# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0000928816-25-000753
**Filing Date:** 2025-6
**Character Count:** 210332
**Document Hash:** 92e9238a0e8e0c7714419d3db6baa1f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000928816-25-000753.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0000928816-25-000753

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001005942

**ORGANIZATION NAME:**
- **EIN:** 043299786
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07513
- **FILM NUMBER:** 251082749

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6177601000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

## Series and Classes Contracts Data

### Putnam Core Bond Fund (Series ID: S000024275)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000071712 | Class R      |  |
| C000071713 | Class Y      |  |
| C000071714 | Class A      |  |
| C000071716 | Class C      |  |
| C000118006 | Class R6     |  |

?xml version='1.0' encoding='ASCII'? 2025-05-12PTEC3_PutnamCoreBondFund_ClassA_TSRSemiAnnual

<br> UNITED STATES

<br> SECURITIES AND EXCHANGE COMMISSION

<br> Washington, D.C. 20549

**FORM N-CSR** <br>

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** <br>

**MANAGEMENT INVESTMENT COMPANIES** <br>

<br> Investment Company Act file number: (811-07513)

<br> Exact name of registrant as specified in charter: Putnam Funds Trust

<br> Address of principal executive offices: 100 Federal Street, Boston, Massachusetts 02110

<br> Name and address of agent for service: Stephen Tate, Vice President

<br> 100 Federal Street

<br> Boston, Massachusetts 02110

<br> Copy to: Bryan Chegwidden, Esq.

<br> Ropes & Gray LLP

<br> 1211 Avenue of the Americas

<br> New York, New York 10036

<br> James E. Thomas, Esq.

<br> Ropes & Gray LLP

<br> 800 Boylston Street

<br> Boston, Massachusetts 02199

<br> Registrant's telephone number, including area code: (617) 292-1000

<br> Date of fiscal year end: October 31, 2025

<br> Date of reporting period: November 1, 2024 – April 30, 2025

<br> <u>Item 1. Report to Stockholders:</u>

<br> (a) The Report to Shareholders is filed herewith

<br> (b) Not applicable

------

---

| | |
|:---|:---|
| **Putnam Core Bond Fund**  | ![image](i202405091704288.jpg) |
| Class A [PTRNX] | ![image](i202405091704288.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405091704288.jpg) |
| ![image](i202407221329492.jpg) | ![image](i202407221329492.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Core Bond Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $32 | 0.64% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1107539675 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 805 |
| **Portfolio Turnover Rate** | 227% |

---

\* Includes derivatives, if applicable.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition (% of Total Net Assets)**

![image](ts4019img003.jpg)

Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Allocations may not total 100% because the chart includes the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), including to-be-announced mortgage security trades, if any, in addition to the market value of securities. Holdings and allocations may vary over time.

---

| | |
|:---|:---|
| ![image](i202405161828227.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161828227.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161828227.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Core Bond Fund PAGE 1 39114-STSA-0625

32.929.627.86.54.94.53.42.51.50.70.47.0 ------

---

| | |
|:---|:---|
| **Putnam Core Bond Fund**  | ![image](i202405091704288.jpg) |
| Class C [PTRGX] | ![image](i202405091704288.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405091704288.jpg) |
| ![image](i202407221329492.jpg) | ![image](i202407221329492.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Core Bond Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $70 | 1.39% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1107539675 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 805 |
| **Portfolio Turnover Rate** | 227% |

---

\* Includes derivatives, if applicable.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition (% of Total Net Assets)**

![image](ts4021img003.jpg)

Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Allocations may not total 100% because the chart includes the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), including to-be-announced mortgage security trades, if any, in addition to the market value of securities. Holdings and allocations may vary over time.

---

| | |
|:---|:---|
| ![image](i202405161828227.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161828227.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161828227.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Core Bond Fund PAGE 1 39114-STSC-0625

32.929.627.86.54.94.53.42.51.50.70.47.0 ------

---

| | |
|:---|:---|
| **Putnam Core Bond Fund**  | ![image](i202405091704288.jpg) |
| Class R [PTRKX] | ![image](i202405091704288.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405091704288.jpg) |
| ![image](i202407221329492.jpg) | ![image](i202407221329492.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Core Bond Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $45 | 0.89% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1107539675 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 805 |
| **Portfolio Turnover Rate** | 227% |

---

\* Includes derivatives, if applicable.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition (% of Total Net Assets)**

![image](ts4024img003.jpg)

Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Allocations may not total 100% because the chart includes the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), including to-be-announced mortgage security trades, if any, in addition to the market value of securities. Holdings and allocations may vary over time.

---

| | |
|:---|:---|
| ![image](i202405161828227.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161828227.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161828227.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Core Bond Fund PAGE 1 39114-STSR-0625

32.929.627.86.54.94.53.42.51.50.70.47.0 ------

---

| | |
|:---|:---|
| **Putnam Core Bond Fund**  | ![image](i202405091704288.jpg) |
| Class R6 [PTREX] | ![image](i202405091704288.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405091704288.jpg) |
| ![image](i202407221329492.jpg) | ![image](i202407221329492.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Core Bond Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $20 | 0.39% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1107539675 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 805 |
| **Portfolio Turnover Rate** | 227% |

---

\* Includes derivatives, if applicable.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition (% of Total Net Assets)**

![image](ts4026img003.jpg)

Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Allocations may not total 100% because the chart includes the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), including to-be-announced mortgage security trades, if any, in addition to the market value of securities. Holdings and allocations may vary over time.

---

| | |
|:---|:---|
| ![image](i202405161828227.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161828227.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161828227.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Core Bond Fund PAGE 1 39114-STSR6-0625

32.929.627.86.54.94.53.42.51.50.70.47.0 ------

---

| | |
|:---|:---|
| **Putnam Core Bond Fund**  | ![image](i202405091704288.jpg) |
| Class Y [PYTRX] | ![image](i202405091704288.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405091704288.jpg) |
| ![image](i202407221329492.jpg) | ![image](i202407221329492.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Core Bond Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class Y | $20 | 0.39% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1107539675 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 805 |
| **Portfolio Turnover Rate** | 227% |

---

\* Includes derivatives, if applicable.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition (% of Total Net Assets)**

![image](ts4028img003.jpg)

Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Allocations may not total 100% because the chart includes the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), including to-be-announced mortgage security trades, if any, in addition to the market value of securities. Holdings and allocations may vary over time.

---

| | |
|:---|:---|
| ![image](i202405161828227.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161828227.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161828227.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Core Bond Fund PAGE 1 39114-STSY-0625

32.929.627.86.54.94.53.42.51.50.70.47.0 ------

<br> <u>Item 2. Code of Ethics:</u>

<br> Not applicable

<br> <u>Item 3. Audit Committee Financial Expert:</u>

<br> Not applicable

<br> <u>Item 4. Principal Accountant Fees and Services:</u>

<br> Not applicable

<br> <u>Item 5. Audit Committee of Listed Registrants</u>

<br> Not applicable

<br> <u>Item 6. Investments:</u>

<br> The registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements and Other Important Information in Item 7 below.

<br> <u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>

![frontcoverartcoverlogo.jpg](image_001.jpg)

Putnam

Core Bond

Fund

Financial Statements and Other Important Information

Semi-Annual \| April 30, 2025

![frontcoverartcoverbar.jpg](image_002.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| [The fund's portfolio](#page_1) | [1](#page_1) |
| [Financial statements](#page_18) | [18](#page_18) |
| [Financial highlights](#page_21) | [21](#page_21) |
| [Notes to financial statements](#page_23) | [23](#page_23) |
| [Changes in and disagreements with accountants](#page_29) | [29](#page_29) |
| [Results of any shareholder votes](#page_shrvote) | [29](#page_shrvote) |
| [Remuneration paid to directors, officers, and others](#page_remun) | [29](#page_remun) |
| [Board approval of management and subadvisory agreements](#page_bam) | [29](#page_bam) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Financial Statements and Other Important Information—Semi-Annual | &nbsp;&nbsp;**franklintempleton.com** |

---

**The fund's portfolio** 4/30/25 (Unaudited) <br>

---

| | | |
|:---|:---|:---|
| **U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (29.5%)\*** | **Principal amount** | **Value** |
| **U.S. Government Guaranteed Mortgage Obligations (8.3%)** |  |  |
| Government National Mortgage Association Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, with due dates from 9/20/53 to 11/20/53 | $2497456 | &nbsp;&nbsp;&nbsp;&nbsp;$2615325 |
| &nbsp;&nbsp;&nbsp;6.00%, TBA, 5/1/55 | 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;8093438 |
| &nbsp;&nbsp;&nbsp;6.00%, with due dates from 2/20/53 to 12/20/54 | 6370645 | &nbsp;&nbsp;&nbsp;&nbsp;6513131 |
| &nbsp;&nbsp;&nbsp;5.50%, TBA, 5/1/55 | 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;6998441 |
| &nbsp;&nbsp;&nbsp;5.50%, with due dates from 5/20/49 to 7/20/53 | 2332530 | &nbsp;&nbsp;&nbsp;&nbsp;2362278 |
| &nbsp;&nbsp;&nbsp;5.00%, TBA, 5/1/55 | 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;7849286 |
| &nbsp;&nbsp;&nbsp;5.00%, with due dates from 5/20/49 to 8/20/53 | 921861 | &nbsp;&nbsp;&nbsp;&nbsp;910025 |
| &nbsp;&nbsp;&nbsp;4.50%, TBA, 5/1/55 | 16000000 | &nbsp;&nbsp;&nbsp;&nbsp;15318733 |
| &nbsp;&nbsp;&nbsp;4.00%, with due dates from 6/20/49 to 1/20/51 | 4116820 | &nbsp;&nbsp;&nbsp;&nbsp;3869115 |
| &nbsp;&nbsp;&nbsp;3.50%, TBA, 5/1/55 | 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;7268476 |
| &nbsp;&nbsp;&nbsp;3.50%, with due dates from 10/20/49 to 11/20/49 | 68733 | &nbsp;&nbsp;&nbsp;&nbsp;61752 |
| &nbsp;&nbsp;&nbsp;3.00%, with due dates from 6/20/50 to 1/20/54 | 6399326 | &nbsp;&nbsp;&nbsp;&nbsp;5669903 |
| &nbsp;&nbsp;&nbsp;2.50%, TBA, 5/1/55 | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp;10229049 |
| &nbsp;&nbsp;&nbsp;2.00%, TBA, 5/1/55 | 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;13873432 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**91632384** |
| **U.S. Government Agency Mortgage Obligations (21.2%)** |  |  |
| Federal Home Loan Mortgage Corporation Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 5/1/53 | 44153 | &nbsp;&nbsp;&nbsp;&nbsp;45635 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/1/53 | 1068136 | &nbsp;&nbsp;&nbsp;&nbsp;1094364 |
| &nbsp;&nbsp;&nbsp;5.50%, with due dates from 7/1/49 to 11/1/53 | 4096383 | &nbsp;&nbsp;&nbsp;&nbsp;4135297 |
| &nbsp;&nbsp;&nbsp;4.50%, 2/1/53 | 291261 | &nbsp;&nbsp;&nbsp;&nbsp;279195 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/52 | 813861 | &nbsp;&nbsp;&nbsp;&nbsp;761619 |
| &nbsp;&nbsp;&nbsp;3.50%, 7/1/52 | 8883047 | &nbsp;&nbsp;&nbsp;&nbsp;8030876 |
| &nbsp;&nbsp;&nbsp;3.00%, with due dates from 8/1/50 to 3/1/52 | 2424361 | &nbsp;&nbsp;&nbsp;&nbsp;2140288 |
| &nbsp;&nbsp;&nbsp;2.50%, with due dates from 10/1/50 to 4/1/52 | 6457375 | &nbsp;&nbsp;&nbsp;&nbsp;5471233 |
| &nbsp;&nbsp;&nbsp;2.00%, with due dates from 3/1/51 to 1/1/52 | 3885915 | &nbsp;&nbsp;&nbsp;&nbsp;3099579 |
| &nbsp;&nbsp;&nbsp;2.00%, 9/1/35 | 609211 | &nbsp;&nbsp;&nbsp;&nbsp;558143 |
| Federal National Mortgage Association Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, with due dates from 4/1/53 to 7/1/54 | 1610919 | &nbsp;&nbsp;&nbsp;&nbsp;1665179 |
| &nbsp;&nbsp;&nbsp;6.00%, with due dates from 4/1/53 to 10/1/53 | 2705605 | &nbsp;&nbsp;&nbsp;&nbsp;2781207 |
| &nbsp;&nbsp;&nbsp;5.50%, with due dates from 4/1/50 to 11/1/53 | 8785971 | &nbsp;&nbsp;&nbsp;&nbsp;8859905 |
| &nbsp;&nbsp;&nbsp;5.00%, with due dates from 1/1/49 to 8/1/49 | 66251 | &nbsp;&nbsp;&nbsp;&nbsp;65938 |
| &nbsp;&nbsp;&nbsp;4.50%, with due dates from 1/1/53 to 5/1/53 | 2490265 | &nbsp;&nbsp;&nbsp;&nbsp;2387388 |
| &nbsp;&nbsp;&nbsp;4.00%, with due dates from 5/1/52 to 5/1/53 | 2632331 | &nbsp;&nbsp;&nbsp;&nbsp;2469868 |
| &nbsp;&nbsp;&nbsp;3.50%, with due dates from 7/1/50 to 4/1/52 | 4975643 | &nbsp;&nbsp;&nbsp;&nbsp;4524904 |
| &nbsp;&nbsp;&nbsp;3.00%, with due dates from 9/1/50 to 4/1/51 | 1725662 | &nbsp;&nbsp;&nbsp;&nbsp;1516922 |
| &nbsp;&nbsp;&nbsp;2.50%, with due dates from 3/1/51 to 3/1/52 | 2298385 | &nbsp;&nbsp;&nbsp;&nbsp;1944454 |
| &nbsp;&nbsp;&nbsp;2.00%, with due dates from 9/1/50 to 3/1/52 | 9857209 | &nbsp;&nbsp;&nbsp;&nbsp;7901353 |
| &nbsp;&nbsp;&nbsp;2.00%, 3/1/37 | 2492571 | &nbsp;&nbsp;&nbsp;&nbsp;2284166 |
| &nbsp;&nbsp;&nbsp;1.50%, 9/1/51 | 1692951 | &nbsp;&nbsp;&nbsp;&nbsp;1278251 |
| &nbsp;&nbsp;&nbsp;1.50%, 11/1/41 | 1055465 | &nbsp;&nbsp;&nbsp;&nbsp;867430 |
| Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, TBA, 5/1/55 | 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;8239406 |
| &nbsp;&nbsp;&nbsp;6.00%, TBA, 5/1/55 | 28000000 | &nbsp;&nbsp;&nbsp;&nbsp;28407888 |
| &nbsp;&nbsp;&nbsp;5.50%, TBA, 5/1/55 | 27000000 | &nbsp;&nbsp;&nbsp;&nbsp;26945932 |
| &nbsp;&nbsp;&nbsp;5.00%, TBA, 5/1/55 | 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;16643860 |
| &nbsp;&nbsp;&nbsp;4.50%, TBA, 5/1/55 | 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;8608362 |
| &nbsp;&nbsp;&nbsp;4.00%, TBA, 5/1/55 | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;5592470 |
| &nbsp;&nbsp;&nbsp;3.00%, TBA, 5/1/55 | 16000000 | &nbsp;&nbsp;&nbsp;&nbsp;13888235 |
| &nbsp;&nbsp;&nbsp;3.00%, TBA, 5/1/40 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;949570 |
| &nbsp;&nbsp;&nbsp;2.50%, TBA, 5/1/55 | 33000000 | &nbsp;&nbsp;&nbsp;&nbsp;27438948 |
| &nbsp;&nbsp;&nbsp;2.50%, TBA, 5/1/40 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1858932 |
| &nbsp;&nbsp;&nbsp;2.00%, TBA, 5/1/55 | 39000000 | &nbsp;&nbsp;&nbsp;&nbsp;30943692 |
| &nbsp;&nbsp;&nbsp;1.50%, TBA, 5/1/40 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1765831 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**235446320** |
| **Total U.S. government and agency mortgage obligations (cost $326,702,349)** | **Total U.S. government and agency mortgage obligations (cost $326,702,349)** | &nbsp;&nbsp;&nbsp;&nbsp;**$327078704** |

---

Core Bond Fund <br> 1

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS (32.6%)\*** | **Principal amount** | **Value** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 11/15/48 | $31840000 | &nbsp;&nbsp;&nbsp;&nbsp;$25445259 |
| &nbsp;&nbsp;&nbsp;3.00%, 2/15/49 | 26760000 | &nbsp;&nbsp;&nbsp;&nbsp;19925224 |
| &nbsp;&nbsp;&nbsp;2.875%, 5/15/52 | 18360000 | &nbsp;&nbsp;&nbsp;&nbsp;13086162 |
| &nbsp;&nbsp;&nbsp;2.875%, 5/15/49 | 10690000 | &nbsp;&nbsp;&nbsp;&nbsp;7751920 |
| &nbsp;&nbsp;&nbsp;2.75%, 8/15/42 **<sup>Ф</sup>** | 10370000 | &nbsp;&nbsp;&nbsp;&nbsp;8011635 |
| &nbsp;&nbsp;&nbsp;2.25%, 2/15/52 | 35800000 | &nbsp;&nbsp;&nbsp;&nbsp;22146355 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 5/15/34 | 43340000 | &nbsp;&nbsp;&nbsp;&nbsp;44180559 |
| &nbsp;&nbsp;&nbsp;4.375%, 8/15/26 | 5980000 | &nbsp;&nbsp;&nbsp;&nbsp;6024733 |
| &nbsp;&nbsp;&nbsp;4.125%, 9/30/27 **<sup>i</sup>** | 151000 | &nbsp;&nbsp;&nbsp;&nbsp;153475 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/34 | 66820000 | &nbsp;&nbsp;&nbsp;&nbsp;66325376 |
| &nbsp;&nbsp;&nbsp;2.375%, 5/15/27 | 14480000 | &nbsp;&nbsp;&nbsp;&nbsp;14132989 |
| &nbsp;&nbsp;&nbsp;1.875%, 2/28/29 | 34150000 | &nbsp;&nbsp;&nbsp;&nbsp;32006954 |
| &nbsp;&nbsp;&nbsp;1.50%, 11/30/28 | 12680000 | &nbsp;&nbsp;&nbsp;&nbsp;11780265 |
| &nbsp;&nbsp;&nbsp;1.25%, 9/30/28 | 15830000 | &nbsp;&nbsp;&nbsp;&nbsp;14636257 |
| &nbsp;&nbsp;&nbsp;1.125%, 8/31/28 | 63750000 | &nbsp;&nbsp;&nbsp;&nbsp;58814355 |
| &nbsp;&nbsp;&nbsp;1.00%, 7/31/28 | 7800000 | &nbsp;&nbsp;&nbsp;&nbsp;7182703 |
| &nbsp;&nbsp;&nbsp;0.875%, 6/30/26 | 5390000 | &nbsp;&nbsp;&nbsp;&nbsp;5210404 |
| &nbsp;&nbsp;&nbsp;0.50%, 2/28/26 | 4410000 | &nbsp;&nbsp;&nbsp;&nbsp;4285284 |
| **Total U.S. treasury obligations (cost $361,929,781)** | **Total U.S. treasury obligations (cost $361,929,781)** | &nbsp;&nbsp;&nbsp;&nbsp;**$361099909** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (28.6%)\*** | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Basic materials (0.7%)** |  |  |
| Celanese US Holdings, LLC company guaranty sr. unsec. notes 6.58%, 7/15/29 (Germany) | $1150000 | &nbsp;&nbsp;&nbsp;&nbsp;$1161293 |
| Celanese US Holdings, LLC company guaranty sr. unsec. notes 6.415%, 7/15/27 (Germany) | 233000 | &nbsp;&nbsp;&nbsp;&nbsp;235098 |
| DuPont de Nemours, Inc. sr. unsec. unsub. bonds 5.419%, 11/15/48 | 2027000 | &nbsp;&nbsp;&nbsp;&nbsp;1981344 |
| Glencore Funding, LLC 144A company guaranty sr. unsec. bonds 5.634%, 4/4/34 | 936000 | &nbsp;&nbsp;&nbsp;&nbsp;936560 |
| Glencore Funding, LLC 144A company guaranty sr. unsec. notes 6.375%, 10/6/30 | 422000 | &nbsp;&nbsp;&nbsp;&nbsp;449875 |
| Glencore Funding, LLC 144A company guaranty sr. unsec. notes 2.50%, 9/1/30 | 396000 | &nbsp;&nbsp;&nbsp;&nbsp;351119 |
| Huntsman International, LLC sr. unsec. bonds 5.70%, 10/15/34 | 1585000 | &nbsp;&nbsp;&nbsp;&nbsp;1430902 |
| Huntsman International, LLC sr. unsec. notes 4.50%, 5/1/29 | 185000 | &nbsp;&nbsp;&nbsp;&nbsp;174473 |
| International Flavors & Fragrances, Inc. sr. unsec. notes 4.45%, 9/26/28 | 90000 | &nbsp;&nbsp;&nbsp;&nbsp;89628 |
| International Flavors & Fragrances, Inc. 144A sr. unsec. notes 2.30%, 11/1/30 | 77000 | &nbsp;&nbsp;&nbsp;&nbsp;67047 |
| Nutrien, Ltd. sr. unsec. sub. bonds 4.20%, 4/1/29 (Canada) | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;157956 |
| WestRock MWV, LLC company guaranty sr. unsec. unsub. notes 8.20%, 1/15/30 | 103000 | &nbsp;&nbsp;&nbsp;&nbsp;117650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7152945** |
| **Capital goods (1.7%)** |  |  |
| BAE Systems PLC 144A sr. unsec. bonds 5.50%, 3/26/54 (United Kingdom) | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;340290 |
| BAE Systems PLC 144A sr. unsec. notes 5.125%, 3/26/29 (United Kingdom) | 745000 | &nbsp;&nbsp;&nbsp;&nbsp;760910 |
| Boeing Co. (The) sr. unsec. bonds 5.805%, 5/1/50 | 409000 | &nbsp;&nbsp;&nbsp;&nbsp;383675 |
| Boeing Co. (The) sr. unsec. bonds 3.95%, 8/1/59 | 730000 | &nbsp;&nbsp;&nbsp;&nbsp;487132 |
| Boeing Co. (The) sr. unsec. notes 2.95%, 2/1/30 | 1633000 | &nbsp;&nbsp;&nbsp;&nbsp;1499517 |
| Boeing Co. (The) sr. unsec. notes 2.70%, 2/1/27 | 1183000 | &nbsp;&nbsp;&nbsp;&nbsp;1143413 |
| Boeing Co. (The) sr. unsec. notes 2.196%, 2/4/26 | 690000 | &nbsp;&nbsp;&nbsp;&nbsp;676176 |
| Boeing Co. (The) sr. unsec. unsub. bonds 6.858%, 5/1/54 | 333000 | &nbsp;&nbsp;&nbsp;&nbsp;356015 |
| Boeing Co. (The) sr. unsec. unsub. notes 6.528%, 5/1/34 | 389000 | &nbsp;&nbsp;&nbsp;&nbsp;418129 |
| Boeing Co. (The) sr. unsec. unsub. notes 6.298%, 5/1/29 | 60000 | &nbsp;&nbsp;&nbsp;&nbsp;63132 |
| Boeing Co. (The) sr. unsec. unsub. notes 6.259%, 5/1/27 | 39000 | &nbsp;&nbsp;&nbsp;&nbsp;40187 |
| Boeing Co. (The) sr. unsec. unsub. notes 6.125%, 2/15/33 | 943000 | &nbsp;&nbsp;&nbsp;&nbsp;978926 |
| Howmet Aerospace, Inc. sr. unsec. unsub. bonds 5.95%, 2/1/37 | 915000 | &nbsp;&nbsp;&nbsp;&nbsp;953298 |
| Howmet Aerospace, Inc. sr. unsec. unsub. notes 6.75%, 1/15/28 | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;529232 |
| Howmet Aerospace, Inc. sr. unsec. unsub. notes 3.00%, 1/15/29 | 1219000 | &nbsp;&nbsp;&nbsp;&nbsp;1159394 |
| MasTec, Inc. company guaranty sr. unsec. unsub. notes 5.90%, 6/15/29 | 765000 | &nbsp;&nbsp;&nbsp;&nbsp;782714 |
| Regal Rexnord Corp. company guaranty sr. unsec. unsub. notes 6.05%, 4/15/28 | 2580000 | &nbsp;&nbsp;&nbsp;&nbsp;2647618 |
| Republic Services, Inc. sr. unsec. unsub. notes 5.00%, 11/15/29 | 1095000 | &nbsp;&nbsp;&nbsp;&nbsp;1121244 |
| Vertiv Group Corp. 144A company guaranty sr. notes 4.125%, 11/15/28 | 1634000 | &nbsp;&nbsp;&nbsp;&nbsp;1579997 |
| Waste Connections, Inc. sr. unsec. bonds 5.00%, 3/1/34 | 1948000 | &nbsp;&nbsp;&nbsp;&nbsp;1955991 |
| Waste Management, Inc. company guaranty sr. unsec. notes 4.875%, 2/15/29 | 397000 | &nbsp;&nbsp;&nbsp;&nbsp;406614 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**18283604** |

---

2 <br> Core Bond Fund

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (28.6%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Communication services (1.9%)** |  |  |
| American Tower Corp. sr. unsec. bonds 2.70%, 4/15/31 **<sup>R</sup>** | $1670000 | &nbsp;&nbsp;&nbsp;&nbsp;$1486176 |
| American Tower Corp. sr. unsec. notes 5.50%, 3/15/28 **<sup>R</sup>** | 225000 | &nbsp;&nbsp;&nbsp;&nbsp;231509 |
| American Tower Corp. sr. unsec. notes 3.95%, 3/15/29 **<sup>R</sup>** | 925000 | &nbsp;&nbsp;&nbsp;&nbsp;902593 |
| American Tower Corp. sr. unsec. notes 2.90%, 1/15/30 **<sup>R</sup>** | 481000 | &nbsp;&nbsp;&nbsp;&nbsp;445669 |
| American Tower Corp. sr. unsec. sub. notes 3.80%, 8/15/29 **<sup>R</sup>** | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;580341 |
| AT&T, Inc. sr. unsec. notes 4.10%, 2/15/28 | 430000 | &nbsp;&nbsp;&nbsp;&nbsp;428561 |
| AT&T, Inc. sr. unsec. unsub. bonds 4.35%, 3/1/29 | 430000 | &nbsp;&nbsp;&nbsp;&nbsp;429461 |
| AT&T, Inc. sr. unsec. unsub. bonds 2.55%, 12/1/33 | 2361000 | &nbsp;&nbsp;&nbsp;&nbsp;1949129 |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. company guaranty sr. sub. bonds 4.80%, 3/1/50 | 59000 | &nbsp;&nbsp;&nbsp;&nbsp;43983 |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. company guaranty sr. sub. notes 4.908%, 7/23/25 | 33000 | &nbsp;&nbsp;&nbsp;&nbsp;32958 |
| Crown Castle, Inc. sr. unsec. bonds 3.80%, 2/15/28 **<sup>R</sup>** | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;122157 |
| Crown Castle, Inc. sr. unsec. bonds 3.65%, 9/1/27 **<sup>R</sup>** | 505000 | &nbsp;&nbsp;&nbsp;&nbsp;493992 |
| Crown Castle, Inc. sr. unsec. notes 4.90%, 9/1/29 **<sup>R</sup>** | 2145000 | &nbsp;&nbsp;&nbsp;&nbsp;2150959 |
| Equinix, Inc. sr. unsec. sub. notes 3.20%, 11/18/29 **<sup>R</sup>** | 760000 | &nbsp;&nbsp;&nbsp;&nbsp;715470 |
| Rogers Communications, Inc. company guaranty sr. unsec. notes 5.00%, 2/15/29 (Canada) | 740000 | &nbsp;&nbsp;&nbsp;&nbsp;746529 |
| Rogers Communications, Inc. company guaranty sr. unsec. unsub. bonds 4.30%, 2/15/48 (Canada) | 90000 | &nbsp;&nbsp;&nbsp;&nbsp;69510 |
| Rogers Communications, Inc. company guaranty sr. unsec. unsub. notes Ser. REGS, 3.80%, 3/15/32 (Canada) | 2653000 | &nbsp;&nbsp;&nbsp;&nbsp;2426046 |
| Rogers Communications, Inc. unsec. sub. bonds 7.125%, 4/15/55 (Canada) | 790000 | &nbsp;&nbsp;&nbsp;&nbsp;787644 |
| Rogers Communications, Inc. unsec. sub. bonds 7.00%, 4/15/55 (Canada) | 1570000 | &nbsp;&nbsp;&nbsp;&nbsp;1582675 |
| Sprint Capital Corp. company guaranty sr. unsec. unsub. notes 6.875%, 11/15/28 | 265000 | &nbsp;&nbsp;&nbsp;&nbsp;283514 |
| T-Mobile USA, Inc. company guaranty sr. unsec. bonds 5.05%, 7/15/33 | 1577000 | &nbsp;&nbsp;&nbsp;&nbsp;1567433 |
| T-Mobile USA, Inc. company guaranty sr. unsec. notes 5.125%, 5/15/32 | 1410000 | &nbsp;&nbsp;&nbsp;&nbsp;1426031 |
| T-Mobile USA, Inc. company guaranty sr. unsec. notes 3.375%, 4/15/29 | 460000 | &nbsp;&nbsp;&nbsp;&nbsp;438535 |
| T-Mobile USA, Inc. company guaranty sr. unsec. notes 2.05%, 2/15/28 | 595000 | &nbsp;&nbsp;&nbsp;&nbsp;559625 |
| Time Warner Cable Enterprises, LLC company guaranty sr. unsub. notes 8.375%, 7/15/33 | 1438000 | &nbsp;&nbsp;&nbsp;&nbsp;1637637 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**21538137** |
| **Consumer cyclicals (3.0%)** |  |  |
| 7-Eleven, Inc. 144A sr. unsec. notes 1.30%, 2/10/28 | 2752000 | &nbsp;&nbsp;&nbsp;&nbsp;2516667 |
| Alimentation Couche-Tard, Inc. 144A company guaranty sr. unsec. notes 3.55%, 7/26/27 (Canada) | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;146929 |
| Brunswick Corp. sr. unsec. unsub. notes 2.40%, 8/18/31 | 1232000 | &nbsp;&nbsp;&nbsp;&nbsp;1005169 |
| Brunswick Corp./DE sr. unsec. bonds 5.10%, 4/1/52 | 1160000 | &nbsp;&nbsp;&nbsp;&nbsp;862598 |
| Brunswick Corp./DE sr. unsec. notes 5.85%, 3/18/29 | 375000 | &nbsp;&nbsp;&nbsp;&nbsp;380127 |
| Carnival Corp. 144A company guaranty sr. sub. notes 4.00%, 8/1/28 | 3374000 | &nbsp;&nbsp;&nbsp;&nbsp;3220297 |
| Carnival Corp. 144A sr. unsec. notes 5.75%, 3/15/30 | 245000 | &nbsp;&nbsp;&nbsp;&nbsp;243450 |
| D.R. Horton, Inc. company guaranty sr. unsec. bonds 5.00%, 10/15/34 | 4245000 | &nbsp;&nbsp;&nbsp;&nbsp;4123062 |
| Dick's Sporting Goods, Inc. sr. unsec. bonds 4.10%, 1/15/52 | 1960000 | &nbsp;&nbsp;&nbsp;&nbsp;1344592 |
| Global Payments, Inc. sr. unsec. notes 2.15%, 1/15/27 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;95871 |
| Home Depot, Inc./The sr. unsec. unsub. bonds 5.30%, 6/25/54 | 299000 | &nbsp;&nbsp;&nbsp;&nbsp;284178 |
| Hyatt Hotels Corp. sr. unsec. notes 5.75%, 1/30/27 | 664000 | &nbsp;&nbsp;&nbsp;&nbsp;675615 |
| Hyatt Hotels Corp. sr. unsec. notes 5.375%, 12/15/31 | 335000 | &nbsp;&nbsp;&nbsp;&nbsp;333223 |
| Hyatt Hotels Corp. sr. unsec. notes 5.25%, 6/30/29 | 495000 | &nbsp;&nbsp;&nbsp;&nbsp;496831 |
| Hyundai Capital America 144A sr. unsec. notes 6.50%, 1/16/29 (South Korea) | 1530000 | &nbsp;&nbsp;&nbsp;&nbsp;1598523 |
| Hyundai Capital America 144A sr. unsec. notes 6.375%, 4/8/30 (South Korea) | 60000 | &nbsp;&nbsp;&nbsp;&nbsp;62777 |
| Hyundai Capital America 144A sr. unsec. notes 5.40%, 1/8/31 (South Korea) | 158000 | &nbsp;&nbsp;&nbsp;&nbsp;158899 |
| Hyundai Capital America 144A sr. unsec. notes 5.35%, 3/19/29 (South Korea) | 959000 | &nbsp;&nbsp;&nbsp;&nbsp;966847 |
| Hyundai Capital America 144A sr. unsec. notes 4.875%, 11/1/27 (South Korea) | 1565000 | &nbsp;&nbsp;&nbsp;&nbsp;1566613 |
| Interpublic Group of Cos., Inc. (The) sr. unsec. unsub. notes 2.40%, 3/1/31 | 98000 | &nbsp;&nbsp;&nbsp;&nbsp;85879 |
| Las Vegas Sands Corp. sr. unsec. unsub. notes 3.50%, 8/18/26 | 635000 | &nbsp;&nbsp;&nbsp;&nbsp;621297 |
| Netflix, Inc. sr. unsec. bonds 5.40%, 8/15/54 | 205000 | &nbsp;&nbsp;&nbsp;&nbsp;199097 |
| Netflix, Inc. 144A sr. unsec. bonds 5.375%, 11/15/29 | 1230000 | &nbsp;&nbsp;&nbsp;&nbsp;1281433 |
| Paramount Global sr. unsec. unsub. FRB 4.375%, 3/15/43 | 1280000 | &nbsp;&nbsp;&nbsp;&nbsp;922713 |
| Paramount Global sr. unsec. unsub. notes 4.20%, 6/1/29 | 435000 | &nbsp;&nbsp;&nbsp;&nbsp;420108 |
| Paramount Global sr. unsec. unsub. notes 3.70%, 6/1/28 | 1545000 | &nbsp;&nbsp;&nbsp;&nbsp;1502459 |
| S&P Global, Inc. company guaranty sr. unsec. bonds 2.50%, 12/1/29 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;185100 |
| Tapestry, Inc. sr. unsec. bonds 5.50%, 3/11/35 | 824000 | &nbsp;&nbsp;&nbsp;&nbsp;802916 |
| Tapestry, Inc. sr. unsec. bonds 3.05%, 3/15/32 | 319000 | &nbsp;&nbsp;&nbsp;&nbsp;276231 |
| Tapestry, Inc. sr. unsec. notes 5.10%, 3/11/30 | 691000 | &nbsp;&nbsp;&nbsp;&nbsp;694197 |
| Toll Brothers Finance Corp. company guaranty sr. unsec. notes 3.80%, 11/1/29 | 1355000 | &nbsp;&nbsp;&nbsp;&nbsp;1298820 |
| Toll Brothers Finance Corp. company guaranty sr. unsec. unsub. notes 4.35%, 2/15/28 | 987000 | &nbsp;&nbsp;&nbsp;&nbsp;978239 |

---

Core Bond Fund <br> 3

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (28.6%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Consumer cyclicals** *cont.* |  |  |
| Warnermedia Holdings, Inc. company guaranty sr. unsec. notes 4.279%, 3/15/32 | $1628000 | &nbsp;&nbsp;&nbsp;&nbsp;$1394609 |
| Warnermedia Holdings, Inc. company guaranty sr. unsec. notes 3.755%, 3/15/27 | 2440000 | &nbsp;&nbsp;&nbsp;&nbsp;2375214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**33120580** |
| **Consumer staples (1.7%)** |  |  |
| Ashtead Capital, Inc. 144A company guaranty sr. unsec. bonds 5.95%, 10/15/33 | 1890000 | &nbsp;&nbsp;&nbsp;&nbsp;1913194 |
| Ashtead Capital, Inc. 144A company guaranty sr. unsec. bonds 5.80%, 4/15/34 | 375000 | &nbsp;&nbsp;&nbsp;&nbsp;375984 |
| Ashtead Capital, Inc. 144A notes 4.375%, 8/15/27 | 305000 | &nbsp;&nbsp;&nbsp;&nbsp;302631 |
| Haleon US Capital, LLC company guaranty sr. unsec. unsub. notes 3.375%, 3/24/27 | 1315000 | &nbsp;&nbsp;&nbsp;&nbsp;1295235 |
| JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL company guaranty sr. unsec. notes 6.75%, 3/15/34 (Luxembourg) | 1346000 | &nbsp;&nbsp;&nbsp;&nbsp;1460274 |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. company guaranty sr. unsec. notes 5.75%, 4/1/33 (Luxembourg) | 106000 | &nbsp;&nbsp;&nbsp;&nbsp;108275 |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. company guaranty sr. unsec. notes 3.00%, 2/2/29 (Luxembourg) | 1583000 | &nbsp;&nbsp;&nbsp;&nbsp;1489208 |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Foods Group 144A company guaranty sr. unsec. sub. bonds 5.95%, 4/20/35 | 315000 | &nbsp;&nbsp;&nbsp;&nbsp;324475 |
| Kenvue, Inc. company guaranty sr. unsec. notes Ser. REGS, 4.90%, 3/22/33 | 1034000 | &nbsp;&nbsp;&nbsp;&nbsp;1047067 |
| Mars, Inc. 144A sr. unsec. bonds 5.80%, 5/1/65 | 325000 | &nbsp;&nbsp;&nbsp;&nbsp;320592 |
| Mars, Inc. 144A sr. unsec. sub. bonds 5.70%, 5/1/55 | 510000 | &nbsp;&nbsp;&nbsp;&nbsp;503077 |
| Mars, Inc. 144A sr. unsec. sub. bonds 5.65%, 5/1/45 | 630000 | &nbsp;&nbsp;&nbsp;&nbsp;626097 |
| Mars, Inc. 144A sr. unsec. sub. notes 5.20%, 3/1/35 | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;703044 |
| Mars, Inc. 144A sr. unsec. sub. notes 5.00%, 3/1/32 | 525000 | &nbsp;&nbsp;&nbsp;&nbsp;529467 |
| Mars, Inc. 144A sr. unsec. unsub. notes 4.65%, 4/20/31 | 2456000 | &nbsp;&nbsp;&nbsp;&nbsp;2476351 |
| Philip Morris International, Inc. sr. unsec. unsub. notes 5.125%, 2/15/30 | 2013000 | &nbsp;&nbsp;&nbsp;&nbsp;2065839 |
| Philip Morris International, Inc. sr. unsec. unsub. notes 4.75%, 11/1/31 | 2460000 | &nbsp;&nbsp;&nbsp;&nbsp;2469981 |
| Pilgrim's Pride Corp. company guaranty sr. unsec. notes 3.50%, 3/1/32 | 609000 | &nbsp;&nbsp;&nbsp;&nbsp;540988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**18551779** |
| **Energy (1.8%)** |  |  |
| Aker BP ASA 144A sr. unsec. bonds 5.80%, 10/1/54 (Norway) | 1520000 | &nbsp;&nbsp;&nbsp;&nbsp;1331806 |
| Canadian Natural Resources, Ltd. sr. unsec. unsub. notes 7.20%, 1/15/32 (Canada) | 621000 | &nbsp;&nbsp;&nbsp;&nbsp;675499 |
| Canadian Natural Resources, Ltd. 144A sr. unsec. notes 5.00%, 12/15/29 (Canada) | 1144000 | &nbsp;&nbsp;&nbsp;&nbsp;1140983 |
| Cheniere Energy Partners LP company guaranty sr. unsec. notes 4.50%, 10/1/29 | 910000 | &nbsp;&nbsp;&nbsp;&nbsp;889411 |
| Cheniere Energy Partners LP company guaranty sr. unsec. unsub. notes 3.25%, 1/31/32 | 2767000 | &nbsp;&nbsp;&nbsp;&nbsp;2430460 |
| Columbia Pipelines Operating Co., LLC 144A sr. unsec. bonds 6.544%, 11/15/53 | 242000 | &nbsp;&nbsp;&nbsp;&nbsp;246855 |
| Columbia Pipelines Operating Co., LLC 144A sr. unsec. notes 5.927%, 8/15/30 | 229000 | &nbsp;&nbsp;&nbsp;&nbsp;239612 |
| DT Midstream, Inc. 144A sr. bonds 5.80%, 12/15/34 | 1485000 | &nbsp;&nbsp;&nbsp;&nbsp;1472624 |
| Eastern Energy Gas Holdings, LLC sr. unsec. unsub. bonds 5.65%, 10/15/54 | 376000 | &nbsp;&nbsp;&nbsp;&nbsp;354336 |
| Eastern Energy Gas Holdings, LLC sr. unsec. unsub. notes 5.80%, 1/15/35 | 989000 | &nbsp;&nbsp;&nbsp;&nbsp;1021544 |
| Occidental Petroleum Corp. sr. unsec. sub. notes 7.50%, 5/1/31 | 819000 | &nbsp;&nbsp;&nbsp;&nbsp;874877 |
| Occidental Petroleum Corp. sr. unsec. unsub. notes 5.20%, 8/1/29 | 310000 | &nbsp;&nbsp;&nbsp;&nbsp;305720 |
| ONEOK, Inc. company guaranty sr. unsec. notes 4.75%, 10/15/31 | 1115000 | &nbsp;&nbsp;&nbsp;&nbsp;1088080 |
| ONEOK, Inc. company guaranty sr. unsec. sub. bonds 6.05%, 9/1/33 | 311000 | &nbsp;&nbsp;&nbsp;&nbsp;319234 |
| ONEOK, Inc. company guaranty sr. unsec. unsub. notes 6.10%, 11/15/32 | 180000 | &nbsp;&nbsp;&nbsp;&nbsp;187039 |
| Ovintiv, Inc. company guaranty sr. unsec. bonds 6.25%, 7/15/33 | 63000 | &nbsp;&nbsp;&nbsp;&nbsp;62138 |
| Ovintiv, Inc. company guaranty sr. unsec. notes 5.65%, 5/15/28 | 544000 | &nbsp;&nbsp;&nbsp;&nbsp;554238 |
| South Bow USA Infrastructure Holdings, LLC 144A company guaranty sr. unsec. bonds 5.584%, 10/1/34 | 975000 | &nbsp;&nbsp;&nbsp;&nbsp;943391 |
| South Bow USA Infrastructure Holdings, LLC 144A company guaranty sr. unsec. notes 5.026%, 10/1/29 | 1475000 | &nbsp;&nbsp;&nbsp;&nbsp;1463588 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. company guaranty sr. unsec. unsub. notes 5.00%, 1/15/28 | 840000 | &nbsp;&nbsp;&nbsp;&nbsp;839926 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. company guaranty sr. unsec. unsub. notes 4.875%, 2/1/31 | 221000 | &nbsp;&nbsp;&nbsp;&nbsp;215057 |
| Venture Global Calcasieu Pass, LLC 144A company guaranty sr. notes 6.25%, 1/15/30 | 2360000 | &nbsp;&nbsp;&nbsp;&nbsp;2362985 |
| Williams Cos., Inc. (The) sr. unsec. sub. bonds 5.60%, 3/15/35 | 992000 | &nbsp;&nbsp;&nbsp;&nbsp;1001074 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**20020477** |
| **Financials (9.1%)** |  |  |
| ABN AMRO Bank NV 144A sr. unsec. unsub. notes 4.988%, 12/3/28 (Netherlands) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1009625 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust company guaranty sr. unsec. bonds 3.30%, 1/30/32 (Ireland) | 2195000 | &nbsp;&nbsp;&nbsp;&nbsp;1940379 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust company guaranty sr. unsec. notes 5.10%, 1/19/29 (Ireland) | 1435000 | &nbsp;&nbsp;&nbsp;&nbsp;1451152 |
| Air Lease Corp. sr. unsec. sub. bonds 4.625%, 10/1/28 | 385000 | &nbsp;&nbsp;&nbsp;&nbsp;384940 |

---

4 <br> Core Bond Fund

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (28.6%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Financials** *cont.* |  |  |
| Air Lease Corp. sr. unsec. sub. notes 5.85%, 12/15/27 | $805000 | &nbsp;&nbsp;&nbsp;&nbsp;$829633 |
| Air Lease Corp. sr. unsec. sub. notes 3.25%, 10/1/29 | 1045000 | &nbsp;&nbsp;&nbsp;&nbsp;982707 |
| Aircastle, Ltd. 144A sr. unsec. notes 6.50%, 7/18/28 | 3265000 | &nbsp;&nbsp;&nbsp;&nbsp;3387355 |
| Aircastle, Ltd./Aircastle Ireland DAC 144A sr. unsec. notes 5.25%, 3/15/30 | 695000 | &nbsp;&nbsp;&nbsp;&nbsp;689422 |
| Ally Financial, Inc. company guaranty sr. unsec. notes 8.00%, 11/1/31 | 486000 | &nbsp;&nbsp;&nbsp;&nbsp;538473 |
| American Express Co. sr. unsec. unsub. notes 5.098%, 2/16/28 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1012959 |
| Ares Capital Corp. sr. unsec. sub. notes 7.00%, 1/15/27 | 605000 | &nbsp;&nbsp;&nbsp;&nbsp;621953 |
| Ares Capital Corp. sr. unsec. sub. notes 3.875%, 1/15/26 | 2465000 | &nbsp;&nbsp;&nbsp;&nbsp;2446040 |
| Arthur J Gallagher & Co. sr. unsec. notes 4.85%, 12/15/29 | 695000 | &nbsp;&nbsp;&nbsp;&nbsp;704028 |
| Athene Global Funding 144A notes 5.526%, 7/11/31 | 810000 | &nbsp;&nbsp;&nbsp;&nbsp;823500 |
| Athene Global Funding 144A notes 5.322%, 11/13/31 | 935000 | &nbsp;&nbsp;&nbsp;&nbsp;933986 |
| Athene Holding, Ltd. sr. unsec. bonds 6.25%, 4/1/54 | 306000 | &nbsp;&nbsp;&nbsp;&nbsp;296967 |
| Athene Holding, Ltd. sr. unsec. bonds 5.875%, 1/15/34 | 505000 | &nbsp;&nbsp;&nbsp;&nbsp;511901 |
| Australia and New Zealand Banking Group, Ltd. 144A unsec. sub. FRB 2.57%, 11/25/35 (Australia) | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;173351 |
| Aviation Capital Group, LLC 144A sr. unsec. notes 5.375%, 7/15/29 | 1920000 | &nbsp;&nbsp;&nbsp;&nbsp;1939275 |
| Aviation Capital Group, LLC 144A sr. unsec. unsub. notes 5.125%, 4/10/30 | 770000 | &nbsp;&nbsp;&nbsp;&nbsp;762451 |
| Banco Santander SA unsec. sub. bonds 6.921%, 8/8/33 (Spain) | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1276773 |
| Bank of America Corp. sr. unsec. bonds 5.511%, 1/24/36 | 1549000 | &nbsp;&nbsp;&nbsp;&nbsp;1570664 |
| Bank of America Corp. sr. unsec. bonds 5.468%, 1/23/35 | 90000 | &nbsp;&nbsp;&nbsp;&nbsp;91320 |
| Bank of America Corp. sr. unsec. FRN Ser. MTN, 2.496%, 2/13/31 | 1880000 | &nbsp;&nbsp;&nbsp;&nbsp;1702227 |
| Bank of America Corp. sr. unsec. notes 6.204%, 11/10/28 | 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;1061936 |
| Bank of America Corp. sr. unsec. notes 5.162%, 1/24/31 | 1551000 | &nbsp;&nbsp;&nbsp;&nbsp;1580391 |
| Bank of America Corp. unsec. sub. FRB 3.846%, 3/8/37 | 923000 | &nbsp;&nbsp;&nbsp;&nbsp;823328 |
| Bank of America Corp. unsec. sub. notes Ser. L, 4.183%, 11/25/27 | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;447724 |
| Bank of America Corp. unsec. sub. notes Ser. MTN, 5.425%, 8/15/35 | 1945000 | &nbsp;&nbsp;&nbsp;&nbsp;1904433 |
| Bank of Nova Scotia (The) jr. unsec. sub. bonds 7.35%, 4/27/85 (Canada) | 1665000 | &nbsp;&nbsp;&nbsp;&nbsp;1651627 |
| Barclays PLC sr. unsec. unsub. notes 5.367%, 2/25/31 (United Kingdom) | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1267161 |
| Blackstone Private Credit Fund sr. unsec. unsub. notes 3.25%, 3/15/27 | 1525000 | &nbsp;&nbsp;&nbsp;&nbsp;1469590 |
| CaixaBank SA 144A sr. unsec. notes 5.673%, 3/15/30 (Spain) | 950000 | &nbsp;&nbsp;&nbsp;&nbsp;980117 |
| Capital One Financial Corp. sr. unsec. unsub. FRN 7.624%, 10/30/31 | 465000 | &nbsp;&nbsp;&nbsp;&nbsp;518246 |
| Capital One Financial Corp. unsec. sub. FRB 2.359%, 7/29/32 | 211000 | &nbsp;&nbsp;&nbsp;&nbsp;173743 |
| Citigroup, Inc. jr. unsec. sub. bonds Ser. CC, 7.125%, 5/29/74 | 567000 | &nbsp;&nbsp;&nbsp;&nbsp;560624 |
| Citigroup, Inc. sub. unsec. bonds 6.174%, 5/25/34 | 923000 | &nbsp;&nbsp;&nbsp;&nbsp;945049 |
| Citigroup, Inc. unsec. sub. bonds 4.75%, 5/18/46 | 90000 | &nbsp;&nbsp;&nbsp;&nbsp;74551 |
| Citigroup, Inc. unsec. sub. bonds 4.45%, 9/29/27 | 918000 | &nbsp;&nbsp;&nbsp;&nbsp;915397 |
| CNA Financial Corp. sr. unsec. notes 5.125%, 2/15/34 | 368000 | &nbsp;&nbsp;&nbsp;&nbsp;363592 |
| CNO Financial Group, Inc. sr. unsec. bonds 6.45%, 6/15/34 | 1021000 | &nbsp;&nbsp;&nbsp;&nbsp;1054447 |
| CNO Global Funding 144A notes 4.95%, 9/9/29 | 797000 | &nbsp;&nbsp;&nbsp;&nbsp;798804 |
| CNO Global Funding 144A notes 2.65%, 1/6/29 | 642000 | &nbsp;&nbsp;&nbsp;&nbsp;596921 |
| Commonwealth Bank of Australia 144A unsec. sub. notes 5.837%, 3/13/34 (Australia) | 960000 | &nbsp;&nbsp;&nbsp;&nbsp;979985 |
| Commonwealth Bank of Australia 144A unsec. sub. notes 2.688%, 3/11/31 (Australia) | 1790000 | &nbsp;&nbsp;&nbsp;&nbsp;1576760 |
| Corebridge Financial, Inc. sr. unsec. notes 3.85%, 4/5/29 | 615000 | &nbsp;&nbsp;&nbsp;&nbsp;596397 |
| Credit Agricole SA 144A unsec. sub. FRN 4.00%, 1/10/33 (France) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;241851 |
| Deutsche Bank AG/New York, NY sr. unsec. unsub. notes 6.72%, 1/18/29 (Germany) | 1390000 | &nbsp;&nbsp;&nbsp;&nbsp;1457847 |
| EPR Properties company guaranty sr. unsec. unsub. notes 4.50%, 6/1/27 **<sup>R</sup>** | 144000 | &nbsp;&nbsp;&nbsp;&nbsp;141627 |
| F&G Annuities & Life, Inc. company guaranty sr. unsec. notes 6.50%, 6/4/29 | 950000 | &nbsp;&nbsp;&nbsp;&nbsp;968737 |
| Fairfax Financial Holdings, Ltd. sr. unsec. notes 4.85%, 4/17/28 (Canada) | 340000 | &nbsp;&nbsp;&nbsp;&nbsp;342706 |
| Fidelity National Financial, Inc. sr. unsec. bonds 3.20%, 9/17/51 | 91000 | &nbsp;&nbsp;&nbsp;&nbsp;53729 |
| Fifth Third Bancorp sr. unsec. notes 4.895%, 9/6/30 | 360000 | &nbsp;&nbsp;&nbsp;&nbsp;359254 |
| Fifth Third Bancorp sr. unsec. unsub. FRN 6.339%, 7/27/29 | 930000 | &nbsp;&nbsp;&nbsp;&nbsp;975494 |
| Ford Motor Co. sr. unsec. unsub. notes 5.80%, 3/5/27 | 720000 | &nbsp;&nbsp;&nbsp;&nbsp;716137 |
| Ford Motor Co. sr. unsec. unsub. notes 4.125%, 8/17/27 | 290000 | &nbsp;&nbsp;&nbsp;&nbsp;278182 |
| General Motors Financial Co., Inc. sr. sub. notes 5.80%, 1/7/29 | 465000 | &nbsp;&nbsp;&nbsp;&nbsp;474732 |
| General Motors Financial Co., Inc. sr. unsec. notes 4.90%, 10/6/29 | 380000 | &nbsp;&nbsp;&nbsp;&nbsp;373916 |
| GLP Capital LP/GLP Financing II, Inc. company guaranty sr. unsec. sub. notes 6.75%, 12/1/33 **<sup>R</sup>** | 414000 | &nbsp;&nbsp;&nbsp;&nbsp;436862 |
| GLP Capital LP/GLP Financing II, Inc. company guaranty sr. unsec. unsub. notes 5.375%, 4/15/26 **<sup>R</sup>** | 1037000 | &nbsp;&nbsp;&nbsp;&nbsp;1035041 |
| Goldman Sachs Group, Inc. (The) sr. unsec. FRB 4.223%, 5/1/29 | 665000 | &nbsp;&nbsp;&nbsp;&nbsp;658812 |
| ING Groep NV sr. unsec. unsub. FRN 6.083%, 9/11/27 (Netherlands) | 505000 | &nbsp;&nbsp;&nbsp;&nbsp;515328 |
| Intercontinental Exchange, Inc. sr. unsec. bonds 1.85%, 9/15/32 | 103000 | &nbsp;&nbsp;&nbsp;&nbsp;84435 |
| Intercontinental Exchange, Inc. sr. unsec. notes 4.35%, 6/15/29 | 146000 | &nbsp;&nbsp;&nbsp;&nbsp;146358 |
| Jane Street Group/JSG Finance, Inc. 144A sr. notes 6.75%, 5/1/33 | 1410000 | &nbsp;&nbsp;&nbsp;&nbsp;1417700 |

---

Core Bond Fund <br> 5

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (28.6%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Financials** *cont.* |  |  |
| Jefferies Financial Group, Inc. sr. unsec. notes 6.20%, 4/14/34 | $342000 | &nbsp;&nbsp;&nbsp;&nbsp;$346778 |
| Jefferies Financial Group, Inc. sr. unsec. notes Ser. MTN, 5.03%, 3/16/26 | 745000 | &nbsp;&nbsp;&nbsp;&nbsp;746936 |
| JPMorgan Chase & Co. sr. unsec. bonds 4.946%, 10/22/35 | 2790000 | &nbsp;&nbsp;&nbsp;&nbsp;2725955 |
| JPMorgan Chase & Co. sr. unsec. notes 5.14%, 1/24/31 | 1655000 | &nbsp;&nbsp;&nbsp;&nbsp;1690690 |
| JPMorgan Chase & Co. sr. unsec. notes 4.603%, 10/22/30 | 2790000 | &nbsp;&nbsp;&nbsp;&nbsp;2789122 |
| JPMorgan Chase & Co. sr. unsec. unsub. bonds 5.502%, 1/24/36 | 650000 | &nbsp;&nbsp;&nbsp;&nbsp;661601 |
| JPMorgan Chase & Co. sr. unsec. unsub. FRN 4.323%, 4/26/28 | 445000 | &nbsp;&nbsp;&nbsp;&nbsp;444561 |
| JPMorgan Chase & Co. unsec. sub. FRB 5.717%, 9/14/33 | 1471000 | &nbsp;&nbsp;&nbsp;&nbsp;1517845 |
| JPMorgan Chase & Co. unsec. sub. FRB 2.956%, 5/13/31 | 2695000 | &nbsp;&nbsp;&nbsp;&nbsp;2464516 |
| KKR Group Finance Co. VI, LLC 144A company guaranty sr. unsec. bonds 3.75%, 7/1/29 | 1022000 | &nbsp;&nbsp;&nbsp;&nbsp;988327 |
| LPL Holdings, Inc. company guaranty sr. unsec. notes 6.75%, 11/17/28 | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;318995 |
| LPL Holdings, Inc. company guaranty sr. unsec. notes 5.20%, 3/15/30 | 1461000 | &nbsp;&nbsp;&nbsp;&nbsp;1475641 |
| Macquarie Airfinance Holdings, Ltd. 144A sr. unsec. notes 6.50%, 3/26/31 (United Kingdom) | 38000 | &nbsp;&nbsp;&nbsp;&nbsp;39065 |
| Macquarie Airfinance Holdings, Ltd. 144A sr. unsec. notes 6.40%, 3/26/29 (United Kingdom) | 2345000 | &nbsp;&nbsp;&nbsp;&nbsp;2409321 |
| Macquarie Airfinance Holdings, Ltd. 144A sr. unsec. notes 5.15%, 3/17/30 (United Kingdom) | 49000 | &nbsp;&nbsp;&nbsp;&nbsp;48134 |
| Metropolitan Life Global Funding I 144A sr. notes 2.95%, 4/9/30 | 360000 | &nbsp;&nbsp;&nbsp;&nbsp;333847 |
| Morgan Stanley sr. unsec. notes 5.23%, 1/15/31 | 820000 | &nbsp;&nbsp;&nbsp;&nbsp;836305 |
| Morgan Stanley sr. unsec. notes 5.123%, 2/1/29 | 2085000 | &nbsp;&nbsp;&nbsp;&nbsp;2118418 |
| Morgan Stanley sr. unsec. notes 4.994%, 4/12/29 | 1530000 | &nbsp;&nbsp;&nbsp;&nbsp;1551134 |
| Morgan Stanley sr. unsec. notes 2.475%, 1/21/28 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2899296 |
| Morgan Stanley sr. unsec. sub. bonds 5.942%, 2/7/39 | 459000 | &nbsp;&nbsp;&nbsp;&nbsp;462291 |
| Morgan Stanley unsec. sub. notes Ser. GMTN, 4.35%, 9/8/26 | 1270000 | &nbsp;&nbsp;&nbsp;&nbsp;1268236 |
| Mutual of Omaha Cos. Global Funding 144A notes 5.80%, 7/27/26 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;253776 |
| Nasdaq, Inc. sr. unsec. sub. bonds 5.55%, 2/15/34 | 58000 | &nbsp;&nbsp;&nbsp;&nbsp;59580 |
| NatWest Group PLC sr. unsec. unsub. FRN 5.847%, 3/2/27 (United Kingdom) | 230000 | &nbsp;&nbsp;&nbsp;&nbsp;232201 |
| Nippon Life Insurance Co. 144A unsec. sub. notes 6.50%, 4/30/55 (Japan) | 1870000 | &nbsp;&nbsp;&nbsp;&nbsp;1898346 |
| PNC Financial Services Group, Inc. (The) unsec. sub. FRB 4.626%, 6/6/33 | 2530000 | &nbsp;&nbsp;&nbsp;&nbsp;2395792 |
| Protective Life Global Funding 144A 5.467%, 12/8/28 | 595000 | &nbsp;&nbsp;&nbsp;&nbsp;617444 |
| Royal Bank of Canada sr. unsec. notes Ser. GMTN, 5.20%, 8/1/28 (Canada) | 1005000 | &nbsp;&nbsp;&nbsp;&nbsp;1032188 |
| Toronto-Dominion Bank (The) jr. sub. unsec. FRB 8.125%, 10/31/82 (Canada) | 465000 | &nbsp;&nbsp;&nbsp;&nbsp;481780 |
| Truist Bank unsec. sub. FRN Ser. BKNT, 4.632%, 9/17/29 | 420000 | &nbsp;&nbsp;&nbsp;&nbsp;411239 |
| Truist Financial Corp. sr. unsec. unsub. bonds Ser. MTN, 5.711%, 1/24/35 | 576000 | &nbsp;&nbsp;&nbsp;&nbsp;586185 |
| U.S. Bancorp unsec. sub. FRB 2.491%, 11/3/36 | 324000 | &nbsp;&nbsp;&nbsp;&nbsp;268227 |
| UBS Group AG 144A sr. unsec. notes 5.428%, 2/8/30 (Switzerland) | 815000 | &nbsp;&nbsp;&nbsp;&nbsp;834903 |
| UBS Group AG 144A sr. unsec. unsub. FRN 1.305%, 2/2/27 (Switzerland) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;243609 |
| VICI Properties LP sr. unsec. notes 5.125%, 11/15/31 **<sup>R</sup>** | 815000 | &nbsp;&nbsp;&nbsp;&nbsp;807043 |
| VICI Properties LP sr. unsec. unsub. notes 4.75%, 2/15/28 **<sup>R</sup>** | 140000 | &nbsp;&nbsp;&nbsp;&nbsp;140158 |
| VICI Properties LP/VICI Note Co., Inc. 144A company guaranty sr. unsec. notes 4.50%, 1/15/28 **<sup>R</sup>** | 1485000 | &nbsp;&nbsp;&nbsp;&nbsp;1462586 |
| VICI Properties LP/VICI Note Co., Inc. 144A company guaranty sr. unsec. notes 3.875%, 2/15/29 **<sup>R</sup>** | 640000 | &nbsp;&nbsp;&nbsp;&nbsp;613524 |
| VICI Properties LP/VICI Note Co., Inc. 144A company guaranty sr. unsec. notes 3.75%, 2/15/27 **<sup>R</sup>** | 1607000 | &nbsp;&nbsp;&nbsp;&nbsp;1578788 |
| Wells Fargo & Co. sr. unsec. unsub. FRN Ser. MTN, 5.574%, 7/25/29 | 1380000 | &nbsp;&nbsp;&nbsp;&nbsp;1420113 |
| Wells Fargo Bank, NA unsec. sub. notes Ser. BKNT, 6.60%, 1/15/38 | 330000 | &nbsp;&nbsp;&nbsp;&nbsp;360716 |
| Westpac Banking Corp. unsec. sub. bonds 4.421%, 7/24/39 (Australia) | 108000 | &nbsp;&nbsp;&nbsp;&nbsp;96150 |
| Westpac Banking Corp. unsec. sub. bonds 2.963%, 11/16/40 (Australia) | 131000 | &nbsp;&nbsp;&nbsp;&nbsp;95603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**101127617** |
| **Health care (2.0%)** |  |  |
| Amgen, Inc. sr. unsec. unsub. bonds 5.75%, 3/2/63 | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;428350 |
| Amgen, Inc. sr. unsec. unsub. bonds 5.65%, 3/2/53 | 659000 | &nbsp;&nbsp;&nbsp;&nbsp;632961 |
| Amgen, Inc. sr. unsec. unsub. notes 5.25%, 3/2/30 | 206000 | &nbsp;&nbsp;&nbsp;&nbsp;211922 |
| Amgen, Inc. sr. unsec. unsub. notes 4.20%, 3/1/33 | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;852696 |
| Biogen, Inc. sr. unsec. sub. notes 2.25%, 5/1/30 | 404000 | &nbsp;&nbsp;&nbsp;&nbsp;359398 |
| Bristol-Myers Squibb Co. sr. unsec. bonds 4.125%, 6/15/39 | 2180000 | &nbsp;&nbsp;&nbsp;&nbsp;1913699 |
| Centene Corp. sr. unsec. sub. notes 2.625%, 8/1/31 | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;1944421 |
| CVS Health Corp. sr. unsec. notes 5.40%, 6/1/29 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3078424 |
| CVS Health Corp. sr. unsec. unsub. notes 4.78%, 3/25/38 | 1726000 | &nbsp;&nbsp;&nbsp;&nbsp;1557461 |
| GE HealthCare Technologies, Inc. company guaranty sr. unsub. notes 5.65%, 11/15/27 | 155000 | &nbsp;&nbsp;&nbsp;&nbsp;159471 |
| GE HealthCare Technologies, Inc. sr. unsec. notes 4.80%, 8/14/29 | 240000 | &nbsp;&nbsp;&nbsp;&nbsp;241809 |
| HCA, Inc. company guaranty sr. notes 4.50%, 2/15/27 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;149731 |
| HCA, Inc. company guaranty sr. unsec. bonds 6.00%, 4/1/54 | 692000 | &nbsp;&nbsp;&nbsp;&nbsp;658712 |
| HCA, Inc. company guaranty sr. unsec. bonds 5.60%, 4/1/34 | 527000 | &nbsp;&nbsp;&nbsp;&nbsp;529930 |
| HCA, Inc. company guaranty sr. unsec. sub. notes 3.625%, 3/15/32 | 77000 | &nbsp;&nbsp;&nbsp;&nbsp;69872 |

---

6 <br> Core Bond Fund

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (28.6%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Health care** *cont.* |  |  |
| Humana, Inc. sr. unsec. unsub. notes 5.75%, 3/1/28 | $285000 | &nbsp;&nbsp;&nbsp;&nbsp;$293625 |
| Icon Investments Six DAC company guaranty sr. notes 5.849%, 5/8/29 (Ireland) | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;204895 |
| Icon Investments Six DAC company guaranty sr. notes 5.809%, 5/8/27 (Ireland) | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;306078 |
| Illumina, Inc. sr. unsec. sub. notes 4.65%, 9/9/26 | 431000 | &nbsp;&nbsp;&nbsp;&nbsp;431200 |
| Pfizer Investment Enterprises PTE, Ltd. company guaranty sr. unsec. notes 5.30%, 5/19/53 (Singapore) | 1474000 | &nbsp;&nbsp;&nbsp;&nbsp;1366077 |
| Pfizer Investment Enterprises PTE, Ltd. company guaranty sr. unsec. notes 4.75%, 5/19/33 (Singapore) | 1230000 | &nbsp;&nbsp;&nbsp;&nbsp;1215028 |
| Pfizer Investment Enterprises PTE, Ltd. company guaranty sr. unsec. notes 4.45%, 5/19/28 (Singapore) | 234000 | &nbsp;&nbsp;&nbsp;&nbsp;235881 |
| Pharmacia, LLC company guaranty sr. unsec. notes 6.60%, 12/1/28 | 295000 | &nbsp;&nbsp;&nbsp;&nbsp;317578 |
| Royalty Pharma PLC company guaranty sr. unsec. bonds 5.40%, 9/2/34 | 974000 | &nbsp;&nbsp;&nbsp;&nbsp;967681 |
| Royalty Pharma PLC company guaranty sr. unsec. notes 5.15%, 9/2/29 | 967000 | &nbsp;&nbsp;&nbsp;&nbsp;977531 |
| Service Corp. International sr. unsec. notes 3.375%, 8/15/30 | 140000 | &nbsp;&nbsp;&nbsp;&nbsp;125477 |
| UnitedHealth Group, Inc. sr. unsec. unsub. bonds 5.875%, 2/15/53 | 574000 | &nbsp;&nbsp;&nbsp;&nbsp;571634 |
| UnitedHealth Group, Inc. sr. unsec. unsub. bonds 4.625%, 7/15/35 | 270000 | &nbsp;&nbsp;&nbsp;&nbsp;260492 |
| Zoetis, Inc. sr. unsec. sub. notes 2.00%, 5/15/30 | 2646000 | &nbsp;&nbsp;&nbsp;&nbsp;2350740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**22412774** |
| **Technology (2.1%)** |  |  |
| Atlassian Corp. sr. unsec. bonds 5.50%, 5/15/34 | 146000 | &nbsp;&nbsp;&nbsp;&nbsp;146974 |
| Atlassian Corp. sr. unsec. notes 5.25%, 5/15/29 | 243000 | &nbsp;&nbsp;&nbsp;&nbsp;247218 |
| Broadcom, Inc. company guaranty sr. unsec. bonds 4.15%, 11/15/30 | 288000 | &nbsp;&nbsp;&nbsp;&nbsp;280807 |
| Broadcom, Inc. sr. unsec. notes 5.05%, 7/12/29 | 2275000 | &nbsp;&nbsp;&nbsp;&nbsp;2320207 |
| Broadcom, Inc. 144A sr. unsec. bonds 4.926%, 5/15/37 | 2606000 | &nbsp;&nbsp;&nbsp;&nbsp;2496998 |
| Cisco Systems, Inc. sr. unsec. notes 5.05%, 2/26/34 | 639000 | &nbsp;&nbsp;&nbsp;&nbsp;646999 |
| Flex, Ltd. sr. unsec. notes 5.25%, 1/15/32 | 695000 | &nbsp;&nbsp;&nbsp;&nbsp;683280 |
| Foundry JV Holdco, LLC 144A sr. notes 5.90%, 1/25/33 | 575000 | &nbsp;&nbsp;&nbsp;&nbsp;586967 |
| Foundry JV Holdco, LLC 144A sr. notes 5.50%, 1/25/31 | 380000 | &nbsp;&nbsp;&nbsp;&nbsp;385090 |
| Gartner, Inc. 144A company guaranty sr. unsec. bonds 3.75%, 10/1/30 | 2621000 | &nbsp;&nbsp;&nbsp;&nbsp;2415185 |
| Gartner, Inc. 144A company guaranty sr. unsec. notes 3.625%, 6/15/29 | 44000 | &nbsp;&nbsp;&nbsp;&nbsp;41313 |
| Hewlett Packard Enterprise Co. sr. unsec. bonds 5.60%, 10/15/54 | 506000 | &nbsp;&nbsp;&nbsp;&nbsp;467165 |
| Hewlett Packard Enterprise Co. sr. unsec. bonds 5.00%, 10/15/34 | 253000 | &nbsp;&nbsp;&nbsp;&nbsp;244355 |
| Hewlett Packard Enterprise Co. sr. unsec. notes 4.85%, 10/15/31 | 1506000 | &nbsp;&nbsp;&nbsp;&nbsp;1488367 |
| Hewlett Packard Enterprise Co. sr. unsec. notes 4.55%, 10/15/29 | 435000 | &nbsp;&nbsp;&nbsp;&nbsp;431070 |
| Marvell Technology, Inc. sr. unsec. notes 5.95%, 9/15/33 | 368000 | &nbsp;&nbsp;&nbsp;&nbsp;381046 |
| Marvell Technology, Inc. sr. unsec. notes 5.75%, 2/15/29 | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;414079 |
| Meta Platforms, Inc. sr. unsec. bonds 5.75%, 5/15/63 | 607000 | &nbsp;&nbsp;&nbsp;&nbsp;607628 |
| Meta Platforms, Inc. sr. unsec. bonds 5.55%, 8/15/64 | 939000 | &nbsp;&nbsp;&nbsp;&nbsp;904341 |
| Meta Platforms, Inc. sr. unsec. bonds 5.40%, 8/15/54 | 952000 | &nbsp;&nbsp;&nbsp;&nbsp;916817 |
| MSCI, Inc. 144A company guaranty sr. unsec. notes 3.625%, 9/1/30 | 1156000 | &nbsp;&nbsp;&nbsp;&nbsp;1069214 |
| Oracle Corp. sr. unsec. bonds 3.65%, 3/25/41 | 517000 | &nbsp;&nbsp;&nbsp;&nbsp;395410 |
| Oracle Corp. sr. unsec. notes 2.875%, 3/25/31 | 2090000 | &nbsp;&nbsp;&nbsp;&nbsp;1881147 |
| Oracle Corp. sr. unsec. unsub. bonds 4.30%, 7/8/34 | 923000 | &nbsp;&nbsp;&nbsp;&nbsp;856762 |
| Oracle Corp. sr. unsec. unsub. bonds 4.00%, 11/15/47 | 41000 | &nbsp;&nbsp;&nbsp;&nbsp;30433 |
| Paychex, Inc. sr. unsec. notes 5.10%, 4/15/30 | 1650000 | &nbsp;&nbsp;&nbsp;&nbsp;1675257 |
| Synopsys, Inc. sr. unsec. bonds 5.70%, 4/1/55 | 90000 | &nbsp;&nbsp;&nbsp;&nbsp;87064 |
| Synopsys, Inc. sr. unsec. bonds 5.15%, 4/1/35 | 1265000 | &nbsp;&nbsp;&nbsp;&nbsp;1268188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**23369381** |
| **Transportation (0.4%)** |  |  |
| AS Mileage Plan IP, Ltd. 144A sr. notes 5.021%, 10/20/29 (Cayman Islands) | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2426343 |
| Penske Truck Leasing Co. LP/PTL Finance Corp. 144A sr. unsec. notes 4.40%, 7/1/27 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;149462 |
| Ryder System, Inc. sr. unsec. unsub. notes 4.95%, 9/1/29 | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;705839 |
| SMBC Aviation Capital Finance DAC 144A company guaranty sr. unsec. notes 5.30%, 4/3/29 (Ireland) | 575000 | &nbsp;&nbsp;&nbsp;&nbsp;582667 |
| Westinghouse Air Brake Technologies Corp. company guaranty sr. unsec. unsub. bonds 5.611%, 3/11/34 | 895000 | &nbsp;&nbsp;&nbsp;&nbsp;920017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4784328** |
| **Utilities and power (4.2%)** |  |  |
| AES Corp. (The) sr. unsec. unsub. notes 2.45%, 1/15/31 | 211000 | &nbsp;&nbsp;&nbsp;&nbsp;180718 |
| Alexander Funding Trust II 144A sr. notes 7.467%, 7/31/28 | 305000 | &nbsp;&nbsp;&nbsp;&nbsp;323991 |
| Ameren Corp. sr. unsec. unsub. notes 5.00%, 1/15/29 | 565000 | &nbsp;&nbsp;&nbsp;&nbsp;573472 |
| American Electric Power Co., Inc. sr. unsec. unsub. notes Ser. J, 4.30%, 12/1/28 | 305000 | &nbsp;&nbsp;&nbsp;&nbsp;302886 |
| American Transmission Systems, Inc. 144A sr. unsec. bonds 2.65%, 1/15/32 | 1694000 | &nbsp;&nbsp;&nbsp;&nbsp;1472251 |
| CenterPoint Energy Resources Corp. sr. unsec. unsub. bonds 5.40%, 7/1/34 | 342000 | &nbsp;&nbsp;&nbsp;&nbsp;345854 |
| Constellation Energy Generation, LLC sr. unsec. bonds 6.50%, 10/1/53 | 558000 | &nbsp;&nbsp;&nbsp;&nbsp;578365 |
| Constellation Energy Generation, LLC sr. unsec. bonds 6.125%, 1/15/34 | 229000 | &nbsp;&nbsp;&nbsp;&nbsp;240824 |

---

Core Bond Fund <br> 7

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (28.6%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Utilities and power** *cont.* |  |  |
| Constellation Energy Generation, LLC sr. unsec. bonds 5.75%, 3/15/54 | $450000 | &nbsp;&nbsp;&nbsp;&nbsp;$425598 |
| Constellation Energy Generation, LLC sr. unsec. notes 5.60%, 3/1/28 | 1005000 | &nbsp;&nbsp;&nbsp;&nbsp;1038588 |
| DTE Energy Co. sr. unsec. unsub. notes 5.85%, 6/1/34 | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;165017 |
| DTE Energy Co. sr. unsec. unsub. notes 4.95%, 7/1/27 | 510000 | &nbsp;&nbsp;&nbsp;&nbsp;515345 |
| Duke Energy Corp. sr. unsec. bonds 5.80%, 6/15/54 | 113000 | &nbsp;&nbsp;&nbsp;&nbsp;108411 |
| Duke Energy Corp. sr. unsec. notes 5.45%, 6/15/34 | 157000 | &nbsp;&nbsp;&nbsp;&nbsp;159702 |
| Duke Energy Corp. sr. unsec. notes 4.85%, 1/5/29 | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;405577 |
| Duke Energy Ohio, Inc. sr. bonds 5.25%, 4/1/33 | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;915015 |
| Duke Energy Ohio, Inc. sr. bonds 3.65%, 2/1/29 | 89000 | &nbsp;&nbsp;&nbsp;&nbsp;87268 |
| Electricite De France SA 144A sr. unsec. notes 5.95%, 4/22/34 (France) | 2325000 | &nbsp;&nbsp;&nbsp;&nbsp;2412147 |
| Electricite De France SA 144A sr. unsec. unsub. bonds 4.75%, 10/13/35 (France) | 630000 | &nbsp;&nbsp;&nbsp;&nbsp;598380 |
| Enel Finance International NV 144A company guaranty sr. unsec. unsub. notes 7.50%, 10/14/32 (Netherlands) | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;679271 |
| Energy Transfer LP jr. unsec. sub. FRN 6.625%, perpetual maturity | 1471000 | &nbsp;&nbsp;&nbsp;&nbsp;1417702 |
| Energy Transfer LP sr. unsec. notes 5.25%, 7/1/29 | 1190000 | &nbsp;&nbsp;&nbsp;&nbsp;1206567 |
| Energy Transfer LP sr. unsec. notes 5.20%, 4/1/30 | 1389000 | &nbsp;&nbsp;&nbsp;&nbsp;1403422 |
| Evergy Missouri West, Inc. 144A sr. notes 5.15%, 12/15/27 | 290000 | &nbsp;&nbsp;&nbsp;&nbsp;296005 |
| Eversource Energy sr. unsec. unsub. notes 5.45%, 3/1/28 | 874000 | &nbsp;&nbsp;&nbsp;&nbsp;895694 |
| Exelon Corp. sr. unsec. unsub. bonds 5.625%, 6/15/35 | 1427000 | &nbsp;&nbsp;&nbsp;&nbsp;1441924 |
| Exelon Corp. sr. unsec. unsub. notes 5.15%, 3/15/29 | 1090000 | &nbsp;&nbsp;&nbsp;&nbsp;1114815 |
| FirstEnergy Transmission, LLC sr. unsec. notes 4.55%, 1/15/30 | 215000 | &nbsp;&nbsp;&nbsp;&nbsp;212998 |
| Georgia Power Co. sr. unsec. unsub. bonds 5.25%, 3/15/34 | 653000 | &nbsp;&nbsp;&nbsp;&nbsp;659670 |
| Georgia Power Co. sr. unsec. unsub. notes 4.95%, 5/17/33 | 252000 | &nbsp;&nbsp;&nbsp;&nbsp;251521 |
| Kinder Morgan, Inc. company guaranty sr. unsec. notes Ser. GMTN, 7.75%, 1/15/32 | 1683000 | &nbsp;&nbsp;&nbsp;&nbsp;1910005 |
| Kinder Morgan, Inc. company guaranty sr. unsec. unsub. notes 5.00%, 2/1/29 | 205000 | &nbsp;&nbsp;&nbsp;&nbsp;207165 |
| NextEra Energy Capital Holdings, Inc. company guaranty sr. unsec. unsub. bonds 5.90%, 3/15/55 | 445000 | &nbsp;&nbsp;&nbsp;&nbsp;434109 |
| NextEra Energy Capital Holdings, Inc. company guaranty sr. unsec. unsub. notes 5.30%, 3/15/32 | 1390000 | &nbsp;&nbsp;&nbsp;&nbsp;1419285 |
| NextEra Energy Capital Holdings, Inc. company guaranty sr. unsec. unsub. notes 3.55%, 5/1/27 | 1194000 | &nbsp;&nbsp;&nbsp;&nbsp;1175461 |
| NiSource, Inc. sr. unsec. unsub. notes 5.20%, 7/1/29 | 755000 | &nbsp;&nbsp;&nbsp;&nbsp;772248 |
| Northern States Power Co./MN sr. notes 5.05%, 5/15/35 | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;702681 |
| NRG Energy, Inc. 144A sr. notes 2.45%, 12/2/27 | 3400000 | &nbsp;&nbsp;&nbsp;&nbsp;3206189 |
| NRG Energy, Inc. 144A sr. notes 2.00%, 12/2/25 | 695000 | &nbsp;&nbsp;&nbsp;&nbsp;682262 |
| Oncor Electric Delivery Co., LLC sr. bonds 4.95%, 9/15/52 | 383000 | &nbsp;&nbsp;&nbsp;&nbsp;338003 |
| Oncor Electric Delivery Co., LLC sr. notes 3.70%, 11/15/28 | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;295170 |
| Pacific Gas and Electric Co. sr. bonds 6.75%, 1/15/53 | 1915000 | &nbsp;&nbsp;&nbsp;&nbsp;1930682 |
| Pacific Gas and Electric Co. sr. bonds 5.90%, 6/15/32 | 1227000 | &nbsp;&nbsp;&nbsp;&nbsp;1244346 |
| Pacific Gas and Electric Co. sr. bonds 4.95%, 7/1/50 | 162000 | &nbsp;&nbsp;&nbsp;&nbsp;130686 |
| Pacific Gas and Electric Co. sr. notes 6.10%, 1/15/29 | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;465292 |
| PacifiCorp sr. bonds 2.70%, 9/15/30 | 188000 | &nbsp;&nbsp;&nbsp;&nbsp;169190 |
| Puget Sound Energy, Inc. sr. bonds 5.448%, 6/1/53 | 170000 | &nbsp;&nbsp;&nbsp;&nbsp;160751 |
| Sempra Energy sr. unsec. unsub. bonds 5.50%, 8/1/33 | 301000 | &nbsp;&nbsp;&nbsp;&nbsp;303194 |
| Southern Co. (The) sr. unsec. bonds 5.70%, 3/15/34 | 594000 | &nbsp;&nbsp;&nbsp;&nbsp;614641 |
| Southern Co. (The) sr. unsec. notes 5.50%, 3/15/29 | 70000 | &nbsp;&nbsp;&nbsp;&nbsp;72677 |
| Southern Co. Gas Capital Corp. company guaranty sr. unsec. unsub. notes 4.95%, 9/15/34 | 810000 | &nbsp;&nbsp;&nbsp;&nbsp;787637 |
| Virginia Electric and Power Co. sr. unsec. unsub. notes 5.05%, 8/15/34 | 1460000 | &nbsp;&nbsp;&nbsp;&nbsp;1445599 |
| Vistra Operations Co., LLC 144A company guaranty sr. notes 6.00%, 4/15/34 | 517000 | &nbsp;&nbsp;&nbsp;&nbsp;522700 |
| Vistra Operations Co., LLC 144A company guaranty sr. notes 4.30%, 7/15/29 | 1015000 | &nbsp;&nbsp;&nbsp;&nbsp;993167 |
| Vistra Operations Co., LLC 144A company guaranty sr. notes 3.70%, 1/30/27 | 650000 | &nbsp;&nbsp;&nbsp;&nbsp;638939 |
| Vistra Operations Co., LLC 144A sr. bonds 6.95%, 10/15/33 | 604000 | &nbsp;&nbsp;&nbsp;&nbsp;649002 |
| Vistra Operations Co., LLC 144A sr. bonds 5.70%, 12/30/34 | 1895000 | &nbsp;&nbsp;&nbsp;&nbsp;1887650 |
| Wisconsin Electric Power Co. sr. unsec. unsub. bonds 4.60%, 10/1/34 | 813000 | &nbsp;&nbsp;&nbsp;&nbsp;794149 |
| Xcel Energy, Inc. sr. unsec. bonds 5.60%, 4/15/35 | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1717598 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**46099476** |
| **Total corporate bonds and notes (cost $314,487,946)** | **Total corporate bonds and notes (cost $314,487,946)** | &nbsp;&nbsp;&nbsp;&nbsp;**$316461098** |

---

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES (13.8%)\*** | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Agency collateralized mortgage obligations (2.5%)** |  |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;REMICs FRB Ser. 5391, Class FC, (US 30 Day Average SOFR + 1.10%), 5.454%, 3/25/54 | $1138227 | &nbsp;&nbsp;&nbsp;&nbsp;$1142349 |
| &nbsp;&nbsp;&nbsp;STRIPs FRB Ser. 413, Class F23, (US 30 Day Average SOFR + 1.05%), 5.404%, 5/25/54 | 3708970 | &nbsp;&nbsp;&nbsp;&nbsp;3700942 |
| Federal Home Loan Mortgage Corporation Multifamily ML certificates REMICs FRB Ser. 5471, Class FD, (US 30 Day Average SOFR + 0.85%), 5.204%, 11/25/54 | 1380619 | &nbsp;&nbsp;&nbsp;&nbsp;1373607 |

---

8 <br> Core Bond Fund

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES (13.8%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Agency collateralized mortgage obligations** *cont.* |  |  |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;REMICs FRB Ser. 24-89, Class FA, (US 30 Day Average SOFR + 1.20%), 5.554%, 12/25/54 | $5320995 | &nbsp;&nbsp;&nbsp;&nbsp;$5335994 |
| &nbsp;&nbsp;&nbsp;REMICs FRB Ser. 24-98, Class FA, (US 30 Day Average SOFR + 1.15%), 5.504%, 12/25/53 | 3370548 | &nbsp;&nbsp;&nbsp;&nbsp;3373766 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 7023, Class FA, IO, 5.503%, 5/25/55 **<sup>##</sup>** | 3436000 | &nbsp;&nbsp;&nbsp;&nbsp;3430631 |
| &nbsp;&nbsp;&nbsp;REMICs FRB Ser. 24-93, Class FD, IO, (US 30 Day Average SOFR + 1.05%), 5.404%, 12/25/54 | 4339185 | &nbsp;&nbsp;&nbsp;&nbsp;4322268 |
| Government National Mortgage Association FRB Ser. 24-78, Class QF, (US 30 Day Average SOFR + 1.10%), 5.45%, 5/20/54 | 5046443 | &nbsp;&nbsp;&nbsp;&nbsp;5059302 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**27738859** |
| **Commercial mortgage-backed securities (4.8%)** |  |  |
| AREIT CRE Trust 144A FRB Ser. 22-CRE6, Class A, 5.60%, 1/20/37 (Cayman Islands) | 317991 | &nbsp;&nbsp;&nbsp;&nbsp;316059 |
| Banc of America Commercial Mortgage Trust FRB Ser. 15-UBS7, Class B, 4.465%, 9/15/48 **<sup>W</sup>** | 2772000 | &nbsp;&nbsp;&nbsp;&nbsp;2638026 |
| BANK |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 17-BNK9, Class XA, IO, 0.894%, 11/15/54 **<sup>W</sup>** | 35556537 | &nbsp;&nbsp;&nbsp;&nbsp;595721 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 18-BN10, Class XA, IO, 0.829%, 2/15/61 **<sup>W</sup>** | 37704114 | &nbsp;&nbsp;&nbsp;&nbsp;598315 |
| Bank5 |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 24-5YR10, Class XA, 1.403%, 10/15/57 **<sup>W</sup>** | 17539300 | &nbsp;&nbsp;&nbsp;&nbsp;812285 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 24-5YR12, Class XA, IO, 0.696%, 12/15/57 **<sup>W</sup>** | 113324942 | &nbsp;&nbsp;&nbsp;&nbsp;2411798 |
| Barclays Commercial Mortgage Trust Ser. 19-C5, Class C, 3.71%, 11/15/52 | 3072000 | &nbsp;&nbsp;&nbsp;&nbsp;2686872 |
| Bayview Opportunity Master Fund VII Trust 144A Ser. 23-1A, Class A, 6.93%, 10/28/60 | 295139 | &nbsp;&nbsp;&nbsp;&nbsp;302494 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 24-5C29, Class XA, IO, 1.822%, 9/15/57 **<sup>W</sup>** | 28251757 | &nbsp;&nbsp;&nbsp;&nbsp;1720309 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 24-5C31, Class XA, IO, 1.281%, 12/15/57 **<sup>W</sup>** | 15166912 | &nbsp;&nbsp;&nbsp;&nbsp;657948 |
| BDS, Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 21-FL10, Class A, (CME Term SOFR 1 Month + 1.46%), 5.784%, 12/16/36 (Cayman Islands) | 240992 | &nbsp;&nbsp;&nbsp;&nbsp;240689 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 21-FL9, Class A, (CME Term SOFR 1 Month + 1.18%), 5.504%, 11/16/38 (Cayman Islands) | 171337 | &nbsp;&nbsp;&nbsp;&nbsp;170300 |
| BMO Mortgage Trust FRB Ser. 24-5C8, Class XA, IO, 1.24%, 12/15/57 **<sup>W</sup>** | 18570187 | &nbsp;&nbsp;&nbsp;&nbsp;773281 |
| Cantor Commercial Real Estate Lending FRB Ser. 19-CF3, Class XA, IO, 0.797%, 1/15/53 **<sup>W</sup>** | 8837729 | &nbsp;&nbsp;&nbsp;&nbsp;215166 |
| CFCRE Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Ser. 16-C3, Class A3, 3.865%, 1/10/48 | 289000 | &nbsp;&nbsp;&nbsp;&nbsp;286484 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 16-C4, Class XA, IO, 1.727%, 5/10/58 **<sup>W</sup>** | 5782504 | &nbsp;&nbsp;&nbsp;&nbsp;42138 |
| Citigroup Commercial Mortgage Trust Ser. 16-P6, Class A5, 3.72%, 12/10/49 **<sup>W</sup>** | 423000 | &nbsp;&nbsp;&nbsp;&nbsp;412411 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 14-CR17, Class C, 4.941%, 5/10/47 **<sup>W</sup>** | 989000 | &nbsp;&nbsp;&nbsp;&nbsp;908352 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 15-CR27, Class B, 4.486%, 10/10/48 **<sup>W</sup>** | 1169000 | &nbsp;&nbsp;&nbsp;&nbsp;1141003 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 15-LC19, Class C, 4.242%, 2/10/48 **<sup>W</sup>** | 571000 | &nbsp;&nbsp;&nbsp;&nbsp;553222 |
| &nbsp;&nbsp;&nbsp;Ser. 14-UBS4, Class AM, 3.968%, 8/10/47 | 1107000 | &nbsp;&nbsp;&nbsp;&nbsp;1060011 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 14-CR14, Class B, 3.793%, 2/10/47 **<sup>W</sup>** | 504560 | &nbsp;&nbsp;&nbsp;&nbsp;486242 |
| &nbsp;&nbsp;&nbsp;Ser. 15-DC1, Class AM, 3.724%, 2/10/48 | 2151629 | &nbsp;&nbsp;&nbsp;&nbsp;2133932 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 15-CR22, Class AM, 3.603%, 3/10/48 **<sup>W</sup>** | 594444 | &nbsp;&nbsp;&nbsp;&nbsp;583992 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 14-UBS4, Class XA, IO, 0.919%, 8/10/47 **<sup>W</sup>** | 1290029 | &nbsp;&nbsp;&nbsp;&nbsp;4880 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 15-LC21, Class XA, IO, 0.65%, 7/10/48 **<sup>W</sup>** | 15196766 | &nbsp;&nbsp;&nbsp;&nbsp;199 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 15-CR22, Class XA, IO, 0.549%, 3/10/48 **<sup>W</sup>** | 1789507 | &nbsp;&nbsp;&nbsp;&nbsp;145 |
| CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 15-C2, Class B, 4.208%, 6/15/57 **<sup>W</sup>** | 1078000 | &nbsp;&nbsp;&nbsp;&nbsp;1050849 |
| &nbsp;&nbsp;&nbsp;Ser. 19-C17, Class C, 3.934%, 9/15/52 **<sup>W</sup>** | 213000 | &nbsp;&nbsp;&nbsp;&nbsp;145594 |
| &nbsp;&nbsp;&nbsp;Ser. 15-C2, Class AS, 3.849%, 6/15/57 **<sup>W</sup>** | 1930000 | &nbsp;&nbsp;&nbsp;&nbsp;1919402 |
| &nbsp;&nbsp;&nbsp;Ser. 15-C1, Class AS, 3.791%, 4/15/50 **<sup>W</sup>** | 685563 | &nbsp;&nbsp;&nbsp;&nbsp;681596 |
| &nbsp;&nbsp;&nbsp;Ser. 15-C2, Class A4, 3.504%, 6/15/57 | 74298 | &nbsp;&nbsp;&nbsp;&nbsp;74137 |
| &nbsp;&nbsp;&nbsp;Ser. 16-C6, Class AS, 3.346%, 1/15/49 | 458000 | &nbsp;&nbsp;&nbsp;&nbsp;442730 |
| &nbsp;&nbsp;&nbsp;Ser. 15-C1, Class XA, IO, 0.167%, 4/15/50 **<sup>W</sup>** | 1195606 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| CSMC Trust FRB Ser. 16-NXSR, Class AS, 4.049%, 12/15/49 **<sup>W</sup>** | 651000 | &nbsp;&nbsp;&nbsp;&nbsp;628743 |
| DBUBS Mortgage Trust 144A FRB Ser. 11-LC3A, Class D, 5.531%, 8/10/44 **<sup>W</sup>** | 1093659 | &nbsp;&nbsp;&nbsp;&nbsp;1056300 |
| Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates FRB Ser. K743, Class X1, IO, 1.014%, 5/25/28 **<sup>W</sup>** | 10125557 | &nbsp;&nbsp;&nbsp;&nbsp;243929 |
| FREMF Mortgage Trust 144A FRB Ser. 15-K51, Class B, 4.095%, 10/25/48 **<sup>W</sup>** | 1010000 | &nbsp;&nbsp;&nbsp;&nbsp;1002802 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 20-190, IO, 1.051%, 11/16/62 | 5507215 | &nbsp;&nbsp;&nbsp;&nbsp;427564 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 21-17, IO, 1.051%, 1/16/61 | 5765306 | &nbsp;&nbsp;&nbsp;&nbsp;461686 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;Ser. 14-GC24, Class AS, 4.162%, 9/10/47 **<sup>W</sup>** | 408000 | &nbsp;&nbsp;&nbsp;&nbsp;394559 |
| &nbsp;&nbsp;&nbsp;Ser. 16-GS2, Class B, 3.759%, 5/10/49 **<sup>W</sup>** | 544000 | &nbsp;&nbsp;&nbsp;&nbsp;531399 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 19-GC38, Class XA, 1.17%, 2/10/52 **<sup>W</sup>** | 34340676 | &nbsp;&nbsp;&nbsp;&nbsp;1127803 |

---

Core Bond Fund <br> 9

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES (13.8%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Commercial mortgage-backed securities** *cont.* |  |  |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 14-C23, Class B, 4.70%, 9/15/47 **<sup>W</sup>** | $1245000 | &nbsp;&nbsp;&nbsp;&nbsp;$1204025 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 14-C24, Class XA, IO, 0.862%, 11/15/47 **<sup>W</sup>** | 4780917 | &nbsp;&nbsp;&nbsp;&nbsp;112 |
| JPMDB Commercial Mortgage Securities Trust FRB Ser. 18-C8, Class C, 4.915%, 6/15/51 **<sup>W</sup>** | 358000 | &nbsp;&nbsp;&nbsp;&nbsp;320126 |
| JPMorgan Chase Commercial Mortgage Securities Trust 144A |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 07-CB20, Class E, 8.046%, 2/12/51 **<sup>W</sup>** | 13802 | &nbsp;&nbsp;&nbsp;&nbsp;17560 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 12-LC9, Class D, 3.69%, 12/15/47 **<sup>W</sup>** | 327000 | &nbsp;&nbsp;&nbsp;&nbsp;311494 |
| LSTAR Commercial Mortgage Trust 144A Ser. 17-5, Class A5, 3.549%, 3/10/50 | 1537000 | &nbsp;&nbsp;&nbsp;&nbsp;1494456 |
| MF1 Multifamily Housing Mortgage, Ltd. 144A FRB Ser. 21-FL6, Class A, (CME Term SOFR 1 Month + 1.21%), 5.534%, 7/16/36 (Cayman Islands) | 418871 | &nbsp;&nbsp;&nbsp;&nbsp;418639 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 15-C22, Class C, 4.245%, 4/15/48 **<sup>W</sup>** | 910000 | &nbsp;&nbsp;&nbsp;&nbsp;820640 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 13-C10, Class B, 4.112%, 7/15/46 **<sup>W</sup>** | 1028275 | &nbsp;&nbsp;&nbsp;&nbsp;956642 |
| &nbsp;&nbsp;&nbsp;Ser. 15-C25, Class AS, PO, 4.069%, 10/15/48 | 1037000 | &nbsp;&nbsp;&nbsp;&nbsp;1017423 |
| &nbsp;&nbsp;&nbsp;Ser. 15-C27, Class AS, 4.068%, 12/15/47 | 855000 | &nbsp;&nbsp;&nbsp;&nbsp;846591 |
| &nbsp;&nbsp;&nbsp;Ser. 16-C32, Class AS, 3.994%, 12/15/49 **<sup>W</sup>** | 983000 | &nbsp;&nbsp;&nbsp;&nbsp;962048 |
| &nbsp;&nbsp;&nbsp;Ser. 15-C26, Class AS, 3.885%, 10/15/48 **<sup>W</sup>** | 520000 | &nbsp;&nbsp;&nbsp;&nbsp;508536 |
| &nbsp;&nbsp;&nbsp;Ser. 15-C22, Class B, 3.883%, 4/15/48 **<sup>W</sup>** | 506000 | &nbsp;&nbsp;&nbsp;&nbsp;483241 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 15-C26, Class XA, IO, 1.034%, 10/15/48 **<sup>W</sup>** | 8978150 | &nbsp;&nbsp;&nbsp;&nbsp;208 |
| Morgan Stanley Bank of America Merrill Lynch Trust 144A |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 12-C5, Class E, 4.798%, 8/15/45 **<sup>W</sup>** | 315540 | &nbsp;&nbsp;&nbsp;&nbsp;309560 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 13-C10, Class F, 4.112%, 7/15/46 **<sup>W</sup>** | 1661000 | &nbsp;&nbsp;&nbsp;&nbsp;133415 |
| Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 18-L1, Class C, 4.939%, 10/15/51 **<sup>W</sup>** | 1050056 | &nbsp;&nbsp;&nbsp;&nbsp;962061 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 16-UB12, Class XA, IO, 0.767%, 12/15/49 **<sup>W</sup>** | 19570670 | &nbsp;&nbsp;&nbsp;&nbsp;135374 |
| PFP, Ltd. 144A FRB Ser. 23-10, Class A, 6.693%, 9/16/38 | 899663 | &nbsp;&nbsp;&nbsp;&nbsp;901911 |
| Ready Capital Mortgage Financing, LLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 22-FL10, Class AS, 7.397%, 10/25/39 | 502000 | &nbsp;&nbsp;&nbsp;&nbsp;516047 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 23-FL12, Class A, 6.662%, 5/25/38 | 111513 | &nbsp;&nbsp;&nbsp;&nbsp;111386 |
| UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Ser. 18-C14, Class A4, 4.448%, 12/15/51 | 681000 | &nbsp;&nbsp;&nbsp;&nbsp;670345 |
| &nbsp;&nbsp;&nbsp;Ser. 19-C16, Class B, 4.32%, 4/15/52 **<sup>W</sup>** | 727000 | &nbsp;&nbsp;&nbsp;&nbsp;673096 |
| &nbsp;&nbsp;&nbsp;Ser. 18-C10, Class A4, 4.313%, 5/15/51 | 366000 | &nbsp;&nbsp;&nbsp;&nbsp;360518 |
| &nbsp;&nbsp;&nbsp;Ser. 17-C1, Class AS, 3.724%, 6/15/50 | 472000 | &nbsp;&nbsp;&nbsp;&nbsp;456828 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 17-C7, Class XA, IO, 1.124%, 12/15/50 **<sup>W</sup>** | 12212988 | &nbsp;&nbsp;&nbsp;&nbsp;266851 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 18-C8, Class XA, IO, 0.964%, 2/15/51 **<sup>W</sup>** | 25530970 | &nbsp;&nbsp;&nbsp;&nbsp;494931 |
| Wachovia Bank Commercial Mortgage Trust FRB Ser. 06-C29, IO, 0.488%, 11/15/48 **<sup>W</sup>** | 53072 | &nbsp;&nbsp;&nbsp;&nbsp;125 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 16-C33, Class B, 4.506%, 3/15/59 **<sup>W</sup>** | 1187000 | &nbsp;&nbsp;&nbsp;&nbsp;1172243 |
| &nbsp;&nbsp;&nbsp;Ser. 15-C31, Class AS, 4.049%, 11/15/48 | 640000 | &nbsp;&nbsp;&nbsp;&nbsp;633355 |
| &nbsp;&nbsp;&nbsp;Ser. 17-C39, Class B, 4.025%, 9/15/50 | 1077000 | &nbsp;&nbsp;&nbsp;&nbsp;1020009 |
| &nbsp;&nbsp;&nbsp;Ser. 19-C50, Class AS, 4.021%, 5/15/52 | 427000 | &nbsp;&nbsp;&nbsp;&nbsp;407362 |
| &nbsp;&nbsp;&nbsp;Ser. 17-RC1, Class AS, 3.844%, 1/15/60 | 762000 | &nbsp;&nbsp;&nbsp;&nbsp;742529 |
| &nbsp;&nbsp;&nbsp;Ser. 19-C52, Class A5, 2.892%, 8/15/52 | 261000 | &nbsp;&nbsp;&nbsp;&nbsp;242957 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 25-5C3, Class XA, IO, 1.049%, 1/15/58 **<sup>W</sup>** | 15448086 | &nbsp;&nbsp;&nbsp;&nbsp;535565 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 24-5C2, Class XA, 0.745%, 11/15/57 **<sup>W</sup>** | 40472044 | &nbsp;&nbsp;&nbsp;&nbsp;909836 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 18-C43, Class XA, IO, 0.722%, 3/15/51 **<sup>W</sup>** | 27153136 | &nbsp;&nbsp;&nbsp;&nbsp;382786 |
| WF-RBS Commercial Mortgage Trust 144A Ser. 11-C4, Class D, 5.149%, 6/15/44 **<sup>W</sup>** | 273862 | &nbsp;&nbsp;&nbsp;&nbsp;259300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**53601499** |
| **Residential mortgage-backed securities (non-agency) (6.5%)** |  |  |
| A&D Mortgage Trust 144A |  |  |
| &nbsp;&nbsp;&nbsp;Ser. 23-NQM5, Class A1, 7.049%, 11/25/68 | 3958771 | &nbsp;&nbsp;&nbsp;&nbsp;4024371 |
| &nbsp;&nbsp;&nbsp;Ser. 23-NQM3, Class A1, 6.733%, 7/25/68 | 1492225 | &nbsp;&nbsp;&nbsp;&nbsp;1509551 |
| &nbsp;&nbsp;&nbsp;Ser. 23-NQM2, Class A1, 6.132%, 5/25/68 | 1114567 | &nbsp;&nbsp;&nbsp;&nbsp;1119953 |
| Angel Oak Mortgage Trust 144A |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 25-HB1, Class A1, (US 30 Day Average SOFR + 1.80%), 6.153%, 2/25/55 | 810000 | &nbsp;&nbsp;&nbsp;&nbsp;819149 |
| &nbsp;&nbsp;&nbsp;Ser. 24-9, Class A1, stepped-coupon 5.138% (6.138%, 9/1/28), 9/25/69 **<sup>††</sup>** | 830668 | &nbsp;&nbsp;&nbsp;&nbsp;826713 |
| Arroyo Mortgage Trust 144A Ser. 19-1, Class A3, 4.208%, 1/25/49 **<sup>W</sup>** | 121863 | &nbsp;&nbsp;&nbsp;&nbsp;119556 |
| BRAVO Residential Funding Trust 144A |  |  |
| &nbsp;&nbsp;&nbsp;Ser. 23-NQM6, Class A1, 6.602%, 9/25/63 | 706887 | &nbsp;&nbsp;&nbsp;&nbsp;712980 |
| &nbsp;&nbsp;&nbsp;Ser. 23-NQM5, Class A1, 6.505%, 6/25/63 | 652032 | &nbsp;&nbsp;&nbsp;&nbsp;656753 |

---

10 <br> Core Bond Fund

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES (13.8%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Residential mortgage-backed securities (non-agency)** *cont.* |  |  |
| BRAVO Residential Funding Trust 144A |  |  |
| &nbsp;&nbsp;&nbsp;Ser. 24-NQM2, Class A1, stepped-coupon 6.285% (7.285%, 2/1/28), 2/25/64 **<sup>††</sup>** | $1881552 | &nbsp;&nbsp;&nbsp;&nbsp;$1897610 |
| &nbsp;&nbsp;&nbsp;Ser. 24-NQM3, Class A1, stepped-coupon 6.191% (7.191%, 3/1/28), 3/25/64 **<sup>††</sup>** | 2291269 | &nbsp;&nbsp;&nbsp;&nbsp;2310165 |
| &nbsp;&nbsp;&nbsp;Ser. 24-NQM5, Class A1, stepped-coupon 5.803% (6.803%, 7/1/28), 6/25/64 **<sup>††</sup>** | 832509 | &nbsp;&nbsp;&nbsp;&nbsp;836469 |
| Chase Home Lending Mortgage Trust 144A |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 25-3, Class A11, (US 30 Day Average SOFR + 1.30%), 5.654%, 2/25/56 | 924535 | &nbsp;&nbsp;&nbsp;&nbsp;917702 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 24-10, Class A11, (US 30 Day Average SOFR + 1.25%), 5.604%, 10/25/55 | 4753556 | &nbsp;&nbsp;&nbsp;&nbsp;4700650 |
| CIM Trust 144A Ser. 23-R4, Class A1, 5.00%, 5/25/62 **<sup>W</sup>** | 411801 | &nbsp;&nbsp;&nbsp;&nbsp;412068 |
| Connecticut Avenue Securities Trust 144A FRB Ser. 25-R03, Class 2A1, (US 30 Day Average SOFR + 1.45%), 5.79%, 3/25/45 | 1099939 | &nbsp;&nbsp;&nbsp;&nbsp;1104751 |
| Countrywide Alternative Loan Trust FRB Ser. 06-OA7, Class 1A1, 3.261%, 6/25/46 **<sup>W</sup>** | 328377 | &nbsp;&nbsp;&nbsp;&nbsp;305418 |
| Cross Mortgage Trust 144A |  |  |
| &nbsp;&nbsp;&nbsp;Ser. 24-H4, Class A1, stepped-coupon 6.147% (7.147%, 6/1/28), 7/25/69 **<sup>††</sup>** | 420684 | &nbsp;&nbsp;&nbsp;&nbsp;424906 |
| &nbsp;&nbsp;&nbsp;Ser. 24-H1, Class A1, stepped-coupon 6.085% (7.085%, 1/1/28), 12/25/68 **<sup>††</sup>** | 4191567 | &nbsp;&nbsp;&nbsp;&nbsp;4214542 |
| Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt FRN Ser. 17-DNA3, Class M2B, (US 30 Day Average SOFR + 2.61%), 6.968%, 3/25/30 | 343427 | &nbsp;&nbsp;&nbsp;&nbsp;347037 |
| Federal Home Loan Mortgage Corporation 144A |  |  |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 22-DNA6, Class M1B, (US 30 Day Average SOFR + 3.70%), 8.054%, 9/25/42 | 42000 | &nbsp;&nbsp;&nbsp;&nbsp;44007 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Debt FRN Ser. 22-DNA5, Class M1A, (US 30 Day Average SOFR + 2.95%), 7.304%, 6/25/42 | 268146 | &nbsp;&nbsp;&nbsp;&nbsp;273589 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 22-DNA3, Class M1B, (US 30 Day Average SOFR + 2.90%), 7.254%, 4/25/42 | 16000 | &nbsp;&nbsp;&nbsp;&nbsp;16438 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Debt FRN Ser. 22-HQA2, Class M1A, (US 30 Day Average SOFR + 2.65%), 7.004%, 7/25/42 | 520211 | &nbsp;&nbsp;&nbsp;&nbsp;531082 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 22-HQA3, Class M1A, (US 30 Day Average SOFR + 2.30%), 6.654%, 8/25/42 | 920147 | &nbsp;&nbsp;&nbsp;&nbsp;933825 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 22-DNA4, Class M1A, (US 30 Day Average SOFR + 2.20%), 6.554%, 5/25/42 | 48561 | &nbsp;&nbsp;&nbsp;&nbsp;49318 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Debt FRN Ser. 19-HQA2, Class M2, (US 30 Day Average SOFR + 2.05%), 6.518%, 4/25/49 | 3913 | &nbsp;&nbsp;&nbsp;&nbsp;3921 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 22-DNA6, Class M1A, (US 30 Day Average SOFR + 2.15%), 6.504%, 9/25/42 | 491088 | &nbsp;&nbsp;&nbsp;&nbsp;494556 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 22-HQA1, Class M1A, (US 30 Day Average SOFR + 2.10%), 6.454%, 3/25/42 | 6179 | &nbsp;&nbsp;&nbsp;&nbsp;6209 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 23-DNA1, Class M1A, (US 30 Day Average SOFR + 2.10%), 6.453%, 3/25/43 | 382073 | &nbsp;&nbsp;&nbsp;&nbsp;388577 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Debt FRN Ser. 23-HQA2, Class M1A, (US 30 Day Average SOFR + 2.00%), 6.354%, 6/25/43 | 129956 | &nbsp;&nbsp;&nbsp;&nbsp;130676 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 22-DNA3, Class M1A, (US 30 Day Average SOFR + 2.00%), 6.354%, 4/25/42 | 53842 | &nbsp;&nbsp;&nbsp;&nbsp;54504 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 23-HQA3, Class A1, (US 30 Day Average SOFR + 1.85%), 6.204%, 11/25/43 | 189457 | &nbsp;&nbsp;&nbsp;&nbsp;191187 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 23-HQA3, Class M1, (US 30 Day Average SOFR + 1.85%), 6.204%, 11/25/43 | 35573 | &nbsp;&nbsp;&nbsp;&nbsp;35752 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Debt FRN Ser. 21-DNA7, Class M2, (US 30 Day Average SOFR + 1.80%), 6.154%, 11/25/41 | 4286351 | &nbsp;&nbsp;&nbsp;&nbsp;4302428 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 24-DNA2, Class M2, (US 30 Day Average SOFR + 1.70%), 6.054%, 5/25/44 | 38000 | &nbsp;&nbsp;&nbsp;&nbsp;38009 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 21-DNA5, Class M2, (US 30 Day Average SOFR + 1.65%), 6.004%, 1/25/34 | 142762 | &nbsp;&nbsp;&nbsp;&nbsp;143234 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 21-DNA6, Class M2, (US 30 Day Average SOFR + 1.50%), 5.854%, 10/25/41 | 714494 | &nbsp;&nbsp;&nbsp;&nbsp;713806 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 24-DNA1, Class A1, (US 30 Day Average SOFR + 1.35%), 5.704%, 2/25/44 | 214371 | &nbsp;&nbsp;&nbsp;&nbsp;214616 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Debt FRN Ser. 22-DNA2, Class M1A, (US 30 Day Average SOFR + 1.30%), 5.654%, 2/25/42 | 68866 | &nbsp;&nbsp;&nbsp;&nbsp;68841 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 24-DNA2, Class A1, (US 30 Day Average SOFR + 1.25%), 5.604%, 5/25/44 | 193033 | &nbsp;&nbsp;&nbsp;&nbsp;193027 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 25-DNA1, Class A1, (US 30 Day Average SOFR + 0.95%), 5.304%, 1/25/45 | 578000 | &nbsp;&nbsp;&nbsp;&nbsp;575510 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Trust REMICs FRB Ser. 21-HQA4, Class M1, (US 30 Day Average SOFR + 0.95%), 5.304%, 12/25/41 | 290803 | &nbsp;&nbsp;&nbsp;&nbsp;288751 |
| &nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Debt FRN Ser. 21-DNA7, Class M1, (US 30 Day Average SOFR + 0.85%), 5.204%, 11/25/41 | 153309 | &nbsp;&nbsp;&nbsp;&nbsp;152869 |

---

Core Bond Fund <br> 11

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES (13.8%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Residential mortgage-backed securities (non-agency)** *cont.* |  |  |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities FRB Ser. 16-C01, Class 2M2, (US 30 Day Average SOFR + 7.06%), 11.418%, 8/25/28 | $7524 | &nbsp;&nbsp;&nbsp;&nbsp;$7751 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities FRB Ser. 16-C01, Class 1M2, (US 30 Day Average SOFR + 6.86%), 11.218%, 8/25/28 | 2561 | &nbsp;&nbsp;&nbsp;&nbsp;2642 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities FRB Ser. 16-C02, Class 1M2, (US 30 Day Average SOFR + 6.11%), 10.468%, 9/25/28 | 18524 | &nbsp;&nbsp;&nbsp;&nbsp;18898 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities FRB Ser. 16-C03, Class 2M2, (US 30 Day Average SOFR + 6.01%), 10.368%, 10/25/28 | 28070 | &nbsp;&nbsp;&nbsp;&nbsp;28914 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities FRB Ser. 15-C04, Class 1M2, (US 30 Day Average SOFR + 5.81%), 10.168%, 4/25/28 | 466340 | &nbsp;&nbsp;&nbsp;&nbsp;474584 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities FRB Ser. 16-C07, Class 2M2, (US 30 Day Average SOFR + 4.46%), 8.818%, 5/25/29 | 314488 | &nbsp;&nbsp;&nbsp;&nbsp;324885 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities FRB Ser. 17-C02, Class 2M2C, (US 30 Day Average SOFR + 3.76%), 8.118%, 9/25/29 | 135000 | &nbsp;&nbsp;&nbsp;&nbsp;138102 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 17-C06, Class 2M2C, (US 30 Day Average SOFR + 2.91%), 7.268%, 2/25/30 | 53491 | &nbsp;&nbsp;&nbsp;&nbsp;54587 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities FRB Ser. 17-C06, Class 1M2B, (US 30 Day Average SOFR + 2.76%), 7.118%, 2/25/30 | 18110 | &nbsp;&nbsp;&nbsp;&nbsp;18157 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities FRB Ser. 17-C07, Class 2M2, (US 30 Day Average SOFR + 2.61%), 6.968%, 5/25/30 | 13973 | &nbsp;&nbsp;&nbsp;&nbsp;14124 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 18-C05, Class 1M2, (US 30 Day Average SOFR + 2.46%), 6.818%, 1/25/31 | 399501 | &nbsp;&nbsp;&nbsp;&nbsp;402864 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities FRB Ser. 18-C02, Class 2M2, (US 30 Day Average SOFR + 2.31%), 6.668%, 8/25/30 | 36311 | &nbsp;&nbsp;&nbsp;&nbsp;36889 |
| Federal National Mortgage Association 144A |  |  |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 22-R03, Class 1M2, (US 30 Day Average SOFR + 3.50%), 7.854%, 3/25/42 | 390000 | &nbsp;&nbsp;&nbsp;&nbsp;403361 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 22-R04, Class 1M2, (US 30 Day Average SOFR + 3.10%), 7.454%, 3/25/42 | 390000 | &nbsp;&nbsp;&nbsp;&nbsp;400875 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 22-R07, Class 1M1, (US 30 Day Average SOFR + 2.95%), 7.303%, 6/25/42 | 1314855 | &nbsp;&nbsp;&nbsp;&nbsp;1346926 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 22-R06, Class 1M1, (US 30 Day Average SOFR + 2.75%), 7.104%, 5/25/42 | 1256036 | &nbsp;&nbsp;&nbsp;&nbsp;1280050 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 22-R08, Class 1M1, (US 30 Day Average SOFR + 2.55%), 6.904%, 7/25/42 | 1082048 | &nbsp;&nbsp;&nbsp;&nbsp;1104534 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 22-R09, Class 2M1, (US 30 Day Average SOFR + 2.50%), 6.853%, 9/25/42 | 59377 | &nbsp;&nbsp;&nbsp;&nbsp;60187 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 23-R01, Class 1M1, (US 30 Day Average SOFR + 2.40%), 6.753%, 12/25/42 | 145651 | &nbsp;&nbsp;&nbsp;&nbsp;149114 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 23-R02, Class 1M1, (US 30 Day Average SOFR + 2.30%), 6.654%, 1/25/43 | 305587 | &nbsp;&nbsp;&nbsp;&nbsp;311676 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 22-R03, Class 1M1, (US 30 Day Average SOFR + 2.10%), 6.454%, 3/25/42 | 341400 | &nbsp;&nbsp;&nbsp;&nbsp;344488 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 22-R04, Class 1M1, (US 30 Day Average SOFR + 2.00%), 6.354%, 3/25/42 | 337684 | &nbsp;&nbsp;&nbsp;&nbsp;340312 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 23-R07, Class 2M1, (US 30 Day Average SOFR + 1.95%), 6.303%, 9/25/43 | 62228 | &nbsp;&nbsp;&nbsp;&nbsp;62615 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 22-R05, Class 2M1, (US 30 Day Average SOFR + 1.90%), 6.254%, 4/25/42 | 592054 | &nbsp;&nbsp;&nbsp;&nbsp;593994 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 22-R01, Class 1M2, (US 30 Day Average SOFR + 1.90%), 6.254%, 12/25/41 | 411000 | &nbsp;&nbsp;&nbsp;&nbsp;413144 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 23-R06, Class 1M1, (US 30 Day Average SOFR + 1.70%), 6.054%, 7/25/43 | 311442 | &nbsp;&nbsp;&nbsp;&nbsp;312738 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 21-R03, Class 1M2, (US 30 Day Average SOFR + 1.65%), 6.004%, 12/25/41 | 590000 | &nbsp;&nbsp;&nbsp;&nbsp;591575 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 21-R01, Class 1M2, (US 30 Day Average SOFR + 1.55%), 5.904%, 10/25/41 | 56650 | &nbsp;&nbsp;&nbsp;&nbsp;56732 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 22-R02, Class 2M1, (US 30 Day Average SOFR + 1.10%), 5.554%, 1/25/42 | 145762 | &nbsp;&nbsp;&nbsp;&nbsp;145692 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 24-R06, Class 1A1, (US 30 Day Average SOFR + 1.15%), 5.504%, 9/25/44 | 172440 | &nbsp;&nbsp;&nbsp;&nbsp;172196 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 25-R02, Class 1M1, (US 30 Day Average SOFR + 1.15%), 5.503%, 2/25/45 | 1685553 | &nbsp;&nbsp;&nbsp;&nbsp;1687745 |

---

12 <br> Core Bond Fund

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES (13.8%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Residential mortgage-backed securities (non-agency)** *cont.* |  |  |
| Federal National Mortgage Association 144A |  |  |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 24-R03, Class 2M1, (US 30 Day Average SOFR + 1.15%), 5.503%, 3/25/44 | $70503 | &nbsp;&nbsp;&nbsp;&nbsp;$70425 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 24-R04, Class 1M1, (US 30 Day Average SOFR + 1.10%), 5.454%, 5/25/44 | 206753 | &nbsp;&nbsp;&nbsp;&nbsp;206626 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 24-R02, Class 1M1, (US 30 Day Average SOFR + 1.10%), 5.454%, 2/25/44 | 13704 | &nbsp;&nbsp;&nbsp;&nbsp;13669 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities FRB Ser. 25-R01, Class 1M1, (US 30 Day Average SOFR + 1.10%), 5.453%, 1/25/45 | 418845 | &nbsp;&nbsp;&nbsp;&nbsp;417741 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 24-R06, Class 1M1, (US 30 Day Average SOFR + 1.05%), 5.404%, 9/25/44 | 36800 | &nbsp;&nbsp;&nbsp;&nbsp;36759 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 24-R05, Class 2M1, (US 30 Day Average SOFR + 1.00%), 5.354%, 7/25/44 | 59923 | &nbsp;&nbsp;&nbsp;&nbsp;59879 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRB Ser. 25-R02, Class 1A1, (US 30 Day Average SOFR + 1.00%), 5.353%, 2/25/45 | 529667 | &nbsp;&nbsp;&nbsp;&nbsp;527609 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities FRB Ser. 25-R01, Class 1A1, (US 30 Day Average SOFR + 0.95%), 5.303%, 1/25/45 | 392616 | &nbsp;&nbsp;&nbsp;&nbsp;390726 |
| GCAT Trust 144A Ser. 20-NQM2, Class A3, 3.935%, 4/25/65 | 293276 | &nbsp;&nbsp;&nbsp;&nbsp;285092 |
| HOMES Trust 144A Ser. 24-NQM1, Class A1, stepped-coupon 5.915% (6.915%, 7/1/28), 7/25/69 **<sup>††</sup>** | 2599207 | &nbsp;&nbsp;&nbsp;&nbsp;2614214 |
| Homeward Opportunities Fund I Trust 144A Ser. 20-2, Class A3, 3.196%, 5/25/65 **<sup>W</sup>** | 557937 | &nbsp;&nbsp;&nbsp;&nbsp;551224 |
| JPMorgan Mortgage Trust 144A |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 23-HE1, Class A1, (US 30 Day Average SOFR + 1.75%), 6.10%, 11/25/53 | 176462 | &nbsp;&nbsp;&nbsp;&nbsp;177707 |
| &nbsp;&nbsp;&nbsp;Ser. 24-CES1, Class A1A, stepped-coupon 5.919% (6.919%, 3/1/28), 6/25/54 **<sup>††</sup>** | 658757 | &nbsp;&nbsp;&nbsp;&nbsp;661417 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 24-VIS2, Class A1, 5.853%, 11/25/64 | 394612 | &nbsp;&nbsp;&nbsp;&nbsp;397785 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 25-1, Class A11, (US 30 Day Average SOFR + 1.25%), 5.604%, 6/25/55 | 1152103 | &nbsp;&nbsp;&nbsp;&nbsp;1139165 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 24-10, Class A11, (US 30 Day Average SOFR + 1.25%), 5.604%, 3/25/55 | 2206432 | &nbsp;&nbsp;&nbsp;&nbsp;2185613 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 24-HE3, Class A1, (US 30 Day Average SOFR + 1.20%), 5.55%, 2/25/55 | 776669 | &nbsp;&nbsp;&nbsp;&nbsp;777248 |
| LHOME Mortgage Trust 144A FRB Ser. 25-RTL2, Class A1, 5.774%, 4/25/40 **<sup>W</sup>** | 542000 | &nbsp;&nbsp;&nbsp;&nbsp;546655 |
| MFRA Trust 144A Ser. 23-INV2, Class A1, 6.775%, 10/25/58 | 1012781 | &nbsp;&nbsp;&nbsp;&nbsp;1026350 |
| Mill City Mortgage Loan Trust 144A |  |  |
| &nbsp;&nbsp;&nbsp;Ser. 23-NQM2, Class A1, 6.24%, 12/25/67 | 532637 | &nbsp;&nbsp;&nbsp;&nbsp;534297 |
| &nbsp;&nbsp;&nbsp;Ser. 23-NQM1, Class A1, 6.05%, 10/25/67 | 337172 | &nbsp;&nbsp;&nbsp;&nbsp;337518 |
| Morgan Stanley Residential Mortgage Loan Trust 144A FRB Ser. 24-3, Class AF, (US 30 Day Average SOFR + 1.35%), 5.704%, 7/25/54 | 3091820 | &nbsp;&nbsp;&nbsp;&nbsp;3062000 |
| OBX Trust 144A Ser. 23-NQM7, Class A1, 6.844%, 4/25/63 | 412090 | &nbsp;&nbsp;&nbsp;&nbsp;416744 |
| PRKCM Trust 144A Ser. 23-AFC2, Class A1, 6.482%, 6/25/58 | 1364122 | &nbsp;&nbsp;&nbsp;&nbsp;1371201 |
| PRMI Securitization Trust 144A FRB Ser. 24-CMG1, Class A1, (US 30 Day Average SOFR + 1.45%), 5.786%, 7/25/54 | 647854 | &nbsp;&nbsp;&nbsp;&nbsp;647422 |
| PRPM Trust 144A Ser. 24-NQM2, Class A1, stepped-coupon 6.327% (7.292%, 7/1/28), 6/25/69 **<sup>††</sup>** | 381341 | &nbsp;&nbsp;&nbsp;&nbsp;389723 |
| Residential Accredit Loans, Inc. FRB Ser. 06-QO5, Class 1A1, (CME Term SOFR 1 Month + 0.54%), 4.871%, 5/25/46 | 565375 | &nbsp;&nbsp;&nbsp;&nbsp;494070 |
| Residential Mortgage Loan Trust 144A Ser. 20-2, Class A3, 2.911%, 5/25/60 **<sup>W</sup>** | 381000 | &nbsp;&nbsp;&nbsp;&nbsp;369215 |
| ROC Mortgage Trust 144A Ser. 21-RTL1, Class A1, 3.487%, 8/25/26 **<sup>W</sup>** | 78419 | &nbsp;&nbsp;&nbsp;&nbsp;78345 |
| Verus Securitization Trust 144A |  |  |
| &nbsp;&nbsp;&nbsp;Ser. 23-6, Class A1, stepped-coupon 6.665% (7.665%, 9/1/27), 9/25/68 **<sup>††</sup>** | 740979 | &nbsp;&nbsp;&nbsp;&nbsp;748256 |
| &nbsp;&nbsp;&nbsp;Ser. 23-INV2, Class A1, 6.443%, 8/25/68 | 2149767 | &nbsp;&nbsp;&nbsp;&nbsp;2168350 |
| &nbsp;&nbsp;&nbsp;Ser. 24-5, Class A1, stepped-coupon 6.192% (7.192%, 6/1/28), 6/25/69 **<sup>††</sup>** | 605806 | &nbsp;&nbsp;&nbsp;&nbsp;611602 |
| &nbsp;&nbsp;&nbsp;Ser. 24-2, Class A1, stepped-coupon 6.095% (7.095%, 2/1/28), 2/25/69 **<sup>††</sup>** | 280324 | &nbsp;&nbsp;&nbsp;&nbsp;282166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**72002240** |
| **Total mortgage-backed securities (cost $153,680,570)** | **Total mortgage-backed securities (cost $153,680,570)** | &nbsp;&nbsp;&nbsp;&nbsp;**$153342598** |

---

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED LOAN OBLIGATIONS (4.4%)\*** | **Principal amount** | &nbsp;&nbsp;**Value** |
| Allegro CLO XII, Ltd. 144A FRB Ser. 24-1A, Class A1R, (CME Term SOFR 3 Month + 1.44%), 5.709%, 7/21/37 (Cayman Islands) | $450000 | &nbsp;&nbsp;&nbsp;&nbsp;$450100 |
| Apidos CLO XXXIV 144A FRB Ser. 21-34A, Class A1R, (CME Term SOFR 3 Month + 1.41%), 5.681%, 1/20/35 (Cayman Islands) | 2310000 | &nbsp;&nbsp;&nbsp;&nbsp;2315325 |
| Bain Capital Credit CLO, Ltd. 144A FRB Ser. 22-2A, Class A1, (CME Term SOFR 3 Month + 1.32%), 5.592%, 4/22/35 (Cayman Islands) | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;499136 |
| Birch Grove CLO 2, Ltd. 144A FRB Ser. 24-2A, Class A1R, (CME Term SOFR 3 Month + 1.40%), 5.669%, 10/19/37 (Cayman Islands) | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;701776 |
| Birch Grove CLO 8, Ltd. 144A FRB Ser. 24-8A, Class A1, (CME Term SOFR 3 Month + 1.63%), 5.899%, 4/20/37 (Jersey) | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;752206 |

---

Core Bond Fund <br> 13

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED LOAN OBLIGATIONS (4.4%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| Black Diamond CLO, Ltd. 144A FRB Ser. 21-1A, Class A1A, (CME Term SOFR 3 Month + 1.51%), 5.784%, 11/22/34 (Cayman Islands) | $250000 | &nbsp;&nbsp;&nbsp;&nbsp;$250000 |
| Cathedral Lake VIII, Ltd. 144A FRB Ser. 21-8A, Class A1, (CME Term SOFR 3 Month + 1.48%), 5.751%, 1/20/35 (Cayman Islands) | 1540000 | &nbsp;&nbsp;&nbsp;&nbsp;1544111 |
| CIFC Funding, Ltd. 144A FRB Ser. 21-1A, Class A1R, (CME Term SOFR 3 Month + 1.41%), 5.668%, 7/15/36 (Cayman Islands) | 2720000 | &nbsp;&nbsp;&nbsp;&nbsp;2724711 |
| CIFC Funding, Ltd. 144A FRB Ser. 24-4A, Class AR, (CME Term SOFR 3 Month + 1.36%), 5.639%, 7/23/37 (Cayman Islands) | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;497963 |
| Crown Point CLO 10, Ltd. 144A FRB Ser. 21-10A, Class A, (CME Term SOFR 3 Month + 1.43%), 5.701%, 7/20/34 (Cayman Islands) | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;501082 |
| Danby Park CLO, Ltd. 144A FRB Ser. 24-1A, Class AR, (CME Term SOFR 3 Month + 1.36%), 5.629%, 10/21/37 (Jersey) | 2510000 | &nbsp;&nbsp;&nbsp;&nbsp;2501849 |
| Diameter Capital CLO, Ltd. 144A FRB Ser. 24-7A, Class A1A, (CME Term SOFR 3 Month + 1.48%), 5.749%, 7/20/37 (Cayman Islands) | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;500930 |
| Elevation CLO, Ltd. 144A FRB Ser. 25-10A, Class AR, (CME Term SOFR 3 Month + 0.92%), 5.189%, 10/20/31 (Cayman Islands) | 1307426 | &nbsp;&nbsp;&nbsp;&nbsp;1304604 |
| Elevation CLO, Ltd. 144A FRB Ser. 25-13A, Class A1R, (CME Term SOFR 3 Month + 1.06%), 5.316%, 7/15/34 (Cayman Islands) | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;497819 |
| Elmwood CLO I, Ltd. 144A FRB Ser. 24-1A, Class A1RR, (CME Term SOFR 3 Month + 1.52%), 5.789%, 4/20/37 (Cayman Islands) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1002292 |
| Elmwood CLO III, Ltd. 144A FRB Ser. 24-3A, Class A1RR, (CME Term SOFR 3 Month + 1.38%), 5.649%, 7/18/37 (Cayman Islands) | 850000 | &nbsp;&nbsp;&nbsp;&nbsp;850213 |
| Elmwood CLO 33, Ltd. 144A FRB Ser. 24-9RA, Class AR, (CME Term SOFR 3 Month + 1.38%), 5.649%, 10/21/37 (Cayman Islands) | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;747476 |
| GoldenTree Loan Management US CLO 9, Ltd. 144A FRB Ser. 24-9A, Class AR, (CME Term SOFR 3 Month + 1.50%), 5.769%, 4/20/37 | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;802595 |
| HalseyPoint CLO 3, Ltd. 144A FRB Ser. 24-3A, Class A1R, (CME Term SOFR 3 Month + 1.48%), 5.76%, 7/30/37 (Cayman Islands) | 3152000 | &nbsp;&nbsp;&nbsp;&nbsp;3146484 |
| Hayfin US XIV, Ltd. 144A FRB Ser. 21-14A, Class A1, (CME Term SOFR 3 Month + 1.49%), 5.761%, 7/20/34 (Cayman Islands) | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;450681 |
| ICG US CLO, Ltd. 144A FRB Ser. 21-1A, Class ARR, (CME Term SOFR 3 Month + 1.43%), 5.714%, 7/28/34 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1002163 |
| Jamestown CLO IX, Ltd. 144A FRB Ser. 21-9A, Class A1RR, (CME Term SOFR 3 Month + 1.50%), 5.783%, 7/25/34 (Cayman Islands) | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;401082 |
| Jamestown CLO IX, Ltd. 144A FRB Ser. 21-9A, Class A2RR, (CME Term SOFR 3 Month + 2.11%), 6.393%, 7/25/34 (Cayman Islands) | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;496303 |
| Kings Park CLO, Ltd. 144A FRB Ser. 21-1A, Class A, (CME Term SOFR 3 Month + 1.39%), 5.661%, 1/21/35 (Cayman Islands) | 2383819 | &nbsp;&nbsp;&nbsp;&nbsp;2386862 |
| KKR CLO, Ltd. 144A FRB Ser. 23-43A, Class A1R, (CME Term SOFR 3 Month + 1.75%), 6.006%, 1/15/36 (Jersey) | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;751767 |
| KKR CLO 54, Ltd. 144A FRB Ser. 24-54A, Class A, (CME Term SOFR 3 Month + 1.32%), 5.641%, 1/15/38 (Cayman Islands) | 2275000 | &nbsp;&nbsp;&nbsp;&nbsp;2267725 |
| Madison Park Funding XXX, Ltd. 144A FRB Ser. 24-30A, Class A1R, (CME Term SOFR 3 Month + 1.36%), 5.621%, 7/16/37 | 1180000 | &nbsp;&nbsp;&nbsp;&nbsp;1180847 |
| Magnetite XL, Ltd. 144A FRB Ser. 24-40A, Class A1, (CME Term SOFR 3 Month + 1.45%), 5.706%, 7/15/37 (Cayman Islands) | 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;3204258 |
| Nassau, Ltd. 144A FRB Ser. 21-1A, Class A1R, (CME Term SOFR 3 Month + 1.55%), 5.808%, 1/15/35 (Cayman Islands) | 249457 | &nbsp;&nbsp;&nbsp;&nbsp;249948 |
| Oaktree CLO, Ltd. 144A FRB Ser. 24-1A, Class A1R, (CME Term SOFR 3 Month + 1.35%), 5.606%, 1/15/38 (Cayman Islands) | 938000 | &nbsp;&nbsp;&nbsp;&nbsp;933288 |
| Oaktree CLO, Ltd. 144A FRB Ser. 24-4A, Class ARR, (CME Term SOFR 3 Month + 1.51%), 5.779%, 7/20/37 (Cayman Islands) | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;501253 |
| OHA Loan Funding, Ltd. 144A FRB Ser. 24-1A, Class A1R2, (CME Term SOFR 3 Month + 1.46%), 5.729%, 7/20/37 (Cayman Islands) | 2043000 | &nbsp;&nbsp;&nbsp;&nbsp;2046370 |
| Palmer Square CLO, Ltd. 144A FRB Ser. 21-3A, Class B, (CME Term SOFR 3 Month + 1.91%), 6.168%, 1/15/35 (Cayman Islands) | 850000 | &nbsp;&nbsp;&nbsp;&nbsp;851609 |
| Rockland Park CLO, Ltd. 144A FRB Ser. 21-1A, Class B, (CME Term SOFR 3 Month + 1.91%), 6.181%, 4/20/34 (Cayman Islands) | 650000 | &nbsp;&nbsp;&nbsp;&nbsp;651233 |
| RR 14, Ltd. 144A FRB Ser. 21-14A, Class A1, (CME Term SOFR 3 Month + 1.38%), 5.638%, 4/15/36 (Cayman Islands) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000293 |
| Shackleton XIV CLO, Ltd. 144A FRB Ser. 21-14A, Class BR, (CME Term SOFR 3 Month + 2.06%), 6.331%, 7/20/34 (Cayman Islands) | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;501184 |
| Signal Peak CLO 5, Ltd. 144A FRB Ser. 24-5A, Class A1R, (CME Term SOFR 3 Month + 1.55%), 5.832%, 4/25/37 (Cayman Islands) | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;600599 |
| Sound Point CLO XXXII, Ltd. 144A FRB Ser. 21-4A, Class A, (CME Term SOFR 3 Month + 1.41%), 5.693%, 10/25/34 (Cayman Islands) | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;500133 |

---

14 <br> Core Bond Fund

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED LOAN OBLIGATIONS (4.4%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| Symphony CLO XXIII, Ltd. 144A FRB Ser. 25-23A, Class AR2, (CME Term SOFR 3 Month + 0.90%), 5.191%, 1/15/34 (Cayman Islands) | $2240816 | &nbsp;&nbsp;&nbsp;&nbsp;$2220506 |
| Symphony CLO XXXII, Ltd. 144A FRB Ser. 22-32A, Class A1, (CME Term SOFR 3 Month + 1.32%), 5.599%, 4/23/35 (Cayman Islands) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;998755 |
| TCW CLO, Ltd. 144A FRB Ser. 21-2A, Class AS, (CME Term SOFR 3 Month + 1.44%), 5.723%, 7/25/34 (Cayman Islands) | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;300651 |
| Venture XV CLO, Ltd. 144A FRB Ser. 21-15A, Class AR3, (CME Term SOFR 3 Month + 1.44%), 5.698%, 7/15/32 (Cayman Islands) | 364959 | &nbsp;&nbsp;&nbsp;&nbsp;365647 |
| Venture XXVII CLO, Ltd. 144A FRB Ser. 21-27A, Class BR, (CME Term SOFR 3 Month + 1.86%), 6.131%, 7/20/30 (Cayman Islands) | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;350519 |
| Warwick Capital CLO 3, Ltd. 144A FRB Ser. 24-3A, Class A1, (CME Term SOFR 3 Month + 1.65%), 5.919%, 4/20/37 (Jersey) | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;800216 |
| Wise CLO, Ltd. 144A FRB Ser. 23-2A, Class A, (CME Term SOFR 3 Month + 1.80%), 6.056%, 1/15/37 (Jersey) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1004222 |
| Wise CLO, Ltd. 144A FRB Ser. 24-2A, Class A, (CME Term SOFR 3 Month + 1.46%), 5.716%, 7/15/37 (Cayman Islands) | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;748127 |
| **Total collateralized loan obligations (cost $48,426,387)** | **Total collateralized loan obligations (cost $48,426,387)** | &nbsp;&nbsp;&nbsp;&nbsp;**$48356913** |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES (3.4%)\*** | **Principal amount** | &nbsp;&nbsp;**Value** |
| American Express Credit Account Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;Ser. 22-4, Class A, 4.95%, 10/15/27 | $2500000 | &nbsp;&nbsp;&nbsp;&nbsp;$2505045 |
| &nbsp;&nbsp;&nbsp;Ser. 22-3, Class A, 3.75%, 8/15/27 | 2496000 | &nbsp;&nbsp;&nbsp;&nbsp;2490103 |
| BMW Vehicle Owner Trust Ser. 23-A, Class A3, 5.47%, 2/25/28 | 439219 | &nbsp;&nbsp;&nbsp;&nbsp;442269 |
| Capital One Multi-Asset Execution Trust |  |  |
| &nbsp;&nbsp;&nbsp;Ser. 22-A3, Class A, 4.95%, 10/15/27 | 2634000 | &nbsp;&nbsp;&nbsp;&nbsp;2639055 |
| &nbsp;&nbsp;&nbsp;Ser. 23-A1, Class A, 4.42%, 5/15/28 | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;500994 |
| &nbsp;&nbsp;&nbsp;Ser. 22-A2, Class A, 3.49%, 5/15/27 | 523000 | &nbsp;&nbsp;&nbsp;&nbsp;522765 |
| Capital One Prime Auto Receivables Trust Ser. 24-1, Class A2A, 4.61%, 10/15/27 | 1443480 | &nbsp;&nbsp;&nbsp;&nbsp;1444607 |
| Chase Auto Owner Trust 144A Ser. 22-AA, Class A4, 3.99%, 3/27/28 | 180000 | &nbsp;&nbsp;&nbsp;&nbsp;179368 |
| Citizens Auto Receivables Trust 144A Ser. 24-1, Class A3, 5.11%, 4/17/28 | 2584000 | &nbsp;&nbsp;&nbsp;&nbsp;2599393 |
| Discover Card Execution Note Trust |  |  |
| &nbsp;&nbsp;&nbsp;Ser. 22-A4, Class A, 5.03%, 10/15/27 | 2149000 | &nbsp;&nbsp;&nbsp;&nbsp;2153744 |
| &nbsp;&nbsp;&nbsp;Ser. 22-A3, Class A3, 3.56%, 7/15/27 | 483000 | &nbsp;&nbsp;&nbsp;&nbsp;481919 |
| GM Financial Consumer Automobile Receivables Trust Ser. 23-3, Class A3, 5.45%, 6/16/28 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2013603 |
| Golden Credit Card Trust 144A Ser. 22-4A, Class A, 4.31%, 9/15/27 | 4244000 | &nbsp;&nbsp;&nbsp;&nbsp;4238740 |
| Harley-Davidson Motorcycle Trust |  |  |
| &nbsp;&nbsp;&nbsp;Ser. 23-B, Class A3, 5.69%, 8/15/28 | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;908944 |
| &nbsp;&nbsp;&nbsp;Ser. 22-A, Class A3, 3.06%, 2/15/27 | 53509 | &nbsp;&nbsp;&nbsp;&nbsp;53340 |
| Honda Auto Receivables Owner Trust Ser. 23-3, Class A3, 5.41%, 2/18/28 | 1727000 | &nbsp;&nbsp;&nbsp;&nbsp;1739834 |
| Hyundai Auto Receivables Trust Ser. 23-B, Class A3, 5.48%, 4/17/28 | 2092013 | &nbsp;&nbsp;&nbsp;&nbsp;2106614 |
| Lendbuzz Securitization Trust 144A Ser. 24-3A, Class A2, 4.97%, 10/15/29 | 1786292 | &nbsp;&nbsp;&nbsp;&nbsp;1786016 |
| Station Place Securitization Trust 144A |  |  |
| &nbsp;&nbsp;&nbsp;FRB Ser. 24-5, Class A, (CME Term SOFR 1 Month + 0.90%), 5.223%, 8/4/25 | 1685000 | &nbsp;&nbsp;&nbsp;&nbsp;1684171 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 24-10, Class A, (CME Term SOFR 1 Month + 0.90%), 5.222%, 10/27/25 | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;2308058 |
| &nbsp;&nbsp;&nbsp;FRB Ser. 24-2, Class A, (CME Term SOFR 1 Month + 0.90%), 5.219%, 6/22/25 | 1770000 | &nbsp;&nbsp;&nbsp;&nbsp;1771487 |
| Toyota Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;Ser. 23-C, Class A3, 5.16%, 4/17/28 | 546000 | &nbsp;&nbsp;&nbsp;&nbsp;549191 |
| &nbsp;&nbsp;&nbsp;Ser. 23-B, Class A3, 4.71%, 2/15/28 | 265098 | &nbsp;&nbsp;&nbsp;&nbsp;265579 |
| Volkswagen Auto Loan Enhanced Trust Ser. 25-1, Class A2A, 4.51%, 1/20/28 | 1291000 | &nbsp;&nbsp;&nbsp;&nbsp;1293719 |
| World Omni Auto Receivables Trust Ser. 24-A, Class A3, 4.86%, 3/15/29 | 505000 | &nbsp;&nbsp;&nbsp;&nbsp;507841 |
| **Total asset-backed securities (cost $37,017,984)** | **Total asset-backed securities (cost $37,017,984)** | &nbsp;&nbsp;&nbsp;&nbsp;**$37186399** |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENT COMPANIES (1.5%)\*** | **Shares** | &nbsp;&nbsp;**Value** |
| Franklin Ultra Short Bond ETF **<sup>Ω</sup>** | 663780 | &nbsp;&nbsp;&nbsp;&nbsp;$16584543 |
| **Total investment companies (cost $16,510,902)** | **Total investment companies (cost $16,510,902)** | &nbsp;&nbsp;&nbsp;&nbsp;**$16584543** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (7.5%)\*** | **Principal amount/shares** | &nbsp;&nbsp;**Value** |
| Autonation, Inc. commercial paper 4.851%, 5/1/25 | $9950000 | &nbsp;&nbsp;&nbsp;&nbsp;$9948619 |
| Boston Properties LP commercial paper 4.650%, 5/7/25 | 2555000 | &nbsp;&nbsp;&nbsp;&nbsp;2552707 |
| Boston Properties LP commercial paper 4.626%, 5/5/25 | 2720000 | &nbsp;&nbsp;&nbsp;&nbsp;2718259 |
| Crown Castle, Inc. commercial paper 4.964%, 5/6/25 **<sup>R</sup>** | 3165000 | &nbsp;&nbsp;&nbsp;&nbsp;3162446 |

---

Core Bond Fund <br> 15

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (7.5%)\*** *cont.* | **Principal amount/shares** | &nbsp;&nbsp;**Value** |
| FMC Corp. commercial paper 5.151%, 5/1/25 | $3550000 | &nbsp;&nbsp;&nbsp;&nbsp;$3549502 |
| Intercontinental Exchange, Inc. commercial paper 4.605%, 5/6/25 | 4186000 | &nbsp;&nbsp;&nbsp;&nbsp;4182743 |
| Intercontinental Exchange, Inc. commercial paper 4.605%, 5/1/25 | 3105000 | &nbsp;&nbsp;&nbsp;&nbsp;3104598 |
| Marsh & McLennan Cos., Inc. commercial paper 4.681%, 5/12/25 | 3815000 | &nbsp;&nbsp;&nbsp;&nbsp;3809147 |
| Mid-America Apartments LP commercial paper 4.684%, 5/5/25 | 2190000 | &nbsp;&nbsp;&nbsp;&nbsp;2188607 |
| Plains All American Pipeline LP commercial paper 4.654%, 5/5/25 | 5340000 | &nbsp;&nbsp;&nbsp;&nbsp;5336606 |
| Putnam Short Term Investment Fund Class P 4.47% **<sup>L</sup>** | Shares 31,999,649 | &nbsp;&nbsp;&nbsp;&nbsp;31999649 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.29% **<sup>P</sup>** | Shares 718,000 | &nbsp;&nbsp;&nbsp;&nbsp;718000 |
| Targa Resources Corp. commercial paper 4.720%, 5/5/25 | $2455000 | &nbsp;&nbsp;&nbsp;&nbsp;2453335 |
| Targa Resources Corp. commercial paper 4.601%, 5/1/25 | 7357000 | &nbsp;&nbsp;&nbsp;&nbsp;7356008 |
| **Total short-term investments (cost $83,086,816)** | **Total short-term investments (cost $83,086,816)** | &nbsp;&nbsp;&nbsp;&nbsp;**$83080226** |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $1,341,842,735)** | &nbsp;&nbsp;&nbsp;&nbsp;**$1343190390** |

---

---

| | |
|:---|:---|
| **Key to holding's abbreviations** | **Key to holding's abbreviations** |
| **BKNT** | Bank Note |
| **CME** | Chicago Mercantile Exchange |
| **DAC** | Designated Activity Company |
| **ETF** | Exchange Traded Fund |
| **FRB** | Floating Rate Bonds: The rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. |
| **FRN** | Floating Rate Notes: The rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. |
| **GMTN** | Global Medium Term Notes |
| **IO** | Interest Only |
| **MTN** | Medium Term Notes |
| **PO** | Principal Only |
| **REGS** | Securities sold under Regulation S may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
| **REMICs** | Real Estate Mortgage Investment Conduits |
| **SOFR** | Secured Overnight Financing Rate |
| **TBA** | To Be Announced Commitments |

---

---

| | |
|:---|:---|
|  | **Notes to the fund's portfolio** |
|  | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2024 through April 30, 2025 (the reporting period). Within the following notes to the portfolio, references to "Franklin Advisers" represent Franklin Advisers, Inc., the fund's investment manager, a direct wholly-owned subsidiary of Franklin Resources, Inc., and references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures*. |
| **<sup>\*</sup>** | Percentages indicated are based on net assets of $1,107,539,675. |
| **<sup>††</sup>** | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. |
| **<sup>Ω</sup>** | Affiliated company (Note 5). |
| **<sup>Ф</sup>** | This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain TBA commitments at the close of the reporting period. Collateral at period end totaled $1,477,955 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 7). |
| **<sup>##</sup>** | Forward commitment, in part or in entirety (Note 1). |
| **<sup>i</sup>** | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts (Note 1). |
| **<sup>L</sup>** | Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. |
| **<sup>P</sup>** | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts and TBA commitments. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. |
| **<sup>R</sup>** | Real Estate Investment Trust. |
| **<sup>W</sup>** | The rate shown represents the weighted average coupon associated with the underlying mortgage pools. Rates may be subject to a cap or floor. |
|  | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. |
|  | Debt obligations are considered secured unless otherwise indicated. |
|  | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
|  | See Note 1 to the financial statements regarding TBA commitments. |
|  | The dates shown on debt obligations are the original maturity dates. |

---

16 <br> Core Bond Fund

---

| |
|:---|
| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: |
| Level 1: Valuations based on quoted prices for identical securities in active markets. |
| Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
| Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement. |
| The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** |
| **Investments in securities:** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** |
| Asset-backed securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37186399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Collateralized loan obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48356913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Corporate bonds and notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316461098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Investment companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16584543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mortgage-backed securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153342598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. government and agency mortgage obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327078704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. treasury obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361099909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82362226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Totals by level** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$17302543** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1325887847** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

The accompanying notes are an integral part of these financial statements.

Core Bond Fund <br> 17

**Financial statements**

**Statement of assets and liabilities**

4/30/25 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS** | |
| Investment in securities, at value (Notes 1 and 7): |  |
| &nbsp;&nbsp;Unaffiliated issuers (identified cost $1,293,332,184) | $1294606198 |
| &nbsp;&nbsp;Affiliated issuers (identified cost $48,510,551) (Note 5) | 48584192 |
| Interest and other receivables | 9027259 |
| Receivable for shares of the fund sold | 3839028 |
| Receivable for investments sold | 1642317 |
| **Total assets** | **1357698994** |
| **LIABILITIES** |  |
| Payable for investments purchased | 2873574 |
| Payable for purchases of delayed delivery securities (Note 1) | 3433257 |
| Payable for purchases of TBA securities (Note 1) | 241386912 |
| Payable for shares of the fund repurchased | 839509 |
| Payable for compensation of Manager (Note 2) | 342221 |
| Payable for Trustee compensation and expenses (Note 2) | 365398 |
| Payable for distribution fees (Note 2) | 44655 |
| Collateral on certain derivative contracts and TBA commitments, at value (Notes 1 and 7) | 871475 |
| Other accrued expenses | 2318 |
| **Total liabilities** | **250159319** |
| **Net assets** | **$1107539675** |
| **Represented by** |  |
| Paid-in capital (Unlimited shares authorized) (Notes 1 and 4) | $1299327601 |
| Total distributable earnings (Note 1) | (191787926) |
| **Total — Representing net assets applicable to capital shares outstanding** | **$1107539675** |
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE** |  |
| **Net asset value and redemption price per class A share** ($170,955,967 divided by 20,883,129 shares) | $8.19 |
| **Offering price per class A share** (100/96.00 of $8.19)\* | $8.53 |
| **Net asset value and offering price per class C share** ($8,883,443 divided by 1,089,392 shares)\*\* | $8.15 |
| **Net asset value, offering price and redemption price per class R share** ($6,968,740 divided by 844,751 shares) | $8.25 |
| **Net asset value, offering price and redemption price per class R6 share** ($47,319,509 divided by 5,764,457 shares) | $8.21 |
| **Net asset value, offering price and redemption price per class Y share** ($873,412,016 divided by 106,755,904 shares) | $8.18 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | On single retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced. |
| <sup>\*\*</sup> | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |

---

The accompanying notes are an integral part of these financial statements.

18 Core Bond Fund

**Statement of operations**

Six months ended 4/30/25 (Unaudited)

---

| | |
|:---|:---|
| **Investment income** | |
| Interest | $24138648 |
| Dividends (including dividend income of $1,354,322 from investments in affiliated issuers) (Note 5) | 1354322 |
| **Total investment income** | **25492970** |
| **EXPENSES** |  |
| Compensation of Manager (Note 2) | 2007914 |
| Distribution fees (Note 2) | 262435 |
| Other | 3454 |
| Fees waived and reimbursed by Manager (Note 2) | (7560) |
| **Total expenses** | **2266243** |
| Expense reduction (Note 2) | (5172) |
| **Net expenses** | **2261071** |
| **Net investment income** | **23231899** |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;Securities from unaffiliated issuers (Notes 1 and 3) | (4475241) |
| **Total net realized loss** | **(4475241)** |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Securities from unaffiliated issuers and TBA sale commitments | 9454018 |
| &nbsp;&nbsp;Securities from affiliated issuers (Note 5) | 73641 |
| &nbsp;&nbsp;Assets and liabilities in foreign currencies | (4637) |
| **Total change in net unrealized appreciation** | **9523022** |
| **Net gain on investments** | **5047781** |
| **Net increase in net assets resulting from operations** | **$28279680** |

---

The accompanying notes are an integral part of these financial statements.

Core Bond Fund 19

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
| | **Six months ended 4/30/25**\* | **Year ended 10/31/24** |
| **Increase in net assets** | | |
| **Operations** | | |
| Net investment income | $23231899 | $22923806 |
| Net realized gain (loss) on investments | (4475241) | 4157784 |
| Change in net unrealized appreciation of investments and assets and liabilities in foreign currencies | 9523022 | 12994354 |
| **Net increase in net assets resulting from operations** | **28279680** | **40075944** |
| Distributions to shareholders (Note 1): |  |  |
| From ordinary income |  |  |
| Net investment income |  |  |
| Class A | (3702868) | (6053305) |
| Class B |  | (4244) |
| Class C | (157036) | (239201) |
| Class R | (108221) | (85736) |
| Class R6 | (964211) | (231813) |
| Class Y | (19757537) | (16037883) |
| Increase from capital share transactions (Note 4) | 375803129 | 368614155 |
| **Total increase in net assets** | **379392936** | **386037917** |
| **Net assets** |  |  |
| Beginning of period | 728146739 | 342108822 |
| **End of period** | **$1107539675** | **$728146739** |
| <sup>\*</sup>Unaudited. |  |  |

---

The accompanying notes are an integral part of these financial statements.

20 Core Bond Fund

**Financial highlights**

(For a common share outstanding throughout the period)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**INVESTMENT OPERATIONS** | &nbsp;&nbsp;**INVESTMENT OPERATIONS** | &nbsp;&nbsp;**INVESTMENT OPERATIONS** | &nbsp;&nbsp;**INVESTMENT OPERATIONS** | &nbsp;&nbsp;**INVESTMENT OPERATIONS** | &nbsp;&nbsp;**LESS DISTRIBUTIONS** | &nbsp;&nbsp;**LESS DISTRIBUTIONS** | &nbsp;&nbsp;**LESS DISTRIBUTIONS** | &nbsp;&nbsp;**LESS DISTRIBUTIONS** | &nbsp;&nbsp;**LESS DISTRIBUTIONS** | &nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA** | &nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA** | &nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA** | &nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA** |
| &nbsp;&nbsp;Period ended | &nbsp;&nbsp;**Net asset value, beginning of period** | &nbsp;&nbsp;Net investment income (loss)<sup>a</sup> | &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;**Total from investment operations** | &nbsp;&nbsp;From net investment income | &nbsp;&nbsp;From return of capital | &nbsp;&nbsp;**Total distributions** | &nbsp;&nbsp;**Net asset value, end of period** | &nbsp;&nbsp;**Total return at net asset value (%)<sup>b</sup>** | &nbsp;&nbsp;**Net assets, end of period (in thousands)** | &nbsp;&nbsp;Ratio of expenses to average net assets (%)<sup>c</sup> | &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp;Portfolio turnover (%)<sup>d</sup> |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;April 30, 2025**<sup>\*\*</sup>** | &nbsp;&nbsp;**$8.17** | &nbsp;&nbsp;.17 | &nbsp;&nbsp;.03 | &nbsp;&nbsp;**.20** | &nbsp;&nbsp;(.18) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.18)** | &nbsp;&nbsp;**$8.19** | &nbsp;&nbsp;**2.50<sup>\*</sup>** | &nbsp;&nbsp;**$170956** | &nbsp;&nbsp;.32**<sup>\*</sup>**<sup>e</sup> | &nbsp;&nbsp;2.14**<sup>\*</sup>**<sup>e</sup> | &nbsp;&nbsp;227**<sup>\*</sup>** |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;**7.68** | &nbsp;&nbsp;.38 | &nbsp;&nbsp;.48 | &nbsp;&nbsp;**.86** | &nbsp;&nbsp;(.37) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.37)** | &nbsp;&nbsp;**8.17** | &nbsp;&nbsp;**11.35** | &nbsp;&nbsp;**158169** | &nbsp;&nbsp;.64 | &nbsp;&nbsp;4.63 | &nbsp;&nbsp;372 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;**8.30** | &nbsp;&nbsp;.39 | &nbsp;&nbsp;(.49) | &nbsp;&nbsp;**(.10)** | &nbsp;&nbsp;(.52) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.52)** | &nbsp;&nbsp;**7.68** | &nbsp;&nbsp;**(1.51)** | &nbsp;&nbsp;**115240** | &nbsp;&nbsp;.66 | &nbsp;&nbsp;4.79 | &nbsp;&nbsp;967 |
| &nbsp;&nbsp;October 31, 2022 | &nbsp;&nbsp;**9.04** | &nbsp;&nbsp;.37 | &nbsp;&nbsp;(.68) | &nbsp;&nbsp;**(.31)** | &nbsp;&nbsp;(.43) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.43)** | &nbsp;&nbsp;**8.30** | &nbsp;&nbsp;**(3.51)** | &nbsp;&nbsp;**105223** | &nbsp;&nbsp;.71 | &nbsp;&nbsp;4.30 | &nbsp;&nbsp;997 |
| &nbsp;&nbsp;October 31, 2021 | &nbsp;&nbsp;**9.40** | &nbsp;&nbsp;.32 | &nbsp;&nbsp;(.38) | &nbsp;&nbsp;**(.06)** | &nbsp;&nbsp;(.30) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.30)** | &nbsp;&nbsp;**9.04** | &nbsp;&nbsp;**(.73)** | &nbsp;&nbsp;**133135** | &nbsp;&nbsp;.77 | &nbsp;&nbsp;3.42 | &nbsp;&nbsp;908 |
| &nbsp;&nbsp;October 31, 2020 | &nbsp;&nbsp;**9.83** | &nbsp;&nbsp;.29 | &nbsp;&nbsp;(.36) | &nbsp;&nbsp;**(.07)** | &nbsp;&nbsp;(.23) | &nbsp;&nbsp;(.13) | &nbsp;&nbsp;**(.36)** | &nbsp;&nbsp;**9.40** | &nbsp;&nbsp;**(.67)** | &nbsp;&nbsp;**139880** | &nbsp;&nbsp;.78 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;844 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;April 30, 2025**<sup>\*\*</sup>** | &nbsp;&nbsp;**$8.14** | &nbsp;&nbsp;.14 | &nbsp;&nbsp;.02 | &nbsp;&nbsp;**.16** | &nbsp;&nbsp;(.15) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.15)** | &nbsp;&nbsp;**$8.15** | &nbsp;&nbsp;**2.00<sup>\*</sup>** | &nbsp;&nbsp;**$8883** | &nbsp;&nbsp;.69**<sup>\*</sup>**<sup>e</sup> | &nbsp;&nbsp;1.76**<sup>\*</sup>**<sup>e</sup> | &nbsp;&nbsp;227**<sup>\*</sup>** |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;**7.66** | &nbsp;&nbsp;.31 | &nbsp;&nbsp;.48 | &nbsp;&nbsp;**.79** | &nbsp;&nbsp;(.31) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.31)** | &nbsp;&nbsp;**8.14** | &nbsp;&nbsp;**10.44** | &nbsp;&nbsp;**8206** | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;3.87 | &nbsp;&nbsp;372 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;**8.27** | &nbsp;&nbsp;.32<sup>f</sup> | &nbsp;&nbsp;(.48) | &nbsp;&nbsp;**(.16)** | &nbsp;&nbsp;(.45) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.45)** | &nbsp;&nbsp;**7.66** | &nbsp;&nbsp;**(2.14)** | &nbsp;&nbsp;**4580** | &nbsp;&nbsp;1.41 | &nbsp;&nbsp;3.90<sup>f</sup> | &nbsp;&nbsp;967 |
| &nbsp;&nbsp;October 31, 2022 | &nbsp;&nbsp;**9.00** | &nbsp;&nbsp;.29<sup>f</sup> | &nbsp;&nbsp;(.65) | &nbsp;&nbsp;**(.36)** | &nbsp;&nbsp;(.37) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.37)** | &nbsp;&nbsp;**8.27** | &nbsp;&nbsp;**(4.16)** | &nbsp;&nbsp;**5097** | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;3.38<sup>f</sup> | &nbsp;&nbsp;997 |
| &nbsp;&nbsp;October 31, 2021 | &nbsp;&nbsp;**9.36** | &nbsp;&nbsp;.24 | &nbsp;&nbsp;(.37) | &nbsp;&nbsp;**(.13)** | &nbsp;&nbsp;(.23) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.23)** | &nbsp;&nbsp;**9.00** | &nbsp;&nbsp;**(1.52)** | &nbsp;&nbsp;**9014** | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;2.53 | &nbsp;&nbsp;908 |
| &nbsp;&nbsp;October 31, 2020 | &nbsp;&nbsp;**9.79** | &nbsp;&nbsp;.22 | &nbsp;&nbsp;(.36) | &nbsp;&nbsp;**(.14)** | &nbsp;&nbsp;(.19) | &nbsp;&nbsp;(.10) | &nbsp;&nbsp;**(.29)** | &nbsp;&nbsp;**9.36** | &nbsp;&nbsp;**(1.44)** | &nbsp;&nbsp;**24205** | &nbsp;&nbsp;1.53 | &nbsp;&nbsp;2.37 | &nbsp;&nbsp;844 |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;April 30, 2025**<sup>\*\*</sup>** | &nbsp;&nbsp;**$8.23** | &nbsp;&nbsp;.17 | &nbsp;&nbsp;.02 | &nbsp;&nbsp;**.19** | &nbsp;&nbsp;(.17) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.17)** | &nbsp;&nbsp;**$8.25** | &nbsp;&nbsp;**2.34<sup>\*</sup>** | &nbsp;&nbsp;**$6969** | &nbsp;&nbsp;.44**<sup>\*</sup>**<sup>e</sup> | &nbsp;&nbsp;2.02**<sup>\*</sup>**<sup>e</sup> | &nbsp;&nbsp;227**<sup>\*</sup>** |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;**7.74** | &nbsp;&nbsp;.34<sup>f</sup> | &nbsp;&nbsp;.50 | &nbsp;&nbsp;**.84** | &nbsp;&nbsp;(.35) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.35)** | &nbsp;&nbsp;**8.23** | &nbsp;&nbsp;**10.97** | &nbsp;&nbsp;**4090** | &nbsp;&nbsp;.88 | &nbsp;&nbsp;4.10<sup>f</sup> | &nbsp;&nbsp;372 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;**8.35** | &nbsp;&nbsp;.37 | &nbsp;&nbsp;(.49) | &nbsp;&nbsp;**(.12)** | &nbsp;&nbsp;(.49) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.49)** | &nbsp;&nbsp;**7.74** | &nbsp;&nbsp;**(1.66)** | &nbsp;&nbsp;**607** | &nbsp;&nbsp;.91 | &nbsp;&nbsp;4.52 | &nbsp;&nbsp;967 |
| &nbsp;&nbsp;October 31, 2022 | &nbsp;&nbsp;**9.09** | &nbsp;&nbsp;.36 | &nbsp;&nbsp;(.69) | &nbsp;&nbsp;**(.33)** | &nbsp;&nbsp;(.41) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.41)** | &nbsp;&nbsp;**8.35** | &nbsp;&nbsp;**(3.76)** | &nbsp;&nbsp;**392** | &nbsp;&nbsp;.96 | &nbsp;&nbsp;4.12 | &nbsp;&nbsp;997 |
| &nbsp;&nbsp;October 31, 2021 | &nbsp;&nbsp;**9.45** | &nbsp;&nbsp;.30 | &nbsp;&nbsp;(.38) | &nbsp;&nbsp;**(.08)** | &nbsp;&nbsp;(.28) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.28)** | &nbsp;&nbsp;**9.09** | &nbsp;&nbsp;**(.97)** | &nbsp;&nbsp;**334** | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;3.15 | &nbsp;&nbsp;908 |
| &nbsp;&nbsp;October 31, 2020 | &nbsp;&nbsp;**9.88** | &nbsp;&nbsp;.26 | &nbsp;&nbsp;(.35) | &nbsp;&nbsp;**(.09)** | &nbsp;&nbsp;(.22) | &nbsp;&nbsp;(.12) | &nbsp;&nbsp;**(.34)** | &nbsp;&nbsp;**9.45** | &nbsp;&nbsp;**(.91)** | &nbsp;&nbsp;**355** | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;2.77 | &nbsp;&nbsp;844 |
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** |
| &nbsp;&nbsp;April 30, 2025**<sup>\*\*</sup>** | &nbsp;&nbsp;**$8.19** | &nbsp;&nbsp;.18 | &nbsp;&nbsp;.03 | &nbsp;&nbsp;**.21** | &nbsp;&nbsp;(.19) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.19)** | &nbsp;&nbsp;**$8.21** | &nbsp;&nbsp;**2.64<sup>\*</sup>** | &nbsp;&nbsp;**$47320** | &nbsp;&nbsp;.19**<sup>\*</sup>**<sup>e</sup> | &nbsp;&nbsp;2.26**<sup>\*</sup>**<sup>e</sup> | &nbsp;&nbsp;227**<sup>\*</sup>** |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;**7.71** | &nbsp;&nbsp;.39<sup>f</sup> | &nbsp;&nbsp;.49 | &nbsp;&nbsp;**.88** | &nbsp;&nbsp;(.40) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.40)** | &nbsp;&nbsp;**8.19** | &nbsp;&nbsp;**11.50** | &nbsp;&nbsp;**18112** | &nbsp;&nbsp;.39 | &nbsp;&nbsp;4.72<sup>f</sup> | &nbsp;&nbsp;372 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;**8.33** | &nbsp;&nbsp;.41 | &nbsp;&nbsp;(.49) | &nbsp;&nbsp;**(.08)** | &nbsp;&nbsp;(.54) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.54)** | &nbsp;&nbsp;**7.71** | &nbsp;&nbsp;**(1.22)** | &nbsp;&nbsp;**2896** | &nbsp;&nbsp;.41 | &nbsp;&nbsp;5.01 | &nbsp;&nbsp;967 |
| &nbsp;&nbsp;October 31, 2022 | &nbsp;&nbsp;**9.07** | &nbsp;&nbsp;.40 | &nbsp;&nbsp;(.68) | &nbsp;&nbsp;**(.28)** | &nbsp;&nbsp;(.46) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.46)** | &nbsp;&nbsp;**8.33** | &nbsp;&nbsp;**(3.24)** | &nbsp;&nbsp;**1214** | &nbsp;&nbsp;.46 | &nbsp;&nbsp;4.59 | &nbsp;&nbsp;997 |
| &nbsp;&nbsp;October 31, 2021 | &nbsp;&nbsp;**9.43** | &nbsp;&nbsp;.35 | &nbsp;&nbsp;(.39) | &nbsp;&nbsp;**(.04)** | &nbsp;&nbsp;(.32) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.32)** | &nbsp;&nbsp;**9.07** | &nbsp;&nbsp;**(.47)** | &nbsp;&nbsp;**1509** | &nbsp;&nbsp;.52 | &nbsp;&nbsp;3.66 | &nbsp;&nbsp;908 |
| &nbsp;&nbsp;October 31, 2020 | &nbsp;&nbsp;**9.86** | &nbsp;&nbsp;.31 | &nbsp;&nbsp;(.35) | &nbsp;&nbsp;**(.04)** | &nbsp;&nbsp;(.25) | &nbsp;&nbsp;(.14) | &nbsp;&nbsp;**(.39)** | &nbsp;&nbsp;**9.43** | &nbsp;&nbsp;**(.42)** | &nbsp;&nbsp;**10989** | &nbsp;&nbsp;.53 | &nbsp;&nbsp;3.29 | &nbsp;&nbsp;844 |
| &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** |
| &nbsp;&nbsp;April 30, 2025**<sup>\*\*</sup>** | &nbsp;&nbsp;**$8.17** | &nbsp;&nbsp;.18 | &nbsp;&nbsp;.02 | &nbsp;&nbsp;**.20** | &nbsp;&nbsp;(.19) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.19)** | &nbsp;&nbsp;**$8.18** | &nbsp;&nbsp;**2.52<sup>\*</sup>** | &nbsp;&nbsp;**$873412** | &nbsp;&nbsp;.19**<sup>\*</sup>**<sup>e</sup> | &nbsp;&nbsp;2.26**<sup>\*</sup>**<sup>e</sup> | &nbsp;&nbsp;227**<sup>\*</sup>** |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;**7.68** | &nbsp;&nbsp;.39 | &nbsp;&nbsp;.50 | &nbsp;&nbsp;**.89** | &nbsp;&nbsp;(.40) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.40)** | &nbsp;&nbsp;**8.17** | &nbsp;&nbsp;**11.68** | &nbsp;&nbsp;**539569** | &nbsp;&nbsp;.39 | &nbsp;&nbsp;4.83 | &nbsp;&nbsp;372 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;**8.30** | &nbsp;&nbsp;.41 | &nbsp;&nbsp;(.49) | &nbsp;&nbsp;**(.08)** | &nbsp;&nbsp;(.54) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.54)** | &nbsp;&nbsp;**7.68** | &nbsp;&nbsp;**(1.22)** | &nbsp;&nbsp;**218629** | &nbsp;&nbsp;.41 | &nbsp;&nbsp;5.01 | &nbsp;&nbsp;967 |
| &nbsp;&nbsp;October 31, 2022 | &nbsp;&nbsp;**9.04** | &nbsp;&nbsp;.40 | &nbsp;&nbsp;(.68) | &nbsp;&nbsp;**(.28)** | &nbsp;&nbsp;(.46) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.46)** | &nbsp;&nbsp;**8.30** | &nbsp;&nbsp;**(3.25)** | &nbsp;&nbsp;**67037** | &nbsp;&nbsp;.46 | &nbsp;&nbsp;4.59 | &nbsp;&nbsp;997 |
| &nbsp;&nbsp;October 31, 2021 | &nbsp;&nbsp;**9.40** | &nbsp;&nbsp;.35 | &nbsp;&nbsp;(.39) | &nbsp;&nbsp;**(.04)** | &nbsp;&nbsp;(.32) | &nbsp;&nbsp;— | &nbsp;&nbsp;**(.32)** | &nbsp;&nbsp;**9.04** | &nbsp;&nbsp;**(.48)** | &nbsp;&nbsp;**101933** | &nbsp;&nbsp;.52 | &nbsp;&nbsp;3.70 | &nbsp;&nbsp;908 |
| &nbsp;&nbsp;October 31, 2020 | &nbsp;&nbsp;**9.83** | &nbsp;&nbsp;.32 | &nbsp;&nbsp;(.36) | &nbsp;&nbsp;**(.04)** | &nbsp;&nbsp;(.25) | &nbsp;&nbsp;(.14) | &nbsp;&nbsp;**(.39)** | &nbsp;&nbsp;**9.40** | &nbsp;&nbsp;**(.42)** | &nbsp;&nbsp;**143770** | &nbsp;&nbsp;.53 | &nbsp;&nbsp;3.38 | &nbsp;&nbsp;844 |

---

The accompanying notes are an integral part of these financial statements.

Core Bond Fund <br> 21

**Financial highlights** *cont.*

Before February 28, 2023, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date.

**<sup>\*</sup>** Not annualized.

---

| | |
|:---|:---|
| **<sup>\*\*</sup>** | Unaudited. |

---

**<sup>a</sup>** Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

**<sup>b</sup>** Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

**<sup>c</sup>** Includes amounts paid through expense offset and/or brokerage/service arrangements, if any (Note 2). Also excludes acquired fund fees and expenses, if any.

**<sup>d</sup>** Portfolio turnover includes TBA purchase and sale commitments.

**<sup>e</sup>** Reflects a waiver of certain fund expenses in connection with investments in Franklin Ultra Short Bond ETF during the period. As a result of such waiver, the expenses of the fund reflect a reduction of less than 0.01% as a percentage of average net assets (Notes 2 and 5).

**<sup>f</sup>** The net investment income ratio and per share amount shown for the period ending may not correspond with the expected class differences for the period due to the timing of subscriptions into the class or redemptions out of the class.

The accompanying notes are an integral part of these financial statements.

22 <br> Core Bond Fund

**Notes to financial statements** 4/30/25 (Unaudited)

Unless otherwise noted, the "reporting period" represents the period from November 1, 2024 through April 30, 2025. The following table defines commonly used references within the Notes to financial statements:

---

| | |
|:---|:---|
| **References to** | **Represent** |
| **1940 Act** | Investment Company Act of 1940, as amended |
| **Franklin Advisers** | Franklin Advisers, Inc., the fund's investment manager, a direct wholly-owned subsidiary of Franklin Templeton |
| **Franklin Distributors** | Franklin Distributors, LLC, an indirect wholly-owned subsidiary of Franklin Templeton |
| **Franklin Templeton** | Franklin Resources, Inc. |
| **Franklin Templeton Services** | Franklin Templeton Services, LLC, a wholly-owned subsidiary of Franklin Templeton |
| **FTIML** | Franklin Templeton Investment Management Limited |
| **JPMorgan** | JPMorgan Chase Bank, N.A. |
| **OTC** | Over-the-counter |
| **PSERV** | Putnam Investor Services, Inc., a wholly-owned subsidiary of Franklin Templeton |
| **Putnam Management** | Putnam Investment Management, LLC, an indirect wholly-owned subsidiary of Franklin Templeton |
| **SEC** | Securities and Exchange Commission |
| **State Street** | State Street Bank and Trust Company |

---

Putnam Core Bond Fund (the fund) is a diversified series of Putnam Funds Trust (the Trust), a Massachusetts business trust registered under the 1940 Act as an open-end management investment company. The goal of the fund is to seek high current income consistent with what the fund's investment manager believes to be prudent risk. The fund invests mainly in a diversified portfolio of fixed-income securities of governments and private companies that are investment-grade in quality with intermediate- to long-term maturities (three years or longer). Investment-grade securities are rated at least BBB or its equivalent at the time of purchase by a nationally recognized securities rating organization, or are unrated investments that the fund's investment manager believes are of comparable quality. The fund may invest up to 5% of its total assets in debt investments rated below BBB or its equivalent (also known as below-investment-grade securities) at the time of purchase by each rating agency rating such investments, or in unrated investments that the fund's investment manager believes are of comparable quality, however, the fund will not invest in securities that are rated lower than B or its equivalent by each rating agency rating the investment or are unrated securities that the fund's investment manager believes are of comparable quality. The fund will not necessarily sell an investment if its rating is reduced (or increased) after purchase. The fund's investment manager may consider, among other factors, a company's or issuer's credit, interest rate, liquidity and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. Under normal circumstances, the fund's investment manager will invest at least 80% of the fund's net assets in bonds (bonds include any debt instrument, and may be represented by other investment instruments, including derivatives). This policy may be changed only after 60 days' notice to shareholders. In addition to bonds, the fund may also invest in other fixed-income instruments. The fund may also use derivatives, such as futures, options, certain foreign currency transactions and swap contracts, for both hedging and non-hedging purposes.

The fund offers the following share classes. The expenses for each class of shares may differ based on the distribution and investor servicing fees of each class, which are identified in Note 2.

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Sales charge** | **Contingent deferred sales charge** | **Conversion feature** |
| Class A | Up to 4.00% | 1.00% on certain redemptions of shares bought with no initial sales charge |  |
| Class C |  | 1.00% eliminated after one year | Converts to class A shares after 8 years |
| Class R **<sup>†</sup>** |  |  |  |
| Class R6 **<sup>†</sup>** |  |  |  |
| Class Y **<sup>†</sup>** |  |  |  |
| **<sup>†</sup>** Not available to all investors. |  |  |  |

---

In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund's management team expects the risk of material loss to be remote.

The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent and custodian, who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's Agreement and Declaration of Trust, any claims asserted by a shareholder against or on behalf of the Trust (or its series), including claims against Trustees and Officers, must be brought in courts located within the Commonwealth of Massachusetts.

**Note 1: Significant accounting policies** 

The fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

Investment income, realized and unrealized gains and losses and expenses of the fund are borne pro-rata based on the relative net assets of each class to the total net assets of the fund, except that each class bears expenses unique to that class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. If the fund were liquidated, shares of each class would receive their pro-rata share of the net assets of the fund. In addition, the Trustees declare separate dividends on each class of shares.

**Security valuation** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees.

Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* (ASC 820). If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at the average of the last reported bid and ask prices, the "mid price", and is generally categorized as a Level 2 security.

Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.

Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by the fund's investment manager. Such services or dealers determine valuations for normal institutional-size trading units of such securities

Core Bond Fund <br> 23

using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.

Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Reliable prices are not readily available for equity securities in these circumstances, where the value of a security has been affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value. To address this, the fund will fair value these securities as determined in accordance with procedures approved by the Trustees. This includes using an independent third-party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time). These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.

To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund's investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund's investment manager, which has been designated as valuation designee pursuant to Rule 2a–5 under the 1940 Act, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.

To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. Certain securities may be valued on the basis of a price provided by a single source. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.

**Security transactions and related investment income** Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.

Interest income, net of any applicable withholding taxes, if any, is recorded on the accrual basis. Amortization and accretion of premiums and discounts on debt securities, if any, is recorded on the accrual basis.

Dividend income, net of any applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain.

Securities purchased or sold on a forward commitment or delayed delivery basis may be settled at a future date beyond customary settlement time; interest income is accrued based on the terms of the securities. Losses may arise due to changes in the fair value of the underlying securities or if the counterparty does not perform under the contract.

**Stripped securities** The fund may invest in stripped securities which represent a participation in securities that may be structured in classes with rights to receive different portions of the interest and principal. Interest-only securities receive all of the interest and principal-only securities receive all of the principal. If the interest-only securities experience greater than anticipated prepayments of principal, the fund may fail to recoup fully its initial investment in these securities. Conversely, principal-only securities increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The fair value of these securities is highly sensitive to changes in interest rates.

**Foreign currency translation** The accounting records of the fund are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.

**TBA commitments** The fund may enter into TBA (to be announced) commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price and par amount have been established, the actual securities have not been specified. However, it is anticipated that the amount of the commitments will not significantly differ from the principal amount. The fund holds, and maintains until settlement date, cash or high-grade debt obligations in an amount sufficient to meet the purchase price, or the fund may enter into offsetting contracts for the forward sale of other securities it owns. Income on the securities will not be earned until settlement date.

The fund may also enter into TBA sale commitments to hedge its portfolio positions, to sell mortgage-backed securities it owns under delayed delivery arrangements or to take a short position in mortgage-backed securities. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, either equivalent deliverable securities or an offsetting TBA purchase commitment deliverable on or before the sale commitment date are held as "cover" for the transaction, or other liquid assets in an amount equal to the notional value of the TBA sale commitment are segregated. If the TBA sale commitment is closed through the acquisition of an offsetting TBA purchase commitment, the fund realizes a gain or loss. If the fund delivers securities under the commitment, the fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

TBA commitments, which are accounted for as purchase and sale transactions, may be considered securities themselves, and involve a risk of loss due to changes in the value of the security prior to the settlement date as well as the risk that the counterparty to the transaction will not perform its obligations. Counterparty risk is mitigated by having a master agreement between the fund and the counterparty.

Unsettled TBA commitments are valued at their fair value according to the procedures described under "Security valuation" above. The contract is marked to market daily and the change in fair value is recorded by the fund as an unrealized gain or loss. Based on market circumstances, Franklin Advisers will determine whether to take delivery of the underlying securities or to dispose of the TBA commitments prior to settlement.

TBA purchase commitments outstanding at period end, if any, are listed within the fund's portfolio and TBA sale commitments outstanding at period end, if any, are listed after the fund's portfolio.

**Master agreements** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral pledged to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio.

Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty.

24 <br> Core Bond Fund

With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity.

At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements **.** 

**Interfund lending** The fund, along with other Putnam funds, may participate in an interfund lending program pursuant to an exemptive order issued by the SEC. This program allows the fund to borrow from or lend to other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund's investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates. During the reporting period, the fund did not utilize the program.

**Lines of credit** Effective January 31, 2025, the fund, together with other U.S. registered and foreign investment funds (collectively, Borrowers) managed by an affiliate of Franklin Templeton, are borrowers in a joint syndicated senior unsecured credit facility totaling $2.995 billion (Global Credit Facility) which matures on January 30, 2026. This Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests.

Under the terms of the Global Credit Facility, the fund shall, in addition to interest charged on any borrowings made by the fund and other costs incurred by the fund, pay their share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon their relative share of the aggregate net assets of all of the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in Other expenses in the Statements of operations. During the reporting period, the fund did not use the Global Credit Facility.

Prior to January 31, 2025, the fund participated, along with other Putnam funds, in a $320 million syndicated unsecured committed line of credit, provided by State Street ($160 million) and JPMorgan ($160 million), and a $235.5 million unsecured uncommitted line of credit, provided by State Street. Borrowings may have been made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest was charged to the fund based on the fund's borrowings. A closing fee equal to 0.04% of the committed line of credit and 0.04% of the uncommitted line of credit was paid by the participating funds and a $75,000 fee was paid by the participating funds to State Street as agent of the syndicated committed line of credit. In addition, a commitment fee of 0.21% per annum on any unutilized portion of the committed line of credit was allocated to the participating funds based on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.

**Federal taxes** It is the policy of the fund to distribute all of its taxable income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.

The fund is subject to the provisions of Accounting Standards Codification 740 *Income Taxes* (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

The fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset and other income on the fund's books. In many cases, however, the fund may not receive such amounts for an extended period of time, depending on the country of investment.

Under the Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred for an unlimited period and the carry forwards will retain their character as either short-term or long-term capital losses. At October 31, 2024, the fund had the following capital loss carryovers available, to the extent allowed by the Code, to offset future net capital gain, if any:

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| | | |
|:---|:---|:---|
| **Loss carryover** | **Loss carryover** | **Loss carryover** |
| **Short-term** | **Long-term** | **Total** |
| $90572487 | $97364526 | $187937013 |

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Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The aggregate identified cost on a tax basis is $1,342,377,092, resulting in gross unrealized appreciation and depreciation of $12,580,882 and $11,767,584, respectively, or net unrealized appreciation of $813,298.

**Distributions to shareholders** Distributions to shareholders from net investment income, if any, are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund's fiscal year. Reclassifications are made to the fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations.

**Expenses of the Trust** Expenses directly charged or attributable to any fund will be paid from the assets of that fund. Generally, expenses of the Trust will be allocated among and charged to the assets of each fund on a basis that the Trustees deem fair and equitable, which may be based on the relative assets of each fund or the nature of the services performed and relative applicability to each fund.

**Note 2: Management fee, administrative services and other transactions** 

The fund pays Franklin Advisers a monthly base fee equal to 0.39% of the monthly average of the fund's net asset value. In return for this fee, Franklin Advisers provides investment management and investor servicing and bears the fund's organizational and operating expenses, excluding performance fee adjustments, payments under the fund's distribution plan, brokerage, interest, taxes, investment related expenses, extraordinary expenses and acquired fund fees and expenses.

For the reporting period, the management fee represented an effective rate (excluding the impact from any expense waivers in effect) of 0.193% of the fund's average net assets.

The fund invests in Franklin Ultra Short Bond ETF, an open-end management investment company managed by Franklin Advisers. Management fees paid by the fund are reduced by an amount equal to the management fees paid by Franklin Ultra Short Bond ETF with respect to assets invested by the fund in Franklin Ultra Short Bond ETF. During the reporting period, management fees paid were reduced by $7,560 relating to the fund's investment in Franklin Ultra Short Bond ETF.

Franklin Advisers has retained Putnam Management as a sub-advisor for the fund pursuant to a sub-advisory agreement. Pursuant to the agreement, Putnam Management provides certain advisory and related services to the fund. Franklin Advisers pays a monthly fee to Putnam Management based on the costs of Putnam Management in providing these services to the fund, which may include a mark-up not to exceed 15% over such costs.

FTIML is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Franklin Advisers from time to time. FTIML did not manage any portion of the assets of the fund during the reporting period. If Franklin Advisers were to engage the services of FTIML, Franklin Advisers (and not the fund) would pay a monthly sub-management fee to FTIML for its services at an annual rate of 0.20% of the average net assets of the portion of the fund managed by FTIML.

Franklin Templeton Services provides certain administrative services to the fund. The fee for those services is paid by the fund's investment manager based on the fund's average daily net assets and is not an additional expense of the fund.

Core Bond Fund <br> 25

The aggregate amount of all reimbursements for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund is determined annually by the Trustees. These fees are being paid by Franklin Advisers as part of the management contract.

PSERV, an affiliate of Franklin Advisers, provides investor servicing agent functions to the fund. PSERV received fees for investor servicing for class A, class C, class R and class Y shares that included (1) a per account fee for each direct and underlying non-defined contribution account (retail account) of the fund; (2) a specified rate of the fund's assets attributable to defined contribution plan accounts; and (3) a specified rate based on the average net assets in retail accounts. PSERV has agreed that the aggregate investor servicing fees for each fund's retail and defined contribution accounts for these share classes will not exceed an annual rate of 0.25% of the fund's average assets attributable to such accounts. Class R6 shares paid a monthly fee based on the average net assets of class R6 shares at an annual rate of 0.05%. These fees are being paid by Franklin Advisers as part of the management contract.

The fund has entered into expense offset arrangements with PSERV and State Street whereby PSERV's and State Street's fees are reduced by credits allowed on cash balances. For the reporting period, the fund's expenses were reduced by $5,172 under the expense offset arrangements.

Each Independent Trustee of the fund receives an annual Trustee fee, of which $732, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees. These fees are being paid by Franklin Advisers as part of the management contract.

The fund has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable from July 1, 1995 through December 31, 2023. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.

The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee's average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee's lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003. These fees are being paid by Franklin Advisers as part of the management contract.

The fund has adopted distribution plans (the Plans) with respect to the following share classes pursuant to Rule 12b–1 under the 1940 Act. The purpose of the Plans is to compensate Franklin Distributors for services provided and expenses incurred in distributing shares of the fund. The Plans provide payments by the fund to Franklin Distributors at an annual rate of up to the following amounts (Maximum %) of the average net assets attributable to each class. The Trustees have approved payment by the fund at the following annual rate (Approved %) of the average net assets attributable to each class. During the reporting period, the class-specific expenses related to distribution fees were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Maximum %** | **Approved %** | **Amount** |
| Class A | 0.35% | 0.25% | $207475 |
| Class C | 1.00% | 1.00% | $42106 |
| Class R | 1.00% | 0.50% | $12854 |
| **Total** |  |  | **$262435** |

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For the reporting period, Franklin Distributors, acting as underwriter, received net commissions of $10,528 from the sale of class A shares and received $1,627 in contingent deferred sales charges from redemptions of class C shares.

A deferred sales charge of up to 1.00% is assessed on certain redemptions of class A shares. For the reporting period, Franklin Distributors, acting as underwriter, received $2,532 on class A redemptions.

**Note 3: Purchases and sales of securities** 

During the reporting period, the cost of purchases and the proceeds from sales, excluding short-term investments, were as follows:

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| | | |
|:---|:---|:---|
| | **Cost of purchases** | **Proceeds from sales** |
| Investments in securities, including TBA commitments (Long-term) | $2521289790 | $2169495962 |
| U.S. government securities (Long-term) | 523844721 | 404965539 |
| **Total** | **$3045134511** | **$2574461501** |

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The fund may purchase or sell investments from or to other Putnam funds in the ordinary course of business, which can reduce the fund's transaction costs, at prices determined in accordance with SEC requirements and policies approved by the Trustees. During the reporting period, purchases or sales of long-term securities from or to other Putnam funds, if any, did not represent more than 5% of the fund's total cost of purchases and/or total proceeds from sales.

**Note 4: Capital shares** 

At the close of the reporting period, there were an unlimited number of shares of beneficial interest authorized. Transactions, including, if applicable, direct exchanges pursuant to share conversions, in capital shares were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** |
| <br>&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;5862735 | &nbsp;&nbsp;$47688446 | &nbsp;&nbsp;12146706 | &nbsp;&nbsp;$99551592 |
| &nbsp;&nbsp;Shares issued in connection with reinvestment of distributions | &nbsp;&nbsp;447024 | &nbsp;&nbsp;3614664 | &nbsp;&nbsp;722056 | &nbsp;&nbsp;5877274 |
|  | &nbsp;&nbsp;6309759 | &nbsp;&nbsp;51303110 | &nbsp;&nbsp;12868762 | &nbsp;&nbsp;105428866 |
| &nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;(4788656) | &nbsp;&nbsp;(38904677) | &nbsp;&nbsp;(8508145) | &nbsp;&nbsp;(69200234) |
| &nbsp;&nbsp;**Net increase** | &nbsp;&nbsp;**1521103** | &nbsp;&nbsp;**$12398433** | &nbsp;&nbsp;**4360617** | &nbsp;&nbsp;**$36228632** |

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24 <sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24 <sup>\*</sup>** |
| <br>&nbsp;&nbsp;**Class B** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;Shares issued in connection with reinvestment of distributions | &nbsp;&nbsp;526 | &nbsp;&nbsp;4244 |
|  | &nbsp;&nbsp;526 | &nbsp;&nbsp;4244 |
| &nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;(20912) | &nbsp;&nbsp;(170601) |
| &nbsp;&nbsp;**Net decrease** | &nbsp;&nbsp;**(20386)** | &nbsp;&nbsp;**$(166357)** |

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26 <br> Core Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** |
| <br>&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;302077 | &nbsp;&nbsp;$2454036 | &nbsp;&nbsp;620351 | &nbsp;&nbsp;$5058344 |
| &nbsp;&nbsp;Shares issued in connection with reinvestment of distributions | &nbsp;&nbsp;19392 | &nbsp;&nbsp;156250 | &nbsp;&nbsp;29232 | &nbsp;&nbsp;237234 |
|  | &nbsp;&nbsp;321469 | &nbsp;&nbsp;2610286 | &nbsp;&nbsp;649583 | &nbsp;&nbsp;5295578 |
| &nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;(240374) | &nbsp;&nbsp;(1941375) | &nbsp;&nbsp;(239581) | &nbsp;&nbsp;(1944233) |
| &nbsp;&nbsp;**Net increase** | &nbsp;&nbsp;**81095** | &nbsp;&nbsp;**$668911** | &nbsp;&nbsp;**410002** | &nbsp;&nbsp;**$3351345** |

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** |
| <br>&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;585405 | &nbsp;&nbsp;$4777947 | &nbsp;&nbsp;753843 | &nbsp;&nbsp;$6333373 |
| &nbsp;&nbsp;Shares issued in connection with reinvestment of distributions | &nbsp;&nbsp;13280 | &nbsp;&nbsp;108221 | &nbsp;&nbsp;10303 | &nbsp;&nbsp;85736 |
|  | &nbsp;&nbsp;598685 | &nbsp;&nbsp;4886168 | &nbsp;&nbsp;764146 | &nbsp;&nbsp;6419109 |
| &nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;(250958) | &nbsp;&nbsp;(2065493) | &nbsp;&nbsp;(345634) | &nbsp;&nbsp;(2875067) |
| &nbsp;&nbsp;**Net increase** | &nbsp;&nbsp;**347727** | &nbsp;&nbsp;**$2820675** | &nbsp;&nbsp;**418512** | &nbsp;&nbsp;**$3544042** |

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** |
| <br>&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;4391497 | &nbsp;&nbsp;$35759400 | &nbsp;&nbsp;2194233 | &nbsp;&nbsp;$18188916 |
| &nbsp;&nbsp;Shares issued in connection with reinvestment of distributions | &nbsp;&nbsp;117056 | &nbsp;&nbsp;949084 | &nbsp;&nbsp;26924 | &nbsp;&nbsp;221261 |
|  | &nbsp;&nbsp;4508553 | &nbsp;&nbsp;36708484 | &nbsp;&nbsp;2221157 | &nbsp;&nbsp;18410177 |
| &nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;(954828) | &nbsp;&nbsp;(7789579) | &nbsp;&nbsp;(385979) | &nbsp;&nbsp;(3149917) |
| &nbsp;&nbsp;**Net increase** | &nbsp;&nbsp;**3553725** | &nbsp;&nbsp;**$28918905** | &nbsp;&nbsp;**1835178** | &nbsp;&nbsp;**$15260260** |

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** |
| <br>&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;62387454 | &nbsp;&nbsp;$506782699 | &nbsp;&nbsp;49715419 | &nbsp;&nbsp;$408701238 |
| &nbsp;&nbsp;Shares issued in connection with reinvestment of distributions | &nbsp;&nbsp;2442520 | &nbsp;&nbsp;19737956 | &nbsp;&nbsp;1963462 | &nbsp;&nbsp;16015743 |
|  | &nbsp;&nbsp;64829974 | &nbsp;&nbsp;526520655 | &nbsp;&nbsp;51678881 | &nbsp;&nbsp;424716981 |
| &nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;(24137841) | &nbsp;&nbsp;(195524450) | &nbsp;&nbsp;(14068659) | &nbsp;&nbsp;(114320748) |
| &nbsp;&nbsp;**Net increase** | &nbsp;&nbsp;**40692133** | &nbsp;&nbsp;**$330996205** | &nbsp;&nbsp;**37610222** | &nbsp;&nbsp;**$310396233** |

---

<sup>\*</sup> Effective September 5, 2024, the fund terminated its class B shares.

At the close of the reporting period, a shareholder of record owned 5.4% of the outstanding shares of the fund.

**Note 5: Affiliated transactions** 

Transactions during the reporting period with any company which is under common ownership or control, or involving securities of companies in which the fund owned at least 5% of the outstanding voting securities, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of affiliate** | **Fair value as of 10/31/24** | **Purchase cost** | **Sale proceeds** | **Investment income** | **Capital gain distributions** | **Realized gain (loss)** | **Change in unrealized appreciation (depreciation)** | **Shares outstanding at period end** | **Fair value as of 4/30/25** |
| **Short-term investments** | | | | | | | | | |
| Putnam Short Term Investment Fund Class P **<sup>‡</sup>** | $63715306 | $477663021 | $509378678 | $1182613 | $— | $— | $— | 31999649 | $31999649 |
| **Total Short-term investments** | **63715306** | **477663021** | **509378678** | **1182613** | **—** | **—** | **—** | **31999649** | **31999649** |
| **Investment companies** |  |  |  |  |  |  |  |  |  |
| Franklin Ultra Short Bond ETF **<sup>#</sup>** |  | 16510902 |  | 171709 |  |  | 73641 | 663780 | 16584543 |
| **Total Investment companies** | **—** | **16510902** | **—** | **171709** | **—** | **—** | **73641** | **663780** | **16584543** |
| **Totals** | **$63715306** | **$494173923** | **$509378678** | **$1354322** | **$—** | **$—** | **$73641** | **32663429** | **$48584192** |
| **<sup>‡</sup>** Management fees charged to Putnam Short Term Investment Fund have been waived by Franklin Advisers. There were no realized or unrealized gains or losses during the period. | **<sup>‡</sup>** Management fees charged to Putnam Short Term Investment Fund have been waived by Franklin Advisers. There were no realized or unrealized gains or losses during the period. | **<sup>‡</sup>** Management fees charged to Putnam Short Term Investment Fund have been waived by Franklin Advisers. There were no realized or unrealized gains or losses during the period. | **<sup>‡</sup>** Management fees charged to Putnam Short Term Investment Fund have been waived by Franklin Advisers. There were no realized or unrealized gains or losses during the period. | **<sup>‡</sup>** Management fees charged to Putnam Short Term Investment Fund have been waived by Franklin Advisers. There were no realized or unrealized gains or losses during the period. | **<sup>‡</sup>** Management fees charged to Putnam Short Term Investment Fund have been waived by Franklin Advisers. There were no realized or unrealized gains or losses during the period. | **<sup>‡</sup>** Management fees charged to Putnam Short Term Investment Fund have been waived by Franklin Advisers. There were no realized or unrealized gains or losses during the period. | **<sup>‡</sup>** Management fees charged to Putnam Short Term Investment Fund have been waived by Franklin Advisers. There were no realized or unrealized gains or losses during the period. | **<sup>‡</sup>** Management fees charged to Putnam Short Term Investment Fund have been waived by Franklin Advisers. There were no realized or unrealized gains or losses during the period. | **<sup>‡</sup>** Management fees charged to Putnam Short Term Investment Fund have been waived by Franklin Advisers. There were no realized or unrealized gains or losses during the period. |
| **<sup>#</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Franklin Ultra Short Bond ETF with respect to assets invested by the fund in Franklin Ultra Short Bond ETF (Note 2). | **<sup>#</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Franklin Ultra Short Bond ETF with respect to assets invested by the fund in Franklin Ultra Short Bond ETF (Note 2). | **<sup>#</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Franklin Ultra Short Bond ETF with respect to assets invested by the fund in Franklin Ultra Short Bond ETF (Note 2). | **<sup>#</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Franklin Ultra Short Bond ETF with respect to assets invested by the fund in Franklin Ultra Short Bond ETF (Note 2). | **<sup>#</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Franklin Ultra Short Bond ETF with respect to assets invested by the fund in Franklin Ultra Short Bond ETF (Note 2). | **<sup>#</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Franklin Ultra Short Bond ETF with respect to assets invested by the fund in Franklin Ultra Short Bond ETF (Note 2). | **<sup>#</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Franklin Ultra Short Bond ETF with respect to assets invested by the fund in Franklin Ultra Short Bond ETF (Note 2). | **<sup>#</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Franklin Ultra Short Bond ETF with respect to assets invested by the fund in Franklin Ultra Short Bond ETF (Note 2). | **<sup>#</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Franklin Ultra Short Bond ETF with respect to assets invested by the fund in Franklin Ultra Short Bond ETF (Note 2). | **<sup>#</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Franklin Ultra Short Bond ETF with respect to assets invested by the fund in Franklin Ultra Short Bond ETF (Note 2). |

---

Core Bond Fund <br> 27

**Note 6: Market, credit and other risks** 

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations. The fund may invest in higher-yielding, lower-rated bonds that may have a higher rate of default. The fund may invest a significant portion of its assets in securitized debt instruments, including mortgage-backed and asset-backed investments. The yields and values of these investments are sensitive to changes in interest rates, the rate of principal payments on the underlying assets and the market's perception of the issuers. The market for these investments may be volatile and limited, which may make them difficult to buy or sell.

**Note 7: Offsetting of financial and derivative assets and liabilities** 

The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions or borrowing transactions associated with securities sold short, if any, see Note 1. For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to the master netting agreements in the Statement of assets and liabilities.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BofA Securities, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Citigroup Global Markets, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Goldman Sachs International** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**JPMorgan Securities LLC** |
| &nbsp;&nbsp;**Assets:** |  |  |  |  |
| &nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** |
| &nbsp;&nbsp;**Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** |
| &nbsp;&nbsp;**Total Financial and Derivative Net Assets** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** |
| &nbsp;&nbsp;Total collateral received (pledged) **<sup>†##</sup>** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;Net amount | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;*Controlled collateral received (including TBA commitments)<sup>\*\*</sup>* | &nbsp;&nbsp;$— | &nbsp;&nbsp;$718000 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;*Uncontrolled collateral received* | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;*Collateral (pledged) (including TBA commitments)<sup>\*\*</sup>* | &nbsp;&nbsp;$(143204) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(317538) | &nbsp;&nbsp;$(287964) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mizuho Capital Markets LLC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Morgan Stanley & Co. LLC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wells Fargo Bank, N.A.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Assets:** |  |  |  |  |
| &nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** |
| &nbsp;&nbsp;**Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** |
| &nbsp;&nbsp;**Total Financial and Derivative Net Assets** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** |
| &nbsp;&nbsp;Total collateral received (pledged) **<sup>†##</sup>** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |  |
| &nbsp;&nbsp;Net amount | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |  |
| &nbsp;&nbsp;*Controlled collateral received (including TBA commitments)<sup>\*\*</sup>* | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$153475 | &nbsp;&nbsp;$871475 |
| &nbsp;&nbsp;*Uncontrolled collateral received* | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;*Collateral (pledged) (including TBA commitments)<sup>\*\*</sup>* | &nbsp;&nbsp;$(101955) | &nbsp;&nbsp;$(627294) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1477955) |

---

---

| | |
|:---|:---|
| **<sup>\*\*</sup>** | Included with Investments in securities on the Statement of assets and liabilities. |
| **<sup>†</sup>** | Additional collateral may be required from certain brokers based on individual agreements. |
| **<sup>##</sup>** | Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements. |

---

**Note 8: Operating segments** 

The fund has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023–07, *Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures.* The update is limited to disclosure requirements and does not impact the fund's financial position or results of operations.

The fund operates as a single operating segment, which is an investment portfolio. The fund's investment manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of assets and liabilities and the Statement of operations, along with the related notes to the financial statements. The fund's portfolio provides details of the fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial highlights.

28 <br> Core Bond Fund

**Changes in and disagreements with accountants** 

Not applicable

**Results of any shareholder votes** 

Not applicable

**Remuneration paid to directors, officers, and others** 

Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the fund.

**Board approval of management and subadvisory agreements** 

Not applicable

Core Bond Fund <br> 29

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![backcoverartbackcoverlogo.jpg](image_003.jpg) |  |
|© 2025 Franklin Templeton. All rights reserved. | 39114-SFSOI&nbsp;&nbsp;&nbsp;&nbsp;6/25 |

---

<br> <u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>

<br> Included in Item 7 above.

<br> <u>Item 9. Proxy Disclosure for Open-End Management Investment Companies.</u>

<br> Included in Item 7 above.

<br> <u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>

<br> Included in Item 7 above.

<br> <u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>

<br> Included in Item 7 above.

<br> <u>Item 12. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:</u>

<br> Not applicable

<br> <u>Item 13. Portfolio Managers of Closed-End Investment Companies</u>

<br> Not Applicable

<br> <u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:</u>

<br> Not applicable

<u>Item 15. Submission of Matters to a Vote of Security Holders:</u> <br>

<br> Not applicable

<br> <u>Item 16. Controls and Procedures:</u>

(a) The registrant's [principal/chief executive officer] and [principal/chief financial officer] have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934. . <br>

(b)There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's internal control over financial reporting. <br>

<br> <u>Item 17. Disclosures of Securities Lending Activities for Closed-End Investment Companies:</u>

<br> Not Applicable

<br> <u>Item 18. Recovery of Erroneously Awarded Compensation.</u>

<br> Not Applicable

<br> <u>Item 19. Exhibits:</u>

<br> (a)(1) Not applicable

<br> (a)(2) Not applicable

<br> [(a)(3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are filed herewith.](b_ec3certifications.htm)

<br> [(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.](c_ec3nocertifications.htm)

<br> <u>SIGNATURES</u>

<br> 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.

<br> <u>Putnam Funds Trust</u>

<br> By (Signature and Title):

<u>/s/ Jeffrey White</u> <br>

<br> Jeffrey WhitePrincipal Accounting Officer

<br> Date: June 27, 2025

<br> 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.

<br> By (Signature and Title):

<u>/s/ Jonathan S. Horwitz</u> <br>

<br> Jonathan S. HorwitzPrincipal Executive Officer

<br> Date: June 27, 2025

<br> By (Signature and Title):

<u>/s/ Jeffrey White</u> <br>

<br> Jeffrey WhitePrincipal Financial Officer

<br> Date: June 27, 2025

------

## Ex-99.Cert

<br> <u>Certifications</u>

<br> I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:

<br> 1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements 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 each report; <br>

3. Based on my knowledge, the financial statements, and other financial information included in each 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 each report; <br>

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: <br>

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 each report is being prepared; <br>

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; <br>

<br> 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 each report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the registrant's report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and <br>

<br> 5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):

<br> 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 each registrant's ability to record, process, summarize, and report financial information; and

<br> b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.

<br> Date: June 26, 2025

/s/ Jonathan S. Horwitz <br>

<br> _______________________

<br> Jonathan S. Horwitz<br>Principal Executive Officer

<br> <u>Certifications</u>

<br> I, Jeffrey White, the Principal Financial Officer of the funds listed on Attachment A, certify that:

<br> 1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements 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 each report; <br>

3. Based on my knowledge, the financial statements, and other financial information included in each 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 each report; <br>

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: <br>

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 each report is being prepared; <br>

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; <br>

<br> 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 each report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the registrant's report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and <br>

<br> 5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):

<br> 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 each registrant's ability to record, process, summarize, and report financial information; and

<br> b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.

<br> Date: June 26, 2025

/s/ Jeffrey White <br>

<br> _______________________

<br> Jeffrey White<br>Principal Financial Officer

<br> Attachment A

<br> Period (s) ended April 30, 2025

<br> Putnam BDC Income ETF

<br> Putnam BioRevolution ETF

<br> Putnam Core Bond Fund

<br> Putnam Emerging Markets ex-China ETF

<br> Putnam ESG Core Bond ETF

<br> Putnam ESG High Yield ETF

<br> Putnam ESG Ultra Short ETF

<br> Putnam Large Cap Value Fund

<br> Putnam PanAgora ESG Emerging Markets Equity ETF

<br> Putnam PanAgora ESG International Equity ETF

## Exhibit 99.906

<br> <u>Section 906 Certifications</u>

<br> I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge:

<br> 1. The form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

<br> 2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2025, fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

<br> Date: June 26, 2025

/s/ Jonathan S. Horwitz <br>

<br> ______________________

<br> Jonathan S. Horwitz<br>Principal Executive Officer

<br> <u>Section 906 Certifications</u>

<br> I, Jeffrey White, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge:

<br> 1. The form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

<br> 2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2025, fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

<br> Date: June 26, 2025

/s/ Jeffrey White <br>

<br> ______________________

<br> Jeffrey White<br>Principal Financial Officer

<br> Attachment A

<br> Period (s) ended April 30, 2025

<br> Putnam BDC Income ETF

<br> Putnam BioRevolution ETF

<br> Putnam Core Bond Fund

<br> Putnam Emerging Markets ex-China ETF

<br> Putnam ESG Core Bond ETF

<br> Putnam ESG High Yield ETF

<br> Putnam ESG Ultra Short ETF

<br> Putnam Large Cap Value Fund

<br> Putnam PanAgora ESG Emerging Markets Equity ETF

<br> Putnam PanAgora ESG International Equity ETF