at the same rate.

<sup>(2)</sup> The Class F share Rule 12b-1 fees may be designated as a service fee in limited circumstances as described in the Funds' prospectus.

<sup>(3)</sup> Distribution fees not applicable to Ultra Short Bond Fund.

<sup>(4)</sup> Class A1 is only for Ultra Short Bond Fund.

Class F3, Class I, Class R5 and Class R6 shares do not have a distribution plan.

**Commissions**

Distributor received the following commissions on sales of shares of the Funds , after concessions were paid to authorized dealers, for the fiscal year ended November 30, 2022:

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| | | |
|:---|:---|:---|
| | **Distributor<br> Commissions** | **Dealers'<br> Concessions** |
| Convertible Fund | $10320 | $58574 |
| Core Fixed Income Fund | 27861 | 149728 |
| Core Plus Bond Fund | 10770 | 57044 |
| Corporate Bond Fund | 199 | 1369 |
| Floating Rate Fund | 130401 | 712421 |
| High Yield Fund | 33486 | 192471 |
| Income Fund | 68573 | 401870 |
| Inflation Focused Fund | 75667 | 423089 |
| Short Duration Core Bond Fund | 5408 | 29043 |
| Short Duration Income Fund | 329295 | 1992711 |
| Total Return Fund | 44620 | 256169 |
| Ultra Short Bond Fund |  | 995 |

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Distributor received the following amount of CDSCs for the fiscal year ended November 30, 2022:

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| | | |
|:---|:---|:---|
| | **Class A** | **Class C** |
| Convertible Fund | $12178 | $6311 |
| Core Fixed Income Fund | 9468 | 1115 |
| Core Plus Bond Fund | 15597 | 373 |
| Corporate Bond Fund |  | 28 |
| Floating Rate Fund | 288316 | 95494 |
| High Yield Fund | 37706 | 15134 |
| Income Fund | 32782 | 5313 |
| Inflation Focused Fund | 166936 | 54815 |
| Short Duration Core Bond Fund |  |  |
| Short Duration Income Fund | 1516179 | 528524 |
| Total Return Fund | 18713 |  |
| Ultra Short Bond Fund | 37118 |  |

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**Notes to Financial Statements (continued)**

**Other Related Parties**

As of November 30, 2022 the percentages of Convertible Fund's, Core Fixed Income Fund's, High Yield Fund's, Inflation Focused Fund's and Ultra Short Bond Fund's outstanding shares owned by each Fund that invests principally in affiliated mutual funds managed by Lord Abbett ("Fund of Funds") were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Underlying Funds** | **Underlying Funds** |
| **Fund of Funds** | **Convertible<br> Fund** | **Core<br> Fixed<br> Income<br> Fund** | **High<br> Yield<br> Fund** | **Inflation<br> Focused<br> Fund** | **Ultra<br> Short<br> Bond<br> Fund** |
| Lord Abbett Multi-Asset Balanced Opportunity Fund | 9.17% | 15.58% | 3.24% | 2.99% | 2.31% |
| Lord Abbett Multi-Asset Income Fund | 4.10% | 14.25% | 2.22% | 2.15% | 1.00% |

---

One Trustee and certain of the Trust's officers have an interest in Lord Abbett.

**4.** **DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS** 

Dividends from net investment income, if any, are declared daily and paid monthly for Core Fixed Income Fund, Core Plus Bond Fund, Corporate Bond Fund, Floating Rate Fund, High Yield Fund, Income Fund, Inflation Focused Fund, Short Duration Core Bond Fund, Short Duration Income Fund, Total Return Fund and Ultra Short Bond Fund and declared and paid quarterly for Convertible Fund. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the fiscal years ended November 30, 2022 and November 30, 2021 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Convertible Fund** | **Convertible Fund** | **Core Fixed Income Fund** | **Core Fixed Income Fund** |
| | **Year Ended<br> 11/30/2022** | **Year Ended<br> 11/30/2021** | **Year Ended<br> 11/30/2022** | **Year Ended<br> 11/30/2021** |
| Distributions paid from: |  |  |  |  |
| Ordinary income | $114268357 | $157702879 | $54463362 | $77783549 |
| Net long-term capital gains | 131835772 | 48441029 | 7484048 | 16060928 |
| &nbsp;&nbsp;&nbsp;Total distributions paid | $246104129 | $206143908 | $61947410 | $93844477 |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Corporate Bond Fund** | **Corporate Bond Fund** |
| | **Year Ended<br> 11/30/2022** | **Year Ended<br> 11/30/2021** | **Year Ended<br> 11/30/2022** | **Year Ended<br> 11/30/2021** |
| Distributions paid from: |  |  |  |  |
| Ordinary income | $16665257 | $10225689 | $250609 | $473612 |
| Net long-term capital gains | 84595 | 1436842 | 175812 | $61114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid | $16749852 | $11662531 | $426421 | $534726 |
|  | **Floating Rate Fund** | **Floating Rate Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Year Ended<br> 11/30/2022** | **Year Ended<br> 11/30/2021** | **Year Ended<br> 11/30/2022** | **Year Ended<br> 11/30/2021** |
| Distributions paid from: |  |  |  |  |
| Ordinary income | $351397149 | $240245181 | $326682368 | $390034976 |
| Tax return of capital | – | – | 11819896 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid | $351397149 | $240245181 | $338502264 | $390034976 |
|  | **Income Fund** | **Income Fund** | **Inflation Focused Fund** | **Inflation Focused Fund** |
|  | **Year Ended<br> 11/30/2022** | **Year Ended<br> 11/30/2021** | **Year Ended<br> 11/30/2022** | **Year Ended<br> 11/30/2021** |
| Distributions paid from: |  |  |  |  |
| Ordinary income | $109569895 | $93534127 | $112587665 | $44543417 |
| Net long-term capital gains | 50225909 | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid | $159795804 | $93534127 | $112587665 | $44543417 |
|  | **Short Duration Core Bond Fund** | **Short Duration Core Bond Fund** | **Short Duration Income Fund** | **Short Duration Income Fund** |
|  | **Year Ended<br> 11/30/2022** | **Year Ended<br> 11/30/2021** | **Year Ended<br> 11/30/2022** | **Year Ended<br> 11/30/2021** |
| Distributions paid from: |  |  |  |  |
| Ordinary income | $6615359 | $2964068 | $1734371253 | $1435370581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid | $6615359 | $2964068 | $1734371253 | $1435370581 |
|  | **Total Return Fund** | **Total Return Fund** | **Ultra Short Bond Fund** | **Ultra Short Bond Fund** |
|  | **Year Ended<br> 11/30/2022** | **Year Ended<br> 11/30/2021** | **Year Ended<br> 11/30/2022** | **Year Ended<br> 11/30/2021** |
| Distributions paid from: |  |  |  |  |
| Ordinary income | $108256354 | $128733647 | $191847829 | $76255172 |
| Net long-term capital gains | 24256431 | 49201525 | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid | $132512785 | $177935172 | $191847829 | $76255172 |

---

As of November 30, 2022, the components of accumulated gains (losses) on a tax-basis were as follows:

---

| | | |
|:---|:---|:---|
| | **Convertible<br> Fund** | **Core Fixed<br> Income Fund** |
| Undistributed ordinary income - net | $10035625 | $7530935 |
| Undistributed long-term capital gains | – | – |
| &nbsp;&nbsp;&nbsp;Total undistributed earnings | 10035625 | 7530935 |
| Capital loss carryforwards\* | (201385694) | (226822149) |
| Temporary differences | (125844) | (9020429) |
| Unrealized gains (losses) - net | (20045880) | (92689960) |
| &nbsp;&nbsp;&nbsp;Total accumulated gains (losses) | $(211521793) | $(321001603) |

---

**Notes to Financial Statements (continued)**

---

| | | |
|:---|:---|:---|
| | **Core Plus<br> Bond Fund** | **Corporate<br> Bond Fund** |
| Undistributed ordinary income - net | $2002154 | $26637 |
| Undistributed long-term capital gains | – | – |
| &nbsp;&nbsp;&nbsp;Total undistributed earnings | 2002154 | 26637 |
| Capital loss carryforwards\* | (49540218) | (653174) |
| Temporary differences | (2807386) | (25366) |
| Unrealized gains (losses) - net | (25377681) | (866199) |
| &nbsp;&nbsp;&nbsp;Total accumulated gains (losses) | $(75723131) | $(1518102) |
|  | **Floating**<br> **Rate Fund** | **High**<br> **Yield Fund** |
| Undistributed ordinary income - net | $– | $– |
| Undistributed long-term capital gains | – | – |
| &nbsp;&nbsp;&nbsp;Total undistributed earnings |  |  |
| Capital loss carryforwards\* | (1751021834) | (481236868) |
| Temporary differences | (37373669) | (24933455) |
| Unrealized gains (losses) - net | (246542482) | (452398702) |
| &nbsp;&nbsp;&nbsp;Total accumulated gains (losses) | $(2034937985) | $(958569025) |
|  | **Income Fund** | **Inflation**<br> **Focused Fund** |
| Undistributed ordinary income - net | $2195962 | $7936482 |
| Undistributed long-term capital gains | – | – |
| &nbsp;&nbsp;&nbsp;Total undistributed earnings | 2195962 | 7936482 |
| Capital loss carryforwards\* | (298180953) | (401850697) |
| Temporary differences | (12289146) | (8931114) |
| Unrealized gains (losses) - net | (243814288) | (53543218) |
| &nbsp;&nbsp;&nbsp;Total accumulated gains (losses) | $(552088425) | $(456388547) |
|  | **Short Duration**<br> **Core Bond Fund** | **Short Duration**<br> **Income Fund** |
| Undistributed ordinary income - net | $765501 | $129496948 |
| &nbsp;&nbsp;&nbsp;Total undistributed earnings | 765501 | 129496948 |
| Capital loss carryforwards\* | (10639393) | (4923003112) |
| Temporary differences | (771468) | (216236152) |
| Unrealized gains (losses) - net | (8695214) | (3879001843) |
| &nbsp;&nbsp;&nbsp;Total accumulated gains (losses) | $(19340574) | $(8888744159) |
|  | **Total Return**<br> **Fund** | **Ultra Short**<br> **Bond Fund** |
| Undistributed ordinary income - net | $4834538 | $30332250 |
| Undistributed long-term capital gains | – | – |
| &nbsp;&nbsp;&nbsp;Total undistributed earnings | 4834538 | 30332250 |
| Capital loss carryforwards\* | (427117640) | (135863175) |
| Temporary differences | (14838526) | (30687835) |
| Unrealized gains (losses) - net | (210255889) | (242581021) |
| &nbsp;&nbsp;&nbsp;Total accumulated gains (losses) | $(647377517) | $(378799781) |

---

\* The capital losses will carry forward indefinitely.

At the Fund's election, certain losses incurred within a taxable year ("Qualified Late-Year Losses") are deemed to arise on the first business day of the Fund's next taxable year. The following Funds incurred and will elect to defer late-year ordinary losses during the fiscal year ended November 30, 2022:

---

| | |
|:---|:---|
| High Yield Fund | $144054 |
| Total Return Fund | 1470716 |

---

**Notes to Financial Statements (continued)**

As of November 30, 2022, the aggregate unrealized gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
| | **Convertible<br> Fund** | **Core Fixed<br> Income Fund** |
| Tax cost | $955883784 | $2695998852 |
| Gross unrealized gain | 31539810 | 17596232 |
| Gross unrealized loss | (51570950) | (110309699) |
| &nbsp;&nbsp;&nbsp;Net unrealized security gain/(loss) | $(20031140) | $(92713467) |
|  | **Core Plus<br> Bond Fund** | **Corporate<br> Bond Fund** |
| Tax cost | $845638947 | $7486028 |
| Gross unrealized gain | 5367420 | 24261 |
| Gross unrealized loss | (30755076) | (890460) |
| &nbsp;&nbsp;&nbsp;Net unrealized security gain/(loss) | $(25387656) | $(866199) |
|  | **Floating<br> Rate Fund** | **High<br> Yield Fund** |
| Tax cost | $6922511917 | $5053092399 |
| Gross unrealized gain | 45510317 | 57401398 |
| Gross unrealized loss | (291387096) | (512848736) |
| &nbsp;&nbsp;&nbsp;Net unrealized security gain/(loss) | $(245876779) | $(455447338) |
|  | **Income Fund** | **Inflation<br> Focused Fund** |
| Tax cost | $2828626119 | $2672479650 |
| Gross unrealized gain | 12403927 | 147470718 |
| Gross unrealized loss | (256218435) | (201013937) |
| &nbsp;&nbsp;&nbsp;Net unrealized security gain/(loss) | $(243814508) | $(53543219) |
|  | **Short Duration<br> Core Bond Fund** | **Short Duration<br> Income Fund** |
| Tax cost | $248639387 | $54071246979 |
| Gross unrealized gain | 482066 | 108126646 |
| Gross unrealized loss | (9177280) | (3987516271) |
| &nbsp;&nbsp;&nbsp;Net unrealized security gain/(loss) | $(8695214) | $(3879389625) |
|  | **Total<br> Return Fund** | **Ultra Short<br> Bond Fund** |
| Tax cost | $3661451981 | $11318007608 |
| Gross unrealized gain | 23645163 | 4196279 |
| Gross unrealized loss | (233936481) | (246777300) |
| &nbsp;&nbsp;&nbsp;Net unrealized security gain/(loss) | $(210291318) | $(242581021) |

---

The difference between book-basis and tax-basis unrealized gains (losses) is primarily attributable to the tax treatment of certain securities, certain distributions, amortization of premium, other financial instruments and wash sales.

Permanent items identified during the fiscal year ended November 30, 2022 have been reclassified among the components of net assets based on their tax basis treatment as follows:

---

| | | |
|:---|:---|:---|
| | **Total distributable<br> earnings (loss)** | **Paid-in Capital** |
| Floating Rate Fund | $557462 | $(557462) |

---

The permanent differences are primarily attributable to the tax treatment of certain distributions.

**Notes to Financial Statements (continued)**

**5.** **PORTFOLIO SECURITIES TRANSACTIONS** 

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended November 30, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S.** <br> **Government** <br> **Purchases\*** | **Non-U.S.** <br> **Government** <br> **Purchases** | **U.S.** <br> **Government** <br> **Sales\*** | **Non-U.S.** <br> **Government** <br> **Sales** |
| Convertible Fund | $- | $1761516602 | $- | $2046791553 |
| Core Fixed Income Fund | 10451039861 | 1154362263 | 10092366557 | 700102340 |
| Core Plus Bond Fund | 2005941024 | 464673222 | 1808248291 | 226260148 |
| Corporate Bond Fund | 2193570 | 5921038 | 2200798 | 9060239 |
| Floating Rate Fund |  | 5958239226 |  | 5920727268 |
| High Yield Fund |  | 6065707817 |  | 7620021899 |
| Income Fund | 2124004983 | 2205123646 | 2122278129 | 2235382467 |
| Inflation Focused Fund | 501114765 | 1719564880 | 814124400 | 2201947033 |
| Short Duration Core Bond Fund | 225052883 | 221612616 | 241223372 | 151684929 |
| Short Duration Income Fund | 20323245257 | 20611996204 | 21217550540 | 28983644857 |
| Total Return Fund | 15067490223 | 1821802132 | 14919838051 | 1873305240 |
| Ultra Short Bond Fund | 823439178 | 5236302235 | 717529985 | 10851589930 |

---

\* Includes U.S. Government sponsored enterprises securities.

Each Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended November 30, 2022, the following Funds engaged in cross-trades:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Gain (Loss)** |
| Core Fixed Income Fund | $23287501 | $2014980 | $(180110) |
| Core Plus Bond Fund | 9237603 | 835317 | (34177) |
| Floating Rate Fund | 184306 |  |  |
| High Yield Fund | 203800 | 58847176 | 1011700 |
| Income Fund | 5850000 | 15152879 | (25704) |
| Inflation Focused Fund | 43121166 | 20843725 | (759551) |
| Short Duration Core Bond Fund | 4163 | 3671027 | (57515) |
| Short Duration Income Fund | 356038838 |  |  |
| Total Return Fund | 26527512 | 21086239 | (1377512) |
| Ultra Short Bond Fund | 102894750 | 125667385 | (3347732) |

---

**Notes to Financial Statements (continued)**

**6.** **DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES** 

Each Fund except for Corporate Bond Fund, Inflation Focused Fund, Short Duration Core Bond Fund and Ultra Short Bond Fund entered into forward foreign currency exchange contracts for the fiscal year ended November 30, 2022 (as described in Note 2(g)). A forward foreign currency exchange contract reduces each Fund's exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. Each Fund's use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and each Fund's returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. Each Fund's risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts and deposits with brokers for collateral.

Each Fund except for Convertible Fund entered into U.S. Treasury futures contracts for the fiscal year ended November 30, 2022 (as described in Note 2(h)) to economically hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

High Yield Fund, Inflation Focused Fund, Short Duration Core Bond Fund and Short Duration Income Fund entered into CPI swaps for the fiscal year ended November 30, 2022 (as described in Note 2(p)) to speculate the rate of inflation in the U.S. economy. The Funds' use of CPI swaps involves the risk that Lord Abbett will not accurately predict expectations of inflation or interest rates, and the Funds' returns could be reduced as a result. The Funds' risk of loss from counterparty credit risk is the unrealized appreciation on CPI swaps. For the centrally cleared CPI swaps, there is minimal counterparty credit risk to the Funds since these CPI swaps are traded through a central clearinghouse. As a counterparty to all centrally cleared CPI swaps, the clearinghouse guarantees CPI swaps against default.

Core Plus Bond Fund, Corporate Bond, High Yield Fund, Short Duration Income Fund and Total Return Fund entered into credit default swaps for the fiscal year ended November 30, 2022 (as described in Note 2(q)) for investment purposes, to economically hedge credit risk or for speculative purposes. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy. Under a credit default swap one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap's notional amount is recorded as realized gain or loss on swap transactions in the Statements of Operations. Each Fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. For the centrally cleared credit default swaps, there is minimal counterparty credit risk to the Funds since these credit default swaps are traded through a central clearinghouse. As a counterparty to all centrally cleared credit default swaps, the clearinghouse guarantees credit default swaps against default.

**Notes to Financial Statements (continued)**

Floating Rate Fund and High Yield Fund entered into total return swaps on indexes for the fiscal year ended November 30, 2022 (as described in note 2(s)) to hedge credit risk. The Fund may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market. The Fund may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap. If the value of the asset underlying a total return swap declines over the term of the swap, the Fund also may be required to pay an amount equal to that decline in value to its counterparty.

Floating Rate Fund and Inflation Focused Fund entered into interest rate swaps for the fiscal year ended November 30, 2022 (as described in Note 2(r)) in order to enhance returns or hedge against interest rate risk. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. The interest rate swap agreement will normally be entered into on a zero coupon basis, meaning that the floating rate will be based on the cumulative of the variable rate, and the fixed rate will compound until the swap's maturity date, at which point the payments would be netted.

As of November 30, 2022, each Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate each Fund's use of derivative instruments:

---

| | | |
|:---|:---|:---|
|  | **Convertible Fund** | **Convertible Fund** |
| **Asset Derivatives** | | **Foreign** <br> **Currency** <br> **Contracts** |
| Forward Foreign Currency Exchange Contracts<sup>(1)</sup> |  | $457076 |
| **Liability Derivatives** |  |  |
| Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  | $1541906 |
|  | **Core Fixed Income Fund** | **Core Fixed Income Fund** |
| **Asset Derivatives** | **Interest Rate Contracts** | **Foreign** <br> **Currency** <br> **Contracts** |
| Futures Contracts<sup>(3)</sup> | $932066 | – |
| **Liability Derivatives** |  |  |
| Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  | $334520 |
| Futures Contracts<sup>(3)</sup> | $293814 | – |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Core Plus Bond Fund** | **Core Plus Bond Fund** |
| **Asset Derivatives** | **Interest** <br> **Rate** <br> **Contracts** | **Foreign** <br> **Currency** <br> **Contracts** | **Credit** <br> **Contracts** |
| Forward Foreign Currency Exchange Contracts<sup>(1)</sup> |  | $13190 |  |
| Futures Contracts<sup>(3)</sup> | $293887 | – | – |
| **Liability Derivatives** |  |  |  |
| Centrally Cleared Credit Default Swap Contracts<sup>(4)</sup> |  |  | $698630 |
| Forward Foreign Currency Exchange Contract<sup>(2)</sup> |  | $120299 |  |
| Futures Contracts<sup>(3)</sup> | $179969 | – | – |
|  |  | **Corporate Bond Fund** | **Corporate Bond Fund** |
| **Asset Derivatives** |  | **Interest**<br> **Rate**<br> **Contracts** | **Credit**<br> **Contracts** |
| Centrally Cleared Credit Default Swap Contracts<sup>(4)</sup> |  |  | $1526 |
| Futures Contracts<sup>(3)</sup> |  | $6370 | – |
| **Liability Derivatives** |  |  |  |
| Futures Contract<sup>(3)</sup> |  | $10594 | – |
|  |  | **Floating Rate Fund** | **Floating Rate Fund** |
| **Asset Derivatives** | **Equity** <br> **Contracts** | **Interest** <br> **Rate** <br> **Contracts** | **Foreign** <br> **Currency** <br> **Contracts** |
| Centrally Cleared Interest Rate Swap Contracts<sup>(4)</sup> |  | $9010514 |  |
| Forward Foreign Currency Exchange Contracts<sup>(1)</sup> |  |  | $1019287 |
| Total Return Swaps Contracts<sup>(5)</sup> | $4633727 | – | – |
| **Liability Derivatives** |  |  |  |
| Centrally Cleared Interest Rate Swap Contracts<sup>(4)</sup> |  | $4414610 |  |
| Forward Foreign Currency Exchange Contracts<sup>(2)</sup> | – | – | $1964427 |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **High Yield Fund** | **High Yield Fund** |
| **Asset Derivatives** | **Interest** <br> **Rate** <br> **Contracts** | **Foreign** <br> **Currency** <br> **Contracts** | **Credit** <br> **Contracts** | **Inflation** <br> **Linked** <br> **Contracts** |
| Centrally Cleared Credit Default Swap Contracts<sup>(4)</sup> |  |  | $1510039 |  |
| Centrally Cleared CPI Swap Contracts<sup>(4)</sup> |  |  |  | $2881674 |
| Forward Foreign Currency Exchange Contracts<sup>(1)</sup> |  | $1931045 |  |  |
| Futures Contracts<sup>(3)</sup> | $4333452 | – | – | – |
| **Liability Derivatives** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  | $7257851 |  |  |
| Futures Contracts<sup>(3)</sup> | $1748611 | – | – | – |

---

---

| | | |
|:---|:---|:---|
|  | **Income Fund** | **Income Fund** |
| **Asset Derivatives** | **Interest** <br> **Rate** <br> **Contracts** | **Foreign** <br> **Currency** <br> **Contracts** |
| Futures Contracts<sup>(3)</sup> | $1940342 | – |
| **Liability Derivatives** |  |  |
| Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  | $255355 |
| Futures Contracts<sup>(3)</sup> | $2304183 | – |
|  | **Inflation Focused Fund** | **Inflation Focused Fund** |
| **Asset Derivatives** | **Interest** <br> **Rate** <br> **Contracts** | **Inflation** <br> **Linked** <br> **Contracts** |
| Centrally Cleared CPI Swap Contracts<sup>(4)</sup> |  | $110206709 |
| Centrally Cleared Interest Rate Swap Contracts<sup>(4)</sup> | $16979 |  |
| CPI Swap Contracts<sup>(6)</sup> |  | $61414050 |
| Futures Contracts<sup>(3)</sup> | $4357617 | – |
| **Liability Derivatives** |  |  |
| Centrally Cleared CPI Swap Contracts<sup>(4)</sup> |  | $2189440 |
| Centrally Cleared Interest Rate Swap Contracts<sup>(4)</sup> | $17034 |  |
| CPI Swap Contracts<sup>(7)</sup> | – | $27367050 |
| **Short Duration Core Bond Fund** | **Short Duration Core Bond Fund** | **Short Duration Core Bond Fund** |
| **Asset Derivatives** | **Interest** <br> **Rate** <br> **Contracts** | **Inflation** <br> **Linked** <br> **Contracts** |
| Centrally Cleared CPI Swap Contracts<sup>(4)</sup> |  | $8885 |
| Futures Contracts<sup>(3)</sup> | $192610 | – |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Short Duration Income Fund** | **Short Duration Income Fund** | **Short Duration Income Fund** |
| **Asset Derivatives** | **Interest** <br> **Rate** <br> **Contracts** | **Foreign** <br> **Currency** <br> **Contracts** | **Credit** <br> **Contracts** | **Inflation** <br> **Linked** <br> **Contracts** |
| Centrally Cleared CPI Swap Contracts<sup>(4)</sup> |  |  |  | $1925119 |
| Centrally Cleared Credit Default Swap Contracts<sup>(4)</sup> |  |  | $1574879 |  |
| Futures Contracts<sup>(3)</sup> | $47062439 | – | – | – |
| **Liability Derivatives** |  |  |  |  |
| Credit Default Swap Contracts<sup>(8)</sup> |  |  | $6276225 |  |
| Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  | $28983247 |  |  |
| Futures Contracts<sup>(3)</sup> | $6110474 | – | – | – |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Total Return Fund** | **Total Return Fund** |
| **Asset Derivatives** | **Interest** <br> **Rate** <br> **Contracts** | **Foreign** <br> **Currency** <br> **Contracts** | **Credit** <br> **Contracts** |
| Forward Foreign Currency Exchange Contracts<sup>(1)</sup> |  | $92295 |  |
| Futures Contracts<sup>(3)</sup> | $1883853 | – | – |
| **Liability Derivatives** |  |  |  |
| Centrally Cleared Credit Default Swap Contracts<sup>(4)</sup> |  |  | $5321863 |
| Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  | $942987 |  |
| Futures Contracts<sup>(3)</sup> | $999573 | – | – |
|  | **Ultra Short Bond Fund** | **Ultra Short Bond Fund** |  |
| **Asset Derivatives** |  | **Interest** <br> **Rate** <br> **Contracts** |  |
| Futures Contracts<sup>(3)</sup> |  | $746359 |  |

---

<sup>(1)</sup> Statements of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.

<sup>(2)</sup> Statements of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

<sup>(3)</sup> Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

<sup>(4)</sup> Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of centrally cleared swap contracts as reported in the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

<sup>(5)</sup> Statements of Assets and Liabilities location: Total return swaps, at fair value.

<sup>(6)</sup> Statements of Assets and Liabilities location: Unrealized appreciation on CPI swaps.

<sup>(7)</sup> Statements of Assets and Liabilities location: Unrealized depreciation on CPI swaps.

<sup>(8)</sup> Statements of Assets and Liabilities location: Credit default swap agreements payable, at fair value.

**Notes to Financial Statements (continued)**

Transactions in derivative investments for the fiscal year ended November 30, 2022 were as follows:

---

| | |
|:---|:---|
|  | **Convertible Fund** |
|  | **Foreign<br> Currency<br> Contracts** |
| **Net Realized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(1)</sup> | $6032934 |
| **Net Change in Unrealized Appreciation/ Depreciation** |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(2)</sup> | $(3436700) |
| **Average Number of Contracts/Notional Amounts\*** |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(3)</sup> | $69977378 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Core Fixed Income Fund** | **Core Fixed Income Fund** |
|  | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Credit<br> Contracts** | **Foreign<br> Currency<br> Contracts** |
| **Net Realized Gain (Loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(4)</sup> | $868262 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(4)</sup> |  | $(566824) |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(1)</sup> |  |  | $6168748 |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(5)</sup> | $(45114559) |  |  |
| **Net Change in Unrealized Appreciation/ Depreciation** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(6)</sup> |  | $(173600) |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  |  | $(334520) |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(7)</sup> | $(3147616) |  |  |
| **Average Number of Contracts/Notional Amounts\*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(3)</sup> |  | $33772185 |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(3)</sup> | $11584416 |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(3)</sup> |  |  | $23476951 |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(8)</sup> | 2053 | – | – |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Core Plus Bond Fund** | **Core Plus Bond Fund** |
|  | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Net Realized Gain (Loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(4)</sup> | $179849 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(4)</sup> |  |  | $(730921) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(1)</sup> |  | $260478 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(5)</sup> | $(10116755) |  |  |
| **Net Change in Unrealized Appreciation/ Depreciation** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(6)</sup> |  |  | $178150 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  | $(135380) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(7)</sup> | $(262971) |  |  |
| **Average Number of Contracts/Notional Amounts\*** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(3)</sup> | $2320575 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(3)</sup> |  |  | $8665219 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(3)</sup> |  | $2825866 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(8)</sup> | 461 | – | – |

---

---

| | | |
|:---|:---|:---|
|  | **Corporate Bond Fund** | **Corporate Bond Fund** |
|  | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Credit<br> Contracts** |
| **Net Realized Gain (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(4)</sup> |  | $(279) |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(5)</sup> | $(160108) |  |
| **Net Change in Unrealized Appreciation/ Depreciation** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(7)</sup> | $(12344) | $– |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(6)</sup> |  | 333 |
| **Average Number of Contracts/Notional Amounts\*** |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(3)</sup> |  | $18600 |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(8)</sup> | 26 |  |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Floating Rate Fund** | **Floating Rate Fund** |
|  | **Equity<br> Contracts** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Net Realized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(4)</sup> |  | $16570447 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(4)</sup> |  |  |  | 155268 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(1)</sup> |  |  | $21330574 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(5)</sup> |  | $31184788 |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts<sup>(4)</sup> | $(27568698) |  |  |  |
| **Net Change in Unrealized Appreciation/ Depreciation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(6)</sup> |  | $3584086 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(6)</sup> |  |  |  | $(1825272) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  |  | $(6082066) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(7)</sup> |  | $2815105 |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts<sup>(6)</sup> | $9574266 |  |  |  |
| **Average Number of Contracts/Notional Amounts\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(3)</sup> |  | $230747814 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(3)</sup> |  |  |  | $13234472 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(3)</sup> |  |  | $144903137 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(8)</sup> |  | 2720 |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts<sup>(3)</sup> | $517042920 | – | – | – |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **High Yield Fund** | **High Yield Fund** | |
|  | **Equity<br> Contracts** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | <br>**Credit<br> Contracts** |
| **Net Realized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(4)</sup> |  | $(11573076) |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(4)</sup> |  |  |  | $(3060505) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(1)</sup> |  |  | $38543961 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(5)</sup> |  | $(7859080) |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts<sup>(4)</sup> | $(587251) |  |  |  |
| **Net Change in Unrealized Appreciation/ Depreciation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(6)</sup> |  | $2881673 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(6)</sup> |  |  |  | $(11668648) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  |  | $(17577036) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(7)</sup> |  | $5326734 |  |  |
| **Average Number of Contracts/Notional Amounts\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(3)</sup> |  | $382222897 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(3)</sup> |  |  |  | $322306612 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(3)</sup> |  |  | $273601734 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(8)</sup> |  | 13711 |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts<sup>(3)</sup> | $7593486 | – | – | – |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Income Fund** | **Income Fund** | **Income Fund** |
|  | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Net Realized Gain (Loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(4)</sup> | $1075216 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(4)</sup> |  |  | $(1620020) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(1)</sup> |  | $3188606 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(5)</sup> | $(79417053) |  |  |
| **Net Change in Unrealized Appreciation/ Depreciation** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(6)</sup> |  |  | $(243180) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  | $(2197944) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(7)</sup> | $(4274199) |  |  |
| **Average Number of Contracts/Notional Amounts\*** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(3)</sup> | $4620962 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(3)</sup> |  |  | $28562287 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(3)</sup> |  | $19797207 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(8)</sup> | 5945 | – | – |

---

**Notes to Financial Statements (continued)**

---

| | | |
|:---|:---|:---|
| | **Inflation Focused Fund** | **Inflation Focused Fund** |
| | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Credit<br> Contracts** |
| **Net Realized Gain (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(4)</sup> | $27322977 |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(4)</sup> |  | $(537289) |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(5)</sup> | $(97537660) |  |
| **Net Change in Unrealized Appreciation/Depreciation** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(6)</sup> | $79576142 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(7)</sup> | $3286740 |  |
| **Average Number of Contracts/Notional Amounts\*** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(3)</sup> | $2964491765 |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(3)</sup> |  | –<sup>(9)</sup> |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(8)</sup> | 7986 | – |

---

---

| | | |
|:---|:---|:---|
|  | **Short Duration Core Bond Fund** | **Short Duration Core Bond Fund** |
|  | **Inflation Linked/ Interest Rate Contracts** | **Credit Contracts** |
| **Net Realized Gain (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(4)</sup> | $135177 |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(4)</sup> |  | $(1336) |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(5)</sup> | $(3824304) |  |
| **Net Change in Unrealized Appreciation/Depreciation** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(4)</sup> | $8885 |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(6)</sup> |  | $(4630) |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(7)</sup> | $208052 |  |
| **Average Number of Contracts/Notional Amounts\*** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(3)</sup> | $1436817 |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(3)</sup> |  | $309167 |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(8)</sup> | 310 | – |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Short Duration Income Fund** | **Short Duration Income Fund** | **Short Duration Income Fund** |
|  | **Inflation**<br> **Linked/**<br> **Interest**<br> **Rate**<br> **Contracts** | **Foreign**<br> **Currency**<br> **Contracts** | **Credit**<br> **Contracts** |
| **Net Realized Gain (Loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(4)</sup> |  |  | $(12700289) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(1)</sup> |  | $2575787 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(5)</sup> | $(1176013053) |  |  |
| **Net Change in Unrealized Appreciation/ Depreciation** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(6)</sup> | $1925119 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(6)</sup> |  |  | $3010092 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  | $(25792360) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(7)</sup> | $25694092 |  |  |
| **Average Number of Contracts/Notional Amounts\*** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(3)</sup> | $122708460 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(3)</sup> |  |  | $604337146 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(3)</sup> |  | $112528147 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(8)</sup> | 105572 | – | – |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Total Return Fund** | **Total Return Fund** |
|  | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Net Realized Gain (Loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(4)</sup> | $1738207 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(4)</sup> |  |  | $5061141 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(1)</sup> |  | $3806191 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(5)</sup> | $(105259945) |  |  |
| **Net Change in Unrealized Appreciation/Depreciation** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(4)</sup> |  |  | $(5893507) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  | $(1767023) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(7)</sup> | $(9131285) |  |  |
| **Average Number of Contracts/Notional Amounts\*** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(3)</sup> | $23205755 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(3)</sup> |  |  | $114697753 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(3)</sup> |  | $35722732 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(8)</sup> | 5587 | – | – |

---

---

| | |
|:---|:---|
|  | **Ultra Short Bond Fund** |
|  | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** |
| **Net Realized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(5)</sup> | $(1572964) |
| **Net Change in Unrealized Appreciation/Depreciation** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(7)</sup> | $3970458 |
| **Average Number of Contracts/Notional Amounts\*** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(8)</sup> | 978 |

---

\* Calculated based on the number of contracts or notional amounts for the fiscal year ended November 30, 2022.

<sup>(1)</sup> Statements of Operations location: Net realized gain (loss) on forward foreign currency exchange contracts.

<sup>(2)</sup> Statements of Operations location: Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts.

<sup>(3)</sup> Amount represents notional amounts in U.S. dollars.

<sup>(4)</sup> Statements of Operations location: Net realized gain (loss) on swap contracts.

<sup>(5)</sup> Statements of Operations location: Net realized gain (loss) on futures contracts.

<sup>(6)</sup> Statements of Operations location: Net change in unrealized appreciation/depreciation on swap contracts.

<sup>(7)</sup> Statements of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.

<sup>(8)</sup> Amount represents number of contracts.

<sup>(9)</sup> Contract less than $1.

**Notes to Financial Statements (continued)**

**7.** **DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES** 

The Financial Accounting Standards Board requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund's financial position. The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the Statements of Assets and Liabilities, and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by the counterparty. A master netting agreement is an agreement between a fund and the counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds' accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statements of Assets and Liabilities across transactions between the Funds and the applicable counterparty:

---

| | | | |
|:---|:---|:---|:---|
| | | | **Convertible Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $457076 | $– | $457076 |
| Repurchase Agreements | 28642644 | – | 28642644 |
| &nbsp;&nbsp;&nbsp;Total | $29099720 | $– | $29099720 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Received**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Received**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(b)</sup> |
| Morgan Stanley | $428661 | $(3115) | $(370000) | $– | $55546 |
| State Street Bank and Trust | 28415 | (28415) |  |  |  |
| Fixed Income Clearing Corp. | 28642644 | – | – | (28642644) | – |
| &nbsp;&nbsp;&nbsp;Total | $29099720 | $(31530) | $(370000) | $(28642644) | $55546 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $1541906 | $– | $1541906 |
| &nbsp;&nbsp;&nbsp;Total | $1541906 | $– | $1541906 |

---

**Notes to Financial Statements (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Convertible Fund** | **Convertible Fund** | **Convertible Fund** | **Convertible Fund** | **Convertible Fund** |
| | **Net Amount<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(c)</sup> |
| Morgan Stanley | $3115 | $(3115) | $– | $– | $– |
| State Street Bank and Trust | 304079 | (28415) | (260000) |  | 15664 |
| Toronto Dominion Bank | 1234712 | – | – | – | 1234712 |
| &nbsp;&nbsp;&nbsp;Total | $1541906 | $(31530) | $(260000) | $– | $1250376 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Core Fixed Income Fund** | **Core Fixed Income Fund** |
| **Description** | **Gross Amounts of**<br> **Recognized Assets** | **Gross Amounts**<br> **Offset in the**<br> **Statement of Assets**<br> **and Liabilities** | **Net Amounts of**<br> **Assets Presented**<br> **in the Statement of**<br> **Assets and Liabilities** |
| Repurchase Agreements | $31876663 | $– | $31876663 |
| &nbsp;&nbsp;&nbsp;Total | $31876663 | $– | $31876663 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Received**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Received**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(b)</sup> |
| Fixed Income Clearing Corp. | $31876663 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $31876663 | $&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;Total | $31876663 | $– | $– | $31876663 | $– |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $334520 | $– | $334520 |
| &nbsp;&nbsp;&nbsp;Total | $334520 | $– | $334520 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(c)</sup> |
| Bank of America | $86198 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $– | $86198 |
| Morgan Stanley | 29892 |  |  |  | 29892 |
| State Street Bank and Trust | 218430 | – | – | – | 218430 |
| &nbsp;&nbsp;&nbsp;Total | $334520 | $– | $– | $– | $334520 |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | | **Core Plus Bond Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $13190 | $– | $13190 |
| Repurchase Agreements | 26044821 | – | 26044821 |
| &nbsp;&nbsp;&nbsp;Total | $26058011 | $– | $26058011 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Received** | **Securities<br> Collateral<br> Received** |<br>**Net<br> Amount** |
| Morgan Stanley | $13190 | $(11517) | $– | $– | $1673 |
| Fixed Income Clearing Corp. | 26044821 | – | – | (26044821) | – |
| &nbsp;&nbsp;&nbsp;Total | $26058011 | $(11517) | $– | $(26044821) | $1673 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $120299 | $– | $120299 |
| Reverse Repurchase Agreements | 5062 | – | 5062 |
| &nbsp;&nbsp;&nbsp;Total | $125361 | $– | $125361 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(c)</sup> |
| Barclays Bank plc | $5062 | $– | $– | $(5062) | $– |
| Bank of America | 25132 |  |  |  | 25132 |
| Morgan Stanley | 11517 | (11517) |  |  |  |
| State Street Bank and Trust | 70284 |  |  |  | 70284 |
| Toronto Dominion Bank | 13366 | – | – | – | 13366 |
| &nbsp;&nbsp;&nbsp;Total | $125361 | $(11517) | $– | $(5062) | $108782 |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | | **Floating Rate Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $1019287 | $– | $1019287 |
| Total Return Swap Contracts | 4634849 |  | 4634849 |
| Repurchase Agreements | 646487573 | – | 646487573 |
| &nbsp;&nbsp;&nbsp;Total | $652141709 | $– | $652141709 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Received**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Received**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(b)</sup> |
| Barclays Bank plc | $501644137 | $– | $– | $(499999240) | $1644897 |
| Morgan Stanley | 3936839 |  | (1670000) |  | 2266839 |
| Standard Chartered Bank | 72400 |  |  |  | 72400 |
| Fixed Income Clearing Corp. | 146488333 | – | – | (146488333) | – |
| &nbsp;&nbsp;&nbsp;Total | $652141709 | $– | $(1670000) | $(646487573) | $3984136 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contract | $1964427 | $– | $1964427 |
| &nbsp;&nbsp;&nbsp;Total | $1964427 | $– | $1964427 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Pledged** | **Securities<br> Collateral<br> Pledged** |<br>**Net**<br> **Amount**<sup>(c)</sup> |
| State Street Bank and Trust | $1964427 | $– | (1600000) | $– | $364427 |
| &nbsp;&nbsp;&nbsp;Total | $1964427 | $– | (1600000) | $– | $364427 |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | | **High Yield Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $1931045 | $– | $1931045 |
| Repurchase Agreements | 1614140 | – | 1614140 |
| &nbsp;&nbsp;&nbsp;Total | $3545185 | $– | $3545185 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Received**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Received**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(b)</sup> |
| Bank of America | $211997 | $(27474) | $– | $– | $184523 |
| Goldman Sachs | 23491 |  |  |  | 23491 |
| Morgan Stanley | 1623951 | (1623951) |  |  |  |
| State Street Bank and Trust | 71606 | (71606) |  |  |  |
| Fixed Income Clearing Corp. | 1614140 | – | – | (1614140) | – |
| &nbsp;&nbsp;&nbsp;Total | $3545185 | $(1723031) | $– | $(1614140) | $208114 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $7257851 | $– | $7257851 |
| &nbsp;&nbsp;&nbsp;Total | $7257851 | $– | $7257851 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(c)</sup> |
| Bank of America | $27474 | $(27474) | $– | $– | $– |
| Morgan Stanley | 2702020 | (1623951) | (700000) |  | 378069 |
| State Street Bank and Trust | 4400445 | (71606) | (3550000) |  | 778839 |
| Toronto Dominion Bank | 127912 | – | – | – | 127912 |
| &nbsp;&nbsp;&nbsp;Total | $7257851 | $(1723031) | $(4250000) | $– | $1284820 |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | | **Income Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Repurchase Agreements | $13005605 | $– | $13005605 |
| &nbsp;&nbsp;&nbsp;Total | $13005605 | $– | $13005605 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Received**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Received**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(b)</sup> |
| Barclays Bank plc | $9999450 | $– | $– | $(9999450) | $– |
| Fixed Income Clearing Corp. | 3006155 | – | – | (3006155) | – |
| &nbsp;&nbsp;&nbsp;Total | $13005605 | $– | $– | $(13005605) | $– |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $255355 | $– | $255355 |
| Reverse Repurchase Agreements | 54837 | – | 54837 |
| &nbsp;&nbsp;&nbsp;Total | $310192 | $– | $310192 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(c)</sup> |
| Barclays Bank plc | $54837 | $– | $– | $(54837) | $– |
| Toronto Dominion Bank | 255355 | – | (255355) | – | – |
| &nbsp;&nbsp;&nbsp;Total | $310192 | $– | $(255355) | $(54837) | $– |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | **Inflation Focused Fund** | **Inflation Focused Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Consumer Price Index ("CPI") Swaps | $61414050 | $– | $61414050 |
| Repurchase Agreements | 23479283 | – | 23479283 |
| &nbsp;&nbsp;&nbsp;Total | $84893333 | $– | $84893333 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Received**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Received**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(b)</sup> |
| Bank of America | $26806017 | $(4196642) | $(4880000) | $(15952246) | $1777129 |
| Barclays Bank plc | 30178942 | (4405601) | (11525000) | (13259684) | 988657 |
| Deutsche Bank AG | 2782605 | (2782605) |  |  |  |
| Goldman Sachs | 10646307 | (5110799) | (4540000) |  | 995508 |
| J.P. Morgan | 3999869 | (1343025) | (2350000) |  | 306844 |
| Fixed Income Clearing Corp. | 10479593 | – | – | (10479593) | – |
| &nbsp;&nbsp;&nbsp;Total | $84893333 | $(17838672) | $(23295000) | $(39691523) | $4068138 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Consumer Price Index ("CPI") Swaps | $27367050 | $– | $27367050 |
| Reverse Repurchase Agreements | 43870 | – | 43870 |
| &nbsp;&nbsp;&nbsp;Total | $27410920 | $– | $27410920 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(c)</sup> |
| Bank of America | $4196642 | (4196642) | $– | $– | $– |
| Barclays Bank plc | 4449471 | (4405601) |  | (43870) |  |
| Credit Suisse | 550114 |  | (510000) |  | 40114 |
| Deutsche Bank AG | 11760869 | (2782605) | (8978264) |  |  |
| Goldman Sachs | 5110799 | (5110799) |  |  |  |
| J.P. Morgan | 1343025 | (1343025) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total | $27410920 | $(17838672) | $(9488264) | $(43870) | $40114 |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | **Short Duration Core Bond Fund** | **Short Duration Core Bond Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Repurchase Agreements | $7058423 | $– | $7058423 |
| &nbsp;&nbsp;&nbsp;Total | $7058423 | $– | $7058423 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Received**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Received**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(b)</sup> |
| Barclays Bank plc | $5999670 | $– | $– | $(5999670) | $– |
| Fixed Income Clearing Corp. | 1058753 | – | – | (1058753) | – |
| &nbsp;&nbsp;&nbsp;Total | $7058423 | $– | $– | $(7058423) | $– |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Short Duration Income Fund** | **Short Duration Income Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Repurchase Agreements | $790003228 | $– | $790003228 |
| &nbsp;&nbsp;&nbsp;Total | $790003228 | $– | $790003228 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Received**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Received**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(b)</sup> |
| Barclays Bank plc | $599999570 | $– | $– | $(599999570) | $– |
| Fixed Income Clearing Corp. | 190003658 | – | – | (190003658) | – |
| &nbsp;&nbsp;&nbsp;Total | $790003228 | $– | $– | $(790003228) | $– |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Credit Default Swap Contracts | $6276225 | $– | $6276225 |
| Forward Foreign Currency Exchange Contracts | 28983246 |  | 7510338 |
| Reverse Repurchase Agreements | 2061390 | – | 2061390 |
| &nbsp;&nbsp;&nbsp;Total | $37320861 | $– | $37320861 |

---

**Notes to Financial Statements (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Short Duration Income Fund** | **Short Duration Income Fund** | **Short Duration Income Fund** |
| | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(c)</sup> |<br>**Net**<br> **Amount**<sup>(c)</sup> |
| Barclays Bank plc | $2061390 | $– |  | $(2061390) | $– |
| Citibank | 3350846 |  | (2971128) |  | 379718 |
| Morgan Stanley | 2925379 |  | (2840000) |  | 85379 |
| State Street Bank and Trust | 12298494 |  | (11190000) |  | 1108494 |
| Toronto Dominion Bank | 16684752 | – | (15050000) | – | 1634752 |
| &nbsp;&nbsp;&nbsp;Total | $37320861 | $– | $(32051128) | $(2061390) | $3208343 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | | **Total Return Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $92295 | $– | $92295 |
| Repurchase Agreements | 27802430 | – | 27802430 |
| &nbsp;&nbsp;&nbsp;Total | $27894725 | $– | $27894725 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Received**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Received**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(b)</sup> |
| Bank of America | $92295 | $(92295) | $– | $– | $– |
| Fixed Income Clearing Corp. | 27802430 | – | – | (27802430) | – |
| &nbsp;&nbsp;&nbsp;Total | $27894725 | $(92295) | $– | $(27802430) | $– |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $942987 | $– | $942987 |
| Reverse Repurchase Agreements | 75084 | – | 75084 |
| &nbsp;&nbsp;&nbsp;Total | $1018071 | $– | $1018071 |

---

**Notes to Financial Statements (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total Return Fund** | **Total Return Fund** | **Total Return Fund** | **Total Return Fund** | **Total Return Fund** |
| | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(c)</sup> |
| Bank of America | $118153 | $(92295) | $– | $– | $25858 |
| Barclays Bank plc | 75084 |  |  | (75084) |  |
| Morgan Stanley | 43769 |  |  |  | 43769 |
| State Street Bank and Trust | 389976 |  | (360000) |  | 29976 |
| Toronto Dominion Bank | 391089 | – | (230000) | – | 161089 |
| &nbsp;&nbsp;&nbsp;Total | $1018071 | $(92295) | $(590000) | $(75084) | $260692 |

---

<sup>(a)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty.

<sup>(b)</sup> Net amount represents the amount owed to the Fund by the counterparty as of November 30, 2022.

<sup>(c)</sup> Net amount represents the amount owed by the Fund to the counterparty as of November 30, 2022.

**8.** **TRUSTEES' REMUNERATION** 

The Trust's officers and one Trustee, who are associated with Lord Abbett, do not receive any compensation from the Trust for serving in such capacities. Independent Trustees' fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees may elect to defer receipt of a portion of Trustees' fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Funds. Such amounts and earnings accrued thereon are included in Trustees' fees on the Statements of Operations and in Trustees' fees payable on the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

**9.** **EXPENSE REDUCTIONS** 

The Trust has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund's expenses.

**10.** **LINE OF CREDIT** 

For the period ended August 3, 2022, the Funds and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") entered into a syndicated line of credit facility with various lenders for $1.275 billion (the "Syndicated Facility") whereas State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of one-third of fund net assets (if fund net assets are less than $750 million), $250 million, $300 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

Effective August 4, 2022, the Participating Funds entered into a Syndicated Facility with various lenders for $1.625 billion whereas SSB participates as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of one-third of fund net assets (if fund net assets are less than $750 million), $250 million, $300 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended August 3, 2022, the Participating Funds were party to an additional line of credit facility with SSB for $330 million (the "Bilateral Facility"), $250 million committed and $80 million

**Notes to Financial Statements (continued)**

uncommitted. Under the Bilateral Facility, the Participating Funds are subject to graduated borrowing limits of one-third of fund net assets (if net assets are less than $750 million), $250 million, $300 million, or $330 million, based on past borrowings and likelihood of future borrowings, among other factors.

Effective August 4, 2022, the Participating Funds are party to an additional uncommitted line of credit facility with SSB for $330 million. Under the Bilateral Facility, the Participating Funds are subject to borrowing limits of one-third of fund net assets (if net assets are less than $750 million), or $250 million based on past borrowings and likelihood of future borrowings, among other factors.

The Syndicated Facility and the Bilateral Facility are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.

For the fiscal year ended November 30, 2022, High Yield Fund utilized the Bilateral Facility multiple days for the period December 9, 2021 through August 23, 2022 with an average borrowing of $19,114,370; the average interest rate during the period was 1.33% and total interest paid amounted to $1,049.

**11.** **INTERFUND LENDING PROGRAM** 

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

For the fiscal year ended November 30, 2022, the following Funds participated as a lender in the Interfund Lending Program. For the period which the loan was outstanding, the average amount loaned, interest rate and interest income were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Average<br> Amount Loaned** | **Average<br> Interest Rate** | **Interest<br> Income\*** |
| Convertible Fund | $28384382 | 0.545% | $424 |
| Core Fixed Income Fund | 14402566 | 1.320% | 472 |
| Core Plus Bond Fund | 16957553 | 2.095% | 973 |
| Floating Rate Fund | 22588097 | 0.855% | 3517 |
| High Yield Fund | 9606408 | 2.095% | 2206 |
| Income Fund | 22698104 | 2.403% | 6390 |
| Inflation Focused Fund | 25618710 | 0.608% | 861 |
| Short Duration Income Fund | 36297289 | 0.801% | 2496 |
| Total Return Fund | 27291763 | 1.704% | 5525 |
| Ultra Short Bond Fund | 30082509 | 0.931% | 2287 |

---

\* Statements of Operations location: Interest earned from Interfund Lending.

For the fiscal year ended November 30, 2022, the following Funds participated as a borrower in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount borrowed, interest rate and interest expense were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Average<br> Amount Borrowed** | **Average<br> Interest Rate** | **Interest<br> Expense\*** |
| Convertible Fund | $22689912 | 1.785% | $6047 |
| High Yield Fund | 42705528 | 1.053% | 39448 |

---

\* Statements of Operations location: Interest paid from Interfund Lending.

**Notes to Financial Statements (continued)**

**12.** **CUSTODIAN AND ACCOUNTING AGENT** 

SSB is the Trust's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund's NAV.

**13.** **SECURITIES LENDING AGREEMENT** 

All Funds, except for Inflation Focused Fund, have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds' securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income on each Fund's Statement of Operations

The initial collateral received by the Funds is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Funds will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Funds continue to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of November 30. 2022, the market value of securities loaned and collateral received for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Funds** | **Market Value of<br> Securities Loaned** | **Collateral<br> Received<sup>(1)</sup>** |
| Floating Rate Fund | $63696914 | $65112026 |
| High Yield Fund | 4938464 | 4788593 |

---

<sup>(1)</sup> Statements of Assets and Liabilities location: Payable for collateral due to broker for securities lending.

**14.** **INVESTMENT RISKS** 

Each Fund is subject to the general risks and considerations associated with investing in fixed income securities and to the changing prospects of individual companies and/or sectors in which the Funds invest. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline, when interest rates fall, such prices tend to rise. Longer-term securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a fixed income security will fail to make timely payments of principal and/or interest to a Fund, a risk that is greater with high-yield bonds (sometimes called "junk bonds") in which one or more of the Funds may invest. Some issuers, particularly of high-yield bonds may default as to principal and/or interest payments after the Fund purchases their securities. A default, or concerns in the market about an increase in risk of default may result in losses to each Fund. High-yield bonds are subject to greater price fluctuations and increase liquidity risk as well as additional risks.

**Notes to Financial Statements (continued)**

Certain instruments in which the Funds may invest may rely in some fashion upon LIBOR. On March 5, 2021 the United Kingdom Financial Conduct Authority (FCA) and LIBOR's administrator, ICE Benchmark Administration (IBA), announced that most LIBOR settings will no longer be published after the end of 2021 and the remaining U.S. dollar LIBOR settings will no longer be published after June 30, 2023. Abandonment of or modification to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments which reference LIBOR and lead to significant short-term and long-term uncertainty and market instability.

Because the Ultra Short Bond Fund invests a significant portion of its assets in securities issued by companies in the financial services industry, developments affecting this industry may have a disproportionate impact on the Fund. Interest rate risk, credit risk and the risk of regulatory changes in the financial services industry, among other risks, may have negative effects on companies in the financial services industry.

Convertible Fund, High Yield Fund, Income Fund, Inflation Focused Fund and Short Duration Income Fund are subject to the general risks and considerations associated with investing in convertible securities which have both equity and fixed income risk characteristics including market, credit, liquidity and interest rate risks. Generally, convertible securities offer lower interest or dividend yields than non-convertible securities of similar quality and less potential for gains or capital appreciation in a rising equity securities market than equity securities. They tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks. In addition, the values of equity holdings will fluctuate in response to movements in the equity securities markets in general and to the changing prospects of the individual companies and/or sectors in which the Funds invests.

Each Fund's investment exposure to foreign (which may include emerging markets) companies presents increased market, liquidity, currency, political, information and other risks. The cost of a Fund's potential use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing.

Each Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid securities may lower the Funds' returns since the Funds may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index. Whether a Fund's use of derivatives is successful will depend on, among other things, the Fund's ability to correctly forecast market movements, changes in foreign exchange and interest rates, and other factors. If a Fund incorrectly forecasts these and other factors, its performance could suffer. A Fund's use of derivatives could result in a loss exceeding the amount of the Fund's investment in these instruments.

The Funds are subject to the risks of investing in credit default swap contracts. The risks associated with the Funds' investment in credit default swaps are greater than if the Funds invested directly in the reference obligation because they are subject to liquidity risk, counterparty risk, and credit risk at both the counterparty and underlying issuer levels in addition to the risks associated with investing in derivatives discussed above.

**Notes to Financial Statements (continued)**

Each Fund's exposure to inflation-linked investments, such as Treasury Inflation Protected Securities, may be vulnerable to changes in expectations of inflation or interest rates and there is no guarantee that the Fund's use of these instruments will be successful.

The Funds are subject to the risks of investing in floating rate or adjustable rate senior loans, which are subject to increased credit and liquidity risks. Senior loans are business loans made to borrowers that may be U.S. or foreign corporations, partnerships or other business entities. The senior loans in which Core Fixed Income Fund, Core Plus Bond Fund, Floating Rate Fund, High Yield Fund, Income Fund, Inflation Focused Fund, Short Duration Income Fund and Total Return Fund may invest may consist primarily of senior loans that are rated below investment grade or, if unrated, deemed by Lord Abbett to be equivalent to below investment grade securities. Below investment grade senior loans, as in the case of high- yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. In addition, Floating Rate Fund may invest up to 20% of its total assets in senior loans that are not secured by any specific collateral.

Each Fund is subject to the risk of investing in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), or the Federal Home Loan Mortgage Corporation ("Freddie Mac"). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation.

Convertible Fund, Core Fixed Income Fund, Core Plus Bond Fund, Floating Rate Fund, High Yield Fund, Income Fund, Inflation Focused Fund, Short Duration Core Bond Fund, Short Duration Income Fund and Total Return Fund are subject to the risks of investing in asset backed securities and mortgage related securities, including those of such Government sponsored enterprises as Fannie Mae and Freddie Mac. In addition, these Funds may invest in non-agency backed and mortgage related securities, which are issued by the private institutions, not by the government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive a Fund of income payments above current markets rates. The prepayment rate also will affect the price and volatility of a mortgage-related security. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, not by the U.S. Government.

Geopolitical and other events (e.g., wars, terrorism, natural disasters, epidemics or pandemics such as the COVID-19 outbreak which began in late 2019) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of each Fund's investments. Market disruptions can also prevent the Funds from implementing their investment strategies and achieving their investment objectives.

**Notes to Financial Statements (continued)**

The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things, border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and prolonged quarantines, as well as general concern and uncertainty. The impact of the COVID-19 outbreak has, and could again negatively affect the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. The COVID-19 pandemic and its effects may last for an extended period of time. Although the economic fallout of COVID-19 is difficult to predict, it has contributed to and is likely to continue to contribute to, market volatility, inflation and systemic economic weakness. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund's investments, and negatively impact each Fund's performance and your investment in each Fund.

These factors, and others, can affect each Fund's performance.

**Notes to Financial Statements (continued)**

**15.** **SUMMARY OF CAPITAL TRANSACTIONS** 

Transactions in shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Convertible Fund** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2021** | **Year Ended<br> November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3320541 | $47247598 | 8838225 | $174295397 |
| Converted from Class C\* | 347639 | 4947357 | 179706 | 3508875 |
| Reinvestment of distributions | 3378312 | 53195057 | 2199871 | 41969365 |
| Shares reacquired | (9020187) | (127903328) | (6372913) | (123833622) |
| Increase (decrease) | (1973695) | $(22513316) | 4844889 | $95940015 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 674141 | $9327118 | 1536045 | $30072046 |
| Reinvestment of distributions | 636311 | 9937068 | 428793 | 8107902 |
| Shares reacquired | (1740227) | (24006878) | (799750) | (15376218) |
| Converted to Class A\* | (351882) | (4947357) | (181419) | (3508875) |
| Increase (decrease) | (781657) | $(9690049) | 983669 | $19294855 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 13820522 | $196159598 | 33266945 | $654630937 |
| Reinvestment of distributions | 6405541 | 101491359 | 4299466 | 82067054 |
| Shares reacquired | (51200001) | (730959444) | (26245504) | (506913516) |
| Increase (decrease) | (30973938) | $(433308487) | 11320907 | $229784475 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 359365 | $5258844 | 1388249 | $27728724 |
| Reinvestment of distributions | 351230 | 5597825 | 197011 | 3794157 |
| Shares reacquired | (1134115) | (16737049) | (768561) | (15114984) |
| Increase (decrease) | (423520) | $(5880380) | 816699 | $16407897 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 49775855 | $674840083 | 11382641 | $225843658 |
| Reinvestment of distributions | 2697058 | 42082968 | 2309299 | 44400039 |
| Shares reacquired | (27649623) | (376150751) | (16796426) | (333882554) |
| Increase (decrease) | 24823290 | $340772300 | (3104486) | $(63638857) |
| **Class P Shares** |  |  |  |  |
| Shares sold | 2774 | $41444 | 377 | $7658 |
| Reinvestment of distributions | 420 | 6769 | 550 | 10698 |
| Shares reacquired | (2661) | (39857) | (2255) | (44572) |
| Increase (decrease) | 533 | $8356 | (1328) | $(26216) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 284 | $3747 | 6032 | $123949 |
| Reinvestment of distributions | 882 | 14226 | 342 | 6653 |
| Shares reacquired | (65) | (1136) | (3808) | (76082) |
| Increase | 1101 | $16837 | 2566 | $54520 |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Convertible Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class R3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 165205 | $2354762 | 779583 | $15197322 |
| Reinvestment of distributions | 362290 | 5675187 | 199477 | 3781842 |
| Shares reacquired | (806358) | (11276191) | (311040) | (5997654) |
| Increase (decrease) | (278863) | $(3246242) | 668020 | $12981510 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 14500 | $189457 | 28885 | $572114 |
| Reinvestment of distributions | 9242 | 145517 | 3268 | 62354 |
| Shares reacquired | (23312) | (299872) | (4771) | (92330) |
| Increase | 430 | $35102 | 27382 | $542138 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 32340 | $441471 | 51606 | $1045670 |
| Reinvestment of distributions | 19447 | 307889 | 10838 | 208290 |
| Shares reacquired | (26392) | (375987) | (27808) | (547421) |
| Increase | 25395 | $373373 | 34636 | $706539 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 97757 | $1480653 | 972726 | $18901996 |
| Reinvestment of distributions | 188091 | 2991058 | 26608 | 513023 |
| Shares reacquired | (156870) | (2230537) | (132324) | (2585675) |
| Increase | 128978 | $2241174 | 867010 | $16829344 |
| **Core Fixed Income Fund** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2021** | **Year Ended<br> November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 7648374 | $75882370 | 10665974 | $119543565 |
| Converted from Class C\* | 335470 | 3288669 | 287008 | 3193063 |
| Reinvestment of distributions | 1624232 | 16235835 | 2630926 | 29652806 |
| Shares reacquired | (16675809) | (166825814) | (13453573) | (150363645) |
| Increase (decrease) | (7067733) | $(71418940) | 130335 | $2025789 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 546723 | $5319422 | 284612 | $3186373 |
| Reinvestment of distributions | 55551 | 554256 | 159704 | 1795351 |
| Shares reacquired | (860927) | (8689309) | (1784781) | (19868439) |
| Converted to Class A\* | (336981) | (3288669) | (288309) | (3193063) |
| Decrease | (595634) | $(6104300) | (1628774) | $(18079778) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 5431605 | $55828643 | 14669082 | $164190485 |
| Reinvestment of distributions | 541591 | 5587000 | 1464189 | 16497583 |
| Shares reacquired | (27957750) | (283679345) | (17222136) | (192470581) |
| Decrease | (21984554) | $(222263702) | (1088865) | $(11782513) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Fixed Income Fund** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2021** | **Year Ended<br> November 30, 2021** |
| **Class F3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 9055906 | $90468747 | 12251293 | $137126446 |
| Reinvestment of distributions | 1304325 | 13021600 | 1724729 | 19423083 |
| Shares reacquired | (11238255) | (112500431) | (8464176) | (94571925) |
| Increase (decrease) | (878024) | $(9010084) | 5511846 | $61977604 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 89078605 | $854619064 | 11746634 | $131695079 |
| Reinvestment of distributions | 2497857 | 24407212 | 2072253 | 23322632 |
| Shares reacquired | (14694486) | (141477363) | (8046444) | (90183328) |
| Increase | 76881976 | $737548913 | 5772443 | $64834383 |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 5986 | $61235 | 55527 | $615962 |
| Reinvestment of distributions | 1189 | 12063 | 1687 | 18999 |
| Shares reacquired | (44068) | (475899) | (19011) | (214646) |
| Increase (decrease) | (36893) | $(402601) | 38203 | $420315 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 65126 | $658614 | 163907 | $1835402 |
| Reinvestment of distributions | 19403 | 194748 | 41266 | 465460 |
| Shares reacquired | (283192) | (2896469) | (354883) | (3986728) |
| Decrease | (198663) | $(2043107) | (149710) | $(1685866) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 183925 | $1823973 | 357824 | $4005894 |
| Reinvestment of distributions | 22104 | 220929 | 35045 | 394933 |
| Shares reacquired | (295359) | (2980738) | (361883) | (4055408) |
| Increase (decrease) | (89330) | $(935836) | 30986 | $345419 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 81507 | $811749 | 50934 | $570141 |
| Reinvestment of distributions | 5310 | 52411 | 4451 | 50110 |
| Shares reacquired | (25600) | (253843) | (15899) | (176795) |
| Increase | 61217 | $610317 | 39486 | $443456 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 1273264 | $13120862 | 363171 | $4102278 |
| Reinvestment of distributions | 111919 | 1106516 | 137142 | 1543770 |
| Shares reacquired | (252669) | (2511020) | (588254) | (6565330) |
| Increase (decrease) | 1132514 | $11716358 | (87941) | $(919282) |
| **Core Plus Bond Fund** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2021** | **Year Ended<br> November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 6319444 | $85242836 | 2435277 | $37776792 |
| Converted from Class C\* | 13113 | 184035 | 7545 | 117283 |
| Reinvestment of distributions | 204159 | 2767652 | 158997 | 2467236 |
| Shares reacquired | (4291916) | (57862160) | (1314450) | (20325939) |
| Increase | 2244800 | $30332363 | 1287369 | $20035372 |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Plus Bond Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class C Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 183215 | $2461537 | 104867 | $1627599 |
| Reinvestment of distributions | 9616 | 130960 | 11655 | 181111 |
| Shares reacquired | (122652) | (1731862) | (118627) | (1836400) |
| Converted to Class A\* | (13110) | (184035) | (7542) | (117283) |
| Increase (decrease) | 57069 | $676600 | (9647) | $(144973) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 11286814 | $157775120 | 13276593 | $205351399 |
| Reinvestment of distributions | 442365 | 6142420 | 466841 | 7238315 |
| Shares reacquired | (20925406) | (289537215) | (7367686) | (113798937) |
| Increase (decrease) | (9196227) | $(125619675) | 6375748 | $98790777 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 2631256 | $35906730 | 1958120 | $30308730 |
| Reinvestment of distributions | 96212 | 1305130 | 38049 | 589463 |
| Shares reacquired | (1306828) | (18083092) | (291018) | (4500910) |
| Increase | 1420640 | $19128768 | 1705151 | $26397283 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 42933029 | $567820945 | 913824 | $14211992 |
| Reinvestment of distributions | 471192 | 6158900 | 70406 | 1093569 |
| Shares reacquired | (12283104) | (161399289) | (2347116) | (36000612) |
| Increase (decrease) | 31121117 | $412580556 | (1362886) | $(20695051) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 1692 | $23111 | 2450 | $38177 |
| Reinvestment of distributions | 350 | 4768 | 320 | 4960 |
| Shares reacquired | (316) | (4321) | (275) | (4287) |
| Increase | 1726 | $23558 | 2495 | $38850 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 10807 | $146191 | 7137 | $111188 |
| Reinvestment of distributions | 755 | 10365 | 724 | 11234 |
| Shares reacquired | (13313) | (182077) | (83) | (1267) |
| Increase (decrease) | (1751) | $(25521) | 7778 | $121155 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 61 | $924 |  | $– |
| Reinvestment of distributions | 2 | 27 |  | 1 |
| Shares reacquired | (2) | (31) | – | (3) |
| Increase (decrease) | 61 | $920 | – | $(2) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 231711 | $3229003 | 14501 | $225069 |
| Reinvestment of distributions | 7582 | 101117 | 2620 | 40652 |
| Shares reacquired | (45720) | (624186) | (6318) | (97441) |
| Increase | 193573 | $2705934 | 10803 | $168280 |

---

500

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bond Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 32558 | $278839 | 185094 | $1941844 |
| Converted from Class C\* | 876 | 7230 | 2068 | 21027 |
| Reinvestment of distributions | 10463 | 98495 | 10917 | 114257 |
| Shares reacquired | (104977) | (1006564) | (153091) | (1578569) |
| Increase (decrease) | (61080) | $(622000) | 44988 | $498559 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 85291 | $698170 | 16108 | $170018 |
| Reinvestment of distributions | 2286 | 21410 | 2930 | 30722 |
| Shares reacquired | (14126) | (130732) | (37707) | (393432) |
| Converted to Class A\* | (876) | (7230) | (2068) | (21027) |
| Increase (decrease) | 72575 | $581618 | (20737) | $(213719) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 44251 | $420843 | 109682 | $1142316 |
| Reinvestment of distributions | 12336 | 117770 | 11948 | 125320 |
| Shares reacquired | (361828) | (3545742) | (43427) | (455067) |
| Increase (decrease) | (305241) | $(3007129) | 78203 | $812569 |
| **Class F3 Shares** |  |  |  |  |
| Shares reacquired | (4812) | (50000) | – | – |
| Decrease | (4812) | $(50000) | – | $– |
| **Class I Shares** |  |  |  |  |
| Shares sold | 503 | $4369 | 1403 | $14840 |
| Reinvestment of distributions | 710 | 6561 | 647 | 6771 |
| Shares reacquired | (3432) | (31659) | (494) | (5173) |
| Increase (decrease) | (2219) | $(20729) | 1556 | $16438 |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 6 | $53 | 5 | $56 |
| Reinvestment of distributions |  | 4 |  |  |
| Shares reacquired | – | (1) | – | (1) |
| Increase | 6 | $56 | 5 | $55 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 4289 | $37774 | 1070 | $11108 |
| Reinvestment of distributions | 272 | 2458 | 131 | 1375 |
| Shares reacquired | (582) | (4840) | (7) | (74) |
| Increase | 3979 | $35392 | 1194 | $12409 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 152 | $1503 |  |  |
| Reinvestment of distributions |  | 4 |  |  |
| Shares reacquired | (152) | (1448) | – | – |
| Increase | – | $59 | – | $– |

---

501

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bond Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class R6 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 480 | $4259 | 595 | $6173 |
| Reinvestment of distributions | 191 | 1757 | 135 | 1412 |
| Shares reacquired | (4834) | (50189) | (16) | (167) |
| Increase (decrease) | (4163) | $(44173) | 714 | $7418 |
| **Floating Rate Fund** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2021** | **Year Ended<br> November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 94525709 | $778405599 | 70847868 | $594915418 |
| Converted from Class C\* | 7526434 | 61169786 | 9767096 | 82006518 |
| Reinvestment of distributions | 9905887 | 79634564 | 7345121 | 61637264 |
| Shares reacquired | (110101330) | (891871334) | (69588714) | (582705688) |
| Increase | 1856700 | $27338615 | 18371371 | $155853512 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 16946021 | $139948636 | 10967468 | $92170716 |
| Reinvestment of distributions | 2131330 | 17140316 | 1925648 | 16160520 |
| Shares reacquired | (15360831) | (124247909) | (18638211) | (156235798) |
| Converted to Class A\* | (7519806) | (61169786) | (9758678) | (82006518) |
| Decrease | (3803286) | $(28328743) | (15503773) | $(129911080) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 223099706 | $1853820570 | 210990966 | $1769590962 |
| Reinvestment of distributions | 9226633 | 74744905 | 9078458 | 76117529 |
| Shares reacquired | (480709494) | (3931866774) | (133896233) | (1120582117) |
| Increase (decrease) | (248383155) | $(2003301299) | 86173191 | $725126374 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 18937737 | $156939617 | 8474462 | $71297602 |
| Reinvestment of distributions | 1200025 | 9641078 | 540485 | 4542901 |
| Shares reacquired | (14011424) | (112670636) | (3688320) | (30961663) |
| Increase | 6126338 | $53910059 | 5326627 | $44878840 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 606334430 | $4988180905 | 69936987 | $587730859 |
| Reinvestment of distributions | 14338287 | 114879226 | 4496344 | 37751554 |
| Shares reacquired | (381811809) | (3079125145) | (43284598) | (362661196) |
| Increase | 238860908 | $2023934986 | 31148733 | $262821217 |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 25158 | $206172 | 40586 | $340594 |
| Reinvestment of distributions | 5436 | 43684 | 3957 | 33225 |
| Shares reacquired | (8214) | (65996) | (54436) | (456761) |
| Increase (decrease) | 22380 | $183860 | (9893) | $(82942) |

---

502

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Floating Rate Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class R3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 6095753 | $50054168 | 1667118 | $14008818 |
| Reinvestment of distributions | 389365 | 3118181 | 198695 | 1667940 |
| Shares reacquired | (2942038) | (23586626) | (964814) | (8087543) |
| Increase | 3543080 | $29585723 | 900999 | $7589215 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 172529 | $1434239 | 82782 | $695249 |
| Reinvestment of distributions | 9318 | 75092 | 8967 | 75220 |
| Shares reacquired | (280786) | (2279710) | (131823) | (1107228) |
| Decrease | (98939) | $(770379) | (40074) | $(336759) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 168199 | $1388342 | 398189 | $3349757 |
| Reinvestment of distributions | 13630 | 110026 | 16238 | 136348 |
| Shares reacquired | (268056) | (2201364) | (671012) | (5639854) |
| Decrease | (86227) | $(702996) | (256585) | $(2153749) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 1575475 | $12926315 | 2160379 | $18127016 |
| Reinvestment of distributions | 478628 | 3859179 | 519585 | 4363259 |
| Shares reacquired | (4385292) | (35813935) | (6436240) | (54028809) |
| Decrease | (2331189) | $(19028441) | (3756276) | $(31538534) |
| **High Yield Fund** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2021** | **Year Ended<br> November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 39440803 | $260445358 | 35201499 | $264367952 |
| Converted from Class C\* | 3045887 | 20119410 | 1910817 | 14337393 |
| Reinvestment of distributions | 7218196 | 47786513 | 6688340 | 50255598 |
| Shares reacquired | (67407335) | (444498861) | (52446667) | (393724754) |
| Decrease | (17702449) | $(116147580) | (8646011) | $(64763811) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 2030320 | $13570137 | 4371896 | $32702170 |
| Reinvestment of distributions | 1520744 | 10043719 | 1440898 | 10767697 |
| Shares reacquired | (8499740) | (56287796) | (8428793) | (62988463) |
| Converted to Class A\* | (3061098) | (20119410) | (1921059) | (14337393) |
| Decrease | (8009774) | $(52793350) | (4537058) | $(33855989) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 56823712 | $386605104 | 102461925 | $768750074 |
| Reinvestment of distributions | 10597812 | 71936934 | 13344832 | 100148223 |
| Shares reacquired | (295526821) | (1961441232) | (101478230) | (761015489) |
| Increase (decrease) | (228105297) | $(1502899194) | 14328527 | $107882808 |

---

503

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Yield Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class F3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 16179231 | $109046931 | 32270266 | $243319676 |
| Reinvestment of distributions | 5519954 | 36722323 | 8848265 | 66625138 |
| Shares reacquired | (30890134) | (209533180) | (212661038) | (1602908012) |
| Decrease | (9190949) | $(63763926) | (171542507) | $(1292963198) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 278827578 | $1852879716 | 76491846 | $576745229 |
| Reinvestment of distributions | 14236856 | 94205619 | 10963627 | 82753464 |
| Shares reacquired | (247331271) | (1645980484) | (78476325) | (591873491) |
| Increase | 45733163 | $301104851 | 8979148 | $67625202 |
| **Class P Shares** |  |  |  |  |
| Shares sold | 168 | $1221 | 419 | $3205 |
| Reinvestment of distributions | 129 | 928 | 277 | 2108 |
| Shares reacquired | (6107) | (41708) | (2165) | (16322) |
| Decrease | (5810) | $(39559) | (1469) | $(11009) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 189604 | $1256868 | 369227 | $2787025 |
| Reinvestment of distributions | 40826 | 271789 | 33329 | 251851 |
| Shares reacquired | (325361) | (2187907) | (455104) | (3428803) |
| Decrease | (94931) | $(659250) | (52548) | $(389927) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 2577736 | $18263802 | 3060729 | $23151999 |
| Reinvestment of distributions | 817828 | 5452301 | 672087 | 5076622 |
| Shares reacquired | (4838182) | (32376889) | (4139075) | (31227579) |
| Decrease | (1442618) | $(8660786) | (406259) | $(2998958) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 3179168 | $21434373 | 4403524 | $33058825 |
| Reinvestment of distributions | 511880 | 3387723 | 499146 | 3748665 |
| Shares reacquired | (4406344) | (29826596) | (7389802) | (55482815) |
| Decrease | (715296) | $(5004500) | (2487132) | $(18675325) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 5542118 | $37229844 | 7540132 | $57015450 |
| Reinvestment of distributions | 2051835 | 13617167 | 1627911 | 12281825 |
| Shares reacquired | (9180667) | (61136182) | (8243811) | (61884881) |
| Increase (decrease) | (1586714) | $(10289171) | 924232 | $7412394 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 26766823 | $177366559 | 29333655 | $221706022 |
| Reinvestment of distributions | 5059481 | 33614822 | 4214333 | 31816393 |
| Shares reacquired | (32324269) | (220592034) | (27338088) | (206408207) |
| Increase (decrease) | (497965) | $(9610653) | 6209900 | $47114208 |

---

504

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Fund** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2021** | **Year Ended<br> November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 62162447 | $163171323 | 74924736 | $224544836 |
| Converted from Class C\* | 3609063 | 9151023 | 4685702 | 14024020 |
| Reinvestment of distributions | 21383847 | 57306353 | 11700147 | 35049259 |
| Shares reacquired | (110986380) | (288024471) | (73278649) | (219290688) |
| Increase (decrease) | (23831023) | $(58395772) | 18031936 | $54327427 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 2384413 | $6078219 | 3308724 | $9972263 |
| Reinvestment of distributions | 1134455 | 3094483 | 715722 | 2152260 |
| Shares reacquired | (8246114) | (21591947) | (7986625) | (24006282) |
| Converted to Class A\* | (3593962) | (9151023) | (4670096) | (14024020) |
| Decrease | (8321208) | $(21570268) | (8632275) | $(25905779) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 22785665 | $61854861 | 66348099 | $198816209 |
| Reinvestment of distributions | 6068003 | 16901651 | 5184030 | 15532153 |
| Shares reacquired | (173225894) | (468252316) | (70222604) | (210223140) |
| Increase (decrease) | (144372226) | $(389495804) | 1309525 | $4125222 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 120809572 | $322249738 | 129476964 | $387986205 |
| Reinvestment of distributions | 20213329 | 53886517 | 9079711 | 27200930 |
| Shares reacquired | (117293655) | (302914934) | (48906705) | (146409637) |
| Increase | 23729246 | $73221321 | 89649970 | $268777498 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 209085480 | $550134265 | 15827037 | $47567746 |
| Reinvestment of distributions | 5763915 | 14757067 | 1489424 | 4463106 |
| Shares reacquired | (81771323) | (207493671) | (23676325) | (70381845) |
| Increase (decrease) | 133078072 | $357397661 | (6359864) | $(18350993) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 32128 | $88739 | 112921 | $342693 |
| Reinvestment of distributions | 22698 | 61333 | 12166 | 36716 |
| Shares reacquired | (45976) | (122867) | (247326) | (749642) |
| Increase (decrease) | 8850 | $27205 | (122239) | $(370233) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 3074544 | $8557053 | 3855986 | $11589654 |
| Reinvestment of distributions | 1018563 | 2734020 | 497374 | 1495008 |
| Shares reacquired | (3391650) | (8825962) | (3129824) | (9416813) |
| Increase | 701457 | $2465111 | 1223536 | $3667849 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 1520949 | $3907241 | 547096 | $1640557 |
| Reinvestment of distributions | 32168 | 85947 | 21073 | 63173 |
| Shares reacquired | (566383) | (1448474) | (2121048) | (6317159) |
| Increase (decrease) | 986734 | $2544714 | (1552879) | $(4613429) |

---

505

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class R5 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 439432 | $1178940 | 528663 | $1580637 |
| Reinvestment of distributions | 34193 | 90960 | 19465 | 58361 |
| Shares reacquired | (1935157) | (4976467) | (612910) | (1829498) |
| Decrease | (1461532) | $(3706567) | (64782) | $(190500) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 7796735 | $20226217 | 6544355 | $19586648 |
| Reinvestment of distributions | 594866 | 1588835 | 318842 | 955030 |
| Shares reacquired | (10735749) | (26305843) | (5241405) | (15685649) |
| Increase (decrease) | (2344148) | $(4490791) | 1621792 | $4856029 |
| **Inflation Focused Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 22009688 | $271163078 | 41935852 | $511771404 |
| Converted from Class C\* | 258733 | 3135282 | 295272 | 3536718 |
| Reinvestment of distributions | 1432330 | 17289484 | 525102 | 6415395 |
| Shares reacquired | (28198666) | (339889525) | (5642443) | (68578309) |
| Increase (decrease) | (4497915) | $(48301681) | 37113783 | $453145208 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 3747601 | $46183054 | 6494253 | $79716782 |
| Reinvestment of distributions | 195789 | 2359080 | 52333 | 639134 |
| Shares reacquired | (3048228) | (36376882) | (381482) | (4625581) |
| Converted to Class A\* | (258389) | (3135282) | (294900) | (3536718) |
| Increase | 636773 | $9029970 | 5870204 | $72193617 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 67756340 | $838867342 | 146237476 | $1792663718 |
| Reinvestment of distributions | 2442648 | 29939325 | 1492080 | 18318334 |
| Shares reacquired | (191685285) | (2342798021) | (18353878) | (225317052) |
| Increase (decrease) | (121486297) | $(1473991354) | 129375678 | $1585665000 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 23296467 | $287008170 | 18929537 | $233059102 |
| Reinvestment of distributions | 961563 | 11574025 | 154434 | 1901674 |
| Shares reacquired | (16826750) | (201317101) | (817208) | (10001550) |
| Increase | 7431280 | $97265094 | 18266763 | $224959226 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 174660252 | $2127952647 | 61295381 | $751761704 |
| Reinvestment of distributions | 4047123 | 48560681 | 1242207 | 15123194 |
| Shares reacquired | (132788305) | (1587370932) | (9885382) | (120346454) |
| Increase | 45919070 | $589142396 | 52652206 | $646538444 |

---

506

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Inflation Focused Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class R2 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 16925 | $204829 | 110 | $1334 |
| Reinvestment of distributions | 251 | 2968 | 48 | 577 |
| Shares reacquired | (2628) | (32071) | (14820) | (173969) |
| Increase (decrease) | 14548 | $175726 | (14662) | $(172058) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 11924 | $146407 | 25308 | $307456 |
| Reinvestment of distributions | 964 | 11568 | 568 | 6876 |
| Shares reacquired | (5526) | (66975) | (13465) | (164364) |
| Increase | 7362 | $91000 | 12411 | $149968 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 29188 | $346200 | 65653 | $794102 |
| Reinvestment of distributions | 3248 | 39103 | 2180 | 26431 |
| Shares reacquired | (50448) | (607982) | (55837) | (676881) |
| Increase (decrease) | (18012) | $(222679) | 11996 | $143652 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 40343 | $491893 | 13642 | $167922 |
| Reinvestment of distributions | 856 | 10222 | 257 | 3124 |
| Shares reacquired | (24996) | (299791) | (4405) | (52872) |
| Increase | 16203 | $202324 | 9494 | $118174 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 338028 | $4126622 | 461544 | $5560729 |
| Reinvestment of distributions | 27006 | 326394 | 27273 | 330070 |
| Shares reacquired | (738633) | (9022895) | (425112) | (5140617) |
| Increase (decrease) | (373599) | $(4569879) | 63705 | $750182 |
| **Short Duration Core Bond Fund** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2021** | **Year Ended<br> November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 6395243 | $59445122 | 3777149 | $37332636 |
| Converted from Class C\* | 8679 | 79080 | 12660 | 124444 |
| Reinvestment of distributions | 137792 | 1279326 | 73908 | 728472 |
| Shares reacquired | (6457288) | (59720479) | (2266963) | (22386471) |
| Increase | 84426 | $1083049 | 1596754 | $15799081 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 466051 | $4349547 | 161545 | $1595182 |
| Reinvestment of distributions | 8953 | 83030 | 4399 | 43353 |
| Shares reacquired | (390899) | (3644705) | (179232) | (1768687) |
| Converted to Class A\* | (8679) | (79080) | (12662) | (124444) |
| Increase (decrease) | 75426 | $708792 | (25950) | $(254596) |

---

507

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Core Bond Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class F Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3627701 | $34474797 | 10196561 | $100685925 |
| Reinvestment of distributions | 161195 | 1517970 | 181120 | 1784299 |
| Shares reacquired | (12377499) | (116115585) | (8082328) | (79731097) |
| Increase (decrease) | (8588603) | $(80122818) | 2295353 | $22739127 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 3616311 | $33376004 | 50505 | $500000 |
| Reinvestment of distributions | 37695 | 345144 | 903 | 8893 |
| Shares reacquired | (419407) | (3842017) | – | – |
| Increase | 3234599 | $29879131 | 51408 | $508893 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 21479031 | $203967439 | 2826490 | $27863515 |
| Reinvestment of distributions | 323371 | 3002962 | 25102 | 246972 |
| Shares reacquired | (9653659) | (90247232) | (587218) | (5778782) |
| Increase | 12148743 | $116723169 | 2264374 | $22331705 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 70174 | $654719 | 1907 | $18827 |
| Reinvestment of distributions | 1050 | 9657 | 76 | 751 |
| Shares reacquired | (13534) | (123739) | (5686) | (56234) |
| Increase (decrease) | 57690 | $540637 | (3703) | $(36656) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 17221 | $160929 | 10092 | $99232 |
| Reinvestment of distributions | 2821 | 26265 | 1815 | 17880 |
| Shares reacquired | (17212) | (162501) | (5389) | (53305) |
| Increase | 2830 | $24693 | 6518 | $63807 |
| **Short Duration Income Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 490607745 | $1963200375 | 957059326 | $4022410417 |
| Converted from Class C\* | 66839961 | 264826360 | 72771884 | 305709471 |
| Reinvestment of distributions | 73945545 | 292377093 | 64591613 | 271205753 |
| Shares reacquired | (1341131460) | (5335805262) | (918802573) | (3859945250) |
| Increase (decrease) | (709738209) | $(2815401434) | 175620250 | $739380391 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 50330721 | $202641707 | 170862416 | $722605248 |
| Reinvestment of distributions | 14230438 | 56577940 | 13581225 | 57401321 |
| Shares reacquired | (243016760) | (973738131) | (231916852) | (980221549) |
| Converted to Class A\* | (66409499) | (264826360) | (72333411) | (305709471) |
| Decrease | (244865100) | $(979344844) | (119806622) | $(505924451) |

---

508

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Income Fund** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class F Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1568855724 | $6337768151 | 2967600484 | $12461510216 |
| Reinvestment of distributions | 91866479 | 366514517 | 121499361 | 509896090 |
| Shares reacquired | (6522252791) | (26108886894) | (2242556542) | (9414956448) |
| Increase (decrease) | (4861530588) | $(19404604226) | 846543303 | $3556449858 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 680026268 | $2725996746 | 549283667 | $2310488236 |
| Reinvestment of distributions | 40420017 | 159685720 | 26834710 | 112837928 |
| Shares reacquired | (614627147) | (2438248185) | (395770753) | (1663906113) |
| Increase | 105819138 | $447434281 | 180347624 | $759420051 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 6901169782 | $27454118771 | 1553797745 | $6520845375 |
| Reinvestment of distributions | 147751134 | 579429805 | 60833603 | 255234900 |
| Shares reacquired | (3288581346) | (12943262670) | (953347806) | (4000174954) |
| Increase | 3760339570 | $15090285906 | 661283542 | $2775905321 |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 354528 | $1418626 | 574518 | $2416685 |
| Reinvestment of distributions | 49607 | 195880 | 41829 | 175846 |
| Shares reacquired | (1137216) | (4476566) | (1550672) | (6522544) |
| Decrease | (733081) | $(2862060) | (934325) | $(3930013) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 16752343 | $67016218 | 25752786 | $108302140 |
| Reinvestment of distributions | 2563596 | 10127569 | 1967013 | 8269040 |
| Shares reacquired | (24449922) | (97446789) | (20857093) | (87663993) |
| Increase (decrease) | (5133983) | $(20303002) | 6862706 | $28907187 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 16279331 | $65283533 | 17197108 | $72362105 |
| Reinvestment of distributions | 949088 | 3749715 | 668051 | 2810370 |
| Shares reacquired | (19490244) | (77319388) | (17062650) | (71845588) |
| Increase (decrease) | (2261825) | $(8286140) | 802509 | $3326887 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 7366090 | $29208887 | 7257964 | $30437170 |
| Reinvestment of distributions | 473092 | 1860216 | 378499 | 1587056 |
| Shares reacquired | (5964672) | (23708173) | (8969330) | (37622421) |
| Increase (decrease) | 1874510 | $7360930 | (1332867) | $(5598195) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 164135242 | $650020416 | 93338490 | $392028691 |
| Reinvestment of distributions | 7529849 | 29715109 | 5447940 | 22863683 |
| Shares reacquired | (139519261) | (554775455) | (63662505) | (267397055) |
| Increase | 32145830 | $124960070 | 35123925 | $147495319 |

---

509

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Return Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 14228110 | $133168928 | 17942529 | $190511422 |
| Converted from Class C\* | 720814 | 6587671 | 398592 | 4220753 |
| Reinvestment of distributions | 4103051 | 38953806 | 4903044 | 52187203 |
| Shares reacquired | (31268744) | (292925092) | (29791268) | (316106763) |
| Decrease | (12216769) | $(114214687) | (6547103) | $(69187385) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 378154 | $3549253 | 484118 | $5154965 |
| Reinvestment of distributions | 142128 | 1358434 | 235826 | 2512605 |
| Shares reacquired | (1545539) | (14612692) | (2464392) | (26094816) |
| Converted to Class A\* | (721366) | (6587671) | (398969) | (4220753) |
| Decrease | (1746623) | $(16292676) | (2143417) | $(22647999) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 10394306 | $100480992 | 25453059 | $270208824 |
| Reinvestment of distributions | 2110774 | 20601043 | 3616161 | 38478269 |
| Shares reacquired | (86350774) | (826335367) | (21402212) | (226872160) |
| Increase (decrease) | (73845694) | $(705253332) | 7667008 | $81814933 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 16533652 | $156710513 | 23684679 | $251205279 |
| Reinvestment of distributions | 3269704 | 31013961 | 3332896 | 35474033 |
| Shares reacquired | (22715218) | (214115018) | (14362053) | (152180367) |
| Increase (decrease) | (2911862) | $(26390544) | 12655522 | $134498945 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 66474053 | $622399434 | 13995434 | $149170987 |
| Reinvestment of distributions | 2223353 | 20683532 | 1572829 | 16766843 |
| Shares reacquired | (22853408) | (209265780) | (12446700) | (132132161) |
| Increase | 45843998 | $433817186 | 3121563 | $33805669 |
| **Class P Shares** |  |  |  |  |
| Shares sold | 4293 | $41278 | 16884 | $180379 |
| Reinvestment of distributions | 2116 | 20248 | 2398 | 25666 |
| Shares reacquired | (14962) | (142881) | (12385) | (132003) |
| Increase (decrease) | (8553) | $(81355) | 6897 | $74042 |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 12145 | $115184 | 43685 | $464047 |
| Reinvestment of distributions | 4465 | 42426 | 5821 | 61996 |
| Shares reacquired | (47595) | (464350) | (118205) | (1256359) |
| Decrease | (30985) | $(306740) | (68699) | $(730316) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 488238 | $4650109 | 1126048 | $11974725 |
| Reinvestment of distributions | 115568 | 1098695 | 253652 | 2704114 |
| Shares reacquired | (1026780) | (9608266) | (5620810) | (59892552) |
| Decrease | (422974) | $(3859462) | (4241110) | $(45213713) |

---

510

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Return Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class R4 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1078982 | $10187678 | 1973453 | $20956107 |
| Reinvestment of distributions | 63283 | 601435 | 103214 | 1099091 |
| Shares reacquired | (1898691) | (18141072) | (3288428) | (34746885) |
| Decrease | (756426) | $(7351959) | (1211761) | $(12691687) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 1308996 | $12912920 | 1478286 | $15732346 |
| Reinvestment of distributions | 238298 | 2277634 | 364187 | 3880733 |
| Shares reacquired | (6480259) | (57182494) | (4454550) | (47430148) |
| Decrease | (4932965) | $(41991940) | (2612077) | $(27817069) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 5495944 | $52428664 | 6968509 | $74053703 |
| Reinvestment of distributions | 833626 | 7918087 | 1084454 | 11550669 |
| Shares reacquired | (9342952) | (88847687) | (11114907) | (118063420) |
| Decrease | (3013382) | $(28500936) | (3061944) | $(32459048) |
| **Ultra Short Bond Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 201031660 | $1996294785 | 607828859 | $6097215028 |
| Reinvestment of distributions | 9489914 | 93398466 | 4032930 | 40438554 |
| Shares reacquired | (684513149) | (6767649390) | (833349467) | (8358572837) |
| Decrease | (473991575) | $(4677956139) | (221487678) | $(2220919255) |
| **Class A1 Shares** |  |  |  |  |
| Shares sold | 168930 | $1675747 | 334126 | $3352608 |
| Reinvestment of distributions | 7631 | 75197 | 4258 | 42703 |
| Shares reacquired | (1105431) | (10955420) | (947144) | (9501049) |
| Decrease | (928870) | $(9204476) | (608760) | $(6105738) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 160865643 | $1596579072 | 384732142 | $3859631760 |
| Reinvestment of distributions | 3159355 | 31160512 | 2276659 | 22832751 |
| Shares reacquired | (568248109) | (5626812931) | (560204231) | (5619560382) |
| Decrease | (404223111) | $(3999073347) | (173195430) | $(1737095871) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 86723432 | $861857028 | 55335031 | $555091222 |
| Reinvestment of distributions | 932686 | 9172907 | 187823 | 1883599 |
| Shares reacquired | (62099912) | (613524756) | (83732448) | (840043714) |
| Increase (decrease) | 25556206 | $257505179 | (28209594) | $(283068893) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 573124802 | $5656176028 | 89869984 | $901322863 |
| Reinvestment of distributions | 4360373 | 42819447 | 576492 | 5780417 |
| Shares reacquired | (310913480) | (3061132979) | (87241085) | (875020183) |
| Increase | 266571695 | $2637862496 | 3205391 | $32083097 |

---

511

**Notes to Financial Statements (concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ultra Short Bond Fund** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class R5 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2809 | $27469 | 1247 | $12497 |
| Reinvestment of distributions | 254 | 2509 | 356 | 3572 |
| Shares reacquired | (48874) | (485552) | (20468) | (205335) |
| Decrease | (45811) | $(455574) | (18865) | $(189266) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 1947328 | $19236213 | 4542848 | $45564511 |
| Reinvestment of distributions | 123031 | 1210694 | 42859 | 429776 |
| Shares reacquired | (3749329) | (37042431) | (2364440) | (23723592) |
| Increase (decrease) | (1678970) | $(16595524) | 2221267 | $22270695 |

---

\* Automatic conversion of Class C shares occurs on the 25th day of the month (or, if the 25th day was not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted.

512

**Report of Independent Registered Public Accounting Firm**

**To the shareholders and the Board of Trustees of Lord Abbett Investment Trust**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities, including schedules of investments, of Lord Abbett Convertible Fund, Lord Abbett Core Fixed Income Fund, Lord Abbett Core Plus Bond Fund, Lord Abbett Corporate Bond Fund, Lord Abbett Floating Rate Fund, Lord Abbett High Yield Fund, Lord Abbett Income Fund, Lord Abbett Inflation Focused Fund, Lord Abbett Short Duration Core Bond Fund, Lord Abbett Short Duration Income Fund, Lord Abbett Total Return Fund, and Lord Abbett Ultra Short Bond Fund, twelve of the funds constituting the Lord Abbett Investment Trust (the "Trust"), as of November 30, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds listed above constituting the Lord Abbett Investment Trust as of November 30, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statements and financial highlights 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 and financial highlights 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 its 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2022, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP<br> New York, New York<br> January 25, 2023

We have served as the auditor of one or more Lord Abbett Family of Funds' investment companies since 1932.

513

**Basic Information About Management**

The Board is responsible for the management of the business and affairs of the Fund in accordance with the laws of the state of organization. The Board elects officers who are responsible for the day-to-day operations of the Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to the Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the investment adviser. Generally, each Board member holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Fund's organizational documents.

Lord, Abbett & Co. LLC ("Lord Abbett"), a Delaware limited liability company, is the Fund's investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Fund.

**Independent Board Members**

The following Independent Board Members also are board members of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 62 investment portfolios.

---

| | | |
|:---|:---|:---|
| **Name, Address and<br> Year of Birth** | **Current Position and<br> Length of Service<br> with the Fund** | **Principal Occupation and Other Directorships<br> During the Past Five Years** |
| **Evelyn E. Guernsey**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1955) | Board member since 2011 <br> Vice Chair since 2023 | **Principal Occupation:** None. <br>**Other Directorships:** None. |
| **Julie A. Hill**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1946) | Board member since 2004 | **Principal Occupation:** Owner and CEO of The Hill Company, a business consulting firm (since 1998). <br>**Other Directorships:** Previously served as director of Anthem, Inc., a health benefits company (1994–2021). |
| **Kathleen M. Lutito**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1963) | Board member since 2017 | **Principal Occupation:** President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). <br>**Other Directorships:** None. |
| **James M. McTaggart**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street <br>Jersey City, NJ 07302 <br>(1947) | Board member since 2012 | **Principal Occupation:** Owner of McTaggart LLC (since 2011). <br>**Other Directorships:** None. |
| **Charles O. Prince**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1950) | Board member since 2019 | **Principal Occupation:** None. Formerly Chair and Chief Executive Officer, Citigroup, Inc. (Retired 2007). <br>**Other Directorships:** Previously served as director of Johnson & Johnson (2005–2022). Previously served as director of Xerox Corporation (2007–2018). |

---

514

**Basic Information About Management (continued)**

---

| | | |
|:---|:---|:---|
| **Name, Address and<br> Year of Birth** | **Current Position and<br> Length of Service<br> with the Fund** | **Principal Occupation and Other Directorships<br> During the Past Five Years** |
| **Karla M. Rabusch**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1959) | Board member since 2017 | **Principal Occupation:** President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). <br>**Other Directorships:** None. |
| **Lorin Patrick Taylor Radtke**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1968) | Board member since 2021 | **Principal Occupation:** Partner and Co-Founder of M Seven 8 Partners LLC, a venture capital firm (since 2016). Formerly Partner, Goldman Sachs (1992–2016). <br>**Other Directorships:** Currently serves as director of Assured Guaranty (2021–Present), Virtual Combine (2018–Present), and Mariposa Family Learning Center (2021–Present). Previously served as director of SummerMoon Coffee (2022). |
| **Leah Song Richardson**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1966) | Board member since 2021 | **Principal Occupation:** President of Colorado College (since 2021) and was formerly Dean at University of California, Irvine – School of Law (2017–2021) and formerly Professor of Law at University of California, Irvine (2014–2017). <br>**Other Directorships:** None. |
| **Mark A. Schmid**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1959) | Board member since 2016 | **Principal Occupation:** Vice President and Chief Investment Officer of the University of Chicago (2009–2021). <br>**Other Directorships:** None. |
| **James L.L. Tullis**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1947) | Board member since 2006; <br> Chair since 2017 | **Principal Occupation:** Chair of Tullis Health Investors – FL LLC (since 2018); CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (1990–2016). <br>**Other Directorships:** Currently serves as Chair of Crane Co. (since 2020, director since 1998), Director of Alphatec Spine (since 2018), and Director of Exagen Inc. (since 2019). Previously served as director of electroCore, Inc. (2018–2020). |

---

**Interested Board Members**

Mr. Sieg is affiliated with Lord Abbett and is an "interested person" of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 62 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

---

| | | |
|:---|:---|:---|
| **Name, Address and<br> Year of Birth** | **Current Position and<br> Length of Service<br> with the Fund** | **Principal Occupation and Other Directorships<br> During the Past Five Years** |
| **Douglas B. Sieg**<br> Lord, Abbett & Co. LLC<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1969) | Board member since 2016 | **Principal Occupation:** Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994. <br>**Other Directorships:** None. |

---

515

**Basic Information About Management (continued)**

**Officers**

None of the officers listed below have received compensation from the Fund. All of the officers of the Fund also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the "Principal Occupation During the Past Five Years" column indicate each officer's position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (*i.e.*, until his or her death, resignation, retirement, or removal).

---

| | | | |
|:---|:---|:---|:---|
| **Name and<br> Year of Birth** | **Current Position<br> with the Fund** | **Length of Service<br> of Current Position** | **Principal Occupation<br> During the Past Five Years** |
| **Douglas B. Sieg**<br> (1969) | President and Chief Executive Officer | Elected as President and Chief Executive Officer in 2018 | Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994. |
| **Jackson C. Chan**<br> (1964) | AML Compliance Officer | Elected in 2018 | Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014. |
| **Nicholas D. Emguschowa**<br> (1986) | Data Protection Officer | Elected in 2022 | Assistant General Counsel, joined Lord Abbett in 2018 and was formerly Associate at Shearman & Sterling (2014-2018). |
| **Michael J. Hebert**<br> (1976) | Chief Financial Officer and Treasurer | Elected as Chief Financial Officer and Treasurer in 2021 | Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014-2021) and Calvert Research & Management (CRM) (2016-2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years. |
| **Jennifer C. Karam**<br> (1970) | Vice President and Assistant Secretary | Elected in 2022 | Partner and Senior Deputy General Counsel, joined Lord Abbett in 2012. |
| **Joseph M. McGill**<br> (1962) | Chief Compliance Officer | Elected in 2014 | Partner and Chief Compliance Officer, joined Lord Abbett in 2014. |
| **Lawrence B. Stoller**<br> (1963) | Vice President, Secretary and Chief Legal Officer | Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019 | Partner and General Counsel, joined Lord Abbett in 2007. |

---

516

**Basic Information About Management (concluded)**

---

| | | | |
|:---|:---|:---|:---|
| **Name and<br> Year of Birth** | **Current Position<br> with the Fund** | **Length of Service<br> of Current Position** | **Principal Occupation<br> During the Past Five Years** |
| **Victoria Zozulya**<br> (1983) | Vice President and Assistant Secretary | Elected in 2022 | Counsel, joined Lord Abbett in 2022 and was formerly Senior Director and Counsel at Equitable (2018-2022) and Assistant General Counsel at Neuberger Berman (2014-2018). |

---

Please call 888–522–2388 for a copy of the statement of additional information, which contains further information about the Fund's Board members. It is available free upon request.

517

**Householding**

The Trust has adopted a policy that allows it to send only one copy of each Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.

**Proxy Voting Policies, Procedures and Records**

A description of the policies and procedures that Lord Abbett uses to vote proxies related to each Fund's portfolio securities, and information on how Lord Abbett voted each Fund's proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett's website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

**Shareholder Reports and Quarterly Portfolio Disclosure**

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters as an attachment to Form N-PORT. Copies of the filings are available without charge, upon request on the SEC's website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388.

518

**Tax Information (unaudited)**

The percentages below reflect the portion of ordinary income distributions that are eligible for the corporate received deduction (DRD) and qualified dividend income (QDI) for individual shareholders.

---

| | | |
|:---|:---|:---|
| **Fund Name** | **DRD** | **QDI** |
| Convertible Fund | 16% | 16% |

---

For foreign shareholders, the percentages below reflect the portion of net investment income distributions that represent interest-related dividends:

---

| | |
|:---|:---|
| **Fund Name** | |
| Convertible Fund | 66% |
| Core Fixed Income Fund | 93% |
| Core Plus Bond Fund | 95% |
| Corporate Bond Fund | 100% |
| Floating Rate Fund | 100% |
| High Yield Fund | 100% |
| Income Fund | 100% |
| Inflation Focused Fund | 92% |
| Short Duration Core Bond Fund | 100% |
| Short Duration Income Fund | 100% |
| Total Return Fund | 92% |
| Ultra Short Bond Fund | 100% |

---

Additionally, of the distributions paid to shareholders during the fiscal year ended November 30, 2022, the following amounts represent capital gains:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Short-Term<br> Capital Gains** | **Long-Term<br> Capital Gains** |
| Convertible Fund | $88388356 | $131835772 |
| Core Fixed Income |  | 7484048 |
| Core Plus Bond Fund |  | 84595 |
| Corporate Bond Fund |  | 175812 |
| High Yield Fund | 9655375 |  |
| Income Fund | 2346277 | 50225909 |
| Total Return Fund |  | 24256431 |

---

519

![](x4_c105071x525x1.jpg)

---

| | | |
|:---|:---|:---|
| ![](x4_c105071x525x2.jpg) <br> This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.<br>Lord Abbett mutual fund shares are distributed by<br> LORD ABBETT DISTRIBUTOR LLC. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lord Abbett Investment Trust**<br>Lord Abbett Convertible Fund<br>Lord Abbett Core Fixed Income Fund<br>Lord Abbett Core Plus Bond Fund<br>Lord Abbett Corporate Bond Fund<br>Lord Abbett Floating Rate Fund<br>Lord Abbett High Yield Fund<br>Lord Abbett Income Fund<br>Lord Abbett Inflation Focused Fund<br>Lord Abbett Short Duration Core Bond Fund<br>Lord Abbett Short Duration Income Fund<br>Lord Abbett Total Return Fund<br>Lord Abbett Ultra Short Bond Fund | LAIT-2<br> (01/23) |

---

---

| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.** |
| (a) | In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies to the principal executive officer and senior financial officers of the Registrant ("Code of Ethics"). The Code of Ethics was in effect during the fiscal year ended November 30, 2022 (the "Period"). |
| (b) | Not applicable. |
| (c) | The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period. |
| (d) | The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the Period. |
| (e) | Not applicable. |
| (f) | See Item 13(a)(1) concerning the filing of the Code of Ethics. |
| **Item 3:** | **Audit Committee Financial Expert.** |
|  | The Registrant's board of trustees has determined that each of the following independent trustees who are members of the audit committee is an audit committee financial expert: Evelyn E. Guernsey, Karla M. Rabusch and Mark A. Schmid. Each of these persons is independent within the meaning of the Form N-CSR. |
| **Item 4:** | **Principal Accountant Fees and Services.** |
|  | In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended November 30, 2022 and 2021 by the Registrant's principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, "Deloitte") were as follows: |

---

---

| | | |
|:---|:---|:---|
|  | *Fiscal year ended:* | *Fiscal year ended:* |
|  | *2022* | *2021* |
| Audit Fees {a} | $832000 | $787500 |
| Audit-Related Fees | - 0 - | - 0 - |
| Total audit and audit-related fees | 832000 | 787500 |
| Tax Fees {b} | - 0 - | 98417 |
| All Other Fees | - 0 - | - 0 - |
| &nbsp;&nbsp;&nbsp;Total Fees | $832000 | $885917 |

---

---

| | | |
|:---|:---|:---|
| {a} | Consists of fees for audits of the Registrant's annual financial statements. | Consists of fees for audits of the Registrant's annual financial statements. |
| {b} | Fees for the fiscal year ended November 30, 2022 and 2021 consist of fees for preparing the U.S. Income Tax Return for Regulated Investment Companies, New Jersey Corporation Business Tax Return, New Jersey Annual Report Form, U.S. Return of Excise Tax on Undistributed Income of Investment Companies, IRS Forms 1099-MISC and 1096 Annual Summary and Transmittal of U.S. Information Returns. | Fees for the fiscal year ended November 30, 2022 and 2021 consist of fees for preparing the U.S. Income Tax Return for Regulated Investment Companies, New Jersey Corporation Business Tax Return, New Jersey Annual Report Form, U.S. Return of Excise Tax on Undistributed Income of Investment Companies, IRS Forms 1099-MISC and 1096 Annual Summary and Transmittal of U.S. Information Returns. |
| (e) | (1) Pursuant to Rule 2-01(c) (7) of Regulation S-X, the Registrant's Audit Committee has adopted pre-approval policies and procedures. Such policies and procedures generally provide that the Audit Committee must pre-approve: | (1) Pursuant to Rule 2-01(c) (7) of Regulation S-X, the Registrant's Audit Committee has adopted pre-approval policies and procedures. Such policies and procedures generally provide that the Audit Committee must pre-approve: |
|  | • | any audit, audit-related, tax, and other services to be provided to the Lord Abbett Funds, including the Registrant, and |
|  | • | any audit-related, tax, and other services to be provided to the Registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to one or more Funds comprising the Registrant if the engagement relates directly to operations and financial reporting of a Fund, by the independent auditor to assure that the provision of such services does not impair the auditor's independence. |
| The Audit Committee has delegated pre-approval authority to its Chair, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chair will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee. | The Audit Committee has delegated pre-approval authority to its Chair, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chair will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee. | The Audit Committee has delegated pre-approval authority to its Chair, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chair will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee. |

---

---

| | |
|:---|:---|
| (e) (2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. | (e) (2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant are shown above in the response to Item 4 (a), (b), (c) and (d) as "All Other Fees". |
| The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant's investment adviser, Lord, Abbett & Co. LLC ("Lord Abbett"), for the fiscal years ended November 30, 2022 and 2021 were: | The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant's investment adviser, Lord, Abbett & Co. LLC ("Lord Abbett"), for the fiscal years ended November 30, 2022 and 2021 were: |

---

---

| | | |
|:---|:---|:---|
|  | *Fiscal year ended:* | *Fiscal year ended:* |
|  | *2022* | *2021* |
| All Other Fees {a} | $270000 | $220000 |

---

---

| | |
|:---|:---|
| {a} | Consist of fees for Independent Services Auditors' Report on Controls Placed in Operation and Tests of Operating Effectiveness related to Lord Abbett's Asset Management Services ("SOC-1 Report"). |
| The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended November 30, 2022 and 2021 were: | The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended November 30, 2022 and 2021 were: |

---

---

| | | |
|:---|:---|:---|
|  | *Fiscal year ended:* | *Fiscal year ended:* |
|  | *2022* | *2021* |
| All Other Fees | $- 0 - | $- 0 - |

---

&nbsp;&nbsp;&nbsp;&nbsp;(h) The Registrant's Audit Committee has considered the provision of non-audit services that were
 rendered to the Registrant's investment adviser, and any entity controlling, controlled by or under common control with
 the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01
 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte's
 independence.

(i) Not Applicable.

(j) Not Applicable.

---

| | |
|:---|:---|
| **Item 5:** | **Audit Committee of Listed Registrants.** |
|  | Not applicable. |
| **Item 6:** | **Schedule of Investments.** |
|  | Not applicable. |
| **Item 7:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
|  | Not applicable. |
| **Item 8:** | **Portfolio Managers of Closed-End Management Investment Companies**. |
|  | Not applicable. |
| **Item 9:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
|  | Not applicable. |
| **Item 10:** | **Submission of Matters to a Vote of Security Holders.** |
|  | Not applicable. |
| **Item 11:** | **Controls and Procedures.** |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) | The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
| **Item 12:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |
|  | Not applicable. |
| **Item 13:** | **Exhibits.** |
| &nbsp;&nbsp;&nbsp;&nbsp;(a)(1) | [The Lord Abbett Family of Funds Sarbanes-Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of EX-99.CODEETH.](c105072_ex99codeeth.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;(a)(2) | [Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.](c105072_ex99cert.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) | [Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.](c105072_ex99-906cert.htm) |

---

**SIGNATURES**

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

**LORD ABBETT INVESTMENT TRUST**

---

| | | |
|:---|:---|:---|
|  | By: | <u><u>/s/ Douglas B. Sieg</u></u> |
|  |  | Douglas B. Sieg |
|  |  | President and Chief Executive Officer |
| Date: January 25, 2023 |  |  |

---

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><u>/s/ Douglas B. Sieg</u></u> |
|  |  | Douglas B. Sieg |
|  |  | President and Chief Executive Officer |
| Date: January 25, 2023 |  |  |
|  | By: | <u><u>/s/ Michael J. Hebert</u></u> |
|  |  | Michael J. Hebert |
|  |  | Chief Financial Officer and Treasurer |
| Date: January 25, 2023 |  |  |

---

## Ex-99.Code

EX-99.CODEETH

**THE LORD ABBETT FAMILY OF FUNDS**

**SARBANES-OXLEY CODE OF ETHICS** 

**FOR THE PRINCIPAL EXECUTIVE OFFICER** 

**AND SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

**The Lord Abbett Family of Funds'** code of ethics (the "Code") for the investment companies within the complex (collectively, "Funds" and each individually a "Fund"), applies to each Fund's Principal Executive Officer and Senior Financial Officers (the "Covered Officers", each of whom is set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
 interest between personal and professional relationships;

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by the Funds;

· compliance with applicable laws and governmental rules and regulations;

· the prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Any Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the investment adviser to each of the Funds. The compliance programs and procedures of Lord, Abbett & Co. LLC ("Lord Abbett") are designed to prevent, or identify and correct, violations of such requirements. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each of the Funds

June 2003

and Lord Abbett of which the Covered Officers are also members. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for Lord Abbett, or for both), be involved in establishing policies and implementing decisions which will have different effects on Lord Abbett and each of the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each of the Funds and Lord Abbett and is consistent with the performance by the Covered Officers of their duties as officers of one or more Funds and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Boards of Directors/Trustees of the Funds that the Covered Officers are also officers of the other Lord Abbett investment companies covered by this and by a separate code of ethics.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the following examples of conflicts of interest under this Code, Covered Officers should keep in mind that such a list cannot ever be exhaustive by covering every possible scenario. It follows that the overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his/her personal influence or personal relationships improperly to influence
 investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment
 of the Fund; and

· not cause a Fund to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit the Fund.

There are some potential conflict of interest situations that should be discussed with Lord Abbett's General Counsel if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public company;

· any direct ownership interest in, or any consulting or employment relationship with, any of the
 Funds' service providers, other than Lord Abbett or any affiliated person of Lord Abbett;

· a direct or indirect financial interest in commissions, transaction charges or spreads paid by
 a Fund for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered
 Officer's employment, such as compensation or as a member of Lord Abbett.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure & Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize him/herself with the disclosure requirements generally
 applicable to the Funds;

June 2003

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent,
 or cause others to misrepresent, facts about a Fund to others, whether within or outside Lord Abbett or a Fund, including
 to a Fund's independent directors/trustees and auditors, and to governmental regulators and self-regulatory organizations;

· each Covered Officer should, to the extent appropriate
 within his/her area of responsibility, consult with other officers and employees of the Funds and Lord Abbett with the goal
 of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with,
 or submit to, the SEC and in other public communications made by the Funds; and

· it is the responsibility of each Covered Officer to promote
 compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code, affirm in writing to the Audit Committee (the "Committee")
 of a Fund that he/she has received, read, and understands the Code;

· annually thereafter affirm to the Committee that he/she has complied with the requirements of
 the Code;

· report at least annually such affiliations or other relationships related to conflicts of interest
 as covered by the Funds' Annual Directors & Officers Questionnaire;

· not retaliate against any employee or member of Lord Abbett for reports of potential violations
 that are made in good faith; and

· notify Lord Abbett's General Counsel<sup></sup>promptly if he/she alleges any violation
 of this Code. Failure to do so is itself a violation of this Code.

Lord Abbett's General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The General Counsel may consult, as appropriate, with the Committee, and/or counsel to the Independent Directors, and is encouraged to do so. However, any approvals or waivers sought by the Covered Persons will be considered by the Committee.

June 2003

Each of the Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lord Abbett's General Counsel will take all appropriate action to investigate any potential
 violations reported to him;

· if, after such investigation, the General Counsel believes that no violation has occurred, the
 General Counsel is not required to take any further action, but he shall discuss with the Committee at its next regularly
 scheduled meeting his investigation and conclusion;

· any matter that the General Counsel believes is a violation will be reported to the Committee;

· if the Committee concurs that a violation has occurred, it will consider appropriate action,
 which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate
 personnel of Lord Abbett; or a recommendation to dismiss the Covered Officer;

· the Committee will be responsible for granting waivers, as appropriate; and

· any changes to or waivers of this Code will, to the extent required, be disclosed as provided
 by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and Lord Abbett's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Except as to the individuals listed in Exhibit A, this Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of a Fund's independent directors/trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Committee and its counsel.

June 2003

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each of the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Date: June 19, 2003

June 2003

**Exhibit A**

---

| | | |
|:---|:---|:---|
| <u>Persons Covered by this Code of Ethics</u> | <u>Persons Covered by this Code of Ethics</u> | <u>Position With Funds</u> |
| Douglas B. Sieg | Principal Executive Officer | President and Chief Executive Officer |
| Michael J. Hebert | Principal Financial Officer and Principal Accounting Officer | Chief Financial Officer and Treasurer |

---

July 2022

## Ex-99.Cert

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Douglas B. Sieg, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Investment Trust;

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 and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
 over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred
 during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
 internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit
 committee of the Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 25, 2023 |  |
|  | <u>/s/ Douglas B. Sieg</u> |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer |

---

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Michael J. Hebert, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Investment Trust;

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 and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
 over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially
 affect, the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 25, 2023 |  |
|  | <u>/s/ Michael J. Hebert</u> |
|  | Michael J. Hebert |
|  | Chief Financial Officer and Treasurer |

---

## Exhibit 99.906

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This report on Form N-CSR of Lord Abbett Investment Trust (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results
 of operations of the issuer.

---

| | | |
|:---|:---|:---|
| Date: January 25, 2023 |  |  |
|  | By: | <u>/s/ Douglas B. Sieg</u> |
|  |  | Douglas B. Sieg |
|  |  | President and Chief Executive Officer |
|  | By: | <u>/s/ Michael J. Hebert</u> |
|  |  | Michael J. Hebert |
|  |  | Chief Financial Officer and Treasurer |

---

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.

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This report on Form N-CSR of Lord Abbett Investment Trust (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

---

| | | |
|:---|:---|:---|
| Date: January 25, 2023 |  |  |
|  | By: | <u>/s/ Douglas B. Sieg</u> |
|  |  | Douglas B. Sieg |
|  |  | President and Chief Executive Officer |
|  | By: | <u>/s/ Michael J. Hebert</u> |
|  |  | Michael J. Hebert |
|  |  | Chief Financial Officer and Treasurer |

---