# EDGAR Filing Document

**Accession Number:** 0001028621
**File Stem:** 0001193125-25-135273
**Filing Date:** 2025-6
**Character Count:** 2212587
**Document Hash:** e5c3157bd6cd7dbe55e3c0960064d404
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-135273.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001193125-25-135273

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW Metropolitan West Funds
- **CENTRAL INDEX KEY:** 0001028621

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07989
- **FILM NUMBER:** 251024971

**BUSINESS ADDRESS:**
- **STREET 1:** METROPOLITAN WEST ASSET MANAGEMENT
- **STREET 2:** 865 S. FIGUEROA STREET, SUITE 1800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017
- **BUSINESS PHONE:** 213-244-0000

**MAIL ADDRESS:**
- **STREET 1:** METROPOLITAN WEST ASSET MANAGEMENT
- **STREET 2:** 865 S. FIGUEROA STREET, SUITE 1800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** METROPOLITAN WEST FUNDS
- **DATE OF NAME CHANGE:** 19961209

## Series and Classes Contracts Data

### TCW METWEST LOW DURATION BOND FUND (Series ID: S000001146)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000003063 | CLASS I              | MWLIX           |
| C000003064 | CLASS M              | MWLDX           |
| C000058169 | Administrative Class | MWLNX           |

### TCW METWEST TOTAL RETURN BOND FUND (Series ID: S000001147)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000003065 | CLASS I              | MWTIX           |
| C000003066 | CLASS M              | MWTRX           |
| C000058170 | Administrative Class | MWTNX           |
| C000102908 | Plan Class           | MWTSX           |
| C000218401 | Class I-2            | MWTTX           |

### TCW METWEST HIGH YIELD BOND FUND (Series ID: S000001149)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003068 | CLASS I      | MWHIX           |
| C000003069 | CLASS M      | MWHYX           |

### TCW METWEST INTERMEDIATE BOND FUND (Series ID: S000001150)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003070 | CLASS I      | MWIIX           |
| C000003071 | CLASS M      | MWIMX           |

### TCW METWEST ULTRA SHORT BOND FUND (Series ID: S000001151)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003072 | CLASS I      | MWUIX           |
| C000003073 | CLASS M      | MWUSX           |

### TCW METWEST STRATEGIC INCOME FUND (Series ID: S000001152)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003074 | CLASS I      | MWSIX           |
| C000003075 | CLASS M      | MWSTX           |

### TCW METWEST UNCONSTRAINED BOND FUND (Series ID: S000034126)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105185 | Class M      | MWCRX           |
| C000105186 | Class I      | MWCIX           |
| C000218402 | Plan Class   | MWCPX           |

### TCW METWEST Investment Grade Credit Fund (Series ID: S000062249)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000201585 | Class I      | MWIGX           |
| C000201586 | Class M      | MWISX           |

### TCW METWEST Sustainable Securitized Fund (Series ID: S000072616)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000228996 | Class M      | MWERX           |
| C000228997 | Class I      | MWESX           |

?xml version='1.0' encoding='ASCII'? N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number <u>811-07989</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>TCW Metropolitan West Funds</u> 

(Exact name of registrant as specified in charter)

515 South Flower Street

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Los Angeles, CA 90071</u> 

(Address of principal executive offices) (Zip code)

Peter Davidson, Esq.

Vice President and Secretary

515 South Flower Street

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Los Angeles, CA 90071</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(213) 244-0000</u>

Date of fiscal year end: <u>March</u> <u>31</u>

Date of reporting period: <u>March</u> <u>31, 2025</u>

------

#### Item 1. Reports to Stockholders.
(a) The Reports to Shareholders of each Fund are attached herewith.

# TCW MetWest High Yield Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class I: MWHIX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest High Yield Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class I | $62 | 0.60% |

---

## How did the Fund perform last year and what affected its performance?
Underperformance relative to the Bloomberg U.S. Corporate High Yield Index was driven largely by the Fund's defensive posture, characterized by a higher quality bias and broad underweight to high yield corporates. Given the risk-on sentiment that persisted for most of the year, CCC-rated issues led Index performance with over 650 bps of excess returns, resulting in a performance drag for the Fund given the underweight to the cohort. From a sector allocation standpoint, the overweight to financials was additive as they outperformed both industrials and utilities, while select overweights to defensive industrials like communications and non-cyclicals also contributed. However, issue selection detracted somewhat given the focus on higher quality holdings that underperformed those in the Index, while the small off-Index allocation to bank loans further weighed on returns as they lagged high yield corporates for the period.

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096i0a10cf7da77e921f04f0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Bond Index** | **Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap** |
| **3/2015** | $10000 | $10000 | $10000 |
| **3/2016** | $9772 | $10175 | $9634 |
| **3/2017** | $10713 | $10371 | $11213 |
| **3/2018** | $11063 | $10528 | $11637 |
| **3/2019** | $11696 | $11005 | $12327 |
| **3/2020** | $11718 | $11792 | $11472 |
| **3/2021** | $13892 | $12140 | $14185 |
| **3/2022** | $13733 | $11627 | $14091 |
| **3/2023** | $13187 | $11091 | $13618 |
| **3/2024** | $14378 | $11387 | $15137 |
| **3/2025** | $15287 | $11984 | $16301 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Class I | 6.32% | 5.46% | 4.34% |
| Bloomberg U.S. Universal Bond Index | 5.24% | 0.32% | 1.83% |
| Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap | 7.69% | 7.28% | 5.01% |

---

## Key Fund Statistics
* Total Net Assets$418,113,330

* # of Portfolio Holdings325

* Portfolio Turnover Rate76%

* Total Advisory Fees Paid – Net$2,030,106

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Tenet Healthcare Corp. | 2.89% |
| Centene Corp. | 2.86% |
| Post Holdings, Inc. | 1.97% |
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.81% |
| TransDigm, Inc. | 1.78% |
| CSC Holdings LLC | 1.70% |
| Frontier Communications Holdings LLC | 1.46% |
| Venture Global LNG, Inc. | 1.36% |
| Ferrellgas LP/Ferrellgas Finance Corp. | 1.32% |
| Ball Corp. | 1.20% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporates | 78.96% |
| Bank Loans | 14.21% |
| Short-Term Investments | 2.95% |
| Municipal Bonds | 0.27% |
| U.S. Treasury Securities | 0.23% |
| Common Stock | 0.11% |
| Liabilities in Excess of Other Assets | 3.27% |

---

## Material Fund Changes
The Metropolitan West High Yield Bond Fund was renamed to the TCW MetWest High Yield Bond Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest High Yield Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Class I: MWHIX
TSR MWHIX-0325

# TCW MetWest High Yield Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class M: MWHYX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest High Yield Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class M | $88 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
Underperformance relative to the Bloomberg U.S. Corporate High Yield Index was driven largely by the Fund's defensive posture, characterized by a higher quality bias and broad underweight to high yield corporates. Given the risk-on sentiment that persisted for most of the year, CCC-rated issues led Index performance with over 650 bps of excess returns, resulting in a performance drag for the Fund given the underweight to the cohort. From a sector allocation standpoint, the overweight to financials was additive as they outperformed both industrials and utilities, while select overweights to defensive industrials like communications and non-cyclicals also contributed. However, issue selection detracted somewhat given the focus on higher quality holdings that underperformed those in the Index, while the small off-Index allocation to bank loans further weighed on returns as they lagged high yield corporates for the period.

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096i32dd9f0a716832da082a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Universal Bond Index** | **Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap** |
| **3/2015** | $10000 | $10000 | $10000 |
| **3/2016** | $9748 | $10175 | $9634 |
| **3/2017** | $10659 | $10371 | $11213 |
| **3/2018** | $10980 | $10528 | $11637 |
| **3/2019** | $11592 | $11005 | $12327 |
| **3/2020** | $11585 | $11792 | $11472 |
| **3/2021** | $13686 | $12140 | $14185 |
| **3/2022** | $13509 | $11627 | $14091 |
| **3/2023** | $12927 | $11091 | $13618 |
| **3/2024** | $14059 | $11387 | $15137 |
| **3/2025** | $14911 | $11984 | $16301 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Class M | 6.06% | 5.18% | 4.08% |
| Bloomberg U.S. Universal Bond Index | 5.24% | 0.32% | 1.83% |
| Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap | 7.69% | 7.28% | 5.01% |

---

## Key Fund Statistics
* Total Net Assets$418,113,330

* # of Portfolio Holdings325

* Portfolio Turnover Rate76%

* Total Advisory Fees Paid – Net$2,030,106

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Tenet Healthcare Corp. | 2.89% |
| Centene Corp. | 2.86% |
| Post Holdings, Inc. | 1.97% |
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.81% |
| TransDigm, Inc. | 1.78% |
| CSC Holdings LLC | 1.70% |
| Frontier Communications Holdings LLC | 1.46% |
| Venture Global LNG, Inc. | 1.36% |
| Ferrellgas LP/Ferrellgas Finance Corp. | 1.32% |
| Ball Corp. | 1.20% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporates | 78.96% |
| Bank Loans | 14.21% |
| Short-Term Investments | 2.95% |
| Municipal Bonds | 0.27% |
| U.S. Treasury Securities | 0.23% |
| Common Stock | 0.11% |
| Liabilities in Excess of Other Assets | 3.27% |

---

## Material Fund Changes
The Metropolitan West High Yield Bond Fund was renamed to the TCW MetWest High Yield Bond Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest High Yield Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Class M: MWHYX
TSR MWHYX-0325

# TCW MetWest Intermediate Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class I: MWIIX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Intermediate Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class I | $50 | 0.49% |

---

## How did the Fund perform last year and what affected its performance?

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096i875f15d8236e68fb7205.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg Intermediate U.S. Government/Credit Index** |
| **3/2015** | $10000 | $10000 | $10000 |
| **3/2016** | $10128 | $10196 | $10206 |
| **3/2017** | $10197 | $10241 | $10250 |
| **3/2018** | $10240 | $10364 | $10286 |
| **3/2019** | $10679 | $10829 | $10722 |
| **3/2020** | $11277 | $11796 | $11460 |
| **3/2021** | $11814 | $11880 | $11690 |
| **3/2022** | $11303 | $11386 | $11211 |
| **3/2023** | $11052 | $10842 | $11024 |
| **3/2024** | $11287 | $11026 | $11321 |
| **3/2025** | $11893 | $11564 | $11961 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Class I | 5.38% | 1.07% | 1.75% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg Intermediate U.S. Government/Credit Index | 5.65% | 0.86% | 1.81% |

---

## Key Fund Statistics
* Total Net Assets$646,616,434

* # of Portfolio Holdings489

* Portfolio Turnover Rate643%

* Total Advisory Fees Paid – Net$2,889,189

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 46.30% |
| UMBS (TBA) | 6.30% |
| Ginnie Mae (TBA) | 2.96% |
| U.S. Treasury Inflation Indexed Notes | 1.26% |
| Fannie Mae Pool MA4733 | 1.21% |
| JPMorgan Chase & Co. | 0.98% |
| Wells Fargo & Co. | 0.96% |
| WarnerMedia Holdings, Inc. | 0.87% |
| Bank of America Corp. | 0.86% |
| SLM Student Loan Trust | 0.74% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Securities | 47.56% |
| Mortgage-Backed | 25.58% |
| Corporates | 21.10% |
| Short-Term Investments | 9.54% |
| Asset-Backed Securities | 5.90% |
| Bank Loans | 1.15% |
| Municipal Bonds | 1.11% |
| Mutual Funds | 0.10% |
| Common Stock | 0.09% |
| Other Security Types | 0.12%<sup>Footnote Reference\*</sup> |
| Liabilities in Excess of Other Assets | (12.25)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories. |

---

## Material Fund Changes
The Metropolitan West Intermediate Bond Fund was renamed to the TCW MetWest Intermediate Bond Fund on July 29, 2024.

On March 28, the Fund announced that a registration statement had been filed related to the proposed conversion of the fund into an actively managed exchange-traded fund (ETF), expected to be named the TCW Core Plus Bond ETF. Shareholders of the Fund will receive a prospectus/information statement concerning the conversion. Shareholders should read the combined prospectus/information statement, which will contain important information about the proposed conversion, when it becomes available. The conversion does not require shareholder approval.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Intermediate Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Class I: MWIIX
TSR MWIIX-0325

# TCW MetWest Intermediate Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class M: MWIMX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Intermediate Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class M | $72 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096i71628522a885e757ef30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg Intermediate U.S. Government/Credit Index** |
| **3/2015** | $10000 | $10000 | $10000 |
| **3/2016** | $10103 | $10196 | $10206 |
| **3/2017** | $10146 | $10241 | $10250 |
| **3/2018** | $10165 | $10364 | $10286 |
| **3/2019** | $10587 | $10829 | $10722 |
| **3/2020** | $11145 | $11796 | $11460 |
| **3/2021** | $11661 | $11880 | $11690 |
| **3/2022** | $11121 | $11386 | $11211 |
| **3/2023** | $10862 | $10842 | $11024 |
| **3/2024** | $11057 | $11026 | $11321 |
| **3/2025** | $11640 | $11564 | $11961 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Class M | 5.27% | 0.87% | 1.53% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg Intermediate U.S. Government/Credit Index | 5.65% | 0.86% | 1.81% |

---

## Key Fund Statistics
* Total Net Assets$646,616,434

* # of Portfolio Holdings489

* Portfolio Turnover Rate643%

* Total Advisory Fees Paid – Net$2,889,189

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 46.30% |
| UMBS (TBA) | 6.30% |
| Ginnie Mae (TBA) | 2.96% |
| U.S. Treasury Inflation Indexed Notes | 1.26% |
| Fannie Mae Pool MA4733 | 1.21% |
| JPMorgan Chase & Co. | 0.98% |
| Wells Fargo & Co. | 0.96% |
| WarnerMedia Holdings, Inc. | 0.87% |
| Bank of America Corp. | 0.86% |
| SLM Student Loan Trust | 0.74% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Securities | 47.56% |
| Mortgage-Backed | 25.58% |
| Corporates | 21.10% |
| Short-Term Investments | 9.54% |
| Asset-Backed Securities | 5.90% |
| Bank Loans | 1.15% |
| Municipal Bonds | 1.11% |
| Mutual Funds | 0.10% |
| Common Stock | 0.09% |
| Other Security Types | 0.12%<sup>Footnote Reference\*</sup> |
| Liabilities in Excess of Other Assets | (12.25)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories. |

---

## Material Fund Changes
The Metropolitan West Intermediate Bond Fund was renamed to the TCW MetWest Intermediate Bond Fund on July 29, 2024.

On March 28, the Fund announced that a registration statement had been filed related to the proposed conversion of the fund into an actively managed exchange-traded fund (ETF), expected to be named the TCW Core Plus Bond ETF. Shareholders of the Fund will receive a prospectus/information statement concerning the conversion. Shareholders should read the combined prospectus/information statement, which will contain important information about the proposed conversion, when it becomes available. The conversion does not require shareholder approval.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Intermediate Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Class M: MWIMX
TSR MWIMX-0325

# TCW MetWest Investment Grade Credit Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class I: MWIGX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Investment Grade Credit Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class I | $51 | 0.49% |

---

## How did the Fund perform last year and what affected its performance?
Outperformance versus the Bloomberg U.S. Intermediate Credit Index was driven largely by the overweight duration position and curve-steepening bias as rates reset lower, led by the front-end of the curve. Meanwhile, the persistent underweight to corporate credit weighed on returns for much of the period as the sector performed well alongside tightening credit spreads and heightened investor demand that lasted through early 2025. However, this was more than offset by strong issue selection within the non-cyclical and communications industries, both of which outperformed over the period. Issue selection within financials was also additive, particularly the emphasis on life insurance and REITs, with disciplined trimming in both crystalizing gains as prices moved higher. Finally, the off-Index allocation to securitized products provided a sizable tailwind to performance given compelling yield premiums across sectors, particularly single-asset single-borrower CMBS, and agency MBS, the latter trading cheap relative to investment grade corporates despite the government guarantee.

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096i95863b047bb76ecbed56.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Intermediate Credit Index** |
| **6/29/2018** | $10000 | $10000 | $10000 |
| **3/2019** | $10920 | $10465 | $10508 |
| **3/2020** | $11468 | $11400 | $10853 |
| **3/2021** | $12407 | $11480 | $11655 |
| **3/2022** | $11759 | $11004 | $11183 |
| **3/2023** | $11520 | $10477 | $10973 |
| **3/2024** | $12007 | $10655 | $11473 |
| **3/2025** | $12788 | $11175 | $12186 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 6/29/2018 |
| Class I | 6.50% | 2.20% | 3.71% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.66% |
| Bloomberg U.S. Intermediate Credit Index | 6.21% | 2.34% | 2.97% |

---

## Key Fund Statistics
* Total Net Assets$27,872,928

* # of Portfolio Holdings433

* Portfolio Turnover Rate440%

* Total Advisory Fees Paid – Net$0

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 17.30% |
| UMBS (TBA) | 9.98% |
| Ginnie Mae (TBA) | 2.75% |
| JPMorgan Chase & Co. | 2.26% |
| Bank of America Corp. | 2.03% |
| Morgan Stanley | 1.37% |
| Wells Fargo & Co. | 1.21% |
| U.S. Treasury Inflation Indexed Notes | 1.17% |
| Citigroup, Inc. | 1.01% |
| OBX Trust | 0.92% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporates | 54.51% |
| Mortgage-Backed | 29.47% |
| U.S. Treasury Securities | 18.55% |
| Asset-Backed Securities | 5.10% |
| Short-Term Investments | 3.99% |
| Municipal Bonds | 1.59% |
| Purchased Swaptions | 0.02% |
| Liabilities in Excess of Other Assets | (13.23)% |

---

## Material Fund Changes
The Metropolitan West Investment Grade Credit Fund was renamed to the TCW MetWest Investment Grade Credit Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Investment Grade Credit Fund

#### Annual Shareholder Report — March 31, 2025

#### Class I: MWIGX
TSR MWIGX-0325

# TCW MetWest Investment Grade Credit Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class M: MWISX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Investment Grade Credit Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class M | $72 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
Outperformance versus the Bloomberg U.S. Intermediate Credit Index was driven largely by the overweight duration position and curve-steepening bias as rates reset lower, led by the front-end of the curve. Meanwhile, the persistent underweight to corporate credit weighed on returns for much of the period as the sector performed well alongside tightening credit spreads and heightened investor demand that lasted through early 2025. However, this was more than offset by strong issue selection within the non-cyclical and communications industries, both of which outperformed over the period. Issue selection within financials was also additive, particularly the emphasis on life insurance and REITs, with disciplined trimming in both crystalizing gains as prices moved higher. Finally, the off-Index allocation to securitized products provided a sizable tailwind to performance given compelling yield premiums across sectors, particularly single-asset single-borrower CMBS, and agency MBS, the latter trading cheap relative to investment grade corporates despite the government guarantee.

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096ie6537c49873ad16aa762.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Intermediate Credit Index** |
| **6/29/2018** | $10000 | $10000 | $10000 |
| **3/2019** | $10902 | $10465 | $10508 |
| **3/2020** | $11426 | $11400 | $10853 |
| **3/2021** | $12336 | $11480 | $11655 |
| **3/2022** | $11667 | $11004 | $11183 |
| **3/2023** | $11406 | $10477 | $10973 |
| **3/2024** | $11864 | $10655 | $11473 |
| **3/2025** | $12609 | $11175 | $12186 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 6/29/2018 |
| Class M | 6.28% | 1.99% | 3.49% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.66% |
| Bloomberg U.S. Intermediate Credit Index | 6.21% | 2.34% | 2.97% |

---

## Key Fund Statistics
* Total Net Assets$27,872,928

* # of Portfolio Holdings433

* Portfolio Turnover Rate440%

* Total Advisory Fees Paid – Net$0

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 17.30% |
| UMBS (TBA) | 9.98% |
| Ginnie Mae (TBA) | 2.75% |
| JPMorgan Chase & Co. | 2.26% |
| Bank of America Corp. | 2.03% |
| Morgan Stanley | 1.37% |
| Wells Fargo & Co. | 1.21% |
| U.S. Treasury Inflation Indexed Notes | 1.17% |
| Citigroup, Inc. | 1.01% |
| OBX Trust | 0.92% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporates | 54.51% |
| Mortgage-Backed | 29.47% |
| U.S. Treasury Securities | 18.55% |
| Asset-Backed Securities | 5.10% |
| Short-Term Investments | 3.99% |
| Municipal Bonds | 1.59% |
| Purchased Swaptions | 0.02% |
| Liabilities in Excess of Other Assets | (13.23)% |

---

## Material Fund Changes
The Metropolitan West Investment Grade Credit Fund was renamed to the TCW MetWest Investment Grade Credit Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Investment Grade Credit Fund

#### Annual Shareholder Report — March 31, 2025

#### Class M: MWISX
TSR MWISX-0325

# TCW MetWest Low Duration Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Administrative Class: MWLNX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Low Duration Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Administrative Class | $73 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096i4d6509e982f16586a000.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **3/2015** | $10000 | $10000 | $10000 |
| **3/2016** | $10013 | $10196 | $10092 |
| **3/2017** | $10135 | $10241 | $10117 |
| **3/2018** | $10179 | $10364 | $10120 |
| **3/2019** | $10451 | $10829 | $10395 |
| **3/2020** | $10649 | $11796 | $10958 |
| **3/2021** | $11057 | $11880 | $10985 |
| **3/2022** | $10753 | $11386 | $10673 |
| **3/2023** | $10692 | $10842 | $10694 |
| **3/2024** | $11095 | $11026 | $11011 |
| **3/2025** | $11740 | $11564 | $11608 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Administrative Class | 5.81% | 1.97% | 1.62% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.43% | 1.16% | 1.50% |

---

## Key Fund Statistics
* Total Net Assets$937,123,871

* # of Portfolio Holdings436

* Portfolio Turnover Rate454%

* Total Advisory Fees Paid – Net$3,154,845

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 20.22% |
| UMBS (TBA) | 17.39% |
| Ginnie Mae (TBA) | 3.70% |
| Ginnie Mae | 3.43% |
| Fannie Mae REMICS | 2.68% |
| JPMorgan Chase & Co. | 1.80% |
| Wells Fargo & Co. | 1.58% |
| JPMorgan Mortgage Acquisition Trust | 1.46% |
| Independence Plaza Trust | 1.40% |
| PRPM LLC | 1.40% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 53.01% |
| Corporates | 30.06% |
| U.S. Treasury Securities | 20.22% |
| Asset-Backed Securities | 13.42% |
| Short-Term Investments | 2.39% |
| Municipal Bonds | 1.19% |
| Bank Loans | 1.02% |
| Foreign Government Obligations | 0.07% |
| Purchased Swaptions | 0.02% |
| Liabilities in Excess of Other Assets | (21.40)% |

---

## Material Fund Changes
The Metropolitan West Low Duration Bond Fund was renamed to the TCW MetWest Low Duration Bond Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Low Duration Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Administrative Class: MWLNX
TSR MWLNX-0325

# TCW MetWest Low Duration Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class I: MWLIX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Low Duration Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class I | $44 | 0.43% |

---

## How did the Fund perform last year and what affected its performance?

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096i22efecd0bdff09c479cd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **3/2015** | $10000 | $10000 | $10000 |
| **3/2016** | $10044 | $10196 | $10092 |
| **3/2017** | $10191 | $10241 | $10117 |
| **3/2018** | $10274 | $10364 | $10120 |
| **3/2019** | $10584 | $10829 | $10395 |
| **3/2020** | $10811 | $11796 | $10958 |
| **3/2021** | $11256 | $11880 | $10985 |
| **3/2022** | $10993 | $11386 | $10673 |
| **3/2023** | $10953 | $10842 | $10694 |
| **3/2024** | $11394 | $11026 | $11011 |
| **3/2025** | $12096 | $11564 | $11608 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Class I | 6.17% | 2.27% | 1.92% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.43% | 1.16% | 1.50% |

---

## Key Fund Statistics
* Total Net Assets$937,123,871

* # of Portfolio Holdings436

* Portfolio Turnover Rate454%

* Total Advisory Fees Paid – Net$3,154,845

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 20.22% |
| UMBS (TBA) | 17.39% |
| Ginnie Mae (TBA) | 3.70% |
| Ginnie Mae | 3.43% |
| Fannie Mae REMICS | 2.68% |
| JPMorgan Chase & Co. | 1.80% |
| Wells Fargo & Co. | 1.58% |
| JPMorgan Mortgage Acquisition Trust | 1.46% |
| Independence Plaza Trust | 1.40% |
| PRPM LLC | 1.40% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 53.01% |
| Corporates | 30.06% |
| U.S. Treasury Securities | 20.22% |
| Asset-Backed Securities | 13.42% |
| Short-Term Investments | 2.39% |
| Municipal Bonds | 1.19% |
| Bank Loans | 1.02% |
| Foreign Government Obligations | 0.07% |
| Purchased Swaptions | 0.02% |
| Liabilities in Excess of Other Assets | (21.40)% |

---

## Material Fund Changes
The Metropolitan West Low Duration Bond Fund was renamed to the TCW MetWest Low Duration Bond Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Low Duration Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Class I: MWLIX
TSR MWLIX-0325

# TCW MetWest Low Duration Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class M: MWLDX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Low Duration Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class M | $65 | 0.63% |

---

## How did the Fund perform last year and what affected its performance?

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096i9be2bcf82c1c62e23220.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **3/2015** | $10000 | $10000 | $10000 |
| **3/2016** | $10033 | $10196 | $10092 |
| **3/2017** | $10158 | $10241 | $10117 |
| **3/2018** | $10207 | $10364 | $10120 |
| **3/2019** | $10506 | $10829 | $10395 |
| **3/2020** | $10709 | $11796 | $10958 |
| **3/2021** | $11127 | $11880 | $10985 |
| **3/2022** | $10832 | $11386 | $10673 |
| **3/2023** | $10782 | $10842 | $10694 |
| **3/2024** | $11194 | $11026 | $11011 |
| **3/2025** | $11861 | $11564 | $11608 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Class M | 5.96% | 2.07% | 1.72% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.43% | 1.16% | 1.50% |

---

## Key Fund Statistics
* Total Net Assets$937,123,871

* # of Portfolio Holdings436

* Portfolio Turnover Rate454%

* Total Advisory Fees Paid – Net$3,154,845

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 20.22% |
| UMBS (TBA) | 17.39% |
| Ginnie Mae (TBA) | 3.70% |
| Ginnie Mae | 3.43% |
| Fannie Mae REMICS | 2.68% |
| JPMorgan Chase & Co. | 1.80% |
| Wells Fargo & Co. | 1.58% |
| JPMorgan Mortgage Acquisition Trust | 1.46% |
| Independence Plaza Trust | 1.40% |
| PRPM LLC | 1.40% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 53.01% |
| Corporates | 30.06% |
| U.S. Treasury Securities | 20.22% |
| Asset-Backed Securities | 13.42% |
| Short-Term Investments | 2.39% |
| Municipal Bonds | 1.19% |
| Bank Loans | 1.02% |
| Foreign Government Obligations | 0.07% |
| Purchased Swaptions | 0.02% |
| Liabilities in Excess of Other Assets | (21.40)% |

---

## Material Fund Changes
The Metropolitan West Low Duration Bond Fund was renamed to the TCW MetWest Low Duration Bond Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Low Duration Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Class M: MWLDX
TSR MWLDX-0325

# TCW MetWest Strategic Income Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class I: MWSIX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Strategic Income Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class I | $83 | 0.80% |

---

## How did the Fund perform last year and what affected its performance?
Diversified exposure to fixed income spread sectors helped drive outperformance versus the ICE BofA U.S. 3-Month Treasury Bill Index, led by securitized products. Non-agency MBS was the largest contributor given steady income and attractive yield premiums that helped the Fund carry a sizeable yield advantage relative to the Index. Non-agency CMBS exposure further benefitted returns, with exposures focused on SASB deals backed by high-quality property types that provided opportunity to capture higher yields by scaling down capital structures without having to sacrifice collateral credit quality. Contributions from the Fund's ABS holdings were led by mezzanine CLO tranches, which offered a favorable blend of spread premiums with robust structures that held up well throughout the year. Meanwhile, positions in corporate credit were additive as both investment grade and high yield issues bested comparable Treasuries. Finally, the Fund's positive duration position and emphasis on the front-end of the curve rewarded performance as rates moved lower.

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096i543dd8ff989667ad3e02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. 3-Month Treasury Bill Index Plus 200 bps** |
| **3/2015** | $10000 | $10000 | $10000 |
| **3/2016** | $9975 | $10196 | $10213 |
| **3/2017** | $10406 | $10241 | $10454 |
| **3/2018** | $10708 | $10364 | $10781 |
| **3/2019** | $11072 | $10829 | $11230 |
| **3/2020** | $10672 | $11796 | $11712 |
| **3/2021** | $12187 | $11880 | $11960 |
| **3/2022** | $11851 | $11386 | $12207 |
| **3/2023** | $11833 | $10842 | $12763 |
| **3/2024** | $12672 | $11026 | $13677 |
| **3/2025** | $13626 | $11564 | $14643 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Class I | 7.53% | 5.01% | 3.14% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| ICE BofA U.S. 3-Month Treasury Bill Index Plus 200 bps | 7.06% | 4.60% | 3.90% |

---

## Key Fund Statistics
* Total Net Assets$65,021,931

* # of Portfolio Holdings536

* Portfolio Turnover Rate237%

* Total Advisory Fees Paid – Net$125,166

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 7.05% |
| UMBS (TBA) | 6.16% |
| Ginnie Mae (TBA) | 4.23% |
| SLM Student Loan Trust | 2.38% |
| GSAA Home Equity Trust | 2.16% |
| FirstKey Homes Trust | 1.56% |
| CIM Trust | 1.53% |
| First Franklin Mortgage Loan Trust | 1.27% |
| Alternative Loan Trust | 1.18% |
| Bank of America Corp. | 1.14% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 54.04% |
| Corporates | 22.84% |
| Asset-Backed Securities | 15.00% |
| Short-Term Investments | 10.95% |
| U.S. Treasury Securities | 7.05% |
| Mutual Funds | 0.26% |
| Municipal Bonds | 0.15% |
| Common Stock | 0.12% |
| Rights | 0.02% |
| Liabilities in Excess of Other Assets | (10.43)% |

---

## Material Fund Changes
The Metropolitan West Strategic Income Fund was renamed to the TCW MetWest Strategic Income Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Strategic Income Fund

#### Annual Shareholder Report — March 31, 2025

#### Class I: MWSIX
TSR MWSIX-0325

# TCW MetWest Strategic Income Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class M: MWSTX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Strategic Income Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class M | $108 | 1.04% |

---

## How did the Fund perform last year and what affected its performance?
Diversified exposure to fixed income spread sectors helped drive outperformance versus the ICE BofA U.S. 3-Month Treasury Bill Index, led by securitized products. Non-agency MBS was the largest contributor given steady income and attractive yield premiums that helped the Fund carry a sizeable yield advantage relative to the Index. Non-agency CMBS exposure further benefitted returns, with exposures focused on SASB deals backed by high-quality property types that provided opportunity to capture higher yields by scaling down capital structures without having to sacrifice collateral credit quality. Contributions from the Fund's ABS holdings were led by mezzanine CLO tranches, which offered a favorable blend of spread premiums with robust structures that held up well throughout the year. Meanwhile, positions in corporate credit were additive as both investment grade and high yield issues bested comparable Treasuries. Finally, the Fund's positive duration position and emphasis on the front-end of the curve rewarded performance as rates moved lower.

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096ibfb050e41f38b212e33e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. 3-Month Treasury Bill Index Plus 200 bps** |
| **3/2015** | $10000 | $10000 | $10000 |
| **3/2016** | $9942 | $10196 | $10213 |
| **3/2017** | $10332 | $10241 | $10454 |
| **3/2018** | $10618 | $10364 | $10781 |
| **3/2019** | $10938 | $10829 | $11230 |
| **3/2020** | $10516 | $11796 | $11712 |
| **3/2021** | $12003 | $11880 | $11960 |
| **3/2022** | $11645 | $11386 | $12207 |
| **3/2023** | $11618 | $10842 | $12763 |
| **3/2024** | $12392 | $11026 | $13677 |
| **3/2025** | $13293 | $11564 | $14643 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Class M | 7.27% | 4.80% | 2.89% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| ICE BofA U.S. 3-Month Treasury Bill Index Plus 200 bps | 7.06% | 4.60% | 3.90% |

---

## Key Fund Statistics
* Total Net Assets$65,021,931

* # of Portfolio Holdings536

* Portfolio Turnover Rate237%

* Total Advisory Fees Paid – Net$125,166

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 7.05% |
| UMBS (TBA) | 6.16% |
| Ginnie Mae (TBA) | 4.23% |
| SLM Student Loan Trust | 2.38% |
| GSAA Home Equity Trust | 2.16% |
| FirstKey Homes Trust | 1.56% |
| CIM Trust | 1.53% |
| First Franklin Mortgage Loan Trust | 1.27% |
| Alternative Loan Trust | 1.18% |
| Bank of America Corp. | 1.14% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 54.04% |
| Corporates | 22.84% |
| Asset-Backed Securities | 15.00% |
| Short-Term Investments | 10.95% |
| U.S. Treasury Securities | 7.05% |
| Mutual Funds | 0.26% |
| Municipal Bonds | 0.15% |
| Common Stock | 0.12% |
| Rights | 0.02% |
| Liabilities in Excess of Other Assets | (10.43)% |

---

## Material Fund Changes
The Metropolitan West Strategic Income Fund was renamed to the TCW MetWest Strategic Income Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Strategic Income Fund

#### Annual Shareholder Report — March 31, 2025

#### Class M: MWSTX
TSR MWSTX-0325

# TCW MetWest Sustainable Securitized Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class I: MWESX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Sustainable Securitized Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class I | $52 | 0.49% |

---

## How did the Fund perform last year and what affected its performance?
Significant outperformance versus the Bloomberg U.S. Mortgage-Backed Securities (MBS) Index was driven by exposure across securitized sectors, particularly CMBS. Private label CMBS was one of the strongest performing securitized sectors over the period, rewarding the Fund's growing overweight position that focused on labeled and unlabeled green SASB deals with attractive yields and premium collateral. Non-agency MBS was additive as disciplined issue selection in both legacy (pre-2008 vintage) and newer vintage offerings drove attractive spread and yield pickup for the Fund. Meanwhile, ABS positioning focused on CLOs and high-quality non-traditional collateral types was beneficial given the tightening of CLOs and sustained demand for the attractive coupons and yields offered by non-traditional ABS sectors. The structural underweight to agency MBS, however, was a headwind, as the sector bested duration-matched Treasuries over the period. Finally, the Fund's overweight duration position and curve-steepening bias contributed as rates reset lower, led by the front-end of the curve.

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096ib1259759a6363dfc9268.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Morgage-Backed Securities (MBS) Index** |
| **10/01/2021** | $10000 | $10000 | $10000 |
| **3/2022** | $9414 | $9408 | $9467 |
| **3/2023** | $8751 | $8958 | $9008 |
| **3/2024** | $9160 | $9110 | $9133 |
| **3/2025** | $10186 | $9554 | $9626 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | 1 Year | Since Inception 10/01/2021 |
| Class I | 11.21% | 0.53% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -1.29% |
| Bloomberg U.S. Morgage-Backed Securities (MBS) Index | 5.39% | -1.08% |

---

## Key Fund Statistics
* Total Net Assets$16,899,793

* # of Portfolio Holdings207

* Portfolio Turnover Rate333%

* Total Advisory Fees Paid – Net$0

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Ginnie Mae (TBA) | 8.53% |
| U.S. Treasury Notes | 5.70% |
| Ginnie Mae | 4.78% |
| UMBS (TBA) | 3.62% |
| Fannie Mae REMICS | 2.59% |
| Towd Point Mortgage Trust | 2.46% |
| U.S. Treasury Bonds | 2.36% |
| Credit Suisse Mortgage Capital Trust | 2.18% |
| ALLO Issuer LLC | 2.02% |
| MHC Trust | 1.83% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 79.67% |
| Asset-Backed Securities | 22.31% |
| U.S. Treasury Securities | 9.08% |
| Short-Term Investments | 0.60% |
| Liabilities in Excess of Other Assets | (11.66)% |

---

## Material Fund Changes
The Metropolitan West Sustainable Securitized Fund was renamed to the TCW MetWest Sustainable Securitized Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Sustainable Securitized Fund

#### Annual Shareholder Report — March 31, 2025

#### Class I: MWESX
TSR MWESX-0325

# TCW MetWest Sustainable Securitized Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class M: MWERX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Sustainable Securitized Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class M | $74 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
Significant outperformance versus the Bloomberg U.S. Mortgage-Backed Securities (MBS) Index was driven by exposure across securitized sectors, particularly CMBS. Private label CMBS was one of the strongest performing securitized sectors over the period, rewarding the Fund's growing overweight position that focused on labeled and unlabeled green SASB deals with attractive yields and premium collateral. Non-agency MBS was additive as disciplined issue selection in both legacy (pre-2008 vintage) and newer vintage offerings drove attractive spread and yield pickup for the Fund. Meanwhile, ABS positioning focused on CLOs and high-quality non-traditional collateral types was beneficial given the tightening of CLOs and sustained demand for the attractive coupons and yields offered by non-traditional ABS sectors. The structural underweight to agency MBS, however, was a headwind, as the sector bested duration-matched Treasuries over the period. Finally, the Fund's overweight duration position and curve-steepening bias contributed as rates reset lower, led by the front-end of the curve.

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096ie612341ceb771b05e881.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Morgage-Backed Securities (MBS) Index** |
| **10/01/2021** | $10000 | $10000 | $10000 |
| **3/2022** | $9440 | $9408 | $9467 |
| **3/2023** | $8765 | $8958 | $9008 |
| **3/2024** | $9145 | $9110 | $9133 |
| **3/2025** | $10161 | $9554 | $9626 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | 1 Year | Since Inception 10/01/2021 |
| Class M | 11.11% | 0.46% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -1.29% |
| Bloomberg U.S. Morgage-Backed Securities (MBS) Index | 5.39% | -1.08% |

---

## Key Fund Statistics
* Total Net Assets$16,899,793

* # of Portfolio Holdings207

* Portfolio Turnover Rate333%

* Total Advisory Fees Paid – Net$0

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Ginnie Mae (TBA) | 8.53% |
| U.S. Treasury Notes | 5.70% |
| Ginnie Mae | 4.78% |
| UMBS (TBA) | 3.62% |
| Fannie Mae REMICS | 2.59% |
| Towd Point Mortgage Trust | 2.46% |
| U.S. Treasury Bonds | 2.36% |
| Credit Suisse Mortgage Capital Trust | 2.18% |
| ALLO Issuer LLC | 2.02% |
| MHC Trust | 1.83% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 79.67% |
| Asset-Backed Securities | 22.31% |
| U.S. Treasury Securities | 9.08% |
| Short-Term Investments | 0.60% |
| Liabilities in Excess of Other Assets | (11.66)% |

---

## Material Fund Changes
The Metropolitan West Sustainable Securitized Fund was renamed to the TCW MetWest Sustainable Securitized Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Sustainable Securitized Fund

#### Annual Shareholder Report — March 31, 2025

#### Class M: MWERX
TSR MWERX-0325

# TCW MetWest Total Return Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Administrative Class: MWTNX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Total Return Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Administrative Class | $80 | 0.78% |

---

## How did the Fund perform last year and what affected its performance?

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096i3679f9c5ded6e7b5f78f.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **3/2015** | $10000 | $10000 |
| **3/2016** | $10096 | $10196 |
| **3/2017** | $10155 | $10241 |
| **3/2018** | $10239 | $10364 |
| **3/2019** | $10686 | $10829 |
| **3/2020** | $11520 | $11796 |
| **3/2021** | $11888 | $11880 |
| **3/2022** | $11307 | $11386 |
| **3/2023** | $10616 | $10842 |
| **3/2024** | $10735 | $11026 |
| **3/2025** | $11241 | $11564 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Administrative Class | 4.71% | -0.49% | 1.18% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

## Key Fund Statistics
* Total Net Assets$34,953,444,856

* # of Portfolio Holdings1,528

* Portfolio Turnover Rate418%

* Total Advisory Fees Paid – Net$147,565,058

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 17.09% |
| U.S. Treasury Bonds | 10.62% |
| UMBS (TBA) | 6.40% |
| Ginnie Mae (TBA) | 4.71% |
| CIM Trust | 4.47% |
| U.S. Treasury Inflation Indexed Notes | 1.21% |
| Ginnie Mae | 1.12% |
| Fannie Mae Pool MA4626 | 1.03% |
| Credit Suisse Mortgage Capital Trust | 0.98% |
| Fannie Mae Pool BQ6913 | 0.93% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 53.93% |
| U.S. Treasury Securities | 28.92% |
| Corporates | 15.30% |
| Asset-Backed Securities | 5.42% |
| Short-Term Investments | 4.97% |
| Bank Loans | 1.62% |
| Foreign Government Obligations | 0.62% |
| Municipal Bonds | 0.42% |
| Common Stock | 0.11% |
| Other Security Types | 0.14%<sup>Footnote Reference\*</sup> |
| Liabilities in Excess of Other Assets | (11.45)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories. |

---

## Material Fund Changes
The Metropolitan West Total Return Bond Fund was renamed to the TCW MetWest Total Return Bond Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Total Return Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Administrative Class: MWTNX
TSR MWTNX-0325

# TCW MetWest Total Return Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class I: MWTIX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Total Return Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class I | $45 | 0.44% |

---

## How did the Fund perform last year and what affected its performance?

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096i6710db66a4f935f9fc29.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **3/2015** | $10000 | $10000 |
| **3/2016** | $10131 | $10196 |
| **3/2017** | $10225 | $10241 |
| **3/2018** | $10345 | $10364 |
| **3/2019** | $10833 | $10829 |
| **3/2020** | $11718 | $11796 |
| **3/2021** | $12132 | $11880 |
| **3/2022** | $11577 | $11386 |
| **3/2023** | $10906 | $10842 |
| **3/2024** | $11065 | $11026 |
| **3/2025** | $11624 | $11564 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Class I | 5.06% | -0.16% | 1.52% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

## Key Fund Statistics
* Total Net Assets$34,953,444,856

* # of Portfolio Holdings1,528

* Portfolio Turnover Rate418%

* Total Advisory Fees Paid – Net$147,565,058

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 17.09% |
| U.S. Treasury Bonds | 10.62% |
| UMBS (TBA) | 6.40% |
| Ginnie Mae (TBA) | 4.71% |
| CIM Trust | 4.47% |
| U.S. Treasury Inflation Indexed Notes | 1.21% |
| Ginnie Mae | 1.12% |
| Fannie Mae Pool MA4626 | 1.03% |
| Credit Suisse Mortgage Capital Trust | 0.98% |
| Fannie Mae Pool BQ6913 | 0.93% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 53.93% |
| U.S. Treasury Securities | 28.92% |
| Corporates | 15.30% |
| Asset-Backed Securities | 5.42% |
| Short-Term Investments | 4.97% |
| Bank Loans | 1.62% |
| Foreign Government Obligations | 0.62% |
| Municipal Bonds | 0.42% |
| Common Stock | 0.11% |
| Other Security Types | 0.14%<sup>Footnote Reference\*</sup> |
| Liabilities in Excess of Other Assets | (11.45)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories. |

---

## Material Fund Changes
The Metropolitan West Total Return Bond Fund was renamed to the TCW MetWest Total Return Bond Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Total Return Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Class I: MWTIX
TSR MWTIX-0325

# TCW MetWest Total Return Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class I-2: MWTTX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Total Return Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class I-2 | $52 | 0.51% |

---

## How did the Fund perform last year and what affected its performance?

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096ic668bbe11a71141ac895.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I-2** | **Bloomberg U.S. Aggregate Bond Index** |
| **3/06/2020** | $10000 | $10000 |
| **3/2020** | $9707 | $9758 |
| **3/2021** | $10062 | $9827 |
| **3/2022** | $9594 | $9419 |
| **3/2023** | $9021 | $8969 |
| **3/2024** | $9156 | $9121 |
| **3/2025** | $9613 | $9566 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 3/06/2020 |
| Class I-2 | 4.99% | -0.19% | -0.78% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | -0.67% |

---

## Key Fund Statistics
* Total Net Assets$34,953,444,856

* # of Portfolio Holdings1,528

* Portfolio Turnover Rate418%

* Total Advisory Fees Paid – Net$147,565,058

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 17.09% |
| U.S. Treasury Bonds | 10.62% |
| UMBS (TBA) | 6.40% |
| Ginnie Mae (TBA) | 4.71% |
| CIM Trust | 4.47% |
| U.S. Treasury Inflation Indexed Notes | 1.21% |
| Ginnie Mae | 1.12% |
| Fannie Mae Pool MA4626 | 1.03% |
| Credit Suisse Mortgage Capital Trust | 0.98% |
| Fannie Mae Pool BQ6913 | 0.93% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 53.93% |
| U.S. Treasury Securities | 28.92% |
| Corporates | 15.30% |
| Asset-Backed Securities | 5.42% |
| Short-Term Investments | 4.97% |
| Bank Loans | 1.62% |
| Foreign Government Obligations | 0.62% |
| Municipal Bonds | 0.42% |
| Common Stock | 0.11% |
| Other Security Types | 0.14%<sup>Footnote Reference\*</sup> |
| Liabilities in Excess of Other Assets | (11.45)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories. |

---

## Material Fund Changes
The Metropolitan West Total Return Bond Fund was renamed to the TCW MetWest Total Return Bond Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Total Return Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Class I-2: MWTTX
TSR MWTTX-0325

# TCW MetWest Total Return Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class M: MWTRX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Total Return Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class M | $67 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096ic5869cc249f5b749649c.jpg)

---

| | | |
|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Bond Index** |
| **3/2015** | $10000 | $10000 |
| **3/2016** | $10099 | $10196 |
| **3/2017** | $10169 | $10241 |
| **3/2018** | $10265 | $10364 |
| **3/2019** | $10725 | $10829 |
| **3/2020** | $11576 | $11796 |
| **3/2021** | $11958 | $11880 |
| **3/2022** | $11398 | $11386 |
| **3/2023** | $10703 | $10842 |
| **3/2024** | $10836 | $11026 |
| **3/2025** | $11373 | $11564 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Class M | 4.96% | -0.35% | 1.29% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

## Key Fund Statistics
* Total Net Assets$34,953,444,856

* # of Portfolio Holdings1,528

* Portfolio Turnover Rate418%

* Total Advisory Fees Paid – Net$147,565,058

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 17.09% |
| U.S. Treasury Bonds | 10.62% |
| UMBS (TBA) | 6.40% |
| Ginnie Mae (TBA) | 4.71% |
| CIM Trust | 4.47% |
| U.S. Treasury Inflation Indexed Notes | 1.21% |
| Ginnie Mae | 1.12% |
| Fannie Mae Pool MA4626 | 1.03% |
| Credit Suisse Mortgage Capital Trust | 0.98% |
| Fannie Mae Pool BQ6913 | 0.93% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 53.93% |
| U.S. Treasury Securities | 28.92% |
| Corporates | 15.30% |
| Asset-Backed Securities | 5.42% |
| Short-Term Investments | 4.97% |
| Bank Loans | 1.62% |
| Foreign Government Obligations | 0.62% |
| Municipal Bonds | 0.42% |
| Common Stock | 0.11% |
| Other Security Types | 0.14%<sup>Footnote Reference\*</sup> |
| Liabilities in Excess of Other Assets | (11.45)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories. |

---

## Material Fund Changes
The Metropolitan West Total Return Bond Fund was renamed to the TCW MetWest Total Return Bond Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Total Return Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Class M: MWTRX
TSR MWTRX-0325

# TCW MetWest Total Return Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Plan Class: MWTSX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Total Return Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Plan Class | $38 | 0.37% |

---

## How did the Fund perform last year and what affected its performance?

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096id5f8f68ab26ad92b3b3c.jpg)

---

| | | |
|:---|:---|:---|
| | **Plan Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **3/2015** | $10000 | $10000 |
| **3/2016** | $10133 | $10196 |
| **3/2017** | $10238 | $10241 |
| **3/2018** | $10359 | $10364 |
| **3/2019** | $10856 | $10829 |
| **3/2020** | $11756 | $11796 |
| **3/2021** | $12185 | $11880 |
| **3/2022** | $11637 | $11386 |
| **3/2023** | $10963 | $10842 |
| **3/2024** | $11136 | $11026 |
| **3/2025** | $11713 | $11564 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Plan Class | 5.18% | -0.07% | 1.59% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

## Key Fund Statistics
* Total Net Assets$34,953,444,856

* # of Portfolio Holdings1,528

* Portfolio Turnover Rate418%

* Total Advisory Fees Paid – Net$147,565,058

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 17.09% |
| U.S. Treasury Bonds | 10.62% |
| UMBS (TBA) | 6.40% |
| Ginnie Mae (TBA) | 4.71% |
| CIM Trust | 4.47% |
| U.S. Treasury Inflation Indexed Notes | 1.21% |
| Ginnie Mae | 1.12% |
| Fannie Mae Pool MA4626 | 1.03% |
| Credit Suisse Mortgage Capital Trust | 0.98% |
| Fannie Mae Pool BQ6913 | 0.93% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 53.93% |
| U.S. Treasury Securities | 28.92% |
| Corporates | 15.30% |
| Asset-Backed Securities | 5.42% |
| Short-Term Investments | 4.97% |
| Bank Loans | 1.62% |
| Foreign Government Obligations | 0.62% |
| Municipal Bonds | 0.42% |
| Common Stock | 0.11% |
| Other Security Types | 0.14%<sup>Footnote Reference\*</sup> |
| Liabilities in Excess of Other Assets | (11.45)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories. |

---

## Material Fund Changes
The Metropolitan West Total Return Bond Fund was renamed to the TCW MetWest Total Return Bond Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Total Return Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Plan Class: MWTSX
TSR MWTSX-0325

# TCW MetWest Ultra Short Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class I: MWUIX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Ultra Short Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class I | $35 | 0.34% |

---

## How did the Fund perform last year and what affected its performance?

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096i660c35e733243d77ae71.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-Year U.S. Treasury Index** |
| **3/2015** | $10000 | $10000 | $10000 |
| **3/2016** | $10034 | $10196 | $10028 |
| **3/2017** | $10141 | $10241 | $10083 |
| **3/2018** | $10250 | $10364 | $10174 |
| **3/2019** | $10510 | $10829 | $10426 |
| **3/2020** | $10697 | $11796 | $10839 |
| **3/2021** | $10849 | $11880 | $10872 |
| **3/2022** | $10718 | $11386 | $10761 |
| **3/2023** | $10814 | $10842 | $10922 |
| **3/2024** | $11280 | $11026 | $11370 |
| **3/2025** | $11955 | $11564 | $11983 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Class I | 5.98% | 2.25% | 1.80% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| ICE BofA 1-Year U.S. Treasury Index | 4.98% | 1.88% | 1.73% |

---

## Key Fund Statistics
* Total Net Assets$46,426,472

* # of Portfolio Holdings210

* Portfolio Turnover Rate553%

* Total Advisory Fees Paid – Net$0

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 31.74% |
| UMBS (TBA) | 14.52% |
| Ginnie Mae | 5.53% |
| U.S. International Development Finance Corp. | 3.70% |
| Ginnie Mae (TBA) | 3.25% |
| Fannie Mae REMICS | 3.20% |
| JPMorgan Chase & Co. | 2.48% |
| Bank of America Corp. | 2.24% |
| Morgan Stanley | 1.98% |
| Citigroup, Inc. | 1.73% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 42.28% |
| U.S. Treasury Securities | 35.44% |
| Corporates | 26.04% |
| Asset-Backed Securities | 11.62% |
| Short-Term Investments | 3.24% |
| Municipal Bonds | 0.20% |
| Purchased Swaptions | 0.02% |
| Liabilities in Excess of Other Assets | (18.84)% |

---

## Material Fund Changes
The Metropolitan West Ultra Short Bond Fund was renamed to the TCW MetWest Ultra Short Bond Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Ultra Short Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Class I: MWUIX
TSR MWUIX-0325

# TCW MetWest Ultra Short Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class M: MWUSX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Ultra Short Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class M | $51 | 0.50% |

---

## How did the Fund perform last year and what affected its performance?

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096idfaa07e36bfdd954a5d6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-Year U.S. Treasury Index** |
| **3/2015** | $10000 | $10000 | $10000 |
| **3/2016** | $10018 | $10196 | $10028 |
| **3/2017** | $10132 | $10241 | $10083 |
| **3/2018** | $10201 | $10364 | $10174 |
| **3/2019** | $10443 | $10829 | $10426 |
| **3/2020** | $10636 | $11796 | $10839 |
| **3/2021** | $10746 | $11880 | $10872 |
| **3/2022** | $10623 | $11386 | $10761 |
| **3/2023** | $10676 | $10842 | $10922 |
| **3/2024** | $11117 | $11026 | $11370 |
| **3/2025** | $11764 | $11564 | $11983 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Class M | 5.82% | 2.04% | 1.64% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| ICE BofA 1-Year U.S. Treasury Index | 4.98% | 1.88% | 1.73% |

---

## Key Fund Statistics
* Total Net Assets$46,426,472

* # of Portfolio Holdings210

* Portfolio Turnover Rate553%

* Total Advisory Fees Paid – Net$0

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 31.74% |
| UMBS (TBA) | 14.52% |
| Ginnie Mae | 5.53% |
| U.S. International Development Finance Corp. | 3.70% |
| Ginnie Mae (TBA) | 3.25% |
| Fannie Mae REMICS | 3.20% |
| JPMorgan Chase & Co. | 2.48% |
| Bank of America Corp. | 2.24% |
| Morgan Stanley | 1.98% |
| Citigroup, Inc. | 1.73% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 42.28% |
| U.S. Treasury Securities | 35.44% |
| Corporates | 26.04% |
| Asset-Backed Securities | 11.62% |
| Short-Term Investments | 3.24% |
| Municipal Bonds | 0.20% |
| Purchased Swaptions | 0.02% |
| Liabilities in Excess of Other Assets | (18.84)% |

---

## Material Fund Changes
The Metropolitan West Ultra Short Bond Fund was renamed to the TCW MetWest Ultra Short Bond Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Ultra Short Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Class M: MWUSX
TSR MWUSX-0325

# TCW MetWest Unconstrained Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class I: MWCIX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Unconstrained Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class I | $78 | 0.75% |

---

## How did the Fund perform last year and what affected its performance?
Diversified exposure to fixed income spread sectors helped drive outperformance versus the Bloomberg U.S. Treasury Bills 1-3 Months Index, led by securitized products. CMBS holdings contributed the most, with exposures focused on single-asset single-borrower deals backed by high-quality properties that provided opportunity to capture higher yields without having to sacrifice collateral credit quality. Non-agency MBS was also a large contributor given steady income and attractive yield premiums. Contributions from the Fund's ABS holdings were led by single family rentals and mezzanine CLO tranches, which offered a favorable blend of spread premiums with robust structures that held up well throughout the year. Meanwhile, corporate credit was mixed, with higher quality high yield allocations underperforming, while investment grade positions contributed given tighter spreads and heightened investor demand that lasted through early 2025. Finally, the Fund's positive duration position and emphasis on the front-end of the yield curve significantly rewarded performance as rates moved lower.

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096i79711e57873670d4b9c0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Treasury Bills: 1-3 Months Index** |
| **3/2015** | $10000 | $10000 | $10000 |
| **3/2016** | $10029 | $10196 | $10009 |
| **3/2017** | $10473 | $10241 | $10039 |
| **3/2018** | $10734 | $10364 | $10144 |
| **3/2019** | $11121 | $10829 | $10356 |
| **3/2020** | $10886 | $11796 | $10571 |
| **3/2021** | $12122 | $11880 | $10581 |
| **3/2022** | $11772 | $11386 | $10587 |
| **3/2023** | $11578 | $10842 | $10862 |
| **3/2024** | $12257 | $11026 | $11446 |
| **3/2025** | $13180 | $11564 | $12022 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Class I | 7.53% | 3.90% | 2.80% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Treasury Bills: 1-3 Months Index | 5.03% | 2.60% | 1.86% |

---

## Key Fund Statistics
* Total Net Assets$2,745,021,132

* # of Portfolio Holdings868

* Portfolio Turnover Rate188%

* Total Advisory Fees Paid – Net$17,023,203

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| UMBS (TBA) | 4.88% |
| Ginnie Mae (TBA) | 4.02% |
| U.S. Treasury Notes | 3.31% |
| CIM Trust | 3.24% |
| SLM Student Loan Trust | 1.33% |
| Freddie Mac Pool SD8275 | 1.10% |
| IndyMac Index Mortgage Loan Trust | 1.04% |
| ACE Securities Corp. Home Equity Loan Trust | 1.03% |
| HSI Asset Securitization Corp. Trust | 0.93% |
| BX Trust | 0.89% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 59.57% |
| Corporates | 17.48% |
| Asset-Backed Securities | 12.10% |
| Short-Term Investments | 10.25% |
| Bank Loans | 3.46% |
| U.S. Treasury Securities | 3.31% |
| Foreign Government Obligations | 1.73% |
| Municipal Bonds | 0.33% |
| Common Stock | 0.31% |
| Other Security Types | 0.28%<sup>Footnote Reference\*</sup> |
| Liabilities in Excess of Other Assets | (8.82)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories. |

---

## Material Fund Changes
The Metropolitan West Unconstrained Bond Fund was renamed to the TCW MetWest Unconstrained Bond Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Unconstrained Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Class I: MWCIX
TSR MWCIX-0325

# TCW MetWest Unconstrained Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Class M: MWCRX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Unconstrained Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Class M | $107 | 1.03% |

---

## How did the Fund perform last year and what affected its performance?
Diversified exposure to fixed income spread sectors helped drive outperformance versus the Bloomberg U.S. Treasury Bills 1-3 Months Index, led by securitized products. CMBS holdings contributed the most, with exposures focused on single-asset single-borrower deals backed by high-quality properties that provided opportunity to capture higher yields without having to sacrifice collateral credit quality. Non-agency MBS was also a large contributor given steady income and attractive yield premiums. Contributions from the Fund's ABS holdings were led by single family rentals and mezzanine CLO tranches, which offered a favorable blend of spread premiums with robust structures that held up well throughout the year. Meanwhile, corporate credit was mixed, with higher quality high yield allocations underperforming, while investment grade positions contributed given tighter spreads and heightened investor demand that lasted through early 2025. Finally, the Fund's positive duration position and emphasis on the front-end of the yield curve significantly rewarded performance as rates moved lower.

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096ib72255283f0ca19d53be.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Treasury Bills: 1-3 Months Index** |
| **3/2015** | $10000 | $10000 | $10000 |
| **3/2016** | $9998 | $10196 | $10009 |
| **3/2017** | $10409 | $10241 | $10039 |
| **3/2018** | $10636 | $10364 | $10144 |
| **3/2019** | $10988 | $10829 | $10356 |
| **3/2020** | $10717 | $11796 | $10571 |
| **3/2021** | $11910 | $11880 | $10581 |
| **3/2022** | $11535 | $11386 | $10587 |
| **3/2023** | $11313 | $10842 | $10862 |
| **3/2024** | $11944 | $11026 | $11446 |
| **3/2025** | $12807 | $11564 | $12022 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 years |
| Class M | 7.23% | 3.63% | 2.50% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Treasury Bills: 1-3 Months Index | 5.03% | 2.60% | 1.86% |

---

## Key Fund Statistics
* Total Net Assets$2,745,021,132

* # of Portfolio Holdings868

* Portfolio Turnover Rate188%

* Total Advisory Fees Paid – Net$17,023,203

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| UMBS (TBA) | 4.88% |
| Ginnie Mae (TBA) | 4.02% |
| U.S. Treasury Notes | 3.31% |
| CIM Trust | 3.24% |
| SLM Student Loan Trust | 1.33% |
| Freddie Mac Pool SD8275 | 1.10% |
| IndyMac Index Mortgage Loan Trust | 1.04% |
| ACE Securities Corp. Home Equity Loan Trust | 1.03% |
| HSI Asset Securitization Corp. Trust | 0.93% |
| BX Trust | 0.89% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 59.57% |
| Corporates | 17.48% |
| Asset-Backed Securities | 12.10% |
| Short-Term Investments | 10.25% |
| Bank Loans | 3.46% |
| U.S. Treasury Securities | 3.31% |
| Foreign Government Obligations | 1.73% |
| Municipal Bonds | 0.33% |
| Common Stock | 0.31% |
| Other Security Types | 0.28%<sup>Footnote Reference\*</sup> |
| Liabilities in Excess of Other Assets | (8.82)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories. |

---

## Material Fund Changes
The Metropolitan West Unconstrained Bond Fund was renamed to the TCW MetWest Unconstrained Bond Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Unconstrained Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Class M: MWCRX
TSR MWCRX-0325

# TCW MetWest Unconstrained Bond Fund
![Image](g37096iaef3d83ab66b5846913a.jpg)

# Plan Class: MWCPX

# Annual Shareholder Report — March 31, 2025
This annual shareholder report contains important information about the TCW MetWest Unconstrained Bond Fund for the period ended March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the period ended March 31, 2025.**

## What were the Fund costs for the last year?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost paid as a percentage of a $10,000 investment** |
| Plan Class | $72 | 0.69% |

---

## How did the Fund perform last year and what affected its performance?
Diversified exposure to fixed income spread sectors helped drive outperformance versus the Bloomberg U.S. Treasury Bills 1-3 Months Index, led by securitized products. CMBS holdings contributed the most, with exposures focused on single-asset single-borrower deals backed by high-quality properties that provided opportunity to capture higher yields without having to sacrifice collateral credit quality. Non-agency MBS was also a large contributor given steady income and attractive yield premiums. Contributions from the Fund's ABS holdings were led by single family rentals and mezzanine CLO tranches, which offered a favorable blend of spread premiums with robust structures that held up well throughout the year. Meanwhile, corporate credit was mixed, with higher quality high yield allocations underperforming, while investment grade positions contributed given tighter spreads and heightened investor demand that lasted through early 2025. Finally, the Fund's positive duration position and emphasis on the front-end of the yield curve significantly rewarded performance as rates moved lower.

## Fund Performance
![Line Graph showing Growth of 10K investment over past years](g37096i4aecf054669647d26054.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Plan Class** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Treasury Bills: 1-3 Months Index** |
| **3/06/2020** | $10000 | $10000 | $10000 |
| **3/2020** | $9312 | $9758 | $10008 |
| **3/2021** | $10378 | $9827 | $10017 |
| **3/2022** | $10084 | $9419 | $10023 |
| **3/2023** | $9932 | $8969 | $10283 |
| **3/2024** | $10522 | $9121 | $10836 |
| **3/2025** | $11310 | $9566 | $11381 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 3/06/2020 |
| Plan Class | 7.49% | 3.96% | 2.46% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | -0.67% |
| Bloomberg U.S. Treasury Bills: 1-3 Months Index | 5.03% | 2.60% | 2.61% |

---

## Key Fund Statistics
* Total Net Assets$2,745,021,132

* # of Portfolio Holdings868

* Portfolio Turnover Rate188%

* Total Advisory Fees Paid – Net$17,023,203

## What did the Fund invest in?

### Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| UMBS (TBA) | 4.88% |
| Ginnie Mae (TBA) | 4.02% |
| U.S. Treasury Notes | 3.31% |
| CIM Trust | 3.24% |
| SLM Student Loan Trust | 1.33% |
| Freddie Mac Pool SD8275 | 1.10% |
| IndyMac Index Mortgage Loan Trust | 1.04% |
| ACE Securities Corp. Home Equity Loan Trust | 1.03% |
| HSI Asset Securitization Corp. Trust | 0.93% |
| BX Trust | 0.89% |

---

### Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed | 59.57% |
| Corporates | 17.48% |
| Asset-Backed Securities | 12.10% |
| Short-Term Investments | 10.25% |
| Bank Loans | 3.46% |
| U.S. Treasury Securities | 3.31% |
| Foreign Government Obligations | 1.73% |
| Municipal Bonds | 0.33% |
| Common Stock | 0.31% |
| Other Security Types | 0.28%<sup>Footnote Reference\*</sup> |
| Liabilities in Excess of Other Assets | (8.82)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories. |

---

## Material Fund Changes
The Metropolitan West Unconstrained Bond Fund was renamed to the TCW MetWest Unconstrained Bond Fund on July 29, 2024.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g37096iaef3d83ab66b5846913a.jpg)

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

Phone: 800-FUND-TCW (800-386-3829)

#### TCW MetWest Unconstrained Bond Fund

#### Annual Shareholder Report — March 31, 2025

#### Plan Class: MWCPX
TSR MWCPX-0325

------

(b) Not applicable.

#### Item 2. Code of Ethics.
(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not applicable.

(f) A copy of the registrant's Code of Ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit.

#### Item 3. Audit Committee Financial Expert.
As of the end of the period covered by the report, the registrant's board of directors has determined that each of Victoria Rogers, Robert Rooney and Michael Swell is qualified to serve as audit committee financial expert serving on its audit committee and that person is "independent," as defined by Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u> 

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $358,000 for 2025 and $622,107 for 2024.

------

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2025 and $0 for 2024.

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $88,575 for 2025 and $137,858 for 2024.

<u>All Other Fees</u> 

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2024.

(e) Audit Committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

---

| | |
|:---|:---|
| (e)(1) | Pre-Approval Policies and Procedures. The Audit Committee ("Committee") of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent auditors to the registrant and (ii) all permissible non-audit services to be provided by the independent auditors to Metropolitan West Funds and any affiliate of Metropolitan West Funds that provides services to the registrant (a "Covered Services Provider") if the independent auditors' engagement relates directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson's pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee's pre-approval responsibilities to other persons (other than Metropolitan West Funds or the registrant's officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the registrant, Metropolitan West Funds and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by the registrant to its independent auditors during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee or the Chairperson prior to the completion of the audit.  |

---

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

(b) N/A

------

(c) 100%

(d) N/A

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0%.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $970,608 for 2025 and $1,060,849 for 2024.

(h) The registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
**(**a) Not applicable.

(b) Not applicable.

#### Item 6. Investments.
(a) The Registrant's "Schedule I – Investments in securities of unaffiliated issuers" as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![LOGO](g37096g38t78.jpg)

------

---

| | |
|:---|:---|
| TCW Metropolitan West Funds | **March 31, 2025** |
| **Table of Contents** |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Portfolio Investments](#fin37096_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [High Yield Bond Fund](#fin37096_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Intermediate Bond Fund](#fin37096_3) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Grade Credit Fund](#fin37096_4) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Low Duration Bond Fund](#fin37096_5) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Strategic Income Fund](#fin37096_6) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Sustainable Securitized Fund](#fin37096_7) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Total Return Bond Fund](#fin37096_8) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ultra Short Bond Fund](#fin37096_9) | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Unconstrained Bond Fund](#fin37096_10) | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#fin37096_11) | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#fin37096_12) | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fin37096_13) | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#fin37096_14) | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#fin37096_15) | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#fin37096_16) | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Tax Information Notice (Unaudited)](#fin37096_17) | 241 |

---

------

#### High Yield Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **BONDS – 93.67%** | **BONDS – 93.67%** | **BONDS – 93.67%** |  |
|  **BANK LOANS — 14.21%\*** | **BANK LOANS — 14.21%\*** | **BANK LOANS — 14.21%\*** |  |
|  **Automotive — 0.38%** | **Automotive — 0.38%** | **Automotive — 0.38%** |  |
|  First Brands Group LLC, | First Brands Group LLC, | First Brands Group LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 5.26%) | (SOFR plus 5.26%) | (SOFR plus 5.26%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.55% | 03/30/27<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710231 | $1593192 |
|  **Communications — 1.00%** | **Communications — 1.00%** |  |  |
|  Cyxtera DC Holdings, Inc., | Cyxtera DC Holdings, Inc., |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50% | 05/01/26<sup>†</sup><sup>,1,2,3</sup> | 355886 |  |
|  NEP Group, Inc., | NEP Group, Inc., | NEP Group, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 5.01%) | (SOFR plus 5.01%) | (SOFR plus 5.01%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.32% | 08/19/26<sup>1,4</sup> | 1012355 | 944527 |
|  NEP/NCP Holdco, Inc., | NEP/NCP Holdco, Inc., | NEP/NCP Holdco, Inc., |  |
|  Term Loan, 2nd Lien | Term Loan, 2nd Lien | Term Loan, 2nd Lien |  |
|  (SOFR plus 7.26%) | (SOFR plus 7.26%) | (SOFR plus 7.26%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.57% | 10/19/26<sup>1</sup> | 875000 | 671563 |
|  Neptune Bidco U.S., Inc., | Neptune Bidco U.S., Inc., |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 5.10%) | (SOFR plus 5.10%) | (SOFR plus 5.10%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.39% | 04/11/29<sup>1</sup> | 881020 | 761946 |
|  Research Now LLC, | Research Now LLC, | Research Now LLC, |  |
|  Term Loan | Term Loan | Term Loan |  |
|  (SOFR plus 5.50%) | (SOFR plus 5.50%) | (SOFR plus 5.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.58% | 04/22/25<sup>1</sup> | 667070 | 668654 |
|  Virgin Media Bristol LLC, | Virgin Media Bristol LLC, | Virgin Media Bristol LLC, |  |
|  Term Loan Y, 1st Lien | Term Loan Y, 1st Lien | Term Loan Y, 1st Lien |  |
|  (SOFR plus 3.28%) | (SOFR plus 3.28%) | (SOFR plus 3.28%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.72% | 03/31/31<sup>1</sup> | 681000 | 656665 |
|  Zayo Group Holdings, Inc., | Zayo Group Holdings, Inc., | Zayo Group Holdings, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.11%) | (SOFR plus 3.11%) | (SOFR plus 3.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.44% | 03/09/27<sup>1</sup> | 500000 | 466610 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169965 |
|  **Consumer Discretionary — 0.61%** | **Consumer Discretionary — 0.61%** | **Consumer Discretionary — 0.61%** |  |
|  Celsius Holdings, Inc., | Celsius Holdings, Inc., | Celsius Holdings, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57% | 03/21/32<sup>1</sup> | 1045000 | 1048265 |
|  Naked Juice, LLC, | Naked Juice, LLC, | Naked Juice, LLC, |  |
|  Term Loan, 2nd Lien | Term Loan, 2nd Lien | Term Loan, 2nd Lien |  |
|  (SOFR plus 6.10%) | (SOFR plus 6.10%) | (SOFR plus 6.10%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.40% | 01/24/30<sup>1</sup> | 691000 | 167854 |
|  Opal U.S. LLC, |  |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57% | 03/01/32<sup>1</sup> | 625000 | 621875 |
|  Pegasus Bidco BV, | Pegasus Bidco BV, | Pegasus Bidco BV, |  |
|  Term Loan B, 1st Lien (Netherlands) | Term Loan B, 1st Lien (Netherlands) | Term Loan B, 1st Lien (Netherlands) |  |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57% | 07/12/29<sup>1,5</sup> | 718434 | 718434 |
|  |  |  | 2556428 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |  |
|  **Diversified REITs — 0.29%** | **Diversified REITs — 0.29%** |  |  |
|  SBA Senior Finance II LLC, | SBA Senior Finance II LLC, | SBA Senior Finance II LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.08% | 01/25/31<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230970 | $1231228 |
|  **Electric — 1.03%** |  |  |  |
|  Alpha Generation LLC, | Alpha Generation LLC, | Alpha Generation LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.07% | 09/30/31<sup>1</sup> | 1171613 | 1173446 |
|  Edgewater Generation LLC, | Edgewater Generation LLC, | Edgewater Generation LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32% | 08/01/30<sup>1</sup> | 1112087 | 1113077 |
|  Hunterstown Generation LLC, | Hunterstown Generation LLC, | Hunterstown Generation LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80% | 11/06/31<sup>1</sup> | 702968 | 706482 |
|  Potomac Energy Center LLC, | Potomac Energy Center LLC, | Potomac Energy Center LLC, |  |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |
|  (SOFR plus 6.26%) | (SOFR plus 6.26%) | (SOFR plus 6.26%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.58% | 11/12/26<sup>1</sup> | 644663 | 644663 |
|  South Field Energy LLC, | South Field Energy LLC, | South Field Energy LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.55% | 08/29/31<sup>1</sup> | 634619 | 634619 |
|  Term Loan C, 1st Lien | Term Loan C, 1st Lien | Term Loan C, 1st Lien |  |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56% | 08/29/31<sup>1</sup> | 40568 | 40568 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4312855 |
|  **Entertainment — 0.39%** | **Entertainment — 0.39%** |  |  |
|  Showtime Acquisition LLC, | Showtime Acquisition LLC, | Showtime Acquisition LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.07% | 08/13/31<sup>1</sup> | 1603000 | 1612354 |
|  **Finance — 0.40%** | **Finance — 0.40%** | **Finance — 0.40%** |  |
|  Jane Street Group LLC, | Jane Street Group LLC, | Jane Street Group LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 2.00%) | (SOFR plus 2.00%) | (SOFR plus 2.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31% | 12/15/31<sup>1</sup> | 1675625 | 1657821 |
|  **Food — 1.17%** |  |  |  |
|  8th Avenue Food & Provisions, Inc., | 8th Avenue Food & Provisions, Inc., | 8th Avenue Food & Provisions, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.86%) | (SOFR plus 3.86%) | (SOFR plus 3.86%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.19% | 10/01/25<sup>1</sup> | 806936 | 793472 |
|  Term Loan, 2nd Lien | Term Loan, 2nd Lien | Term Loan, 2nd Lien |  |
|  (SOFR plus 7.86%) | (SOFR plus 7.86%) | (SOFR plus 7.86%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.19% | 10/01/26<sup>1</sup> | 750000 | 694571 |
|  Chobani LLC, |  |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 2.50%) | (SOFR plus 2.50%) | (SOFR plus 2.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.82% | 10/25/27<sup>1</sup> | 1052412 | 1053948 |
|  (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.07% | 10/25/27<sup>1</sup> | 58554 | 58640 |

---

*See accompanying Notes to Financial Statements.*

3 / Annual Financial Statements March 2025

------

#### High Yield Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value | Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |  |
|  **Food (continued)** | **Food (continued)** | **Food (continued)** |  |  |
|  Dessert Holdings, Inc., | Dessert Holdings, Inc., | Dessert Holdings, Inc., |  |  |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |  |
|  (SOFR plus 4.11%) | (SOFR plus 4.11%) | (SOFR plus 4.11%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.44% | 06/12/28<sup>1</sup> | $646652 | $| 632707 |
|  United Natural Foods, Inc., | United Natural Foods, Inc., | United Natural Foods, Inc., |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |  |
|  (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.07% | 04/25/31<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622738 |  | 1646064 |
|  |  |  |  | 4879402 |
|  **Gaming — 0.25%** | **Gaming — 0.25%** | **Gaming — 0.25%** | **Gaming — 0.25%** | **Gaming — 0.25%** |
|  Ontario Gaming Gta Ltd. Partnership, | Ontario Gaming Gta Ltd. Partnership, | Ontario Gaming Gta Ltd. Partnership, |  |  |
|  Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) |  |  |
|  (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.56% | 08/01/30<sup>1,5</sup> | 1072753 |  | 1058271 |
|  **Health Care — 1.24%** | **Health Care — 1.24%** | **Health Care — 1.24%** | **Health Care — 1.24%** | **Health Care — 1.24%** |
|  ADMI Corp., | ADMI Corp., | ADMI Corp., |  |  |
|  Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien |  |  |
|  (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.07% | 12/23/27<sup>1</sup> | 694724 |  | 698632 |
|  Auris Luxembourg III SARL, | Auris Luxembourg III SARL, | Auris Luxembourg III SARL, |  |  |
|  Term Loan B4, 1st Lien (Luxembourg) | Term Loan B4, 1st Lien (Luxembourg) | Term Loan B4, 1st Lien (Luxembourg) |  |  |
|  (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.18% | 02/28/29<sup>1,5</sup> | 210678 |  | 210678 |
|  Heartland Dental LLC, | Heartland Dental LLC, | Heartland Dental LLC, |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |  |
|  (SOFR plus 4.50%) | (SOFR plus 4.50%) | (SOFR plus 4.50%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.82% | 04/28/28<sup>1</sup> | 783090 |  | 783176 |
|  Modivcare, Inc., | Modivcare, Inc., | Modivcare, Inc., |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |  |
|  (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 07/01/31<sup>1</sup> | 2282749 |  | 1708249 |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |  |
|  (SOFR plus 8.50%) | (SOFR plus 8.50%) | (SOFR plus 8.50%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.79% | 01/07/26<sup>1</sup> | 368452 |  | 315026 |
|  Pluto Acquisition I, Inc., | Pluto Acquisition I, Inc., | Pluto Acquisition I, Inc., |  |  |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |  |
|  (SOFR plus 5.50%) | (SOFR plus 5.50%) | (SOFR plus 5.50%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.80% | 06/20/28<sup>1</sup> | 730000 |  | 740950 |
|  Sotera Health Holdings LLC, | Sotera Health Holdings LLC, | Sotera Health Holdings LLC, |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |  |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.55% | 05/30/31<sup>1</sup> | 447750 |  | 447470 |
|  Star Parent, Inc., | Star Parent, Inc., | Star Parent, Inc., |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |  |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30% | 09/27/30<sup>1</sup> | 310702 |  | 297497 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5201678 |
|  **Health Care REITs — 0.09%** | **Health Care REITs — 0.09%** | **Health Care REITs — 0.09%** | **Health Care REITs — 0.09%** | **Health Care REITs — 0.09%** |
|  Aveanna Healthcare LLC, | Aveanna Healthcare LLC, | Aveanna Healthcare LLC, |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |  |
|  (SOFR plus 3.85%) | (SOFR plus 3.85%) | (SOFR plus 3.85%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.16% | 07/17/28<sup>1</sup> | 381948 |  | 375504 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |  |
|  **Hotel & Resort REITs — 0.21%** | **Hotel & Resort REITs — 0.21%** | **Hotel & Resort REITs — 0.21%** | **Hotel & Resort REITs — 0.21%** |
|  OEG Borrower LLC, | OEG Borrower LLC, | OEG Borrower LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80% | 06/30/31<sup>1</sup> | $895500 | $896619 |
|  **Industrials — 1.09%** | **Industrials — 1.09%** | **Industrials — 1.09%** | **Industrials — 1.09%** |
|  Convergint Technologies, | Convergint Technologies, | Convergint Technologies, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.86%) | (SOFR plus 3.86%) | (SOFR plus 3.86%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.19% | 03/31/28<sup>1,6</sup> | 1084270 | 1080654 |
|  DG Investment Intermediate Holdings 2, Inc., | DG Investment Intermediate Holdings 2, Inc., | DG Investment Intermediate Holdings 2, Inc., | DG Investment Intermediate Holdings 2, Inc., |
|  Term Loan, 2nd Lien | Term Loan, 2nd Lien | Term Loan, 2nd Lien |  |
|  (SOFR plus 6.86%) | (SOFR plus 6.86%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.19% | 03/30/29<sup>1</sup> | 560000 | 556850 |
|  Engineering Research and Consulting LLC, | Engineering Research and Consulting LLC, | Engineering Research and Consulting LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 5.00%) | (SOFR plus 5.00%) | (SOFR plus 5.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.31% | 08/15/31<sup>1</sup> | 700245 | 698494 |
|  Oregon Tool Lux LP, | Oregon Tool Lux LP, | Oregon Tool Lux LP, |  |
|  Term Loan, 2nd Lien (Luxembourg) | Term Loan, 2nd Lien (Luxembourg) | Term Loan, 2nd Lien (Luxembourg) |  |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.32% | 10/15/29<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175148 | 874016 |
|  Plaze, Inc., | Plaze, Inc., | Plaze, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.86%) | (SOFR plus 3.86%) | (SOFR plus 3.86%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.19% | 08/03/26<sup>1</sup> | 746994 | 707508 |
|  TCP Sunbelt Acquisition Co., | TCP Sunbelt Acquisition Co., | TCP Sunbelt Acquisition Co., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57% | 10/24/31<sup>1</sup> | 648375 | 647565 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4565087 |
|  **Information Technology — 3.19%** | **Information Technology — 3.19%** | **Information Technology — 3.19%** | **Information Technology — 3.19%** |
|  Amentum Holdings LLC, | Amentum Holdings LLC, | Amentum Holdings LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 2.25%) | (SOFR plus 2.25%) | (SOFR plus 2.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.57% | 09/29/31<sup>1</sup> | 997500 | 966642 |
|  Barracuda Parent LLC, | Barracuda Parent LLC, | Barracuda Parent LLC, |  |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |
|  (SOFR plus 4.50%) | (SOFR plus 4.50%) | (SOFR plus 4.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.79% | 08/15/29<sup>1</sup> | 748087 | 651210 |
|  BMC Software (Boxer/Bladelogic), | BMC Software (Boxer/Bladelogic), | BMC Software (Boxer/Bladelogic), |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.29% | 07/30/31<sup>1</sup> | 500000 | 492005 |
|  Cast & Crew Payroll LLC, | Cast & Crew Payroll LLC, | Cast & Crew Payroll LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.07% | 12/29/28<sup>1</sup> | 547172 | 528439 |
|  Delivery Hero SE, | Delivery Hero SE, | Delivery Hero SE, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 5.00%) | (SOFR plus 5.00%) | (SOFR plus 5.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.31% | 12/12/29<sup>1</sup> | 1379549 | 1384150 |
|  DTI Holdco, Inc., | DTI Holdco, Inc., | DTI Holdco, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.32% | 04/26/29<sup>1</sup> | 1750000 | 1738187 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 4

------

#### High Yield Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |
|  **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |  |
|  EagleView Technology Co., | EagleView Technology Co., |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.76%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.09% | 08/14/25<sup>1</sup> | 1542890 | $1506385 |
|  Gainwell Acquisition Corp., | Gainwell Acquisition Corp., |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.10%) | (SOFR plus 4.10%) | (SOFR plus 4.10%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.40% | 10/01/27<sup>1</sup> | 423893 | 398731 |
|  Getty Images, Inc., | Getty Images, Inc., | Getty Images, Inc., |  |
|  Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25% | 02/21/30<sup>1</sup> | 1080000 | 1075950 |
|  Indy U.S. Bidco LLC, | Indy U.S. Bidco LLC, | Indy U.S. Bidco LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.82% | 03/06/28<sup>1</sup> | 748125 | 746629 |
|  Magnite, Inc., |  |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32% | 02/06/31<sup>1</sup> | 2383040 | 2382051 |
|  MH Sub I LLC, |  |  |  |
|  Term Loan B3, 1st Lien | Term Loan B3, 1st Lien | Term Loan B3, 1st Lien |  |
|  (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57% | 05/03/28<sup>1</sup> | 438949 | 418101 |
|  X Corp., |  |  |  |
|  Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien |  |
|  (SOFR plus 6.65%) | (SOFR plus 6.65%) | (SOFR plus 6.65%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.95% | 10/26/29<sup>1</sup> | 1049815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044566 |
|  |  |  | 13333046 |
|  **Insurance — 0.39%** | **Insurance — 0.39%** | **Insurance — 0.39%** |  |
|  Acrisure LLC, |  |  |  |
|  Term Loan B6, 1st Lien | Term Loan B6, 1st Lien | Term Loan B6, 1st Lien |  |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32% | 11/06/30<sup>1</sup> | 297504 | 296176 |
|  Asurion LLC, |  |  |  |
|  Term Loan B4, 2nd Lien | Term Loan B4, 2nd Lien | Term Loan B4, 2nd Lien |  |
|  (SOFR plus 5.36%) | (SOFR plus 5.36%) | (SOFR plus 5.36%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.69% | 01/20/29<sup>1</sup> | 195000 | 181320 |
|  Term Loan B8, 1st Lien | Term Loan B8, 1st Lien | Term Loan B8, 1st Lien |  |
|  (SOFR plus 3.36%) | (SOFR plus 3.36%) | (SOFR plus 3.36%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69% | 12/23/26<sup>1</sup> | 1141805 | 1140868 |
|  |  |  | 1618364 |
|  **Materials — 0.17%** | **Materials — 0.17%** | **Materials — 0.17%** |  |
|  Amer Rock Salt Co. LLC, | Amer Rock Salt Co. LLC, |  |  |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.44% | 06/12/28<sup>1,7</sup> | 697735 | 704712 |
|  **Retail — 0.73%** |  |  |  |
|  1011778 BC Unlimited Liability Co., | 1011778 BC Unlimited Liability Co., | 1011778 BC Unlimited Liability Co., |  |
|  Term Loan B6, 1st Lien (Canada) | Term Loan B6, 1st Lien (Canada) | Term Loan B6, 1st Lien (Canada) |  |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07% | 09/20/30<sup>1,5</sup> | 1883269 | 1868645 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value | Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |  |  |
|  **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |  |  |
|  Tacala Investment Corp., | Tacala Investment Corp., |  |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |  |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.82% | 01/31/31<sup>1</sup> | $1200405 | $| 1201624 |
|  |  |  |  | 3070269 |
|  **Services — 1.58%** | **Services — 1.58%** | **Services — 1.58%** |  |  |
|  Belron Finance U.S. LLC, | Belron Finance U.S. LLC, |  |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |  |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% | 10/16/31<sup>1</sup> | 702968 |  | 702641 |
|  Fugue Finance LLC, | Fugue Finance LLC, | Fugue Finance LLC, |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |  |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 01/09/32<sup>1</sup> | 497500 |  | 497694 |
|  Kelso Industries LLC, | Kelso Industries LLC, | Kelso Industries LLC, |  |  |
|  Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien |  |  |
|  (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.07% | 12/30/29<sup>1,8</sup> | 25555 |  | 25460 |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |  |
|  (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.07% | 12/26/29<sup>1</sup> | 398052 |  | 396559 |
|  MajorDrive Holdings IV LLC, | MajorDrive Holdings IV LLC, | MajorDrive Holdings IV LLC, |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |  |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30% | 06/01/28<sup>1</sup> | 623381 |  | 567361 |
|  Ryan LLC, |  |  |  |  |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |  |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.82% | 11/14/30<sup>1</sup> | 1437019 |  | 1434324 |
|  Valvoline, Inc., |  |  |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |  |
|  (SOFR plus 2.00%) | (SOFR plus 2.00%) | (SOFR plus 2.00%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.32% | 03/19/32<sup>1</sup> | 1000000 |  | 1000625 |
|  Verde Purchaser LLC, | Verde Purchaser LLC, | Verde Purchaser LLC, |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |  |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30% | 11/30/30<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308425 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303061 |
|  VT Topco, Inc., |  |  |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |  |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30% | 08/09/30<sup>1</sup> | 666596 |  | 667013 |
|  |  |  |  | 6594738 |
|  **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** |  |  |
|  (Cost $61,390,488) | (Cost $61,390,488) | (Cost $61,390,488) |  | 59431533 |
|  **CORPORATES — 78.96%\*** | **CORPORATES — 78.96%\*** |  |  |  |
|  **Automobile Components — 0.60%** | **Automobile Components — 0.60%** | **Automobile Components — 0.60%** |  |  |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 01/30/31<sup>9</sup> | 1180000 |  | 1052287 |
|  Forvia SE |  |  |  |  |
| (France) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 06/15/30<sup>5,9</sup> | 645000 |  | 636823 |

---

*See accompanying Notes to Financial Statements.*

5 / Annual Financial Statements March 2025

------

#### High Yield Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** |  |  |
|  **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** |  |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 04/23/32<sup>9</sup> | $895000 | $830161 |
|  |  |  | 2519271 |
|  **Banking — 2.04%** |  |  |  |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |  |
|  Series RR, NVS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%<sup>10,11</sup>  |  | 2040000 | 1993022 |
|  Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |  |
|  Series I, NVS | Series I, NVS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%<sup>10,11</sup>  |  | 2515000 | 2413497 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |
|  Series KK |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%<sup>10,11</sup>  |  | 805000 | 788277 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |  |
|  Series T, NVS | Series T, NVS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%<sup>10,11</sup>  |  | 3515000 | 3352145 |
|  |  |  | 8546941 |
|  **Communications — 11.09%** | **Communications — 11.09%** |  |  |
|  Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 11/15/28<sup>9</sup> | 1027000 | 900217 |
|  Altice Financing SA |  |  |  |
| (Luxembourg) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 08/15/29<sup>5,9</sup> | 2430000 | 1783448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63% | 07/15/27<sup>5,9</sup> | 955000 | 816583 |
|  Altice France SA |  |  |  |
| (France) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 01/15/29<sup>5,9</sup> | 1621000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 10/15/29<sup>5,9</sup> | 1189000 | 942003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13% | 02/01/27<sup>5,9</sup> | 895000 | 805979 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 03/01/30<sup>9</sup> | 1825000 | 1693304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 05/01/27<sup>9</sup> | 3025000 | 2981995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/01/26<sup>9</sup> | 2910000 | 2909594 |
|  CCO Holdings, LLC/CCO Holdings Capital Corp. | CCO Holdings, LLC/CCO Holdings Capital Corp. | CCO Holdings, LLC/CCO Holdings Capital Corp. | CCO Holdings, LLC/CCO Holdings Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 01/15/34<sup>9</sup> | 3160000 | 2602992 |
|  Cogent Communications Group LLC, | Cogent Communications Group LLC, | Cogent Communications Group LLC, | Cogent Communications Group LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 06/15/27<sup>9</sup> | 790000 | 795962 |
|  CommScope LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50% | 12/15/31<sup>9</sup> | 496000 | 510619 |
|  Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 10/01/28<sup>9</sup> | 2007000 | 1945003 |
|  CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 02/01/29<sup>9</sup> | 6863000 | 5709461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 04/01/28<sup>9</sup> | 991000 | 712197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25% | 05/15/28<sup>9</sup> | 565000 | 550965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75% | 01/31/29<sup>9</sup> | 118000 | 114492 |
|  DISH DBS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 07/01/28 | 2365000 | 1685626 |
|  EchoStar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75% | 11/30/29 | 2640000 | 2777005 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/01/28<sup>9</sup> | 895000 | 884445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 10/15/27<sup>9</sup> | 599000 | 599445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 05/01/29<sup>9</sup> | 1922000 | 1932236 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** |  |  |
|  **Communications (continued)** | **Communications (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63% | 03/15/31<sup>9</sup> | 2530000 | 2697235 |
|  Global Switch Finance BV | Global Switch Finance BV |  |  |
| (EMTN) |  |  |  |
| (Netherlands) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38% | 10/07/30<sup>5</sup> | 1095000 | 1108574 |
|  Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13% | 02/15/33<sup>9</sup> | 542000 | 535204 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 09/01/31<sup>9</sup> | 1087000 | 932853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/15/28<sup>9</sup> | 500000 | 466695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/01/29<sup>9</sup> | 770000 | 744144 |
|  Snap, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 03/01/33<sup>9</sup> | 1050000 | 1050959 |
|  Vmed O2 UK Financing I PLC | Vmed O2 UK Financing I PLC |  |  |
|  (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 04/15/32<sup>5,9</sup> | 750000 | 754484 |
|  VZ Secured Financing BV | VZ Secured Financing BV |  |  |
| (Netherlands) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/15/32<sup>5,9</sup> | 2442000 | 2125626 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25% | 10/01/31<sup>9</sup> | 975000 | 994342 |
|  |  |  | 46347998 |
|  **Consumer Discretionary — 4.57%** | **Consumer Discretionary — 4.57%** | **Consumer Discretionary — 4.57%** | **Consumer Discretionary — 4.57%** |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.28% | 04/02/50 | 1517000 | 1338225 |
|  Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 04/30/31<sup>9</sup> | 1215000 | 1091232 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 08/01/34 | 1000000 | 1002327 |
|  Crocs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 08/15/31<sup>9</sup> | 1099000 | 967289 |
|  Everi Holdings, Inc. | Everi Holdings, Inc. | Everi Holdings, Inc. | Everi Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 07/15/29<sup>9</sup> | 2873000 | 2882746 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 02/15/32<sup>9</sup> | 2673000 | 2344475 |
|  Opal Bidco SAS |  |  |  |
| (France) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 03/31/32<sup>5,9</sup> | 625000 | 625000 |
|  Primo Water Holdings Inc/Triton Water Holdings, Inc. | Primo Water Holdings Inc/Triton Water Holdings, Inc. | Primo Water Holdings Inc/Triton Water Holdings, Inc. | Primo Water Holdings Inc/Triton Water Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 04/01/29<sup>9</sup> | 2203000 | 2199083 |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/15/31<sup>9</sup> | 1458000 | 1246818 |
|  WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 | 4280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3121908 |
|  Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 08/15/28<sup>9</sup> | 2399000 | 2293231 |
|  |  |  | 19112334 |
|  **Diversified REITs — 0.86%** | **Diversified REITs — 0.86%** |  |  |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 | 3170000 | 2792277 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 12/01/33 | 750000 | 798177 |
|  |  |  | 3590454 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 6

------

#### High Yield Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Electric — 1.01%** | **Electric — 1.01%** | **Electric — 1.01%** | **Electric — 1.01%** |
|  Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 10/15/32<sup>9</sup> | $1065000 | $1066748 |
|  Pike Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63% | 01/31/31<sup>9</sup> | 2019000 | 2135389 |
|  Southern Co. (The), | Southern Co. (The), | Southern Co. (The), | Southern Co. (The), |
|  Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 03/15/55<sup>10</sup> | 1000000 | 1027853 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4229990 |
|  **Energy — 6.67%** | **Energy — 6.67%** | **Energy — 6.67%** | **Energy — 6.67%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 08/20/26 | 1143000 | 1135298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38% | 06/01/28<sup>9</sup> | 1085000 | 1075739 |
|  Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63% | 09/01/32<sup>9</sup> | 1200000 | 1206418 |
|  Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% | 04/01/30<sup>9</sup> | 1450000 | 1467719 |
|  Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 02/01/30<sup>9</sup> | 525000 | 532457 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
|  Series B, NVS | Series B, NVS | Series B, NVS | Series B, NVS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%<sup>10,11</sup>  |  | 2457000 | 2436475 |
|  Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 01/15/29 | 849000 | 848297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25% | 01/15/32<sup>9</sup> | 750000 | 772464 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 04/15/32<sup>9</sup> | 1030000 | 1022503 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13% | 02/15/29<sup>9</sup> | 710000 | 715543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38% | 02/15/32<sup>9</sup> | 190000 | 190703 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| (Mexico) | (Mexico) | (Mexico) | (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 01/28/31<sup>5</sup> | 524000 | 445970 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 04/15/40<sup>9</sup> | 373000 | 365869 |
|  Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 07/01/33<sup>9</sup> | 651000 | 651784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 05/01/29<sup>9</sup> | 1240000 | 1270467 |
|  TransMontaigne Partners LLC | TransMontaigne Partners LLC | TransMontaigne Partners LLC | TransMontaigne Partners LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 06/15/30<sup>9</sup> | 1495000 | 1508789 |
|  Transocean Poseidon Ltd. | Transocean Poseidon Ltd. | Transocean Poseidon Ltd. | Transocean Poseidon Ltd. |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 02/01/27<sup>5,9</sup> | 853125 | 850357 |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38% | 02/01/28<sup>5,9</sup> | 633333 | 648233 |
|  USA Compression Partners LP/USA Compression Finance | USA Compression Partners LP/USA Compression Finance | USA Compression Partners LP/USA Compression Finance | USA Compression Partners LP/USA Compression Finance |
|  Corp. | Corp. | Corp. | Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13% | 03/15/29<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955000 | 3011240 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 08/15/31<sup>9</sup> | 1830000 | 1666333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 01/15/30<sup>9</sup> | 395000 | 400574 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 01/15/30<sup>9</sup> | 2417000 | 2384701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88% | 02/01/32<sup>9</sup> | 2484000 | 2640200 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Energy (continued)** | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  NVS | NVS | NVS | NVS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%<sup>9,10,11</sup> |  | 685000 | 648826 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27896959 |
|  **Entertainment — 0.98%** | **Entertainment — 0.98%** | **Entertainment — 0.98%** | **Entertainment — 0.98%** |
|  Banijay Entertainment SAS Term Loan B, 1st Lien | Banijay Entertainment SAS Term Loan B, 1st Lien | Banijay Entertainment SAS Term Loan B, 1st Lien | Banijay Entertainment SAS Term Loan B, 1st Lien |
| (France) | (France) | (France) | (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13% | 05/01/29<sup>5,9</sup> | 1040000 | 1075008 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 03/15/26<sup>9</sup> | 1655000 | 1653559 |
|  WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 12/01/29<sup>9</sup> | 1476000 | 1377855 |
|  |  |  | 4106422 |
|  **Finance — 5.28%** | **Finance — 5.28%** | **Finance — 5.28%** | **Finance — 5.28%** |
|  American Express Co., | American Express Co., | American Express Co., | American Express Co., |
|  NVS | NVS | NVS | NVS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%<sup>10,11</sup> |  | 2150000 | 2083535 |
|  Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) |
|  Series K, NVS | Series K, NVS | Series K, NVS | Series K, NVS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%<sup>10,11</sup> |  | 2430000 | 2406061 |
|  Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88% | 09/01/31<sup>9</sup> | 717000 | 762314 |
|  EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 04/01/32<sup>9</sup> | 1480000 | 1504421 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 11/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925000 | 4868446 |
|  GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 02/15/27<sup>5,9</sup> | 775000 | 794635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 06/15/28<sup>5,9</sup> | 352000 | 370286 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 06/15/30 | 1290000 | 1224302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 01/15/29 | 970000 | 965896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% | 11/15/29<sup>9</sup> | 1119000 | 1112319 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 11/01/32<sup>9</sup> | 2585000 | 2549927 |
|  Macquarie AirFinance Holdings Ltd. | Macquarie AirFinance Holdings Ltd. | Macquarie AirFinance Holdings Ltd. | Macquarie AirFinance Holdings Ltd. |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40% | 03/26/29<sup>5,9</sup> | 1200000 | 1242220 |
|  Macy's Retail Holdings LLC | Macy's Retail Holdings LLC | Macy's Retail Holdings LLC | Macy's Retail Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 03/15/32<sup>9</sup> | 537000 | 492103 |
|  Saks Global Enterprises LLC | Saks Global Enterprises LLC | Saks Global Enterprises LLC | Saks Global Enterprises LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00% | 12/15/29<sup>9</sup> | 1205000 | 977654 |
|  Volkswagen International Finance NV | Volkswagen International Finance NV | Volkswagen International Finance NV | Volkswagen International Finance NV |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%<sup>5,10,11</sup> |  | 600000 | 722993 |
|  |  |  | 22077112 |
|  **Food — 2.99%** |  |  |  |
|  Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 11/15/28<sup>9</sup> | 290000 | 279530 |

---

*See accompanying Notes to Financial Statements.*

7 / Annual Financial Statements March 2025

------

#### High Yield Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Food (continued)** | **Food (continued)** | **Food (continued)** | **Food (continued)** |
|  ELO SACA | ELO SACA | ELO SACA | ELO SACA |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (France) | (France) | (France) | (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 07/23/27<sup>5</sup> | 1500000 | 1538832 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/32 | 2756000 | 2429512 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/15/31<sup>9</sup> | 3515000 | 3190407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 04/15/30<sup>9</sup> | 1725000 | 1612717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 12/15/29<sup>9</sup> | 3530000 | 3441056 |
|  |  |  | 12492054 |
|  **Gaming — 2.23%** | **Gaming — 2.23%** | **Gaming — 2.23%** | **Gaming — 2.23%** |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 04/01/30<sup>9</sup> | 1440000 | 1411926 |
|  Great Canadian Gaming Corp. | Great Canadian Gaming Corp. | Great Canadian Gaming Corp. | Great Canadian Gaming Corp. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% | 11/15/29<sup>5,9</sup> | 1000000 | 1008460 |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 04/15/32 | 1052000 | 1033292 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance |
|  Corp. | Corp. | Corp. | Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63% | 02/01/33<sup>9</sup> | 1075000 | 1058843 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 05/15/27<sup>9</sup> | 4854000 | 4803489 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9316010 |
|  **Health Care — 13.07%** | **Health Care — 13.07%** | **Health Care — 13.07%** | **Health Care — 13.07%** |
|  1261229 BC Ltd., | 1261229 BC Ltd., | 1261229 BC Ltd., | 1261229 BC Ltd., |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% | 04/15/32<sup>5,9</sup> | 2072000 | 2062341 |
|  1375209 BC Ltd. | 1375209 BC Ltd. | 1375209 BC Ltd. | 1375209 BC Ltd. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 01/30/28<sup>5,9</sup> | 3185000 | 3186423 |
|  180 Medical, Inc. | 180 Medical, Inc. | 180 Medical, Inc. | 180 Medical, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 10/15/29<sup>9</sup> | 1250000 | 1167593 |
|  Bausch + Lomb Corp. | Bausch + Lomb Corp. | Bausch + Lomb Corp. | Bausch + Lomb Corp. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38% | 10/01/28<sup>5,9</sup> | 815000 | 844869 |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.00% | 10/15/30<sup>5,9</sup> | 192000 | 183153 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 11/21/33<sup>9</sup> | 1423000 | 1493875 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 07/15/28 | 2404000 | 2195520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 08/01/31 | 1219000 | 1026400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30 | 865000 | 757084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8170000 | 7978631 |
|  Cerba Healthcare SACA, | Cerba Healthcare SACA, | Cerba Healthcare SACA, | Cerba Healthcare SACA, |
|  Series REGS | Series REGS | Series REGS | Series REGS |
| (France) | (France) | (France) | (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/31/28<sup>5</sup> | 675000 | 586984 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 12/10/54<sup>10</sup> | 1505000 | 1505863 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
|  Grifols SA, | Grifols SA, | Grifols SA, | Grifols SA, |
|  Series REGS | Series REGS | Series REGS | Series REGS |
| (Spain) | (Spain) | (Spain) | (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 05/01/30<sup>5</sup> | 1305000 | 1474610 |
|  HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 10/01/31<sup>9</sup> | 1415000 | 1362147 |
|  Heartland Dental LLC/Heartland Dental Finance Corp. | Heartland Dental LLC/Heartland Dental Finance Corp. | Heartland Dental LLC/Heartland Dental Finance Corp. | Heartland Dental LLC/Heartland Dental Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50% | 04/30/28<sup>9</sup> | 791000 | 831849 |
|  Kedrion SpA | Kedrion SpA | Kedrion SpA | Kedrion SpA |
| (Italy) | (Italy) | (Italy) | (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 09/01/29<sup>5,9</sup> | 2670000 | 2540486 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 10/01/29<sup>9</sup> | 1670000 | 1603499 |
|  ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/01/29<sup>9,12</sup> | 3455000 | 1416550 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 06/15/28<sup>9</sup> | 900000 | 858611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 01/15/33<sup>9</sup> | 900000 | 888273 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 10/31/29<sup>9</sup> | 1000000 | 934216 |
|  Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 04/01/31<sup>9</sup> | 1847000 | 1656871 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38% | 09/01/29<sup>9</sup> | 1120000 | 1063101 |
|  Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 06/01/31<sup>9</sup> | 1190000 | 1212213 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 10/01/30<sup>9</sup> | 700000 | 693267 |
|  Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 06/01/28<sup>9</sup> | 1729000 | 1650213 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 06/15/28 | 4350000 | 4197988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 11/01/27 | 7993000 | 7883794 |
|  Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13% | 09/15/31<sup>5</sup> | 1257000 | 1404833 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54661257 |
|  **Industrials — 6.82%** | **Industrials — 6.82%** | **Industrials — 6.82%** | **Industrials — 6.82%** |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 08/15/26<sup>5,9</sup> | 900000 | 829401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 08/15/27<sup>5,9</sup> | 1140000 | 524809 |
|  Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | 4998564 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 01/15/34 | 1205000 | 1220855 |
|  Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 03/31/29<sup>9</sup> | 1120000 | 1043459 |
|  General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| (MTN) | (MTN) | (MTN) | (MTN) |
|  (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06% | 08/15/36<sup>1</sup> | 1300000 | 1221204 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 07/15/27<sup>9</sup> | 1825000 | 1793456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 07/15/32<sup>9</sup> | 600000 | 601567 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 8

------

#### High Yield Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
|  II-VI, Inc. | II-VI, Inc. | II-VI, Inc. | II-VI, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 12/15/29<sup>9</sup> | 566000 | 541099 |
|  IMA Industria Macchine Automatiche SpA (Italy) | IMA Industria Macchine Automatiche SpA (Italy) | IMA Industria Macchine Automatiche SpA (Italy) | IMA Industria Macchine Automatiche SpA (Italy) |
|  (3-Month Euribor plus 3.75%) | (3-Month Euribor plus 3.75%) | (3-Month Euribor plus 3.75%) | (3-Month Euribor plus 3.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.54% | 04/15/29<sup>1,5,9</sup> | 850000 | 919542 |
|  Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP |
| (Luxembourg) | (Luxembourg) | (Luxembourg) | (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88% | 10/15/29<sup>5,9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117022 | 670196 |
|  Paprec Holding SA | Paprec Holding SA | Paprec Holding SA | Paprec Holding SA |
| (France) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% | 11/17/29<sup>5,9</sup> | 900000 | 1022686 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 03/01/32<sup>9</sup> | 1725000 | 1735434 |
|  Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 12/01/27<sup>9</sup> | 500000 | 482180 |
|  Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |
| (Netherlands) | (Netherlands) | (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/15/29<sup>5,9</sup> | 2500000 | 2298761 |
|  TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 07/15/27<sup>9</sup> | 1180000 | 1160525 |
|  TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 05/01/29 | 2435000 | 2316221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 03/01/29<sup>9</sup> | 4143000 | 4192247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 12/15/30<sup>9</sup> | 905000 | 926657 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28498863 |
|  **Information Technology — 5.46%** | **Information Technology — 5.46%** | **Information Technology — 5.46%** |  |
|  Amentum Holdings, Inc. | Amentum Holdings, Inc. | Amentum Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% | 08/01/32<sup>9</sup> | 750000 | 741420 |
|  Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 12/01/28<sup>9</sup> | 1473000 | 1295757 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 03/31/29<sup>9</sup> | 2250000 | 2189181 |
|  Helios Software Holdings, Inc./ION Corporate Solutions | Helios Software Holdings, Inc./ION Corporate Solutions | Helios Software Holdings, Inc./ION Corporate Solutions | Helios Software Holdings, Inc./ION Corporate Solutions |
|  Finance SARL | Finance SARL | Finance SARL | Finance SARL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% | 05/01/29<sup>9</sup> | 1771000 | 1763838 |
|  Insight Enterprises, Inc. | Insight Enterprises, Inc. | Insight Enterprises, Inc. | Insight Enterprises, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63% | 05/15/32<sup>9</sup> | 1150000 | 1161881 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 04/15/29<sup>9</sup> | 1015000 | 967789 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. | Open Text Corp. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90% | 12/01/27<sup>5,9</sup> | 3302000 | 3419221 |
|  RingCentral, Inc. | RingCentral, Inc. | RingCentral, Inc. | RingCentral, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 08/15/30<sup>9</sup> | 616000 | 647960 |
|  Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 04/01/28<sup>9</sup> | 2023000 | 1936317 |
|  SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/30/27<sup>9</sup> | 4400000 | 4371567 |
|  Xerox Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25% | 10/15/30<sup>9</sup> | 1230000 | 1218542 |
|  Zebra Technologies Corp. | Zebra Technologies Corp. | Zebra Technologies Corp. | Zebra Technologies Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 06/01/32<sup>9</sup> | 750000 | 760217 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** |  |  |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |  |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 02/01/29<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575000 | 2364552 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22838242 |
|  **Insurance — 1.28%** | **Insurance — 1.28%** | **Insurance — 1.28%** | **Insurance — 1.28%** |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 04/15/28<sup>9</sup> | 450000 | 452241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 01/15/31<sup>9</sup> | 930000 | 935218 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 02/15/29<sup>9</sup> | 545000 | 549606 |
|  Ardonagh Group Finance Ltd. | Ardonagh Group Finance Ltd. | Ardonagh Group Finance Ltd. | Ardonagh Group Finance Ltd. |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88% | 02/15/32<sup>5,9</sup> | 540000 | 551307 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 10/15/64<sup>9,10</sup> | 1650000 | 1683970 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% | 06/15/30<sup>9</sup> | 455000 | 468927 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13% | 06/01/31<sup>9</sup> | 695000 | 708489 |
|  |  |  | 5349758 |
|  **Materials — 2.59%** | **Materials — 2.59%** | **Materials — 2.59%** | **Materials — 2.59%** |
|  ATI, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 10/01/31 | 857000 | 806141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% | 08/15/30 | 550000 | 567478 |
|  Axalta Coating Systems, LLC | Axalta Coating Systems, LLC | Axalta Coating Systems, LLC | Axalta Coating Systems, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/15/29<sup>9</sup> | 1183000 | 1085303 |
|  Clearwater Paper Corp. | Clearwater Paper Corp. | Clearwater Paper Corp. | Clearwater Paper Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 08/15/28<sup>9</sup> | 2933000 | 2741690 |
|  Herens Holdco SARL | Herens Holdco SARL | Herens Holdco SARL | Herens Holdco SARL |
| (Luxembourg) | (Luxembourg) | (Luxembourg) | (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 05/15/28<sup>5,9</sup> | 339000 | 305636 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 04/15/29<sup>5,9</sup> | 542000 | 540537 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 11/15/26<sup>9</sup> | 1733000 | 1679110 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 05/01/28<sup>9</sup> | 272000 | 258903 |
|  SK Invictus Intermediate II SARL | SK Invictus Intermediate II SARL | SK Invictus Intermediate II SARL | SK Invictus Intermediate II SARL |
| (Luxembourg) | (Luxembourg) | (Luxembourg) | (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/30/29<sup>5,9</sup> | 1168000 | 1098001 |
|  Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 06/15/31<sup>9</sup> | 802000 | 698205 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 03/01/31<sup>9</sup> | 1035000 | 1036578 |
|  |  |  | 10817582 |
|  **Office REITs — 0.59%** | **Office REITs — 0.59%** | **Office REITs — 0.59%** | **Office REITs — 0.59%** |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 1160000 | 1025938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 02/15/28 | 1265000 | 1098357 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 04/01/32 | 418000 | 337762 |
|  |  |  | 2462057 |

---

*See accompanying Notes to Financial Statements.*

9 / Annual Financial Statements March 2025

------

#### High Yield Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** |  |  |
|  **Retail — 4.39%** |  |  |  |
|  Arcos Dorados BV | Arcos Dorados BV | Arcos Dorados BV | Arcos Dorados BV |
| (Netherlands) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 01/29/32<sup>5,9</sup> | $1087000 | $1102831 |
|  Bloomin' Brands, Inc./OSI Restaurant Partners LLC | Bloomin' Brands, Inc./OSI Restaurant Partners LLC | Bloomin' Brands, Inc./OSI Restaurant Partners LLC | Bloomin' Brands, Inc./OSI Restaurant Partners LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 04/15/29<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217000 | 1047372 |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/01/26<sup>9</sup> | 2240000 | 2220130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 04/01/29<sup>9</sup> | 3652000 | 3309951 |
|  Fertitta Entertainment, LLC/Fertitta Entertainment Finance | Fertitta Entertainment, LLC/Fertitta Entertainment Finance | Fertitta Entertainment, LLC/Fertitta Entertainment Finance | Fertitta Entertainment, LLC/Fertitta Entertainment Finance |
|  Co., Inc. | Co., Inc. | Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 01/15/30<sup>9</sup> | 1622000 | 1409360 |
|  FirstCash, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 01/01/30<sup>9</sup> | 2071000 | 2010196 |
|  Lithia Motors, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 06/01/29<sup>9</sup> | 875000 | 803661 |
|  Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 05/01/28<sup>9</sup> | 1345000 | 930214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88% | 05/01/29<sup>9</sup> | 773000 | 420573 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 02/15/31<sup>9</sup> | 1293000 | 1152957 |
|  Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 09/15/29<sup>9</sup> | 2160000 | 2026113 |
|  Staples, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75% | 09/01/29<sup>9</sup> | 650000 | 588707 |
|  Suburban Propane Partners LP/Suburban Energy Finance | Suburban Propane Partners LP/Suburban Energy Finance | Suburban Propane Partners LP/Suburban Energy Finance | Suburban Propane Partners LP/Suburban Energy Finance |
|  Corp. | Corp. | Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 06/01/31<sup>9</sup> | 810000 | 733156 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 03/15/31 | 650000 | 584040 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18339261 |
|  **Services — 5.83%** |  |  |  |
|  Adtalem Global Education, Inc. | Adtalem Global Education, Inc. | Adtalem Global Education, Inc. | Adtalem Global Education, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/01/28<sup>9</sup> | 2036000 | 2008429 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88% | 02/15/31<sup>9</sup> | 1060000 | 1075059 |
|  Block, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/31 | 1390000 | 1225866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 05/15/32<sup>9</sup> | 515000 | 521258 |
|  Carriage Services, Inc. | Carriage Services, Inc. | Carriage Services, Inc. | Carriage Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 05/15/29<sup>9</sup> | 1400000 | 1275174 |
|  Deluxe Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13% | 09/15/29<sup>9</sup> | 700000 | 705850 |
|  Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
| (Canada) | (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38% | 11/15/32<sup>5,9</sup> | 620000 | 611763 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 01/15/31<sup>5,9</sup> | 2400000 | 2475911 |
|  HealthEquity, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/29<sup>9</sup> | 1204000 | 1129534 |
|  MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 06/01/29<sup>9</sup> | 1100000 | 846486 |
|  OT Midco, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% | 02/15/30<sup>9</sup> | 1325000 | 1145462 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** |  |  |
|  **Services (continued)** | **Services (continued)** | **Services (continued)** | **Services (continued)** |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 08/31/27<sup>9</sup> | 300000 | $284610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 04/15/26<sup>9</sup> | 976000 | 975875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 01/15/28<sup>9</sup> | 1515000 | 1513714 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 11/15/31<sup>9</sup> | 884000 | 861236 |
|  Sabre GLBL, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75% | 11/15/29<sup>9</sup> | 1355000 | 1367521 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 08/15/32<sup>9</sup> | 1040000 | 1049566 |
|  Upbound Group, Inc. | Upbound Group, Inc. | Upbound Group, Inc. | Upbound Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 02/15/29<sup>9</sup> | 1770000 | 1676910 |
|  VT Topco, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 08/15/30<sup>9</sup> | 689000 | 722963 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 02/01/33<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495000 | 1506652 |
|  WEX, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 03/15/33<sup>9</sup> | 978000 | 967454 |
|  Worldline SA |  |  |  |
| (France) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 07/30/25<sup>5,13</sup> | 150 | 19083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 07/30/26<sup>5,13</sup> | 3800 | 400528 |
|  |  |  | 24366904 |
|  **Specialized REITs — 0.22%** | **Specialized REITs — 0.22%** |  |  |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 01/15/33<sup>9</sup> | 935000 | 927712 |
|  **Transportation — 0.26%** | **Transportation — 0.26%** |  |  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
| (Canada) | (Canada) | (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 04/20/29<sup>5,9</sup> | 1110000 | 1086819 |
|  **Water — 0.13%** |  |  |  |
|  Holding d'Infrastructures des Metiers de l'Environnement | Holding d'Infrastructures des Metiers de l'Environnement | Holding d'Infrastructures des Metiers de l'Environnement | Holding d'Infrastructures des Metiers de l'Environnement |
| (France) | (France) | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 10/24/29<sup>5</sup> | 500000 | 550315 |
|  **Total Corporates** |  |  |  |
|  (Cost $334,156,198) | (Cost $334,156,198) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330134315 |
|  **MUNICIPAL BONDS — 0.27%\*** | **MUNICIPAL BONDS — 0.27%\*** | **MUNICIPAL BONDS — 0.27%\*** |  |
|  **Arizona — 0.27%** | **Arizona — 0.27%** |  |  |
|  Maricopa County Industrial Development Authority Revenue | Maricopa County Industrial Development Authority Revenue | Maricopa County Industrial Development Authority Revenue | Maricopa County Industrial Development Authority Revenue |
|  Bonds | Bonds | Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 10/01/29<sup>9</sup> | 1075000 | 1110800 |
|  **Total Municipal Bonds** | **Total Municipal Bonds** |  |  |
|  (Cost $1,075,000) | (Cost $1,075,000) |  |  |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 10

------

#### High Yield Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **U.S. TREASURY SECURITIES — 0.23%** | **U.S. TREASURY SECURITIES — 0.23%** | **U.S. TREASURY SECURITIES — 0.23%** |  |
| **U.S. Treasury Notes — 0.23%** | **U.S. Treasury Notes — 0.23%** | **U.S. Treasury Notes — 0.23%** |  |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/27 | $945000 | $944668 |
| **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |  |
|  (Cost $943,259) | (Cost $943,259) | (Cost $943,259) |  |
| **Total Bonds — 93.67%** | **Total Bonds — 93.67%** | **Total Bonds — 93.67%** |  |
|  (Cost $397,564,945) | (Cost $397,564,945) | (Cost $397,564,945) | 391621316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues |  | Shares | Value |
|  **COMMON STOCK — 0.11%** | **COMMON STOCK — 0.11%** | **COMMON STOCK — 0.11%** | **COMMON STOCK — 0.11%** |
| **Communications — 0.11%** | **Communications — 0.11%** | **Communications — 0.11%** | **Communications — 0.11%** |
|  Intelsat SA<sup>2,3,5</sup>  | Intelsat SA<sup>2,3,5</sup>  | Intelsat SA<sup>2,3,5</sup>  | Intelsat SA<sup>2,3,5</sup>  |
| (Luxembourg) | (Luxembourg) | 15691 | 451116 |
| **Total Common Stock** | **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
| (Cost $496,022) | (Cost $496,022) |  |  |
|  **WARRANT — 0.00%** | **WARRANT — 0.00%** | **WARRANT — 0.00%** | **WARRANT — 0.00%** |
| Communications — 0.00% | Communications — 0.00% | Communications — 0.00% | Communications — 0.00% |
| Intelsat SA<sup>2,3,5,14</sup> | Intelsat SA<sup>2,3,5,14</sup> | Intelsat SA<sup>2,3,5,14</sup> |  |
| (Luxembourg) | (Luxembourg) | 16 | 80 |
| Entertainment — 0.00% | Entertainment — 0.00% | Entertainment — 0.00% | Entertainment — 0.00% |
| Cineworld Group PLC<sup>2,3,5,14</sup> | Cineworld Group PLC<sup>2,3,5,14</sup> | Cineworld Group PLC<sup>2,3,5,14</sup> |  |
| (United Kingdom) | (United Kingdom) | 288340 |  |
| **Total Warrant** | **Total Warrant** | **Total Warrant** | **Total Warrant** |
| (Cost $60) | (Cost $60) |  | 80 |
| Issues |  | Principal<br>Amount/Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **SHORT-TERM INVESTMENTS — 2.95%** | **SHORT-TERM INVESTMENTS — 2.95%** | **SHORT-TERM INVESTMENTS — 2.95%** | **SHORT-TERM INVESTMENTS — 2.95%** |
| **Money Market Funds — 2.95%** | **Money Market Funds — 2.95%** | **Money Market Funds — 2.95%** | **Money Market Funds — 2.95%** |
| Fidelity Investments Money Market Funds - Government Portfolio | Fidelity Investments Money Market Funds - Government Portfolio | Fidelity Investments Money Market Funds - Government Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%<sup>15</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%<sup>15</sup>  | 2562490 | 2562490 |
| TCW Central Cash Fund | TCW Central Cash Fund | TCW Central Cash Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%<sup>15,16</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%<sup>15,16</sup>  | 9789160 | 9789160 |
| **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| (Cost $12,351,650) | (Cost $12,351,650) | (Cost $12,351,650) | 12351650 |
| **Total Investments - 96.73%** | **Total Investments - 96.73%** | **Total Investments - 96.73%** |  |
| (Cost $410,412,677) | (Cost $410,412,677) | (Cost $410,412,677) | 404424162 |
| **Net unrealized appreciation on unfunded commitments - 0.00%** | **Net unrealized appreciation on unfunded commitments - 0.00%** | **Net unrealized appreciation on unfunded commitments - 0.00%** | 2999 |
| **Cash and Other Assets, Less Liabilities - 3.27%** | **Cash and Other Assets, Less Liabilities - 3.27%** | **Cash and Other Assets, Less Liabilities - 3.27%** | 13686169 |
| **Net Assets - 100.00%** | **Net Assets - 100.00%** | **Net Assets - 100.00%** | $418113330 |

---

<sup>1</sup> Floating rate security. The rate disclosed was in effect at March 31, 2025.

<sup>2</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>3</sup> Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $451,196, which is 0.11% of total net assets. 

<sup>4</sup> Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer - 7.19% cash or 1.50% payment-in-kind interest. 

<sup>5</sup> Foreign denominated security issued by foreign domiciled entity.

<sup>6</sup> Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $86,297, at an interest rate of 8.31% and a maturity of March 31, 2028. The investment is accruing an unused commitment fee of 0.25% per annum. 

<sup>7</sup> Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $444,679, at an interest rate of 11.43% and a maturity of June 12, 2028. The investment is not accruing an unused commitment fee. 

<sup>8</sup> Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $73,612, at an interest rate of 10.07% and a maturity of December 30, 2029. The investment is not accruing an unused commitment fee. 

<sup>9</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

<sup>10</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

<sup>11</sup> Perpetual security with no stated maturity date.

<sup>12</sup> Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer - 5.00% cash or 10.00% payment-in-kind interest. 

<sup>13</sup> Zero coupon bond. The rate shown is the effective yield as of March 31, 2025.

<sup>14</sup> Non-income producing security.

<sup>15</sup> Represents the current yield as of March 31, 2025.

<sup>16</sup> Affiliated investment.

---

| | |
|:---|:---|
| <sup>†</sup> | Fair valued security. The aggregate value of fair valued securities is $0, which is 0.00% of total net assets. Fair valued securities were not valued utilizing an independent quote but were valued pursuant to guidelines approved by the Board of Trustees. See Notes to Financial Statements.  |

---

<sup>\*</sup> Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

Note: For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(EMTN): Euro Medium-Term Note

(EUR): Euro

(EURIBOR): Euro InterBank Offer Rate

(MTN): Medium-Term Note

(NVS): Non-Voting Shares

(REIT): Real Estate Investment Trust

(SOFR): Secured Overnight Financing Rate

*See accompanying Notes to Financial Statements.*

11 / Annual Financial Statements March 2025

------

#### High Yield Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency to<br>be Purchased | Currency to<br>be Sold | Counterparty | Settlement <br>Date | Unrealized<br>Appreciation<br> (Depreciation) |
|  **FOREIGN CURRENCY EXCHANGE CONTRACT** | **FOREIGN CURRENCY EXCHANGE CONTRACT** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR 7,692,000 | USD 8,306,591 | Citibank N.A. | 04/11/25 | $7255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR 1,895,000 | USD 1,977,412 | The Bank of New York Mellon | 04/11/25 | 70786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD 302,192 | EUR 278,000 | The Bank of New York Mellon | 04/11/25 | 1717 |
|  |  |  |  | 79758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR 3,276,000 | USD 3,551,787 | Goldman Sachs International | 04/11/25 | (10944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD 1,865,514 | EUR 1,782,000 | Goldman Sachs International | 04/11/25 | (60548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD 10,513,834 | EUR 10,259,000 | Citibank N.A. | 04/11/25 | (574537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD 567,112 | EUR 544,000 | Bank of America N.A. | 04/11/25 | (20866) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD 8,349,935 | EUR 7,692,000 | Citibank N.A. | 07/11/25 | (7164) |
|  |  |  |  | (674059) |
|  **NET UNREALIZED DEPRECIATION** |  |  |  | $(594301) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of <br> Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration Date | Notional Amount | Value | Unrealized<br>Appreciation<br> (Depreciation) |
|  **FUTURES CONTRACTS: LONG POSITIONS** | **FUTURES CONTRACTS: LONG POSITIONS** |  |  |  |  |
|  U.S. Treasury Five-Year Note | 473 | 06/30/25 | $51157906 | $712291 | $712291 |
|  Euro-Bobl Future | 23 | 06/06/25 | 2926446 | 19598 | 19598 |
|  |  |  | 54084352 | 731889 | 731889 |
|  **FUTURES CONTRACTS: SHORT POSITIONS** | **FUTURES CONTRACTS: SHORT POSITIONS** |  |  |  |  |
|  U.S. Treasury Two-Year Note | 133 | 06/30/25 | (27553860) | (155055) | (155055) |
|  Euro-Bobl Future | 43 | 06/06/25 | (5471181) | (15557) | (15557) |
|  U.S. Treasury Ten-Year Ultra Bond | 11 | 06/18/25 | (1255375) | 6170 | 6170 |
|  Euro-Bund Future | 7 | 06/06/25 | (974135) | (839) | (839) |
|  Euro-Schatz Future | 4 | 06/06/25 | (462131) | (1107) | (1107) |
|  U.S. Treasury Ultra Bond | 3 | 06/18/25 | (366750) | (9168) | (9168) |
|  |  |  | (36083432) | (175556) | (175556) |
|  **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | $18000920 | $556333 | $556333 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 12

------

#### Intermediate Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **BONDS – 102.47%** | **BONDS – 102.47%** | **BONDS – 102.47%** |  |
|  **ASSET-BACKED SECURITIES — 5.90%\*\*** | **ASSET-BACKED SECURITIES — 5.90%\*\*** | **ASSET-BACKED SECURITIES — 5.90%\*\*** |  |
|  AMMC CLO 30 Ltd., | AMMC CLO 30 Ltd., | AMMC CLO 30 Ltd., |  |
|  Series 2024-30A, Class A1 | Series 2024-30A, Class A1 | Series 2024-30A, Class A1 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.68%) | (CME Term SOFR 3-Month plus 1.68%) | (CME Term SOFR 3-Month plus 1.68%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.98% | 01/15/37<sup>1,2,3</sup> | $2000000 | $2005740 |
|  Apidos CLO XXV, | Apidos CLO XXV, | Apidos CLO XXV, |  |
|  Series 2016-25A, Class A1R3 | Series 2016-25A, Class A1R3 | Series 2016-25A, Class A1R3 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.14%) | (CME Term SOFR 3-Month plus 1.14%) | (CME Term SOFR 3-Month plus 1.14%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47% | 01/20/37<sup>1,2,3</sup> | 1810000 | 1806556 |
|  Barings CLO Ltd., | Barings CLO Ltd., | Barings CLO Ltd., |  |
|  Series 2018-4A, Class A1R | Series 2018-4A, Class A1R | Series 2018-4A, Class A1R |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 10/15/30<sup>1,2,3</sup> | 1928084 | 1927151 |
|  Buttermilk Park CLO Ltd., | Buttermilk Park CLO Ltd., | Buttermilk Park CLO Ltd., |  |
|  Series 2018-1A, Class A2R | Series 2018-1A, Class A2R | Series 2018-1A, Class A2R |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.37%) | (CME Term SOFR 3-Month plus 1.37%) | (CME Term SOFR 3-Month plus 1.37%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67% | 10/15/31<sup>1,2,3</sup> | 2000000 | 1996374 |
|  Dryden 40 Senior Loan Fund, | Dryden 40 Senior Loan Fund, | Dryden 40 Senior Loan Fund, |  |
|  Series 2015-40A, Class AR2 | Series 2015-40A, Class AR2 | Series 2015-40A, Class AR2 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47% | 08/15/31<sup>1,2,3</sup> | 1636994 | 1636585 |
|  Dryden 95 CLO Ltd., | Dryden 95 CLO Ltd., | Dryden 95 CLO Ltd., |  |
|  Series 2021-95A, Class BR | Series 2021-95A, Class BR | Series 2021-95A, Class BR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.60%) | (CME Term SOFR 3-Month plus 1.60%) | (CME Term SOFR 3-Month plus 1.60%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92% | 08/20/34<sup>1,2,3</sup> | 1600000 | 1601133 |
|  Dryden XXVI Senior Loan Fund, | Dryden XXVI Senior Loan Fund, | Dryden XXVI Senior Loan Fund, |  |
|  Series 2013-26A, Class AR | Series 2013-26A, Class AR | Series 2013-26A, Class AR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.16%) | (CME Term SOFR 3-Month plus 1.16%) | (CME Term SOFR 3-Month plus 1.16%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46% | 04/15/29<sup>1,2,3</sup> | 638505 | 638716 |
|  J.G. Wentworth XXX LLC, | J.G. Wentworth XXX LLC, | J.G. Wentworth XXX LLC, |  |
|  Series 2013-3A, Class A | Series 2013-3A, Class A | Series 2013-3A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08% | 01/17/73<sup>1</sup> | 274051 | 259106 |
|  J.G. Wentworth XXXII LLC, | J.G. Wentworth XXXII LLC, | J.G. Wentworth XXXII LLC, |  |
|  Series 2014-2A, Class A | Series 2014-2A, Class A | Series 2014-2A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.61% | 01/17/73<sup>1</sup> | 501976 | 455313 |
|  Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., |  |
|  Series 2020-46A, Class B1RR | Series 2020-46A, Class B1RR | Series 2020-46A, Class B1RR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.50%) | (CME Term SOFR 3-Month plus 1.50%) | (CME Term SOFR 3-Month plus 1.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82% | 10/15/34<sup>1,2,3</sup> | 1750000 | 1742480 |
|  Octagon Investment Partners 41 Ltd., | Octagon Investment Partners 41 Ltd., | Octagon Investment Partners 41 Ltd., |  |
|  Series 2019-2A, Class A1R2 | Series 2019-2A, Class A1R2 | Series 2019-2A, Class A1R2 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.09%) | (CME Term SOFR 3-Month plus 1.09%) | (CME Term SOFR 3-Month plus 1.09%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39% | 10/15/33<sup>1,2,3</sup> | 1700000 | 1700519 |
|  Octagon Investment Partners 46 Ltd., | Octagon Investment Partners 46 Ltd., | Octagon Investment Partners 46 Ltd., |  |
|  Series 2020-2A, Class AR | Series 2020-2A, Class AR | Series 2020-2A, Class AR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.42%) | (CME Term SOFR 3-Month plus 1.42%) | (CME Term SOFR 3-Month plus 1.42%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72% | 07/15/36<sup>1,2,3</sup> | 2000000 | 2001034 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  Palmer Square Loan Funding Ltd., | Palmer Square Loan Funding Ltd., | Palmer Square Loan Funding Ltd., |  |
|  Series 2022-3A, Class A1BR | Series 2022-3A, Class A1BR | Series 2022-3A, Class A1BR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.40%) | (CME Term SOFR 3-Month plus 1.40%) | (CME Term SOFR 3-Month plus 1.40%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 04/15/31<sup>1,2,3</sup> | $2500000 | $2500695 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |  |
|  Series 2021-SFR8, Class D | Series 2021-SFR8, Class D | Series 2021-SFR8, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.08% | 10/17/38<sup>1</sup> | 1150000 | 1100959 |
|  Recette CLO Ltd., | Recette CLO Ltd., | Recette CLO Ltd., |  |
|  Series 2015-1A, Class ARR | Series 2015-1A, Class ARR | Series 2015-1A, Class ARR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.34%) | (CME Term SOFR 3-Month plus 1.34%) | (CME Term SOFR 3-Month plus 1.34%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 04/20/34<sup>1,2,3</sup> | 1875000 | 1875024 |
|  Skyline Aircraft Finance LLC, | Skyline Aircraft Finance LLC, | Skyline Aircraft Finance LLC, |  |
|  Series 2021-1, Class A | Series 2021-1, Class A | Series 2021-1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23% | 05/10/37<sup>†</sup><sup>,4,5</sup> | 1757001 | 1622041 |
|  SLC Student Loan Trust, | SLC Student Loan Trust, | SLC Student Loan Trust, |  |
|  Series 2004-1, Class B | Series 2004-1, Class B | Series 2004-1, Class B |  |
|  (SOFR90A plus 0.55%) | (SOFR90A plus 0.55%) | (SOFR90A plus 0.55%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01% | 08/15/31<sup>2</sup> | 73166 | 65194 |
|  SLC Student Loan Trust, | SLC Student Loan Trust, | SLC Student Loan Trust, |  |
|  Series 2008-1, Class A4A | Series 2008-1, Class A4A | Series 2008-1, Class A4A |  |
|  (SOFR90A plus 1.86%) | (SOFR90A plus 1.86%) | (SOFR90A plus 1.86%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.24% | 12/15/32<sup>2</sup> | 91743 | 92592 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2004-2, Class B | Series 2004-2, Class B | Series 2004-2, Class B |  |
|  (SOFR90A plus 0.73%) | (SOFR90A plus 0.73%) | (SOFR90A plus 0.73%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29% | 07/25/39<sup>2</sup> | 76432 | 73223 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2006-8, Class A6 | Series 2006-8, Class A6 | Series 2006-8, Class A6 |  |
|  (SOFR90A plus 0.42%) | (SOFR90A plus 0.42%) | (SOFR90A plus 0.42%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98% | 01/25/41<sup>2</sup> | 560919 | 544079 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, |  |  |
|  Series 2008-2, Class B | Series 2008-2, Class B | Series 2008-2, Class B |  |
|  (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02% | 01/25/83<sup>2</sup> | 185000 | 195764 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, |  |  |
|  Series 2008-3, Class B | Series 2008-3, Class B | Series 2008-3, Class B |  |
|  (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02% | 04/26/83<sup>2</sup> | 185000 | 192503 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2008-4, Class B | Series 2008-4, Class B | Series 2008-4, Class B |  |
|  (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67% | 04/25/73<sup>2</sup> | 185000 | 198167 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, |  |  |
|  Series 2008-5, Class B | Series 2008-5, Class B | Series 2008-5, Class B |  |
|  (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.67% | 07/25/73<sup>2</sup> | 2235000 | 2402472 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2008-6, Class A4 | Series 2008-6, Class A4 | Series 2008-6, Class A4 |  |
|  (SOFR90A plus 1.36%) | (SOFR90A plus 1.36%) | (SOFR90A plus 1.36%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% | 07/25/23<sup>2</sup> | 500281 | 499830 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2008-6, Class B | Series 2008-6, Class B | Series 2008-6, Class B |  |
|  (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67% | 07/26/83<sup>2</sup> | 185000 | 189965 |

---

*See accompanying Notes to Financial Statements.*

13 / Annual Financial Statements March 2025

------

#### Intermediate Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2008-7, Class B | Series 2008-7, Class B | Series 2008-7, Class B |  |
|  (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67% | 07/26/83<sup>2</sup> | $185000 | $191245 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2012-7, Class A3 | Series 2012-7, Class A3 | Series 2012-7, Class A3 |  |
|  (SOFR30A plus 0.76%) | (SOFR30A plus 0.76%) | (SOFR30A plus 0.76%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 05/26/26<sup>2</sup> | 326929 | 318575 |
|  Structured Receivables Finance LLC, | Structured Receivables Finance LLC, | Structured Receivables Finance LLC, |  |
|  Series 2010-A, Class B | Series 2010-A, Class B | Series 2010-A, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.61% | 01/16/46<sup>1</sup> | 361160 | 367091 |
|  Taco Bell Funding LLC, | Taco Bell Funding LLC, | Taco Bell Funding LLC, |  |
|  Series 2016-1A, Class A23 | Series 2016-1A, Class A23 | Series 2016-1A, Class A23 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97% | 05/25/46<sup>1</sup> | 3093750 | 3091613 |
|  Vantage Data Centers Issuer LLC, | Vantage Data Centers Issuer LLC, | Vantage Data Centers Issuer LLC, |  |
|  Series 2020-1A, Class A2 | Series 2020-1A, Class A2 | Series 2020-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 09/15/45<sup>1</sup> | 1750000 | 1721761 |
|  Voya CLO Ltd., | Voya CLO Ltd., | Voya CLO Ltd., |  |
|  Series 2014-4A, Class A2RA | Series 2014-4A, Class A2RA | Series 2014-4A, Class A2RA |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.86%) | (CME Term SOFR 3-Month plus 1.86%) | (CME Term SOFR 3-Month plus 1.86%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 07/14/31<sup>1,2,3</sup> | 1650000 | 1654110 |
|  Voya CLO Ltd., | Voya CLO Ltd., | Voya CLO Ltd., |  |
|  Series 2017-3A, Class AAR2 | Series 2017-3A, Class AAR2 | Series 2017-3A, Class AAR2 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.60%) | (CME Term SOFR 3-Month plus 1.60%) | (CME Term SOFR 3-Month plus 1.60%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92% | 04/20/34<sup>1,2,3</sup> | 1500000 | 1500741 |
|  **Total Asset-Backed Securities**<br> (Cost $37,954,704) | **Total Asset-Backed Securities**<br> (Cost $37,954,704) | **Total Asset-Backed Securities**<br> (Cost $37,954,704) | 38168351 |
|  **BANK LOANS — 1.15%\*** | **BANK LOANS — 1.15%\*** | **BANK LOANS — 1.15%\*** |  |
|  **Communications — 0.10%** | **Communications — 0.10%** | **Communications — 0.10%** |  |
|  CCI Buyer, Inc., | CCI Buyer, Inc., | CCI Buyer, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30% | 12/17/27<sup>2</sup> | 59674 | 59782 |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |  |
|  Term Loan B5, 1st Lien | Term Loan B5, 1st Lien | Term Loan B5, 1st Lien |  |
|  (SOFR plus 1.50%) | (SOFR plus 1.50%) | (SOFR plus 1.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.09% | 04/15/27<sup>2</sup> | 95718 | 90197 |
|  NEP Group, Inc., | NEP Group, Inc., | NEP Group, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 5.01%) | (SOFR plus 5.01%) | (SOFR plus 5.01%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.32% | 08/19/26<sup>2,6</sup> | 30826 | 28760 |
|  Numericable U.S. LLC, | Numericable U.S. LLC, | Numericable U.S. LLC, |  |
|  Term Loan B14, 1st Lien | Term Loan B14, 1st Lien | Term Loan B14, 1st Lien |  |
|  (SOFR plus 5.50%) | (SOFR plus 5.50%) | (SOFR plus 5.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.80% | 08/15/28<sup>2</sup> | 64730 | 58184 |
|  Research Now LLC, | Research Now LLC, | Research Now LLC, |  |
|  Term Loan | Term Loan | Term Loan |  |
|  (SOFR plus 5.50%) | (SOFR plus 5.50%) | (SOFR plus 5.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.58% | 04/22/25<sup>2</sup> | 20477 | 20525 |
|  Virgin Media Bristol LLC, | Virgin Media Bristol LLC, | Virgin Media Bristol LLC, |  |
|  Term Loan Y3, 1st Lien | Term Loan Y3, 1st Lien | Term Loan Y3, 1st Lien |  |
|  (SOFR plus 3.18%) | (SOFR plus 3.18%) | (SOFR plus 3.18%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.64% | 03/31/31<sup>2</sup> | 27599 | 26613 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |
|  **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |  |
|  Zayo Group Holdings, Inc., | Zayo Group Holdings, Inc., | Zayo Group Holdings, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.11%) | (SOFR plus 3.11%) | (SOFR plus 3.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.44% | 03/09/27<sup>2</sup> | $350395 | $326996 |
|  (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57% | 03/09/27<sup>2</sup> | 62034 | 58394 |
|  |  |  | 669451 |
|  **Consumer Discretionary — 0.04%** | **Consumer Discretionary — 0.04%** | **Consumer Discretionary — 0.04%** |  |
|  AI Aqua Merger Sub, Inc., | AI Aqua Merger Sub, Inc., | AI Aqua Merger Sub, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32% | 07/31/28<sup>2</sup> | 28744 | 28516 |
|  Celsius Holdings, Inc., | Celsius Holdings, Inc., | Celsius Holdings, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57% | 03/21/32<sup>2</sup> | 23688 | 23762 |
|  Hilton Worldwide Finance LLC, | Hilton Worldwide Finance LLC, | Hilton Worldwide Finance LLC, |  |
|  Term Loan B4, 1st Lien | Term Loan B4, 1st Lien | Term Loan B4, 1st Lien |  |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07% | 11/08/30<sup>2</sup> | 32367 | 32375 |
|  Naked Juice, LLC, | Naked Juice, LLC, | Naked Juice, LLC, |  |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |
|  (SOFR plus 3.10%) | (SOFR plus 3.10%) | (SOFR plus 3.10%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.41% | 01/24/29<sup>2</sup> | 185137 | 97702 |
|  Term Loan, 2nd Lien | Term Loan, 2nd Lien | Term Loan, 2nd Lien |  |
|  (SOFR plus 6.10%) | (SOFR plus 6.10%) | (SOFR plus 6.10%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.40% | 01/24/30<sup>2</sup> | 57817 | 14044 |
|  Opal U.S. LLC, | Opal U.S. LLC, | Opal U.S. LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57% | 03/01/32<sup>2</sup> | 80418 | 80016 |
|  |  |  | 276415 |
|  **Electric — 0.06%** | **Electric — 0.06%** | **Electric — 0.06%** |  |
|  Alpha Generation LLC, | Alpha Generation LLC, | Alpha Generation LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.07% | 09/30/31<sup>2</sup> | 89581 | 89721 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., |  |
|  Term Loan B10, 1st Lien | Term Loan B10, 1st Lien |  |  |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07% | 01/31/31<sup>2</sup> | 19901 | 19849 |
|  Cornerstone Generation LLC, | Cornerstone Generation LLC, | Cornerstone Generation LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57% | 10/28/31<sup>2</sup> | 22915 | 22944 |
|  Edgewater Generation LLC, | Edgewater Generation LLC, | Edgewater Generation LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32% | 08/01/30<sup>2</sup> | 30008 | 30035 |
|  EFS Cogen Holdings I LLC, | EFS Cogen Holdings I LLC, | EFS Cogen Holdings I LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80% | 10/03/31<sup>2</sup> | 44426 | 44433 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 14

------

#### Intermediate Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |
|  **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |  |
|  Hunterstown Generation LLC, | Hunterstown Generation LLC, | Hunterstown Generation LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80% | 11/06/31<sup>2</sup> | $26628 | 26761 |
|  Potomac Energy Center LLC, | Potomac Energy Center LLC, | Potomac Energy Center LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32% | 03/14/32<sup>2</sup> | 24557 | 24465 |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |
|  (SOFR plus 6.26%) | (SOFR plus 6.26%) | (SOFR plus 6.26%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.58% | 11/12/26<sup>2</sup> | 28509 | 28509 |
|  South Field Energy LLC, | South Field Energy LLC, | South Field Energy LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.55% | 08/29/31<sup>2</sup> | 25526 | 25526 |
|  Term Loan C, 1st Lien | Term Loan C, 1st Lien | Term Loan C, 1st Lien |  |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56% | 08/29/31<sup>2</sup> | 1632 | 1632 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07% | 12/20/30<sup>2</sup> | 97580 | 97393 |
|  |  |  | 411268 |
|  **Entertainment — 0.01%** | **Entertainment — 0.01%** | **Entertainment — 0.01%** |  |
|  Showtime Acquisition LLC, | Showtime Acquisition LLC, | Showtime Acquisition LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.07% | 08/13/31<sup>2</sup> | 95716 | 96274 |
|  **Finance — 0.10%** | **Finance — 0.10%** | **Finance — 0.10%** |  |
|  Avolon TLB Borrower 1 U.S. LLC, | Avolon TLB Borrower 1 U.S. LLC, | Avolon TLB Borrower 1 U.S. LLC, | Avolon TLB Borrower 1 U.S. LLC, |
|  Term Loan B6, 1st Lien | Term Loan B6, 1st Lien | Term Loan B6, 1st Lien | Term Loan B6, 1st Lien |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07% | 06/24/30<sup>2</sup> | 446727 | 446821 |
|  Deerfield Dakota Holding LLC, | Deerfield Dakota Holding LLC, | Deerfield Dakota Holding LLC, | Deerfield Dakota Holding LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.05% | 04/09/27<sup>2</sup> | 127187 | 121000 |
|  Jane Street Group LLC, | Jane Street Group LLC, | Jane Street Group LLC, | Jane Street Group LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 2.00%) | (SOFR plus 2.00%) | (SOFR plus 2.00%) | (SOFR plus 2.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31% | 12/15/31<sup>2</sup> | 57312 | 56703 |
|  |  |  | 624524 |
|  **Food — 0.03%** | **Food — 0.03%** | **Food — 0.03%** |  |
|  8th Avenue Food & Provisions, Inc., | 8th Avenue Food & Provisions, Inc., | 8th Avenue Food & Provisions, Inc., | 8th Avenue Food & Provisions, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.86%) | (SOFR plus 3.86%) | (SOFR plus 3.86%) | (SOFR plus 3.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.19% | 10/01/25<sup>2</sup> | 14443 | 14202 |
|  Dessert Holdings, Inc., | Dessert Holdings, Inc., | Dessert Holdings, Inc., | Dessert Holdings, Inc., |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 4.11%) | (SOFR plus 4.11%) | (SOFR plus 4.11%) | (SOFR plus 4.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.44% | 06/12/28<sup></sup><sup>2</sup> | 53512 | 52358 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |
|  **Food (continued)** | **Food (continued)** | **Food (continued)** |  |
|  United Natural Foods, Inc., | United Natural Foods, Inc., | United Natural Foods, Inc., | United Natural Foods, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.07% | 04/25/31<sup>2</sup> | $108095 | $109649 |
|  |  |  | 176209 |
|  **Health Care — 0.10%** | **Health Care — 0.10%** | **Health Care — 0.10%** |  |
|  Bausch + Lomb Corp., | Bausch + Lomb Corp., | Bausch + Lomb Corp., | Bausch + Lomb Corp., |
|  Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) |
|  (SOFR plus 3.35%) | (SOFR plus 3.35%) | (SOFR plus 3.35%) | (SOFR plus 3.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67% | 05/10/27<sup>2,3</sup> | 56892 | 56763 |
|  Grifols Worldwide Operations USA, Inc., | Grifols Worldwide Operations USA, Inc., | Grifols Worldwide Operations USA, Inc., | Grifols Worldwide Operations USA, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 2.15%) | (SOFR plus 2.15%) | (SOFR plus 2.15%) | (SOFR plus 2.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.46% | 11/15/27<sup>2</sup> | 2 | 2 |
|  IQVIA, Inc., | IQVIA, Inc., | IQVIA, Inc., | IQVIA, Inc., |
|  Term Loan B5, 1st Lien | Term Loan B5, 1st Lien | Term Loan B5, 1st Lien | Term Loan B5, 1st Lien |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05% | 01/02/31<sup>2</sup> | 119223 | 119493 |
|  Jazz Financing Lux SARL, | Jazz Financing Lux SARL, | Jazz Financing Lux SARL, | Jazz Financing Lux SARL, |
|  Term Loan B2, 1st Lien (Luxembourg) | Term Loan B2, 1st Lien (Luxembourg) | Term Loan B2, 1st Lien (Luxembourg) | Term Loan B2, 1st Lien (Luxembourg) |
|  (SOFR plus 2.25%) | (SOFR plus 2.25%) | (SOFR plus 2.25%) | (SOFR plus 2.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.57% | 05/05/28<sup>2,3</sup> | 119601 | 119690 |
|  Modivcare, Inc., | Modivcare, Inc., | Modivcare, Inc., | Modivcare, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 07/01/31<sup>2</sup> | 259445 | 194151 |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 8.50%) | (SOFR plus 8.50%) | (SOFR plus 8.50%) | (SOFR plus 8.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.79% | 01/07/26<sup>2</sup> | 62420 | 53369 |
|  NSM Top Holdings Corp., | NSM Top Holdings Corp., | NSM Top Holdings Corp., | NSM Top Holdings Corp., |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 5.35%) | (SOFR plus 5.35%) | (SOFR plus 5.35%) | (SOFR plus 5.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.66% | 05/14/29<sup>2</sup> | 30243 | 30469 |
|  Star Parent, Inc., | Star Parent, Inc., | Star Parent, Inc., | Star Parent, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30% | 09/27/30<sup>2</sup> | 47173 | 45168 |
|  |  |  | 619105 |
|  **Health Care REITs — 0.17%** | **Health Care REITs — 0.17%** |  |  |
|  Healthpeak Properties, Inc., | Healthpeak Properties, Inc., | Healthpeak Properties, Inc., | Healthpeak Properties, Inc., |
|  Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien |
|  (SOFR plus 0.94%) | (SOFR plus 0.94%) | (SOFR plus 0.94%) | (SOFR plus 0.94%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26% | 02/22/27<sup>2</sup> | 279976 | 275076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26% | 08/20/27<sup>2</sup> | 279976 | 275076 |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 0.95%) | (SOFR plus 0.95%) | (SOFR plus 0.95%) | (SOFR plus 0.95%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32% | 03/01/29<sup>2</sup> | 565051 | 554457 |
|  |  |  | 1104609 |
|  **Industrials — 0.12%** | **Industrials — 0.12%** | **Industrials — 0.12%** |  |
|  Artera Services LLC, | Artera Services LLC, | Artera Services LLC, | Artera Services LLC, |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 4.50%) | (SOFR plus 4.50%) | (SOFR plus 4.50%) | (SOFR plus 4.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.80% | 02/15/31<sup>2</sup> | 74157 | 70521 |

---

*See accompanying Notes to Financial Statements.*

15 / Annual Financial Statements March 2025

------

#### Intermediate Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |
|  **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |  |
|  Balcan Innovations, Inc., | Balcan Innovations, Inc., | Balcan Innovations, Inc., | Balcan Innovations, Inc., |
|  Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) |
|  (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.04% | 10/10/31<sup>2,3</sup> | $44713 | $44657 |
|  Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |
|  Term Loan AA, 1st Lien | Term Loan AA, 1st Lien | Term Loan AA, 1st Lien | Term Loan AA, 1st Lien |
|  (SOFR plus 1.86%) | (SOFR plus 1.86%) | (SOFR plus 1.86%) | (SOFR plus 1.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.19% | 07/01/29<sup>2</sup> | 431677 | 432072 |
|  Oregon Tool Lux LP, | Oregon Tool Lux LP, | Oregon Tool Lux LP, | Oregon Tool Lux LP, |
|  Term Loan, 1st Lien (Luxembourg) | Term Loan, 1st Lien (Luxembourg) | Term Loan, 1st Lien (Luxembourg) | Term Loan, 1st Lien (Luxembourg) |
|  (SOFR plus 5.35%) | (SOFR plus 5.35%) | (SOFR plus 5.35%) | (SOFR plus 5.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.67% | 10/15/29<sup>2,3</sup> | 11385 | 11562 |
|  Term Loan, 2nd Lien (Luxembourg) | Term Loan, 2nd Lien (Luxembourg) | Term Loan, 2nd Lien (Luxembourg) | Term Loan, 2nd Lien (Luxembourg) |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.32% | 10/15/29<sup>2,3</sup> | 38565 | 28683 |
|  TCP Sunbelt Acquisition Co., | TCP Sunbelt Acquisition Co., | TCP Sunbelt Acquisition Co., | TCP Sunbelt Acquisition Co., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.25%) | (SOFR plus 4.25%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57% | 10/24/31<sup>2</sup> | 94763 | 94644 |
|  Transdigm, Inc., | Transdigm, Inc., | Transdigm, Inc., | Transdigm, Inc., |
|  Term Loan I, 1st Lien | Term Loan I, 1st Lien | Term Loan I, 1st Lien | Term Loan I, 1st Lien |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% | 08/24/28<sup>2</sup> | 57625 | 57673 |
|  WEC U.S. Holdings Ltd., | WEC U.S. Holdings Ltd., | WEC U.S. Holdings Ltd., | WEC U.S. Holdings Ltd., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 2.25%) | (SOFR plus 2.25%) | (SOFR plus 2.25%) | (SOFR plus 2.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.57% | 01/27/31<sup>2</sup> | 7018 | 6962 |
|  |  |  | 746774 |
|  **Information Technology — 0.17%** | **Information Technology — 0.17%** | **Information Technology — 0.17%** |  |
|  Arches Buyer, Inc., | Arches Buyer, Inc., | Arches Buyer, Inc., | Arches Buyer, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.35%) | (SOFR plus 3.35%) | (SOFR plus 3.35%) | (SOFR plus 3.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67% | 12/06/27<sup>2</sup> | 51141 | 50134 |
|  Barracuda Parent LLC, | Barracuda Parent LLC, | Barracuda Parent LLC, | Barracuda Parent LLC, |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 4.50%) | (SOFR plus 4.50%) | (SOFR plus 4.50%) | (SOFR plus 4.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.79% | 08/15/29<sup>2</sup> | 28222 | 24567 |
|  Cast & Crew Payroll LLC, | Cast & Crew Payroll LLC, | Cast & Crew Payroll LLC, | Cast & Crew Payroll LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.07% | 12/29/28<sup>2</sup> | 21368 | 20636 |
|  Castle U.S. Holding Corp., | Castle U.S. Holding Corp., | Castle U.S. Holding Corp., | Castle U.S. Holding Corp., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30% | 01/29/27<sup>2</sup> | 26278 | 16319 |
|  Delivery Hero SE, | Delivery Hero SE, | Delivery Hero SE, | Delivery Hero SE, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 5.00%) | (SOFR plus 5.00%) | (SOFR plus 5.00%) | (SOFR plus 5.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.31% | 12/12/29<sup>2</sup> | 67374 | 67599 |
|  EagleView Technology Co., | EagleView Technology Co., | EagleView Technology Co., | EagleView Technology Co., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.76%) | (SOFR plus 3.76%) | (SOFR plus 3.76%) | (SOFR plus 3.76%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.09% | 08/14/25<sup>2</sup> | 221024 | 215795 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |
|  **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |  |
|  Gainwell Acquisition Corp., | Gainwell Acquisition Corp., | Gainwell Acquisition Corp., | Gainwell Acquisition Corp., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.10%) | (SOFR plus 4.10%) | (SOFR plus 4.10%) | (SOFR plus 4.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.40% | 10/01/27<sup>2</sup> | $193924 | $182413 |
|  Magnite, Inc., | Magnite, Inc., | Magnite, Inc., | Magnite, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32% | 02/06/31<sup>2</sup> | 55886 | 55863 |
|  MH Sub I LLC, | MH Sub I LLC, | MH Sub I LLC, | MH Sub I LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57% | 12/31/31<sup>2</sup> | 73399 | 67629 |
|  Term Loan B3, 1st Lien | Term Loan B3, 1st Lien | Term Loan B3, 1st Lien | Term Loan B3, 1st Lien |
|  (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57% | 05/03/28<sup>2</sup> | 21819 | 20783 |
|  Peraton Corp., | Peraton Corp., | Peraton Corp., | Peraton Corp., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.85%) | (SOFR plus 3.85%) | (SOFR plus 3.85%) | (SOFR plus 3.85%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.17% | 02/01/28<sup>2</sup> | 67146 | 59912 |
|  Renaissance Holding Corp., | Renaissance Holding Corp., | Renaissance Holding Corp., | Renaissance Holding Corp., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.32% | 04/05/30<sup>2</sup> | 53781 | 52874 |
|  Spin Holdco, Inc., | Spin Holdco, Inc., | Spin Holdco, Inc., | Spin Holdco, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.26%) | (SOFR plus 4.26%) | (SOFR plus 4.26%) | (SOFR plus 4.26%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.56% | 03/04/28<sup>2</sup> | 85021 | 72215 |
|  TripAdvisor, Inc., | TripAdvisor, Inc., | TripAdvisor, Inc., | TripAdvisor, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% | 07/08/31<sup>2</sup> | 37622 | 37125 |
|  X Corp., | X Corp., | X Corp., | X Corp., |
|  Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien |
|  (SOFR plus 6.65%) | (SOFR plus 6.65%) | (SOFR plus 6.65%) | (SOFR plus 6.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.95% | 10/26/29<sup>2</sup> | 60111 | 59811 |
|  Xerox Corp., | Xerox Corp., | Xerox Corp., | Xerox Corp., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.22% - 8.32% | 11/17/29<sup>2</sup> | 73945 | 70710 |
|  |  |  | 1074385 |
|  **Insurance — 0.05%** | **Insurance — 0.05%** | **Insurance — 0.05%** |  |
|  Acrisure LLC, | Acrisure LLC, | Acrisure LLC, | Acrisure LLC, |
|  Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.07% | 02/15/27<sup>2</sup> | 176403 | 176151 |
|  Asurion LLC, | Asurion LLC, | Asurion LLC, | Asurion LLC, |
|  Term Loan B8, 1st Lien | Term Loan B8, 1st Lien | Term Loan B8, 1st Lien | Term Loan B8, 1st Lien |
|  (SOFR plus 3.36%) | (SOFR plus 3.36%) | (SOFR plus 3.36%) | (SOFR plus 3.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69% | 12/23/26<sup>2</sup> | 120080 | 119982 |
|  |  |  | 296133 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 16

------

#### Intermediate Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |
|  **Residential REITs — 0.12%** | **Residential REITs — 0.12%** | **Residential REITs — 0.12%** |  |
| Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, |
| Term Loan A, 1st Lien | Term Loan A, 1st Lien | Term Loan A, 1st Lien | Term Loan A, 1st Lien |
| (SOFR plus 0.95%) | (SOFR plus 0.95%) | (SOFR plus 0.95%) | (SOFR plus 0.95%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27% | 09/09/28<sup>2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784562 |
| **Retail — 0.02%** | **Retail — 0.02%** | **Retail — 0.02%** | **Retail — 0.02%** |
| 1011778 BC Unlimited Liability Co., | 1011778 BC Unlimited Liability Co., | 1011778 BC Unlimited Liability Co., | 1011778 BC Unlimited Liability Co., |
| Term Loan B6, 1st Lien (Canada) | Term Loan B6, 1st Lien (Canada) | Term Loan B6, 1st Lien (Canada) | Term Loan B6, 1st Lien (Canada) |
| (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07% | 09/20/30<sup>2,3</sup> | 20104 | 19948 |
| Dave & Buster's, Inc., | Dave & Buster's, Inc., | Dave & Buster's, Inc., | Dave & Buster's, Inc., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56% | 11/01/31<sup>2</sup> | 51846 | 45463 |
| KFC Holding Co., | KFC Holding Co., | KFC Holding Co., | KFC Holding Co., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 1.86%) | (SOFR plus 1.86%) | (SOFR plus 1.86%) | (SOFR plus 1.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.18% | 03/15/28<sup>2</sup> | 80080 | 80360 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145771 |
| **Services — 0.06%** | **Services — 0.06%** | **Services — 0.06%** | **Services — 0.06%** |
| Albion Financing 3 SARL, | Albion Financing 3 SARL, | Albion Financing 3 SARL, | Albion Financing 3 SARL, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32% | 08/16/29<sup>2</sup> | 9454 | 9474 |
| Amspec Parent LLC, | Amspec Parent LLC, | Amspec Parent LLC, | Amspec Parent LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.55% | 12/22/31<sup>2,7</sup> | 17079 | 17090 |
| Belron Finance U.S. LLC, | Belron Finance U.S. LLC, | Belron Finance U.S. LLC, | Belron Finance U.S. LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% | 10/16/31<sup>2</sup> | 32432 | 32416 |
| CCRR Parent, Inc., | CCRR Parent, Inc., | CCRR Parent, Inc., | CCRR Parent, Inc., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.35%) | (SOFR plus 4.35%) | (SOFR plus 4.35%) | (SOFR plus 4.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.66% | 03/06/28<sup>2</sup> | 51216 | 21681 |
| (SOFR plus 4.51%) | (SOFR plus 4.51%) | (SOFR plus 4.51%) | (SOFR plus 4.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.82% | 03/06/28<sup>2</sup> | 18167 | 8100 |
| Kelso Industries LLC, | Kelso Industries LLC, | Kelso Industries LLC, | Kelso Industries LLC, |
| Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien |
| (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.07% | 12/30/29<sup>2,8</sup> | 4600 | 4583 |
| Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
| (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.07% | 12/26/29<sup>2</sup> | 71649 | 71381 |
| Ryan LLC, | Ryan LLC, | Ryan LLC, | Ryan LLC, |
| Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
| (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.82% | 11/14/30<sup>2</sup> | 36182 | 36114 |
| Sabre GLBL, Inc., | Sabre GLBL, Inc., | Sabre GLBL, Inc., | Sabre GLBL, Inc., |
| Term Loan B2, 1st Lien | Term Loan B2, 1st Lien | Term Loan B2, 1st Lien | Term Loan B2, 1st Lien |
| (SOFR plus 5.10%) | (SOFR plus 5.10%) | (SOFR plus 5.10%) | (SOFR plus 5.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.42% | 06/30/28<sup>2</sup> | 27723 | 26839 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |
|  **Services (continued)** | **Services (continued)** | **Services (continued)** |  |
| TruGreen LP, | TruGreen LP, | TruGreen LP, | TruGreen LP, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.10%) | (SOFR plus 4.10%) | (SOFR plus 4.10%) | (SOFR plus 4.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.42% | 11/02/27<sup>2</sup> | $182853 | $172645 |
|  |  |  | 400323 |
| **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** |  |
| (Cost $7,686,912) | (Cost $7,686,912) | (Cost $7,686,912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7425803 |
|  **CORPORATES — 21.10%\*** | **CORPORATES — 21.10%\*** | **CORPORATES — 21.10%\*** |  |
|  **Banking — 3.69%** | **Banking — 3.69%** | **Banking — 3.69%** |  |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42% | 12/20/28<sup>9</sup> | 860000 | 833686 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| (MTN) | (MTN) | (MTN) | (MTN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.92% | 10/24/31<sup>9</sup> | 1135000 | 971224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.09% | 06/14/29<sup>9</sup> | 3895000 | 3601957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 02/04/28<sup>9</sup> | 160000 | 154396 |
| Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| Series N | Series N | Series N | Series N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.66% | 03/11/27<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775000 | 1726860 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01% | 09/22/28<sup>3,9</sup> | 245000 | 229211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76% | 06/09/28<sup>3,9</sup> | 395000 | 394829 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04% | 02/04/27<sup>9</sup> | 2405000 | 2334751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.58% | 04/22/27<sup>9</sup> | 1035000 | 1003677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.07% | 06/01/29<sup>9</sup> | 30000 | 27797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.01% | 04/23/29<sup>9</sup> | 3055000 | 3003924 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| NVS | NVS | NVS | NVS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% | 11/19/26<sup>9</sup> | 275000 | 269023 |
| Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.72% | 08/11/26<sup>3,9</sup> | 1036000 | 1035471 |
| PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% | 01/22/35<sup>9</sup> | 320000 | 328141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 10/20/34<sup>9</sup> | 225000 | 248889 |
| Santander UK Group Holdings PLC | Santander UK Group Holdings PLC | Santander UK Group Holdings PLC | Santander UK Group Holdings PLC |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.47% | 01/11/28<sup>3,9</sup> | 645000 | 619885 |
| U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84% | 02/01/34<sup>9</sup> | 895000 | 869411 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24% | 01/24/31<sup>9</sup> | 470000 | 477896 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| (MTN) | (MTN) | (MTN) | (MTN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39% | 06/02/28<sup>9</sup> | 4555000 | 4348017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57% | 02/11/31<sup>9</sup> | 495000 | 446521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35% | 03/02/33<sup>9</sup> | 40000 | 35892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57% | 07/25/29<sup>9</sup> | 895000 | 919379 |
|  |  |  | 23880837 |

---

*See accompanying Notes to Financial Statements.*

17 / Annual Financial Statements March 2025

------

#### Intermediate Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
| **Communications — 1.59%** | **Communications — 1.59%** | **Communications — 1.59%** | **Communications — 1.59%** |
| Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter |
| Communications Operating Capital | Communications Operating Capital | Communications Operating Capital | Communications Operating Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 02/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 04/01/31 | 1825000 | 1578479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55% | 06/01/34 | 1000000 | 1029147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65% | 02/01/34 | 700000 | 726096 |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 02/01/29<sup>1</sup> | 740000 | 615620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 04/01/28<sup>1</sup> | 90000 | 64680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75% | 01/31/29<sup>1</sup> | 755000 | 732552 |
| Global Switch Finance BV | Global Switch Finance BV | Global Switch Finance BV | Global Switch Finance BV |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38% | 10/07/30<sup>3</sup> | 925000 | 936467 |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint |
| Spectrum Co. III LLC | Spectrum Co. III LLC | Spectrum Co. III LLC | Spectrum Co. III LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 03/20/28<sup>1</sup> | 1071000 | 1076122 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 02/15/26 | 700000 | 686058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 04/15/27 | 1775000 | 1749582 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10268615 |
| **Consumer Discretionary — 1.63%** | **Consumer Discretionary — 1.63%** | **Consumer Discretionary — 1.63%** | **Consumer Discretionary — 1.63%** |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 02/04/28 | 1050000 | 1057341 |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.73% | 03/25/31 | 305000 | 270297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.46% | 09/06/29 | 1570000 | 1486069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56% | 08/15/27 | 145000 | 141532 |
| BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.67% | 03/25/26<sup>3</sup> | 330000 | 320582 |
| Davide Campari-Milano NV | Davide Campari-Milano NV | Davide Campari-Milano NV | Davide Campari-Milano NV |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 01/17/29<sup>3</sup> | 200000 | 204699 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/30/28 | 970000 | 974839 |
| Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 07/27/27<sup>1,3</sup> | 385000 | 396938 |
| Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |
| (France) | (France) | (France) | (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 03/31/32<sup>1,3</sup> | 80000 | 80000 |
| WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28% | 03/15/32 | 6335000 | 5583903 |
|  |  |  | 10516200 |
| **Diversified REITs — 1.14%** | **Diversified REITs — 1.14%** | **Diversified REITs — 1.14%** | **Diversified REITs — 1.14%** |
| American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 10/01/34 | 420000 | 419403 |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 01/15/28 | 3460000 | 3370639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 07/15/28 | 400000 | 407248 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 07/15/31 | 833000 | 712023 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | 02/01/31<sup>3</sup> | 255000 | 240209 |
| GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 06/01/28 | 1465000 | 1491401 |
| VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 02/15/29<sup>1</sup> | 90000 | 86105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 08/15/30<sup>1</sup> | 20000 | 18837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 02/01/27<sup>1</sup> | 350000 | 354840 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 07/23/32 | 250000 | 273810 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7374515 |
| **Electric — 1.43%** | **Electric — 1.43%** | **Electric — 1.43%** | **Electric — 1.43%** |
| Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 03/30/29<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085000 | 1124400 |
| Alliant Energy Finance, LLC | Alliant Energy Finance, LLC | Alliant Energy Finance, LLC | Alliant Energy Finance, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 03/01/32<sup>1</sup> | 625000 | 565669 |
| Amprion GmbH | Amprion GmbH | Amprion GmbH | Amprion GmbH |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Georgia) | (Georgia) | (Georgia) | (Georgia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63% | 09/23/33<sup>3</sup> | 100000 | 84087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/21/44<sup>3</sup> | 300000 | 308163 |
| Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., |
| Series H | Series H | Series H | Series H |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 05/15/33 | 125000 | 129757 |
| Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., |
| Series X | Series X | Series X | Series X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30% | 06/01/27 | 410000 | 399691 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 09/01/26 | 30000 | 29223 |
| Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/35 | 660000 | 656736 |
| Elia Group SA | Elia Group SA | Elia Group SA | Elia Group SA |
| (Belgium) | (Belgium) | (Belgium) | (Belgium) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 06/11/31<sup>3</sup> | 200000 | 218144 |
| Eurogrid GmbH | Eurogrid GmbH | Eurogrid GmbH | Eurogrid GmbH |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Georgia) | (Georgia) | (Georgia) | (Georgia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74% | 04/21/33<sup>3</sup> | 400000 | 347326 |
| Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60% | 07/01/27 | 795000 | 795750 |
| FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 03/30/26<sup>1</sup> | 500000 | 503050 |
| FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.87% | 09/15/28<sup>1</sup> | 853000 | 803255 |
| National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82% | 07/07/32<sup>3</sup> | 410000 | 367418 |
| Public Service Co. of New Mexico | Public Service Co. of New Mexico | Public Service Co. of New Mexico | Public Service Co. of New Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85% | 08/01/25 | 1405000 | 1398890 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 18

------

#### Intermediate Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |  |
|  TenneT Holding BV | TenneT Holding BV |  |  |
| (EMTN) |  |  |  |
| (Netherlands) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/28/34<sup>3</sup> | $1265000 | $1475888 |
|  |  |  | 9207447 |
|  **Energy — 0.62%** | **Energy — 0.62%** |  |  |
|  Boston Gas Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.76% | 03/16/32<sup>1</sup> | 2400000 | 2187793 |
|  East Ohio Gas Co. (The) | East Ohio Gas Co. (The) | East Ohio Gas Co. (The) | East Ohio Gas Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 06/15/30<sup>1</sup> | 1020000 | 890126 |
|  National Gas Transmission PLC, | National Gas Transmission PLC, | National Gas Transmission PLC, | National Gas Transmission PLC, |
| (EMTN) |  |  |  |
|  (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 04/05/30<sup>3</sup> | 645000 | 721998 |
|  Petroleos Mexicanos |  |  |  |
| (Mexico) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 02/12/48<sup>3</sup> | 125000 | 83373 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88% | 02/01/32<sup>1</sup> | 125000 | 132860 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016150 |
|  **Finance — 2.09%** | **Finance — 2.09%** |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| (Ireland) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 10/29/26<sup>3</sup> | 2045000 | 1976804 |
|  Air Lease Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 10/01/29 | 525000 | 491844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 12/01/27 | 355000 | 346232 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  (Cayman Islands) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53% | 11/18/27<sup>1,3</sup> | 1058000 | 991022 |
|  BlackRock, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 07/18/35 | 300000 | 324733 |
|  Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52% | 11/03/32<sup>9</sup> | 1025000 | 876092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.67% | 01/29/31<sup>9</sup> | 115000 | 103728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98% | 11/05/30<sup>9</sup> | 290000 | 267179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.52% | 10/27/28<sup>9</sup> | 1505000 | 1463315 |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 10/21/32<sup>9</sup> | 14000 | 12104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 02/25/26 | 20000 | 19889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81% | 04/23/29<sup>9</sup> | 2480000 | 2421933 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 06/15/30 | 488000 | 463147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 01/15/29 | 50000 | 49788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% | 11/15/29<sup>1</sup> | 20000 | 19881 |
|  Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.19% | 04/28/26<sup>9</sup> | 860000 | 858330 |
|  Morgan Stanley |  |  |  |
| (MTN) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.79% | 02/13/32<sup>9</sup> | 1750000 | 1466193 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97% | 02/16/28<sup>1,3,9</sup> | 205000 | 198420 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** |  |  |
|  **Finance (continued)** | **Finance (continued)** |  |  |
|  Sandalwood 2013 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 07/10/25 | $162032 | $161722 |
|  Volkswagen Financial Services AG | Volkswagen Financial Services AG | Volkswagen Financial Services AG | Volkswagen Financial Services AG |
| (Georgia) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 11/19/31<sup>3</sup> | 700000 | 750518 |
|  Volkswagen International Finance NV | Volkswagen International Finance NV | Volkswagen International Finance NV | Volkswagen International Finance NV |
| (Netherlands) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%<sup>3,9,10</sup>  |  | 200000 | 240998 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13503872 |
|  **Food — 0.75%** |  |  |  |
|  ELO SACA |  |  |  |
| (EMTN) |  |  |  |
| (France) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 03/22/29<sup>3</sup> | 300000 | 294815 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. |
|  Sarl |  |  |  |
| (Luxembourg) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/02/29<sup>3</sup> | 195000 | 182603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 03/15/34<sup>3</sup> | 1885000 | 2038162 |
|  Mars, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/01/30<sup>1</sup> | 1515000 | 1524710 |
|  Mondelez International, Inc. | Mondelez International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 03/06/35 | 375000 | 359943 |
|  Pilgrim's Pride Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/32 | 510000 | 449583 |
|  |  |  | 4849816 |
|  **Gaming — 0.03%** |  |  |  |
|  Flutter Treasury DAC, | Flutter Treasury DAC, |  |  |
| (Ireland) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/29/29<sup>1,3</sup> | 190000 | 210523 |
|  **Health Care — 3.14%** | **Health Care — 3.14%** |  |  |
|  1375209 BC Ltd. |  |  |  |
| (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 01/30/28<sup>1,3</sup> | 620000 | 620277 |
|  AbbVie, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 05/14/25 | 1152000 | 1151695 |
|  Alcon Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 09/23/26<sup>1</sup> | 1300000 | 1266708 |
|  American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV |
| (Netherlands) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/08/31<sup>3</sup> | 700000 | 743190 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 12/15/28<sup>1</sup> | 2914000 | 2840978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/15/25<sup>1</sup> | 1100000 | 1102240 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 11/21/33<sup>1</sup> | 520000 | 545899 |
|  Baylor Scott & White Holdings | Baylor Scott & White Holdings | Baylor Scott & White Holdings |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 11/15/26 | 1530000 | 1486383 |
|  Centene Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30 | 1155000 | 1010904 |
|  CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 06/01/33 | 472000 | 467450 |
|  Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/15/35 | 335000 | 335928 |

---

*See accompanying Notes to Financial Statements.*

19 / Annual Financial Statements March 2025

------

#### Intermediate Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |  |
|  HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 04/15/25 | $865000 | $865056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 02/15/26 | 2530000 | 2540352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% | 12/01/27 | 80000 | 84352 |
|  Humana, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 05/01/35 | 525000 | 519477 |
|  IQVIA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 05/15/28 | 1225000 | 1249963 |
|  Johnson & Johnson |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 02/26/33 | 550000 | 587307 |
|  Kedrion SpA |  |  |  |
| (Italy) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 09/01/29<sup>1,3</sup> | 220000 | 209328 |
|  Medtronic Global Holdings SCA | Medtronic Global Holdings SCA |  |  |
| (Luxembourg) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 07/02/31<sup>3</sup> | 210000 | 199160 |
|  Medtronic, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65% | 10/15/29 | 185000 | 204967 |
|  ModivCare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/01/29<sup>1,11</sup> | 836000 | 342760 |
|  Sartorius Finance BV |  |  |  |
| (Netherlands) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/14/32<sup>3</sup> | 100000 | 112830 |
|  Stryker Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 09/11/32 | 450000 | 482592 |
|  Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50% | 03/01/28 | 700000 | 709838 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 07/15/34 | 600000 | 604107 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20283741 |
|  **Health Care REITs — 0.55%** | **Health Care REITs — 0.55%** |  |  |
|  DOC DR LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 01/15/28 | 1223000 | 1199126 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/26 | 225000 | 221263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 01/15/28 | 911000 | 880056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 05/01/25 | 1255000 | 1254064 |
|  |  |  | 3554509 |
|  **Hotel & Resort REITs — 0.11%** | **Hotel & Resort REITs — 0.11%** |  |  |
|  Host Hotels & Resorts LP, | Host Hotels & Resorts LP, |  |  |
|  Series H |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 12/15/29 | 758000 | 704624 |
|  **Industrial REITs — 0.16%** | **Industrial REITs — 0.16%** |  |  |
|  LXP Industrial Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 11/15/28 | 975000 | 1031788 |
|  **Industrials — 0.88%** | **Industrials — 0.88%** |  |  |
|  Amcor Finance USA, Inc. | Amcor Finance USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 04/28/26 | 1450000 | 1435138 |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 03/17/30<sup>1</sup> | 105000 | 106036 |
|  Berry Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 01/15/27 | 95000 | 90173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 07/15/26<sup>1</sup> | 491000 | 490791 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 01/15/34 | 25000 | $| 25329 |
|  Boeing Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 02/01/31 | 1800000 |  | 1671303 |
|  General Electric Co. |  |  |  |  |
| (MTN) |  |  |  |  |
|  (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06% | 08/15/36<sup>2</sup> | 1115000 |  | 1047417 |
|  Heathrow Funding Ltd. |  |  |  |  |
| (EMTN) |  |  |  |  |
|  (United Kingdom) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13% | 10/08/30<sup>3</sup> | 435000 |  | 415943 |
|  Oregon Tool Lux LP |  |  |  |  |
| (Luxembourg) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88% | 10/15/29<sup>1,3</sup> | 3127 |  | 1876 |
|  Sydney Airport Finance Co. Pty Ltd. | Sydney Airport Finance Co. Pty Ltd. | Sydney Airport Finance Co. Pty Ltd. | Sydney Airport Finance Co. Pty Ltd. | Sydney Airport Finance Co. Pty Ltd. |
| (Australia) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 04/30/25<sup>1,3</sup> | 410000 |  | 409615 |
|  |  |  |  | 5693621 |
|  **Information Technology — 1.24%** | **Information Technology — 1.24%** | **Information Technology — 1.24%** | **Information Technology — 1.24%** | **Information Technology — 1.24%** |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 04/01/28 | 970000 |  | 974653 |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 01/25/31<sup>1</sup> | 1400000 |  | 1422748 |
|  Intel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/12/31 | 665000 |  | 556505 |
|  Open Text Corp. |  |  |  |  |
| (Canada) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90% | 12/01/27<sup>1,3</sup> | 2130000 |  | 2205615 |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/03/28 | 1050000 |  | 1058956 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 01/15/30 | 1790000 |  | 1760630 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7979107 |
|  **Insurance — 0.67%** |  |  |  |  |
|  Athene Global Funding | Athene Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.21% | 03/08/27<sup>1</sup> | 530000 |  | 511350 |
|  Farmers Exchange Capital | Farmers Exchange Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% | 07/15/28<sup>1</sup> | 1245000 |  | 1301126 |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30% | 03/21/29<sup>1</sup> | 1200000 |  | 1145067 |
|  Trinity Acquisition PLC |  |  |  |  |
|  (United Kingdom) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 03/15/26<sup>3</sup> | 1385000 |  | 1379952 |
|  |  |  |  | 4337495 |
|  **Materials — 0.30%** |  |  |  |  |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.23% | 10/01/25<sup>1</sup> | 950000 |  | 932778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 11/01/30<sup>1</sup> | 1175000 |  | 1016743 |
|  |  |  |  | 1949521 |
|  **Office REITs — 0.25%** | **Office REITs — 0.25%** |  |  |  |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 04/01/29 | 1240000 |  | 943308 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 20

------

#### Intermediate Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Office REITs (continued)** | **Office REITs (continued)** | **Office REITs (continued)** | **Office REITs (continued)** |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 08/15/29 | 721000 | 686134 |
|  |  |  | 1629442 |
|  **Residential REITs — 0.09%** | **Residential REITs — 0.09%** | **Residential REITs — 0.09%** | **Residential REITs — 0.09%** |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 04/15/32 | 650000 | 590475 |
|  **Retail — 0.16%** | **Retail — 0.16%** | **Retail — 0.16%** | **Retail — 0.16%** |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/01/26<sup>1</sup> | 190000 | 188314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 04/01/29<sup>1</sup> | 645000 | 584589 |
|  Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 05/01/28<sup>1</sup> | 405000 | 280102 |
|  |  |  | 1053005 |
|  **Services — 0.14%** | **Services — 0.14%** | **Services — 0.14%** | **Services — 0.14%** |
|  AA Bond Co. Ltd., | AA Bond Co. Ltd., | AA Bond Co. Ltd., |  |
| (EMTN) | (EMTN) | (EMTN) |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.45% | 01/31/28<sup>3</sup> | 185000 | 252993 |
|  Worldline SA | Worldline SA | Worldline SA |  |
| (France) | (France) | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 07/30/26<sup>3,12</sup> | 6100 | 642953 |
|  |  |  | 895946 |
|  **Specialized REITs — 0.38%** | **Specialized REITs — 0.38%** | **Specialized REITs — 0.38%** | **Specialized REITs — 0.38%** |
|  Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL |
| (EMTN) | (EMTN) | (EMTN) |  |
| (Luxembourg) | (Luxembourg) | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 05/04/28<sup>3</sup> | 325000 | 326051 |
|  CubeSmart LP | CubeSmart LP | CubeSmart LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 02/15/29 | 673000 | 660686 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 04/01/29 | 385000 | 372068 |
|  LEG Immobilien SE | LEG Immobilien SE | LEG Immobilien SE |  |
| (EMTN) | (EMTN) | (EMTN) |  |
| (Georgia) | (Georgia) | (Georgia) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | 03/30/33<sup>3</sup> | 200000 | 169482 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 07/06/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | 936127 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464414 |
|  **Water — 0.06%** | **Water — 0.06%** | **Water — 0.06%** | **Water — 0.06%** |
|  Holding d'Infrastructures des Metiers de l'Environnement | Holding d'Infrastructures des Metiers de l'Environnement | Holding d'Infrastructures des Metiers de l'Environnement | Holding d'Infrastructures des Metiers de l'Environnement |
| (France) | (France) | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 10/24/29<sup>3</sup> | 100000 | 110063 |
|  Suez SACA | Suez SACA | Suez SACA |  |
| (EMTN) | (EMTN) | (EMTN) |  |
| (France) | (France) | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88% | 05/24/34<sup>3</sup> | 300000 | 297744 |
|  |  |  | 407807 |
|  **Total Corporates** | **Total Corporates** | **Total Corporates** | **Total Corporates** |
|  (Cost $136,714,049)<br> 136,403,470 | (Cost $136,714,049)<br> 136,403,470 | (Cost $136,714,049)<br> 136,403,470 | (Cost $136,714,049)<br> 136,403,470 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **FOREIGN GOVERNMENT OBLIGATIONS — 0.07%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.07%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.07%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.07%** |
|  **Foreign Government Obligations — 0.07%** | **Foreign Government Obligations — 0.07%** | **Foreign Government Obligations — 0.07%** | **Foreign Government Obligations — 0.07%** |
|  Israel Government International Bond, | Israel Government International Bond, | Israel Government International Bond, | Israel Government International Bond, |
|  Series 5Y | Series 5Y | Series 5Y | Series 5Y |
| (Iceland) | (Iceland) | (Iceland) | (Iceland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 02/19/30<sup>3</sup> | $450000 | $453422 |
|  **Total Foreign Government Obligations** | **Total Foreign Government Obligations** | **Total Foreign Government Obligations** | **Total Foreign Government Obligations** |
|  (Cost $446,234) | (Cost $446,234) | (Cost $446,234) | (Cost $446,234) |
|  **MORTGAGE-BACKED — 25.58%\*\*** | **MORTGAGE-BACKED — 25.58%\*\*** | **MORTGAGE-BACKED — 25.58%\*\*** | **MORTGAGE-BACKED — 25.58%\*\*** |
|  **Non-Agency Commercial Mortgage-Backed — 3.04%** | **Non-Agency Commercial Mortgage-Backed — 3.04%** | **Non-Agency Commercial Mortgage-Backed — 3.04%** | **Non-Agency Commercial Mortgage-Backed — 3.04%** |
|  Banc of America Merrill Lynch Commercial Mortgage Trust, | Banc of America Merrill Lynch Commercial Mortgage Trust, | Banc of America Merrill Lynch Commercial Mortgage Trust, | Banc of America Merrill Lynch Commercial Mortgage Trust, |
|  Series 2018-PARK, Class A | Series 2018-PARK, Class A | Series 2018-PARK, Class A | Series 2018-PARK, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09% | 08/10/38<sup>1,9</sup> | 1095000 | 1061518 |
|  BXSC Commercial Mortgage Trust, | BXSC Commercial Mortgage Trust, | BXSC Commercial Mortgage Trust, | BXSC Commercial Mortgage Trust, |
|  Series 2022-WSS, Class D | Series 2022-WSS, Class D | Series 2022-WSS, Class D | Series 2022-WSS, Class D |
|  (CME Term SOFR 1-Month plus 3.19%) | (CME Term SOFR 1-Month plus 3.19%) | (CME Term SOFR 1-Month plus 3.19%) | (CME Term SOFR 1-Month plus 3.19%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.51% | 03/15/35<sup>1,2</sup> | 1550000 | 1551217 |
|  CHI Commercial Mortgage Trust, | CHI Commercial Mortgage Trust, | CHI Commercial Mortgage Trust, | CHI Commercial Mortgage Trust, |
|  Series 2025-SFT, Class A | Series 2025-SFT, Class A | Series 2025-SFT, Class A | Series 2025-SFT, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.66% | 04/15/42<sup>1,9</sup> | 1750000 | 1761528 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
|  Series 2016-GC36, Class A5 | Series 2016-GC36, Class A5 | Series 2016-GC36, Class A5 | Series 2016-GC36, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.62% | 02/10/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195169 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
|  Series 2016-GC37, Class A4 | Series 2016-GC37, Class A4 | Series 2016-GC37, Class A4 | Series 2016-GC37, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.31% | 04/10/49 | 1000000 | 985235 |
|  DC Office Trust, | DC Office Trust, | DC Office Trust, | DC Office Trust, |
|  Series 2019-MTC, Class A | Series 2019-MTC, Class A | Series 2019-MTC, Class A | Series 2019-MTC, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97% | 09/15/45<sup>1</sup> | 765000 | 689525 |
|  Frost CMBS DAC, | Frost CMBS DAC, | Frost CMBS DAC, | Frost CMBS DAC, |
|  Series 2021-1X, Class EUA | Series 2021-1X, Class EUA | Series 2021-1X, Class EUA | Series 2021-1X, Class EUA |
| (Ireland) | (Ireland) | (Ireland) | (Ireland) |
|  (3-Month Euribor plus 1.15%) | (3-Month Euribor plus 1.15%) | (3-Month Euribor plus 1.15%) | (3-Month Euribor plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67% | 11/20/33<sup>2,3</sup> | 1299811 | 1397316 |
|  GPMT Ltd., | GPMT Ltd., | GPMT Ltd., | GPMT Ltd., |
|  Series 2021-FL4, Class AS | Series 2021-FL4, Class AS | Series 2021-FL4, Class AS | Series 2021-FL4, Class AS |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 1-Month plus 1.81%) | (CME Term SOFR 1-Month plus 1.81%) | (CME Term SOFR 1-Month plus 1.81%) | (CME Term SOFR 1-Month plus 1.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 12/15/36<sup>1,2,3</sup> | 2380000 | 2348434 |
|  Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, |
|  Series 2019-30HY, Class A | Series 2019-30HY, Class A | Series 2019-30HY, Class A | Series 2019-30HY, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23% | 07/10/39<sup>1</sup> | 760000 | 703624 |
|  JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |
|  Series 2015-C29, Class XA (IO) | Series 2015-C29, Class XA (IO) | Series 2015-C29, Class XA (IO) | Series 2015-C29, Class XA (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52% | 05/15/48<sup>9</sup> | 10550080 | 106 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
|  Series 2016-NINE, Class A | Series 2016-NINE, Class A | Series 2016-NINE, Class A | Series 2016-NINE, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85% | 09/06/38<sup>1,9</sup> | 2280000 | 2210568 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
|  Series 2019-OSB, Class A | Series 2019-OSB, Class A | Series 2019-OSB, Class A | Series 2019-OSB, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40% | 06/05/39<sup>1</sup> | 740000 | 687503 |
|  MKT Mortgage Trust, | MKT Mortgage Trust, | MKT Mortgage Trust, | MKT Mortgage Trust, |
|  Series 2020-525M, Class A | Series 2020-525M, Class A | Series 2020-525M, Class A | Series 2020-525M, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69% | 02/12/40<sup>1</sup> | 520000 | 453530 |
|  One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, |
|  Series 2019-OBP, Class A | Series 2019-OBP, Class A | Series 2019-OBP, Class A | Series 2019-OBP, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52% | 09/15/54<sup>1</sup> | 960000 | 858251 |

---

*See accompanying Notes to Financial Statements.*

21 / Annual Financial Statements March 2025

------

#### Intermediate Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
|  SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, |
|  Series 2015-5AVE, Class A2B | Series 2015-5AVE, Class A2B | Series 2015-5AVE, Class A2B | Series 2015-5AVE, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14% | 01/05/43<sup>1,9</sup> | 45000 | 39973 |
|  Taurus UK DAC, | Taurus UK DAC, | Taurus UK DAC, | Taurus UK DAC, |
|  Series 2021-UK4X, Class D | Series 2021-UK4X, Class D | Series 2021-UK4X, Class D | Series 2021-UK4X, Class D |
| (Ireland) | (Ireland) | (Ireland) | (Ireland) |
|  (SONIA plus 2.10%) | (SONIA plus 2.10%) | (SONIA plus 2.10%) | (SONIA plus 2.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.58% | 08/17/31<sup>2,3</sup> | 447596 | 576224 |
|  Velocity Commercial Capital Loan Trust, | Velocity Commercial Capital Loan Trust, | Velocity Commercial Capital Loan Trust, | Velocity Commercial Capital Loan Trust, |
|  Series 2019-1, Class A | Series 2019-1, Class A | Series 2019-1, Class A | Series 2019-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.76% | 03/25/49<sup>1,9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163720 | 1110345 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19630066 |
|  **Non-Agency Mortgage-Backed — 7.33%** | **Non-Agency Mortgage-Backed — 7.33%** | **Non-Agency Mortgage-Backed — 7.33%** | **Non-Agency Mortgage-Backed — 7.33%** |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
|  Series 2005-HE2, Class M5 | Series 2005-HE2, Class M5 | Series 2005-HE2, Class M5 | Series 2005-HE2, Class M5 |
|  (CME Term SOFR 1-Month plus 1.13%) | (CME Term SOFR 1-Month plus 1.13%) | (CME Term SOFR 1-Month plus 1.13%) | (CME Term SOFR 1-Month plus 1.13%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 04/25/35<sup>2</sup> | 1209056 | 1181651 |
|  Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, |
|  Series 2005-W3, Class M1 | Series 2005-W3, Class M1 | Series 2005-W3, Class M1 | Series 2005-W3, Class M1 |
|  (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09% | 11/25/35<sup>2</sup> | 2992039 | 2916772 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust, | Asset-Backed Securities Corp. Home Equity Loan Trust, | Asset-Backed Securities Corp. Home Equity Loan Trust, | Asset-Backed Securities Corp. Home Equity Loan Trust, |
|  Series 2004-HE9, Class M1 | Series 2004-HE9, Class M1 | Series 2004-HE9, Class M1 | Series 2004-HE9, Class M1 |
|  (CME Term SOFR 1-Month plus 1.09%) | (CME Term SOFR 1-Month plus 1.09%) | (CME Term SOFR 1-Month plus 1.09%) | (CME Term SOFR 1-Month plus 1.09%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41% | 12/25/34<sup>2</sup> | 262810 | 243436 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
|  Series 2003-2, Class 1A1 | Series 2003-2, Class 1A1 | Series 2003-2, Class 1A1 | Series 2003-2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 06/25/32 | 3173 | 3187 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
|  Series 2014-R6, Class 2A11 | Series 2014-R6, Class 2A11 | Series 2014-R6, Class 2A11 | Series 2014-R6, Class 2A11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69% | 07/26/36<sup>1,9</sup> | 1700000 | 1470937 |
|  Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, |
|  Series 2004-12, Class 1M1 | Series 2004-12, Class 1M1 | Series 2004-12, Class 1M1 | Series 2004-12, Class 1M1 |
|  (CME Term SOFR 1-Month plus 1.04%) | (CME Term SOFR 1-Month plus 1.04%) | (CME Term SOFR 1-Month plus 1.04%) | (CME Term SOFR 1-Month plus 1.04%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.36% | 01/25/35<sup>2</sup> | 388679 | 388151 |
|  Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, |
|  Series 2024-3, Class A4 | Series 2024-3, Class A4 | Series 2024-3, Class A4 | Series 2024-3, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 02/25/55<sup>1,9</sup> | 3923042 | 3944285 |
|  Chevy Chase Mortgage Funding LLC, Mortgage-Backed Certificates, | Chevy Chase Mortgage Funding LLC, Mortgage-Backed Certificates, | Chevy Chase Mortgage Funding LLC, Mortgage-Backed Certificates, | Chevy Chase Mortgage Funding LLC, Mortgage-Backed Certificates, |
|  Series 2005-2A, Class A1 | Series 2005-2A, Class A1 | Series 2005-2A, Class A1 | Series 2005-2A, Class A1 |
|  (CME Term SOFR 1-Month plus 0.29%) | (CME Term SOFR 1-Month plus 0.29%) | (CME Term SOFR 1-Month plus 0.29%) | (CME Term SOFR 1-Month plus 0.29%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.61% | 05/25/36<sup>1,2</sup> | 24361 | 23157 |
|  CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, |
|  Series 2021-R3, Class A1A | Series 2021-R3, Class A1A | Series 2021-R3, Class A1A | Series 2021-R3, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 06/25/57<sup>1,9</sup> | 1602693 | 1471642 |
|  Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |
|  Series 2005-OPT1, Class M1 | Series 2005-OPT1, Class M1 | Series 2005-OPT1, Class M1 | Series 2005-OPT1, Class M1 |
|  (CME Term SOFR 1-Month plus 0.74%) | (CME Term SOFR 1-Month plus 0.74%) | (CME Term SOFR 1-Month plus 0.74%) | (CME Term SOFR 1-Month plus 0.74%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06% | 02/25/35<sup>2</sup> | 2752982 | 2579382 |
|  Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |
|  Series 2006-WFH1, Class M5 | Series 2006-WFH1, Class M5 | Series 2006-WFH1, Class M5 | Series 2006-WFH1, Class M5 |
|  (CME Term SOFR 1-Month plus 0.89%) | (CME Term SOFR 1-Month plus 0.89%) | (CME Term SOFR 1-Month plus 0.89%) | (CME Term SOFR 1-Month plus 0.89%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21% | 01/25/36<sup>2</sup> | 370808 | 373804 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |
|  Series 2005-7, Class MV5 | Series 2005-7, Class MV5 | Series 2005-7, Class MV5 | Series 2005-7, Class MV5 |
|  (CME Term SOFR 1-Month plus 1.24%) | (CME Term SOFR 1-Month plus 1.24%) | (CME Term SOFR 1-Month plus 1.24%) | (CME Term SOFR 1-Month plus 1.24%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56% | 11/25/35<sup>2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019270 | $2986691 |
|  Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, |
|  Series 2004-14, Class 4A1 | Series 2004-14, Class 4A1 | Series 2004-14, Class 4A1 | Series 2004-14, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55% | 08/25/34<sup>9</sup> | 46061 | 42537 |
|  Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |
|  Series 2022-ATH2, Class A1 | Series 2022-ATH2, Class A1 | Series 2022-ATH2, Class A1 | Series 2022-ATH2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% | 05/25/67<sup>1,9</sup> | 1478040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471156 |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
|  Series 2003-CB3, Class AF1 (STEP-reset date 05/25/25) | Series 2003-CB3, Class AF1 (STEP-reset date 05/25/25) | Series 2003-CB3, Class AF1 (STEP-reset date 05/25/25) | Series 2003-CB3, Class AF1 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 12/25/32 | 326786 | 316140 |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
|  Series 2006-CB2, Class AF4 (STEP-reset date 05/25/25) | Series 2006-CB2, Class AF4 (STEP-reset date 05/25/25) | Series 2006-CB2, Class AF4 (STEP-reset date 05/25/25) | Series 2006-CB2, Class AF4 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99% | 12/25/36 | 311568 | 260141 |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
|  Series 2007-CB5, Class A1 | Series 2007-CB5, Class A1 | Series 2007-CB5, Class A1 | Series 2007-CB5, Class A1 |
|  (CME Term SOFR 1-Month plus 0.17%) | (CME Term SOFR 1-Month plus 0.17%) | (CME Term SOFR 1-Month plus 0.17%) | (CME Term SOFR 1-Month plus 0.17%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.34% | 04/25/37<sup>2</sup> | 87849 | 50470 |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
|  Series 2007-CB5, Class A3 | Series 2007-CB5, Class A3 | Series 2007-CB5, Class A3 | Series 2007-CB5, Class A3 |
|  (CME Term SOFR 1-Month plus 0.36%) | (CME Term SOFR 1-Month plus 0.36%) | (CME Term SOFR 1-Month plus 0.36%) | (CME Term SOFR 1-Month plus 0.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.34% | 04/25/37<sup>2</sup> | 1043876 | 587815 |
|  Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |
|  Series 2022-R01, Class 1M1 | Series 2022-R01, Class 1M1 | Series 2022-R01, Class 1M1 | Series 2022-R01, Class 1M1 |
|  (SOFR30A plus 1.00%) | (SOFR30A plus 1.00%) | (SOFR30A plus 1.00%) | (SOFR30A plus 1.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34% | 12/25/41<sup>1,2</sup> | 442439 | 441705 |
|  Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |
|  Series 2023-R08, Class 1M1 | Series 2023-R08, Class 1M1 | Series 2023-R08, Class 1M1 | Series 2023-R08, Class 1M1 |
|  (SOFR30A plus 1.50%) | (SOFR30A plus 1.50%) | (SOFR30A plus 1.50%) | (SOFR30A plus 1.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84% | 10/25/43<sup>1,2</sup> | 2554847 | 2558087 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
|  Series 2004-AA3, Class A1 | Series 2004-AA3, Class A1 | Series 2004-AA3, Class A1 | Series 2004-AA3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17% | 09/25/34<sup>9</sup> | 20351 | 20539 |
|  GCAT Trust, | GCAT Trust, | GCAT Trust, | GCAT Trust, |
|  Series 2021-NQM5, Class A1 | Series 2021-NQM5, Class A1 | Series 2021-NQM5, Class A1 | Series 2021-NQM5, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.26% | 07/25/66<sup>1,9</sup> | 3477440 | 2897347 |
|  GSAA Home Equity Trust, | GSAA Home Equity Trust, | GSAA Home Equity Trust, | GSAA Home Equity Trust, |
|  Series 2005-9, Class M2 | Series 2005-9, Class M2 | Series 2005-9, Class M2 | Series 2005-9, Class M2 |
|  (CME Term SOFR 1-Month plus 0.86%) | (CME Term SOFR 1-Month plus 0.86%) | (CME Term SOFR 1-Month plus 0.86%) | (CME Term SOFR 1-Month plus 0.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18% | 08/25/35<sup>2</sup> | 881696 | 871787 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
|  Series 2004-9, Class 5A7 | Series 2004-9, Class 5A7 | Series 2004-9, Class 5A7 | Series 2004-9, Class 5A7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% | 08/25/34<sup>9</sup> | 1126 | 1123 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
|  Series 2007-7, Class 2A1A | Series 2007-7, Class 2A1A | Series 2007-7, Class 2A1A | Series 2007-7, Class 2A1A |
|  (CME Term SOFR 1-Month plus 2.11%) | (CME Term SOFR 1-Month plus 2.11%) | (CME Term SOFR 1-Month plus 2.11%) | (CME Term SOFR 1-Month plus 2.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.43% | 10/25/37<sup>2</sup> | 1181044 | 1098447 |
|  HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, |
|  Series 2005-OPT1, Class M1 | Series 2005-OPT1, Class M1 | Series 2005-OPT1, Class M1 | Series 2005-OPT1, Class M1 |
|  (CME Term SOFR 1-Month plus 0.74%) | (CME Term SOFR 1-Month plus 0.74%) | (CME Term SOFR 1-Month plus 0.74%) | (CME Term SOFR 1-Month plus 0.74%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06% | 11/25/35<sup>2</sup> | 30965 | 30743 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 22

------

#### Intermediate Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
| IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
| Series 2004-AR7, Class A2 | Series 2004-AR7, Class A2 | Series 2004-AR7, Class A2 | Series 2004-AR7, Class A2 |
| (CME Term SOFR 1-Month plus 0.97%) | (CME Term SOFR 1-Month plus 0.97%) | (CME Term SOFR 1-Month plus 0.97%) | (CME Term SOFR 1-Month plus 0.97%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29% | 09/25/34<sup>2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5314 |
| IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
| Series 2004-AR8, Class 2A2A | Series 2004-AR8, Class 2A2A | Series 2004-AR8, Class 2A2A | Series 2004-AR8, Class 2A2A |
| (CME Term SOFR 1-Month plus 0.91%) | (CME Term SOFR 1-Month plus 0.91%) | (CME Term SOFR 1-Month plus 0.91%) | (CME Term SOFR 1-Month plus 0.91%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23% | 11/25/34<sup>2</sup> | 17917 | 16934 |
| IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
| Series 2007-AR11, Class 1A1 | Series 2007-AR11, Class 1A1 | Series 2007-AR11, Class 1A1 | Series 2007-AR11, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.36% | 06/25/37<sup>9</sup> | 412234 | 366149 |
| IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through |
| Certificates, | Certificates, | Certificates, | Certificates, |
| Series 1997-1, Class A3 | Series 1997-1, Class A3 | Series 1997-1, Class A3 | Series 1997-1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.61% | 02/25/28 | 16441 | 16493 |
| IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through |
| Certificates, | Certificates, | Certificates, | Certificates, |
| Series 1997-1, Class A4 | Series 1997-1, Class A4 | Series 1997-1, Class A4 | Series 1997-1, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 02/25/28 | 4377 | 4392 |
| IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through |
| Certificates, | Certificates, | Certificates, | Certificates, |
| Series 1998-1, Class A4 | Series 1998-1, Class A4 | Series 1998-1, Class A4 | Series 1998-1, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.49% | 09/25/28 | 15676 | 15613 |
| JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| Series 2007-A3, Class 3A2 | Series 2007-A3, Class 3A2 | Series 2007-A3, Class 3A2 | Series 2007-A3, Class 3A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02% | 05/25/37<sup>9</sup> | 80003 | 70030 |
| JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| Series 2021-INV5, Class A3 | Series 2021-INV5, Class A3 | Series 2021-INV5, Class A3 | Series 2021-INV5, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 12/25/51<sup>1,9</sup> | 2594256 | 2379123 |
| MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |
| Series 2003-6, Class 4A2 | Series 2003-6, Class 4A2 | Series 2003-6, Class 4A2 | Series 2003-6, Class 4A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41% | 01/25/34<sup>9</sup> | 21135 | 20657 |
| MASTR Seasoned Securitization Trust, | MASTR Seasoned Securitization Trust, | MASTR Seasoned Securitization Trust, | MASTR Seasoned Securitization Trust, |
| Series 2004-1, Class 4A1 | Series 2004-1, Class 4A1 | Series 2004-1, Class 4A1 | Series 2004-1, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56% | 10/25/32<sup>9</sup> | 3531 | 3470 |
| Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |
| Series 2007-3, Class A2C | Series 2007-3, Class A2C | Series 2007-3, Class A2C | Series 2007-3, Class A2C |
| (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79% | 06/25/37<sup>2</sup> | 120678 | 120520 |
| Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |
| Series 2007-3, Class A2D | Series 2007-3, Class A2D | Series 2007-3, Class A2D | Series 2007-3, Class A2D |
| (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93% | 06/25/37<sup>2</sup> | 223010 | 223325 |
| Mid-State Trust XI, | Mid-State Trust XI, | Mid-State Trust XI, | Mid-State Trust XI, |
| Series 11, Class A1 | Series 11, Class A1 | Series 11, Class A1 | Series 11, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86% | 07/15/38 | 133104 | 132647 |
| Morgan Stanley ABS Capital I, Inc., Trust, | Morgan Stanley ABS Capital I, Inc., Trust, | Morgan Stanley ABS Capital I, Inc., Trust, | Morgan Stanley ABS Capital I, Inc., Trust, |
| Series 2004-NC7, Class M2 | Series 2004-NC7, Class M2 | Series 2004-NC7, Class M2 | Series 2004-NC7, Class M2 |
| (CME Term SOFR 1-Month plus 1.04%) | (CME Term SOFR 1-Month plus 1.04%) | (CME Term SOFR 1-Month plus 1.04%) | (CME Term SOFR 1-Month plus 1.04%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.36% | 07/25/34<sup>2</sup> | 94748 | 99629 |
| Morgan Stanley ABS Capital I, Inc., Trust, | Morgan Stanley ABS Capital I, Inc., Trust, | Morgan Stanley ABS Capital I, Inc., Trust, | Morgan Stanley ABS Capital I, Inc., Trust, |
| Series 2005-HE3, Class M5 | Series 2005-HE3, Class M5 | Series 2005-HE3, Class M5 | Series 2005-HE3, Class M5 |
| (CME Term SOFR 1-Month plus 1.15%) | (CME Term SOFR 1-Month plus 1.15%) | (CME Term SOFR 1-Month plus 1.15%) | (CME Term SOFR 1-Month plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47% | 07/25/35<sup>2</sup> | 2329028 | 2282196 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
| New Century Home Equity Loan Trust, | New Century Home Equity Loan Trust, | New Century Home Equity Loan Trust, | New Century Home Equity Loan Trust, |
| Series 2005-1, Class M1 | Series 2005-1, Class M1 | Series 2005-1, Class M1 | Series 2005-1, Class M1 |
| (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11% | 03/25/35<sup>2</sup> | $97252 | $104496 |
| New York Mortgage Trust, | New York Mortgage Trust, | New York Mortgage Trust, | New York Mortgage Trust, |
| Series 2005-3, Class A1 | Series 2005-3, Class A1 | Series 2005-3, Class A1 | Series 2005-3, Class A1 |
| (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 02/25/36<sup>2</sup> | 168211 | 167116 |
| PRPM LLC, | PRPM LLC, | PRPM LLC, | PRPM LLC, |
| Series 2020-4, Class A1 (STEP-reset date 04/25/25) | Series 2020-4, Class A1 (STEP-reset date 04/25/25) | Series 2020-4, Class A1 (STEP-reset date 04/25/25) | Series 2020-4, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.61% | 10/25/25<sup>1</sup> | 1746984 | 1748232 |
| PRPM LLC, | PRPM LLC, | PRPM LLC, | PRPM LLC, |
| Series 2021-11, Class A1 (STEP-reset date 04/25/25) | Series 2021-11, Class A1 (STEP-reset date 04/25/25) | Series 2021-11, Class A1 (STEP-reset date 04/25/25) | Series 2021-11, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49% | 11/25/26<sup>1</sup> | 946487 | 947044 |
| PRPM LLC, | PRPM LLC, | PRPM LLC, | PRPM LLC, |
| Series 2022-3, Class A1 (STEP-reset date 04/25/25) | Series 2022-3, Class A1 (STEP-reset date 04/25/25) | Series 2022-3, Class A1 (STEP-reset date 04/25/25) | Series 2022-3, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56% | 06/25/27<sup>1</sup> | 1725269 | 1724845 |
| RBSSP Resecuritization Trust, | RBSSP Resecuritization Trust, | RBSSP Resecuritization Trust, | RBSSP Resecuritization Trust, |
| Series 2009-12, Class 17A2 | Series 2009-12, Class 17A2 | Series 2009-12, Class 17A2 | Series 2009-12, Class 17A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.78% | 10/25/35<sup>1,9</sup> | 102097 | 102170 |
| Residential Asset Mortgage Products Trust, | Residential Asset Mortgage Products Trust, | Residential Asset Mortgage Products Trust, | Residential Asset Mortgage Products Trust, |
| Series 2003-SL1, Class A41 | Series 2003-SL1, Class A41 | Series 2003-SL1, Class A41 | Series 2003-SL1, Class A41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 04/25/31 | 15201 | 12434 |
| Residential Asset Mortgage Products Trust, | Residential Asset Mortgage Products Trust, | Residential Asset Mortgage Products Trust, | Residential Asset Mortgage Products Trust, |
| Series 2004-SL1, Class A7 | Series 2004-SL1, Class A7 | Series 2004-SL1, Class A7 | Series 2004-SL1, Class A7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 11/25/31 | 4675 | 4061 |
| Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
| Series 2004-IP2, Class 2A1 | Series 2004-IP2, Class 2A1 | Series 2004-IP2, Class 2A1 | Series 2004-IP2, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.97% | 12/25/34<sup>9</sup> | 9859 | 8951 |
| Saxon Asset Securities Trust, | Saxon Asset Securities Trust, | Saxon Asset Securities Trust, | Saxon Asset Securities Trust, |
| Series 2007-1, Class A2D | Series 2007-1, Class A2D | Series 2007-1, Class A2D | Series 2007-1, Class A2D |
| (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67% | 01/25/47<sup>2</sup> | 3541905 | 3364286 |
| Soundview Home Loan Trust, | Soundview Home Loan Trust, | Soundview Home Loan Trust, | Soundview Home Loan Trust, |
| Series 2005-OPT4, Class M1 | Series 2005-OPT4, Class M1 | Series 2005-OPT4, Class M1 | Series 2005-OPT4, Class M1 |
| (CME Term SOFR 1-Month plus 0.80%) | (CME Term SOFR 1-Month plus 0.80%) | (CME Term SOFR 1-Month plus 0.80%) | (CME Term SOFR 1-Month plus 0.80%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12% | 12/25/35<sup>2</sup> | 4301054 | 3824558 |
| Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| Series 2004-15, Class A | Series 2004-15, Class A | Series 2004-15, Class A | Series 2004-15, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34% | 10/25/34<sup>9</sup> | 417960 | 370204 |
| Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |
| Series 2005-AR1, Class A1 | Series 2005-AR1, Class A1 | Series 2005-AR1, Class A1 | Series 2005-AR1, Class A1 |
| (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 04/19/35<sup>2</sup> | 205161 | 200919 |
| Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |
| Series 2005-AR8, Class A2 | Series 2005-AR8, Class A2 | Series 2005-AR8, Class A2 | Series 2005-AR8, Class A2 |
| (Federal Reserve US 12-Month Cumulative Average plus 1.48%) | (Federal Reserve US 12-Month Cumulative Average plus 1.48%) | (Federal Reserve US 12-Month Cumulative Average plus 1.48%) | (Federal Reserve US 12-Month Cumulative Average plus 1.48%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.23% | 02/25/36<sup>2</sup> | 180179 | 153604 |
| VOLT XCIX, LLC, | VOLT XCIX, LLC, | VOLT XCIX, LLC, | VOLT XCIX, LLC, |
| Series 2021-NPL8, Class A1 (STEP-reset date 04/25/25) | Series 2021-NPL8, Class A1 (STEP-reset date 04/25/25) | Series 2021-NPL8, Class A1 (STEP-reset date 04/25/25) | Series 2021-NPL8, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.12% | 04/25/51<sup>1</sup> | 274214 | 274500 |
| VOLT XCVI LLC, | VOLT XCVI LLC, | VOLT XCVI LLC, | VOLT XCVI LLC, |
| Series 2021-NPL5, Class A1 (STEP-reset date 04/25/25) | Series 2021-NPL5, Class A1 (STEP-reset date 04/25/25) | Series 2021-NPL5, Class A1 (STEP-reset date 04/25/25) | Series 2021-NPL5, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.12% | 03/27/51<sup>1</sup> | 139317 | 139438 |

---

*See accompanying Notes to Financial Statements.*

23 / Annual Financial Statements March 2025

------

#### Intermediate Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
| WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
| Series 2005-AR13, Class A1A3 | Series 2005-AR13, Class A1A3 | Series 2005-AR13, Class A1A3 | Series 2005-AR13, Class A1A3 |
| (CME Term SOFR 1-Month plus 1.67%) | (CME Term SOFR 1-Month plus 1.67%) | (CME Term SOFR 1-Month plus 1.67%) | (CME Term SOFR 1-Month plus 1.67%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.99% | 10/25/45<sup>2</sup> | $280991 | $281462 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47415944 |
| **U.S. Agency Commercial Mortgage-Backed — 0.28%** | **U.S. Agency Commercial Mortgage-Backed — 0.28%** | **U.S. Agency Commercial Mortgage-Backed — 0.28%** | **U.S. Agency Commercial Mortgage-Backed — 0.28%** |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |
| Series KJ42, Class A1 | Series KJ42, Class A1 | Series KJ42, Class A1 | Series KJ42, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 07/25/29 | 1799286 | 1776757 |
| **U.S. Agency Mortgage-Backed — 14.93%** | **U.S. Agency Mortgage-Backed — 14.93%** | **U.S. Agency Mortgage-Backed — 14.93%** | **U.S. Agency Mortgage-Backed — 14.93%** |
| Fannie Mae Pool 253974 | Fannie Mae Pool 253974 | Fannie Mae Pool 253974 | Fannie Mae Pool 253974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 08/01/31 | 407 | 427 |
| Fannie Mae Pool 527247 | Fannie Mae Pool 527247 | Fannie Mae Pool 527247 | Fannie Mae Pool 527247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 09/01/26 | 1 | 1 |
| Fannie Mae Pool 545191 | Fannie Mae Pool 545191 | Fannie Mae Pool 545191 | Fannie Mae Pool 545191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 09/01/31 | 305 | 320 |
| Fannie Mae Pool 549740 | Fannie Mae Pool 549740 | Fannie Mae Pool 549740 | Fannie Mae Pool 549740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 10/01/27 | 597 | 598 |
| Fannie Mae Pool 630599 | Fannie Mae Pool 630599 | Fannie Mae Pool 630599 | Fannie Mae Pool 630599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 05/01/32 | 1425 | 1506 |
| Fannie Mae Pool 655928 | Fannie Mae Pool 655928 | Fannie Mae Pool 655928 | Fannie Mae Pool 655928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 08/01/32 | 765 | 808 |
| Fannie Mae Pool 735207 | Fannie Mae Pool 735207 | Fannie Mae Pool 735207 | Fannie Mae Pool 735207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 04/01/34 | 492 | 519 |
| Fannie Mae Pool 735861 | Fannie Mae Pool 735861 | Fannie Mae Pool 735861 | Fannie Mae Pool 735861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 09/01/33 | 20894 | 21693 |
| Fannie Mae Pool 764388 | Fannie Mae Pool 764388 | Fannie Mae Pool 764388 | Fannie Mae Pool 764388 |
| (RFUCCT6M plus 1.38%) | (RFUCCT6M plus 1.38%) | (RFUCCT6M plus 1.38%) | (RFUCCT6M plus 1.38%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01% | 03/01/34<sup>2</sup> | 5618 | 5632 |
| Fannie Mae Pool 776708 | Fannie Mae Pool 776708 | Fannie Mae Pool 776708 | Fannie Mae Pool 776708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/01/34 | 45659 | 45995 |
| Fannie Mae Pool 844773 | Fannie Mae Pool 844773 | Fannie Mae Pool 844773 | Fannie Mae Pool 844773 |
| (RFUCCT1Y plus 1.56%) | (RFUCCT1Y plus 1.56%) | (RFUCCT1Y plus 1.56%) | (RFUCCT1Y plus 1.56%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27% | 12/01/35<sup>2</sup> | 2357 | 2370 |
| Fannie Mae Pool 889184 | Fannie Mae Pool 889184 | Fannie Mae Pool 889184 | Fannie Mae Pool 889184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/36 | 34748 | 35611 |
| Fannie Mae Pool 890221 | Fannie Mae Pool 890221 | Fannie Mae Pool 890221 | Fannie Mae Pool 890221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 12/01/33 | 48278 | 49478 |
| Fannie Mae Pool 939419 | Fannie Mae Pool 939419 | Fannie Mae Pool 939419 | Fannie Mae Pool 939419 |
| (RFUCCT1Y plus 1.27%) | (RFUCCT1Y plus 1.27%) | (RFUCCT1Y plus 1.27%) | (RFUCCT1Y plus 1.27%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.64% | 05/01/37<sup>2</sup> | 17786 | 17800 |
| Fannie Mae Pool AL0209 | Fannie Mae Pool AL0209 | Fannie Mae Pool AL0209 | Fannie Mae Pool AL0209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/41 | 142510 | 140964 |
| Fannie Mae Pool CA1710 | Fannie Mae Pool CA1710 | Fannie Mae Pool CA1710 | Fannie Mae Pool CA1710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/48 | 6488 | 6301 |
| Fannie Mae Pool CA1711 | Fannie Mae Pool CA1711 | Fannie Mae Pool CA1711 | Fannie Mae Pool CA1711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/48 | 446747 | 433875 |
| Fannie Mae Pool CA2208 | Fannie Mae Pool CA2208 | Fannie Mae Pool CA2208 | Fannie Mae Pool CA2208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/48 | 5786 | 5619 |
| Fannie Mae Pool CB2430 | Fannie Mae Pool CB2430 | Fannie Mae Pool CB2430 | Fannie Mae Pool CB2430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 12/01/51 | 2116481 | 1836843 |
| Fannie Mae Pool FM2318 | Fannie Mae Pool FM2318 | Fannie Mae Pool FM2318 | Fannie Mae Pool FM2318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/49 | 773459 | 709815 |
| Fannie Mae Pool FS1598 | Fannie Mae Pool FS1598 | Fannie Mae Pool FS1598 | Fannie Mae Pool FS1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/52 | 2774561 | 2210086 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |  |
| Fannie Mae Pool FS2646 | Fannie Mae Pool FS2646 | Fannie Mae Pool FS2646 | Fannie Mae Pool FS2646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/52 | 2879020 | 2513467 |
| Fannie Mae Pool MA1527 | Fannie Mae Pool MA1527 | Fannie Mae Pool MA1527 | Fannie Mae Pool MA1527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/01/33 | 9065 | 8650 |
| Fannie Mae Pool MA1561 | Fannie Mae Pool MA1561 | Fannie Mae Pool MA1561 | Fannie Mae Pool MA1561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/01/33 | 505182 | 482142 |
| Fannie Mae Pool MA1608 | Fannie Mae Pool MA1608 | Fannie Mae Pool MA1608 | Fannie Mae Pool MA1608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/33 | 439104 | 425024 |
| Fannie Mae Pool MA3537 | Fannie Mae Pool MA3537 | Fannie Mae Pool MA3537 | Fannie Mae Pool MA3537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/01/48 | 400592 | 389070 |
| Fannie Mae Pool MA3811 | Fannie Mae Pool MA3811 | Fannie Mae Pool MA3811 | Fannie Mae Pool MA3811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/01/49 | 371406 | 320190 |
| Fannie Mae Pool MA4333 | Fannie Mae Pool MA4333 | Fannie Mae Pool MA4333 | Fannie Mae Pool MA4333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 05/01/41 | 569535 | 487558 |
| Fannie Mae Pool MA4512 | Fannie Mae Pool MA4512 | Fannie Mae Pool MA4512 | Fannie Mae Pool MA4512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 01/01/52 | 1866863 | 1557476 |
| Fannie Mae Pool MA4733 | Fannie Mae Pool MA4733 | Fannie Mae Pool MA4733 | Fannie Mae Pool MA4733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8170026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7837473 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2001-52, Class YZ | Series 2001-52, Class YZ | Series 2001-52, Class YZ | Series 2001-52, Class YZ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 10/25/31 | 50078 | 51768 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2003-124, Class TS | Series 2003-124, Class TS | Series 2003-124, Class TS | Series 2003-124, Class TS |
| (-14.00 X SOFR30A plus 99.20%, 9.80% Cap) | (-14.00 X SOFR30A plus 99.20%, 9.80% Cap) | (-14.00 X SOFR30A plus 99.20%, 9.80% Cap) | (-14.00 X SOFR30A plus 99.20%, 9.80% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.80% | 01/25/34<sup>2</sup> | 1511 | 1613 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2007-64, Class FA | Series 2007-64, Class FA | Series 2007-64, Class FA | Series 2007-64, Class FA |
| (SOFR30A plus 0.58%) | (SOFR30A plus 0.58%) | (SOFR30A plus 0.58%) | (SOFR30A plus 0.58%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.92% | 07/25/37<sup>2</sup> | 23564 | 23450 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2008-50, Class SA (IO) | Series 2008-50, Class SA (IO) | Series 2008-50, Class SA (IO) | Series 2008-50, Class SA (IO) |
| (-1.00 X SOFR30A plus 5.94%, 6.05% Cap) | (-1.00 X SOFR30A plus 5.94%, 6.05% Cap) | (-1.00 X SOFR30A plus 5.94%, 6.05% Cap) | (-1.00 X SOFR30A plus 5.94%, 6.05% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60% | 11/25/36<sup>2</sup> | 366414 | 29094 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2018-38, Class PA | Series 2018-38, Class PA | Series 2018-38, Class PA | Series 2018-38, Class PA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/25/47 | 2287 | 2209 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2018-43, Class CT | Series 2018-43, Class CT | Series 2018-43, Class CT | Series 2018-43, Class CT |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/25/48 | 155813 | 138720 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2018-86, Class JA | Series 2018-86, Class JA | Series 2018-86, Class JA | Series 2018-86, Class JA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/25/47 | 75848 | 75304 |
| Fannie Mae Trust, | Fannie Mae Trust, | Fannie Mae Trust, | Fannie Mae Trust, |
| Series 2003-W6, Class 5T (IO) | Series 2003-W6, Class 5T (IO) | Series 2003-W6, Class 5T (IO) | Series 2003-W6, Class 5T (IO) |
| (-1.00 X SOFR30A plus 8.04%, 0.55% Cap) | (-1.00 X SOFR30A plus 8.04%, 0.55% Cap) | (-1.00 X SOFR30A plus 8.04%, 0.55% Cap) | (-1.00 X SOFR30A plus 8.04%, 0.55% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55% | 09/25/42<sup>2</sup> | 4763656 | 102774 |
| Freddie Mac Gold Pool A25162 | Freddie Mac Gold Pool A25162 | Freddie Mac Gold Pool A25162 | Freddie Mac Gold Pool A25162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/01/34 | 37823 | 38811 |
| Freddie Mac Gold Pool A33262 | Freddie Mac Gold Pool A33262 | Freddie Mac Gold Pool A33262 | Freddie Mac Gold Pool A33262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 02/01/35 | 17936 | 18502 |
| Freddie Mac Gold Pool A68781 | Freddie Mac Gold Pool A68781 | Freddie Mac Gold Pool A68781 | Freddie Mac Gold Pool A68781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 10/01/37 | 2345 | 2418 |
| Freddie Mac Gold Pool C03813 | Freddie Mac Gold Pool C03813 | Freddie Mac Gold Pool C03813 | Freddie Mac Gold Pool C03813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/42 | 441650 | 412457 |
| Freddie Mac Gold Pool G01548 | Freddie Mac Gold Pool G01548 | Freddie Mac Gold Pool G01548 | Freddie Mac Gold Pool G01548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 07/01/32 | 113917 | 122856 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 24

------

#### Intermediate Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Freddie Mac Gold Pool G01644 | Freddie Mac Gold Pool G01644 | Freddie Mac Gold Pool G01644 | Freddie Mac Gold Pool G01644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 02/01/34 | 24174 | 24806 |
|  Freddie Mac Gold Pool G02366 | Freddie Mac Gold Pool G02366 | Freddie Mac Gold Pool G02366 | Freddie Mac Gold Pool G02366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 10/01/36 | 19512 | 20822 |
|  Freddie Mac Gold Pool G08844 | Freddie Mac Gold Pool G08844 | Freddie Mac Gold Pool G08844 | Freddie Mac Gold Pool G08844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/01/48 | 117068 | 116989 |
|  Freddie Mac Pool SD5323 | Freddie Mac Pool SD5323 | Freddie Mac Pool SD5323 | Freddie Mac Pool SD5323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/54 | 4584153 | 4278618 |
|  Freddie Mac Pool SD7503 | Freddie Mac Pool SD7503 | Freddie Mac Pool SD7503 | Freddie Mac Pool SD7503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/49 | 2054323 | 1885282 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 2174, Class PN | Series 2174, Class PN | Series 2174, Class PN | Series 2174, Class PN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 07/15/29 | 7306 | 7440 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 3460, Class SA (IO) | Series 3460, Class SA (IO) | Series 3460, Class SA (IO) | Series 3460, Class SA (IO) |
|  (-1.00 X SOFR30A plus 6.09%, 6.20% Cap) | (-1.00 X SOFR30A plus 6.09%, 6.20% Cap) | (-1.00 X SOFR30A plus 6.09%, 6.20% Cap) | (-1.00 X SOFR30A plus 6.09%, 6.20% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.74% | 06/15/38<sup>2</sup> | 343409 | 23610 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 4030, Class HS (IO) | Series 4030, Class HS (IO) | Series 4030, Class HS (IO) | Series 4030, Class HS (IO) |
|  (-1.00 X SOFR30A plus 6.50%, 6.61% Cap) | (-1.00 X SOFR30A plus 6.50%, 6.61% Cap) | (-1.00 X SOFR30A plus 6.50%, 6.61% Cap) | (-1.00 X SOFR30A plus 6.50%, 6.61% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 04/15/42<sup>2</sup> | 324472 | 35899 |
|  Ginnie Mae (TBA) | Ginnie Mae (TBA) | Ginnie Mae (TBA) | Ginnie Mae (TBA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/20/55 | 3100000 | 2645678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/20/55 | 4075000 | 3815844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/20/55 | 3525000 | 3382652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5287430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/20/55 | 4000000 | 4008380 |
|  Ginnie Mae I Pool 782810 | Ginnie Mae I Pool 782810 | Ginnie Mae I Pool 782810 | Ginnie Mae I Pool 782810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/15/39 | 262568 | 259824 |
|  Ginnie Mae II Pool 80968 | Ginnie Mae II Pool 80968 | Ginnie Mae II Pool 80968 | Ginnie Mae II Pool 80968 |
|  (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity |
|  1-Year plus 1.50%) | 1-Year plus 1.50%) | 1-Year plus 1.50%) | 1-Year plus 1.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 07/20/34<sup>2</sup> | 6612 | 6704 |
|  Ginnie Mae II Pool MA4454 | Ginnie Mae II Pool MA4454 | Ginnie Mae II Pool MA4454 | Ginnie Mae II Pool MA4454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/20/47 | 10826 | 10868 |
|  Ginnie Mae II Pool MA4511 | Ginnie Mae II Pool MA4511 | Ginnie Mae II Pool MA4511 | Ginnie Mae II Pool MA4511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/20/47 | 2702 | 2568 |
|  Ginnie Mae II Pool MA4588 | Ginnie Mae II Pool MA4588 | Ginnie Mae II Pool MA4588 | Ginnie Mae II Pool MA4588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/20/47 | 93324 | 91355 |
|  Ginnie Mae II Pool MA4589 | Ginnie Mae II Pool MA4589 | Ginnie Mae II Pool MA4589 | Ginnie Mae II Pool MA4589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 07/20/47 | 526682 | 528703 |
|  Ginnie Mae II Pool MA4838 | Ginnie Mae II Pool MA4838 | Ginnie Mae II Pool MA4838 | Ginnie Mae II Pool MA4838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/20/47 | 245891 | 233857 |
|  Ginnie Mae II Pool MA4901 | Ginnie Mae II Pool MA4901 | Ginnie Mae II Pool MA4901 | Ginnie Mae II Pool MA4901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 12/20/47 | 199648 | 189787 |
|  Ginnie Mae II Pool MA5399 | Ginnie Mae II Pool MA5399 | Ginnie Mae II Pool MA5399 | Ginnie Mae II Pool MA5399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/20/48 | 242373 | 236658 |
|  Ginnie Mae II Pool MA5530 | Ginnie Mae II Pool MA5530 | Ginnie Mae II Pool MA5530 | Ginnie Mae II Pool MA5530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/20/48 | 2893 | 2888 |
|  Ginnie Mae II Pool MA6030 | Ginnie Mae II Pool MA6030 | Ginnie Mae II Pool MA6030 | Ginnie Mae II Pool MA6030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/20/49 | 35487 | 32411 |
|  Ginnie Mae II Pool MA6080 | Ginnie Mae II Pool MA6080 | Ginnie Mae II Pool MA6080 | Ginnie Mae II Pool MA6080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/20/49 | 18492 | 16157 |
|  Ginnie Mae II Pool MA6209 | Ginnie Mae II Pool MA6209 | Ginnie Mae II Pool MA6209 | Ginnie Mae II Pool MA6209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/20/49 | 321423 | 280838 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Ginnie Mae II Pool MA8347 | Ginnie Mae II Pool MA8347 | Ginnie Mae II Pool MA8347 | Ginnie Mae II Pool MA8347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/52 | 4703772 | 4538286 |
|  Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/54 | 767472 | 736755 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2023-134, Class F | Series 2023-134, Class F | Series 2023-134, Class F | Series 2023-134, Class F |
|  (SOFR30A plus 1.00%) | (SOFR30A plus 1.00%) | (SOFR30A plus 1.00%) | (SOFR30A plus 1.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34% | 08/20/53<sup>2</sup> | 613200 | 611369 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2024-30, Class AF | Series 2024-30, Class AF | Series 2024-30, Class AF | Series 2024-30, Class AF |
|  (SOFR30A plus 1.25%) | (SOFR30A plus 1.25%) | (SOFR30A plus 1.25%) | (SOFR30A plus 1.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59% | 02/20/54<sup>2</sup> | 569866 | 572028 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2024-30, Class CF | Series 2024-30, Class CF | Series 2024-30, Class CF | Series 2024-30, Class CF |
|  (SOFR30A plus 1.25%) | (SOFR30A plus 1.25%) | (SOFR30A plus 1.25%) | (SOFR30A plus 1.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59% | 02/20/54<sup>2</sup> | 1396356 | 1399801 |
|  UMBS (TBA) | UMBS (TBA) | UMBS (TBA) | UMBS (TBA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/55 | 3575000 | 2844560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/55 | 3375000 | 2808150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/55 | 3750000 | 3252819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | 6765765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/01/55 | 7450000 | 6931677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/01/55 | 7150000 | 6839787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/55 | 7425000 | 7277740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/01/55 | 4000000 | 3994960 |
|  |  |  | 96567052 |
|  **Total Mortgage-Backed** | **Total Mortgage-Backed** | **Total Mortgage-Backed** | **Total Mortgage-Backed** |
|  (Cost $168,867,591) | (Cost $168,867,591) | (Cost $168,867,591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165389819 |
|  **MUNICIPAL BONDS — 1.11%\*** | **MUNICIPAL BONDS — 1.11%\*** | **MUNICIPAL BONDS — 1.11%\*** | **MUNICIPAL BONDS — 1.11%\*** |
|  **Florida — 0.08%** | **Florida — 0.08%** | **Florida — 0.08%** | **Florida — 0.08%** |
|  County of Miami-Dade Aviation Revenue Bonds, Airport and | County of Miami-Dade Aviation Revenue Bonds, Airport and | County of Miami-Dade Aviation Revenue Bonds, Airport and | County of Miami-Dade Aviation Revenue Bonds, Airport and |
|  Marina Improvements, Series C | Marina Improvements, Series C | Marina Improvements, Series C | Marina Improvements, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.06% | 10/01/31 | 280000 | 271548 |
|  County of Miami-Dade Aviation Revenue Bonds, Airport and | County of Miami-Dade Aviation Revenue Bonds, Airport and | County of Miami-Dade Aviation Revenue Bonds, Airport and | County of Miami-Dade Aviation Revenue Bonds, Airport and |
|  Marina Improvements, Series D | Marina Improvements, Series D | Marina Improvements, Series D | Marina Improvements, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/31 | 245000 | 229960 |
|  |  |  | 501508 |
|  **Massachusetts — 0.11%** | **Massachusetts — 0.11%** | **Massachusetts — 0.11%** | **Massachusetts — 0.11%** |
|  Commonwealth of Massachusetts Revenue Bonds, Series B | Commonwealth of Massachusetts Revenue Bonds, Series B | Commonwealth of Massachusetts Revenue Bonds, Series B | Commonwealth of Massachusetts Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11% | 07/15/31 | 758579 | 749823 |
|  **Michigan — 0.11%** | **Michigan — 0.11%** | **Michigan — 0.11%** | **Michigan — 0.11%** |
|  University of Michigan Revenue Bonds, Series C | University of Michigan Revenue Bonds, Series C | University of Michigan Revenue Bonds, Series C | University of Michigan Revenue Bonds, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.48% | 04/01/33 | 750000 | 694718 |
|  **New York — 0.81%** | **New York — 0.81%** | **New York — 0.81%** | **New York — 0.81%** |
|  City of New York General Obligation, Public Improvements, | City of New York General Obligation, Public Improvements, | City of New York General Obligation, Public Improvements, | City of New York General Obligation, Public Improvements, |
|  Series 2 | Series 2 | Series 2 | Series 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70% | 03/01/29 | 250000 | 227074 |
|  New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax |
|  Secured Revenue Bonds, School Improvements, Series G-3 | Secured Revenue Bonds, School Improvements, Series G-3 | Secured Revenue Bonds, School Improvements, Series G-3 | Secured Revenue Bonds, School Improvements, Series G-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27% | 05/01/27 | 1465000 | 1494522 |

---

*See accompanying Notes to Financial Statements.*

25 / Annual Financial Statements March 2025

------

#### Intermediate Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **New York (continued)** | **New York (continued)** | **New York (continued)** | **New York (continued)** |
|  New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax |
|  Secured Revenue Bonds, Series F, Subseries F-3 | Secured Revenue Bonds, Series F, Subseries F-3 | Secured Revenue Bonds, Series F, Subseries F-3 | Secured Revenue Bonds, Series F, Subseries F-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 02/01/35 | 718000 | 728572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 02/01/36 | 718000 | 727455 |
|  New York State Dormitory Authority Revenue Bonds, Series C | New York State Dormitory Authority Revenue Bonds, Series C | New York State Dormitory Authority Revenue Bonds, Series C | New York State Dormitory Authority Revenue Bonds, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 03/15/29 | 590000 | 540845 |
|  New York State Dormitory Authority Revenue Bonds, | New York State Dormitory Authority Revenue Bonds, | New York State Dormitory Authority Revenue Bonds, | New York State Dormitory Authority Revenue Bonds, |
|  University & College Improvements, Series D | University & College Improvements, Series D | University & College Improvements, Series D | University & College Improvements, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/15/30 | 53822 | 54459 |
|  New York State Urban Development Corp. Revenue Bonds, | New York State Urban Development Corp. Revenue Bonds, | New York State Urban Development Corp. Revenue Bonds, | New York State Urban Development Corp. Revenue Bonds, |
|  Transit Improvements, Series B | Transit Improvements, Series B | Transit Improvements, Series B | Transit Improvements, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01% | 03/15/30 | 1630000 | 1458387 |
|  |  |  | 5231314 |
|  **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |
|  (Cost $7,330,946) | (Cost $7,330,946) | (Cost $7,330,946) | 7177363 |
|  **U.S. TREASURY SECURITIES — 47.56%** | **U.S. TREASURY SECURITIES — 47.56%** | **U.S. TREASURY SECURITIES — 47.56%** | **U.S. TREASURY SECURITIES — 47.56%** |
|  **U.S. Treasury Notes — 47.56%** | **U.S. Treasury Notes — 47.56%** | **U.S. Treasury Notes — 47.56%** | **U.S. Treasury Notes — 47.56%** |
|  U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13% | 01/15/35<sup>13</sup> | 7952140 | 8162282 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/27 | 21405000 | 21397475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/15/28 | 28580000 | 28576651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205934000 | 206344259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/35 | 41650000 | 43026402 |
|  **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |
|  (Cost $305,354,408) | (Cost $305,354,408) | (Cost $305,354,408) | 307507069 |
|  **Total Bonds — 102.47%** | **Total Bonds — 102.47%** | **Total Bonds — 102.47%** | **Total Bonds — 102.47%** |
|  (Cost $664,354,844) | (Cost $664,354,844) | (Cost $664,354,844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662525297 |
| Issues |  | Shares | Value |
|  **COMMON STOCK — 0.09%** | **COMMON STOCK — 0.09%** | **COMMON STOCK — 0.09%** | **COMMON STOCK — 0.09%** |
|  **Communications — 0.09%** | **Communications — 0.09%** | **Communications — 0.09%** | **Communications — 0.09%** |
|  Intelsat SA<sup>3,4,5</sup>  | Intelsat SA<sup>3,4,5</sup>  | Intelsat SA<sup>3,4,5</sup>  | Intelsat SA<sup>3,4,5</sup>  |
| (Luxembourg) | (Luxembourg) | 20560 | 591100 |
|  **Total Common Stock** | **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
|  (Cost $668,558) | (Cost $668,558) | (Cost $668,558) | (Cost $668,558) |
|  **RIGHTS — 0.03%** | **RIGHTS — 0.03%** | **RIGHTS — 0.03%** | **RIGHTS — 0.03%** |
|  **Communications — 0.03%** | **Communications — 0.03%** | **Communications — 0.03%** | **Communications — 0.03%** |
|  Intelsat SA, CVR<sup>3,4,5,14</sup>  | Intelsat SA, CVR<sup>3,4,5,14</sup>  | Intelsat SA, CVR<sup>3,4,5,14</sup>  | Intelsat SA, CVR<sup>3,4,5,14</sup>  |
| (Luxembourg) | (Luxembourg) | 20560 | 200460 |
|  **Total Rights** | **Total Rights** | **Total Rights** | **Total Rights** |
|  (Cost $7) | (Cost $7) | (Cost $7) | (Cost $7) |
|  **Purchased Swaptions - 0.02%**  | **Purchased Swaptions - 0.02%**  | **Purchased Swaptions - 0.02%**  | **Purchased Swaptions - 0.02%**  |
|  (Cost $299,179) | (Cost $299,179) | (Cost $299,179) | 134462 |

---

---

| | | |
|:---|:---|:---|
| Issues | Shares | Value |
|  **MUTUAL FUNDS — 0.10%** | **MUTUAL FUNDS — 0.10%** | **MUTUAL FUNDS — 0.10%** |
|  **Mutual Funds — 0.10%** | **Mutual Funds — 0.10%** | **Mutual Funds — 0.10%** |
|  TCW Private Asset Income Fund | TCW Private Asset Income Fund | TCW Private Asset Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>15,16</sup>  | 66931 | $669311 |
|  **Total Mutual Funds** | **Total Mutual Funds** | **Total Mutual Funds** |
|  (Cost $669,311) | (Cost $669,311) | (Cost $669,311) |
| Issues | Principal<br>Amount/Shares | Value |
|  **SHORT-TERM INVESTMENTS — 9.54%** | **SHORT-TERM INVESTMENTS — 9.54%** | **SHORT-TERM INVESTMENTS — 9.54%** |
|  **Money Market Funds — 9.54%** | **Money Market Funds — 9.54%** | **Money Market Funds — 9.54%** |
|  Fidelity Investments Money Market Funds - Government | Fidelity Investments Money Market Funds - Government | Fidelity Investments Money Market Funds - Government |
|  Portfolio | Portfolio | Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%<sup>15,17</sup>  | 6196288 | 6196288 |
|  TCW Central Cash Fund | TCW Central Cash Fund | TCW Central Cash Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%<sup>15,16</sup>  | 55513740 | 55513740 |
|  **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** |
|  (Cost $61,710,028) | (Cost $61,710,028) | 61710028 |
|  **Total Investments - 112.25%** | **Total Investments - 112.25%** | **Total Investments - 112.25%** |
|  (Cost $727,701,927) | (Cost $727,701,927) | 725830658 |
|  **Net unrealized depreciation on unfunded commitments** | **Net unrealized depreciation on unfunded commitments** | **Net unrealized depreciation on unfunded commitments** |
|  **- 0.00%** | **- 0.00%** | (65) |
|  **Liabilities in Excess of Other Assets - (12.25)%** | **Liabilities in Excess of Other Assets - (12.25)%** | (79214159) |
|  **Net Assets - 100.00%** | **Net Assets - 100.00%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646616434 |

---

<sup>1</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

<sup>2</sup> Floating rate security. The rate disclosed was in effect at March 31, 2025.

<sup>3</sup> Foreign denominated security issued by foreign domiciled entity.

<sup>4</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>5</sup> Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $2,413,601, which is 0.37% of total net assets. 

<sup>6</sup> Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer - 7.19% cash or 1.50% payment-in-kind interest. 

<sup>7</sup> Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $2,629, at an interest rate of 8.55% and a maturity of December 22, 2031. The investment is not accruing an unused commitment fee. 

<sup>8</sup> Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $13,250, at an interest rate of 10.07% and a maturity of December 30, 2029. The investment is not accruing an unused commitment fee. 

<sup>9</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

<sup>10</sup> Perpetual security with no stated maturity date.

<sup>11</sup> Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer - 5.00% cash or 10.00% payment-in-kind interest. 

<sup>12</sup> Zero coupon bond. The rate shown is the effective yield as of March 31, 2025.

<sup>13</sup> Inflation protected security. Principal amount reflects original security face amount. 

<sup>14</sup> Non-income producing security.

<sup>15</sup> Represents the current yield as of March 31, 2025.

<sup>16</sup> Affiliated investment.

<sup>17</sup> Securities, or a portion thereof, pledged as collateral for swaps. The total market value of collateral pledged is $830,100. 

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 26

------

#### Intermediate Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025
† Fair valued security. The aggregate value of fair valued securities is $1,622,041, which is 0.25% of total net assets. Fair valued securities were not valued utilizing an independent quote but were valued pursuant to guidelines approved by the Board of Trustees. See Notes to Financial Statements.

\* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

\*\* Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CLO): Collateralized Loan Obligation

(CVR): Contingent Value Right

(EMTN): Euro Medium-Term Note

(EUR): Euro

(EURIBOR): Euro InterBank Offer Rate

(GBP): British Pound

(IO): Interest Only

(MTN): Medium-Term Note

(NVS): Non-Voting Shares

(REIT): Real Estate Investment Trust

(RFUCCT): Refinitiv USD IBOR Consumer Cash Fallback

(SOFR): Secured Overnight Financing Rate

(SONIA): Sterling Overnight Index Average

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency to<br> be Purchased | Currency to<br> be Sold | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation) |
|  **FOREIGN CURRENCY EXCHANGE CONTRACT** | **FOREIGN CURRENCY EXCHANGE CONTRACT** | **FOREIGN CURRENCY EXCHANGE CONTRACT** | **FOREIGN CURRENCY EXCHANGE CONTRACT** |  |
|  EUR 3,696,000 | USD 3,890,512 | Goldman Sachs International | 04/11/25 | $104285 |
|  EUR 15,405,000 | USD 16,586,358 | Citibank N.A. | 04/11/25 | 64031 |
|  USD 114,427 | EUR 105,000 | Goldman Sachs International | 07/11/25 | 348 |
|  USD 839,698 | GBP 648,000 | Goldman Sachs International | 07/11/25 | 3389 |
|  |  |  |  | 172053 |
|  EUR 105,431 | USD 114,253 | Goldman Sachs International | 04/03/25 | (349) |
|  EUR 311,000 | USD 337,623 | Bank of America N.A. | 04/11/25 | (1481) |
|  GBP 648,000 | USD 839,795 | Goldman Sachs International | 04/11/25 | (3410) |
|  USD 2,813,128 | EUR 2,674,000 | Goldman Sachs International | 04/11/25 | (77046) |
|  USD 17,171,115 | EUR 16,738,000 | Citibank N.A. | 04/11/25 | (920038) |
|  USD 545,021 | GBP 449,000 | Goldman Sachs International | 04/11/25 | (34512) |
|  USD 256,845 | GBP 199,000 | Goldman Sachs International | 04/11/25 | (8) |
|  USD 14,756,763 | EUR 13,594,000 | Citibank N.A. | 07/11/25 | (12661) |
|  |  |  |  | (1049505) |
| **NET UNREALIZED DEPRECIATION** |  |  |  | $(877452) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
| **FUTURES CONTRACTS: LONG POSITIONS** | **FUTURES CONTRACTS: LONG POSITIONS** | **FUTURES CONTRACTS: LONG POSITIONS** | **FUTURES CONTRACTS: LONG POSITIONS** |  |  |
|  U.S. Treasury Two-Year Note | 1557 | 06/30/25 | $322566611 | $1587443 | $1587443 |
|  U.S. Treasury Five-Year Note | 23 | 06/30/25 | 2487593 | 26056 | 26056 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325054204 | 1613499 | 1613499 |
| **FUTURES CONTRACTS: SHORT POSITIONS** | **FUTURES CONTRACTS: SHORT POSITIONS** | **FUTURES CONTRACTS: SHORT POSITIONS** | **FUTURES CONTRACTS: SHORT POSITIONS** |  |  |
|  U.S. Treasury Ultra Bond | 123 | 06/18/25 | (15036750) | (375897) | (375897) |
|  Euro-Bund Future | 47 | 06/06/25 | (6540622) | (5969) | (5969) |
|  Euro-Bobl Future | 29 | 06/06/25 | (3689866) | (11469) | (11469) |
|  U.S. Treasury Ten-Year Ultra Bond | 3 | 06/18/25 | (342375) | (4828) | (4828) |
|  Euro-Schatz Future | 3 | 06/06/25 | (346598) | (279) | (279) |
|  Euro-Buxl 30 Year | 1 | 06/06/25 | (128825) | 2008 | 2008 |
|  |  |  | (26085036) | (396434) | (396434) |
|  **TOTAL FUTURES CONTRACTS** |  |  | $298969168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217065 |

---

*See accompanying Notes to Financial Statements.*

27 / Annual Financial Statements March 2025

------

#### Intermediate Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Fund | Received by the<br>Fund | Received by the<br>Fund | Paid by the Fund | Paid by the Fund | | | | |
| Description | Counterparty | Maturity<br>Date | Rate | Frequency | Rate | Frequency | Notional<br>Amount | Value | Premiums<br>Paid | Unrealized <br>(Depreciation) |
|  **PURCHASED SWAPTIONS** | **PURCHASED SWAPTIONS** |  |  |  |  |  |  |  |  |  |
| Option to enter into a 2-year Interest Rate Swap | Morgan Stanley | 01/30/26 | CME<br>Term<br>SOFR | Annually | 4.46% | Annually | $36940000 | $63556 | $150530 | $(86974) |
| Option to enter into a 5-year Interest Rate Swap | JPMorgan Chase | 01/30/26 | CME<br>Term<br>SOFR | Annually | 4.52% | Annually | 15730000 | 70906 | 148649 | (77743) |
|  **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52670000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134462 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164717) |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 28

------

#### Investment Grade Credit Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| BONDS – 109.22% | BONDS – 109.22% | BONDS – 109.22% |
| ASSET-BACKED SECURITIES — 5.10%\*\* | ASSET-BACKED SECURITIES — 5.10%\*\* | ASSET-BACKED SECURITIES — 5.10%\*\* |
|  AMMC CLO 24 Ltd., | AMMC CLO 24 Ltd., | AMMC CLO 24 Ltd., |
|  Series 2021-24A, Class AR | Series 2021-24A, Class AR | Series 2021-24A, Class AR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.20%) | (CME Term SOFR 3-Month plus 1.20%) | (CME Term SOFR 3-Month plus 1.20%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49%<br>01/20/35<sup>1,2,3</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74775 |
|  AMMC CLO 30 Ltd., | AMMC CLO 30 Ltd., | AMMC CLO 30 Ltd., |
|  Series 2024-30A, Class A1 | Series 2024-30A, Class A1 | Series 2024-30A, Class A1 |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.68%) | (CME Term SOFR 3-Month plus 1.68%) | (CME Term SOFR 3-Month plus 1.68%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.98%<br>01/15/37<sup>1,2,3</sup> | 70000 | 70201 |
|  Apidos CLO XII, | Apidos CLO XII, | Apidos CLO XII, |
|  Series 2013-12A, Class ARR | Series 2013-12A, Class ARR | Series 2013-12A, Class ARR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.08%) | (CME Term SOFR 3-Month plus 1.08%) | (CME Term SOFR 3-Month plus 1.08%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%<br>04/15/31<sup>1,2,3</sup> | 43888 | 43851 |
|  Applebee's Funding LLC/IHOP Funding LLC, | Applebee's Funding LLC/IHOP Funding LLC, | Applebee's Funding LLC/IHOP Funding LLC, |
|  Series 2019-1A, Class A2II | Series 2019-1A, Class A2II | Series 2019-1A, Class A2II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.72%<br>06/05/49<sup>1</sup> | 76230 | 74848 |
|  Ares XXVII CLO Ltd., | Ares XXVII CLO Ltd., | Ares XXVII CLO Ltd., |
|  Series 2013-2A, Class AR3 | Series 2013-2A, Class AR3 | Series 2013-2A, Class AR3 |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%<br>10/28/34<sup>1,2,3</sup> | 90000 | 89940 |
|  Dryden 72 CLO Ltd., | Dryden 72 CLO Ltd., | Dryden 72 CLO Ltd., |
|  Series 2019-72A, Class ARR | Series 2019-72A, Class ARR | Series 2019-72A, Class ARR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.10%) | (CME Term SOFR 3-Month plus 1.10%) | (CME Term SOFR 3-Month plus 1.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%<br>05/15/32<sup>1,2,3</sup> | 62091 | 61960 |
|  FirstKey Homes Trust, | FirstKey Homes Trust, | FirstKey Homes Trust, |
|  Series 2021-SFR2, Class E2 | Series 2021-SFR2, Class E2 | Series 2021-SFR2, Class E2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36%<br>09/17/38<sup>1</sup> | 100000 | 95524 |
|  FirstKey Homes Trust, | FirstKey Homes Trust, | FirstKey Homes Trust, |
|  Series 2022-SFR1, Class D | Series 2022-SFR1, Class D | Series 2022-SFR1, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%<br>05/19/39<sup>1</sup> | 70000 | 69824 |
|  GoldenTree Loan Management U.S. CLO 11 Ltd., | GoldenTree Loan Management U.S. CLO 11 Ltd., | GoldenTree Loan Management U.S. CLO 11 Ltd., |
|  Series 2021-11A, Class AR | Series 2021-11A, Class AR | Series 2021-11A, Class AR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.08%) | (CME Term SOFR 3-Month plus 1.08%) | (CME Term SOFR 3-Month plus 1.08%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%<br>10/20/34<sup>1,2,3</sup> | 70000 | 69717 |
|  GoldenTree Loan Management U.S. CLO 4 Ltd., | GoldenTree Loan Management U.S. CLO 4 Ltd., | GoldenTree Loan Management U.S. CLO 4 Ltd., |
|  Series 2019-4A, Class ARR | Series 2019-4A, Class ARR | Series 2019-4A, Class ARR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%<br>04/24/31<sup>1,2,3</sup> | 60828 | 60839 |
|  J.G. Wentworth XXX LLC, | J.G. Wentworth XXX LLC, | J.G. Wentworth XXX LLC, |
|  Series 2013-3A, Class A | Series 2013-3A, Class A | Series 2013-3A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08%<br>01/17/73<sup>1</sup> | 24542 | 23203 |
|  Octagon Investment Partners 46 Ltd., | Octagon Investment Partners 46 Ltd., | Octagon Investment Partners 46 Ltd., |
|  Series 2020-2A, Class AR | Series 2020-2A, Class AR | Series 2020-2A, Class AR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.42%) | (CME Term SOFR 3-Month plus 1.42%) | (CME Term SOFR 3-Month plus 1.42%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72%<br>07/15/36<sup>1,2,3</sup> | 70000 | 70036 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| ASSET-BACKED SECURITIES (continued) | ASSET-BACKED SECURITIES (continued) | ASSET-BACKED SECURITIES (continued) |
|  Palmer Square Loan Funding Ltd., | Palmer Square Loan Funding Ltd., | Palmer Square Loan Funding Ltd., |
|  Series 2022-3A, Class A1BR | Series 2022-3A, Class A1BR | Series 2022-3A, Class A1BR |
|  (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.40%) | (CME Term SOFR 3-Month plus 1.40%) | (CME Term SOFR 3-Month plus 1.40%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%<br>04/15/31<sup>1,2,3</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115032 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
|  Series 2021-SFR11, Class E2 | Series 2021-SFR11, Class E2 | Series 2021-SFR11, Class E2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53%<br>01/17/39<sup>1</sup> | 80000 | 74459 |
|  Regatta XIII Funding Ltd., | Regatta XIII Funding Ltd., | Regatta XIII Funding Ltd., |
|  Series 2018-2A, Class A1R | Series 2018-2A, Class A1R | Series 2018-2A, Class A1R |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.10%) | (CME Term SOFR 3-Month plus 1.10%) | (CME Term SOFR 3-Month plus 1.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%<br>07/15/31<sup>1,2,3</sup> | 40338 | 40298 |
|  Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., |
|  Series 2019-2A, Class AR2 | Series 2019-2A, Class AR2 | Series 2019-2A, Class AR2 |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.13%) | (CME Term SOFR 3-Month plus 1.13%) | (CME Term SOFR 3-Month plus 1.13%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%<br>08/20/32<sup>1,2,3</sup> | 61934 | 61840 |
|  Sabey Data Center Issuer LLC, | Sabey Data Center Issuer LLC, | Sabey Data Center Issuer LLC, |
|  Series 2021-1, Class A2 | Series 2021-1, Class A2 | Series 2021-1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%<br>06/20/46<sup>1</sup> | 83000 | 79757 |
|  Skyline Aircraft Finance LLC, | Skyline Aircraft Finance LLC, | Skyline Aircraft Finance LLC, |
|  Series 2021-1, Class A | Series 2021-1, Class A | Series 2021-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%<br>05/10/37<sup>†,4,5</sup> | 30557 | 28209 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
|  Series 2008-2, Class B | Series 2008-2, Class B | Series 2008-2, Class B |
|  (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%<br>01/25/83<sup>2</sup> | 20000 | 21164 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
|  Series 2008-3, Class B | Series 2008-3, Class B | Series 2008-3, Class B |
|  (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%<br>04/26/83<sup>2</sup> | 20000 | 20811 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
|  Series 2008-5, Class B | Series 2008-5, Class B | Series 2008-5, Class B |
|  (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67%<br>07/25/73<sup>2</sup> | 35000 | 37623 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
|  Series 2008-6, Class B | Series 2008-6, Class B | Series 2008-6, Class B |
|  (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67%<br>07/26/83<sup>2</sup> | 20000 | 20537 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
|  Series 2008-7, Class B | Series 2008-7, Class B | Series 2008-7, Class B |
|  (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67%<br>07/26/83<sup>2</sup> | 20000 | 20675 |
|  Vantage Data Centers Issuer LLC, | Vantage Data Centers Issuer LLC, | Vantage Data Centers Issuer LLC, |
|  Series 2020-1A, Class A2 | Series 2020-1A, Class A2 | Series 2020-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%<br>09/15/45<sup>1</sup> | 85000 | 83628 |
|  Wachovia Student Loan Trust, | Wachovia Student Loan Trust, | Wachovia Student Loan Trust, |
|  Series 2006-1, Class A6 | Series 2006-1, Class A6 | Series 2006-1, Class A6 |
|  (SOFR90A plus 0.43%) | (SOFR90A plus 0.43%) | (SOFR90A plus 0.43%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%<br>04/25/40<sup>1,2</sup> | 14148 | 13940 |
|  **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
|  (Cost $1,401,754) | (Cost $1,401,754) | 1422691 |

---

*See accompanying Notes to Financial Statements.*

29 / Annual Financial Statements March 2025

------

#### Investment Grade Credit Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES — 54.51%\*** | **CORPORATES — 54.51%\*** | **CORPORATES — 54.51%\*** |  |
|  **Banking — 8.02%** | **Banking — 8.02%** | **Banking — 8.02%** |  |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 07/21/32<sup>6</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.59% | 04/29/31<sup>6</sup> | 210000 | 188722 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
|  Series N | Series N | Series N | Series N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.66% | 03/11/27<sup>6</sup> | 25000 | 24322 |
|  Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) |
| (MTN) | (MTN) | (MTN) | (MTN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83% | 10/25/33<sup>6</sup> | 170000 | 178825 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 05/24/32<sup>3,6</sup> | 155000 | 135614 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.58% | 04/22/27<sup>6</sup> | 205000 | 198796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 02/04/32<sup>6</sup> | 365000 | 310636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96% | 01/25/33<sup>6</sup> | 135000 | 119271 |
|  PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22% | 01/29/31<sup>6</sup> | 150000 | 152635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% | 01/22/35<sup>6</sup> | 5000 | 5127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 10/20/34<sup>6</sup> | 15000 | 16593 |
|  Santander UK Group Holdings PLC | Santander UK Group Holdings PLC | Santander UK Group Holdings PLC | Santander UK Group Holdings PLC |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.47% | 01/11/28<sup>3,6</sup> | 30000 | 28832 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84% | 02/01/34<sup>6</sup> | 160000 | 155426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% | 01/23/35<sup>6</sup> | 5000 | 5116 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| (MTN) | (MTN) | (MTN) | (MTN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57% | 02/11/31<sup>6</sup> | 80000 | 72165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35% | 03/02/33<sup>6</sup> | 295000 | 264701 |
|  |  |  | 2234507 |
|  **Communications — 3.67%** | **Communications — 3.67%** |  |  |
|  Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter |
|  Communications Operating Capital | Communications Operating Capital | Communications Operating Capital | Communications Operating Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 02/01/32 | 285000 | 230971 |
|  Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 02/26/34 | 90000 | 91235 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 01/15/31 | 10000 | 8586 |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 05/15/30 | 35000 | 31498 |
|  Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 10/13/33 | 65000 | 69575 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 08/15/34 | 100000 | 99342 |
|  Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% | 03/15/32 | 85000 | 102268 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint |
|  Spectrum Co. III LLC | Spectrum Co. III LLC | Spectrum Co. III LLC | Spectrum Co. III LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 03/20/28<sup>1</sup> | 195000 | 195933 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 02/15/31 | 179000 | 157833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 07/15/33 | 35000 | 34781 |
|  |  |  | 1022022 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| CORPORATES (continued) | CORPORATES (continued) | CORPORATES (continued) | CORPORATES (continued) |
| Consumer Discretionary — 3.29% | Consumer Discretionary — 3.29% | Consumer Discretionary — 3.29% | Consumer Discretionary — 3.29% |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 02/04/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40279 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
| (Bermuda) | (Bermuda) | (Bermuda) | (Bermuda) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 05/15/28<sup>1,3</sup> | 90000 | 89621 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39% | 08/15/37 | 95000 | 83442 |
|  Becle, SAB de CV | Becle, SAB de CV | Becle, SAB de CV | Becle, SAB de CV |
| (Mexico) | (Mexico) | (Mexico) | (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 10/14/31<sup>1,3</sup> | 70000 | 56668 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 08/01/34 | 40000 | 40093 |
|  Church & Dwight Co., Inc. | Church & Dwight Co., Inc. | Church & Dwight Co., Inc. | Church & Dwight Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 11/15/32 | 20000 | 20884 |
|  Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 08/14/34 | 45000 | 44723 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88% | 05/01/30 | 30000 | 27232 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/30/28 | 70000 | 70349 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 07/21/25<sup>1,3</sup> | 30000 | 29946 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 09/24/31<sup>1,3</sup> | 120000 | 100609 |
|  Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 03/22/33 | 15000 | 15032 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 11/17/32 | 60000 | 62828 |
|  Reynolds American, Inc. | Reynolds American, Inc. | Reynolds American, Inc. | Reynolds American, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 08/15/35 | 50000 | 50339 |
|  WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28% | 03/15/32 | 210000 | 185102 |
|  |  |  | 917147 |
|  **Diversified REITs — 1.66%** | **Diversified REITs — 1.66%** | **Diversified REITs — 1.66%** | **Diversified REITs — 1.66%** |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 | 25000 | 22021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 10/01/34 | 5000 | 4993 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 09/15/31 | 148000 | 126469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 01/15/30 | 15000 | 13801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 03/15/30 | 30000 | 30155 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 01/15/31 | 120000 | 102635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30% | 07/01/30 | 25000 | 22973 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 07/01/29 | 10000 | 9555 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 05/15/31 | 35000 | 30559 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 01/15/29 | 20000 | 20057 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 05/15/32 | 52000 | 51019 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 30

------

#### Investment Grade Credit Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| CORPORATES (continued) | CORPORATES (continued) | CORPORATES (continued) | CORPORATES (continued) |
| Diversified REITs (continued) | Diversified REITs (continued) | Diversified REITs (continued) | Diversified REITs (continued) |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 06/15/25<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15001 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 03/09/33 | 15000 | 13253 |
|  |  |  | 462491 |
|  **Electric — 4.59%** | **Electric — 4.59%** | **Electric — 4.59%** | **Electric — 4.59%** |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40% | 03/15/26<sup>1</sup> | 90000 | 87111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 03/30/29<sup>1</sup> | 35000 | 36271 |
|  Ameren Corp. | Ameren Corp. | Ameren Corp. | Ameren Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/15/31 | 50000 | 46473 |
|  Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., |
|  Series X | Series X | Series X | Series X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30% | 06/01/27 | 20000 | 19497 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 12/15/32 | 100000 | 106520 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 05/15/31 | 25000 | 20895 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35% | 05/01/33 | 36000 | 33694 |
|  Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45% | 01/15/38 | 20000 | 21917 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 06/15/31 | 35000 | 30592 |
|  Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 11/15/33 | 45000 | 47498 |
|  Eurogrid GmbH | Eurogrid GmbH | Eurogrid GmbH | Eurogrid GmbH |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Georgia) | (Georgia) | (Georgia) | (Georgia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11% | 05/15/32<sup>3</sup> | 100000 | 91592 |
|  Evergy Missouri West, Inc. | Evergy Missouri West, Inc. | Evergy Missouri West, Inc. | Evergy Missouri West, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 06/01/34<sup>1</sup> | 50000 | 51272 |
|  Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60% | 07/01/27 | 30000 | 30028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 05/15/33 | 70000 | 69210 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 03/15/33 | 35000 | 35512 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% | 01/15/30 | 25000 | 24697 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 06/15/34 | 205000 | 209857 |
|  ITC Holdings Corp. | ITC Holdings Corp. | ITC Holdings Corp. | ITC Holdings Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 09/22/27<sup>1</sup> | 20000 | 20149 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 03/01/32<sup>1</sup> | 90000 | 77805 |
|  Narragansett Electric Co. (The) | Narragansett Electric Co. (The) | Narragansett Electric Co. (The) | Narragansett Electric Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40% | 04/09/30<sup>1</sup> | 35000 | 32931 |
|  Oklahoma Gas and Electric Co. | Oklahoma Gas and Electric Co. | Oklahoma Gas and Electric Co. | Oklahoma Gas and Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 01/15/33 | 15000 | 15287 |
|  Public Service Co. of New Mexico | Public Service Co. of New Mexico | Public Service Co. of New Mexico | Public Service Co. of New Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85% | 08/01/25 | 40000 | 39826 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 04/01/33 | 105000 | 105408 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Electric (continued)** | **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
|  Southwestern Electric Power Co., | Southwestern Electric Power Co., | Southwestern Electric Power Co., | Southwestern Electric Power Co., |
|  Series M | Series M | Series M | Series M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10% | 09/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14755 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40% | 06/01/30 | 10000 | 9338 |
|  |  |  | 1278135 |
|  **Energy — 2.96%** |  |  |  |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA | Aker BP ASA |
| (Norway) | (Norway) | (Norway) | (Norway) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10% | 07/15/31<sup>1,3</sup> | 67000 | 59039 |
|  Boston Gas Co. | Boston Gas Co. | Boston Gas Co. | Boston Gas Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.76% | 03/16/32<sup>1</sup> | 25000 | 22789 |
|  CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 03/01/33 | 130000 | 132459 |
|  East Ohio Gas Co. (The) | East Ohio Gas Co. (The) | East Ohio Gas Co. (The) | East Ohio Gas Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 06/15/30<sup>1</sup> | 15000 | 13090 |
|  KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.99% | 03/06/33<sup>1</sup> | 85000 | 87245 |
|  National Gas Transmission PLC, | National Gas Transmission PLC, | National Gas Transmission PLC, | National Gas Transmission PLC, |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 04/05/30<sup>3</sup> | 100000 | 111938 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 06/30/33 | 75000 | 75400 |
|  Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/15/31 | 10000 | 8736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 06/15/33 | 65000 | 65900 |
|  Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 10/15/25 | 30000 | 29977 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 09/15/34 | 5000 | 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 09/15/32 | 20000 | 20027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 09/15/33 | 102000 | 105333 |
|  Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/15/47<sup>1</sup> | 30000 | 25390 |
|  TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 03/01/34<sup>3</sup> | 30000 | 28340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 03/31/34<sup>3</sup> | 35000 | 35161 |
|  |  |  | 825693 |
|  **Finance — 5.53%** | **Finance — 5.53%** | **Finance — 5.53%** | **Finance — 5.53%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| (Ireland) | (Ireland) | (Ireland) | (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/29/28<sup>3</sup> | 80000 | 75143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30% | 01/30/32<sup>3</sup> | 60000 | 53140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 01/23/28<sup>3</sup> | 16000 | 15635 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 12/01/27 | 26000 | 25358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 10/01/28 | 30000 | 29884 |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.49% | 10/30/31<sup>6</sup> | 100000 | 108009 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53% | 11/18/27<sup>1,3</sup> | 46000 | 43088 |

---

*See accompanying Notes to Financial Statements.*

31 / Annual Financial Statements March 2025

------

#### Investment Grade Credit Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
| **Finance (continued)** | **Finance (continued)** | **Finance (continued)** | **Finance (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 02/21/28<sup>1,3</sup> | $10000 | $9411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 05/01/26<sup>1,3</sup> | 5000 | 4973 |
|  BlackRock, Inc. | BlackRock, Inc. | BlackRock, Inc. | BlackRock, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 07/18/35 | 100000 | 108244 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52% | 11/03/32<sup>6</sup> | 225000 | 192313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.56% | 05/01/32<sup>6</sup> | 70000 | 60838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06% | 01/25/33<sup>6</sup> | 32000 | 28045 |
|  Discover Financial Services | Discover Financial Services | Discover Financial Services | Discover Financial Services |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70% | 11/29/32 | 15000 | 16119 |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 10/21/27<sup>6</sup> | 50000 | 47974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 10/21/32<sup>6</sup> | 212000 | 183291 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85% | 09/15/32 | 50000 | 40687 |
|  Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% | 01/15/35 | 80000 | 77973 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| (MTN) | (MTN) | (MTN) | (MTN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.79% | 02/13/32<sup>6</sup> | 240000 | 201078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93% | 04/28/32<sup>6</sup> | 215000 | 180276 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% | 10/13/26<sup>1,3</sup> | 25000 | 23925 |
|  Pipeline Funding Co. LLC | Pipeline Funding Co. LLC | Pipeline Funding Co. LLC | Pipeline Funding Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 01/15/30<sup>1</sup> | 15938 | 16762 |
|  |  |  | 1542166 |
|  **Food — 1.92%** |  |  |  |
|  General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 03/29/33 | 50000 | 49543 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. |
|  Sarl | Sarl | Sarl | Sarl |
| (Luxembourg) | (Luxembourg) | (Luxembourg) | (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 12/01/31<sup>3</sup> | 32000 | 29311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 03/15/34<sup>3</sup> | 50000 | 54063 |
|  Kellanova | Kellanova | Kellanova | Kellanova |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 03/01/33 | 30000 | 30420 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/01/30<sup>1</sup> | 190000 | 191218 |
|  Mondelez International Holdings Netherlands BV, | Mondelez International Holdings Netherlands BV, | Mondelez International Holdings Netherlands BV, | Mondelez International Holdings Netherlands BV, |
|  Series REGS | Series REGS | Series REGS | Series REGS |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | 10/01/31<sup>3</sup> | 100000 | 92811 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/32 | 60000 | 52892 |
|  Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 09/13/31<sup>1</sup> | 40000 | 34084 |
|  |  |  | 534342 |
|  **Health Care — 8.91%** |  |  |  |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 09/23/26<sup>1</sup> | 40000 | 38976 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 03/02/33 | 135000 | 137022 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
| **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
|  Ascension Health, | Ascension Health, | Ascension Health, | Ascension Health, |
|  Series B | Series B | Series B | Series B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53% | 11/15/29 | $20000 | $18369 |
|  Barnabas Health, Inc., | Barnabas Health, Inc., | Barnabas Health, Inc., | Barnabas Health, Inc., |
|  Series 2012 | Series 2012 | Series 2012 | Series 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/01/28 | 15000 | 14468 |
|  Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 04/01/30 | 10000 | 9632 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 12/15/28<sup>1</sup> | 25000 | 24374 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 11/21/33<sup>1</sup> | 105000 | 110230 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 06/06/27 | 20000 | 19661 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/22/34 | 135000 | 137424 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30 | 85000 | 74396 |
|  Cigna Group (The) | Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40% | 03/15/30 | 105000 | 94316 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 08/15/29 | 40000 | 37373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 06/01/33 | 150000 | 148554 |
|  DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 06/01/30 | 35000 | 31393 |
|  Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65% | 08/28/28 | 15000 | 15193 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/15/35 | 70000 | 70194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 10/15/32 | 60000 | 61993 |
|  Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 02/12/30 | 140000 | 142136 |
|  Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88% | 12/01/26<sup>1</sup> | 20000 | 19116 |
|  GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/14/29 | 65000 | 65273 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 03/15/32 | 75000 | 67844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 06/15/29 | 65000 | 63135 |
|  Health Care Service Corp. A Mutual Legal Reserve Co. | Health Care Service Corp. A Mutual Legal Reserve Co. | Health Care Service Corp. A Mutual Legal Reserve Co. | Health Care Service Corp. A Mutual Legal Reserve Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 06/15/34<sup>1</sup> | 65000 | 65966 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 03/23/29 | 10000 | 9590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/15/31 | 150000 | 151282 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 03/23/31 | 25000 | 21576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 12/13/27 | 15000 | 15346 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 02/01/29 | 35000 | 36530 |
|  Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA |
| (Luxembourg) | (Luxembourg) | (Luxembourg) | (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 03/30/33<sup>3</sup> | 20000 | 19551 |
|  Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. |
| (Slovenia) | (Slovenia) | (Slovenia) | (Slovenia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 05/19/33<sup>3</sup> | 35000 | 34630 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 32

------

#### Investment Grade Credit Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
|  Premier Health Partners, | Premier Health Partners, | Premier Health Partners, | Premier Health Partners, |
|  Series G | Series G | Series G | Series G |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.91% | 11/15/26 | 15000 | 14509 |
|  Providence St. Joseph Health Obligated Group, | Providence St. Joseph Health Obligated Group, | Providence St. Joseph Health Obligated Group, | Providence St. Joseph Health Obligated Group, |
|  Series H | Series H | Series H | Series H |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 10/01/26 | 20000 | 19502 |
|  Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 09/15/30 | 20000 | 17065 |
|  Revvity, Inc. | Revvity, Inc. | Revvity, Inc. | Revvity, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 03/15/31 | 35000 | 30382 |
|  Roche Holdings, Inc. | Roche Holdings, Inc. | Roche Holdings, Inc. | Roche Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59% | 09/09/34<sup>1</sup> | 65000 | 63625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59% | 11/13/33<sup>1</sup> | 100000 | 105155 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 09/02/27<sup>3</sup> | 25000 | 23340 |
|  Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.03% | 10/14/30<sup>3</sup> | 30000 | 25870 |
|  STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. |
| (Ireland) | (Ireland) | (Ireland) | (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 03/15/31<sup>3</sup> | 30000 | 26602 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 09/11/32 | 100000 | 107243 |
|  Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09% | 08/10/33 | 34000 | 34425 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 07/15/34 | 205000 | 206403 |
|  Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 09/01/26 | 35000 | 33510 |
|  Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 11/16/32 | 20000 | 20860 |
|  |  |  | 2484034 |
| **Health Care REITs — 0.19%** | **Health Care REITs — 0.19%** | **Health Care REITs — 0.19%** | **Health Care REITs — 0.19%** |
|  DOC DR LLC | DOC DR LLC | DOC DR LLC | DOC DR LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 03/15/27 | 26000 | 25852 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10% | 02/15/30 | 15000 | 13770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 05/01/25 | 4000 | 3997 |
|  Ventas Realty LP | Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 01/15/26 | 10000 | 9952 |
|  |  |  | 53571 |
| **Hotel & Resort REITs — 0.10%** | **Hotel & Resort REITs — 0.10%** | **Hotel & Resort REITs — 0.10%** | **Hotel & Resort REITs — 0.10%** |
|  Host Hotels & Resorts LP, | Host Hotels & Resorts LP, | Host Hotels & Resorts LP, | Host Hotels & Resorts LP, |
|  Series I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/15/30 | 30000 | 27503 |
| **Industrial REITs — 0.49%** | **Industrial REITs — 0.49%** | **Industrial REITs — 0.49%** | **Industrial REITs — 0.49%** |
|  Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41% | 09/12/34 | 45000 | 43933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 05/15/32 | 20000 | 20100 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 10/01/31 | 25000 | 20869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 09/15/30 | 25000 | 22028 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Industrial REITs (continued)** | **Industrial REITs (continued)** | **Industrial REITs (continued)** | **Industrial REITs (continued)** |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13% | 12/01/30 | 5000 | 4296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 09/01/31 | 30000 | 25145 |
|  |  |  | 136371 |
|  **Industrials — 2.23%** | **Industrials — 2.23%** | **Industrials — 2.23%** | **Industrials — 2.23%** |
|  Amcor Finance USA, Inc. | Amcor Finance USA, Inc. | Amcor Finance USA, Inc. | Amcor Finance USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 05/26/33 | 15000 | 15390 |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/17/35<sup>1</sup> | 40000 | 40170 |
|  BAE Systems Holdings, Inc. | BAE Systems Holdings, Inc. | BAE Systems Holdings, Inc. | BAE Systems Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85% | 12/15/25<sup>1</sup> | 10000 | 9945 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57% | 01/15/26 | 20000 | 19507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 01/15/27 | 20000 | 18984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 01/15/34 | 85000 | 86118 |
|  Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 02/01/31 | 100000 | 92850 |
|  General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| (MTN) | (MTN) | (MTN) | (MTN) |
|  (CME Term SOFR 3-Month plus 0.64%) | (CME Term SOFR 3-Month plus 0.64%) | (CME Term SOFR 3-Month plus 0.64%) | (CME Term SOFR 3-Month plus 0.64%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94% | 05/05/26<sup>2</sup> | 10000 | 10032 |
|  Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/15/34 | 60000 | 59149 |
|  Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57% | 10/15/26<sup>1</sup> | 30000 | 28562 |
|  Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC |
| (Ireland) | (Ireland) | (Ireland) | (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44% | 04/03/34<sup>1,3</sup> | 200000 | 202144 |
|  Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13% | 05/01/30 | 25000 | 22919 |
|  Sydney Airport Finance Co. Pty Ltd. | Sydney Airport Finance Co. Pty Ltd. | Sydney Airport Finance Co. Pty Ltd. | Sydney Airport Finance Co. Pty Ltd. |
| (Australia) | (Australia) | (Australia) | (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 04/28/26<sup>1,3</sup> | 15000 | 14843 |
|  |  |  | 620613 |
|  **Information Technology — 4.27%** | **Information Technology — 4.27%** | **Information Technology — 4.27%** | **Information Technology — 4.27%** |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 12/01/34 | 70000 | 70013 |
|  Atlassian Corp. | Atlassian Corp. | Atlassian Corp. | Atlassian Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/15/34 | 105000 | 106713 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 04/15/35 | 55000 | 54656 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60% | 02/15/33<sup>1</sup> | 65000 | 54805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42% | 04/15/33<sup>1</sup> | 20000 | 17822 |
|  Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 09/10/34 | 110000 | 107488 |
|  Constellation Software, Inc. | Constellation Software, Inc. | Constellation Software, Inc. | Constellation Software, Inc. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46% | 02/16/34<sup>1,3</sup> | 100000 | 101921 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/30 | 40000 | 40174 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 06/01/30 | 20000 | 18002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 08/21/33 | 20000 | 20601 |

---

*See accompanying Notes to Financial Statements.*

33 / Annual Financial Statements March 2025

------

#### Investment Grade Credit Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 01/25/31<sup>1</sup> | 55000 | 55894 |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/12/31 | 85000 | 71132 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 04/15/32 | 15000 | 12840 |
|  Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 06/15/25<sup>1</sup> | 20000 | 19964 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. | Open Text Corp. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90% | 12/01/27<sup>1,3</sup> | 72000 | 74556 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88% | 03/25/31 | 70000 | 62742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/03/28 | 30000 | 30256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 11/09/32 | 90000 | 95996 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 04/01/35 | 30000 | 30169 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/14/32 | 65000 | 60840 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 09/15/34 | 85000 | 82782 |
|  |  |  | 1189366 |
| **Insurance — 2.55%** | **Insurance — 2.55%** | **Insurance — 2.55%** | **Insurance — 2.55%** |
|  Aon Corp. | Aon Corp. | Aon Corp. | Aon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 05/15/30 | 40000 | 36462 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.61% | 06/29/26<sup>1</sup> | 5000 | 4822 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20% | 03/17/32 | 30000 | 28157 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30% | 07/12/261 | 25000 | 24022 |
|  Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% | 07/15/281 | 20000 | 20902 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 11/01/57<sup>1,6</sup> | 65000 | 53015 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 11/15/30 | 30000 | 26506 |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95% | 04/09/30<sup>1</sup> | 220000 | 202443 |
|  MMI Capital Trust I, | MMI Capital Trust I, | MMI Capital Trust I, | MMI Capital Trust I, |
|  Series B | Series B | Series B | Series B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63% | 12/15/27 | 50000 | 52987 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/09/34<sup>1</sup> | 160000 | 160146 |
|  New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 05/15/33<sup>1</sup> | 65000 | 68003 |
|  Progressive Corp. (The) | Progressive Corp. (The) | Progressive Corp. (The) | Progressive Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20% | 03/26/30 | 10000 | 9397 |
|  Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% | 05/15/33 | 25000 | 25220 |
|  |  |  | 712082 |
| **Materials — 0.41%** | **Materials — 0.41%** | **Materials — 0.41%** | **Materials — 0.41%** |
|  Georgia-Pacific LLC | Georgia-Pacific LLC | Georgia-Pacific LLC | Georgia-Pacific LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 04/30/30<sup>1</sup> | 20000 | 17927 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Materials (continued)** | **Materials (continued)** | **Materials (continued)** | **Materials (continued)** |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 11/01/30<sup>1</sup> | 95000 | 82204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.27% | 11/15/40<sup>1</sup> | 20000 | 14575 |
|  |  |  | 114706 |
| **Office REITs — 0.20%** | **Office REITs — 0.20%** | **Office REITs — 0.20%** | **Office REITs — 0.20%** |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 25000 | 22111 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 02/15/30 | 5000 | 4452 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 04/01/32 | 35000 | 28281 |
|  |  |  | 54844 |
| **Residential REITs — 0.50%** | **Residential REITs — 0.50%** | **Residential REITs — 0.50%** | **Residential REITs — 0.50%** |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 07/15/31 | 30000 | 25753 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 03/15/32 | 10000 | 8560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/01/34 | 45000 | 45442 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/15/33 | 50000 | 50345 |
|  UDR, Inc. | UDR, Inc. | UDR, Inc. | UDR, Inc. |
| (MTN) | (MTN) | (MTN) | (MTN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 01/26/29 | 10000 | 9906 |
|  |  |  | 140006 |
| **Retail — 0.06%** | **Retail — 0.06%** | **Retail — 0.06%** | **Retail — 0.06%** |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 11/15/30 | 20000 | 17857 |
| **Services — 2.17%** | **Services — 2.17%** | **Services — 2.17%** | **Services — 2.17%** |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 01/15/31<sup>1,3</sup> | 40000 | 41265 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 08/15/29 | 60000 | 60914 |
|  Moody's Corp. | Moody's Corp. | Moody's Corp. | Moody's Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 08/08/32 | 20000 | 19309 |
|  Northwestern University | Northwestern University | Northwestern University | Northwestern University |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69% | 12/01/38 | 20000 | 17561 |
|  RELX Capital, Inc. | RELX Capital, Inc. | RELX Capital, Inc. | RELX Capital, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/22/30 | 20000 | 18549 |
|  Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 07/01/26 | 5000 | 4920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 03/15/35 | 80000 | 80502 |
|  Rollins, Inc. | Rollins, Inc. | Rollins, Inc. | Rollins, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 02/24/35<sup>1</sup> | 100000 | 99626 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 03/01/32 | 10000 | 8926 |
|  Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 03/15/35 | 215000 | 214024 |
|  Worldline SA | Worldline SA | Worldline SA | Worldline SA |
| (France) | (France) | (France) | (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 07/30/25<sup>3</sup>,<sup>7</sup> | 75 | 9541 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 34

------

#### Investment Grade Credit Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |  |
| **Services (continued)** | **Services (continued)** | **Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 07/30/26<sup>3,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28986 |
|  |  |  |  | 604123 |
|  **Specialized REITs — 0.32%** | **Specialized REITs — 0.32%** |  |  |  |
| CubeSmart LP | CubeSmart LP | CubeSmart LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 02/15/29 | 15000 |  | 14726 |
| Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20% | 10/15/30 | 40000 |  | 34861 |
| NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 10/15/33 | 40000 |  | 40547 |
|  |  |  |  | 90134 |
|  **Transportation — 0.47%** | **Transportation — 0.47%** |  |  |  |
| Delta Air Lines Pass-Through Trust, | Delta Air Lines Pass-Through Trust, | Delta Air Lines Pass-Through Trust, |  |  |
| Series 2020-1, Class AA | Series 2020-1, Class AA | Series 2020-1, Class AA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 06/10/28 | 18273 |  | 17209 |
| JetBlue Airways Pass-Through Trust, | JetBlue Airways Pass-Through Trust, | JetBlue Airways Pass-Through Trust, |  |  |
| Series 2019-1, Class AA | Series 2019-1, Class AA | Series 2019-1, Class AA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 05/15/32 | 25355 |  | 22000 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/15/32 | 15000 |  | 13348 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 05/20/31 | 10000 |  | 8844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.89% | 04/06/36 | 20000 |  | 16381 |
| United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |  |
| Series 2023-1, Class A | Series 2023-1, Class A | Series 2023-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 01/15/36 | 52542 |  | 53335 |
|  |  |  |  | 131117 |
|  **Total Corporates** | **Total Corporates** | **Total Corporates** |  |  |
| (Cost $15,259,106) |  |  |  | 15192830 |
|  **MORTGAGE-BACKED — 29.47%<sup>\*\*</sup>** | **MORTGAGE-BACKED — 29.47%<sup>\*\*</sup>** | **MORTGAGE-BACKED — 29.47%<sup>\*\*</sup>** |  |  |
|  **Non-Agency Commercial Mortgage-Backed — 8.53%** | **Non-Agency Commercial Mortgage-Backed — 8.53%** | **Non-Agency Commercial Mortgage-Backed — 8.53%** | **Non-Agency Commercial Mortgage-Backed — 8.53%** | **Non-Agency Commercial Mortgage-Backed — 8.53%** |
| 1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, |  |  |
| Series 2015-1211, Class A1A2 | Series 2015-1211, Class A1A2 | Series 2015-1211, Class A1A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 08/10/35<sup>1</sup> | 69000 |  | 67827 |
| 245 Park Avenue Trust, | 245 Park Avenue Trust, | 245 Park Avenue Trust, |  |  |
| Series 2017-245P, Class A | Series 2017-245P, Class A | Series 2017-245P, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.51% | 06/05/37<sup>1</sup> | 115000 |  | 111053 |
| Banc of America Merrill Lynch Commercial Mortgage Trust, | Banc of America Merrill Lynch Commercial Mortgage Trust, | Banc of America Merrill Lynch Commercial Mortgage Trust, |  |  |
| Series 2018-PARK, Class A | Series 2018-PARK, Class A | Series 2018-PARK, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09% | 08/10/38<sup>1,6</sup> | 100000 |  | 96942 |
| BFLD Mortgage Trust, | BFLD Mortgage Trust, | BFLD Mortgage Trust, |  |  |
| Series 2024-VICT, Class A | Series 2024-VICT, Class A | Series 2024-VICT, Class A |  |  |
| (CME Term SOFR 1-Month plus 1.89%) | (CME Term SOFR 1-Month plus 1.89%) | (CME Term SOFR 1-Month plus 1.89%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.21% | 07/15/41<sup>1,2</sup> | 39000 |  | 39070 |
| BPR Trust, | BPR Trust, | BPR Trust, |  |  |
| Series 2022-OANA, Class A | Series 2022-OANA, Class A | Series 2022-OANA, Class A |  |  |
| (CME Term SOFR 1-Month plus 1.90%) | (CME Term SOFR 1-Month plus 1.90%) | (CME Term SOFR 1-Month plus 1.90%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.22% | 04/15/37<sup>1,2</sup> | 50000 |  | 50076 |
| BX Trust, | BX Trust, | BX Trust, |  |  |
| Series 2019-OC11, Class C | Series 2019-OC11, Class C | Series 2019-OC11, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.86% | 12/09/41<sup>1</sup> | 79000 |  | 73330 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |  |
| BX Trust, | BX Trust, | BX Trust, |  |
| Series 2021-LBA, Class DV | Series 2021-LBA, Class DV | Series 2021-LBA, Class DV |  |
| (CME Term SOFR 1-Month plus 1.71%) | (CME Term SOFR 1-Month plus 1.71%) | (CME Term SOFR 1-Month plus 1.71%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.03% | 02/15/36<sup>1,2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32964 |
| BX Trust, | BX Trust, | BX Trust, |  |
| Series 2021-VIEW, Class A | Series 2021-VIEW, Class A | Series 2021-VIEW, Class A |  |
| (CME Term SOFR 1-Month plus 1.39%) | (CME Term SOFR 1-Month plus 1.39%) | (CME Term SOFR 1-Month plus 1.39%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71% | 06/15/36<sup>1,2</sup> | 50000 | 49900 |
| BX Trust, | BX Trust, | BX Trust, |  |
| Series 2023-DELC, Class B | Series 2023-DELC, Class B | Series 2023-DELC, Class B |  |
| (CME Term SOFR 1-Month plus 3.34%) | (CME Term SOFR 1-Month plus 3.34%) | (CME Term SOFR 1-Month plus 3.34%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.66% | 05/15/38<sup>1,2</sup> | 32000 | 32132 |
| BXP Trust, | BXP Trust, | BXP Trust, |  |
| Series 2017-GM, Class B | Series 2017-GM, Class B | Series 2017-GM, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42% | 06/13/39<sup>1,6</sup> | 100000 | 95805 |
| CAMB Commercial Mortgage Trust, | CAMB Commercial Mortgage Trust, | CAMB Commercial Mortgage Trust, |  |
| Series 2019-LIFE, Class B | Series 2019-LIFE, Class B | Series 2019-LIFE, Class B |  |
| (CME Term SOFR 1-Month plus 1.55%) | (CME Term SOFR 1-Month plus 1.55%) | (CME Term SOFR 1-Month plus 1.55%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87% | 12/15/37<sup>1,2</sup> | 67000 | 66919 |
| CAMB Commercial Mortgage Trust, | CAMB Commercial Mortgage Trust, | CAMB Commercial Mortgage Trust, |  |
| Series 2019-LIFE, Class D | Series 2019-LIFE, Class D | Series 2019-LIFE, Class D |  |
| (CME Term SOFR 1-Month plus 2.05%) | (CME Term SOFR 1-Month plus 2.05%) | (CME Term SOFR 1-Month plus 2.05%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.37% | 12/15/37<sup>1,2</sup> | 33000 | 32967 |
| Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |  |
| Series 2020-555, Class A | Series 2020-555, Class A | Series 2020-555, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 12/10/41<sup>1</sup> | 100000 | 87822 |
| Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |  |
| Series 2014-UBS3, Class XA (IO) | Series 2014-UBS3, Class XA (IO) | Series 2014-UBS3, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49% | 06/10/47<sup>6</sup> | 82303 | 1 |
| Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |  |
| Series 2014-UBS5, Class XA (IO) | Series 2014-UBS5, Class XA (IO) | Series 2014-UBS5, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | 09/10/47<sup>4,5,6</sup> | 146682 | 1 |
| Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |  |
| Series 2016-787S, Class A | Series 2016-787S, Class A | Series 2016-787S, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55% | 02/10/36<sup>1</sup> | 35000 | 34325 |
| Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |  |
| Series 2024-277P, Class A | Series 2024-277P, Class A | Series 2024-277P, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34% | 08/10/44<sup>1</sup> | 79000 | 82482 |
| Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |  |
| Series 2021-B33, Class A2 | Series 2021-B33, Class A2 | Series 2021-B33, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.17% | 10/10/43<sup>1</sup> | 100000 | 87642 |
| CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |  |
| Series 2015-C4, Class AS | Series 2015-C4, Class AS | Series 2015-C4, Class AS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.17% | 11/15/48<sup>6</sup> | 50000 | 49484 |
| CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |  |
| Series 2019-C18, Class A2 | Series 2019-C18, Class A2 | Series 2019-C18, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.84% | 12/15/52 | 20620 | 20576 |
| DOLP Trust, | DOLP Trust, | DOLP Trust, |  |
| Series 2021-NYC, Class A | Series 2021-NYC, Class A | Series 2021-NYC, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96% | 05/10/41<sup>1</sup> | 106000 | 93310 |
| Eleven Madison Mortgage Trust, | Eleven Madison Mortgage Trust, | Eleven Madison Mortgage Trust, |  |
| Series 2015-11MD, Class A | Series 2015-11MD, Class A | Series 2015-11MD, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55% | 09/10/35<sup>1,6</sup> | 56000 | 55269 |

---

*See accompanying Notes to Financial Statements.*

35 / Annual Financial Statements March 2025

------

#### Investment Grade Credit Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
| GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, |  |
| Series 2023-FUN, Class B | Series 2023-FUN, Class B | Series 2023-FUN, Class B |  |
| (CME Term SOFR 1-Month plus 2.79%) | (CME Term SOFR 1-Month plus 2.79%) | (CME Term SOFR 1-Month plus 2.79%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.11% | 03/15/28<sup>1,2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100236 |
| GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |  |
| Series 2010-C1, Class X (IO) | Series 2010-C1, Class X (IO) | Series 2010-C1, Class X (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43% | 08/10/43<sup>1,6</sup> | 2327308 | 1037 |
| GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |  |
| Series 2011-GC5, Class XA (IO) | Series 2011-GC5, Class XA (IO) | Series 2011-GC5, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 08/10/44<sup>1,6</sup> | 151684 | 89 |
| GWT, | GWT, | GWT, |  |
| Series 2024-WLF2, Class B | Series 2024-WLF2, Class B | Series 2024-WLF2, Class B |  |
| (CME Term SOFR 1-Month plus 2.14%) | (CME Term SOFR 1-Month plus 2.14%) | (CME Term SOFR 1-Month plus 2.14%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.46% | 05/15/41<sup>1,2</sup> | 37000 | 37072 |
| JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |  |
| Series 2014-C22, Class XA (IO) | Series 2014-C22, Class XA (IO) | Series 2014-C22, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40% | 09/15/47<sup>6</sup> | 137072 | 1 |
| JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |  |
| Series 2014-C25, Class XA (IO) | Series 2014-C25, Class XA (IO) | Series 2014-C25, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43% | 11/15/47<sup>6</sup> | 288453 | 3 |
| JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |  |
|  Series 2010-C2, Class XB (IO) | Series 2010-C2, Class XB (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30% | 11/15/43<sup>1,6</sup> | 425656 | 4 |
| JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |  |
| Series 2016-NINE, Class A | Series 2016-NINE, Class A | Series 2016-NINE, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85% | 09/06/38<sup>1,6</sup> | 70000 | 67868 |
| Manhattan West Mortgage Trust, | Manhattan West Mortgage Trust, | Manhattan West Mortgage Trust, |  |
| Series 2020-1MW, Class B | Series 2020-1MW, Class B | Series 2020-1MW, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.33% | 09/10/39<sup>1,6</sup> | 100000 | 92997 |
| MHC Commercial Mortgage Trust, | MHC Commercial Mortgage Trust, | MHC Commercial Mortgage Trust, |  |
| Series 2021-MHC, Class B | Series 2021-MHC, Class B | Series 2021-MHC, Class B |  |
| (CME Term SOFR 1-Month plus 1.22%) | (CME Term SOFR 1-Month plus 1.22%) | (CME Term SOFR 1-Month plus 1.22%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53% | 04/15/38<sup>1,2</sup> | 36000 | 35923 |
| Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |  |
| Series 2015-C22, Class XA (IO) | Series 2015-C22, Class XA (IO) | Series 2015-C22, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | 04/15/48<sup>6</sup> | 237344 | 2 |
| NRTH Mortgage Trust, | NRTH Mortgage Trust, | NRTH Mortgage Trust, |  |
| Series 2024-PARK, Class A | Series 2024-PARK, Class A | Series 2024-PARK, Class A |  |
| (CME Term SOFR 1-Month plus 1.64%) | (CME Term SOFR 1-Month plus 1.64%) | (CME Term SOFR 1-Month plus 1.64%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96% | 03/15/39<sup>1,2</sup> | 135000 | 135106 |
| SCOTT Trust, | SCOTT Trust, | SCOTT Trust, |  |
| Series 2023-SFS, Class A | Series 2023-SFS, Class A | Series 2023-SFS, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91% | 03/10/401 | 110000 | 112500 |
|  SMRT, |  |  |  |
| Series 2022-MINI, Class B | Series 2022-MINI, Class B | Series 2022-MINI, Class B |  |
| (CME Term SOFR 1-Month plus 1.35%) | (CME Term SOFR 1-Month plus 1.35%) | (CME Term SOFR 1-Month plus 1.35%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67% | 01/15/39<sup>1,2</sup> | 33000 | 32576 |
| SREIT Trust, | SREIT Trust, | SREIT Trust, |  |
| Series 2021-MFP, Class B | Series 2021-MFP, Class B | Series 2021-MFP, Class B |  |
| (CME Term SOFR 1-Month plus 1.19%) | (CME Term SOFR 1-Month plus 1.19%) | (CME Term SOFR 1-Month plus 1.19%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51% | 11/15/38<sup>1,2</sup> | 44035 | 43787 |
| SREIT Trust, | SREIT Trust, | SREIT Trust, |  |
| Series 2021-MFP2, Class C | Series 2021-MFP2, Class C | Series 2021-MFP2, Class C |  |
| (CME Term SOFR 1-Month plus 1.49%) | (CME Term SOFR 1-Month plus 1.49%) | (CME Term SOFR 1-Month plus 1.49%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 11/15/36<sup>1,2</sup> | 100000 | 99233 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
| SREIT Trust, | SREIT Trust, | SREIT Trust, |  |
| Series 2021-PALM, Class C | Series 2021-PALM, Class C | Series 2021-PALM, Class C |  |
| (CME Term SOFR 1-Month plus 1.07%) | (CME Term SOFR 1-Month plus 1.07%) | (CME Term SOFR 1-Month plus 1.07%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39% | 10/15/34<sup>1,2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49532 |
| TCO Commercial Mortgage Trust | TCO Commercial Mortgage Trust | TCO Commercial Mortgage Trust |  |
| Series 2024-DPM, Class B | Series 2024-DPM, Class B | Series 2024-DPM, Class B |  |
| (CME Term SOFR 1-Month plus 1.59%) | (CME Term SOFR 1-Month plus 1.59%) | (CME Term SOFR 1-Month plus 1.59%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91% | 12/15/39<sup>1,2</sup> | 100000 | 100043 |
| UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |  |
| Series 2019-C17, Class AS | Series 2019-C17, Class AS | Series 2019-C17, Class AS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20% | 10/15/52 | 60000 | 54121 |
| Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |
| Series 2015-NXS2, Class XA (IO) | Series 2015-NXS2, Class XA (IO) | Series 2015-NXS2, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52% | 07/15/58<sup>6</sup> | 1668746 | 1465 |
| Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |
| Series 2016-LC25, Class AS | Series 2016-LC25, Class AS | Series 2016-LC25, Class AS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.86% | 12/15/59<sup>6</sup> | 52000 | 50915 |
| Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |
| Series 2024-SVEN, Class A | Series 2024-SVEN, Class A | Series 2024-SVEN, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01% | 06/10/37<sup>1</sup> | 100000 | 103124 |
|  |  |  | 2377531 |
|  **Non-Agency Mortgage-Backed — 6.04%** | **Non-Agency Mortgage-Backed — 6.04%** | **Non-Agency Mortgage-Backed — 6.04%** |  |
| Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, |  |
| Series 2005-R11, Class M3 | Series 2005-R11, Class M3 | Series 2005-R11, Class M3 |  |
| (CME Term SOFR 1-Month plus 0.86%) | (CME Term SOFR 1-Month plus 0.86%) | (CME Term SOFR 1-Month plus 0.86%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18% | 01/25/36<sup>2</sup> | 63242 | 62144 |
| Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, |  |
| Series 2006-OPT1, Class A3D | Series 2006-OPT1, Class A3D | Series 2006-OPT1, Class A3D |  |
| (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 09/25/36<sup>2</sup> | 53675 | 52930 |
| Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, |  |
| Series 2004-1, Class 12A5 | Series 2004-1, Class 12A5 | Series 2004-1, Class 12A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37% | 04/25/34<sup>6</sup> | 4926 | 4406 |
| Bombardier Capital Mortgage Securitization Corp., | Bombardier Capital Mortgage Securitization Corp., | Bombardier Capital Mortgage Securitization Corp., |  |
| Series 2000-A, Class A2 | Series 2000-A, Class A2 | Series 2000-A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.58% | 06/15/30<sup>6</sup> | 19426 | 1479 |
| Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, |  |
| Series 2006-FRE1, Class A3 | Series 2006-FRE1, Class A3 | Series 2006-FRE1, Class A3 |  |
| (CME Term SOFR 1-Month plus 0.26%) | (CME Term SOFR 1-Month plus 0.26%) | (CME Term SOFR 1-Month plus 0.26%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58% | 04/25/36<sup>2</sup> | 52383 | 51344 |
| Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, |  |
| Series 2007-HE1, Class A4 | Series 2007-HE1, Class A4 | Series 2007-HE1, Class A4 |  |
| (CME Term SOFR 1-Month plus 0.40%) | (CME Term SOFR 1-Month plus 0.40%) | (CME Term SOFR 1-Month plus 0.40%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.72% | 06/25/37<sup>2</sup> | 85000 | 80449 |
| Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, |  |
| Series 2024-10, Class A4A | Series 2024-10, Class A4A | Series 2024-10, Class A4A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 10/25/55<sup>1,6</sup> | 113707 | 113302 |
| CIM Trust, | CIM Trust, | CIM Trust, |  |
| Series 2021-R4, Class A1A | Series 2021-R4, Class A1A | Series 2021-R4, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 05/01/61<sup>1,6</sup> | 46946 | 42819 |
| Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |  |
| Series 2005-OPT1, Class M1 | Series 2005-OPT1, Class M1 | Series 2005-OPT1, Class M1 |  |
| (CME Term SOFR 1-Month plus 0.74%) | (CME Term SOFR 1-Month plus 0.74%) | (CME Term SOFR 1-Month plus 0.74%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06% | 02/25/35<sup>2</sup> | 29623 | 27755 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 36

------

#### Investment Grade Credit Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
| Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |  |
| Series 2007-13, Class 2A1 | Series 2007-13, Class 2A1 |  |
| (CME Term SOFR 1-Month plus 1.01%) | (CME Term SOFR 1-Month plus 1.01%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.33%<br>10/25/47<sup>2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15687 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14479 |
| Cross Mortgage Trust, | Cross Mortgage Trust, |  |
| Series 2024-H6, Class A1 | Series 2024-H6, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%<br>09/25/69<sup>1,6</sup> | 95855 | 95395 |
| Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |  |
| Series 2022-R01, Class 1M2 | Series 2022-R01, Class 1M2 |  |
| (SOFR30A plus 1.90%) | (SOFR30A plus 1.90%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.24%<br>12/25/41<sup>1,2</sup> | 50000 | 50467 |
| Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |  |
| Series 2024-R01, Class 1M2 | Series 2024-R01, Class 1M2 |  |
| (SOFR30A plus 1.80%) | (SOFR30A plus 1.80%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14%<br>01/25/44<sup>1,2</sup> | 50000 | 50207 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, | Freddie Mac Structured Agency Credit Risk Debt Notes, |  |
| Series 2021-DNA6, Class M2 | Series 2021-DNA6, Class M2 |  |
| (SOFR30A plus 1.50%) | (SOFR30A plus 1.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84%<br>10/25/41<sup>1,2</sup> | 48936 | 48978 |
| GCAT Trust, | GCAT Trust, |  |
| Series 2023-INV1, Class A7 | Series 2023-INV1, Class A7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%<br>08/25/53<sup>1,6</sup> | 73444 | 74019 |
| GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |  |
| Series 2005-AR6, Class 2A1 | Series 2005-AR6, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.33%<br>09/25/35<sup>6</sup> | 7075 | 6792 |
| Home Equity Asset Trust, | Home Equity Asset Trust, |  |
| Series 2005-4, Class M6 | Series 2005-4, Class M6 |  |
| (CME Term SOFR 1-Month plus 1.19%) | (CME Term SOFR 1-Month plus 1.19%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%<br>10/25/35<sup>2</sup> | 62604 | 61946 |
| Impac CMB Trust, | Impac CMB Trust, |  |
| Series 2007-A, Class A | Series 2007-A, Class A |  |
| (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%<br>05/25/37<sup>1,2</sup> | 64821 | 61913 |
| IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |  |
| Series 2007-FLX3, Class A1 | Series 2007-FLX3, Class A1 |  |
| (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91%<br>06/25/37<sup>2</sup> | 107037 | 99203 |
| Long Beach Mortgage Loan Trust, | Long Beach Mortgage Loan Trust, |  |
| Series 2006-1, Class 1A | Series 2006-1, Class 1A |  |
| (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87%<br>02/25/36<sup>2</sup> | 2300 | 2265 |
| MFA Trust, | MFA Trust, |  |
| Series 2021-INV1, Class A3 | Series 2021-INV1, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.26%<br>01/25/56<sup>1,6</sup> | 55872 | 53601 |
| Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |  |
| Series 2004-5AR, Class 3A1 | Series 2004-5AR, Class 3A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56%<br>07/25/34<sup>6</sup> | 6962 | 6912 |
| New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |  |
| Series 2022-NQM4, Class A1 (STEP-reset date 05/25/25) | Series 2022-NQM4, Class A1 (STEP-reset date 05/25/25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%<br>06/25/62<sup>1</sup> | 78368 | 77772 |
| OBX Trust, | OBX Trust, |  |
| Series 2024-HYB1, Class A1 | Series 2024-HYB1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%<br>03/25/53<sup>1,6</sup> | 70350 | 68989 |
| OBX Trust, | OBX Trust, |  |
| Series 2024-NQM14, Class A1 (STEP-reset date 05/25/25) | Series 2024-NQM14, Class A1 (STEP-reset date 05/25/25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%<br>09/25/64<sup>1</sup> | 91343 | 90896 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |  |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |  |
| OBX Trust, | OBX Trust, | OBX Trust, |  |  |
| Series 2024-NQM15, Class A1 (STEP-reset date 05/25/25) | Series 2024-NQM15, Class A1 (STEP-reset date 05/25/25) | Series 2024-NQM15, Class A1 (STEP-reset date 05/25/25) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32% | 10/25/64<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94261 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94345 |
| Saxon Asset Securities Trust, | Saxon Asset Securities Trust, | Saxon Asset Securities Trust, |  |  |
| Series 2007-2, Class A2A | Series 2007-2, Class A2A | Series 2007-2, Class A2A |  |  |
| (CME Term SOFR 1-Month plus 0.21%) | (CME Term SOFR 1-Month plus 0.21%) | (CME Term SOFR 1-Month plus 0.21%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.53% | 05/25/47<sup>2</sup> | 57631 |  | 41816 |
| Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |  |  |
| Series 2004-AR1, Class 1A2 | Series 2004-AR1, Class 1A2 | Series 2004-AR1, Class 1A2 |  |  |
| (CME Term SOFR 1-Month plus 0.81%) | (CME Term SOFR 1-Month plus 0.81%) | (CME Term SOFR 1-Month plus 0.81%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 03/19/34<sup>2</sup> | 929 |  | 881 |
| Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, |  |  |
| Series 2006-BC6, Class A1 | Series 2006-BC6, Class A1 | Series 2006-BC6, Class A1 |  |  |
| (CME Term SOFR 1-Month plus 0.27%) | (CME Term SOFR 1-Month plus 0.27%) | (CME Term SOFR 1-Month plus 0.27%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59% | 01/25/37<sup>2</sup> | 97033 |  | 91488 |
| Structured Asset Securities Corp., | Structured Asset Securities Corp., | Structured Asset Securities Corp., |  |  |
| Series 2005-WF1, Class M4 | Series 2005-WF1, Class M4 | Series 2005-WF1, Class M4 |  |  |
| (CME Term SOFR 1-Month plus 1.24%) | (CME Term SOFR 1-Month plus 1.24%) | (CME Term SOFR 1-Month plus 1.24%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56% | 02/25/35<sup>2</sup> | 66010 |  | 66949 |
| Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, |  |  |
| Series 2023-4, Class A1 (STEP-reset date 05/25/25) | Series 2023-4, Class A1 (STEP-reset date 05/25/25) | Series 2023-4, Class A1 (STEP-reset date 05/25/25) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81% | 05/25/68<sup>1</sup> | 79634 |  | 79771 |
| Wells Fargo Home Equity Trust Mortgage Pass-Through | Wells Fargo Home Equity Trust Mortgage Pass-Through | Wells Fargo Home Equity Trust Mortgage Pass-Through |  |  |
| Certificates, | Certificates, | Certificates, |  |  |
|  Series 2004-1, Class 2A1 | Series 2004-1, Class 2A1 | Series 2004-1, Class 2A1 |  |  |
| (CME Term SOFR 1-Month plus 0.71%) | (CME Term SOFR 1-Month plus 0.71%) | (CME Term SOFR 1-Month plus 0.71%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03% | 04/25/34<sup>2</sup> | 8993 |  | 8777 |
|  |  |  |  | 1684489 |
| **U.S. Agency Commercial Mortgage-Backed — 0.09%** | **U.S. Agency Commercial Mortgage-Backed — 0.09%** | **U.S. Agency Commercial Mortgage-Backed — 0.09%** | **U.S. Agency Commercial Mortgage-Backed — 0.09%** | **U.S. Agency Commercial Mortgage-Backed — 0.09%** |
| Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, |  |  |
| Series 2016-M2, Class X3 (IO) | Series 2016-M2, Class X3 (IO) | Series 2016-M2, Class X3 (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04% | 04/25/36<sup>6</sup> | 40180 |  |  |
| Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, |  |  |
| Series 2016-M4, Class X2 (IO) | Series 2016-M4, Class X2 (IO) | Series 2016-M4, Class X2 (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 01/25/39<sup>6</sup> | 239186 |  | 1256 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |  |
| Series K049, Class X3 (IO) | Series K049, Class X3 (IO) | Series K049, Class X3 (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55% | 10/25/43<sup>6</sup> | 250000 |  | 1106 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |  |
| Series 2012-112, Class IO (IO) | Series 2012-112, Class IO (IO) | Series 2012-112, Class IO (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | 02/16/53<sup>6</sup> | 1608652 |  | 5038 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |  |
| Series 2013-1, Class IO (IO) | Series 2013-1, Class IO (IO) | Series 2013-1, Class IO (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.58% | 02/16/54<sup>6</sup> | 424726 |  | 6550 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |  |
| Series 2013-125, Class IO (IO) | Series 2013-125, Class IO (IO) | Series 2013-125, Class IO (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24% | 10/16/54<sup>6</sup> | 637525 |  | 10576 |
|  |  |  |  | 24526 |
| **U.S. Agency Mortgage-Backed — 14.81%** | **U.S. Agency Mortgage-Backed — 14.81%** | **U.S. Agency Mortgage-Backed — 14.81%** | **U.S. Agency Mortgage-Backed — 14.81%** | **U.S. Agency Mortgage-Backed — 14.81%** |
| Fannie Mae Pool BW9897 | Fannie Mae Pool BW9897 | Fannie Mae Pool BW9897 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | 20586 |  | 19742 |

---

*See accompanying Notes to Financial Statements.*

37 / Annual Financial Statements March 2025

------

#### Investment Grade Credit Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |  |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
| Series 2011-116, Class SA (IO) | Series 2011-116, Class SA (IO) | Series 2011-116, Class SA (IO) |  |
| (-1.00 X SOFR30A plus 5.89%, 6.00% Cap) | (-1.00 X SOFR30A plus 5.89%, 6.00% Cap) | (-1.00 X SOFR30A plus 5.89%, 6.00% Cap) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55% | 11/25/41<sup>2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
| Series 2012-128, Class UA | Series 2012-128, Class UA | Series 2012-128, Class UA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 06/25/42 | 18228 | 15599 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
| Series 2013-5, Class GF | Series 2013-5, Class GF | Series 2013-5, Class GF |  |
| (SOFR30A plus 1.21%) | (SOFR30A plus 1.21%) | (SOFR30A plus 1.21%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/25/42<sup>2</sup> | 27673 | 26275 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
| Series 2024-73, Class FB | Series 2024-73, Class FB | Series 2024-73, Class FB |  |
| (SOFR30A plus 1.20%) | (SOFR30A plus 1.20%) | (SOFR30A plus 1.20%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54% | 10/25/54<sup>2</sup> | 37440 | 37384 |
| Freddie Mac Pool SD8189 | Freddie Mac Pool SD8189 | Freddie Mac Pool SD8189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 01/01/52 | 39962 | 33339 |
| Freddie Mac Pool SD8199 | Freddie Mac Pool SD8199 | Freddie Mac Pool SD8199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/52 | 42278 | 33677 |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |  |
| Series 4064, Class TB | Series 4064, Class TB | Series 4064, Class TB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/15/42 | 98618 | 94061 |
| Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |  |
| Series 240, Class IO (IO) | Series 240, Class IO (IO) | Series 240, Class IO (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/15/36 | 106806 | 20359 |
| Ginnie Mae (TBA) | Ginnie Mae (TBA) | Ginnie Mae (TBA) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/20/55 | 100000 | 85344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/20/55 | 150000 | 140461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/20/55 | 150000 | 143943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/20/55 | 300000 | 295112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/20/55 | 100000 | 100210 |
| Ginnie Mae II Pool MA8427 | Ginnie Mae II Pool MA8427 | Ginnie Mae II Pool MA8427 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/20/52 | 127473 | 122988 |
| Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/54 | 99029 | 95065 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
| Series 2003-110, Class S (IO) | Series 2003-110, Class S (IO) | Series 2003-110, Class S (IO) |  |
| (-1.00 X CME Term SOFR 1-Month plus 6.49%, 6.60% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.49%, 6.60% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.49%, 6.60% Cap) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.17% | 10/20/33<sup>2</sup> | 119091 | 8482 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
| Series 2018-124, Class NW | Series 2018-124, Class NW | Series 2018-124, Class NW |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/20/48 | 18147 | 16434 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
| Series 2018-154, Class BP | Series 2018-154, Class BP | Series 2018-154, Class BP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/20/48 | 1819 | 1701 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
| Series 2019-15, Class GT | Series 2019-15, Class GT | Series 2019-15, Class GT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/20/49 | 15362 | 13977 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
| Series 2023-113, Class FD | Series 2023-113, Class FD | Series 2023-113, Class FD |  |
| (SOFR30A plus 1.35%) | (SOFR30A plus 1.35%) | (SOFR30A plus 1.35%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69% | 08/20/53<sup>2</sup> | 37497 | 37754 |
| UMBS (TBA) | UMBS (TBA) | UMBS (TBA) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/55 | 225000 | 179028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/55 | 175000 | 145608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/55 | 375000 | 325282 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/01/55 | 475000 | 441953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/01/55 | 825000 | 789206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/55 | 325000 | 318554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/01/55 | 200000 | 199748 |
|  |  |  | 4127889 |
|  **Total Mortgage-Backed** | **Total Mortgage-Backed** | **Total Mortgage-Backed** |  |
| (Cost $8,766,918) | (Cost $8,766,918) | (Cost $8,766,918) | 8214435 |
|  **MUNICIPAL BONDS — 1.59%\*** | **MUNICIPAL BONDS — 1.59%\*** | **MUNICIPAL BONDS — 1.59%\*** |  |
|  **California — 0.12%** | **California — 0.12%** | **California — 0.12%** |  |
| San Francisco City & County Airport Commercial-San | San Francisco City & County Airport Commercial-San | San Francisco City & County Airport Commercial-San |  |
| Francisco International Airport Revenue Bonds, Series C | Francisco International Airport Revenue Bonds, Series C | Francisco International Airport Revenue Bonds, Series C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 05/01/34 | 20000 | 17636 |
| Santa Monica Community College District General Obligation Bonds | Santa Monica Community College District General Obligation Bonds | Santa Monica Community College District General Obligation Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05% | 08/01/33 | 20000 | 16409 |
|  |  |  | 34045 |
|  **Florida — 0.05%** | **Florida — 0.05%** | **Florida — 0.05%** |  |
| County of Miami-Dade Aviation Revenue Bonds, Airport and Marina Improvements, Series D | County of Miami-Dade Aviation Revenue Bonds, Airport and Marina Improvements, Series D | County of Miami-Dade Aviation Revenue Bonds, Airport and Marina Improvements, Series D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/31 | 15000 | 14079 |
|  **Maryland — 0.22%** | **Maryland — 0.22%** | **Maryland — 0.22%** |  |
| City of Baltimore Revenue Bonds, Series B | City of Baltimore Revenue Bonds, Series B | City of Baltimore Revenue Bonds, Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13% | 07/01/33 | 15000 | 12300 |
| Maryland Economic Development Corp. Revenue Bonds, School Improvements | Maryland Economic Development Corp. Revenue Bonds, School Improvements | Maryland Economic Development Corp. Revenue Bonds, School Improvements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.43% | 05/31/56 | 50000 | 48879 |
|  |  |  | 61179 |
|  **Massachusetts — 0.08%** | **Massachusetts — 0.08%** | **Massachusetts — 0.08%** |  |
| Commonwealth of Massachusetts Revenue Bonds, Series B | Commonwealth of Massachusetts Revenue Bonds, Series B | Commonwealth of Massachusetts Revenue Bonds, Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11% | 07/15/31 | 8263 | 8168 |
| Massachusetts School Building Authority Revenue Bonds, Series B | Massachusetts School Building Authority Revenue Bonds, Series B | Massachusetts School Building Authority Revenue Bonds, Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97% | 10/15/32 | 15000 | 13503 |
|  |  |  | 21671 |
|  **Michigan — 0.08%** | **Michigan — 0.08%** | **Michigan — 0.08%** |  |
| University of Michigan Revenue Bonds, Series C | University of Michigan Revenue Bonds, Series C | University of Michigan Revenue Bonds, Series C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44% | 04/01/31 | 25000 | 23724 |
|  **New York — 1.04%** | **New York — 1.04%** | **New York — 1.04%** |  |
| New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73% | 08/01/29 | 5000 | 4874 |
| New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax |  |
| Secured Revenue Bonds, Public Improvements, Series D | Secured Revenue Bonds, Public Improvements, Series D | Secured Revenue Bonds, Public Improvements, Series D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 11/01/33 | 50000 | 41961 |
| New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements, Series E | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements, Series E | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements, Series E |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.97% | 02/01/33 | 100000 | 82211 |
| New York State Dormitory Authority Revenue Bonds, Series C | New York State Dormitory Authority Revenue Bonds, Series C | New York State Dormitory Authority Revenue Bonds, Series C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 03/15/29 | 75000 | 68751 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 38

------

#### Investment Grade Credit Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |  |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |  |
| New York State Dormitory Authority Revenue Bonds, University & College Improvements | New York State Dormitory Authority Revenue Bonds, University & College Improvements | New York State Dormitory Authority Revenue Bonds, University & College Improvements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29% | 03/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45248 |
| New York State Urban Development Corp. Revenue Bonds, Economic Improvements, Series B | New York State Urban Development Corp. Revenue Bonds, Economic Improvements, Series B | New York State Urban Development Corp. Revenue Bonds, Economic Improvements, Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97% | 03/15/34 | 15000 | 12984 |
| New York State Urban Development Corp. Revenue Bonds, Economic Improvements, Series F | New York State Urban Development Corp. Revenue Bonds, Economic Improvements, Series F | New York State Urban Development Corp. Revenue Bonds, Economic Improvements, Series F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/15/33 | 15000 | 12280 |
| New York State Urban Development Corp. Revenue Bonds, Transit Improvements, Series B | New York State Urban Development Corp. Revenue Bonds, Transit Improvements, Series B | New York State Urban Development Corp. Revenue Bonds, Transit Improvements, Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.59% | 03/15/35 | 25000 | 20496 |
|  |  |  | 288805 |
|  **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |  |
|  (Cost $506,933) |  |  | 443503 |
|  **U.S. TREASURY SECURITIES — 18.55%** | **U.S. TREASURY SECURITIES — 18.55%** | **U.S. TREASURY SECURITIES — 18.55%** |  |
|  **U.S. Treasury Bonds — 0.08%** | **U.S. Treasury Bonds — 0.08%** | **U.S. Treasury Bonds — 0.08%** |  |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/55 | 21000 | 21140 |
|  **U.S. Treasury Notes — 18.47%** | **U.S. Treasury Notes — 18.47%** | **U.S. Treasury Notes — 18.47%** |  |
| U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13% | 01/15/35<sup>8</sup> | 317079 | 325458 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/27 | 2165000 | 2164239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/15/28 | 415000 | 414951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/31/30 | 1815000 | 1818616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/35 | 412000 | 425615 |
|  |  |  | 5148879 |
|  **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |  |
|  (Cost $5,144,552) |  |  | 5170019 |
|  **Total Bonds — 109.22%** | **Total Bonds — 109.22%** | **Total Bonds — 109.22%** |  |
|  (Cost $31,079,263) | (Cost $31,079,263) |  | 30443478 |

---

---

| | | |
|:---|:---|:---|
| Issues | Shares | Value |
|  **Purchased Swaptions - 0.02%** | **Purchased Swaptions - 0.02%** |  |
|  (Cost $11,917) | (Cost $11,917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount/<br>Shares | Value |
|  **SHORT-TERM INVESTMENTS — 3.99%** | **SHORT-TERM INVESTMENTS — 3.99%** | **SHORT-TERM INVESTMENTS — 3.99%** |  |
|  **Money Market Funds — 3.36%** | **Money Market Funds — 3.36%** | **Money Market Funds — 3.36%** |  |
| Fidelity Investments Money Market Funds - Government Portfolio | Fidelity Investments Money Market Funds - Government Portfolio | Fidelity Investments Money Market Funds - Government Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%<sup>9</sup> |  | 125232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125232 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount/Shares | Value |
| **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** |  |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |  |
| TCW Central Cash Fund | TCW Central Cash Fund |  |  |
| 0.01%<sup>9,10</sup> |  | 811687 | $811687 |
|  |  |  | 936919 |
| **U.S. Treasury Bills — 0.63%** | **U.S. Treasury Bills — 0.63%** | **U.S. Treasury Bills — 0.63%** |  |
| U.S. Treasury Bills | U.S. Treasury Bills |  |  |
| 4.23%11 | 04/10/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | 174814 |
| **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| (Cost $1,111,734) | (Cost $1,111,734) |  | 1111733 |
| **Total Investments - 113.23%** | **Total Investments - 113.23%** | **Total Investments - 113.23%** |  |
| (Cost $32,202,914) | (Cost $32,202,914) |  | 31560566 |
| **Liabilities in Excess of Other Assets - (13.23)%** | **Liabilities in Excess of Other Assets - (13.23)%** | **Liabilities in Excess of Other Assets - (13.23)%** | (3687638) |
| **Net Assets - 100.00%** | **Net Assets - 100.00%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27872928 |

---

<sup>1</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

<sup>2</sup> Floating rate security. The rate disclosed was in effect at March 31, 2025.

<sup>3</sup> Foreign denominated security issued by foreign domiciled entity.

<sup>4</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>5</sup> Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $28,210, which is 0.10% of total net assets. 

6 Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

<sup>7</sup> Zero coupon bond. The rate shown is the effective yield as of March 31, 2025.

<sup>8</sup> Inflation protected security. Principal amount reflects original security face amount. 

<sup>9</sup> Represents the current yield as of March 31, 2025.

<sup>10</sup> Affiliated investment.

<sup>11</sup> Represents annualized yield at date of purchase.

---

| | |
|:---|:---|
| <sup>†</sup> | Fair valued security. The aggregate value of fair valued securities is $28,209, which is 0.10% of total net assets. Fair valued securities were not valued utilizing an independent quote but were valued pursuant to guidelines approved by the Board of Trustees. See Notes to Financial Statements.  |

---

\* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

\*\* Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CLO): Collateralized Loan Obligation

(EMTN): Euro Medium-Term Note

(EUR): Euro

(IO): Interest Only

(MTN): Medium-Term Note

(REIT): Real Estate Investment Trust

(S&P): Standard & Poor's

(SOFR): Secured Overnight Financing Rate

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

*See accompanying Notes to Financial Statements.*

39 / Annual Financial Statements March 2025

------

#### Investment Grade Credit Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency to<br>be Purchased | Currency to<br>be Sold | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation) |
|  **FOREIGN CURRENCY EXCHANGE CONTRACT** | **FOREIGN CURRENCY EXCHANGE CONTRACT** | **FOREIGN CURRENCY EXCHANGE CONTRACT** |  |  |
|  EUR 610,400 | USD 659,705 | Goldman Sachs International | 04/11/25 | $41 |
|  USD 549,236 | EUR 505,400 | Goldman Sachs International | 07/11/25 | 136 |
|  |  |  |  | 177 |
|  EUR 91,000 | USD 99,500 | Citibank N.A. | 04/11/25 | (1143) |
|  USD 4,210 | EUR 4,000 | Bank of America N.A. | 04/11/25 | (114) |
|  USD 720,289 | EUR 697,400 | Goldman Sachs International | 04/11/25 | (33491) |
|  |  |  |  | (34748) |
|  **NET UNREALIZED DEPRECIATION** | **NET UNREALIZED DEPRECIATION** | **NET UNREALIZED DEPRECIATION** |  | $(34571) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
| **FUTURES CONTRACTS: LONG POSITIONS** | **FUTURES CONTRACTS: LONG POSITIONS** | **FUTURES CONTRACTS: LONG POSITIONS** | **FUTURES CONTRACTS: LONG POSITIONS** |  |  |
|  U.S. Treasury Two-Year Note | 62 | 06/30/25 | $12844656 | $59702 | $59702 |
|  **FUTURES CONTRACTS: SHORT POSITIONS** | **FUTURES CONTRACTS: SHORT POSITIONS** | **FUTURES CONTRACTS: SHORT POSITIONS** |  |  |  |
|  U.S. Treasury Ten-Year Ultra Bond | 19 | 06/18/25 | (2168375) | (30574) | (30574) |
|  U.S. Treasury Ultra Bond | 9 | 06/18/25 | (1100250) | (27505) | (27505) |
|  Euro-Bund Future | 2 | 06/06/25 | (278324) | (445) | (445) |
|  Euro-Bobl Future | 2 | 06/06/25 | (254474) | (724) | (724) |
|  |  |  | (3801423) | (59248) | (59248) |
|  **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | $9043233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | $454 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | Received by the<br> Fund | Received by the<br> Fund | Paid by the Fund | Paid by the Fund | | | | |
| Description | Counterparty | Fund<br>Maturity<br>Date | Rate | Frequency | Rate | Frequency | Notional Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Premiums<br>Paid | Unrealized<br>(Depreciation) |
|  **PURCHASED SWAPTIONS** | **PURCHASED SWAPTIONS** | **PURCHASED SWAPTIONS** | **PURCHASED SWAPTIONS** | **PURCHASED SWAPTIONS** |  |  |  |  |  |  |
| Option to enter into |  |  | CME |  |  |  |  |  |  |  |
| a 2-year Interest |  |  | Term |  |  |  |  |  |  |  |
| Rate Swap | Morgan Stanley | 01/30/26 | SOFR | Annually | 4.46% | Annually | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538 | $6011 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3473) |
| Option to enter into |  |  | CME |  |  |  |  |  |  |  |
|  a 5-year Interest |  |  | Term |  |  |  |  |  |  |  |
| Rate Swap | JPMorgan Chase | 01/30/26 | SOFR | Annually | 4.52% | Annually | 625000 | 2817 | 5906 | (3089) |
|  **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** |  |  | $2100000 | $5355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11917 | $(6562) |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 40

------

#### Low Duration Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **BONDS – 118.99%** | **BONDS – 118.99%** | **BONDS – 118.99%** | **BONDS – 118.99%** |
| **ASSET-BACKED SECURITIES — 13.42%\*\*** | **ASSET-BACKED SECURITIES — 13.42%\*\*** | **ASSET-BACKED SECURITIES — 13.42%\*\*** | **ASSET-BACKED SECURITIES — 13.42%\*\*** |
|  Access Group, Inc., | Access Group, Inc., | Access Group, Inc., | Access Group, Inc., |
|  Series 2015-1, Class A | Series 2015-1, Class A | Series 2015-1, Class A | Series 2015-1, Class A |
|  (SOFR30A plus 0.81%) | (SOFR30A plus 0.81%) | (SOFR30A plus 0.81%) | (SOFR30A plus 0.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 07/25/56<sup>1,2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577796 |
|  Allegro CLO VII Ltd., | Allegro CLO VII Ltd., | Allegro CLO VII Ltd., | Allegro CLO VII Ltd., |
|  Series 2018-1A, Class AR | Series 2018-1A, Class AR | Series 2018-1A, Class AR | Series 2018-1A, Class AR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.13%) | (CME Term SOFR 3-Month plus 1.13%) | (CME Term SOFR 3-Month plus 1.13%) | (CME Term SOFR 3-Month plus 1.13%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.43% | 06/13/31<sup>1,2,3</sup> | 909868 | 909610 |
|  AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, |
|  Series 2020-3, Class D | Series 2020-3, Class D | Series 2020-3, Class D | Series 2020-3, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.49% | 09/18/26 | 2587000 | 2582949 |
|  Barings CLO Ltd., | Barings CLO Ltd., | Barings CLO Ltd., | Barings CLO Ltd., |
|  Series 2018-4A, Class A1R | Series 2018-4A, Class A1R | Series 2018-4A, Class A1R | Series 2018-4A, Class A1R |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 10/15/30<sup>1,2,3</sup> | 5250953 | 5248412 |
|  Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |
|  Series 2021-N2, Class D | Series 2021-N2, Class D | Series 2021-N2, Class D | Series 2021-N2, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.27% | 03/10/28 | 670449 | 647941 |
|  CIFC Funding Ltd., | CIFC Funding Ltd., | CIFC Funding Ltd., | CIFC Funding Ltd., |
|  Series 2016-1A, Class AR3 | Series 2016-1A, Class AR3 | Series 2016-1A, Class AR3 | Series 2016-1A, Class AR3 |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.00%) | (CME Term SOFR 3-Month plus 1.00%) | (CME Term SOFR 3-Month plus 1.00%) | (CME Term SOFR 3-Month plus 1.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29% | 10/21/31<sup>1,2,3</sup> | 4750000 | 4728625 |
|  CLI Funding VI LLC, | CLI Funding VI LLC, | CLI Funding VI LLC, | CLI Funding VI LLC, |
|  Series 2020-1A, Class A | Series 2020-1A, Class A | Series 2020-1A, Class A | Series 2020-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.08% | 09/18/45<sup>2</sup> | 408115 | 377516 |
|  Credit Acceptance Auto Loan Trust, | Credit Acceptance Auto Loan Trust, | Credit Acceptance Auto Loan Trust, | Credit Acceptance Auto Loan Trust, |
|  Series 2025-1A, Class C | Series 2025-1A, Class C | Series 2025-1A, Class C | Series 2025-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71% | 07/16/35<sup>2</sup> | 3750000 | 3764505 |
|  DataBank Issuer, | DataBank Issuer, | DataBank Issuer, | DataBank Issuer, |
|  Series 2021-1A, Class A2 | Series 2021-1A, Class A2 | Series 2021-1A, Class A2 | Series 2021-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.06% | 02/27/51<sup>2</sup> | 1000000 | 971514 |
|  Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, |
|  Series 2015-1A, Class A2II | Series 2015-1A, Class A2II | Series 2015-1A, Class A2II | Series 2015-1A, Class A2II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47% | 10/25/45<sup>2</sup> | 3617250 | 3610182 |
|  Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, |
|  Series 2018-1A, Class A2I | Series 2018-1A, Class A2I | Series 2018-1A, Class A2I | Series 2018-1A, Class A2I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.12% | 07/25/48<sup>2</sup> | 2145140 | 2135166 |
|  Dryden 40 Senior Loan Fund, | Dryden 40 Senior Loan Fund, | Dryden 40 Senior Loan Fund, | Dryden 40 Senior Loan Fund, |
|  Series 2015-40A, Class AR2 | Series 2015-40A, Class AR2 | Series 2015-40A, Class AR2 | Series 2015-40A, Class AR2 |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47% | 08/15/31<sup>1,2,3</sup> | 2885202 | 2884480 |
|  Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, |
|  Series 2022-1A, Class D | Series 2022-1A, Class D | Series 2022-1A, Class D | Series 2022-1A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.02% | 06/15/28 | 2651833 | 2620689 |
|  Global SC Finance VII Srl | Global SC Finance VII Srl | Global SC Finance VII Srl | Global SC Finance VII Srl |
| (Barbados) | (Barbados) | (Barbados) | (Barbados) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26% | 11/19/40<sup>2,3</sup> | 2542059 | 2396194 |
|  Goal Capital Funding Trust, | Goal Capital Funding Trust, | Goal Capital Funding Trust, | Goal Capital Funding Trust, |
|  Series 2006-1, Class B | Series 2006-1, Class B | Series 2006-1, Class B | Series 2006-1, Class B |
|  (CME Term SOFR 3-Month plus 0.45%) | (CME Term SOFR 3-Month plus 0.45%) | (CME Term SOFR 3-Month plus 0.45%) | (CME Term SOFR 3-Month plus 0.45%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 08/25/42<sup>1</sup> | 847668 | 811242 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  GoldenTree Loan Management U.S. CLO 11 Ltd., | GoldenTree Loan Management U.S. CLO 11 Ltd., | GoldenTree Loan Management U.S. CLO 11 Ltd., | GoldenTree Loan Management U.S. CLO 11 Ltd., |
|  Series 2021-11A, Class AR | Series 2021-11A, Class AR | Series 2021-11A, Class AR | Series 2021-11A, Class AR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.08%) | (CME Term SOFR 3-Month plus 1.08%) | (CME Term SOFR 3-Month plus 1.08%) | (CME Term SOFR 3-Month plus 1.08%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%<br>10/20/34<sup>1,2,3</sup> |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589504 |
|  J.G. Wentworth XXX LLC, | J.G. Wentworth XXX LLC, | J.G. Wentworth XXX LLC, | J.G. Wentworth XXX LLC, |
|  Series 2013-3A, Class A | Series 2013-3A, Class A | Series 2013-3A, Class A | Series 2013-3A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08%<br>01/17/73<sup>2</sup> |  | 2321255 | 2194662 |
|  LCM 37 Ltd., | LCM 37 Ltd., | LCM 37 Ltd., | LCM 37 Ltd., |
|  Series 37A, Class A1R | Series 37A, Class A1R | Series 37A, Class A1R | Series 37A, Class A1R |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.06%) | (CME Term SOFR 3-Month plus 1.06%) | (CME Term SOFR 3-Month plus 1.06%) | (CME Term SOFR 3-Month plus 1.06%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.36%<br>04/15/34<sup>1,2,3</sup> |  | 2800000 | 2791432 |
|  LCM XXIV Ltd., | LCM XXIV Ltd., | LCM XXIV Ltd., | LCM XXIV Ltd., |
|  Series 24A, Class AR | Series 24A, Class AR | Series 24A, Class AR | Series 24A, Class AR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.24%) | (CME Term SOFR 3-Month plus 1.24%) | (CME Term SOFR 3-Month plus 1.24%) | (CME Term SOFR 3-Month plus 1.24%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%<br>03/20/30<sup>1,2,3</sup> |  | 613831 | 614027 |
|  Madison Park Funding XXIII Ltd., | Madison Park Funding XXIII Ltd., | Madison Park Funding XXIII Ltd., | Madison Park Funding XXIII Ltd., |
|  Series 2017-23A, Class AR | Series 2017-23A, Class AR | Series 2017-23A, Class AR | Series 2017-23A, Class AR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.23%) | (CME Term SOFR 3-Month plus 1.23%) | (CME Term SOFR 3-Month plus 1.23%) | (CME Term SOFR 3-Month plus 1.23%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%<br>07/27/31<sup>1,2,3</sup> |  | 6332066 | 6327025 |
|  Madison Park Funding XXIV Ltd., | Madison Park Funding XXIV Ltd., | Madison Park Funding XXIV Ltd., | Madison Park Funding XXIV Ltd., |
|  Series 2016-24A, Class AR2 | Series 2016-24A, Class AR2 | Series 2016-24A, Class AR2 | Series 2016-24A, Class AR2 |
|  (Cayman Islands) |  |  |  |
|  (CME Term SOFR 3-Month plus 1.12%) | (CME Term SOFR 3-Month plus 1.12%) | (CME Term SOFR 3-Month plus 1.12%) | (CME Term SOFR 3-Month plus 1.12%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%<br>10/20/29<sup>1,2,3</sup> |  | 2008228 | 2009204 |
|  Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, |
|  Series 2021-CA, Class A | Series 2021-CA, Class A | Series 2021-CA, Class A | Series 2021-CA, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06%<br>10/15/69<sup>2</sup> |  | 659840 | 593872 |
|  Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, |
|  Series 2021-FA, Class A | Series 2021-FA, Class A | Series 2021-FA, Class A | Series 2021-FA, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11%<br>02/18/70<sup>2</sup> |  | 3323274 | 2923733 |
|  Nelnet Student Loan Trust, | Nelnet Student Loan Trust, | Nelnet Student Loan Trust, | Nelnet Student Loan Trust, |
|  Series 2013-1A, Class A | Series 2013-1A, Class A | Series 2013-1A, Class A | Series 2013-1A, Class A |
|  (SOFR30A plus 0.71%) | (SOFR30A plus 0.71%) | (SOFR30A plus 0.71%) | (SOFR30A plus 0.71%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%<br>06/25/41<sup>1,2</sup> |  | 827219 | 821568 |
|  Neuberger Berman CLO XVI-S Ltd., | Neuberger Berman CLO XVI-S Ltd., | Neuberger Berman CLO XVI-S Ltd., | Neuberger Berman CLO XVI-S Ltd., |
|  Series 2017-16SA, Class XR2 | Series 2017-16SA, Class XR2 | Series 2017-16SA, Class XR2 | Series 2017-16SA, Class XR2 |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 0.95%) | (CME Term SOFR 3-Month plus 0.95%) | (CME Term SOFR 3-Month plus 0.95%) | (CME Term SOFR 3-Month plus 0.95%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%<br>04/15/39<sup>1,2,3</sup> |  | 2500000 | 2501210 |
|  Neuberger Berman Loan Advisers CLO 49 Ltd., | Neuberger Berman Loan Advisers CLO 49 Ltd., | Neuberger Berman Loan Advisers CLO 49 Ltd., | Neuberger Berman Loan Advisers CLO 49 Ltd., |
|  Series 2022-49A, Class AR | Series 2022-49A, Class AR | Series 2022-49A, Class AR | Series 2022-49A, Class AR |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
|  (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%<br>07/25/35<sup>1,2,3</sup> |  | 7150000 | 7140383 |
|  NYACK Park CLO Ltd., | NYACK Park CLO Ltd., | NYACK Park CLO Ltd., | NYACK Park CLO Ltd., |
|  Series 2021-1A, Class X | Series 2021-1A, Class X | Series 2021-1A, Class X | Series 2021-1A, Class X |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 0.91%) | (CME Term SOFR 3-Month plus 0.91%) | (CME Term SOFR 3-Month plus 0.91%) | (CME Term SOFR 3-Month plus 0.91%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%<br>10/20/34<sup>1,2,3</sup> |  | 585937 | 586141 |

---

*See accompanying Notes to Financial Statements.*

41 / Annual Financial Statements March 2025

------

#### Low Duration Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Octagon Investment Partners 41 Ltd., | Octagon Investment Partners 41 Ltd., | Octagon Investment Partners 41 Ltd., | Octagon Investment Partners 41 Ltd., |
|  Series 2019-2A, Class A1R2 | Series 2019-2A, Class A1R2 |  |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.09%) | (CME Term SOFR 3-Month plus 1.09%) | (CME Term SOFR 3-Month plus 1.09%) | (CME Term SOFR 3-Month plus 1.09%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39% | 10/15/33<sup>1,2,3</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5470000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5471668 |
|  Octagon Investment Partners XVII Ltd., | Octagon Investment Partners XVII Ltd., | Octagon Investment Partners XVII Ltd., | Octagon Investment Partners XVII Ltd., |
|  Series 2013-1A, Class BR2 | Series 2013-1A, Class BR2 | Series 2013-1A, Class BR2 | Series 2013-1A, Class BR2 |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.66%) | (CME Term SOFR 3-Month plus 1.66%) | (CME Term SOFR 3-Month plus 1.66%) | (CME Term SOFR 3-Month plus 1.66%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96% | 01/25/31<sup>1,2,3</sup> | 1310000 | 1311302 |
|  Palmer Square Loan Funding Ltd., | Palmer Square Loan Funding Ltd., | Palmer Square Loan Funding Ltd., | Palmer Square Loan Funding Ltd., |
|  Series 2022-3A, Class A1BR | Series 2022-3A, Class A1BR | Series 2022-3A, Class A1BR | Series 2022-3A, Class A1BR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.40%) | (CME Term SOFR 3-Month plus 1.40%) | (CME Term SOFR 3-Month plus 1.40%) | (CME Term SOFR 3-Month plus 1.40%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 04/15/31<sup>1,2,3</sup> | 5060000 | 5061407 |
|  Regatta XVI Funding Ltd., | Regatta XVI Funding Ltd., | Regatta XVI Funding Ltd., | Regatta XVI Funding Ltd., |
|  Series 2019-2A, Class A1R | Series 2019-2A, Class A1R | Series 2019-2A, Class A1R | Series 2019-2A, Class A1R |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.20%) | (CME Term SOFR 3-Month plus 1.20%) | (CME Term SOFR 3-Month plus 1.20%) | (CME Term SOFR 3-Month plus 1.20%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 01/15/33<sup>1,2,3</sup> | 2900000 | 2898794 |
|  Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., |
|  Series 2017-3A, Class A | Series 2017-3A, Class A | Series 2017-3A, Class A | Series 2017-3A, Class A |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.45%) | (CME Term SOFR 3-Month plus 1.45%) | (CME Term SOFR 3-Month plus 1.45%) | (CME Term SOFR 3-Month plus 1.45%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74% | 10/20/30<sup>1,2,3</sup> | 552234 | 552703 |
|  Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., |
|  Series 2018-1A, Class A | Series 2018-1A, Class A | Series 2018-1A, Class A | Series 2018-1A, Class A |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.36%) | (CME Term SOFR 3-Month plus 1.36%) | (CME Term SOFR 3-Month plus 1.36%) | (CME Term SOFR 3-Month plus 1.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% | 05/20/31<sup>1,2,3</sup> | 543156 | 543248 |
|  Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., |
|  Series 2019-2A, Class AR2 | Series 2019-2A, Class AR2 | Series 2019-2A, Class AR2 | Series 2019-2A, Class AR2 |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.13%) | (CME Term SOFR 3-Month plus 1.13%) | (CME Term SOFR 3-Month plus 1.13%) | (CME Term SOFR 3-Month plus 1.13%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 08/20/32<sup>1,2,3</sup> | 2211917 | 2208566 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
|  Series 2021-3, Class D | Series 2021-3, Class D | Series 2021-3, Class D | Series 2021-3, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.33% | 09/15/27 | 2411859 | 2388566 |
|  Skyline Aircraft Finance LLC, | Skyline Aircraft Finance LLC, | Skyline Aircraft Finance LLC, | Skyline Aircraft Finance LLC, |
|  Series 2021-1, Class A | Series 2021-1, Class A | Series 2021-1, Class A | Series 2021-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23% | 05/10/37<sup>†,4,5</sup> | 5194612 | 4795600 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
|  Series 2008-4, Class A4 | Series 2008-4, Class A4 | Series 2008-4, Class A4 | Series 2008-4, Class A4 |
|  (SOFR90A plus 1.91%) | (SOFR90A plus 1.91%) | (SOFR90A plus 1.91%) | (SOFR90A plus 1.91%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.47% | 07/25/22<sup>1</sup> | 1324909 | 1328233 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
|  Series 2008-6, Class A4 | Series 2008-6, Class A4 | Series 2008-6, Class A4 | Series 2008-6, Class A4 |
|  (SOFR90A plus 1.36%) | (SOFR90A plus 1.36%) | (SOFR90A plus 1.36%) | (SOFR90A plus 1.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92% | 07/25/23<sup>1</sup> | 711782 | 711140 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
|  Series 2012-2, Class A | Series 2012-2, Class A | Series 2012-2, Class A | Series 2012-2, Class A |
|  (SOFR30A plus 0.81%) | (SOFR30A plus 0.81%) | (SOFR30A plus 0.81%) | (SOFR30A plus 0.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 01/25/29<sup>1</sup> | 1223592 | 1201562 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
|  Series 2014-1, Class A3 | Series 2014-1, Class A3 | Series 2014-1, Class A3 | Series 2014-1, Class A3 |
|  (SOFR30A plus 0.71%) | (SOFR30A plus 0.71%) | (SOFR30A plus 0.71%) | (SOFR30A plus 0.71%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 02/26/29<sup>1</sup> | 2222619 | 2174258 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Stack Infrastructure Issuer LLC, | Stack Infrastructure Issuer LLC, | Stack Infrastructure Issuer LLC, | Stack Infrastructure Issuer LLC, |
|  Series 2020-1A, Class A2 | Series 2020-1A, Class A2 | Series 2020-1A, Class A2 | Series 2020-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.89% | 08/25/45<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993435 |
|  TCI-Symphony CLO Ltd., | TCI-Symphony CLO Ltd., | TCI-Symphony CLO Ltd., | TCI-Symphony CLO Ltd., |
|  Series 2016-1A, Class AR2 | Series 2016-1A, Class AR2 | Series 2016-1A, Class AR2 | Series 2016-1A, Class AR2 |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.28%) | (CME Term SOFR 3-Month plus 1.28%) | (CME Term SOFR 3-Month plus 1.28%) | (CME Term SOFR 3-Month plus 1.28%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57% | 10/13/32<sup>1,2,3</sup> | 6904077 | 6905989 |
|  Tricon American Homes, | Tricon American Homes, | Tricon American Homes, | Tricon American Homes, |
|  Series 2020-SFR1, Class F | Series 2020-SFR1, Class F | Series 2020-SFR1, Class F | Series 2020-SFR1, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 07/17/38<sup>2</sup> | 3282000 | 3263678 |
|  Vantage Data Centers Issuer LLC, | Vantage Data Centers Issuer LLC, | Vantage Data Centers Issuer LLC, | Vantage Data Centers Issuer LLC, |
|  Series 2020-1A, Class A2 | Series 2020-1A, Class A2 | Series 2020-1A, Class A2 | Series 2020-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 09/15/45<sup>2</sup> | 7280000 | 7162526 |
|  Voya CLO Ltd., | Voya CLO Ltd., | Voya CLO Ltd., | Voya CLO Ltd., |
|  Series 2015-3A, Class A1R3 | Series 2015-3A, Class A1R3 | Series 2015-3A, Class A1R3 | Series 2015-3A, Class A1R3 |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44% | 10/20/31<sup>1,2,3</sup> | 3056591 | 3056096 |
|  Voya CLO, |  |  |  |
|  Series 2017-2A, Class A1R | Series 2017-2A, Class A1R | Series 2017-2A, Class A1R | Series 2017-2A, Class A1R |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.24%) | (CME Term SOFR 3-Month plus 1.24%) | (CME Term SOFR 3-Month plus 1.24%) | (CME Term SOFR 3-Month plus 1.24%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54% | 06/07/30<sup>1,2,3</sup> | 1137495 | 1137793 |
|  World Omni Auto Receivables Trust, | World Omni Auto Receivables Trust, | World Omni Auto Receivables Trust, | World Omni Auto Receivables Trust, |
|  Series 2021-D, Class B | Series 2021-D, Class B | Series 2021-D, Class B | Series 2021-D, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.52% | 11/15/27 | 5325000 | 5224456 |
|  **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |
|  (Cost $125,863,437) |  |  | 125750602 |
|  **BANK LOANS — 1.02%\*** | **BANK LOANS — 1.02%\*** | **BANK LOANS — 1.02%\*** | **BANK LOANS — 1.02%\*** |
|  **Communications — 0.07%** | **Communications — 0.07%** | **Communications — 0.07%** | **Communications — 0.07%** |
|  CCI Buyer, Inc., | CCI Buyer, Inc., | CCI Buyer, Inc., | CCI Buyer, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30% | 12/17/27<sup>1</sup> | 66537 | 66657 |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |
|  Term Loan B5, 1st Lien | Term Loan B5, 1st Lien | Term Loan B5, 1st Lien | Term Loan B5, 1st Lien |
|  (SOFR plus 1.50%) | (SOFR plus 1.50%) | (SOFR plus 1.50%) | (SOFR plus 1.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.09% | 04/15/27<sup>1</sup> | 45054 | 42455 |
|  NEP Group, Inc., | NEP Group, Inc., | NEP Group, Inc., | NEP Group, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 5.01%) | (SOFR plus 5.01%) | (SOFR plus 5.01%) | (SOFR plus 5.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.32% | 08/19/26<sup>1,6</sup> | 32680 | 30491 |
|  Numericable U.S. LLC, | Numericable U.S. LLC, | Numericable U.S. LLC, | Numericable U.S. LLC, |
|  Term Loan B14, 1st Lien | Term Loan B14, 1st Lien | Term Loan B14, 1st Lien | Term Loan B14, 1st Lien |
|  (SOFR plus 5.50%) | (SOFR plus 5.50%) | (SOFR plus 5.50%) | (SOFR plus 5.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.80% | 08/15/28<sup>1</sup> | 74359 | 66839 |
|  Research Now LLC, | Research Now LLC, | Research Now LLC, | Research Now LLC, |
|  Term Loan | Term Loan | Term Loan | Term Loan |
|  (SOFR plus 5.50%) | (SOFR plus 5.50%) | (SOFR plus 5.50%) | (SOFR plus 5.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.58% | 04/22/25<sup>1</sup> | 21571 | 21622 |
|  Virgin Media Bristol LLC, | Virgin Media Bristol LLC, | Virgin Media Bristol LLC, | Virgin Media Bristol LLC, |
|  Term Loan Y3, 1st Lien | Term Loan Y3, 1st Lien | Term Loan Y3, 1st Lien | Term Loan Y3, 1st Lien |
|  (SOFR plus 3.18%) | (SOFR plus 3.18%) | (SOFR plus 3.18%) | (SOFR plus 3.18%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.64% | 03/31/31<sup>1</sup> | 31648 | 30517 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 42

------

#### Low Duration Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |
| **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |
|  Zayo Group Holdings, Inc., | Zayo Group Holdings, Inc., | Zayo Group Holdings, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.11%) | (SOFR plus 3.11%) | (SOFR plus 3.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.44%<br>03/09/27<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403062 |
|  |  | 661643 |
| **Consumer Discretionary — 0.06%** | **Consumer Discretionary — 0.06%** | **Consumer Discretionary — 0.06%** |
|  AI Aqua Merger Sub, Inc., | AI Aqua Merger Sub, Inc., | AI Aqua Merger Sub, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32%<br>07/31/28<sup>1</sup> | 30650 | 30407 |
|  Celsius Holdings, Inc., | Celsius Holdings, Inc., | Celsius Holdings, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57%<br>03/21/32<sup>1</sup> | 29418 | 29510 |
|  Hilton Worldwide Finance LLC, | Hilton Worldwide Finance LLC, | Hilton Worldwide Finance LLC, |
|  Term Loan B4, 1st Lien | Term Loan B4, 1st Lien | Term Loan B4, 1st Lien |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07%<br>11/08/30<sup>1</sup> | 39190 | 39199 |
|  Naked Juice, LLC, | Naked Juice, LLC, | Naked Juice, LLC, |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 3.10%) | (SOFR plus 3.10%) | (SOFR plus 3.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.41%<br>01/24/29<sup>1</sup> | 680590 | 359168 |
|  Term Loan, 2nd Lien | Term Loan, 2nd Lien | Term Loan, 2nd Lien |
|  (SOFR plus 6.10%) | (SOFR plus 6.10%) | (SOFR plus 6.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.40%<br>01/24/30<sup>1</sup> | 136414 | 33137 |
|  Opal U.S. LLC, | Opal U.S. LLC, | Opal U.S. LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57%<br>03/01/32<sup>1</sup> | 97104 | 96619 |
|  |  | 588040 |
| **Electric — 0.05%** | **Electric — 0.05%** | **Electric — 0.05%** |
|  Alpha Generation LLC, | Alpha Generation LLC, | Alpha Generation LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.07%<br>09/30/31<sup>1</sup> | 90322 | 90464 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., |
|  Term Loan B10, 1st Lien |  |  |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07%<br>01/31/31<sup>1</sup> | 21098 | 21043 |
|  Cornerstone Generation LLC, | Cornerstone Generation LLC, | Cornerstone Generation LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57%<br>10/28/31<sup>1</sup> | 26261 | 26294 |
|  Edgewater Generation LLC, | Edgewater Generation LLC, | Edgewater Generation LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32%<br>08/01/30<sup>1</sup> | 30539 | 30566 |
|  EFS Cogen Holdings I LLC, | EFS Cogen Holdings I LLC, | EFS Cogen Holdings I LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80%<br>10/03/31<sup>1</sup> | 50911 | 50920 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
|  Hunterstown Generation LLC, | Hunterstown Generation LLC, | Hunterstown Generation LLC, | Hunterstown Generation LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80%<br>11/06/31<sup>1</sup> |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30515 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30667 |
|  Potomac Energy Center LLC, | Potomac Energy Center LLC, | Potomac Energy Center LLC, | Potomac Energy Center LLC, |
|  Term Loan B, 1st Lien |  |  |  |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32%<br>03/14/32<sup>1</sup> |  | 30546 | 30432 |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 6.26%) | (SOFR plus 6.26%) | (SOFR plus 6.26%) | (SOFR plus 6.26%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.58%<br>11/12/26<sup>1</sup> |  | 31185 | 31185 |
|  South Field Energy LLC, | South Field Energy LLC, | South Field Energy LLC, | South Field Energy LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.55%<br>08/29/31<sup>1</sup> |  | 30389 | 30389 |
|  Term Loan C, 1st Lien | Term Loan C, 1st Lien | Term Loan C, 1st Lien | Term Loan C, 1st Lien |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56%<br>08/29/31<sup>1</sup> |  | 1943 | 1943 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07%<br>12/20/30<sup>1</sup> |  | 134491 | 134233 |
|  |  |  | 478136 |
| **Entertainment — 0.01%** | **Entertainment — 0.01%** | **Entertainment — 0.01%** | **Entertainment — 0.01%** |
|  Showtime Acquisition LLC, | Showtime Acquisition LLC, | Showtime Acquisition LLC, | Showtime Acquisition LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.07%<br>08/13/31<sup>1</sup> |  | 99515 | 100096 |
| **Finance — 0.08%** | **Finance — 0.08%** | **Finance — 0.08%** | **Finance — 0.08%** |
|  Avolon TLB Borrower 1 U.S. LLC, | Avolon TLB Borrower 1 U.S. LLC, | Avolon TLB Borrower 1 U.S. LLC, | Avolon TLB Borrower 1 U.S. LLC, |
|  Term Loan B6, 1st Lien | Term Loan B6, 1st Lien | Term Loan B6, 1st Lien | Term Loan B6, 1st Lien |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07%<br>06/24/30<sup>1</sup> |  | 533459 | 533571 |
|  Deerfield Dakota Holding LLC, | Deerfield Dakota Holding LLC, | Deerfield Dakota Holding LLC, | Deerfield Dakota Holding LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.05%<br>04/09/27<sup>1</sup> |  | 171171 | 162844 |
|  Jane Street Group LLC, | Jane Street Group LLC, | Jane Street Group LLC, | Jane Street Group LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 2.00%) | (SOFR plus 2.00%) | (SOFR plus 2.00%) | (SOFR plus 2.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31%<br>12/15/31<sup>1</sup> |  | 66207 | 65504 |
|  |  |  | 761919 |
| **Food — 0.02%** | **Food — 0.02%** | **Food — 0.02%** | **Food — 0.02%** |
|  8th Avenue Food & Provisions, Inc., | 8th Avenue Food & Provisions, Inc., | 8th Avenue Food & Provisions, Inc., | 8th Avenue Food & Provisions, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.86%) | (SOFR plus 3.86%) | (SOFR plus 3.86%) | (SOFR plus 3.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.19%<br>10/01/25<sup>1</sup> |  | 23891 | 23492 |
|  Dessert Holdings, Inc., | Dessert Holdings, Inc., | Dessert Holdings, Inc., | Dessert Holdings, Inc., |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 4.11%) | (SOFR plus 4.11%) | (SOFR plus 4.11%) | (SOFR plus 4.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.44%<br>06/12/28<sup>1</sup> |  | 63706 | 62333 |

---

*See accompanying Notes to Financial Statements.*

43 / Annual Financial Statements March 2025

------

#### Low Duration Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |
|  **Food (continued)** | **Food (continued)** | **Food (continued)** |
|  United Natural Foods, Inc., | United Natural Foods, Inc., | United Natural Foods, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.07%<br>04/25/31<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125094 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126892 |
|  |  | 212717 |
|  **Health Care — 0.09%** | **Health Care — 0.09%** | **Health Care — 0.09%** |
|  Grifols Worldwide Operations USA, Inc., | Grifols Worldwide Operations USA, Inc., | Grifols Worldwide Operations USA, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 2.15%) | (SOFR plus 2.15%) | (SOFR plus 2.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.46%<br>11/15/27<sup>1</sup> | 105912 | 105032 |
|  IQVIA, Inc., | IQVIA, Inc., | IQVIA, Inc., |
|  Term Loan B5, 1st Lien | Term Loan B5, 1st Lien | Term Loan B5, 1st Lien |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%<br>01/02/31<sup>1</sup> | 175895 | 176294 |
|  Jazz Financing Lux SARL, | Jazz Financing Lux SARL, | Jazz Financing Lux SARL, |
|  Term Loan B2, 1st Lien (Luxembourg) | Term Loan B2, 1st Lien (Luxembourg) | Term Loan B2, 1st Lien (Luxembourg) |
|  (SOFR plus 2.25%) | (SOFR plus 2.25%) | (SOFR plus 2.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.57%<br>05/05/28<sup>1,3</sup> | 138164 | 138267 |
|  Modivcare, Inc., | Modivcare, Inc., | Modivcare, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%<br>07/01/31<sup>1</sup> | 264227 | 197729 |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 8.50%) | (SOFR plus 8.50%) | (SOFR plus 8.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.79%<br>01/07/26<sup>1</sup> | 81493 | 69676 |
|  NSM Top Holdings Corp., | NSM Top Holdings Corp., | NSM Top Holdings Corp., |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 5.35%) | (SOFR plus 5.35%) | (SOFR plus 5.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.66%<br>05/14/29<sup>1</sup> | 31402 | 31637 |
|  Star Parent, Inc., | Star Parent, Inc., | Star Parent, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30%<br>09/27/30<sup>1</sup> | 95733 | 91664 |
|  |  | 810299 |
|  **Health Care REITs — 0.14%** | **Health Care REITs — 0.14%** | **Health Care REITs — 0.14%** |
|  Healthpeak Properties, Inc., | Healthpeak Properties, Inc., | Healthpeak Properties, Inc., |
|  Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien |
|  (SOFR plus 0.94%) | (SOFR plus 0.94%) | (SOFR plus 0.94%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%<br>02/22/27<sup>1</sup> | 331629 | 325825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%<br>08/20/27<sup>1</sup> | 331629 | 325825 |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 0.95%) | (SOFR plus 0.95%) | (SOFR plus 0.95%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32%<br>03/01/29<sup>1</sup> | 669298 | 656749 |
|  |  | 1308399 |
|  **Industrials — 0.11%** | **Industrials — 0.11%** | **Industrials — 0.11%** |
|  Artera Services LLC, | Artera Services LLC, | Artera Services LLC, |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 4.50%) | (SOFR plus 4.50%) | (SOFR plus 4.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.80%<br>02/15/31<sup>1</sup> | 82646 | 78594 |
|  Balcan Innovations, Inc., | Balcan Innovations, Inc., | Balcan Innovations, Inc., |
|  Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) |
|  (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.04%<br>10/10/31<sup>1,3</sup> | 44641 | 44585 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |
|  **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
|  Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |
|  Term Loan AA, 1st Lien | Term Loan AA, 1st Lien | Term Loan AA, 1st Lien |
|  (SOFR plus 1.86%) | (SOFR plus 1.86%) | (SOFR plus 1.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.19%<br>07/01/29<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735894 |
|  TCP Sunbelt Acquisition Co., | TCP Sunbelt Acquisition Co., | TCP Sunbelt Acquisition Co., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57%<br>10/24/31<sup>1</sup> | 114713 | 114569 |
|  Transdigm, Inc., | Transdigm, Inc., | Transdigm, Inc., |
|  Term Loan I, 1st Lien | Term Loan I, 1st Lien | Term Loan I, 1st Lien |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%<br>08/24/28<sup>1</sup> | 66038 | 66092 |
|  WEC U.S. Holdings Ltd., | WEC U.S. Holdings Ltd., | WEC U.S. Holdings Ltd., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 2.25%) | (SOFR plus 2.25%) | (SOFR plus 2.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.57%<br>01/27/31<sup>1</sup> | 8060 | 7996 |
|  |  | 1047730 |
|  **Information Technology — 0.17%** | **Information Technology — 0.17%** | **Information Technology — 0.17%** |
|  Arches Buyer, Inc., | Arches Buyer, Inc., | Arches Buyer, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.35%) | (SOFR plus 3.35%) | (SOFR plus 3.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67%<br>12/06/27<sup>1</sup> | 123091 | 120668 |
|  Barracuda Parent LLC, | Barracuda Parent LLC, | Barracuda Parent LLC, |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 4.50%) | (SOFR plus 4.50%) | (SOFR plus 4.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.79%<br>08/15/29<sup>1</sup> | 32634 | 28408 |
|  Cast & Crew Payroll LLC, | Cast & Crew Payroll LLC, | Cast & Crew Payroll LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.07%<br>12/29/28<sup>1</sup> | 22653 | 21878 |
|  Castle U.S. Holding Corp., | Castle U.S. Holding Corp., | Castle U.S. Holding Corp., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30%<br>01/29/27<sup>1</sup> | 31996 | 19870 |
|  Delivery Hero SE, | Delivery Hero SE, | Delivery Hero SE, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 5.00%) | (SOFR plus 5.00%) | (SOFR plus 5.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.31%<br>12/12/29<sup>1</sup> | 76502 | 76757 |
|  EagleView Technology Co., | EagleView Technology Co., | EagleView Technology Co., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.76%) | (SOFR plus 3.76%) | (SOFR plus 3.76%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.09%<br>08/14/25<sup>1</sup> | 224758 | 219441 |
|  Gainwell Acquisition Corp., | Gainwell Acquisition Corp., | Gainwell Acquisition Corp., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.10%) | (SOFR plus 4.10%) | (SOFR plus 4.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.40%<br>10/01/27<sup>1</sup> | 630253 | 592841 |
|  Magnite, Inc., | Magnite, Inc., | Magnite, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32%<br>02/06/31<sup>1</sup> | 34412 | 34397 |
|  MH Sub I LLC, | MH Sub I LLC, | MH Sub I LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57%<br>12/31/31<sup>1</sup> | 77814 | 71697 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 44

------

#### Low Duration Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |
|  **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
|  Term Loan B3, 1st Lien | Term Loan B3, 1st Lien | Term Loan B3, 1st Lien | Term Loan B3, 1st Lien |
|  (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57%<br>05/03/28<sup>1</sup> |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26440 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25184 |
|  Peraton Corp., | Peraton Corp., | Peraton Corp., | Peraton Corp., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.85%) | (SOFR plus 3.85%) | (SOFR plus 3.85%) | (SOFR plus 3.85%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.17%<br>02/01/28<sup>1</sup> |  | 82930 | 73996 |
|  Renaissance Holding Corp., | Renaissance Holding Corp., | Renaissance Holding Corp., | Renaissance Holding Corp., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.32%<br>04/05/30<sup>1</sup> |  | 56792 | 55834 |
|  Spin Holdco, Inc., | Spin Holdco, Inc., | Spin Holdco, Inc., | Spin Holdco, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.26%) | (SOFR plus 4.26%) | (SOFR plus 4.26%) | (SOFR plus 4.26%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.56%<br>03/04/28<sup>1</sup> |  | 95384 | 81017 |
|  TripAdvisor, Inc., | TripAdvisor, Inc., | TripAdvisor, Inc., | TripAdvisor, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%<br>07/08/31<sup>1</sup> |  | 46778 | 46161 |
|  X Corp., |  |  |  |
|  Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien |
|  (SOFR plus 6.65%) | (SOFR plus 6.65%) | (SOFR plus 6.65%) | (SOFR plus 6.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.95%<br>10/26/29<sup>1</sup> |  | 74777 | 74403 |
|  Xerox Corp., | Xerox Corp., | Xerox Corp., | Xerox Corp., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.22% - 8.32%<br>11/17/29<sup>1</sup> |  | 75707 | 72395 |
|  |  |  | 1614947 |
|  **Insurance — 0.04%** |  |  |  |
|  Acrisure LLC, | Acrisure LLC, | Acrisure LLC, | Acrisure LLC, |
|  Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.07%<br>02/15/27<sup>1</sup> |  | 180871 | 180613 |
|  Asurion LLC, | Asurion LLC, | Asurion LLC, | Asurion LLC, |
|  Term Loan B10, 1st Lien | Term Loan B10, 1st Lien | Term Loan B10, 1st Lien | Term Loan B10, 1st Lien |
|  (SOFR plus 4.10%) | (SOFR plus 4.10%) | (SOFR plus 4.10%) | (SOFR plus 4.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.42%<br>08/19/28<sup>1</sup> |  | 47264 | 46847 |
|  Term Loan B8, 1st Lien | Term Loan B8, 1st Lien | Term Loan B8, 1st Lien | Term Loan B8, 1st Lien |
|  (SOFR plus 3.36%) | (SOFR plus 3.36%) | (SOFR plus 3.36%) | (SOFR plus 3.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69%<br>12/23/26<sup>1</sup> |  | 93788 | 93712 |
|  |  |  | 321172 |
|  **Materials — 0.01%** |  |  |  |
|  Mativ Holdings, Inc., | Mativ Holdings, Inc., | Mativ Holdings, Inc., | Mativ Holdings, Inc., |
|  Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien |
|  (SOFR plus 2.60%) | (SOFR plus 2.60%) | (SOFR plus 2.60%) | (SOFR plus 2.60%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.92%<br>05/06/27<sup>1</sup> |  | 38482 | 38482 |
|  **Residential REITs — 0.10%** |  |  |  |
|  Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, |
|  Term Loan A, 1st Lien | Term Loan A, 1st Lien | Term Loan A, 1st Lien | Term Loan A, 1st Lien |
|  (SOFR plus 0.95%) | (SOFR plus 0.95%) | (SOFR plus 0.95%) | (SOFR plus 0.95%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%<br>09/09/28<sup>1</sup> |  | 954196 | 939883 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |
|  **Retail — 0.03%** | **Retail — 0.03%** | **Retail — 0.03%** |
|  1011778 BC Unlimited Liability Co., | 1011778 BC Unlimited Liability Co., | 1011778 BC Unlimited Liability Co., |
|  Term Loan B6, 1st Lien (Canada) | Term Loan B6, 1st Lien (Canada) | Term Loan B6, 1st Lien (Canada) |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07%<br>09/20/30<sup>1,3</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20377 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20219 |
|  Dave & Buster's, Inc., | Dave & Buster's, Inc., | Dave & Buster's, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56%<br>11/01/31<sup>1</sup> | 63831 | 55972 |
|  KFC Holding Co., | KFC Holding Co., | KFC Holding Co., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 1.86%) | (SOFR plus 1.86%) | (SOFR plus 1.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.18%<br>03/15/28<sup>1</sup> | 192744 | 193419 |
|  |  | 269610 |
|  **Services — 0.04%** | **Services — 0.04%** | **Services — 0.04%** |
|  Albion Financing 3 SARL, | Albion Financing 3 SARL, | Albion Financing 3 SARL, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32%<br>08/16/29<sup>1</sup> | 10858 | 10882 |
|  Belron Finance U.S. LLC, | Belron Finance U.S. LLC, | Belron Finance U.S. LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%<br>10/16/31<sup>1</sup> | 34382 | 34366 |
|  CCRR Parent, Inc., | CCRR Parent, Inc., | CCRR Parent, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.35%) | (SOFR plus 4.35%) | (SOFR plus 4.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.66%<br>03/06/28<sup>1</sup> | 59321 | 25113 |
|  (SOFR plus 4.51%) | (SOFR plus 4.51%) | (SOFR plus 4.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.82%<br>03/06/28<sup>1</sup> | 21133 | 9422 |
|  Kelso Industries LLC, | Kelso Industries LLC, | Kelso Industries LLC, |
|  Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien |
|  (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.07%<br>12/30/29<sup>1,7</sup> | 6133 | 6110 |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.07%<br>12/26/29<sup>1</sup> | 95533 | 95174 |
|  Ryan LLC, | Ryan LLC, | Ryan LLC, |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.82%<br>11/14/30<sup>1</sup> | 36377 | 36309 |
|  Sabre GLBL, Inc., | Sabre GLBL, Inc., | Sabre GLBL, Inc., |
|  Term Loan B2, 1st Lien | Term Loan B2, 1st Lien | Term Loan B2, 1st Lien |
|  (SOFR plus 5.10%) | (SOFR plus 5.10%) | (SOFR plus 5.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.42%<br>06/30/28<sup>1</sup> | 28785 | 27867 |
|  TruGreen LP, | TruGreen LP, | TruGreen LP, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.10%) | (SOFR plus 4.10%) | (SOFR plus 4.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.42%<br>11/02/27<sup>1</sup> | 166071 | 156800 |
|  |  | 402043 |
|  **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** |
|  (Cost $10,065,480) | (Cost $10,065,480) | 9555116 |
|  **CORPORATES — 30.06%\*** | **CORPORATES — 30.06%\*** | **CORPORATES — 30.06%\*** |
|  **Banking — 7.37%** | **Banking — 7.37%** | **Banking — 7.37%** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.71%<br>04/24/28<sup>8</sup> | 944000 | 928172 |

---

*See accompanying Notes to Financial Statements.*

45 / Annual Financial Statements March 2025

------

#### Low Duration Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Banking (continued)** | **Banking (continued)** | **Banking (continued)** | **Banking (continued)** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| (MTN) | (MTN) | (MTN) | (MTN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32% | 06/19/26<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7263000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7211335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 02/04/28<sup>8</sup> | 4275000 | 4125274 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01% | 09/22/28<sup>3,8</sup> | 11500000 | 10758892 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04% | 02/04/27<sup>8</sup> | 14051000 | 13640574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.08% | 04/22/26<sup>8</sup> | 2350000 | 2346243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.18% | 06/01/28<sup>8</sup> | 879000 | 836494 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63% | 05/11/27<sup>3,8</sup> | 590000 | 570743 |
|  PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58% | 06/12/29<sup>8</sup> | 830000 | 853749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.62% | 10/20/27<sup>8</sup> | 4570000 | 4710524 |
|  Santander UK Group Holdings PLC | Santander UK Group Holdings PLC | Santander UK Group Holdings PLC | Santander UK Group Holdings PLC |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.67% | 06/14/27<sup>3,8</sup> | 3007000 | 2897477 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 02/01/29<sup>8</sup> | 5365000 | 5369201 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| (MTN) | (MTN) | (MTN) | (MTN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39% | 06/02/28<sup>8</sup> | 1275000 | 1217063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57% | 07/25/29<sup>8</sup> | 13235000 | 13595517 |
|  |  |  | 69061258 |
|  **Communications — 1.08%** | **Communications — 1.08%** | **Communications — 1.08%** | **Communications — 1.08%** |
|  Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter |
|  Communications Operating Capital | Communications Operating Capital | Communications Operating Capital | Communications Operating Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 07/23/25 | 397000 | 396967 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63% | 06/15/25 | 900000 | 904356 |
|  CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75% | 01/31/29<sup>2</sup> | 1514000 | 1468985 |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 05/15/29 | 3500000 | 3306496 |
|  Global Switch Finance BV | Global Switch Finance BV | Global Switch Finance BV | Global Switch Finance BV |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38% | 10/07/30<sup>3</sup> | 485000 | 491012 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint |
|  Spectrum Co. III LLC | Spectrum Co. III LLC | Spectrum Co. III LLC | Spectrum Co. III LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 03/20/28<sup>2</sup> | 621000 | 623970 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 04/15/27 | 3015000 | 2971826 |
|  |  |  | 10163612 |
|  **Consumer Discretionary — 1.61%** | **Consumer Discretionary — 1.61%** | **Consumer Discretionary — 1.61%** | **Consumer Discretionary — 1.61%** |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 02/04/28 | 1425000 | 1434963 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56% | 08/15/27 | 2440000 | 2381636 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** |
|  Davide Campari-Milano NV | Davide Campari-Milano NV | Davide Campari-Milano NV | Davide Campari-Milano NV |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 01/17/29<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307049 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/30/28 | 2410000 | 2422024 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/26/26<sup>2,3</sup> | 5205000 | 5131458 |
|  RAC Bond Co. PLC | RAC Bond Co. PLC | RAC Bond Co. PLC | RAC Bond Co. PLC |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25% | 11/06/28<sup>3</sup> | 400000 | 555626 |
|  WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.76% | 03/15/27 | 2920000 | 2848489 |
|  |  |  | 15081245 |
|  **Diversified REITs — 1.84%** | **Diversified REITs — 1.84%** | **Diversified REITs — 1.84%** | **Diversified REITs — 1.84%** |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 07/15/28 | 7290000 | 7422090 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80% | 02/15/28 | 3940000 | 3835518 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/15/30 | 1245000 | 1178304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 01/15/29 | 2179000 | 2185171 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 02/01/27<sup>2</sup> | 2590000 | 2625818 |
|  |  |  | 17246901 |
|  **Electric — 2.25%** | **Electric — 2.25%** | **Electric — 2.25%** | **Electric — 2.25%** |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40% | 03/15/26<sup>2</sup> | 6540000 | 6330042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 03/30/29<sup>2</sup> | 805000 | 834232 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 03/15/28 | 1835000 | 1824688 |
|  Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 03/01/27 | 5425000 | 5256245 |
|  ITC Holdings Corp. | ITC Holdings Corp. | ITC Holdings Corp. | ITC Holdings Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 09/22/27<sup>2</sup> | 4960000 | 4996996 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 01/15/26<sup>2</sup> | 1868000 | 1861079 |
|  |  |  | 21103282 |
|  **Energy — 0.23%** | **Energy — 0.23%** | **Energy — 0.23%** | **Energy — 0.23%** |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 11/15/25 | 1950000 | 1942565 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88% | 02/01/32<sup>2</sup> | 185000 | 196633 |
|  |  |  | 2139198 |
|  **Finance — 4.66%** | **Finance — 4.66%** | **Finance — 4.66%** | **Finance — 4.66%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| (Ireland) | (Ireland) | (Ireland) | (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 10/29/26<sup>3</sup> | 500000 | 483326 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 04/01/27 | 4835000 | 4757803 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 46

------

#### Low Duration Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Finance (continued)** | **Finance (continued)** | **Finance (continued)** | **Finance (continued)** |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53% | 11/18/27<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545000 | 2383886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 02/21/28<sup>2,3</sup> | 1350000 | 1270537 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.46% | 06/09/27<sup>8</sup> | 5000000 | 4817215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.52% | 10/27/28<sup>8</sup> | 4987000 | 4848871 |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.54% | 09/10/27<sup>8</sup> | 1825000 | 1745961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 10/21/27<sup>8</sup> | 10000000 | 9594668 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | 12/10/26<sup>8</sup> | 5000000 | 4875339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59% | 05/04/27<sup>8</sup> | 5855000 | 5670542 |
|  Morgan Stanley Bank N.A. | Morgan Stanley Bank N.A. | Morgan Stanley Bank N.A. | Morgan Stanley Bank N.A. |
| (BKNT) | (BKNT) | (BKNT) | (BKNT) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97% | 07/14/28<sup>8</sup> | 3155000 | 3183323 |
|  |  |  | 43631471 |
|  **Food — 0.99%** | **Food — 0.99%** | **Food — 0.99%** | **Food — 0.99%** |
|  ELO SACA | ELO SACA | ELO SACA | ELO SACA |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (France) | (France) | (France) | (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 12/08/28<sup>3</sup> | 500000 | 482332 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. |
|  Sarl | Sarl | Sarl | Sarl |
| (Luxembourg) | (Luxembourg) | (Luxembourg) | (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/02/29<sup>3</sup> | 1795000 | 1680879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 02/01/28<sup>3</sup> | 2205000 | 2229160 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/01/30<sup>2</sup> | 4860000 | 4891150 |
|  |  |  | 9283521 |
|  **Health Care — 2.28%** | **Health Care — 2.28%** | **Health Care — 2.28%** | **Health Care — 2.28%** |
|  1375209 BC Ltd. | 1375209 BC Ltd. | 1375209 BC Ltd. | 1375209 BC Ltd. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 01/30/28<sup>2,3</sup> | 925000 | 925413 |
|  American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/08/31<sup>3</sup> | 990000 | 1051083 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85% | 04/15/25<sup>2</sup> | 385000 | 384884 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 01/21/29<sup>2</sup> | 6230000 | 6460820 |
|  Grifols SA, |  |  |  |
|  Series REGS | Series REGS | Series REGS | Series REGS |
| (Spain) | (Spain) | (Spain) | (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 05/01/30<sup>3</sup> | 570000 | 644083 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 02/15/26 | 1980000 | 1988102 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| (MTN) | (MTN) | (MTN) | (MTN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.58% | 09/15/25 | 1100000 | 1112153 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 12/13/27 | 2275000 | 2327408 |
|  Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 02/26/33 | 790000 | 843587 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
|  Kedrion SpA | Kedrion SpA | Kedrion SpA | Kedrion SpA |
| (Italy) | (Italy) | (Italy) | (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 09/01/29<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352052 |
|  ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/01/29<sup>2,9</sup> | 866000 | 355060 |
|  Premier Health Partners, | Premier Health Partners, | Premier Health Partners, | Premier Health Partners, |
|  Series G |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.91% | 11/15/26 | 3500000 | 3385531 |
|  Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50% | 03/01/28 | 1555000 | 1576854 |
|  |  |  | 21407030 |
|  **Health Care REITs — 0.91%** | **Health Care REITs — 0.91%** | **Health Care REITs — 0.91%** | **Health Care REITs — 0.91%** |
|  DOC DR LLC | DOC DR LLC | DOC DR LLC | DOC DR LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 03/15/27 | 3995000 | 3972338 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/26 | 1451000 | 1426900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 01/15/28 | 3255000 | 3144436 |
|  |  |  | 8543674 |
|  **Industrial REITs — 0.38%** | **Industrial REITs — 0.38%** | **Industrial REITs — 0.38%** | **Industrial REITs — 0.38%** |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 11/15/28 | 3325000 | 3518661 |
|  **Industrials — 1.44%** | **Industrials — 1.44%** | **Industrials — 1.44%** | **Industrials — 1.44%** |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/17/25 | 4125000 | 4119236 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 01/15/27 | 2000000 | 1898386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 07/15/26<sup>2</sup> | 636000 | 635729 |
|  Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.26% | 05/01/27 | 2455000 | 2526824 |
|  General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| (MTN) |  |  |  |
|  (CME Term SOFR 3-Month plus 0.64%) | (CME Term SOFR 3-Month plus 0.64%) | (CME Term SOFR 3-Month plus 0.64%) | (CME Term SOFR 3-Month plus 0.64%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94% | 05/05/26<sup>1</sup> | 2235000 | 2242147 |
|  (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06% | 08/15/36<sup>1</sup> | 2182000 | 2049744 |
|  |  |  | 13472066 |
|  **Information Technology — 1.37%** | **Information Technology — 1.37%** | **Information Technology — 1.37%** | **Information Technology — 1.37%** |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 04/01/28 | 1415000 | 1421787 |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 01/25/31<sup>2</sup> | 1900000 | 1930872 |
|  Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 06/15/25<sup>2</sup> | 3207000 | 3201138 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. | Open Text Corp. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90% | 12/01/27<sup>2,3</sup> | 2635000 | 2728542 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/03/28 | 950000 | 958103 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 01/15/30 | 2132000 | 2097018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 09/15/27<sup>2</sup> | 534000 | 540908 |
|  |  |  | 12878368 |

---

*See accompanying Notes to Financial Statements.*

47 / Annual Financial Statements March 2025

------

#### Low Duration Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Insurance — 1.01%** | **Insurance — 1.01%** | **Insurance — 1.01%** | **Insurance — 1.01%** |
|  Aon Corp. | Aon Corp. | Aon Corp. | Aon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438666 |
|  Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% | 07/15/28<sup>2</sup> | 1625000 | 1698256 |
|  MMI Capital Trust I, | MMI Capital Trust I, | MMI Capital Trust I, | MMI Capital Trust I, |
|  Series B | Series B | Series B | Series B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63% | 12/15/27 | 2000000 | 2119483 |
|  Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95% | 09/15/29 | 35000 | 32307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 06/15/27 | 4202000 | 4206097 |
|  |  |  | 9494809 |
|  **Materials — 0.34%** | **Materials — 0.34%** | **Materials — 0.34%** | **Materials — 0.34%** |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.83% | 10/15/27<sup>2</sup> | 3440000 | 3206640 |
|  **Office REITs — 0.13%** | **Office REITs — 0.13%** | **Office REITs — 0.13%** | **Office REITs — 0.13%** |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 01/15/30 | 144000 | 99699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 04/01/29 | 1460000 | 1110669 |
|  |  |  | 1210368 |
|  **Retail — 0.12%** | **Retail — 0.12%** | **Retail — 0.12%** | **Retail — 0.12%** |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/01/26<sup>2</sup> | 935000 | 926706 |
|  Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 09/15/29<sup>2</sup> | 230000 | 215744 |
|  |  |  | 1142450 |
|  **Retail REITs — 0.20%** | **Retail REITs — 0.20%** | **Retail REITs — 0.20%** | **Retail REITs — 0.20%** |
|  Federal Realty OP LP | Federal Realty OP LP | Federal Realty OP LP | Federal Realty OP LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.48% | 08/15/26 | 1850000 | 1899369 |
|  **Services — 0.92%** | **Services — 0.92%** | **Services — 0.92%** | **Services — 0.92%** |
|  AA Bond Co. Ltd., | AA Bond Co. Ltd., | AA Bond Co. Ltd., | AA Bond Co. Ltd., |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.45% | 01/31/28<sup>3</sup> | 455000 | 622225 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 01/15/27 | 7201000 | 6902018 |
|  Worldline SA | Worldline SA | Worldline SA | Worldline SA |
| (France) | (France) | (France) | (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 07/30/26<sup>3,10</sup> | 10000 | 1054022 |
|  |  |  | 8578265 |
|  **Specialized REITs — 0.81%** | **Specialized REITs — 0.81%** | **Specialized REITs — 0.81%** | **Specialized REITs — 0.81%** |
|  Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Luxembourg) | (Luxembourg) | (Luxembourg) | (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 05/04/28<sup>3</sup> | 935000 | 938025 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 12/15/27 | 6745000 | 6627687 |
|  |  |  | 7565712 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Transportation — 0.12%** | **Transportation — 0.12%** | **Transportation — 0.12%** | **Transportation — 0.12%** |
|  Delta Air Lines Pass-Through Trust, | Delta Air Lines Pass-Through Trust, | Delta Air Lines Pass-Through Trust, | Delta Air Lines Pass-Through Trust, |
|  Series 2020-1, Class AA | Series 2020-1, Class AA | Series 2020-1, Class AA | Series 2020-1, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 06/10/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147556 | $1080708 |
|  **Total Corporates** | **Total Corporates** | **Total Corporates** | **Total Corporates** |
|  (Cost $278,289,384) | (Cost $278,289,384) | (Cost $278,289,384) | 281708608 |
|  **FOREIGN GOVERNMENT OBLIGATIONS — 0.07%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.07%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.07%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.07%** |
|  **Foreign Government Obligations — 0.07%** | **Foreign Government Obligations — 0.07%** | **Foreign Government Obligations — 0.07%** | **Foreign Government Obligations — 0.07%** |
|  Israel Government International Bond, | Israel Government International Bond, | Israel Government International Bond, | Israel Government International Bond, |
|  Series 5Y | Series 5Y | Series 5Y | Series 5Y |
| (Iceland) | (Iceland) | (Iceland) | (Iceland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 02/19/30<sup>3</sup> | 640000 | 644866 |
|  **Total Foreign Government Obligations** | **Total Foreign Government Obligations** | **Total Foreign Government Obligations** | **Total Foreign Government Obligations** |
|  (Cost $634,643) | (Cost $634,643) | (Cost $634,643) | (Cost $634,643) |
|  **MORTGAGE-BACKED — 53.01%\*\*** | **MORTGAGE-BACKED — 53.01%\*\*** | **MORTGAGE-BACKED — 53.01%\*\*** | **MORTGAGE-BACKED — 53.01%\*\*** |
|  **Non-Agency Commercial Mortgage-Backed — 8.05%** | **Non-Agency Commercial Mortgage-Backed — 8.05%** | **Non-Agency Commercial Mortgage-Backed — 8.05%** | **Non-Agency Commercial Mortgage-Backed — 8.05%** |
|  Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., |
|  Series 2021-FL3, Class A | Series 2021-FL3, Class A | Series 2021-FL3, Class A | Series 2021-FL3, Class A |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 1-Month plus 1.18%) | (CME Term SOFR 1-Month plus 1.18%) | (CME Term SOFR 1-Month plus 1.18%) | (CME Term SOFR 1-Month plus 1.18%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/15/34<sup>1,2,3</sup> | 1231663 | 1230538 |
|  BANK, | BANK, | BANK, | BANK, |
|  Series 2018-BN14, Class A2 | Series 2018-BN14, Class A2 | Series 2018-BN14, Class A2 | Series 2018-BN14, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 09/15/60 | 3329185 | 3285048 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
|  Series 2020-B17, Class A2 | Series 2020-B17, Class A2 | Series 2020-B17, Class A2 | Series 2020-B17, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.21% | 03/15/53 | 4156146 | 4021925 |
|  BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |
|  Series 2021-VINO, Class A | Series 2021-VINO, Class A | Series 2021-VINO, Class A | Series 2021-VINO, Class A |
|  (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09% | 05/15/38<sup>1,2</sup> | 931331 | 929143 |
|  BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |
|  Series 2021-XL2, Class A | Series 2021-XL2, Class A | Series 2021-XL2, Class A | Series 2021-XL2, Class A |
|  (CME Term SOFR 1-Month plus 0.80%) | (CME Term SOFR 1-Month plus 0.80%) | (CME Term SOFR 1-Month plus 0.80%) | (CME Term SOFR 1-Month plus 0.80%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12% | 10/15/38<sup>1,2</sup> | 1718250 | 1712792 |
|  BX, |  |  |  |
|  Series 2021-MFM1, Class A | Series 2021-MFM1, Class A | Series 2021-MFM1, Class A | Series 2021-MFM1, Class A |
|  (CME Term SOFR 1-Month plus 0.81%) | (CME Term SOFR 1-Month plus 0.81%) | (CME Term SOFR 1-Month plus 0.81%) | (CME Term SOFR 1-Month plus 0.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 01/15/34<sup>1,2</sup> | 374520 | 373208 |
|  BX, |  |  |  |
|  Series 2021-MFM1, Class B | Series 2021-MFM1, Class B | Series 2021-MFM1, Class B | Series 2021-MFM1, Class B |
|  (CME Term SOFR 1-Month plus 1.06%) | (CME Term SOFR 1-Month plus 1.06%) | (CME Term SOFR 1-Month plus 1.06%) | (CME Term SOFR 1-Month plus 1.06%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 01/15/34<sup>1,2</sup> | 1354500 | 1347342 |
|  BXP Trust, | BXP Trust, | BXP Trust, | BXP Trust, |
|  Series 2017-GM, Class B | Series 2017-GM, Class B | Series 2017-GM, Class B | Series 2017-GM, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42% | 06/13/39<sup>2,8</sup> | 2465000 | 2361599 |
|  CAMB Commercial Mortgage Trust, | CAMB Commercial Mortgage Trust, | CAMB Commercial Mortgage Trust, | CAMB Commercial Mortgage Trust, |
|  Series 2019-LIFE, Class B | Series 2019-LIFE, Class B | Series 2019-LIFE, Class B | Series 2019-LIFE, Class B |
|  (CME Term SOFR 1-Month plus 1.55%) | (CME Term SOFR 1-Month plus 1.55%) | (CME Term SOFR 1-Month plus 1.55%) | (CME Term SOFR 1-Month plus 1.55%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87% | 12/15/37<sup>1,2</sup> | 3128000 | 3124228 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
|  Series 2016-DC2, Class ASB | Series 2016-DC2, Class ASB | Series 2016-DC2, Class ASB | Series 2016-DC2, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55% | 02/10/49 | 28061 | 27970 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 48

------

#### Low Duration Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
|  DBGS Mortgage Trust, | DBGS Mortgage Trust, | DBGS Mortgage Trust, |
|  Series 2018-BIOD, Class A | Series 2018-BIOD, Class A | Series 2018-BIOD, Class A |
|  (CME Term SOFR 1-Month plus 1.10%) | (CME Term SOFR 1-Month plus 1.10%) | (CME Term SOFR 1-Month plus 1.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%<br>05/15/35<sup>1,2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295104 |
|  Extended Stay America Trust, | Extended Stay America Trust, | Extended Stay America Trust, |
|  Series 2021-ESH, Class A | Series 2021-ESH, Class A | Series 2021-ESH, Class A |
|  (CME Term SOFR 1-Month plus 1.19%) | (CME Term SOFR 1-Month plus 1.19%) | (CME Term SOFR 1-Month plus 1.19%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51%<br>07/15/38<sup>1,2</sup> | 1063633 | 1063340 |
|  GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, |
|  Series 2023-FUN, Class A | Series 2023-FUN, Class A | Series 2023-FUN, Class A |
|  (CME Term SOFR 1-Month plus 2.09%) | (CME Term SOFR 1-Month plus 2.09%) | (CME Term SOFR 1-Month plus 2.09%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.41%<br>03/15/28<sup>1,2</sup> | 1755000 | 1758202 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
|  Series 2011-GC5, Class AS | Series 2011-GC5, Class AS | Series 2011-GC5, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%<br>08/10/44<sup>2,8</sup> | 2022539 | 1944224 |
|  GWT, | GWT, | GWT, |
|  Series 2024-WLF2, Class A | Series 2024-WLF2, Class A | Series 2024-WLF2, Class A |
|  (CME Term SOFR 1-Month plus 1.69%) | (CME Term SOFR 1-Month plus 1.69%) | (CME Term SOFR 1-Month plus 1.69%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01%<br>05/15/41<sup>1,2</sup> | 2767000 | 2770442 |
|  HILT COMMERCIAL Mortgage Trust, | HILT COMMERCIAL Mortgage Trust, | HILT COMMERCIAL Mortgage Trust, |
|  Series 2024-ORL, Class A | Series 2024-ORL, Class A | Series 2024-ORL, Class A |
|  (CME Term SOFR 1-Month plus 1.54%) | (CME Term SOFR 1-Month plus 1.54%) | (CME Term SOFR 1-Month plus 1.54%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86%<br>05/15/37<sup>1,2</sup> | 2480000 | 2481999 |
|  HTL Commercial Mortgage Trust, | HTL Commercial Mortgage Trust, | HTL Commercial Mortgage Trust, |
|  Series 2024-T53, Class A | Series 2024-T53, Class A | Series 2024-T53, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%<br>05/10/39<sup>2,8</sup> | 2668000 | 2688419 |
|  Independence Plaza Trust, | Independence Plaza Trust, | Independence Plaza Trust, |
|  Series 2018-INDP, Class A | Series 2018-INDP, Class A | Series 2018-INDP, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.76%<br>07/10/35<sup>2</sup> | 3294364 | 3260086 |
|  Independence Plaza Trust, | Independence Plaza Trust, | Independence Plaza Trust, |
|  Series 2018-INDP, Class B | Series 2018-INDP, Class B | Series 2018-INDP, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.91%<br>07/10/35<sup>2</sup> | 10000000 | 9852938 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
|  Series 2016-NINE, Class A | Series 2016-NINE, Class A | Series 2016-NINE, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%<br>09/06/38<sup>2,8</sup> | 4000000 | 3878190 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
|  Series 2021-MHC, Class A | Series 2021-MHC, Class A | Series 2021-MHC, Class A |
|  (CME Term SOFR 1-Month plus 1.16%) | (CME Term SOFR 1-Month plus 1.16%) | (CME Term SOFR 1-Month plus 1.16%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%<br>04/15/38<sup>1,2</sup> | 4932362 | 4924777 |
|  MF1 Ltd., | MF1 Ltd., | MF1 Ltd., |
|  Series 2020-FL4, Class A | Series 2020-FL4, Class A | Series 2020-FL4, Class A |
|  (CME Term SOFR 1-Month plus 1.81%) | (CME Term SOFR 1-Month plus 1.81%) | (CME Term SOFR 1-Month plus 1.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%<br>12/15/35<sup>1,2</sup> | 2660005 | 2662208 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |
|  Series 2015-C21, Class XA (IO) | Series 2015-C21, Class XA (IO) | Series 2015-C21, Class XA (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48%<br>03/15/48<sup>8</sup> | 1196282 | 12 |
|  One New York Plaza Trust, | One New York Plaza Trust, | One New York Plaza Trust, |
|  Series 2020-1NYP, Class A | Series 2020-1NYP, Class A | Series 2020-1NYP, Class A |
|  (CME Term SOFR 1-Month plus 1.06%) | (CME Term SOFR 1-Month plus 1.06%) | (CME Term SOFR 1-Month plus 1.06%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%<br>01/15/36<sup>1,2</sup> | 2000000 | 1918382 |
|  ReadyCap Commercial Mortgage Trust, | ReadyCap Commercial Mortgage Trust, | ReadyCap Commercial Mortgage Trust, |
|  Series 2019-6, Class A | Series 2019-6, Class A | Series 2019-6, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83%<br>10/25/52<sup>2</sup> | 900136 | 888170 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
|  SMRT, | SMRT, | SMRT, | SMRT, |
|  Series 2022-MINI, Class A | Series 2022-MINI, Class A | Series 2022-MINI, Class A | Series 2022-MINI, Class A |
|  (CME Term SOFR 1-Month plus 1.00%) | (CME Term SOFR 1-Month plus 1.00%) | (CME Term SOFR 1-Month plus 1.00%) | (CME Term SOFR 1-Month plus 1.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32% | 01/15/39<sup>1,2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865109 |
|  SREIT Trust, | SREIT Trust, | SREIT Trust, | SREIT Trust, |
|  Series 2021-MFP2, Class A | Series 2021-MFP2, Class A | Series 2021-MFP2, Class A | Series 2021-MFP2, Class A |
|  (CME Term SOFR 1-Month plus 0.94%) | (CME Term SOFR 1-Month plus 0.94%) | (CME Term SOFR 1-Month plus 0.94%) | (CME Term SOFR 1-Month plus 0.94%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26% | 11/15/36<sup>1,2</sup> | 3640000 | 3619118 |
|  SREIT Trust, |  |  |  |
|  Series 2021-PALM, Class E | Series 2021-PALM, Class E | Series 2021-PALM, Class E | Series 2021-PALM, Class E |
|  (CME Term SOFR 1-Month plus 2.02%) | (CME Term SOFR 1-Month plus 2.02%) | (CME Term SOFR 1-Month plus 2.02%) | (CME Term SOFR 1-Month plus 2.02%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34% | 10/15/34<sup>1,2</sup> | 2500000 | 2465149 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
|  Series 2018-C12, Class A2 | Series 2018-C12, Class A2 | Series 2018-C12, Class A2 | Series 2018-C12, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15% | 08/15/51 | 979370 | 976476 |
|  WB Commercial Mortgage Trust, | WB Commercial Mortgage Trust, | WB Commercial Mortgage Trust, | WB Commercial Mortgage Trust, |
|  Series 2024-HQ, Class A | Series 2024-HQ, Class A | Series 2024-HQ, Class A | Series 2024-HQ, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54% | 03/15/40<sup>2,8</sup> | 2978000 | 2989000 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
|  Series 2021-FCMT, Class A | Series 2021-FCMT, Class A | Series 2021-FCMT, Class A | Series 2021-FCMT, Class A |
|  (CME Term SOFR 1-Month plus 1.31%) | (CME Term SOFR 1-Month plus 1.31%) | (CME Term SOFR 1-Month plus 1.31%) | (CME Term SOFR 1-Month plus 1.31%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 05/15/31<sup>1,2</sup> | 3760000 | 3738648 |
|  |  |  | 75453786 |
|  **Non-Agency Mortgage-Backed — 14.81%** | **Non-Agency Mortgage-Backed — 14.81%** | **Non-Agency Mortgage-Backed — 14.81%** | **Non-Agency Mortgage-Backed — 14.81%** |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
|  Series 2006-OP1, Class A2D | Series 2006-OP1, Class A2D | Series 2006-OP1, Class A2D | Series 2006-OP1, Class A2D |
|  (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 04/25/36<sup>1</sup> | 5676085 | 5203984 |
|  Ameriquest Mortgage Securities, Inc., Asset-Backed Pass- | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass- | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass- | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass- |
|  Through Certificates, | Through Certificates, | Through Certificates, | Through Certificates, |
|  Series 2005-R9, Class M1 | Series 2005-R9, Class M1 | Series 2005-R9, Class M1 | Series 2005-R9, Class M1 |
|  (CME Term SOFR 1-Month plus 0.82%) | (CME Term SOFR 1-Month plus 0.82%) | (CME Term SOFR 1-Month plus 0.82%) | (CME Term SOFR 1-Month plus 0.82%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 11/25/35<sup>1</sup> | 3800552 | 3740750 |
|  Argent Securities, Inc., Asset-Backed Pass-Through | Argent Securities, Inc., Asset-Backed Pass-Through | Argent Securities, Inc., Asset-Backed Pass-Through | Argent Securities, Inc., Asset-Backed Pass-Through |
|  Certificates, | Certificates, | Certificates, | Certificates, |
|  Series 2005-W2, Class M1 | Series 2005-W2, Class M1 | Series 2005-W2, Class M1 | Series 2005-W2, Class M1 |
|  (CME Term SOFR 1-Month plus 0.85%) | (CME Term SOFR 1-Month plus 0.85%) | (CME Term SOFR 1-Month plus 0.85%) | (CME Term SOFR 1-Month plus 0.85%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17% | 10/25/35<sup>1</sup> | 2005114 | 1979359 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust, | Asset-Backed Securities Corp. Home Equity Loan Trust, | Asset-Backed Securities Corp. Home Equity Loan Trust, | Asset-Backed Securities Corp. Home Equity Loan Trust, |
|  Series 2006-HE3, Class A5 | Series 2006-HE3, Class A5 | Series 2006-HE3, Class A5 | Series 2006-HE3, Class A5 |
|  (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.93% | 03/25/36<sup>1</sup> | 1348467 | 1324108 |
|  Banc of America Alternative Loan Trust, | Banc of America Alternative Loan Trust, | Banc of America Alternative Loan Trust, | Banc of America Alternative Loan Trust, |
|  Series 2003-8, Class 1CB1 | Series 2003-8, Class 1CB1 | Series 2003-8, Class 1CB1 | Series 2003-8, Class 1CB1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 10/25/33 | 2317785 | 2313499 |
|  Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, |
|  Series 2004-3, Class 4A | Series 2004-3, Class 4A | Series 2004-3, Class 4A | Series 2004-3, Class 4A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.09% | 07/25/34<sup>8</sup> | 172358 | 167298 |
|  BNC Mortgage Loan Trust, | BNC Mortgage Loan Trust, | BNC Mortgage Loan Trust, | BNC Mortgage Loan Trust, |
|  Series 2007-1, Class A4 | Series 2007-1, Class A4 | Series 2007-1, Class A4 | Series 2007-1, Class A4 |
|  (CME Term SOFR 1-Month plus 0.27%) | (CME Term SOFR 1-Month plus 0.27%) | (CME Term SOFR 1-Month plus 0.27%) | (CME Term SOFR 1-Month plus 0.27%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59% | 03/25/37<sup>1</sup> | 2803993 | 2725788 |

---

*See accompanying Notes to Financial Statements.*

49 / Annual Financial Statements March 2025

------

#### Low Duration Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
|  Chase Funding Trust, | Chase Funding Trust, | Chase Funding Trust, |  |
|  Series 2002-2, Class 2A1 | Series 2002-2, Class 2A1 | Series 2002-2, Class 2A1 |  |
|  (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93% | 05/25/32<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700425 |
|  Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, |  |
|  Series 2007-A1, Class 8A1 | Series 2007-A1, Class 8A1 | Series 2007-A1, Class 8A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80% | 02/25/37<sup>8</sup> | 1836944 | 1786877 |
|  Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, |  |
|  Series 2007-A2, Class 2A3 | Series 2007-A2, Class 2A3 | Series 2007-A2, Class 2A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.68% | 06/25/35<sup>8</sup> | 361945 | 361637 |
|  Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, |  |
|  Series 2024-9, Class A4 | Series 2024-9, Class A4 | Series 2024-9, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/25/55<sup>2,8</sup> | 3335672 | 3324041 |
|  Chevy Chase Mortgage Funding LLC, Mortgage-Backed Certificates, | Chevy Chase Mortgage Funding LLC, Mortgage-Backed Certificates, | Chevy Chase Mortgage Funding LLC, Mortgage-Backed Certificates, |  |
|  Series 2005-2A, Class A1 | Series 2005-2A, Class A1 | Series 2005-2A, Class A1 |  |
|  (CME Term SOFR 1-Month plus 0.29%) | (CME Term SOFR 1-Month plus 0.29%) | (CME Term SOFR 1-Month plus 0.29%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.61% | 05/25/36<sup>1,2</sup> | 241401 | 229466 |
|  CIM Trust, | CIM Trust, | CIM Trust, |  |
|  Series 2021-R3, Class A1A | Series 2021-R3, Class A1A | Series 2021-R3, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 06/25/57<sup>2,8</sup> | 4964342 | 4558410 |
|  CIM Trust, | CIM Trust, | CIM Trust, |  |
|  Series 2022-I1, Class A1 | Series 2022-I1, Class A1 | Series 2022-I1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35% | 02/25/67<sup>2,8</sup> | 3872538 | 3841130 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |  |
|  Series 2006-AMC1, Class A1 | Series 2006-AMC1, Class A1 | Series 2006-AMC1, Class A1 |  |
|  (CME Term SOFR 1-Month plus 0.40%) | (CME Term SOFR 1-Month plus 0.40%) | (CME Term SOFR 1-Month plus 0.40%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.72% | 09/25/36<sup>1,2</sup> | 4598688 | 4448890 |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |  |
|  Series 2006-14, Class 2A3 | Series 2006-14, Class 2A3 | Series 2006-14, Class 2A3 |  |
|  (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 02/25/37<sup>1</sup> | 1301067 | 1238074 |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |  |
|  Series 2006-4, Class M1 | Series 2006-4, Class M1 | Series 2006-4, Class M1 |  |
|  (CME Term SOFR 1-Month plus 0.64%) | (CME Term SOFR 1-Month plus 0.64%) | (CME Term SOFR 1-Month plus 0.64%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96% | 07/25/36<sup>1</sup> | 1767845 | 1751712 |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |  |
|  Series 2007-7, Class 1A | Series 2007-7, Class 1A | Series 2007-7, Class 1A |  |
|  (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 10/25/47<sup>1</sup> | 5764418 | 5448836 |
|  Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, |  |
|  Series 2004-14, Class 4A1 | Series 2004-14, Class 4A1 | Series 2004-14, Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55% | 08/25/348 | 6308 | 5826 |
|  Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., |  |
|  Series 2004-AR1, Class 5A1 | Series 2004-AR1, Class 5A1 | Series 2004-AR1, Class 5A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.23% | 02/25/34<sup>8</sup> | 29232 | 29256 |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |  |
|  Series 2007-CB5, Class A1 | Series 2007-CB5, Class A1 | Series 2007-CB5, Class A1 |  |
|  (CME Term SOFR 1-Month plus 0.17%) | (CME Term SOFR 1-Month plus 0.17%) | (CME Term SOFR 1-Month plus 0.17%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.34% | 04/25/37<sup>1</sup> | 1761604 | 1012058 |
|  Cross Mortgage Trust, | Cross Mortgage Trust, | Cross Mortgage Trust, |  |
|  Series 2024-H6, Class A1 | Series 2024-H6, Class A1 | Series 2024-H6, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 09/25/69<sup>2,8</sup> | 1126293 | 1120896 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |  |
|  Series 2022-R03, Class 1M1 | Series 2022-R03, Class 1M1 | Series 2022-R03, Class 1M1 |  |
|  (SOFR30A plus 2.10%) | (SOFR30A plus 2.10%) | (SOFR30A plus 2.10%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.44% | 03/25/42<sup>1,2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3021575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067617 |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |  |
|  Series 2004-FF5, Class A3C | Series 2004-FF5, Class A3C | Series 2004-FF5, Class A3C |  |
|  (CME Term SOFR 1-Month plus 1.11%) | (CME Term SOFR 1-Month plus 1.11%) | (CME Term SOFR 1-Month plus 1.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.43% | 08/25/34<sup>1</sup> | 310512 | 283944 |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |  |
|  Series 2005-FF8, Class M2 | Series 2005-FF8, Class M2 | Series 2005-FF8, Class M2 |  |
|  (CME Term SOFR 1-Month plus 0.89%) | (CME Term SOFR 1-Month plus 0.89%) | (CME Term SOFR 1-Month plus 0.89%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21% | 09/25/35<sup>1</sup> | 534179 | 532548 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |  |
|  Series 2004-AA3, Class A1 | Series 2004-AA3, Class A1 | Series 2004-AA3, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17% | 09/25/34<sup>8</sup> | 751 | 758 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, | Freddie Mac Structured Agency Credit Risk Debt Notes, | Freddie Mac Structured Agency Credit Risk Debt Notes, |  |
|  Series 2022-DNA6, Class M1A | Series 2022-DNA6, Class M1A | Series 2022-DNA6, Class M1A |  |
|  (SOFR30A plus 2.15%) | (SOFR30A plus 2.15%) | (SOFR30A plus 2.15%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.49% | 09/25/42<sup>1,2</sup> | 862001 | 869599 |
|  Fremont Home Loan Trust, | Fremont Home Loan Trust, | Fremont Home Loan Trust, |  |
|  Series 2005-E, Class 2A4 | Series 2005-E, Class 2A4 | Series 2005-E, Class 2A4 |  |
|  (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09% | 01/25/36<sup>1</sup> | 4194291 | 4037331 |
|  GMACM Home Equity Loan Trust, | GMACM Home Equity Loan Trust, | GMACM Home Equity Loan Trust, |  |
|  Series 2000-HE2, Class A1 | Series 2000-HE2, Class A1 | Series 2000-HE2, Class A1 |  |
|  (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87% | 06/25/30<sup>1</sup> | 46691 | 41975 |
|  GSAMP Trust, | GSAMP Trust, | GSAMP Trust, |  |
|  Series 2005-HE4, Class M3 | Series 2005-HE4, Class M3 | Series 2005-HE4, Class M3 |  |
|  (CME Term SOFR 1-Month plus 0.89%) | (CME Term SOFR 1-Month plus 0.89%) | (CME Term SOFR 1-Month plus 0.89%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21% | 07/25/45<sup>1</sup> | 633716 | 631246 |
|  GSAMP Trust, | GSAMP Trust, | GSAMP Trust, |  |
|  Series 2006-HE2, Class M1 | Series 2006-HE2, Class M1 | Series 2006-HE2, Class M1 |  |
|  (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 03/25/46<sup>1</sup> | 1595748 | 1571174 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |  |
|  Series 2005-AR7, Class 2A1 | Series 2005-AR7, Class 2A1 | Series 2005-AR7, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08% | 11/25/35<sup>8</sup> | 59915 | 57862 |
|  Impac CMB Trust, | Impac CMB Trust, | Impac CMB Trust, |  |
|  Series 2005-5, Class A1 | Series 2005-5, Class A1 | Series 2005-5, Class A1 |  |
|  (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07% | 08/25/35<sup>1</sup> | 751354 | 708153 |
|  IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |  |
|  Series 2004-AR8, Class 2A2A | Series 2004-AR8, Class 2A2A | Series 2004-AR8, Class 2A2A |  |
|  (CME Term SOFR 1-Month plus 0.91%) | (CME Term SOFR 1-Month plus 0.91%) | (CME Term SOFR 1-Month plus 0.91%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23% | 11/25/34<sup>1</sup> | 399772 | 377839 |
|  IndyMac Manufactured Housing Contract Pass-Through Certificates, | IndyMac Manufactured Housing Contract Pass-Through Certificates, | IndyMac Manufactured Housing Contract Pass-Through Certificates, |  |
|  Series 1998-1, Class A4 | Series 1998-1, Class A4 | Series 1998-1, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.49% | 09/25/28 | 71410 | 71125 |
|  JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, |  |
|  Series 2005-FRE1, Class M1 | Series 2005-FRE1, Class M1 | Series 2005-FRE1, Class M1 |  |
|  (CME Term SOFR 1-Month plus 0.73%) | (CME Term SOFR 1-Month plus 0.73%) | (CME Term SOFR 1-Month plus 0.73%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 10/25/35<sup>1</sup> | 1942083 | 1907778 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 50

------

#### Low Duration Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
| JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, |  |
| Series 2006-NC1, Class M1 | Series 2006-NC1, Class M1 | Series 2006-NC1, Class M1 |  |
| (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 04/25/36<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3208220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257083 |
| JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, |  |
| Series 2007-CH4, Class M1 | Series 2007-CH4, Class M1 | Series 2007-CH4, Class M1 |  |
| (CME Term SOFR 1-Month plus 0.34%) | (CME Term SOFR 1-Month plus 0.34%) | (CME Term SOFR 1-Month plus 0.34%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.66% | 05/25/37<sup>1</sup> | 7750000 | 7589747 |
| JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, |  |
| Series 2007-CH5, Class A1 | Series 2007-CH5, Class A1 | Series 2007-CH5, Class A1 |  |
| (CME Term SOFR 1-Month plus 0.27%) | (CME Term SOFR 1-Month plus 0.27%) | (CME Term SOFR 1-Month plus 0.27%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59% | 06/25/37<sup>1</sup> | 930082 | 929689 |
| JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |  |
| Series 2007-A1, Class 1A1 | Series 2007-A1, Class 1A1 | Series 2007-A1, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.81% | 07/25/35<sup>8</sup> | 144722 | 144507 |
| JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |  |
| Series 2007-A1, Class 5A2 | Series 2007-A1, Class 5A2 | Series 2007-A1, Class 5A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 07/25/35<sup>8</sup> | 43568 | 44214 |
| JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |  |
| Series 2024-4, Class A4A | Series 2024-4, Class A4A | Series 2024-4, Class A4A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/25/54<sup>2,8</sup> | 3337946 | 3356380 |
| MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |  |
| Series 2003-6, Class 4A2 | Series 2003-6, Class 4A2 | Series 2003-6, Class 4A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41% | 01/25/34<sup>8</sup> | 1856 | 1814 |
| MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |  |
| Series 2004-13, Class 3A1 | Series 2004-13, Class 3A1 | Series 2004-13, Class 3A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.37% | 11/21/34<sup>8</sup> | 232552 | 221783 |
| MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |  |
| Series 2004-3, Class 3A3 | Series 2004-3, Class 3A3 | Series 2004-3, Class 3A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 04/25/348 | 30188 | 29054 |
| MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, |  |
| Series 2003-1, Class 1A1 | Series 2003-1, Class 1A1 | Series 2003-1, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 12/25/32 | 412868 | 420326 |
| MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, |  |
| Series 2003-5, Class 4A1 | Series 2003-5, Class 4A1 | Series 2003-5, Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/25/33 | 1148251 | 1170989 |
| MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, |  |
| Series 2003-9, Class 4A1 | Series 2003-9, Class 4A1 | Series 2003-9, Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 11/25/33 | 1217983 | 1211787 |
| MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, |  |
| Series 2004-7, Class 1A1 | Series 2004-7, Class 1A1 | Series 2004-7, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/25/34 | 1043198 | 1045531 |
| MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |  |
| Series 2006-HE1, Class M1 | Series 2006-HE1, Class M1 | Series 2006-HE1, Class M1 |  |
|  (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99% | 01/25/361 | 3589967 | 3502832 |
| MASTR Seasoned Securitization Trust, | MASTR Seasoned Securitization Trust, | MASTR Seasoned Securitization Trust, |  |
| Series 2004-1, Class 4A1 | Series 2004-1, Class 4A1 | Series 2004-1, Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56% | 10/25/32<sup>8</sup> | 69942 | 68731 |
| Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |  |
| Series 2007-3, Class A2C | Series 2007-3, Class A2C | Series 2007-3, Class A2C |  |
| (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79% | 06/25/37<sup>1</sup> | 2833291 | 2829585 |
| Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |  |
| Series 2004-A4, Class A1 | Series 2004-A4, Class A1 | Series 2004-A4, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58% | 08/25/34<sup>8</sup> | 306839 | 290189 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| MORTGAGE-BACKED (continued) | MORTGAGE-BACKED (continued) | MORTGAGE-BACKED (continued) | MORTGAGE-BACKED (continued) |
| Non-Agency Mortgage-Backed (continued) | Non-Agency Mortgage-Backed (continued) | Non-Agency Mortgage-Backed (continued) | Non-Agency Mortgage-Backed (continued) |
| Mid-State Capital Corp. Trust, | Mid-State Capital Corp. Trust, | Mid-State Capital Corp. Trust, |  |
| Series 2006-1, Class A | Series 2006-1, Class A | Series 2006-1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79% | 10/15/40<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801806 |
| Mid-State Trust, | Mid-State Trust, | Mid-State Trust, |  |
| Series 10W, Class A2 | Series 10W, Class A2 | Series 10W, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82% | 02/15/36 | 140636 | 139700 |
| Morgan Stanley ABS Capital I, Inc., Trust, | Morgan Stanley ABS Capital I, Inc., Trust, | Morgan Stanley ABS Capital I, Inc., Trust, |  |
| Series 2004-NC7, Class M2 | Series 2004-NC7, Class M2 | Series 2004-NC7, Class M2 |  |
| (CME Term SOFR 1-Month plus 1.04%) | (CME Term SOFR 1-Month plus 1.04%) | (CME Term SOFR 1-Month plus 1.04%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.36% | 07/25/34<sup>1</sup> | 615864 | 647590 |
| Morgan Stanley Residential Mortgage Loan Trust, | Morgan Stanley Residential Mortgage Loan Trust, | Morgan Stanley Residential Mortgage Loan Trust, |  |
| Series 2025-1, Class A4 | Series 2025-1, Class A4 | Series 2025-1, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/25/55<sup>2,8</sup> | 3000000 | 2986908 |
| MortgageIT Trust, | MortgageIT Trust, | MortgageIT Trust, |  |
| Series 2005-3, Class A1 | Series 2005-3, Class A1 | Series 2005-3, Class A1 |  |
| (CME Term SOFR 1-Month plus 0.71%) | (CME Term SOFR 1-Month plus 0.71%) | (CME Term SOFR 1-Month plus 0.71%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03% | 08/25/35<sup>1</sup> | 62589 | 62120 |
| MortgageIT Trust, | MortgageIT Trust, | MortgageIT Trust, |  |
| Series 2005-4, Class A1 | Series 2005-4, Class A1 | Series 2005-4, Class A1 |  |
| (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99% | 10/25/35<sup>1</sup> | 1321656 | 1312799 |
| New Century Home Equity Loan Trust, | New Century Home Equity Loan Trust, | New Century Home Equity Loan Trust, |  |
| Series 2005-D, Class M1 | Series 2005-D, Class M1 | Series 2005-D, Class M1 |  |
| (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11% | 02/25/36<sup>1</sup> | 3366096 | 3258719 |
| NLT Trust, | NLT Trust, | NLT Trust, |  |
| Series 2021-INV2, Class A1 | Series 2021-INV2, Class A1 | Series 2021-INV2, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.16% | 08/25/56<sup>2,8</sup> | 5044481 | 4309875 |
| Opteum Mortgage Acceptance Corp. Asset-Backed Pass- Through Certificates, | Opteum Mortgage Acceptance Corp. Asset-Backed Pass- Through Certificates, | Opteum Mortgage Acceptance Corp. Asset-Backed Pass- Through Certificates, |  |
| Series 2005-5, Class 1APT | Series 2005-5, Class 1APT | Series 2005-5, Class 1APT |  |
| (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99% | 12/25/35<sup>1</sup> | 2209819 | 2175982 |
| Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, | Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, | Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, |  |
| Series 2005-WCW3, Class M2 | Series 2005-WCW3, Class M2 | Series 2005-WCW3, Class M2 |  |
| (CME Term SOFR 1-Month plus 0.85%) | (CME Term SOFR 1-Month plus 0.85%) | (CME Term SOFR 1-Month plus 0.85%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17% | 08/25/35<sup>1</sup> | 1333578 | 1310430 |
| PHH Alternative Mortgage Trust, | PHH Alternative Mortgage Trust, | PHH Alternative Mortgage Trust, |  |
| Series 2007-3, Class A3 | Series 2007-3, Class A3 | Series 2007-3, Class A3 |  |
| (CME Term SOFR 1-Month plus 0.71%) | (CME Term SOFR 1-Month plus 0.71%) | (CME Term SOFR 1-Month plus 0.71%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03% | 07/25/37<sup>1</sup> | 3286182 | 3217761 |
| PRPM LLC, | PRPM LLC, | PRPM LLC, |  |
| Series 2020-4, Class A1 (STEP-reset date 04/25/25) | Series 2020-4, Class A1 (STEP-reset date 04/25/25) | Series 2020-4, Class A1 (STEP-reset date 04/25/25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.61% | 10/25/25<sup>2</sup> | 4891038 | 4894530 |
| PRPM LLC, | PRPM LLC, | PRPM LLC, |  |
| Series 2022-3, Class A1 (STEP-reset date 04/25/25) | Series 2022-3, Class A1 (STEP-reset date 04/25/25) | Series 2022-3, Class A1 (STEP-reset date 04/25/25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56% | 06/25/27<sup>2</sup> | 8281289 | 8279256 |
| Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |  |
| Series 2005-QA3, Class NB1 | Series 2005-QA3, Class NB1 | Series 2005-QA3, Class NB1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65% | 03/25/35<sup>8</sup> | 827385 | 452197 |
| Residential Asset Mortgage Products Trust, | Residential Asset Mortgage Products Trust, | Residential Asset Mortgage Products Trust, |  |
| Series 2005-EFC1, Class M5 | Series 2005-EFC1, Class M5 | Series 2005-EFC1, Class M5 |  |
| (CME Term SOFR 1-Month plus 0.76%) | (CME Term SOFR 1-Month plus 0.76%) | (CME Term SOFR 1-Month plus 0.76%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41% | 05/25/35<sup>1</sup> | 331867 | 331593 |

---

*See accompanying Notes to Financial Statements.*

51 / Annual Financial Statements March 2025

------

#### Low Duration Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| MORTGAGE-BACKED (continued) | MORTGAGE-BACKED (continued) | MORTGAGE-BACKED (continued) | MORTGAGE-BACKED (continued) |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  Saxon Asset Securities Trust, | Saxon Asset Securities Trust, | Saxon Asset Securities Trust, | Saxon Asset Securities Trust, |
|  Series 2006-2, Class M1 | Series 2006-2, Class M1 | Series 2006-2, Class M1 | Series 2006-2, Class M1 |
|  (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87% | 09/25/36<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8681710 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8222967 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
|  Series 2006-CB1, Class AF2 (STEP-reset date 05/25/25) | Series 2006-CB1, Class AF2 (STEP-reset date 05/25/25) | Series 2006-CB1, Class AF2 (STEP-reset date 05/25/25) | Series 2006-CB1, Class AF2 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83% | 01/25/36 | 1297229 | 1099678 |
|  Soundview Home Loan Trust, | Soundview Home Loan Trust, | Soundview Home Loan Trust, | Soundview Home Loan Trust, |
|  Series 2006-OPT4, Class 2A4 | Series 2006-OPT4, Class 2A4 | Series 2006-OPT4, Class 2A4 | Series 2006-OPT4, Class 2A4 |
|  (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89% | 06/25/36<sup>1</sup> | 2680771 | 2580833 |
|  Specialty Underwriting & Residential Finance Trust, | Specialty Underwriting & Residential Finance Trust, | Specialty Underwriting & Residential Finance Trust, | Specialty Underwriting & Residential Finance Trust, |
|  Series 2005-BC2, Class M3 | Series 2005-BC2, Class M3 | Series 2005-BC2, Class M3 | Series 2005-BC2, Class M3 |
|  (CME Term SOFR 1-Month plus 1.09%) | (CME Term SOFR 1-Month plus 1.09%) | (CME Term SOFR 1-Month plus 1.09%) | (CME Term SOFR 1-Month plus 1.09%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41% | 12/25/35<sup>1</sup> | 717083 | 711370 |
|  Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, |
|  Series 2006-BC6, Class A4 | Series 2006-BC6, Class A4 | Series 2006-BC6, Class A4 | Series 2006-BC6, Class A4 |
|  (CME Term SOFR 1-Month plus 0.28%) | (CME Term SOFR 1-Month plus 0.28%) | (CME Term SOFR 1-Month plus 0.28%) | (CME Term SOFR 1-Month plus 0.28%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60% | 01/25/37<sup>1</sup> | 276693 | 275240 |
|  Structured Asset Securities Corp. Mortgage Pass-Through | Structured Asset Securities Corp. Mortgage Pass-Through | Structured Asset Securities Corp. Mortgage Pass-Through | Structured Asset Securities Corp. Mortgage Pass-Through |
|  Certificates, | Certificates, | Certificates, | Certificates, |
|  Series 2003-26A, Class 3A5 | Series 2003-26A, Class 3A5 | Series 2003-26A, Class 3A5 | Series 2003-26A, Class 3A5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67% | 09/25/33<sup>8</sup> | 137140 | 132922 |
|  Terwin Mortgage Trust, | Terwin Mortgage Trust, | Terwin Mortgage Trust, | Terwin Mortgage Trust, |
|  Series 2004-7HE, Class A1 | Series 2004-7HE, Class A1 | Series 2004-7HE, Class A1 | Series 2004-7HE, Class A1 |
|  (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53% | 07/25/34<sup>1,2</sup> | 54480 | 52484 |
|  VOLT XCIV LLC, | VOLT XCIV LLC, | VOLT XCIV LLC, | VOLT XCIV LLC, |
|  Series 2021-NPL3, Class A1 (STEP-reset date 04/25/25) | Series 2021-NPL3, Class A1 (STEP-reset date 04/25/25) | Series 2021-NPL3, Class A1 (STEP-reset date 04/25/25) | Series 2021-NPL3, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.24% | 02/27/51<sup>2</sup> | 1646679 | 1648656 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2004-AR14, Class A1 | Series 2004-AR14, Class A1 | Series 2004-AR14, Class A1 | Series 2004-AR14, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34% | 01/25/35<sup>8</sup> | 226559 | 210793 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2004-CB2, Class 2A | Series 2004-CB2, Class 2A | Series 2004-CB2, Class 2A | Series 2004-CB2, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/25/34 | 360991 | 360474 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2005-AR13, Class A1A1 | Series 2005-AR13, Class A1A1 | Series 2005-AR13, Class A1A1 | Series 2005-AR13, Class A1A1 |
|  (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01% | 10/25/45<sup>1</sup> | 652752 | 649124 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2005-AR2, Class 2A21 | Series 2005-AR2, Class 2A21 | Series 2005-AR2, Class 2A21 | Series 2005-AR2, Class 2A21 |
|  (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09% | 01/25/45<sup>1</sup> | 84038 | 83533 |
|  |  |  | 138794850 |
| **U.S. Agency Commercial Mortgage-Backed — 1.08%** | **U.S. Agency Commercial Mortgage-Backed — 1.08%** | **U.S. Agency Commercial Mortgage-Backed — 1.08%** | **U.S. Agency Commercial Mortgage-Backed — 1.08%** |
|  Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, |
|  Series 2021-M1, Class A1 | Series 2021-M1, Class A1 | Series 2021-M1, Class A1 | Series 2021-M1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | 11/25/30 | 1377797 | 1292184 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |
|  Series KJ34, Class A1 | Series KJ34, Class A1 | Series KJ34, Class A1 | Series KJ34, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68% | 06/25/26 | 305188 | 301176 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |
|  Series KJ37, Class A1 | Series KJ37, Class A1 | Series KJ37, Class A1 | Series KJ37, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68% | 12/25/27 | 7500234 | 7102256 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **U.S. Agency Commercial Mortgage-Backed (continued)** | **U.S. Agency Commercial Mortgage-Backed (continued)** | **U.S. Agency Commercial Mortgage-Backed (continued)** | **U.S. Agency Commercial Mortgage-Backed (continued)** |
| Freddie Mac Multifamily Structured Pass-Through Certificates, Series Q004, Class AFL | Freddie Mac Multifamily Structured Pass-Through Certificates, Series Q004, Class AFL | Freddie Mac Multifamily Structured Pass-Through Certificates, Series Q004, Class AFL |  |
|  (Federal Reserve US 12-Month Cumulative Average plus 0.74%) | (Federal Reserve US 12-Month Cumulative Average plus 0.74%) | (Federal Reserve US 12-Month Cumulative Average plus 0.74%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31% | 05/25/44<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860656 | $860634 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
|  Series 2008-92, Class E | Series 2008-92, Class E | Series 2008-92, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56% | 03/16/44<sup>8</sup> | 527657 | 526181 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10082431 |
| **U.S. Agency Mortgage-Backed — 29.07%** | **U.S. Agency Mortgage-Backed — 29.07%** | **U.S. Agency Mortgage-Backed — 29.07%** |  |
|  Fannie Mae Pool 735861 | Fannie Mae Pool 735861 | Fannie Mae Pool 735861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 09/01/33 | 3604 | 3742 |
|  Fannie Mae Pool 770900 | Fannie Mae Pool 770900 | Fannie Mae Pool 770900 |  |
|  (RFUCCT1Y plus 1.55%) | (RFUCCT1Y plus 1.55%) | (RFUCCT1Y plus 1.55%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.93% | 04/01/34<sup>1</sup> | 57084 | 57549 |
|  Fannie Mae Pool AE0083 | Fannie Mae Pool AE0083 | Fannie Mae Pool AE0083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 01/01/40 | 358815 | 377094 |
|  Fannie Mae Pool AL0851 | Fannie Mae Pool AL0851 | Fannie Mae Pool AL0851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/01/40 | 413769 | 434847 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 1997-76, Class FS | Series 1997-76, Class FS | Series 1997-76, Class FS |  |
|  (SOFR30A plus 0.56%) | (SOFR30A plus 0.56%) | (SOFR30A plus 0.56%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 09/17/27<sup>1</sup> | 1508 | 1514 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 2001-60, Class OF | Series 2001-60, Class OF | Series 2001-60, Class OF |  |
|  (SOFR30A plus 1.06%) | (SOFR30A plus 1.06%) | (SOFR30A plus 1.06%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 10/25/31<sup>1</sup> | 201040 | 202271 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 2007-64, Class FA | Series 2007-64, Class FA | Series 2007-64, Class FA |  |
|  (SOFR30A plus 0.58%) | (SOFR30A plus 0.58%) | (SOFR30A plus 0.58%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.92% | 07/25/37<sup>1</sup> | 123998 | 123398 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 2009-85, Class LF | Series 2009-85, Class LF | Series 2009-85, Class LF |  |
|  (SOFR30A plus 1.31%) | (SOFR30A plus 1.31%) | (SOFR30A plus 1.31%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 10/25/49<sup>1</sup> | 1387866 | 1415888 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 2009-96, Class FA | Series 2009-96, Class FA | Series 2009-96, Class FA |  |
|  (SOFR30A plus 1.01%) | (SOFR30A plus 1.01%) | (SOFR30A plus 1.01%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% | 11/25/49<sup>1</sup> | 839979 | 842662 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 2010-109, Class PF | Series 2010-109, Class PF | Series 2010-109, Class PF |  |
|  (SOFR30A plus 0.51%) | (SOFR30A plus 0.51%) | (SOFR30A plus 0.51%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% | 10/25/40<sup>1</sup> | 376523 | 373810 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 2010-26, Class S (IO) | Series 2010-26, Class S (IO) | Series 2010-26, Class S (IO) |  |
|  (-1.00 X SOFR30A plus 6.12%, 6.23% Cap) | (-1.00 X SOFR30A plus 6.12%, 6.23% Cap) | (-1.00 X SOFR30A plus 6.12%, 6.23% Cap) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.78% | 11/25/36<sup>1</sup> | 2386740 | 210471 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 2010-43, Class DP | Series 2010-43, Class DP | Series 2010-43, Class DP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/25/40 | 290372 | 293497 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 2010-6, Class BF | Series 2010-6, Class BF | Series 2010-6, Class BF |  |
|  (SOFR30A plus 0.87%) | (SOFR30A plus 0.87%) | (SOFR30A plus 0.87%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21% | 02/25/40<sup>1</sup> | 721024 | 723558 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 52

------

#### Low Duration Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| MORTGAGE-BACKED (continued) | MORTGAGE-BACKED (continued) | MORTGAGE-BACKED (continued) | MORTGAGE-BACKED (continued) |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2010-95, Class S (IO) | Series 2010-95, Class S (IO) | Series 2010-95, Class S (IO) | Series 2010-95, Class S (IO) |
|  (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) | (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) | (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) | (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 09/25/40<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229628 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2019-79, Class FA | Series 2019-79, Class FA |  |  |
|  (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 01/25/50<sup>1</sup> | 2610591 | 2584636 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2020-10, Class FA | Series 2020-10, Class FA | Series 2020-10, Class FA | Series 2020-10, Class FA |
|  (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 03/25/50<sup>1</sup> | 4597551 | 4542170 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2024-73, Class FB | Series 2024-73, Class FB | Series 2024-73, Class FB | Series 2024-73, Class FB |
|  (SOFR30A plus 1.20%) | (SOFR30A plus 1.20%) | (SOFR30A plus 1.20%) | (SOFR30A plus 1.20%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54% | 10/25/54<sup>1</sup> | 13829526 | 13808553 |
|  Freddie Mac Gold Pool A45796 | Freddie Mac Gold Pool A45796 | Freddie Mac Gold Pool A45796 | Freddie Mac Gold Pool A45796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 01/01/33 | 522 | 537 |
|  Freddie Mac Gold Pool C46104 | Freddie Mac Gold Pool C46104 | Freddie Mac Gold Pool C46104 | Freddie Mac Gold Pool C46104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 09/01/29 | 903 | 920 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 2174, Class PN | Series 2174, Class PN | Series 2174, Class PN | Series 2174, Class PN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 07/15/29 | 101389 | 103249 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 2454, Class FQ | Series 2454, Class FQ | Series 2454, Class FQ | Series 2454, Class FQ |
|  (SOFR30A plus 1.11%) | (SOFR30A plus 1.11%) | (SOFR30A plus 1.11%) | (SOFR30A plus 1.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46% | 06/15/31<sup>1</sup> | 1727 | 1737 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 2733, Class FB | Series 2733, Class FB | Series 2733, Class FB | Series 2733, Class FB |
|  (SOFR30A plus 0.71%) | (SOFR30A plus 0.71%) | (SOFR30A plus 0.71%) | (SOFR30A plus 0.71%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06% | 10/15/33<sup>1</sup> | 815023 | 815813 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 3294, Class CB | Series 3294, Class CB | Series 3294, Class CB | Series 3294, Class CB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/15/37 | 136954 | 139538 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 3300, Class FA | Series 3300, Class FA | Series 3300, Class FA | Series 3300, Class FA |
|  (SOFR30A plus 0.41%) | (SOFR30A plus 0.41%) | (SOFR30A plus 0.41%) | (SOFR30A plus 0.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76% | 08/15/35<sup>1</sup> | 246061 | 243440 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 3325, Class NF | Series 3325, Class NF | Series 3325, Class NF | Series 3325, Class NF |
|  (SOFR30A plus 0.41%) | (SOFR30A plus 0.41%) | (SOFR30A plus 0.41%) | (SOFR30A plus 0.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76% | 08/15/35<sup>1</sup> | 634553 | 627795 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 3524, Class FC | Series 3524, Class FC | Series 3524, Class FC | Series 3524, Class FC |
|  (SOFR30A plus 1.05%) | (SOFR30A plus 1.05%) | (SOFR30A plus 1.05%) | (SOFR30A plus 1.05%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 06/15/38<sup>1</sup> | 157926 | 158888 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 3531, Class FM | Series 3531, Class FM | Series 3531, Class FM | Series 3531, Class FM |
|  (SOFR30A plus 1.01%) | (SOFR30A plus 1.01%) | (SOFR30A plus 1.01%) | (SOFR30A plus 1.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.36% | 05/15/39<sup>1</sup> | 93107 | 93672 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 4959, Class JF | Series 4959, Class JF | Series 4959, Class JF | Series 4959, Class JF |
|  (SOFR30A plus 0.56%) | (SOFR30A plus 0.56%) | (SOFR30A plus 0.56%) | (SOFR30A plus 0.56%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 03/25/50<sup>1</sup> | 4230128 | 4104177 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| MORTGAGE-BACKED (continued) | MORTGAGE-BACKED (continued) | MORTGAGE-BACKED (continued) | MORTGAGE-BACKED (continued) |
| U.S. Agency Mortgage-Backed (continued) | U.S. Agency Mortgage-Backed (continued) | U.S. Agency Mortgage-Backed (continued) | U.S. Agency Mortgage-Backed (continued) |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
|  Series 240, Class F30 | Series 240, Class F30 | Series 240, Class F30 | Series 240, Class F30 |
|  (SOFR30A plus 0.41%) | (SOFR30A plus 0.41%) | (SOFR30A plus 0.41%) | (SOFR30A plus 0.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76% | 07/15/36<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747643 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738874 |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
|  Series 263, Class F5 | Series 263, Class F5 | Series 263, Class F5 | Series 263, Class F5 |
|  (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96% | 06/15/42<sup>1</sup> | 906700 | 898896 |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
|  Series 319, Class F2 | Series 319, Class F2 | Series 319, Class F2 | Series 319, Class F2 |
|  (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96% | 11/15/43<sup>1</sup> | 4275610 | 4217524 |
|  Ginnie Mae (TBA) | Ginnie Mae (TBA) | Ginnie Mae (TBA) | Ginnie Mae (TBA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/20/55 | 5725000 | 5360910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/20/55 | 10125000 | 9716127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/20/55 | 12350000 | 12148794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/20/55 | 7400000 | 7415503 |
|  Ginnie Mae II Pool 2286 | Ginnie Mae II Pool 2286 | Ginnie Mae II Pool 2286 | Ginnie Mae II Pool 2286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 09/20/26 | 6 | 6 |
|  Ginnie Mae II Pool 2487 | Ginnie Mae II Pool 2487 | Ginnie Mae II Pool 2487 | Ginnie Mae II Pool 2487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 09/20/27 | 295 | 296 |
|  Ginnie Mae II Pool 80059 | Ginnie Mae II Pool 80059 |  |  |
|  (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity |
|  1-Year plus 1.50%) | 1-Year plus 1.50%) | 1-Year plus 1.50%) | 1-Year plus 1.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 04/20/27<sup>1</sup> | 2174 | 2170 |
|  Ginnie Mae II Pool 80589 | Ginnie Mae II Pool 80589 | Ginnie Mae II Pool 80589 | Ginnie Mae II Pool 80589 |
|  (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity |
|  1-Year plus 1.50%) | 1-Year plus 1.50%) | 1-Year plus 1.50%) | 1-Year plus 1.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 03/20/32<sup>1</sup> | 6652 | 6687 |
|  Ginnie Mae II Pool 80610 | Ginnie Mae II Pool 80610 | Ginnie Mae II Pool 80610 | Ginnie Mae II Pool 80610 |
|  (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity |
|  1-Year plus 1.50%) | 1-Year plus 1.50%) | 1-Year plus 1.50%) | 1-Year plus 1.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 06/20/32<sup>1</sup> | 3538 | 3586 |
|  Ginnie Mae II Pool 80968 | Ginnie Mae II Pool 80968 | Ginnie Mae II Pool 80968 | Ginnie Mae II Pool 80968 |
|  (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity |
|  1-Year plus 1.50%) | 1-Year plus 1.50%) | 1-Year plus 1.50%) | 1-Year plus 1.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 07/20/34<sup>1</sup> | 92670 | 93963 |
|  Ginnie Mae II Pool 81201 | Ginnie Mae II Pool 81201 | Ginnie Mae II Pool 81201 | Ginnie Mae II Pool 81201 |
|  (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity | (US Treasury Yield Curve Rate T Note Constant Maturity |
|  1-Year plus 2.00%) | 1-Year plus 2.00%) | 1-Year plus 2.00%) | 1-Year plus 2.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 01/20/35<sup>1</sup> | 3153 | 3227 |
|  Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/54 | 4951432 | 4753259 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2009-106, Class XI (IO) | Series 2009-106, Class XI (IO) | Series 2009-106, Class XI (IO) | Series 2009-106, Class XI (IO) |
|  (-1.00 X CME Term SOFR 1-Month plus 6.69%, 6.80% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.69%, 6.80% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.69%, 6.80% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.69%, 6.80% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.37% | 05/20/37<sup>1</sup> | 1649683 | 166005 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2013-53, Class AD | Series 2013-53, Class AD | Series 2013-53, Class AD | Series 2013-53, Class AD |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% | 12/20/26 | 53134 | 52329 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2024-143, Class FB | Series 2024-143, Class FB | Series 2024-143, Class FB | Series 2024-143, Class FB |
|  (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49% | 09/20/54<sup>1</sup> | 13863202 | 13742620 |

---

*See accompanying Notes to Financial Statements.*

53 / Annual Financial Statements March 2025

------

#### Low Duration Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |  |
| **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2024-144, Class FD | Series 2024-144, Class FD | Series 2024-144, Class FD |  |  |
|  (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49% | 09/20/54<sup>1</sup> | $7428321 | $| 7437887 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2024-148, Class AF | Series 2024-148, Class AF | Series 2024-148, Class AF |  |  |
|  (SOFR30A plus 1.18%) | (SOFR30A plus 1.18%) | (SOFR30A plus 1.18%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52% | 09/20/54<sup>1</sup> | 10163122 |  | 10187072 |
|  UMBS (TBA) | UMBS (TBA) | UMBS (TBA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/40 | 14925000 |  | 14362783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/01/55 | 8150000 |  | 7352131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/01/40 | 22675000 |  | 22094996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/01/55 | 14675000 |  | 13654009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/01/40 | 33800000 |  | 33501918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/01/55 | 18225000 |  | 17434281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/40 | 33575000 |  | 33758152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/55 | 15675000 |  | 15364118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/01/55 | 5425000 |  | 5418164 |
|  |  |  |  | 272401341 |
| **Total Mortgage-Backed** | **Total Mortgage-Backed** | **Total Mortgage-Backed** | **Total Mortgage-Backed** | **Total Mortgage-Backed** |
|  (Cost $503,057,936) | (Cost $503,057,936) | (Cost $503,057,936) |  | 496732408 |
| **MUNICIPAL BONDS — 1.19%\*** | **MUNICIPAL BONDS — 1.19%\*** | **MUNICIPAL BONDS — 1.19%\*** | **MUNICIPAL BONDS — 1.19%\*** | **MUNICIPAL BONDS — 1.19%\*** |
| **California — 0.27%** | **California — 0.27%** | **California — 0.27%** | **California — 0.27%** | **California — 0.27%** |
| Campbell Union School District General Obligation, School Improvements, Series B | Campbell Union School District General Obligation, School Improvements, Series B | Campbell Union School District General Obligation, School Improvements, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41% | 08/01/27 | 2545000 |  | 2582934 |
| **Florida — 0.14%** | **Florida — 0.14%** | **Florida — 0.14%** | **Florida — 0.14%** | **Florida — 0.14%** |
| County of Miami-Dade Aviation Revenue Bonds, Airport and Marina Improvements, Series B | County of Miami-Dade Aviation Revenue Bonds, Airport and Marina Improvements, Series B | County of Miami-Dade Aviation Revenue Bonds, Airport and Marina Improvements, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.14% | 10/01/28 | 445000 |  | 414592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.29% | 10/01/29 | 985000 |  | 902089 |
|  |  |  |  | 1316681 |
| **Maryland — 0.06%** | **Maryland — 0.06%** | **Maryland — 0.06%** | **Maryland — 0.06%** | **Maryland — 0.06%** |
| City of Baltimore General Obligation, School Improvements, Series C | City of Baltimore General Obligation, School Improvements, Series C | City of Baltimore General Obligation, School Improvements, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/15/25 | 530000 |  | 531849 |
| **Massachusetts — 0.18%** | **Massachusetts — 0.18%** | **Massachusetts — 0.18%** | **Massachusetts — 0.18%** | **Massachusetts — 0.18%** |
| Commonwealth of Massachusetts Revenue Bonds, Series B | Commonwealth of Massachusetts Revenue Bonds, Series B | Commonwealth of Massachusetts Revenue Bonds, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11% | 07/15/31 | 1730353 |  | 1710380 |
| **New York — 0.54%** | **New York — 0.54%** | **New York — 0.54%** | **New York — 0.54%** | **New York — 0.54%** |
| New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements, Subseries B2 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements, Subseries B2 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements, Subseries B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.31% | 11/01/26 | 4060000 |  | 3941601 |
| New York City Transitional Finance Authority Revenue Bonds, Public Improvements | New York City Transitional Finance Authority Revenue Bonds, Public Improvements | New York City Transitional Finance Authority Revenue Bonds, Public Improvements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19% | 08/01/25 | 1110000 |  | 1105255 |
|  |  |  |  | 5046856 |
| **Total Municipal Bonds** | **Total Municipal Bonds** |  |  |  |
|  (Cost $11,565,864) | (Cost $11,565,864) | (Cost $11,565,864) |  | 11188700 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **U.S. TREASURY SECURITIES — 20.22%** | **U.S. TREASURY SECURITIES — 20.22%** | **U.S. TREASURY SECURITIES — 20.22%** | **U.S. TREASURY SECURITIES — 20.22%** |
| **U.S. Treasury Notes — 20.22%** | **U.S. Treasury Notes — 20.22%** | **U.S. Treasury Notes — 20.22%** | **U.S. Treasury Notes — 20.22%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65435000 | $65411996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/15/28 | 36510000 | 36505722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/31/30 | 87370000 | 87544057 |
| **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |
| (Cost $188,959,383) | (Cost $188,959,383) | (Cost $188,959,383) | 189461775 |
| **Total Bonds — 118.99%** | **Total Bonds — 118.99%** | **Total Bonds — 118.99%** | **Total Bonds — 118.99%** |
| (Cost $1,118,436,127) | (Cost $1,118,436,127) | (Cost $1,118,436,127) | 1115042075 |

---

---

| | | |
|:---|:---|:---|
| Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
| **Purchased Swaptions - 0.02%** | **Purchased Swaptions - 0.02%** | **Purchased Swaptions - 0.02%** |
| (Cost $406,342) | (Cost $406,342) | 182624 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount/Shares | Value |
|  **SHORT-TERM INVESTMENTS — 2.39%** | **SHORT-TERM INVESTMENTS — 2.39%** | **SHORT-TERM INVESTMENTS — 2.39%** |
| **Money Market Funds — 2.39%** | **Money Market Funds — 2.39%** | **Money Market Funds — 2.39%** |
| Fidelity Investments Money Market Funds - Government | Fidelity Investments Money Market Funds - Government | Fidelity Investments Money Market Funds - Government |
| Portfolio | Portfolio | Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%<sup>11,12</sup> | 5034612 | 5034612 |
| TCW Central Cash Fund | TCW Central Cash Fund | TCW Central Cash Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%<sup>11,13</sup> | 17362135 | 17362135 |
| **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** |
| (Cost $22,396,747) | (Cost $22,396,747) | 22396747 |
| **Total Investments - 121.40%** | **Total Investments - 121.40%** | **Total Investments - 121.40%** |
| (Cost $1,141,239,216) | (Cost $1,141,239,216) | 1137621446 |
| **Net unrealized depreciation on unfunded commitments** | **Net unrealized depreciation on unfunded commitments** |  |
| **- 0.00%** | **- 0.00%** | (66) |
| **Liabilities in Excess of Other Assets - (21.40)%** | **Liabilities in Excess of Other Assets - (21.40)%** | (200497509) |
| **Net Assets - 100.00%** | **Net Assets - 100.00%** | $937123871 |

---

<sup>1</sup> Floating rate security. The rate disclosed was in effect at March 31, 2025.

<sup>2</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

<sup>3</sup> Foreign denominated security issued by foreign domiciled entity.

<sup>4</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>5</sup> Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $4,795,600, which is 0.51% of total net assets. 

<sup>6</sup> Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer - 7.19% cash or 1.50% payment-in-kind interest. 

<sup>7</sup> Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $17,667, at an interest rate of 10.07% and a maturity of December 30, 2029. The investment is not accruing an unused commitment fee. 

<sup>8</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

<sup>9</sup> Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer - 5.00% cash or 10.00% payment-in-kind interest. 

<sup>10</sup> Zero coupon bond. The rate shown is the effective yield as of March 31, 2025.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 54

------

#### Low Duration Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

<sup>11</sup> Represents the current yield as of March 31, 2025.

<sup>12</sup> Securities, or a portion thereof, pledged as collateral for swaps. The total market value of collateral pledged is $4,124. 

<sup>13</sup> Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;† Fair valued security. The aggregate value of fair valued securities is $4,795,600, which is 0.51% of total net assets. Fair valued securities were not valued utilizing an independent quote but were valued pursuant to guidelines approved by the Board of Trustees. See Notes to Financial Statements.

\* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

\*\* Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(BKNT): Bank Note

(CLO): Collateralized Loan Obligation

(EMTN): Euro Medium-Term Note

(EUR): Euro (GBP): British Pound

(IO): Interest Only

(MTN): Medium-Term Note

(REIT): Real Estate Investment Trust

(RFUCCT): Refinitiv USD IBOR Consumer Cash Fallback

(SOFR): Secured Overnight Financing Rate

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency to<br>be Purchased | Currency to<br>be Sold | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation) |
| **FOREIGN CURRENCY EXCHANGE CONTRACT** | **FOREIGN CURRENCY EXCHANGE CONTRACT** | **FOREIGN CURRENCY EXCHANGE CONTRACT** | **FOREIGN CURRENCY EXCHANGE CONTRACT** | **FOREIGN CURRENCY EXCHANGE CONTRACT** |
|  EUR 289,000 | USD 301,568 | The Bank of New York Mellon | 04/11/25 | $10795 |
|  EUR 2,635,000 | USD 2,741,541 | Goldman Sachs International | 04/11/25 | 106481 |
|  USD 7,436,713 | EUR 6,842,000 | The Bank of New York Mellon | 07/11/25 | 3111 |
|  USD 1,210,305 | GBP 934,000 | Goldman Sachs International | 07/11/25 | 4885 |
|  |  |  |  | 125272 |
|  GBP 934,000 | USD 1,210,445 | Goldman Sachs International | 04/11/25 | (4915) |
|  USD 1,840,131 | EUR 1,755,000 | Citibank N.A. | 04/11/25 | (56749) |
|  USD 1,860,067 | EUR 1,777,000 | Goldman Sachs International | 04/11/25 | (60592) |
|  USD 6,094,139 | EUR 5,946,000 | The Bank of New York Mellon | 04/11/25 | (332555) |
|  USD 295,408 | EUR 288,000 | Goldman Sachs International | 04/11/25 | (15874) |
|  USD 1,205,494 | GBP 934,000 | Goldman Sachs International | 04/11/25 | (37) |
|  |  |  |  | (470722) |
|  **NET UNREALIZED DEPRECIATION** | **NET UNREALIZED DEPRECIATION** | **NET UNREALIZED DEPRECIATION** |  | $(345450) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
| **FUTURES CONTRACTS: LONG POSITIONS** | **FUTURES CONTRACTS: LONG POSITIONS** | **FUTURES CONTRACTS: LONG POSITIONS** | **FUTURES CONTRACTS: LONG POSITIONS** | **FUTURES CONTRACTS: LONG POSITIONS** | **FUTURES CONTRACTS: LONG POSITIONS** |
| U.S. Treasury Two-Year Note | 4031 | 06/30/25 | $835109832 | $3872098 | $3872098 |
|  **FUTURES CONTRACTS: SHORT POSITIONS** | **FUTURES CONTRACTS: SHORT POSITIONS** | **FUTURES CONTRACTS: SHORT POSITIONS** |  |  |  |
| U.S. Treasury Five-Year Note | 1977 | 06/30/25 | (213824906) | (3138705) | (3138705) |
| U.S. Treasury Ten-Year Ultra Bond | 427 | 06/18/25 | (48731375) | (674343) | (674343) |
| U.S. Treasury Ultra Bond | 141 | 06/18/25 | (17237250) | (409697) | (409697) |
| Euro-Schatz Future | 36 | 06/06/25 | (4159181) | (3351) | (3351) |
| Euro-Bobl Future | 9 | 06/06/25 | (1145131) | (3256) | (3256) |
| Euro-Bund Future | 5 | 06/06/25 | (695811) | (599) | (599) |
|  |  |  | (285793654) | (4229951) | (4229951) |
|  **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | $549316178 | $(357853) | $(357853) |

---

*See accompanying Notes to Financial Statements.*

55 / Annual Financial Statements March 2025

------

#### Low Duration Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Received by the<br>Fund | Received by the<br>Fund | Paid by the Fund | Paid by the Fund | | | | |
| Description | Counterparty | Fund<br> Maturity<br>Date | Rate | Frequency | Rate | Frequency | Notional<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount  | Value | Premiums<br> Paid | Unrealized<br> (Depreciation) |
| **PURCHASED SWAPTIONS** | **PURCHASED SWAPTIONS** | **PURCHASED SWAPTIONS** | **PURCHASED SWAPTIONS** | **PURCHASED SWAPTIONS** | **PURCHASED SWAPTIONS** |  |  |  |  |  |
| Option to enter into a 2-year Interest Rate Swap | Morgan<br>Stanley | 01/30/26 | CME<br>Term<br>SOFR | Annually | 4.46% | Annually | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50170000 | $86317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118126) |
| Option to enter into a 5-year Interest Rate Swap | JPMorgan<br>Chase | 01/30/26 | CME<br>Term<br>SOFR | Annually | 4.52% | Annually | 21365000 | 96307 | 201899 | (105592) |
| **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** |  | $71535000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182624 | $406342 | $(223718) |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 56

------

#### Strategic Income Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **BONDS – 99.08%** | **BONDS – 99.08%** | **BONDS – 99.08%** |  |
|  **ASSET-BACKED SECURITIES — 15.00%\*\*** | **ASSET-BACKED SECURITIES — 15.00%\*\*** | **ASSET-BACKED SECURITIES — 15.00%\*\*** |  |
|  AGL CLO 12 Ltd., | AGL CLO 12 Ltd., | AGL CLO 12 Ltd., |  |
|  Series 2021-12A, Class B | Series 2021-12A, Class B | Series 2021-12A, Class B |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.86%) | (CME Term SOFR 3-Month plus 1.86%) | (CME Term SOFR 3-Month plus 1.86%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 07/20/34<sup>1,2,3</sup> | $125000 | $125130 |
|  AIMCO CLO, | AIMCO CLO, | AIMCO CLO, |  |
|  Series 2017-AA, Class SUB | Series 2017-AA, Class SUB | Series 2017-AA, Class SUB |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 01/20/38<sup>1,3,4</sup> | 355000 | 221528 |
|  BCRED CLO LLC, | BCRED CLO LLC, | BCRED CLO LLC, |  |
|  Series 2023-1A, Class A | Series 2023-1A, Class A | Series 2023-1A, Class A |  |
|  (CME Term SOFR 3-Month plus 2.30%) | (CME Term SOFR 3-Month plus 2.30%) | (CME Term SOFR 3-Month plus 2.30%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.59% | 01/20/36<sup>1,2</sup> | 250000 | 251780 |
|  Bear Mountain Park CLO Ltd., | Bear Mountain Park CLO Ltd., | Bear Mountain Park CLO Ltd., |  |
|  Series 2022-1A, Class BR | Series 2022-1A, Class BR | Series 2022-1A, Class BR |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
|  (CME Term SOFR 3-Month plus 1.75%) | (CME Term SOFR 3-Month plus 1.75%) | (CME Term SOFR 3-Month plus 1.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05% | 07/15/37<sup>1,2,3</sup> | 200000 | 199691 |
|  Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |  |
|  Series 2022-P3, Class R | Series 2022-P3, Class R | Series 2022-P3, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 09/10/29<sup>1</sup> | 1750 | 161969 |
|  Cedar Funding II CLO Ltd., | Cedar Funding II CLO Ltd., | Cedar Funding II CLO Ltd., |  |
|  Series 2013-1A, Class BRR | Series 2013-1A, Class BRR | Series 2013-1A, Class BRR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.61%) | (CME Term SOFR 3-Month plus 1.61%) | (CME Term SOFR 3-Month plus 1.61%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% | 04/20/34<sup>1,2,3</sup> | 75000 | 74957 |
|  CoreVest American Finance Trust, | CoreVest American Finance Trust, | CoreVest American Finance Trust, |  |
|  Series 2020-1, Class A2 | Series 2020-1, Class A2 | Series 2020-1, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 03/15/50<sup>1</sup> | 81513 | 75784 |
|  Crystal River CDO, | Crystal River CDO, | Crystal River CDO, |  |
|  Series 2005-1A, Class A | Series 2005-1A, Class A | Series 2005-1A, Class A |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 0.62%) | (CME Term SOFR 3-Month plus 0.62%) | (CME Term SOFR 3-Month plus 0.62%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94% | 03/02/46<sup>1,2,3,5,6</sup> | 419900 | 41487 |
|  Diamond Infrastructure Funding LLC, | Diamond Infrastructure Funding LLC, | Diamond Infrastructure Funding LLC, |  |
|  Series 2021-1A, Class C | Series 2021-1A, Class C | Series 2021-1A, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.48% | 04/15/49<sup>1</sup> | 215000 | 202472 |
|  Elmwood CLO 30 Ltd., | Elmwood CLO 30 Ltd., | Elmwood CLO 30 Ltd., |  |
|  Series 2024-6A, Class B | Series 2024-6A, Class B | Series 2024-6A, Class B |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.75%) | (CME Term SOFR 3-Month plus 1.75%) | (CME Term SOFR 3-Month plus 1.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05% | 07/17/37<sup>1,2,3</sup> | 250000 | 250088 |
|  FirstKey Homes Trust, | FirstKey Homes Trust, | FirstKey Homes Trust, |  |
|  Series 2020-SFR1, Class F2 | Series 2020-SFR1, Class F2 | Series 2020-SFR1, Class F2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28% | 08/17/37<sup>1</sup> | 162000 | 160604 |
|  FirstKey Homes Trust, | FirstKey Homes Trust, | FirstKey Homes Trust, |  |
|  Series 2020-SFR1, Class G | Series 2020-SFR1, Class G | Series 2020-SFR1, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78% | 08/17/37<sup>1</sup> | 265000 | 263083 |
|  FirstKey Homes Trust, | FirstKey Homes Trust, | FirstKey Homes Trust, |  |
|  Series 2021-SFR2, Class C | Series 2021-SFR2, Class C | Series 2021-SFR2, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.71% | 09/17/38<sup>1</sup> | 250000 | 238234 |
|  FirstKey Homes Trust, | FirstKey Homes Trust, | FirstKey Homes Trust, |  |
|  Series 2022-SFR1, Class D | Series 2022-SFR1, Class D | Series 2022-SFR1, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 05/19/39<sup>1</sup> | 350000 | 349119 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  FRTKL, | FRTKL, | FRTKL, |  |
|  Series 2021-SFR1, Class G | Series 2021-SFR1, Class G | Series 2021-SFR1, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11% | 09/17/38<sup>1</sup> | 300000 | $284343 |
|  GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, |  |
|  Series 2023-2A, Class D | Series 2023-2A, Class D | Series 2023-2A, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31% | 03/15/29<sup>1</sup> | 220000 | 224717 |
|  GoldenTree Loan Management U.S. CLO 17 Ltd., | GoldenTree Loan Management U.S. CLO 17 Ltd., | GoldenTree Loan Management U.S. CLO 17 Ltd., |  |
|  Series 2023-17A, Class D | Series 2023-17A, Class D | Series 2023-17A, Class D |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
|  (CME Term SOFR 3-Month plus 5.00%) | (CME Term SOFR 3-Month plus 5.00%) | (CME Term SOFR 3-Month plus 5.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.29% | 07/20/36<sup>1,2,3</sup> | 175000 | 175282 |
|  GoldenTree Loan Management U.S. CLO 20 Ltd., | GoldenTree Loan Management U.S. CLO 20 Ltd., | GoldenTree Loan Management U.S. CLO 20 Ltd., |  |
|  Series 2024-20A, Class B | Series 2024-20A, Class B | Series 2024-20A, Class B |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
|  (CME Term SOFR 3-Month plus 1.80%) | (CME Term SOFR 3-Month plus 1.80%) | (CME Term SOFR 3-Month plus 1.80%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.09% | 07/20/37<sup>1,2,3</sup> | 90000 | 90054 |
|  Golub Capital Partners CLO 42M-R, Ltd., | Golub Capital Partners CLO 42M-R, Ltd., | Golub Capital Partners CLO 42M-R, Ltd., |  |
|  Series 2019-42RA, Class A2R | Series 2019-42RA, Class A2R | Series 2019-42RA, Class A2R |  |
|  (CME Term SOFR 3-Month plus 2.75%) | (CME Term SOFR 3-Month plus 2.75%) | (CME Term SOFR 3-Month plus 2.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% | 01/20/36<sup>1,2</sup> | 175000 | 176543 |
|  Golub Capital Partners CLO 66B Ltd., | Golub Capital Partners CLO 66B Ltd., | Golub Capital Partners CLO 66B Ltd., |  |
|  Series 2023-66A, Class A | Series 2023-66A, Class A | Series 2023-66A, Class A |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
|  (CME Term SOFR 3-Month plus 1.95%) | (CME Term SOFR 3-Month plus 1.95%) | (CME Term SOFR 3-Month plus 1.95%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 04/25/36<sup>1,2,3</sup> | 250000 | 250138 |
|  Golub Capital Partners CLO 69M, Ltd., | Golub Capital Partners CLO 69M, Ltd., | Golub Capital Partners CLO 69M, Ltd., |  |
|  Series 2023-69A, Class B1 | Series 2023-69A, Class B1 | Series 2023-69A, Class B1 |  |
|  (CME Term SOFR 3-Month plus 3.25%) | (CME Term SOFR 3-Month plus 3.25%) | (CME Term SOFR 3-Month plus 3.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.55% | 11/09/36<sup>1,2</sup> | 250000 | 252145 |
|  HPS Loan Management Ltd., | HPS Loan Management Ltd., | HPS Loan Management Ltd., |  |
|  Series 2023-18A, Class D | Series 2023-18A, Class D | Series 2023-18A, Class D |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 5.75%) | (CME Term SOFR 3-Month plus 5.75%) | (CME Term SOFR 3-Month plus 5.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.04% | 07/20/36<sup>1,2,3</sup> | 175000 | 177844 |
|  HPS Loan Management Ltd., | HPS Loan Management Ltd., | HPS Loan Management Ltd., |  |
|  Series 2024-19A, Class C2 | Series 2024-19A, Class C2 | Series 2024-19A, Class C2 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 2.90%) | (CME Term SOFR 3-Month plus 2.90%) | (CME Term SOFR 3-Month plus 2.90%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20% | 04/15/37<sup>1,2,3</sup> | 250000 | 251922 |
|  KGS-Alpha SBA COOF Trust, | KGS-Alpha SBA COOF Trust, | KGS-Alpha SBA COOF Trust, |  |
|  Series 2015-1, Class A (IO) | Series 2015-1, Class A (IO) | Series 2015-1, Class A (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% | 10/25/35<sup>1,4</sup> | 506791 | 15632 |
|  Neuberger Berman Loan Advisers CLO 56 Ltd., | Neuberger Berman Loan Advisers CLO 56 Ltd., | Neuberger Berman Loan Advisers CLO 56 Ltd., |  |
|  Series 2024-56A, Class SUB | Series 2024-56A, Class SUB | Series 2024-56A, Class SUB |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 07/24/37<sup>1,3,4</sup> | 250000 | 198742 |
|  OCP CLO Ltd., | OCP CLO Ltd., | OCP CLO Ltd., |  |
|  Series 2023-28A, Class D | Series 2023-28A, Class D | Series 2023-28A, Class D |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
|  (CME Term SOFR 3-Month plus 5.35%) | (CME Term SOFR 3-Month plus 5.35%) | (CME Term SOFR 3-Month plus 5.35%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.66% | 07/16/36<sup>1,2,3</sup> | 250000 | 252714 |
|  Octagon Investment Partners 46 Ltd., | Octagon Investment Partners 46 Ltd., | Octagon Investment Partners 46 Ltd., |  |
|  Series 2020-2A, Class BR | Series 2020-2A, Class BR | Series 2020-2A, Class BR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.91%) | (CME Term SOFR 3-Month plus 1.91%) | (CME Term SOFR 3-Month plus 1.91%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.21% | 07/15/36<sup>1,2,3</sup> | 125000 | 125063 |

---

*See accompanying Notes to Financial Statements.* 

57 / Annual Financial Statements March 2025

------

#### Strategic Income Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  Palmer Square CLO Ltd., | Palmer Square CLO Ltd., |  |
|  Series 2024-3A, Class SUB | Series 2024-3A, Class SUB |  |
|  (Cayman Islands) | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<br>07/20/37<sup>1,3,4</sup> | 250000 | $220281 |
|  Park Avenue Institutional Advisers CLO Ltd., | Park Avenue Institutional Advisers CLO Ltd., |  |
|  Series 2021-1A, Class A2 | Series 2021-1A, Class A2 |  |
|  (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 2.01%) | (CME Term SOFR 3-Month plus 2.01%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%<br>01/20/34<sup>1,2,3</sup> | 40000 | 40038 |
|  Progress Residential Trust, | Progress Residential Trust, |  |
|  Series 2021-SFR6, Class G | Series 2021-SFR6, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%<br>07/17/38<sup>1</sup> | 250000 | 242596 |
|  Progress Residential Trust, | Progress Residential Trust, |  |
|  Series 2021-SFR7, Class F | Series 2021-SFR7, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.83%<br>08/17/40<sup>1</sup> | 220000 | 200711 |
|  Progress Residential, | Progress Residential, |  |
|  Series 2021-SFR3, Class E1 | Series 2021-SFR3, Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.54%<br>05/17/26<sup>1</sup> | 225000 | 218564 |
|  Progress Residential, | Progress Residential, |  |
|  Series 2021-SFR3, Class F | Series 2021-SFR3, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44%<br>05/17/26<sup>1</sup> | 200000 | 195750 |
|  Progress Residential, | Progress Residential, |  |
|  Series 2021-SFR4, Class F | Series 2021-SFR4, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.41%<br>05/17/38<sup>1</sup> | 320000 | 309166 |
|  Rad CLO 22 Ltd., | Rad CLO 22 Ltd., |  |
|  Series 2023-22A, Class D | Series 2023-22A, Class D |  |
|  (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 5.00%) | (CME Term SOFR 3-Month plus 5.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.29%<br>01/20/37<sup>1,2,3</sup> | 100000 | 100962 |
|  Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., |  |
|  Series 2017-3A, Class A | Series 2017-3A, Class A |  |
|  (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.45%) | (CME Term SOFR 3-Month plus 1.45%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74%<br>10/20/30<sup>1,2,3</sup> | 37868 | 37900 |
|  Skyline Aircraft Finance LLC, |  |  |
|  Series 2021-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%<br>05/10/37<sup>†,5,6</sup> | 57294 | 52893 |
|  SLC Student Loan Trust, | SLC Student Loan Trust, |  |
|  Series 2004-1, Class B | Series 2004-1, Class B |  |
|  (SOFR90A plus 0.55%) | (SOFR90A plus 0.55%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01%<br>08/15/31<sup>2</sup> | 83735 | 74611 |
|  SLM Student Loan Trust, |  |  |
|  Series 2007-7, Class B | Series 2007-7, Class B |  |
|  (SOFR90A plus 1.01%) | (SOFR90A plus 1.01%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57%<br>10/27/70<sup>2</sup> | 215000 | 218416 |
|  SLM Student Loan Trust, |  |  |
|  Series 2008-2, Class B | Series 2008-2, Class B |  |
|  (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%<br>01/25/83<sup>2</sup> | 340000 | 359782 |
|  SLM Student Loan Trust, |  |  |
|  Series 2008-3, Class B | Series 2008-3, Class B |  |
|  (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%<br>04/26/83<sup>2</sup> | 340000 | 353790 |
|  SLM Student Loan Trust, |  |  |
|  Series 2008-4, Class B | Series 2008-4, Class B |  |
|  (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67%<br>04/25/73<sup>2</sup> | 340000 | 364198 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  SLM Student Loan Trust, | SLM Student Loan Trust, |  |  |
|  Series 2008-5, Class B | Series 2008-5, Class B | Series 2008-5, Class B |  |
|  (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67% | 07/25/73<sup>2</sup> | $235000 | $252609 |
|  Stratus CLO Ltd., | Stratus CLO Ltd., | Stratus CLO Ltd., |  |
|  Series 2021-3A, Class SUB | Series 2021-3A, Class SUB | Series 2021-3A, Class SUB |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 12/29/29<sup>1,3,4</sup> | 250000 | 4550 |
|  Structured Receivables Finance LLC, | Structured Receivables Finance LLC, | Structured Receivables Finance LLC, |  |
|  Series 2010-A, Class B | Series 2010-A, Class B | Series 2010-A, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.61% | 01/16/46<sup>1</sup> | 216696 | 220254 |
|  Structured Receivables Finance LLC, | Structured Receivables Finance LLC, | Structured Receivables Finance LLC, |  |
|  Series 2010-B, Class B | Series 2010-B, Class B | Series 2010-B, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.97% | 08/15/36<sup>1</sup> | 251956 | 257760 |
|  Textainer Marine Containers VII Ltd., | Textainer Marine Containers VII Ltd., | Textainer Marine Containers VII Ltd., |  |
|  Series 2021-2A, Class A | Series 2021-2A, Class A | Series 2021-2A, Class A |  |
| (Bermuda) | (Bermuda) | (Bermuda) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.23% | 04/20/46<sup>1,3</sup> | 171667 | 159379 |
|  TIF Funding II LLC, | TIF Funding II LLC, | TIF Funding II LLC, |  |
|  Series 2021-1A, Class A | Series 2021-1A, Class A | Series 2021-1A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 02/20/46<sup>1</sup> | 356221 | 319017 |
|  Trestles CLO V Ltd., | Trestles CLO V Ltd., | Trestles CLO V Ltd., |  |
|  Series 2021-5A, Class A1 | Series 2021-5A, Class A1 | Series 2021-5A, Class A1 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.43%) | (CME Term SOFR 3-Month plus 1.43%) | (CME Term SOFR 3-Month plus 1.43%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72% | 10/20/34<sup>1,2,3</sup> | 90000 | 90053 |
|  Tricon American Homes, | Tricon American Homes, | Tricon American Homes, |  |
|  Series 2020-SFR1, Class D | Series 2020-SFR1, Class D | Series 2020-SFR1, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 07/17/38<sup>1</sup> | 133000 | 128886 |
|  Tricon American Homes, | Tricon American Homes, | Tricon American Homes, |  |
|  Series 2020-SFR1, Class F | Series 2020-SFR1, Class F | Series 2020-SFR1, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 07/17/38<sup>1</sup> | 244000 | 242638 |
|  **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
|  (Cost $9,956,930) | (Cost $9,956,930) | (Cost $9,956,930) | 9755869 |
| **CORPORATES — 22.84%\*** | **CORPORATES — 22.84%\*** | **CORPORATES — 22.84%\*** |  |
|  **Banking — 3.19%** | **Banking — 3.19%** | **Banking — 3.19%** |  |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42% | 12/20/28<sup>4</sup> | 35000 | 33929 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |
| (MTN) | (MTN) | (MTN) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32% | 06/19/26<sup>4</sup> | 100000 | 99289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.92% | 10/24/31<sup>4</sup> | 585000 | 500587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82% | 01/20/28<sup>4</sup> | 110000 | 108634 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |  |
|  Series RR, NVS | Series RR, NVS | Series RR, NVS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%<sup>4,7</sup> |  | 15000 | 14654 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10% | 06/04/26<sup>3,4</sup> | 330000 | 328419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36% | 08/18/31<sup>3,4</sup> | 50000 | 43552 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04% | 02/04/27<sup>4</sup> | 250000 | 242698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.58% | 04/22/27<sup>4</sup> | 55000 | 53335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.07% | 06/01/29<sup>4</sup> | 205000 | 189944 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 58

------

#### Strategic Income Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
|  **Banking (continued)** | **Banking (continued)** | **Banking (continued)** |  |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |
| NVS | NVS | NVS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% | 11/19/26<sup>4</sup> | 5000 | $4891 |
|  PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 10/20/34<sup>4</sup> | 40000 | 44247 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |  |
|  Series T, NVS | Series T, NVS | Series T, NVS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%<sup>4,7</sup>  |  | 15000 | 14305 |
|  Santander UK Group Holdings PLC | Santander UK Group Holdings PLC |  |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.67% | 06/14/27<sup>3,4</sup> | 40000 | 38543 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84% | 02/01/34<sup>4</sup> | 35000 | 33999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84% | 06/12/34<sup>4</sup> | 15000 | 15497 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |  |
| (MTN) | (MTN) | (MTN) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39% | 06/02/28<sup>4</sup> | 45000 | 42955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57% | 02/11/31<sup>4</sup> | 95000 | 85696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35% | 03/02/33<sup>4</sup> | 155000 | 139080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57% | 07/25/29<sup>4</sup> | 40000 | 41090 |
|  |  |  | 2075344 |
|  **Communications — 2.34%** | **Communications — 2.34%** | **Communications — 2.34%** |  |
| Altice Financing SA | Altice Financing SA | Altice Financing SA |  |
| (Luxembourg) | (Luxembourg) | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 08/15/29<sup>1,3</sup> | 35000 | 25687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63% | 07/15/27<sup>1,3</sup> | 15000 | 12826 |
| CCO Holdings, LLC/CCO Holdings Capital Corp. | CCO Holdings, LLC/CCO Holdings Capital Corp. | CCO Holdings, LLC/CCO Holdings Capital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/01/33<sup>1</sup> | 75000 | 63974 |
| Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter |  |
|  Communications Operating Capital | Communications Operating Capital | Communications Operating Capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 04/01/51 | 54000 | 34104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 06/01/52 | 149000 | 96479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65% | 02/01/34 | 50000 | 51864 |
| Cogent Communications Group LLC, | Cogent Communications Group LLC, | Cogent Communications Group LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 06/15/27<sup>1</sup> | 38000 | 38287 |
| Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 10/01/28<sup>1</sup> | 25000 | 24228 |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 02/01/29<sup>1</sup> | 92000 | 76536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 04/01/28<sup>1</sup> | 28000 | 20123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75% | 01/31/29<sup>1</sup> | 89000 | 86354 |
| Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 10/15/27<sup>1</sup> | 75000 | 75056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63% | 03/15/31<sup>1</sup> | 111000 | 118337 |
| Global Switch Finance BV | Global Switch Finance BV | Global Switch Finance BV |  |
| (EMTN) | (EMTN) | (EMTN) |  |
| (Netherlands) | (Netherlands) | (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38% | 10/07/30<sup>3</sup> | 100000 | 101240 |
| Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 09/01/31<sup>1</sup> | 55000 | 47200 |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint |  |
| Spectrum Co. III LLC | Spectrum Co. III LLC | Spectrum Co. III LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 03/20/28<sup>1</sup> | 315000 | 316506 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/41 | 79000 | 68509 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
|  **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 11/15/40 | 10000 | $9178 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 02/15/26 | 66000 | 64685 |
|  Vmed O2 UK Financing I PLC | Vmed O2 UK Financing I PLC |  |  |
|  (United Kingdom) | (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 04/15/32<sup>1,3</sup> | 35000 | 35209 |
|  VZ Secured Financing BV | VZ Secured Financing BV |  |  |
| (Netherlands) | (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/15/32<sup>1,3</sup> | 175000 | 152328 |
|  |  |  | 1518710 |
|  **Consumer Discretionary — 1.96%** | **Consumer Discretionary — 1.96%** | **Consumer Discretionary — 1.96%** |  |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 02/04/28 | 55000 | 55384 |
|  Anheuser-Busch InBev SA | Anheuser-Busch InBev SA | Anheuser-Busch InBev SA |  |
| (EMTN) | (EMTN) | (EMTN) |  |
| (Belgium) | (Belgium) | (Belgium) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 03/22/44<sup>3</sup> | 100000 | 103840 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.73% | 03/25/31 | 25000 | 22156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 03/16/52 | 90000 | 83245 |
|  Becle, SAB de CV | Becle, SAB de CV | Becle, SAB de CV |  |
| (Mexico) | (Mexico) | (Mexico) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 10/14/31<sup>1,3</sup> | 105000 | 85002 |
|  Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 10/15/30 | 40000 | 36455 |
|  Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 06/01/28<sup>1</sup> | 32000 | 31383 |
|  Everi Holdings, Inc. | Everi Holdings, Inc. | Everi Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 07/15/29<sup>1</sup> | 73000 | 73248 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/30/28 | 80000 | 80399 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 07/27/27<sup>1,3</sup> | 70000 | 72170 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |  |
| (Netherlands) | (Netherlands) | (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 09/24/31<sup>1,3</sup> | 200000 | 167682 |
|  Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |  |
| (France) | (France) | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 03/31/32<sup>1,3</sup> | 35000 | 35000 |
|  RAC Bond Co. PLC | RAC Bond Co. PLC | RAC Bond Co. PLC |  |
| (EMTN) | (EMTN) | (EMTN) |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25% | 11/06/28<sup>3</sup> | 100000 | 138906 |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/15/31<sup>1</sup> | 8000 | 6841 |
|  WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28% | 03/15/32 | 40000 | 35257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/42 | 70000 | 56007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 | 260000 | 189649 |
|  |  |  | 1272624 |
|  **Diversified REITs — 0.67%** | **Diversified REITs — 0.67%** | **Diversified REITs — 0.67%** |  |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 | 30000 | 26425 |

---

*See accompanying Notes to Financial Statements.*

59 / Annual Financial Statements March 2025

------

#### Strategic Income Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity <br> Date | Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
|  **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 10/01/34 | 10000 | $9986 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 01/15/30 | 65000 | 59802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 03/15/30 | 65000 | 65336 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80% | 02/15/28 | 160000 | 155757 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/15/31 | 50000 | 46715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/15/26 | 25000 | 25094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 06/01/28 | 25000 | 25450 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 08/15/30<sup>1</sup> | 12000 | 11302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/15/28<sup>1</sup> | 9000 | 8901 |
|  |  |  | 434768 |
|  **Electric — 1.22%** | **Electric — 1.22%** | **Electric — 1.22%** |  |
|  Alliant Energy Finance, LLC | Alliant Energy Finance, LLC | Alliant Energy Finance, LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 03/01/32<sup>1</sup> | 55000 | 49779 |
|  Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 10/15/32<sup>1</sup> | 40000 | 40066 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 03/01/33 | 60000 | 61574 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 12/15/32 | 75000 | 79890 |
|  Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 02/01/53 | 130000 | 123370 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% | 01/15/53 | 30000 | 28675 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/35 | 65000 | 64678 |
|  Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45% | 12/01/27 | 150000 | 145418 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.87% | 09/15/28<sup>1</sup> | 39000 | 36726 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 01/15/26<sup>1</sup> | 100000 | 99629 |
|  Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/15/53 | 65000 | 62419 |
|  |  |  | 792224 |
|  **Energy — 1.16%** | **Energy — 1.16%** | **Energy — 1.16%** |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 08/20/26 | 15000 | 14899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38% | 06/01/28<sup>1</sup> | 20000 | 19829 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/15/50 | 65000 | 54791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 06/01/27 | 3000 | 3048 |
|  Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 01/15/29 | 41000 | 40966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25% | 01/15/32<sup>1</sup> | 75000 | 77247 |
|  Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 08/15/42 | 45000 | 40216 |
|  National Gas Transmission PLC, | National Gas Transmission PLC, | National Gas Transmission PLC, |  |
| (EMTN) | (EMTN) | (EMTN) |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 04/05/30<sup>3</sup> | 100000 | 111938 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity <br> Date | Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
|  **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |  |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38% | 02/15/32<sup>1</sup> | 30000 | $30111 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |  |
| (Mexico) | (Mexico) | (Mexico) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 02/12/48<sup>3</sup> | 5000 | 3335 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 11/15/25 | 70000 | 69733 |
|  Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/15/29 | 56000 | 53101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/30/30 | 9000 | 8426 |
|  TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |  |
| (Canada) | (Canada) | (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 03/01/34<sup>3</sup> | 5000 | 4723 |
|  TransMontaigne Partners LLC | TransMontaigne Partners LLC | TransMontaigne Partners LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 06/15/30<sup>1</sup> | 35000 | 35323 |
|  USA Compression Partners LP/USA Compression Finance | USA Compression Partners LP/USA Compression Finance | USA Compression Partners LP/USA Compression Finance |  |
|  Corp. | Corp. | Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13% | 03/15/29<sup>1</sup> | 40000 | 40761 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 08/15/29<sup>1</sup> | 60000 | 55694 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 01/15/30<sup>1</sup> | 51000 | 50319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88% | 02/01/32<sup>1</sup> | 24000 | 25509 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |  |
|  NVS | NVS | NVS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%<sup>1,4,7</sup>  |  | 15000 | 14208 |
|  |  |  | 754177 |
|  **Finance — 3.20%** | **Finance — 3.20%** | **Finance — 3.20%** |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| (Ireland) | (Ireland) | (Ireland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 10/29/26<sup>3</sup> | 75000 | 72499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 06/06/28<sup>3</sup> | 35000 | 36009 |
|  American Express Co., | American Express Co., | American Express Co., |  |
|  NVS | NVS | NVS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%<sup>4,7</sup>  |  | 15000 | 14536 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53% | 11/18/27<sup>1,3</sup> | 185000 | 173288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 02/15/27<sup>1,3</sup> | 15000 | 14547 |
|  Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) |  |
|  Series K, NVS | Series K, NVS | Series K, NVS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%<sup>4,7</sup>  |  | 15000 | 14852 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52% | 11/03/32<sup>4</sup> | 140000 | 119661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98% | 11/05/30<sup>4</sup> | 20000 | 18426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.52% | 10/27/28<sup>4</sup> | 5000 | 4862 |
|  EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 04/01/32<sup>1</sup> | 55000 | 55908 |
|  GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 02/15/27<sup>1,3</sup> | 35000 | 35887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 06/15/28<sup>1,3</sup> | 68000 | 71532 |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.54% | 09/10/27<sup>4</sup> | 235000 | 224822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 10/21/27<sup>4</sup> | 10000 | 9595 |

---

*See accompanying Notes to Financial Statements.* 

Annual Financial Statements March 2025 / 60

------

#### Strategic Income Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
|  **Finance (continued)** | **Finance (continued)** | **Finance (continued)** |  |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |
|  Series VAR | Series VAR | Series VAR |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09% | 12/09/26<sup>4</sup> | 625000 | $610029 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 06/15/30 | 92000 | 87314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 01/15/29 | 15000 | 14937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% | 11/15/29<sup>1</sup> | 29000 | 28827 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 11/01/32<sup>1</sup> | 65000 | 64118 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.19% | 04/28/26<sup>4</sup> | 180000 | 179651 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |  |
| (GMTN) | (GMTN) | (GMTN) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.24% | 07/21/32<sup>4</sup> | 90000 | 76543 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |  |
| (MTN) | (MTN) | (MTN) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93% | 04/28/32<sup>4</sup> | 35000 | 29347 |
|  Saks Global Enterprises LLC | Saks Global Enterprises LLC | Saks Global Enterprises LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00% | 12/15/29<sup>1</sup> | 20000 | 16227 |
|  Volkswagen Financial Services AG | Volkswagen Financial Services AG | Volkswagen Financial Services AG |  |
| (Georgia) | (Georgia) | (Georgia) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 11/19/31<sup>3</sup> | 100000 | 107217 |
|  |  |  | 2080634 |
|  **Food — 0.78%** | **Food — 0.78%** | **Food — 0.78%** |  |
|  ELO SACA | ELO SACA | ELO SACA |  |
| (EMTN) | (EMTN) | (EMTN) |  |
| (France) | (France) | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 07/23/27<sup>3</sup> | 100000 | 102589 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. |
|  Sarl | Sarl | Sarl |  |
| (Luxembourg) | (Luxembourg) | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 12/01/31<sup>3</sup> | 52000 | 47631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 01/15/30<sup>3</sup> | 25000 | 25438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 03/15/34<sup>3</sup> | 47000 | 50819 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/01/30<sup>1</sup> | 150000 | 150961 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/32 | 36000 | 31735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 04/15/31 | 25000 | 23540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 07/01/33 | 32000 | 33211 |
|  Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 09/13/31<sup>1</sup> | 45000 | 38345 |
|  |  |  | 504269 |
|  **Gaming — 0.16%** | **Gaming — 0.16%** | **Gaming — 0.16%** |  |
|  Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 07/01/29<sup>1</sup> | 79000 | 70249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 01/15/27<sup>1</sup> | 36000 | 35580 |
|  |  |  | 105829 |
|  **Health Care — 2.19%** | **Health Care — 2.19%** | **Health Care — 2.19%** |  |
|  1375209 BC Ltd. | 1375209 BC Ltd. | 1375209 BC Ltd. |  |
| (Canada) | (Canada) | (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 01/30/28<sup>1,3</sup> | 104000 | 104046 |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 05/14/25 | 50000 | 49987 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
|  **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |  |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85% | 04/15/25<sup>1</sup> | 20000 | $19994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 06/25/38<sup>1</sup> | 156000 | 134703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 06/25/48<sup>1</sup> | 88000 | 70584 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 11/21/53<sup>1</sup> | 40000 | 41379 |
|  Centene Corp. | Centene Corp. | Centene Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30 | 129000 | 112906 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78% | 10/01/30 | 40000 | 35985 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78% | 03/25/38 | 10000 | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/25/48 | 55000 | 46971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 06/01/53 | 38000 | 35903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 12/10/54<sup>4</sup> | 100000 | 100057 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/15/35 | 30000 | 30083 |
|  Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/01/28 | 20000 | 19435 |
|  Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88% | 12/01/26<sup>1</sup> | 30000 | 28675 |
|  Grifols SA, | Grifols SA, | Grifols SA, |  |
|  Series REGS | Series REGS | Series REGS |  |
| (Spain) | (Spain) | (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 05/01/30<sup>3</sup> | 105000 | 118647 |
|  HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 10/01/31<sup>1</sup> | 35000 | 33693 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 04/15/25 | 12000 | 12001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 09/01/28 | 14000 | 14323 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 05/01/35 | 50000 | 49474 |
|  Kedrion SpA | Kedrion SpA | Kedrion SpA |  |
| (Italy) | (Italy) | (Italy) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 09/01/29<sup>1,3</sup> | 70000 | 66604 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 10/01/29<sup>1</sup> | 10000 | 9602 |
|  ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/01/29<sup>1,8</sup> | 154000 | 63140 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 10/31/29<sup>1</sup> | 72000 | 67263 |
|  Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 04/01/31<sup>1</sup> | 116000 | 104059 |
|  Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 06/01/31<sup>1</sup> | 30000 | 30560 |
|  Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 09/01/26 | 15000 | 14362 |
|  |  |  | 1423436 |
|  **Health Care REITs — 0.10%** | **Health Care REITs — 0.10%** | **Health Care REITs — 0.10%** |  |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 01/15/28 | 70000 | 67622 |
|  **Industrial REITs — 0.27%** | **Industrial REITs — 0.27%** | **Industrial REITs — 0.27%** |  |
|  Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 05/15/32 | 95000 | 95475 |

---

*See accompanying Notes to Financial Statements.*

61 / Annual Financial Statements March 2025

------

#### Strategic Income Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** |  |  |
|  **Industrial REITs (continued)** | **Industrial REITs (continued)** |  |  |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 10/01/31 | 55000 | $45911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 09/15/30 | 35000 | 30840 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 09/01/31 | 5000 | 4191 |
|  |  |  | 176417 |
|  **Industrials — 1.39%** | **Industrials — 1.39%** | **Industrials — 1.39%** |  |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/17/28<sup>1</sup> | 90000 | 90546 |
|  Amcor Group Finance PLC | Amcor Group Finance PLC | Amcor Group Finance PLC |  |
|  (United Kingdom) | (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 05/23/29<sup>3</sup> | 60000 | 61347 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
| (Canada) | (Canada) | (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 08/15/26<sup>1,3</sup> | 25000 | 23039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 08/15/27<sup>1,3</sup> | 85000 | 39151 |
|  Artera Services LLC | Artera Services LLC | Artera Services LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 02/15/31<sup>1</sup> | 45000 | 42093 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 01/15/27 | 5000 | 4746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 07/15/26<sup>1</sup> | 24000 | 23990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/15/28 | 115000 | 117303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 01/15/34 | 20000 | 20263 |
|  Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81% | 05/01/50 | 30000 | 28567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53% | 05/01/34 | 50000 | 53579 |
|  General Electric Co. | General Electric Co. | General Electric Co. |  |
| (MTN) |  |  |  |
|  (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06% | 08/15/36<sup>2</sup> | 325000 | 305301 |
|  Heathrow Funding Ltd. | Heathrow Funding Ltd. | Heathrow Funding Ltd. |  |
| (EMTN) |  |  |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13% | 10/08/30<sup>3</sup> | 100000 | 95619 |
|  |  |  | 905544 |
|  **Information Technology — 1.23%** | **Information Technology — 1.23%** | **Information Technology — 1.23%** |  |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 04/01/28 | 100000 | 100480 |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 01/25/31<sup>1</sup> | 20000 | 20325 |
|  Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 09/30/27<sup>1</sup> | 65000 | 65926 |
|  Helios Software Holdings, Inc./ION Corporate Solutions | Helios Software Holdings, Inc./ION Corporate Solutions | Helios Software Holdings, Inc./ION Corporate Solutions | Helios Software Holdings, Inc./ION Corporate Solutions |
|  Finance SARL | Finance SARL | Finance SARL |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% | 05/01/29<sup>1</sup> | 25000 | 24899 |
|  Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/12/31 | 55000 | 46027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 02/10/53 | 15000 | 13805 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 04/15/29<sup>1</sup> | 13000 | 12395 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |  |
| (Canada) | (Canada) | (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90% | 12/01/27<sup>1,3</sup> | 178000 | 184319 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** |  |  |
|  **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |  |
|  Oracle Corp. | Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/03/28 | 85000 | $85725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 04/15/38 | 70000 | 75612 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 01/15/30 | 135000 | 132785 |
|  Xerox Corp. | Xerox Corp. | Xerox Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25% | 10/15/30<sup>1</sup> | 40000 | 39627 |
|  |  |  | 801925 |
|  **Insurance — 0.42%** | **Insurance — 0.42%** | **Insurance — 0.42%** |  |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 10/15/27<sup>1</sup> | 66000 | 65870 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.61% | 06/29/26<sup>1</sup> | 30000 | 28932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.21% | 03/08/27<sup>1</sup> | 25000 | 24120 |
|  Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 11/01/53<sup>1,4</sup> | 50000 | 48154 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 11/01/57<sup>1,4</sup> | 25000 | 20390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 10/15/64<sup>1,4</sup> | 30000 | 30618 |
|  Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27% | 05/15/47<sup>1</sup> | 65000 | 52930 |
|  |  |  | 271014 |
|  **Materials — 0.55%** | **Materials — 0.55%** | **Materials — 0.55%** |  |
|  ATI, Inc. | ATI, Inc. | ATI, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% | 08/15/30 | 35000 | 36112 |
|  Clearwater Paper Corp. | Clearwater Paper Corp. | Clearwater Paper Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 08/15/28<sup>1</sup> | 112000 | 104695 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.83% | 10/15/27<sup>1</sup> | 110000 | 102538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 11/01/30<sup>1</sup> | 66000 | 57110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.27% | 11/15/40<sup>1</sup> | 5000 | 3644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.47% | 12/01/50<sup>1</sup> | 15000 | 9882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 06/01/47 | 20000 | 15695 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 11/15/26<sup>1</sup> | 25000 | 24223 |
|  |  |  | 353899 |
|  **Office REITs — 0.13%** | **Office REITs — 0.13%** | **Office REITs — 0.13%** |  |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 01/15/30 | 95000 | 65774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 5000 | 4422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 04/01/29 | 15000 | 11411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 02/15/28 | 5000 | 4341 |
|  |  |  | 85948 |
|  **Residential REITs — 0.19%** | **Residential REITs — 0.19%** |  |  |
|  American Homes 4 Rent LP | American Homes 4 Rent LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 07/15/51 | 40000 | 26543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 04/15/52 | 50000 | 39052 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/15/31 | 60000 | 50221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/15/33 | 5000 | 5035 |
|  |  |  | 120851 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 62

------

#### Strategic Income Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
|  **Retail — 0.38%** | **Retail — 0.38%** | **Retail — 0.38%** |  |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/01/26<sup>1</sup> | $30000 | $29734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 04/01/29<sup>1</sup> | 85000 | 77039 |
| Fertitta Entertainment, LLC/Fertitta Entertainment Finance<br> Co., Inc. | Fertitta Entertainment, LLC/Fertitta Entertainment Finance<br> Co., Inc. | Fertitta Entertainment, LLC/Fertitta Entertainment Finance<br> Co., Inc. | Fertitta Entertainment, LLC/Fertitta Entertainment Finance<br> Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 01/15/30<sup>1</sup> | 26000 | 22591 |
| FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 03/01/32<sup>1</sup> | 40000 | 40526 |
| Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 05/01/28<sup>1</sup> | 37000 | 25590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88% | 05/01/29<sup>1</sup> | 38000 | 20675 |
| Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 09/15/29<sup>1</sup> | 35000 | 32831 |
|  |  |  | 248986 |
|  **Services — 0.83%** | **Services — 0.83%** | **Services — 0.83%** |  |
| Adtalem Global Education, Inc. | Adtalem Global Education, Inc. | Adtalem Global Education, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/01/28<sup>1</sup> | 76000 | 74971 |
| GFL Environmental, Inc.<br> (Canada) | GFL Environmental, Inc.<br> (Canada) | GFL Environmental, Inc.<br> (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 01/15/31<sup>1,3</sup> | 30000 | 30949 |
| HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/29<sup>1</sup> | 75000 | 70361 |
| Hertz Corp. (The) | Hertz Corp. (The) | Hertz Corp. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 12/01/26<sup>1</sup> | 3000 | 2097 |
| Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 11/15/31<sup>1</sup> | 45000 | 43841 |
| Rollins, Inc. | Rollins, Inc. | Rollins, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 02/24/35<sup>1</sup> | 100000 | 99626 |
| Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75% | 11/15/29<sup>1</sup> | 10000 | 10092 |
| VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 08/15/30<sup>1</sup> | 70000 | 73451 |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 02/01/33<sup>1</sup> | 55000 | 55429 |
| Worldline SA<br> (France) | Worldline SA<br> (France) | Worldline SA<br> (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 07/30/25<sup>3,9</sup> | 300 | 38165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 07/30/26<sup>3,9</sup> | 400 | 42161 |
|  |  |  | 541143 |
|  **Specialized REITs — 0.24%** | **Specialized REITs — 0.24%** | **Specialized REITs — 0.24%** |  |
| Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40% | 10/15/31 | 50000 | 42523 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 07/06/30 | 100000 | 114162 |
|  |  |  | 156685 |
|  **Transportation — 0.24%** | **Transportation — 0.24%** | **Transportation — 0.24%** |  |
| JetBlue Airways Pass-Through Trust, | JetBlue Airways Pass-Through Trust, | JetBlue Airways Pass-Through Trust, |  |
| Series 2020-1, Class A | Series 2020-1, Class A | Series 2020-1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/15/32 | 73825 | 68747 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |  |
|  **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |  |  |
|  United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |  |
|  Series 2023-1, Class A | Series 2023-1, Class A | Series 2023-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 01/15/36 | 85978 | $| 87276 |
|  |  |  |  | 156023 |
|  **Total Corporates** | **Total Corporates** | **Total Corporates** |  |  |
|  (Cost $14,897,665) | (Cost $14,897,665) | (Cost $14,897,665) |  | 14848072 |
|  **MORTGAGE-BACKED — 54.04%\*\*** | **MORTGAGE-BACKED — 54.04%\*\*** | **MORTGAGE-BACKED — 54.04%\*\*** |  |  |
|  **Non-Agency Commercial Mortgage-Backed — 9.22%** | **Non-Agency Commercial Mortgage-Backed — 9.22%** | **Non-Agency Commercial Mortgage-Backed — 9.22%** | **Non-Agency Commercial Mortgage-Backed — 9.22%** | **Non-Agency Commercial Mortgage-Backed — 9.22%** |
| 1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, |  |  |
| Series 2015-1211, Class A1A2 | Series 2015-1211, Class A1A2 | Series 2015-1211, Class A1A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 08/10/35<sup>1</sup> | 137000 |  | 134671 |
| 1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, |  |  |
| Series 2015-1211, Class B | Series 2015-1211, Class B | Series 2015-1211, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09% | 08/10/35<sup>1,4</sup> | 150000 |  | 143063 |
| 280 Park Avenue Mortgage Trust, | 280 Park Avenue Mortgage Trust, | 280 Park Avenue Mortgage Trust, |  |  |
| Series 2017-280P, Class E | Series 2017-280P, Class E | Series 2017-280P, Class E |  |  |
| (CME Term SOFR 1-Month plus 2.42%) | (CME Term SOFR 1-Month plus 2.42%) | (CME Term SOFR 1-Month plus 2.42%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.74% | 09/15/34<sup>1,2</sup> | 150000 |  | 144669 |
| Banc of America Commercial Mortgage Trust, | Banc of America Commercial Mortgage Trust, | Banc of America Commercial Mortgage Trust, |  |  |
| Series 2015-UBS7, Class XE (IO) | Series 2015-UBS7, Class XE (IO) | Series 2015-UBS7, Class XE (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | 09/15/48<sup>1,4</sup> | 1500000 |  | 7254 |
| BANK, | BANK, | BANK, |  |  |
| Series 2020-BN25, Class AS | Series 2020-BN25, Class AS | Series 2020-BN25, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.84% | 01/15/63 | 258000 |  | 231274 |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| Series 2021-VOLT, Class F | Series 2021-VOLT, Class F | Series 2021-VOLT, Class F |  |  |
| (CME Term SOFR 1-Month plus 2.51%) | (CME Term SOFR 1-Month plus 2.51%) | (CME Term SOFR 1-Month plus 2.51%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.83% | 09/15/36<sup>1,2</sup> | 100000 |  | 98617 |
| BX Trust, | BX Trust, | BX Trust, |  |  |
| Series 2021-LBA, Class DV | Series 2021-LBA, Class DV | Series 2021-LBA, Class DV |  |  |
| (CME Term SOFR 1-Month plus 1.71%) | (CME Term SOFR 1-Month plus 1.71%) | (CME Term SOFR 1-Month plus 1.71%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.03% | 02/15/36<sup>1,2</sup> | 229335 |  | 227606 |
| BX Trust, | BX Trust, | BX Trust, |  |  |
| Series 2021-VIEW, Class C | Series 2021-VIEW, Class C | Series 2021-VIEW, Class C |  |  |
| (CME Term SOFR 1-Month plus 2.46%) | (CME Term SOFR 1-Month plus 2.46%) | (CME Term SOFR 1-Month plus 2.46%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.78% | 06/15/36<sup>1,2</sup> | 78000 |  | 77536 |
| BX Trust, | BX Trust, | BX Trust, |  |  |
| Series 2025-VLT6, Class E | Series 2025-VLT6, Class E | Series 2025-VLT6, Class E |  |  |
| (CME Term SOFR 1-Month plus 3.19%) | (CME Term SOFR 1-Month plus 3.19%) | (CME Term SOFR 1-Month plus 3.19%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.51% | 03/15/42<sup>1,2</sup> | 129000 |  | 128149 |
| BXHPP Trust, | BXHPP Trust, | BXHPP Trust, |  |  |
| Series 2021-FILM, Class C | Series 2021-FILM, Class C | Series 2021-FILM, Class C |  |  |
| (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53% | 08/15/36<sup>1,2</sup> | 120000 |  | 110795 |
| BXHPP Trust, | BXHPP Trust, | BXHPP Trust, |  |  |
| Series 2021-FILM, Class D | Series 2021-FILM, Class D | Series 2021-FILM, Class D |  |  |
| (CME Term SOFR 1-Month plus 1.61%) | (CME Term SOFR 1-Month plus 1.61%) | (CME Term SOFR 1-Month plus 1.61%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93% | 08/15/36<sup>1,2</sup> | 100000 |  | 90510 |
| Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |  |  |
| Series 2016-P4, Class XA (IO) | Series 2016-P4, Class XA (IO) | Series 2016-P4, Class XA (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87% | 07/10/49<sup>4</sup> | 1929298 |  | 28385 |
| Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |  |  |
| Series 2018-C5, Class AS | Series 2018-C5, Class AS | Series 2018-C5, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41% | 06/10/51<sup>4</sup> | 222000 |  | 215533 |

---

*See accompanying Notes to Financial Statements.* 

63 / Annual Financial Statements March 2025

------

#### Strategic Income Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |  |
|  Series 2020-555, Class G | Series 2020-555, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%<br>12/10/41<sup>1,4</sup> | 200000 | $155776 |
|  COBALT CMBS Commercial Mortgage Trust, | COBALT CMBS Commercial Mortgage Trust, |  |
|  Series 2007-C2, Class X (IO) | Series 2007-C2, Class X (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47%<br>04/15/47<sup>1,4</sup> | 692568 | 2801 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, |  |
|  Series 2013-CR12, Class XA (IO) | Series 2013-CR12, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30%<br>10/10/46<sup>4</sup> | 127859 | 1 |
|  Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |  |
|  Series 2014-USA, Class X1 (IO) | Series 2014-USA, Class X1 (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54%<br>09/15/37<sup>1,4</sup> | 9783817 | 25136 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |  |
|  Series 2015-C1, Class XA (IO) | Series 2015-C1, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17%<br>04/15/50<sup>4</sup> | 110317 | 1 |
|  DROP Mortgage Trust, | DROP Mortgage Trust, |  |
|  Series 2021-FILE, Class D | Series 2021-FILE, Class D |  |
|  (CME Term SOFR 1-Month plus 2.86%) | (CME Term SOFR 1-Month plus 2.86%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.18%<br>10/15/43<sup>1,2</sup> | 150000 | 128203 |
|  FREMF Mortgage Trust, | FREMF Mortgage Trust, |  |
|  Series 2017-K66, Class X2A (IO) | Series 2017-K66, Class X2A (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%<br>06/25/27<sup>1</sup> | 40701288 | 65663 |
|  FREMF Mortgage Trust, | FREMF Mortgage Trust, |  |
|  Series 2017-K726, Class X2B (IO) | Series 2017-K726, Class X2B (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%<br>07/25/49<sup>1</sup> | 4288030 | 1086 |
|  Frost CMBS DAC, | Frost CMBS DAC, |  |
|  Series 2021-1X, Class EUA | Series 2021-1X, Class EUA |  |
| (Ireland) | (Ireland) |  |
|  (3-Month Euribor plus 1.15%) | (3-Month Euribor plus 1.15%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67%<br>11/20/33<sup>2,3</sup> | 96282 | 103505 |
|  GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, |  |
|  Series 2021-STAR, Class B | Series 2021-STAR, Class B |  |
|  (CME Term SOFR 1-Month plus 1.51%) | (CME Term SOFR 1-Month plus 1.51%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84%<br>12/15/36<sup>1,2</sup> | 150000 | 148906 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |  |
|  Series 2014-GC24, Class XA (IO) | Series 2014-GC24, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30%<br>09/10/47<sup>4</sup> | 241383 | 2 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |  |
|  Series 2015-GC32, Class XA (IO) | Series 2015-GC32, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>07/10/48<sup>4</sup> | 3011604 | 30 |
|  Hilton USA Trust, | Hilton USA Trust, |  |
|  Series 2016-HHV, Class F | Series 2016-HHV, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.19%<br>11/05/38<sup>1,4</sup> | 170000 | 164266 |
|  JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |  |
|  Series 2014-C22, Class XA (IO) | Series 2014-C22, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40%<br>09/15/47<sup>4</sup> | 565927 | 6 |
|  JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |  |
|  Series 2014-C25, Class XA (IO) | Series 2014-C25, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43%<br>11/15/47<sup>4</sup> | 931148 | 9 |
|  JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |  |
|  Series 2014-C26, Class XA (IO) | Series 2014-C26, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39%<br>01/15/48<sup>4</sup> | 29597 |  |
|  JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, |  |
|  Series 2018-C8, Class XEF (IO) | Series 2018-C8, Class XEF (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.76%<br>06/15/51<sup>1,4</sup> | 1157000 | 54408 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
|  Series 2016-NINE, Class A | Series 2016-NINE, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%<br>09/06/38<sup>1,4</sup> | 225000 | $218148 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
|  Series 2019-ICON, Class C | Series 2019-ICON, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.54%<br>01/05/34<sup>1</sup> | 72000 | 70413 |
|  KRE Commercial Mortgage Trust, | KRE Commercial Mortgage Trust, |  |
|  Series 2025-AIP4, Class E | Series 2025-AIP4, Class E |  |
|  (CME Term SOFR 1-Month plus 3.00%) | (CME Term SOFR 1-Month plus 3.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32%<br>03/15/42<sup>1,2</sup> | 130000 | 129441 |
|  Ladder Capital Commercial Mortgage Trust, | Ladder Capital Commercial Mortgage Trust, |  |
|  Series 2013-GCP, Class XA (IO) | Series 2013-GCP, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14%<br>02/15/36<sup>1,4</sup> | 1345199 | 36454 |
|  MKT Mortgage Trust, | MKT Mortgage Trust, |  |
|  Series 2020-525M, Class D | Series 2020-525M, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%<br>02/12/40<sup>1,4</sup> | 286000 | 218132 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |  |
|  Series 2013-C9, Class XB (IO) | Series 2013-C9, Class XB (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<br>05/15/46<sup>1,4</sup> | 7566069 | 1186 |
|  Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, |  |
|  Series 2018-ALXA, Class E | Series 2018-ALXA, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32%<br>01/15/43<sup>1,4</sup> | 180000 | 149366 |
|  NXPT Commercial Mortgage Trust, | NXPT Commercial Mortgage Trust, |  |
|  Series 2024-STOR, Class E | Series 2024-STOR, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%<br>11/05/41<sup>1,4</sup> | 144000 | 145687 |
|  NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, |  |
|  Series 2025-3BP, Class D | Series 2025-3BP, Class D |  |
|  (CME Term SOFR 1-Month plus 2.44%) | (CME Term SOFR 1-Month plus 2.44%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.76%<br>02/15/42<sup>1,2</sup> | 135000 | 134177 |
|  NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, |  |
|  Series 2021-1290, Class C | Series 2021-1290, Class C |  |
|  (CME Term SOFR 1-Month plus 2.11%) | (CME Term SOFR 1-Month plus 2.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.43%<br>11/15/38<sup>1,2</sup> | 100000 | 98750 |
|  NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, |  |
|  Series 2021-1290, Class D | Series 2021-1290, Class D |  |
|  (CME Term SOFR 1-Month plus 2.66%) | (CME Term SOFR 1-Month plus 2.66%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.98%<br>11/15/38<sup>1,2</sup> | 140000 | 135901 |
|  RIDE, | RIDE, |  |
|  Series 2025-SHRE, Class D | Series 2025-SHRE, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%<br>02/14/47<sup>1,4</sup> | 100000 | 101415 |
|  ROCK Trust, | ROCK Trust, |  |
|  Series 2024-CNTR, Class D | Series 2024-CNTR, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.11%<br>11/13/41<sup>1</sup> | 213000 | 221040 |
|  SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, |  |
|  Series 2015-5AVE, Class A1 | Series 2015-5AVE, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.87%<br>01/05/43<sup>1,4</sup> | 220000 | 193574 |
|  SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, |  |
|  Series 2015-5AVE, Class D | Series 2015-5AVE, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%<br>01/05/43<sup>1,4</sup> | 200000 | 163620 |
|  SFO Commercial Mortgage Trust, | SFO Commercial Mortgage Trust, |  |
|  Series 2021-555, Class B | Series 2021-555, Class B |  |
|  (CME Term SOFR 1-Month plus 1.61%) | (CME Term SOFR 1-Month plus 1.61%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%<br>05/15/38<sup>1,2</sup> | 150000 | 145436 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 64

------

#### Strategic Income Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
|  SHER Trust, | SHER Trust, |  |
|  Series 2024-DAL, Class B | Series 2024-DAL, Class B |  |
|  (CME Term SOFR 1-Month plus 2.24%) | (CME Term SOFR 1-Month plus 2.24%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.56%<br>04/15/37<sup>1,2</sup> | $113000 | $112981 |
|  SHER Trust, | SHER Trust, |  |
|  Series 2024-DAL, Class C | Series 2024-DAL, Class C |  |
|  (CME Term SOFR 1-Month plus 2.89%) | (CME Term SOFR 1-Month plus 2.89%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.21%<br>04/15/37<sup>1,2</sup> | 113000 | 112968 |
|  SMRT, | SMRT, |  |
|  Series 2022-MINI, Class E | Series 2022-MINI, Class E |  |
|  (CME Term SOFR 1-Month plus 2.70%) | (CME Term SOFR 1-Month plus 2.70%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.02%<br>01/15/39<sup>1,2</sup> | 100000 | 96561 |
|  SMRT, | SMRT, |  |
|  Series 2022-MINI, Class F | Series 2022-MINI, Class F |  |
|  (CME Term SOFR 1-Month plus 3.35%) | (CME Term SOFR 1-Month plus 3.35%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67%<br>01/15/39<sup>1,2</sup> | 150000 | 142334 |
|  SREIT Trust, | SREIT Trust, |  |
|  Series 2021-PALM, Class C | Series 2021-PALM, Class C |  |
|  (CME Term SOFR 1-Month plus 1.07%) | (CME Term SOFR 1-Month plus 1.07%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39%<br>10/15/34<sup>1,2</sup> | 230000 | 227846 |
|  SWCH Commercial Mortgage Trust, | SWCH Commercial Mortgage Trust, |  |
|  Series 2025-DATA, Class E | Series 2025-DATA, Class E |  |
|  (CME Term SOFR 1-Month plus 3.34%) | (CME Term SOFR 1-Month plus 3.34%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.66%<br>03/15/42<sup>1,2</sup> | 200000 | 197715 |
|  VASA Trust, | VASA Trust, |  |
|  Series 2021-VASA, Class B | Series 2021-VASA, Class B |  |
|  (CME Term SOFR 1-Month plus 1.36%) | (CME Term SOFR 1-Month plus 1.36%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68%<br>07/15/39<sup>1,2</sup> | 300000 | 283351 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |
|  Series 2015-NXS2, Class XA (IO) | Series 2015-NXS2, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52%<br>07/15/58<sup>4</sup> | 2524498 | 2216 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |
|  Series 2016-NXS6, Class XA (IO) | Series 2016-NXS6, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57%<br>11/15/49<sup>4</sup> | 3156223 | 38000 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |
|  Series 2019-JWDR, Class F | Series 2019-JWDR, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56%<br>09/15/31<sup>1,4</sup> | 135000 | 131696 |
|  WF-RBS Commercial Mortgage Trust, | WF-RBS Commercial Mortgage Trust, |  |
|  Series 2013-C14, Class XA (IO) | Series 2013-C14, Class XA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32%<br>06/15/46<sup>4</sup> | 48661 |  |
|  |  | 5996269 |
|  **Non-Agency Mortgage-Backed — 27.39%** | **Non-Agency Mortgage-Backed — 27.39%** |  |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |  |
|  Series 2007-ASP1, Class A2D | Series 2007-ASP1, Class A2D |  |
|  (CME Term SOFR 1-Month plus 0.87%) | (CME Term SOFR 1-Month plus 0.87%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19%<br>03/25/37<sup>2</sup> | 354386 | 142765 |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |  |
|  Series 2007-HE1, Class A1 | Series 2007-HE1, Class A1 |  |
|  (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73%<br>01/25/37<sup>2</sup> | 546216 | 297585 |
|  Ajax Mortgage Loan Trust, | Ajax Mortgage Loan Trust, |  |
|  Series 2021-C, Class A (STEP-reset date 04/25/25) | Series 2021-C, Class A (STEP-reset date 04/25/25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12%<br>01/25/61<sup>1</sup> | 196064 | 196082 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |  |
|  Series 2005-10CB, Class 1A8 | Series 2005-10CB, Class 1A8 | Series 2005-10CB, Class 1A8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/25/35 | 274534 | $226138 |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |  |
|  Series 2005-59, Class 1A1 | Series 2005-59, Class 1A1 | Series 2005-59, Class 1A1 |  |
|  (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09% | 11/20/35<sup>2</sup> | 278636 | 271538 |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |  |
|  Series 2007-15CB, Class A7 | Series 2007-15CB, Class A7 | Series 2007-15CB, Class A7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 07/25/37 | 441542 | 265479 |
|  American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, |  |
|  Series 2007-1, Class A1 | Series 2007-1, Class A1 | Series 2007-1, Class A1 |  |
|  (Federal Reserve US 12-Month Cumulative Average plus 0.70%) | (Federal Reserve US 12-Month Cumulative Average plus 0.70%) | (Federal Reserve US 12-Month Cumulative Average plus 0.70%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34% | 02/25/47<sup>2</sup> | 700077 | 246427 |
|  APS Resecuritization Trust, | APS Resecuritization Trust, | APS Resecuritization Trust, |  |
|  Series 2016-3, Class 3MZ | Series 2016-3, Class 3MZ | Series 2016-3, Class 3MZ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 09/27/46<sup>1,4</sup> | 377953 | 208962 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |  |
|  Series 2006-7, Class T2A3 | Series 2006-7, Class T2A3 | Series 2006-7, Class T2A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69% | 10/25/36<sup>4</sup> | 192472 | 173741 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |  |
|  Series 2014-R5, Class 1A2 | Series 2014-R5, Class 1A2 | Series 2014-R5, Class 1A2 |  |
|  (CME Term SOFR 6-Month plus 1.93%) | (CME Term SOFR 6-Month plus 1.93%) | (CME Term SOFR 6-Month plus 1.93%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 09/26/45<sup>1,2</sup> | 223542 | 160679 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |  |
|  Series 2015-R3, Class 1A2 | Series 2015-R3, Class 1A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 03/27/36<sup>1,4</sup> | 348987 | 295768 |
|  Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, |  |
|  Series 2006-NC4, Class A4 | Series 2006-NC4, Class A4 | Series 2006-NC4, Class A4 |  |
|  (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67% | 10/25/36<sup>2</sup> | 175000 | 152663 |
|  Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, |  |
|  Series 2007-RFC1, Class A3 | Series 2007-RFC1, Class A3 | Series 2007-RFC1, Class A3 |  |
|  (CME Term SOFR 1-Month plus 0.25%) | (CME Term SOFR 1-Month plus 0.25%) | (CME Term SOFR 1-Month plus 0.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57% | 12/25/36<sup>2</sup> | 74121 | 72818 |
|  CIM Trust, | CIM Trust, | CIM Trust, |  |
|  Series 2020-R6, Class A1 | Series 2020-R6, Class A1 | Series 2020-R6, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 12/25/60<sup>1,4</sup> | 266274 | 231480 |
|  CIM Trust, | CIM Trust, | CIM Trust, |  |
|  Series 2021-R1, Class A2 | Series 2021-R1, Class A2 | Series 2021-R1, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40% | 08/25/56<sup>1,4</sup> | 276801 | 250329 |
|  CIM Trust, | CIM Trust, | CIM Trust, |  |
|  Series 2021-R3, Class A1A | Series 2021-R3, Class A1A | Series 2021-R3, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 06/25/57<sup>1,4</sup> | 48081 | 44149 |
|  CIM Trust, | CIM Trust, | CIM Trust, |  |
|  Series 2021-R5, Class A1B | Series 2021-R5, Class A1B | Series 2021-R5, Class A1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/25/61<sup>1,4</sup> | 115000 | 76227 |
|  CIM Trust, | CIM Trust, | CIM Trust, |  |
|  Series 2023-R3, Class A1A | Series 2023-R3, Class A1A | Series 2023-R3, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/25/63<sup>1,4</sup> | 207717 | 192165 |
|  CIM Trust, | CIM Trust, | CIM Trust, |  |
|  Series 2025-R1, Class A1 (STEP-reset date 05/25/25) | Series 2025-R1, Class A1 (STEP-reset date 05/25/25) | Series 2025-R1, Class A1 (STEP-reset date 05/25/25) | Series 2025-R1, Class A1 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 02/25/99<sup>1</sup> | 200000 | 196928 |

---

*See accompanying Notes to Financial Statements.* 

65 / Annual Financial Statements March 2025

------

#### Strategic Income Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
|  Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |  |
|  Series 2005-WF2, Class AF6A (STEP-reset date 05/25/25) | Series 2005-WF2, Class AF6A (STEP-reset date 05/25/25) | Series 2005-WF2, Class AF6A (STEP-reset date 05/25/25) | Series 2005-WF2, Class AF6A (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 08/25/35 | 275202 | $252201 |
|  COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |  |
|  Series 2021-2, Class A1 | Series 2021-2, Class A1 | Series 2021-2, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92% | 08/25/66<sup>1,4</sup> | 87191 | 72457 |
|  COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |  |
|  Series 2021-HX1, Class A1 | Series 2021-HX1, Class A1 | Series 2021-HX1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11% | 10/25/66<sup>1,4</sup> | 281283 | 242223 |
|  Conseco Finance Corp., | Conseco Finance Corp., | Conseco Finance Corp., |  |
|  Series 1999-5, Class A5 | Series 1999-5, Class A5 | Series 1999-5, Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.86% | 03/01/30<sup>4</sup> | 68904 | 21000 |
|  Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |  |
|  Series 2015-12R, Class 2A2 | Series 2015-12R, Class 2A2 | Series 2015-12R, Class 2A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 11/30/37<sup>1,4</sup> | 78860 | 71518 |
|  Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |  |
|  Series 2021-RPL4, Class A1 | Series 2021-RPL4, Class A1 | Series 2021-RPL4, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10% | 12/27/60<sup>1,4</sup> | 181051 | 180569 |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
|  Mortgage Loan Trust, | Mortgage Loan Trust, | Mortgage Loan Trust, |  |
|  Series 2007-CB2, Class A2C (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2C (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2C (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2C (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53% | 02/25/37 | 204589 | 121753 |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
|  Mortgage Loan Trust, | Mortgage Loan Trust, | Mortgage Loan Trust, |  |
|  Series 2007-CB3, Class A3 (STEP-reset date 05/25/25) | Series 2007-CB3, Class A3 (STEP-reset date 05/25/25) | Series 2007-CB3, Class A3 (STEP-reset date 05/25/25) | Series 2007-CB3, Class A3 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.27% | 03/25/37 | 770907 | 266519 |
|  CSMC Mortgage-Backed Trust, | CSMC Mortgage-Backed Trust, | CSMC Mortgage-Backed Trust, |  |
|  Series 2007-5, Class 1A9 | Series 2007-5, Class 1A9 | Series 2007-5, Class 1A9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 08/25/37<sup>4</sup> | 425610 | 241081 |
|  CSMC Trust, | CSMC Trust, | CSMC Trust, |  |
|  Series 2021-RPL7, Class A1 | Series 2021-RPL7, Class A1 | Series 2021-RPL7, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.19% | 07/27/61<sup>1,4</sup> | 288242 | 287397 |
|  Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, |  |
|  Series 2007-AR3, Class 2A5 | Series 2007-AR3, Class 2A5 | Series 2007-AR3, Class 2A5 |  |
|  (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% | 06/25/37<sup>2</sup> | 253947 | 221930 |
|  Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, |  |
|  Series 2021-3, Class A1 | Series 2021-3, Class A1 | Series 2021-3, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24% | 09/25/66<sup>1,4</sup> | 72557 | 59987 |
|  Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |  |
|  Series 2019-R04, Class 2B1 | Series 2019-R04, Class 2B1 | Series 2019-R04, Class 2B1 |  |
|  (SOFR30A plus 5.36%) | (SOFR30A plus 5.36%) | (SOFR30A plus 5.36%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.70% | 06/25/39<sup>1,2</sup> | 148564 | 155105 |
|  Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |  |
|  Series 2019-R06, Class 2B1 | Series 2019-R06, Class 2B1 | Series 2019-R06, Class 2B1 |  |
|  (SOFR30A plus 3.86%) | (SOFR30A plus 3.86%) | (SOFR30A plus 3.86%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.20% | 09/25/39<sup>1,2</sup> | 58379 | 60229 |
|  Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |  |
|  Series 2022-R01, Class 1B2 | Series 2022-R01, Class 1B2 | Series 2022-R01, Class 1B2 |  |
|  (SOFR30A plus 6.00%) | (SOFR30A plus 6.00%) | (SOFR30A plus 6.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.34% | 12/25/41<sup>1,2</sup> | 100000 | 104726 |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |  |
|  Series 2006-FF18, Class A2B | Series 2006-FF18, Class A2B | Series 2006-FF18, Class A2B |  |
|  (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 12/25/37<sup>2</sup> | 244246 | 222170 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |  |
|  Series 2007-FF1, Class A2D | Series 2007-FF1, Class A2D | Series 2007-FF1, Class A2D |  |
|  (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87% | 01/25/38<sup>2</sup> | $678757 | $368749 |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |  |
|  Series 2007-FF2, Class A2B | Series 2007-FF2, Class A2B | Series 2007-FF2, Class A2B |  |
|  (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 03/25/37<sup>2</sup> | 494101 | 234006 |
|  Fremont Home Loan Trust, | Fremont Home Loan Trust, | Fremont Home Loan Trust, |  |
|  Series 2005-A, Class M4 | Series 2005-A, Class M4 | Series 2005-A, Class M4 |  |
|  (CME Term SOFR 1-Month plus 1.13%) | (CME Term SOFR 1-Month plus 1.13%) | (CME Term SOFR 1-Month plus 1.13%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 01/25/35<sup>2</sup> | 286455 | 258109 |
|  GMACM Mortgage Corp. Loan Trust, | GMACM Mortgage Corp. Loan Trust, | GMACM Mortgage Corp. Loan Trust, |  |
|  Series 2006-AR1, Class 1A1 | Series 2006-AR1, Class 1A1 | Series 2006-AR1, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.94% | 04/19/36<sup>4</sup> | 162399 | 132656 |
|  GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, |  |
|  Series 2005-AR1, Class A2 | Series 2005-AR1, Class A2 | Series 2005-AR1, Class A2 |  |
|  (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87% | 06/25/45<sup>2</sup> | 54645 | 50013 |
|  GSAA Home Equity Trust, | GSAA Home Equity Trust, | GSAA Home Equity Trust, |  |
|  Series 2006-1, Class A3 | Series 2006-1, Class A3 | Series 2006-1, Class A3 |  |
|  (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09% | 01/25/36<sup>2</sup> | 640102 | 267736 |
|  GSAA Home Equity Trust, | GSAA Home Equity Trust, | GSAA Home Equity Trust, |  |
|  Series 2006-10, Class AF3 | Series 2006-10, Class AF3 | Series 2006-10, Class AF3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.98% | 06/25/36<sup>4</sup> | 559125 | 127527 |
|  GSAA Home Equity Trust, | GSAA Home Equity Trust, | GSAA Home Equity Trust, |  |
|  Series 2006-6, Class AF3 | Series 2006-6, Class AF3 | Series 2006-6, Class AF3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73% | 03/25/36<sup>4</sup> | 511522 | 141837 |
|  GSAA Home Equity Trust, | GSAA Home Equity Trust, | GSAA Home Equity Trust, |  |
|  Series 2007-4, Class A2 | Series 2007-4, Class A2 | Series 2007-4, Class A2 |  |
|  (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% | 03/25/37<sup>2</sup> | 991800 | 275239 |
|  GSAA Home Equity Trust, | GSAA Home Equity Trust, | GSAA Home Equity Trust, |  |
|  Series 2007-5, Class 1AF6 (STEP-reset date 05/25/25) | Series 2007-5, Class 1AF6 (STEP-reset date 05/25/25) | Series 2007-5, Class 1AF6 (STEP-reset date 05/25/25) | Series 2007-5, Class 1AF6 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91% | 05/25/37 | 660517 | 228048 |
|  GSAA Home Equity Trust, | GSAA Home Equity Trust, | GSAA Home Equity Trust, |  |
|  Series 2007-5, Class 2A1B | Series 2007-5, Class 2A1B | Series 2007-5, Class 2A1B |  |
|  (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71% | 04/25/47<sup>2</sup> | 1739354 | 363451 |
|  GSAA Trust, | GSAA Trust, | GSAA Trust, |  |
|  Series 2006-7, Class AF3 (STEP-reset date 05/25/25) | Series 2006-7, Class AF3 (STEP-reset date 05/25/25) | Series 2006-7, Class AF3 (STEP-reset date 05/25/25) | Series 2006-7, Class AF3 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.72% | 03/25/46 | 651796 | 238319 |
|  GSAMP Trust, | GSAMP Trust, | GSAMP Trust, |  |
|  Series 2007-NC1, Class A2C | Series 2007-NC1, Class A2C | Series 2007-NC1, Class A2C |  |
|  (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73% | 12/25/46<sup>2</sup> | 234580 | 110974 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |  |
|  Series 2005-3, Class 1A | Series 2005-3, Class 1A | Series 2005-3, Class 1A |  |
|  (CME Term SOFR 1-Month plus 0.63%) | (CME Term SOFR 1-Month plus 0.63%) | (CME Term SOFR 1-Month plus 0.63%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 06/19/35<sup>2</sup> | 282505 | 149974 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |  |
|  Series 2006-4, Class 1A1A | Series 2006-4, Class 1A1A | Series 2006-4, Class 1A1A |  |
|  (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79% | 05/19/46<sup>2</sup> | 580330 | 297136 |

---

*See accompanying Notes to Financial Statements.* 

Annual Financial Statements March 2025 / 66

------

#### Strategic Income Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issues | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |  |
|  Series 2006-5, Class 1A1A | Series 2006-5, Class 1A1A | Series 2006-5, Class 1A1A |  |
| (Federal Reserve US 12-Month Cumulative Average plus 0.91%) | (Federal Reserve US 12-Month Cumulative Average plus 0.91%) | (Federal Reserve US 12-Month Cumulative Average plus 0.91%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 07/19/47<sup>2</sup> | $308089 | $95820 |
|  HSI Asset Loan Obligation Trust, | HSI Asset Loan Obligation Trust, | HSI Asset Loan Obligation Trust, |  |
|  Series 2007-2, Class 2A12 | Series 2007-2, Class 2A12 | Series 2007-2, Class 2A12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 09/25/37 | 186341 | 139218 |
|  HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, |  |
|  Series 2007-OPT1, Class 1A | Series 2007-OPT1, Class 1A | Series 2007-OPT1, Class 1A |  |
|  (CME Term SOFR 1-Month plus 0.25%) | (CME Term SOFR 1-Month plus 0.25%) | (CME Term SOFR 1-Month plus 0.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57% | 12/25/36<sup>2</sup> | 181166 | 156684 |
|  Impac CMB Trust, | Impac CMB Trust, | Impac CMB Trust, |  |
|  Series 2004-4, Class 1A2 | Series 2004-4, Class 1A2 | Series 2004-4, Class 1A2 |  |
|  (CME Term SOFR 1-Month plus 0.73%) | (CME Term SOFR 1-Month plus 0.73%) | (CME Term SOFR 1-Month plus 0.73%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 09/25/34<sup>2</sup> | 13418 | 13391 |
|  Impac CMB Trust, | Impac CMB Trust, | Impac CMB Trust, |  |
|  Series 2004-6, Class 1A2 | Series 2004-6, Class 1A2 | Series 2004-6, Class 1A2 |  |
|  (CME Term SOFR 1-Month plus 0.89%) | (CME Term SOFR 1-Month plus 0.89%) | (CME Term SOFR 1-Month plus 0.89%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21% | 10/25/34<sup>2</sup> | 31144 | 31100 |
|  IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |  |
|  Series 2005-AR25, Class 2A1 | Series 2005-AR25, Class 2A1 | Series 2005-AR25, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85% | 12/25/35<sup>4</sup> | 191366 | 160482 |
|  IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |  |
|  Series 2007-AR5, Class 2A1 | Series 2007-AR5, Class 2A1 | Series 2007-AR5, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.36% | 05/25/37<sup>4</sup> | 176764 | 141490 |
|  IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through |
|  Certificates, | Certificates, | Certificates, |  |
|  Series 1997-1, Class A3 | Series 1997-1, Class A3 | Series 1997-1, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.61% | 02/25/28 | 21906 | 21975 |
|  IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through |
|  Certificates, | Certificates, | Certificates, |  |
|  Series 1997-1, Class A4 | Series 1997-1, Class A4 | Series 1997-1, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 02/25/28 | 9222 | 9253 |
|  IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through |
|  Certificates, | Certificates, | Certificates, |  |
|  Series 1998-1, Class A4 | Series 1998-1, Class A4 | Series 1998-1, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.49% | 09/25/28 | 12194 | 12145 |
|  IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through |
|  Certificates, | Certificates, | Certificates, |  |
|  Series 1998-1, Class A5 | Series 1998-1, Class A5 | Series 1998-1, Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.96% | 09/25/28<sup>4</sup> | 29392 | 29373 |
|  JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, |  |
|  Series 2007-HE1, Class AF6 (STEP-reset date 05/25/25) | Series 2007-HE1, Class AF6 (STEP-reset date 05/25/25) | Series 2007-HE1, Class AF6 (STEP-reset date 05/25/25) | Series 2007-HE1, Class AF6 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27% | 03/25/47 | 544755 | 355052 |
|  Long Beach Mortgage Loan Trust, | Long Beach Mortgage Loan Trust, | Long Beach Mortgage Loan Trust, |  |
|  Series 2006-9, Class 2A3 | Series 2006-9, Class 2A3 | Series 2006-9, Class 2A3 |  |
|  (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 10/25/36<sup>2</sup> | 381872 | 122395 |
|  Luminent Mortgage Trust, | Luminent Mortgage Trust, | Luminent Mortgage Trust, |  |
|  Series 2006-5, Class A1A | Series 2006-5, Class A1A | Series 2006-5, Class A1A |  |
|  (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81% | 07/25/36<sup>2</sup> | 237800 | 146434 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issues | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
|  MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |  |
|  Series 2007-1, Class I1A | Series 2007-1, Class I1A | Series 2007-1, Class I1A |  |
|  (CME Term SOFR 1-Month plus 0.50%) | (CME Term SOFR 1-Month plus 0.50%) | (CME Term SOFR 1-Month plus 0.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.82% | 01/25/47<sup>2</sup> | $417208 | $168208 |
|  MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |  |
|  Series 2007-2, Class A1 | Series 2007-2, Class A1 | Series 2007-2, Class A1 |  |
|  (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73% | 03/25/47<sup>2</sup> | 193923 | 175339 |
|  MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, |  |
|  Series 2006-2, Class 2A1 | Series 2006-2, Class 2A1 | Series 2006-2, Class 2A1 |  |
|  (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% | 03/25/36<sup>2,5,6</sup> | 2395228 | 230992 |
|  MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |  |
|  Series 2007-HE1, Class A3 | Series 2007-HE1, Class A3 | Series 2007-HE1, Class A3 |  |
|  (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% | 05/25/37<sup>2</sup> | 90662 | 87904 |
|  MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |  |
|  Series 2007-HE1, Class A4 | Series 2007-HE1, Class A4 | Series 2007-HE1, Class A4 |  |
|  (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99% | 05/25/37<sup>2</sup> | 300000 | 253502 |
|  Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |  |
|  Series 2007-2, Class A2B | Series 2007-2, Class A2B | Series 2007-2, Class A2B |  |
|  (CME Term SOFR 1-Month plus 0.45%) | (CME Term SOFR 1-Month plus 0.45%) | (CME Term SOFR 1-Month plus 0.45%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77% | 05/25/37<sup>2</sup> | 187851 | 128746 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |  |
|  Series 2006-RM2, Class A1A | Series 2006-RM2, Class A1A | Series 2006-RM2, Class A1A |  |
|  (CME Term SOFR 1-Month plus 0.48%) | (CME Term SOFR 1-Month plus 0.48%) | (CME Term SOFR 1-Month plus 0.48%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 05/25/37<sup>2</sup> | 421291 | 118770 |
|  Mid-State Capital Corp. Trust, | Mid-State Capital Corp. Trust, | Mid-State Capital Corp. Trust, |  |
|  Series 2005-1, Class A | Series 2005-1, Class A | Series 2005-1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 01/15/40 | 27426 | 27393 |
|  Mid-State Trust XI, | Mid-State Trust XI, | Mid-State Trust XI, |  |
|  Series 11, Class B | Series 11, Class B | Series 11, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.22% | 07/15/38 | 1788 | 1808 |
|  Morgan Stanley ABS Capital I, Inc., Trust, | Morgan Stanley ABS Capital I, Inc., Trust, | Morgan Stanley ABS Capital I, Inc., Trust, |  |
|  Series 2006-HE4, Class A3 | Series 2006-HE4, Class A3 | Series 2006-HE4, Class A3 |  |
|  (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73% | 06/25/36<sup>2</sup> | 564735 | 284633 |
|  Morgan Stanley Home Equity Loan Trust, | Morgan Stanley Home Equity Loan Trust, | Morgan Stanley Home Equity Loan Trust, |  |
|  Series 2007-1, Class A3 | Series 2007-1, Class A3 | Series 2007-1, Class A3 |  |
|  (CME Term SOFR 1-Month plus 0.25%) | (CME Term SOFR 1-Month plus 0.25%) | (CME Term SOFR 1-Month plus 0.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57% | 12/25/36<sup>2</sup> | 561526 | 268920 |
|  Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |  |
|  Series 2004-7AR, Class 2A4 | Series 2004-7AR, Class 2A4 | Series 2004-7AR, Class 2A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41% | 09/25/34<sup>4</sup> | 55206 | 53976 |
|  Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |  |
|  Series 2006-15XS, Class A4A (STEP-reset date 05/25/25) | Series 2006-15XS, Class A4A (STEP-reset date 05/25/25) | Series 2006-15XS, Class A4A (STEP-reset date 05/25/25) | Series 2006-15XS, Class A4A (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70% | 11/25/36 | 414076 | 92047 |
|  Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |  |
|  Series 2006-7, Class 5A2 | Series 2006-7, Class 5A2 | Series 2006-7, Class 5A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96% | 06/25/36<sup>4</sup> | 876608 | 248798 |
|  Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |  |
|  Series 2007-11AR, Class 2A3 | Series 2007-11AR, Class 2A3 | Series 2007-11AR, Class 2A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.92% | 06/25/37<sup>4</sup> | 288313 | 162600 |

---

*See accompanying Notes to Financial Statements.*

67 / Annual Financial Statements March 2025

------

#### Strategic Income Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issues | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |  |
|  Series 2022-NQM2, Class A2 | Series 2022-NQM2, Class A2 | Series 2022-NQM2, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 03/27/62<sup>1,4</sup> | 250000 | $201307 |
|  Nomura Resecuritization Trust, | Nomura Resecuritization Trust, | Nomura Resecuritization Trust, |  |
|  Series 2015-4R, Class 2A2 | Series 2015-4R, Class 2A2 | Series 2015-4R, Class 2A2 |  |
|  (CME Term SOFR 1-Month plus 0.42%) | (CME Term SOFR 1-Month plus 0.42%) | (CME Term SOFR 1-Month plus 0.42%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 10/26/36<sup>1,2</sup> | 293202 | 256527 |
|  OBX Trust, | OBX Trust, | OBX Trust, |  |
|  Series 2022-NQM1, Class A1 | Series 2022-NQM1, Class A1 | Series 2022-NQM1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.31% | 11/25/61<sup>1,4</sup> | 206098 | 182993 |
|  Option One Mortgage Loan Trust, | Option One Mortgage Loan Trust, | Option One Mortgage Loan Trust, |  |
|  Series 2006-3, Class 1A1 | Series 2006-3, Class 1A1 | Series 2006-3, Class 1A1 |  |
|  (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71% | 02/25/37<sup>2</sup> | 169476 | 107084 |
|  PRET LLC, | PRET LLC, | PRET LLC, |  |
|  Series 2022-RN2, Class A2 (STEP-reset date 04/25/25) | Series 2022-RN2, Class A2 (STEP-reset date 04/25/25) | Series 2022-RN2, Class A2 (STEP-reset date 04/25/25) | Series 2022-RN2, Class A2 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 06/25/52<sup>1</sup> | 197000 | 196609 |
|  PRET LLC, | PRET LLC, | PRET LLC, |  |
|  Series 2024-NPL3, Class A1 (STEP-reset date 04/25/25) | Series 2024-NPL3, Class A1 (STEP-reset date 04/25/25) | Series 2024-NPL3, Class A1 (STEP-reset date 04/25/25) | Series 2024-NPL3, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.52% | 04/27/54<sup>1</sup> | 207007 | 207647 |
|  PRPM LLC, | PRPM LLC, | PRPM LLC, |  |
|  Series 2020-4, Class A1 (STEP-reset date 04/25/25) | Series 2020-4, Class A1 (STEP-reset date 04/25/25) | Series 2020-4, Class A1 (STEP-reset date 04/25/25) | Series 2020-4, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.61% | 10/25/25<sup>1</sup> | 57542 | 57583 |
|  PRPM LLC, | PRPM LLC, | PRPM LLC, |  |
|  Series 2021-4, Class A1 (STEP-reset date 04/25/25) | Series 2021-4, Class A1 (STEP-reset date 04/25/25) | Series 2021-4, Class A1 (STEP-reset date 04/25/25) | Series 2021-4, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87% | 04/25/26<sup>1</sup> | 145168 | 145301 |
|  PRPM LLC, | PRPM LLC, | PRPM LLC, |  |
|  Series 2021-5, Class A1 (STEP-reset date 04/25/25) | Series 2021-5, Class A1 (STEP-reset date 04/25/25) | Series 2021-5, Class A1 (STEP-reset date 04/25/25) | Series 2021-5, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79% | 06/25/26<sup>1</sup> | 70408 | 70326 |
|  PRPM LLC, | PRPM LLC, | PRPM LLC, |  |
|  Series 2022-1, Class A1 (STEP-reset date 04/25/25) | Series 2022-1, Class A1 (STEP-reset date 04/25/25) | Series 2022-1, Class A1 (STEP-reset date 04/25/25) | Series 2022-1, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.72% | 02/25/27<sup>1</sup> | 149743 | 149934 |
|  PRPM LLC, | PRPM LLC, | PRPM LLC, |  |
|  Series 2022-4, Class A2 (STEP-reset date 04/25/25) | Series 2022-4, Class A2 (STEP-reset date 04/25/25) | Series 2022-4, Class A2 (STEP-reset date 04/25/25) | Series 2022-4, Class A2 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 08/25/27<sup>1</sup> | 170000 | 168056 |
|  PRPM, LLC, | PRPM, LLC, | PRPM, LLC, |  |
|  Series 2021-8, Class A1 | Series 2021-8, Class A1 | Series 2021-8, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74% | 09/25/26<sup>1,4</sup> | 57401 | 57296 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |  |
|  Series 2005-QA3, Class NB1 | Series 2005-QA3, Class NB1 | Series 2005-QA3, Class NB1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65% | 03/25/35<sup>4</sup> | 106111 | 57994 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |  |
|  Series 2006-QS5, Class A6 | Series 2006-QS5, Class A6 | Series 2006-QS5, Class A6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 05/25/36 | 226380 | 188144 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |  |
|  Series 2007-QS1, Class 1A5 | Series 2007-QS1, Class 1A5 | Series 2007-QS1, Class 1A5 |  |
|  (CME Term SOFR 1-Month plus 0.66%) | (CME Term SOFR 1-Month plus 0.66%) | (CME Term SOFR 1-Month plus 0.66%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98% | 01/25/37<sup>2</sup> | 268245 | 198407 |
|  Residential Asset Securities Corp., | Residential Asset Securities Corp., | Residential Asset Securities Corp., |  |
|  Series 2005-KS11, Class M3 | Series 2005-KS11, Class M3 | Series 2005-KS11, Class M3 |  |
|  (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09% | 12/25/35<sup>2</sup> | 156531 | 153397 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |  |
|  Series 2005-A5, Class A8 | Series 2005-A5, Class A8 | Series 2005-A5, Class A8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/25/35 | 348745 | 239783 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issues | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |  |
|  SG Mortgage Securities Trust, | SG Mortgage Securities Trust, | SG Mortgage Securities Trust, |  |  |
|  Series 2006-OPT2, Class A3D | Series 2006-OPT2, Class A3D | Series 2006-OPT2, Class A3D |  |  |
|  (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% | 10/25/36<sup>2</sup> | $250000 | $| 188100 |
|  Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |  |  |
|  Series 2021-6, Class A1 | Series 2021-6, Class A1 | Series 2021-6, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.92% | 11/25/66<sup>1,4</sup> | 169947 |  | 147586 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |  |  |
|  Series 2004-12, Class 2A | Series 2004-12, Class 2A | Series 2004-12, Class 2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07% | 09/25/34<sup>4</sup> | 55180 |  | 53837 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |  |  |
|  Series 2005-AR8, Class A1B | Series 2005-AR8, Class A1B | Series 2005-AR8, Class A1B |  |  |
|  (CME Term SOFR 1-Month plus 0.28%) | (CME Term SOFR 1-Month plus 0.28%) | (CME Term SOFR 1-Month plus 0.28%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60% | 02/25/36<sup>2</sup> | 267916 |  | 230453 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |  |  |
|  Series 2006-AR7, Class A1A | Series 2006-AR7, Class A1A | Series 2006-AR7, Class A1A |  |  |
|  (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% | 08/25/36<sup>2</sup> | 334606 |  | 273823 |
|  Terwin Mortgage Trust, | Terwin Mortgage Trust, | Terwin Mortgage Trust, |  |  |
|  Series 2004-7HE, Class A1 | Series 2004-7HE, Class A1 | Series 2004-7HE, Class A1 |  |  |
|  (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53% | 07/25/34<sup>1,2</sup> | 46697 |  | 44986 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |  |  |
|  Series 2017-4, Class A2 | Series 2017-4, Class A2 | Series 2017-4, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/25/57<sup>1,4</sup> | 350000 |  | 327635 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |  |  |
|  Series 2019-HY2, Class M2 | Series 2019-HY2, Class M2 | Series 2019-HY2, Class M2 |  |  |
|  (CME Term SOFR 1-Month plus 2.01%) | (CME Term SOFR 1-Month plus 2.01%) | (CME Term SOFR 1-Month plus 2.01%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33% | 05/25/58<sup>1,2</sup> | 210000 |  | 212137 |
|  TRK Trust, | TRK Trust, | TRK Trust, |  |  |
|  Series 2021-INV2, Class A1 | Series 2021-INV2, Class A1 | Series 2021-INV2, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.97% | 11/25/56<sup>1,4</sup> | 202978 |  | 178418 |
|  VOLT XCIV LLC, | VOLT XCIV LLC, | VOLT XCIV LLC, |  |  |
|  Series 2021-NPL3, Class A1 (STEP-reset date 04/25/25) | Series 2021-NPL3, Class A1 (STEP-reset date 04/25/25) | Series 2021-NPL3, Class A1 (STEP-reset date 04/25/25) | Series 2021-NPL3, Class A1 (STEP-reset date 04/25/25) | Series 2021-NPL3, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.24% | 02/27/51<sup>1</sup> | 21722 |  | 21748 |
|  WaMu Asset-Backed Certificates, | WaMu Asset-Backed Certificates, | WaMu Asset-Backed Certificates, |  |  |
|  Series 2007-HE1, Class 2A4 | Series 2007-HE1, Class 2A4 | Series 2007-HE1, Class 2A4 |  |  |
|  (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89% | 01/25/37<sup>2</sup> | 493505 |  | 223136 |
|  |  |  |  | 17805257 |
|  **U.S. Agency Commercial Mortgage-Backed — 0.46%** | **U.S. Agency Commercial Mortgage-Backed — 0.46%** | **U.S. Agency Commercial Mortgage-Backed — 0.46%** | **U.S. Agency Commercial Mortgage-Backed — 0.46%** | **U.S. Agency Commercial Mortgage-Backed — 0.46%** |
|  Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, |  |  |
|  Series 2016-M11, Class X2 (IO) | Series 2016-M11, Class X2 (IO) | Series 2016-M11, Class X2 (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06% | 07/25/39<sup>4</sup> | 230017 |  | 4309 |
|  Freddie Mac Multifamily PC REMIC Trust, | Freddie Mac Multifamily PC REMIC Trust, | Freddie Mac Multifamily PC REMIC Trust, |  |  |
|  Series 2019-P002, Class X (IO) | Series 2019-P002, Class X (IO) | Series 2019-P002, Class X (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77% | 07/25/33<sup>4</sup> | 535000 |  | 29899 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |
|  Series K047, Class X3 (IO) | Series K047, Class X3 (IO) | Series K047, Class X3 (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.49% | 06/25/43<sup>4</sup> | 1676868 |  | 1982 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |
|  Series KC04, Class X1 (IO) | Series KC04, Class X1 (IO) | Series KC04, Class X1 (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | 12/25/26<sup>4</sup> | 2009100 |  | 28752 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 68

------

#### Strategic Income Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issues | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Commercial Mortgage-Backed (continued)** | **U.S. Agency Commercial Mortgage-Backed (continued)** | **U.S. Agency Commercial Mortgage-Backed (continued)** | **U.S. Agency Commercial Mortgage-Backed (continued)** |
|  Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |
|  Series KC05, Class X1 (IO) | Series KC05, Class X1 (IO) | Series KC05, Class X1 (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% | 06/25/27<sup>4</sup> | 1712858 | $28727 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
|  Series 2009-114, Class IO (IO) | Series 2009-114, Class IO (IO) | Series 2009-114, Class IO (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 10/16/49<sup>4</sup> | 3936448 | 39 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
|  Series 2010-148, Class IO (IO) | Series 2010-148, Class IO (IO) | Series 2010-148, Class IO (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% | 09/16/50<sup>4</sup> | 1297974 | 13558 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
|  Series 2012-123, Class IO (IO) | Series 2012-123, Class IO (IO) | Series 2012-123, Class IO (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61% | 12/16/51<sup>4</sup> | 1901070 | 31380 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
|  Series 2012-125, Class IO (IO) | Series 2012-125, Class IO (IO) | Series 2012-125, Class IO (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | 02/16/53<sup>4</sup> | 6096176 | 38609 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
|  Series 2012-27, Class IO (IO) | Series 2012-27, Class IO (IO) | Series 2012-27, Class IO (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | 04/16/53<sup>4</sup> | 2532022 | 5734 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
|  Series 2013-156, Class IO (IO) | Series 2013-156, Class IO (IO) | Series 2013-156, Class IO (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23% | 06/16/55<sup>4</sup> | 3338573 | 13273 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
|  Series 2013-163, Class IO (IO) | Series 2013-163, Class IO (IO) | Series 2013-163, Class IO (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% | 02/16/46<sup>4</sup> | 885166 | 11871 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
|  Series 2013-63, Class IO (IO) | Series 2013-63, Class IO (IO) | Series 2013-63, Class IO (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77% | 09/16/51<sup>4</sup> | 2884971 | 63558 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
|  Series 2013-74, Class IO (IO) | Series 2013-74, Class IO (IO) | Series 2013-74, Class IO (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48% | 12/16/53<sup>4</sup> | 472664 | 3445 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
|  Series 2014-103, Class IO (IO) | Series 2014-103, Class IO (IO) | Series 2014-103, Class IO (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | 05/16/55<sup>4</sup> | 822683 | 4139 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
|  Series 2014-125, Class IO (IO) | Series 2014-125, Class IO (IO) | Series 2014-125, Class IO (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | 11/16/54<sup>4</sup> | 475943 | 13323 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |
|  Series 2015-47, Class IO (IO) | Series 2015-47, Class IO (IO) | Series 2015-47, Class IO (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36% | 10/16/56<sup>4</sup> | 500269 | 5914 |
|  |  |  | 298512 |
|  **U.S. Agency Mortgage-Backed — 16.97%** | **U.S. Agency Mortgage-Backed — 16.97%** | **U.S. Agency Mortgage-Backed — 16.97%** |  |
|  Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, |  |
|  Series 426, Class C40 (IO) | Series 426, Class C40 (IO) | Series 426, Class C40 (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 06/25/51 | 187264 | 24620 |
|  Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, |  |
|  Series 426, Class C41 (IO) | Series 426, Class C41 (IO) | Series 426, Class C41 (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/25/51 | 710232 | 93279 |
|  Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, |  |
|  Series 426, Class C42 (IO) | Series 426, Class C42 (IO) | Series 426, Class C42 (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/25/50 | 455069 | 58717 |
|  Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, |  |
|  Series 434, Class C29 (IO) | Series 434, Class C29 (IO) | Series 434, Class C29 (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/25/52 | 1080124 | 142130 |
|  Fannie Mae Pool FS8864 | Fannie Mae Pool FS8864 | Fannie Mae Pool FS8864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 02/01/53 | 287293 | 267921 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issues | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |  |
|  Fannie Mae Pool MA4563 | Fannie Mae Pool MA4563 | Fannie Mae Pool MA4563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/01/52 | 608042 | $506976 |
|  Fannie Mae Pool MA4624 | Fannie Mae Pool MA4624 | Fannie Mae Pool MA4624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/52 | 548120 | 475828 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 2000-45, Class SA (IO) | Series 2000-45, Class SA (IO) | Series 2000-45, Class SA (IO) |  |
|  (-1.00 X SOFR30A plus 7.84%, 7.95% Cap) | (-1.00 X SOFR30A plus 7.84%, 7.95% Cap) | (-1.00 X SOFR30A plus 7.84%, 7.95% Cap) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.49% | 12/18/30<sup>2</sup> | 720 | 22 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 2001-42, Class SB | Series 2001-42, Class SB | Series 2001-42, Class SB |  |
|  (-16.00 X SOFR30A plus 126.17%, 8.50% Cap) | (-16.00 X SOFR30A plus 126.17%, 8.50% Cap) | (-16.00 X SOFR30A plus 126.17%, 8.50% Cap) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 09/25/31<sup>2</sup> | 137 | 139 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 2003-124, Class TS | Series 2003-124, Class TS | Series 2003-124, Class TS |  |
|  (-14.00 X SOFR30A plus 99.20%, 9.80% Cap) | (-14.00 X SOFR30A plus 99.20%, 9.80% Cap) | (-14.00 X SOFR30A plus 99.20%, 9.80% Cap) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.80% | 01/25/34<sup>2</sup> | 1679 | 1793 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 2005-92, Class US (IO) | Series 2005-92, Class US (IO) | Series 2005-92, Class US (IO) |  |
|  (-1.00 X SOFR30A plus 5.99%, 6.10% Cap) | (-1.00 X SOFR30A plus 5.99%, 6.10% Cap) | (-1.00 X SOFR30A plus 5.99%, 6.10% Cap) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 10/25/25<sup>2</sup> | 33 |  |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 2006-125, Class SM (IO) | Series 2006-125, Class SM (IO) | Series 2006-125, Class SM (IO) |  |
|  (-1.00 X SOFR30A plus 7.09%, 7.20% Cap) | (-1.00 X SOFR30A plus 7.09%, 7.20% Cap) | (-1.00 X SOFR30A plus 7.09%, 7.20% Cap) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 01/25/37<sup>2</sup> | 338580 | 32913 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 2008-50, Class SA (IO) | Series 2008-50, Class SA (IO) | Series 2008-50, Class SA (IO) |  |
|  (-1.00 X SOFR30A plus 5.94%, 6.05% Cap) | (-1.00 X SOFR30A plus 5.94%, 6.05% Cap) | (-1.00 X SOFR30A plus 5.94%, 6.05% Cap) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60% | 11/25/36<sup>2</sup> | 376883 | 29925 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 2010-43, Class KS (IO) | Series 2010-43, Class KS (IO) | Series 2010-43, Class KS (IO) |  |
|  (-1.00 X SOFR30A plus 6.31%, 6.42% Cap) | (-1.00 X SOFR30A plus 6.31%, 6.42% Cap) | (-1.00 X SOFR30A plus 6.31%, 6.42% Cap) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.97% | 05/25/40<sup>2</sup> | 380175 | 38415 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |  |
|  Series 2024-81, Class SE (IO) | Series 2024-81, Class SE (IO) | Series 2024-81, Class SE (IO) |  |
|  (-1.00 X SOFR30A plus 5.35%, 5.35% Cap) | (-1.00 X SOFR30A plus 5.35%, 5.35% Cap) | (-1.00 X SOFR30A plus 5.35%, 5.35% Cap) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% | 07/25/54<sup>2</sup> | 1394069 | 79039 |
|  Freddie Mac Pool RA6427 | Freddie Mac Pool RA6427 | Freddie Mac Pool RA6427 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 12/01/51 | 199365 | 173024 |
|  Freddie Mac Pool SD3246 | Freddie Mac Pool SD3246 | Freddie Mac Pool SD3246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/01/52 | 350701 | 327544 |
|  Freddie Mac Pool SD5846 | Freddie Mac Pool SD5846 | Freddie Mac Pool SD5846 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/01/52 | 120037 | 95616 |
|  Freddie Mac Pool SD8220 | Freddie Mac Pool SD8220 | Freddie Mac Pool SD8220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/52 | 368183 | 319623 |
|  Freddie Mac Pool SD8245 | Freddie Mac Pool SD8245 | Freddie Mac Pool SD8245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | 550425 | 528021 |
|  Freddie Mac Pool SD8266 | Freddie Mac Pool SD8266 | Freddie Mac Pool SD8266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/01/52 | 103895 | 99634 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |  |
|  Series 3247, Class SI (IO) | Series 3247, Class SI (IO) | Series 3247, Class SI (IO) |  |
|  (-1.00 X SOFR30A plus 6.54%, 0.15% Cap) | (-1.00 X SOFR30A plus 6.54%, 0.15% Cap) | (-1.00 X SOFR30A plus 6.54%, 0.15% Cap) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | 08/15/36<sup>2</sup> | 4842882 | 19728 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |  |
|  Series 3289, Class SD (IO) | Series 3289, Class SD (IO) | Series 3289, Class SD (IO) |  |
|  (-1.00 X SOFR30A plus 6.01%, 6.12% Cap) | (-1.00 X SOFR30A plus 6.01%, 6.12% Cap) | (-1.00 X SOFR30A plus 6.01%, 6.12% Cap) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.66% | 03/15/37<sup>2</sup> | 398322 | 27133 |

---

*See accompanying Notes to Financial Statements.* 

69 / Annual Financial Statements March 2025

------

#### Strategic Income Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issues | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |  |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |  |  |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |  |  |
|  Series 386, Class C1 (IO) | Series 386, Class C1 (IO) | Series 386, Class C1 (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/15/52 | 901619 | $| 120107 |
|  Ginnie Mae (TBA) | Ginnie Mae (TBA) | Ginnie Mae (TBA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/20/55 | 700000 |  | 655482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/20/55 | 375000 |  | 359857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/20/55 | 850000 |  | 836152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/20/55 | 900000 |  | 901885 |
|  Ginnie Mae II Pool MA8151 | Ginnie Mae II Pool MA8151 | Ginnie Mae II Pool MA8151 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/20/52 | 368864 |  | 355887 |
|  Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/54 | 272329 |  | 261429 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2013-25, Class SA (IO) | Series 2013-25, Class SA (IO) | Series 2013-25, Class SA (IO) |  |  |
|  (-1.00 X CME Term SOFR 1-Month plus 6.09%, 6.20% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.09%, 6.20% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.09%, 6.20% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.09%, 6.20% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.09%, 6.20% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.77% | 02/20/43<sup>2</sup> | 1033142 |  | 110727 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2024-159, Class XS (IO) | Series 2024-159, Class XS (IO) | Series 2024-159, Class XS (IO) |  |  |
|  (-1.00 X SOFR30A plus 5.50%, 5.50% Cap) | (-1.00 X SOFR30A plus 5.50%, 5.50% Cap) | (-1.00 X SOFR30A plus 5.50%, 5.50% Cap) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.16% | 10/20/54<sup>2</sup> | 1126419 |  | 89700 |
|  UMBS (TBA) | UMBS (TBA) | UMBS (TBA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/55 | 425000 |  | 338164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/55 | 400000 |  | 332818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/55 | 400000 |  | 346967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/01/55 | 600000 |  | 541261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/01/55 | 575000 |  | 534995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/01/55 | 1150000 |  | 1100106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/55 | 825000 |  | 808638 |
|  |  |  |  | 11036215 |
|  **Total Mortgage-Backed** | **Total Mortgage-Backed** | **Total Mortgage-Backed** |  |  |
|  (Cost $40,747,441) | (Cost $40,747,441) | (Cost $40,747,441) |  | 35136253 |
|  **MUNICIPAL BONDS — 0.15%\*** | **MUNICIPAL BONDS — 0.15%\*** | **MUNICIPAL BONDS — 0.15%\*** |  |  |
|  **California — 0.03%** | **California — 0.03%** | **California — 0.03%** |  |  |
|  California Health Facilities Financing Authority Revenue | California Health Facilities Financing Authority Revenue | California Health Facilities Financing Authority Revenue | California Health Facilities Financing Authority Revenue | California Health Facilities Financing Authority Revenue |
|  Bonds, Series A | Bonds, Series A | Bonds, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/15/51 | 20000 |  | 14824 |
|  California State University Revenue Bonds, University & | California State University Revenue Bonds, University & | California State University Revenue Bonds, University & | California State University Revenue Bonds, University & | California State University Revenue Bonds, University & |
|  College Improvements, Series B | College Improvements, Series B | College Improvements, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.37% | 11/01/35 | 10000 |  | 7956 |
|  |  |  |  | 22780 |
|  **Florida — 0.02%** | **Florida — 0.02%** | **Florida — 0.02%** |  |  |
|  County of Miami-Dade Aviation Revenue Bonds, Airport and | County of Miami-Dade Aviation Revenue Bonds, Airport and | County of Miami-Dade Aviation Revenue Bonds, Airport and | County of Miami-Dade Aviation Revenue Bonds, Airport and | County of Miami-Dade Aviation Revenue Bonds, Airport and |
|  Marina Improvements, Series B | Marina Improvements, Series B | Marina Improvements, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.86% | 10/01/35 | 15000 |  | 12365 |
|  **New York — 0.10%** | **New York — 0.10%** | **New York — 0.10%** |  |  |
|  New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax |
|  Secured Revenue Bonds, Public Improvements, Subseries B3 | Secured Revenue Bonds, Public Improvements, Subseries B3 | Secured Revenue Bonds, Public Improvements, Subseries B3 | Secured Revenue Bonds, Public Improvements, Subseries B3 | Secured Revenue Bonds, Public Improvements, Subseries B3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85% | 08/01/32 | 75000 |  | 61907 |
|  **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |  |  |
|  (Cost $114,883) | (Cost $114,883) | (Cost $114,883) |  | 97052 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issues | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **U.S. TREASURY SECURITIES — 7.05%** | **U.S. TREASURY SECURITIES — 7.05%** | **U.S. TREASURY SECURITIES — 7.05%** |  |
|  **U.S. Treasury Notes — 7.05%** | **U.S. Treasury Notes — 7.05%** | **U.S. Treasury Notes — 7.05%** |  |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/27 | $70000 | $69975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/31/30 | 4505000 | 4513975 |
|  **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |  |
|  (Cost $4,564,869) | (Cost $4,564,869) | (Cost $4,564,869) | 4583950 |
|  **Total Bonds — 99.08%** | **Total Bonds — 99.08%** | **Total Bonds — 99.08%** |  |
|  (Cost $70,281,788) | (Cost $70,281,788) | (Cost $70,281,788) | 64421196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues |  | Shares | Value |
|  **COMMON STOCK — 0.12%** | **COMMON STOCK — 0.12%** | **COMMON STOCK — 0.12%** |  |
|  **Communications — 0.06%** | **Communications — 0.06%** | **Communications — 0.06%** |  |
|  Intelsat SA<sup>3,5,6</sup>  | Intelsat SA<sup>3,5,6</sup>  | Intelsat SA<sup>3,5,6</sup>  |  |
| (Luxembourg) | (Luxembourg) | 1322 | 38008 |
|  **Finance — 0.06%** | **Finance — 0.06%** | **Finance — 0.06%** |  |
|  AGNC Investment Corp. | AGNC Investment Corp. | 4500 | 43110 |
|  **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |  |
|  (Cost $98,375) | (Cost $98,375) | (Cost $98,375) | 81118 |
|  **RIGHTS — 0.02%** | **RIGHTS — 0.02%** | **RIGHTS — 0.02%** |  |
|  **Communications — 0.02%** | **Communications — 0.02%** | **Communications — 0.02%** |  |
|  Intelsat SA, CVR<sup>3,5,6,10</sup>  | Intelsat SA, CVR<sup>3,5,6,10</sup>  | Intelsat SA, CVR<sup>3,5,6,10</sup>  |  |
| (Luxembourg) | (Luxembourg) | 1322 | 12889 |
|  **Total Rights** | **Total Rights** | **Total Rights** |  |
|  (Cost $1) | (Cost $1) | (Cost $1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues |  | Shares | Value |
|  **MUTUAL FUNDS — 0.26%** | **MUTUAL FUNDS — 0.26%** | **MUTUAL FUNDS — 0.26%** |  |
|  **Mutual Funds — 0.26%** | **Mutual Funds — 0.26%** | **Mutual Funds — 0.26%** |  |
|  TCW Private Asset Income Fund 0.00%<sup>11,12</sup>  | TCW Private Asset Income Fund 0.00%<sup>11,12</sup>  | 16843 | 168429 |
|  **Total Mutual Funds** | **Total Mutual Funds** | **Total Mutual Funds** |  |
|  (Cost $168,429) | (Cost $168,429) | (Cost $168,429) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues |  | Principal<br>Amount/Shares | Value |
|  **SHORT-TERM INVESTMENTS — 10.95%** | **SHORT-TERM INVESTMENTS — 10.95%** | **SHORT-TERM INVESTMENTS — 10.95%** |  |
|  **Money Market Funds — 10.95%** | **Money Market Funds — 10.95%** | **Money Market Funds — 10.95%** |  |
|  Fidelity Investments Money Market Funds - Government | Fidelity Investments Money Market Funds - Government | Fidelity Investments Money Market Funds - Government | Fidelity Investments Money Market Funds - Government |
|  Portfolio 4.23%<sup>11</sup>  | Portfolio 4.23%<sup>11</sup>  | 381108 | 381108 |
|  TCW Central Cash Fund 0.01%<sup>11,12</sup> | TCW Central Cash Fund 0.01%<sup>11,12</sup> | 6740188 | 6740188 |
|  **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** |  |
|  (Cost $7,121,296) | (Cost $7,121,296) | (Cost $7,121,296) | 7121296 |
|  **Total Investments - 110.43%** | **Total Investments - 110.43%** | **Total Investments - 110.43%** |  |
|  (Cost $77,669,889) | (Cost $77,669,889) | (Cost $77,669,889) | 71804928 |
|  **Liabilities in Excess of Other Assets - (10.43)%** | **Liabilities in Excess of Other Assets - (10.43)%** | **Liabilities in Excess of Other Assets - (10.43)%** | (6782997) |
|  **Net Assets - 100.00%** | **Net Assets - 100.00%** | **Net Assets - 100.00%** | $65021931 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 70

------

#### Strategic Income Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

<sup>1</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

<sup>2</sup> Floating rate security. The rate disclosed was in effect at March 31, 2025.

<sup>3</sup> Foreign denominated security issued by foreign domiciled entity.

<sup>4</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

<sup>5</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>6</sup> Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $376,269, which is 0.58% of total net assets. 

<sup>7</sup> Perpetual security with no stated maturity date.

<sup>8</sup> Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer - 5.00% cash or 10.00% payment-in-kind interest. 

<sup>9</sup> Zero coupon bond. The rate shown is the effective yield as of March 31, 2025.

<sup>10</sup> Non-income producing security.

<sup>11</sup> Represents the current yield as of March 31, 2025.

<sup>12</sup> Affiliated investment.

---

| | |
|:---|:---|
| <sup>†</sup> | Fair valued security. The aggregate value of fair valued securities is $52,893, which is 0.08% of total net assets. Fair valued securities were not valued utilizing an independent quote but were valued pursuant to guidelines approved by the Board of Trustees. See Notes to Financial Statements.  |

---

<sup>\*</sup> Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

<sup>\*\*</sup> Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CDO): Collateralized Debt Obligation

(CLO): Collateralized Loan Obligation

(CVR): Contingent Value Right

(EMTN): Euro Medium-Term Note

(EUR): Euro

(EURIBOR): Euro InterBank Offer Rate

(GBP): British Pound

(GMTN): Global Medium-Term Note

(IO): Interest Only

(MTN): Medium-Term Note

(NVS): Non-Voting Shares

(REIT): Real Estate Investment Trust

(SOFR): Secured Overnight Financing Rate

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

*See accompanying Notes to Financial Statements.* 

71 / Annual Financial Statements March 2025

------

#### Strategic Income Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency to<br>be Purchased | Currency to<br>be Sold | Counterparty | Settlement<br>Date | Unrealized <br>Appreciation <br>(Depreciation) |
|  **FOREIGN CURRENCY EXCHANGE CONTRACT** |  |  |  |  |
|  EUR 1,177,000 | USD 1,268,329 | Citibank N.A. | 04/11/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3823 |
|  EUR 210,000 | USD 222,465 | Goldman Sachs International | 04/11/25 | 4512 |
|  USD 96,220 | EUR 88,000 | The Bank of New York Mellon | 04/11/25 | 1106 |
|  USD 143,837 | GBP 111,000 | Goldman Sachs International | 07/11/25 | 580 |
|  |  |  |  | 10021 |
|  EUR 82,000 | USD 89,020 | Bank of America N.A. | 04/11/25 | (390) |
|  GBP 111,000 | USD 143,854 | Goldman Sachs International | 04/11/25 | (584) |
|  USD 105,481 | EUR 102,000 | Goldman Sachs International | 04/11/25 | (4765) |
|  USD 1,310,770 | EUR 1,279,000 | Citibank N.A. | 04/11/25 | (71628) |
|  USD 143,265 | GBP 111,000 | Goldman Sachs International | 04/11/25 | (4) |
|  USD 1,069,252 | EUR 985,000 | Citibank N.A. | 07/11/25 | (917) |
|  |  |  |  | (78288) |
|  **NET UNREALIZED DEPRECIATION** |  |  |  | $(68267) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Value | Unrealized <br>Appreciation <br>(Depreciation) |
|  **FUTURES CONTRACTS: LONG POSITIONS** | **FUTURES CONTRACTS: LONG POSITIONS** |  |  |  |  |
|  U.S. Treasury Five-Year Note | 59 | 06/30/25 | $6381219 | $88918 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88918 |
|  U.S. Treasury Two-Year Note | 38 | 06/30/25 | 7872531 | 38511 | 38511 |
|  Euro-Bund Future | 1 | 06/06/25 | 139162 | (174) | (174) |
|  |  |  | 14392912 | 127255 | 127255 |
|  **FUTURES CONTRACTS: SHORT POSITIONS** | **FUTURES CONTRACTS: SHORT POSITIONS** |  |  |  |  |
|  U.S. Treasury Ten-Year Ultra Bond | 27 | 06/18/25 | (3081375) | (38813) | (38813) |
|  U.S. Treasury Ultra Bond | 17 | 06/18/25 | (2078250) | (51953) | (51953) |
|  Euro-Bund Future | 3 | 06/06/25 | (417487) | (360) | (360) |
|  Euro-Bobl Future | 3 | 06/06/25 | (381710) | (1870) | (1870) |
|  |  |  | (5958822) | (92996) | (92996) |
|  **TOTAL FUTURES CONTRACTS** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8434090 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34259 | $34259 |

---

*See accompanying Notes to Financial Statements.* 

Annual Financial Statements March 2025 / 72

------

#### Sustainable Securitized Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  <br> **BONDS – 111.06%** | <br> **BONDS – 111.06%** | <br> **BONDS – 111.06%** | <br> **BONDS – 111.06%** |
|  **ASSET-BACKED SECURITIES — 22.31%\*\*** | **ASSET-BACKED SECURITIES — 22.31%\*\*** | **ASSET-BACKED SECURITIES — 22.31%\*\*** | **ASSET-BACKED SECURITIES — 22.31%\*\*** |
|  Aligned Data Centers Issuer LLC, | Aligned Data Centers Issuer LLC, | Aligned Data Centers Issuer LLC, | Aligned Data Centers Issuer LLC, |
|  Series 2021-1A, Class A2 | Series 2021-1A, Class A2 | Series 2021-1A, Class A2 | Series 2021-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.94% | 08/15/46<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167724 |
|  Allegro CLO X Ltd., | Allegro CLO X Ltd., | Allegro CLO X Ltd., | Allegro CLO X Ltd., |
|  Series 2019-1A, Class BRR | Series 2019-1A, Class BRR | Series 2019-1A, Class BRR | Series 2019-1A, Class BRR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.60%) | (CME Term SOFR 3-Month plus 1.60%) | (CME Term SOFR 3-Month plus 1.60%) | (CME Term SOFR 3-Month plus 1.60%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89% | 04/20/32<sup>1,2,3</sup> | 50000 | 50035 |
|  Allegro CLO XI Ltd., | Allegro CLO XI Ltd., | Allegro CLO XI Ltd., | Allegro CLO XI Ltd., |
|  Series 2019-2A, Class BR | Series 2019-2A, Class BR |  |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.90%) | (CME Term SOFR 3-Month plus 1.90%) | (CME Term SOFR 3-Month plus 1.90%) | (CME Term SOFR 3-Month plus 1.90%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.19% | 01/19/33<sup>1,2,3</sup> | 35000 | 34908 |
|  ALLO Issuer LLC, | ALLO Issuer LLC, | ALLO Issuer LLC, | ALLO Issuer LLC, |
|  Series 2023-1A, Class C | Series 2023-1A, Class C | Series 2023-1A, Class C | Series 2023-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.18% | 06/20/53<sup>1</sup> | 100000 | 108218 |
|  ALLO Issuer LLC, | ALLO Issuer LLC, | ALLO Issuer LLC, | ALLO Issuer LLC, |
|  Series 2024-1A, Class B | Series 2024-1A, Class B | Series 2024-1A, Class B | Series 2024-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.15% | 07/20/54<sup>1</sup> | 100000 | 102547 |
|  ALLO Issuer LLC, | ALLO Issuer LLC, | ALLO Issuer LLC, | ALLO Issuer LLC, |
|  Series 2024-1A, Class C | Series 2024-1A, Class C | Series 2024-1A, Class C | Series 2024-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.19% | 07/20/54<sup>1</sup> | 120000 | 130445 |
|  AMMC CLO 30 Ltd., | AMMC CLO 30 Ltd., | AMMC CLO 30 Ltd., | AMMC CLO 30 Ltd., |
|  Series 2024-30A, Class A1 | Series 2024-30A, Class A1 |  |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.68%) | (CME Term SOFR 3-Month plus 1.68%) | (CME Term SOFR 3-Month plus 1.68%) | (CME Term SOFR 3-Month plus 1.68%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.98% | 01/15/37<sup>1,2,3</sup> | 150000 | 150430 |
|  Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, |
|  Series 2024-EDU1, Class D | Series 2024-EDU1, Class D |  |  |
|  (SOFR30A plus 2.75%) | (SOFR30A plus 2.75%) | (SOFR30A plus 2.75%) | (SOFR30A plus 2.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.09% | 06/25/47<sup>1,2</sup> | 34112 | 34864 |
|  CIFC Funding Ltd., | CIFC Funding Ltd., | CIFC Funding Ltd., | CIFC Funding Ltd., |
|  Series 2022-1A, Class A | Series 2022-1A, Class A | Series 2022-1A, Class A | Series 2022-1A, Class A |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.32%) | (CME Term SOFR 3-Month plus 1.32%) | (CME Term SOFR 3-Month plus 1.32%) | (CME Term SOFR 3-Month plus 1.32%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62% | 04/17/35<sup>1,2,3</sup> | 50000 | 50025 |
|  CyrusOne Data Centers Issuer I LLC, | CyrusOne Data Centers Issuer I LLC, | CyrusOne Data Centers Issuer I LLC, | CyrusOne Data Centers Issuer I LLC, |
|  Series 2024-1A, Class A2 | Series 2024-1A, Class A2 | Series 2024-1A, Class A2 | Series 2024-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76% | 03/22/49<sup>1</sup> | 85000 | 83060 |
|  Dryden 40 Senior Loan Fund, | Dryden 40 Senior Loan Fund, |  |  |
|  Series 2015-40A, Class AR2 | Series 2015-40A, Class AR2 |  |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47% | 08/15/31<sup>1,2,3</sup> | 37514 | 37505 |
|  Dryden 72 CLO Ltd., | Dryden 72 CLO Ltd., | Dryden 72 CLO Ltd., | Dryden 72 CLO Ltd., |
|  Series 2019-72A, Class BRR | Series 2019-72A, Class BRR |  |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.65%) | (CME Term SOFR 3-Month plus 1.65%) | (CME Term SOFR 3-Month plus 1.65%) | (CME Term SOFR 3-Month plus 1.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.97% | 05/15/32<sup>1,2,3</sup> | 115000 | 114999 |
|  Edgeconnex Data Centers Issuer LLC, | Edgeconnex Data Centers Issuer LLC, | Edgeconnex Data Centers Issuer LLC, | Edgeconnex Data Centers Issuer LLC, |
|  Series 2022-1, Class A2 | Series 2022-1, Class A2 | Series 2022-1, Class A2 | Series 2022-1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 03/25/52<sup>1</sup> | 47708 | 45982 |
|  Frontier Issuer LLC, | Frontier Issuer LLC, | Frontier Issuer LLC, | Frontier Issuer LLC, |
|  Series 2023-1, Class A2 | Series 2023-1, Class A2 | Series 2023-1, Class A2 | Series 2023-1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60% | 08/20/53<sup>1</sup> | 110000 | 112106 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  <br> **ASSET-BACKED SECURITIES (continued)** | <br> **ASSET-BACKED SECURITIES (continued)** | <br> **ASSET-BACKED SECURITIES (continued)** | <br> **ASSET-BACKED SECURITIES (continued)** |
|  Golub Capital Partners CLO 50B-R Ltd., | Golub Capital Partners CLO 50B-R Ltd., | Golub Capital Partners CLO 50B-R Ltd., | Golub Capital Partners CLO 50B-R Ltd., |
|  Series 2020-50A, Class AJR | Series 2020-50A, Class AJR | Series 2020-50A, Class AJR | Series 2020-50A, Class AJR |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
|  (CME Term SOFR 3-Month plus 1.60%) | (CME Term SOFR 3-Month plus 1.60%) | (CME Term SOFR 3-Month plus 1.60%) | (CME Term SOFR 3-Month plus 1.60%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89% | 04/20/35<sup>1,2,3</sup> | $70000 | $70032 |
|  GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, |
|  Series 2024-1A, Class A | Series 2024-1A, Class A | Series 2024-1A, Class A | Series 2024-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% | 10/20/46<sup>1</sup> | 96599 | 97928 |
|  GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, |
|  Series 2022-1GS, Class A | Series 2022-1GS, Class A | Series 2022-1GS, Class A | Series 2022-1GS, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 01/20/49<sup>1</sup> | 68788 | 57428 |
|  GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, |
|  Series 2023-1GS, Class A | Series 2023-1GS, Class A | Series 2023-1GS, Class A | Series 2023-1GS, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52% | 02/22/55<sup>1</sup> | 82999 | 78463 |
|  GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, |
|  Series 2023-2GS, Class A | Series 2023-2GS, Class A | Series 2023-2GS, Class A | Series 2023-2GS, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 05/20/55<sup>1</sup> | 44055 | 42115 |
|  Hotwire Funding LLC, | Hotwire Funding LLC, | Hotwire Funding LLC, | Hotwire Funding LLC, |
|  Series 2024-1A, Class A2 | Series 2024-1A, Class A2 | Series 2024-1A, Class A2 | Series 2024-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89% | 06/20/54<sup>1</sup> | 25000 | 25475 |
|  HPS Loan Management Ltd. | HPS Loan Management Ltd. | HPS Loan Management Ltd. | HPS Loan Management Ltd. |
|  Series 15A-19, Class A1R | Series 15A-19, Class A1R | Series 15A-19, Class A1R | Series 15A-19, Class A1R |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
|  (CME Term SOFR 3-Month plus 1.32%) | (CME Term SOFR 3-Month plus 1.32%) | (CME Term SOFR 3-Month plus 1.32%) | (CME Term SOFR 3-Month plus 1.32%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61% | 01/22/35<sup>1,2,3</sup> | 60000 | 60010 |
|  HPS Loan Management Ltd., | HPS Loan Management Ltd., | HPS Loan Management Ltd., | HPS Loan Management Ltd., |
|  Series 2021-16A, Class B | Series 2021-16A, Class B | Series 2021-16A, Class B | Series 2021-16A, Class B |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.96%) | (CME Term SOFR 3-Month plus 1.96%) | (CME Term SOFR 3-Month plus 1.96%) | (CME Term SOFR 3-Month plus 1.96%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 01/23/35<sup>1,2,3</sup> | 50000 | 50026 |
|  J.G. Wentworth XXXIX LLC, | J.G. Wentworth XXXIX LLC, | J.G. Wentworth XXXIX LLC, | J.G. Wentworth XXXIX LLC, |
|  Series 2017-2A, Class B | Series 2017-2A, Class B | Series 2017-2A, Class B | Series 2017-2A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09% | 09/17/74<sup>1</sup> | 159483 | 144687 |
|  JG Wentworth XLII LLC, | JG Wentworth XLII LLC, | JG Wentworth XLII LLC, | JG Wentworth XLII LLC, |
|  Series 2018-2A, Class B | Series 2018-2A, Class B | Series 2018-2A, Class B | Series 2018-2A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 10/15/77<sup>1</sup> | 147623 | 133222 |
|  Loanpal Solar Loan Ltd., | Loanpal Solar Loan Ltd., | Loanpal Solar Loan Ltd., | Loanpal Solar Loan Ltd., |
|  Series 2021-1GS, Class A | Series 2021-1GS, Class A | Series 2021-1GS, Class A | Series 2021-1GS, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.29% | 01/20/48<sup>1</sup> | 132093 | 107302 |
|  Madison Park Funding XXVII Ltd., | Madison Park Funding XXVII Ltd., | Madison Park Funding XXVII Ltd., | Madison Park Funding XXVII Ltd., |
|  Series 2018-27A, Class A2R | Series 2018-27A, Class A2R | Series 2018-27A, Class A2R | Series 2018-27A, Class A2R |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.50%) | (CME Term SOFR 3-Month plus 1.50%) | (CME Term SOFR 3-Month plus 1.50%) | (CME Term SOFR 3-Month plus 1.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82% | 04/20/38<sup>1,2,3</sup> | 150000 | 150064 |
|  Madison Park Funding XXXIX Ltd., | Madison Park Funding XXXIX Ltd., | Madison Park Funding XXXIX Ltd., | Madison Park Funding XXXIX Ltd., |
|  Series 2021-39A, Class BR | Series 2021-39A, Class BR | Series 2021-39A, Class BR | Series 2021-39A, Class BR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.75%) | (CME Term SOFR 3-Month plus 1.75%) | (CME Term SOFR 3-Month plus 1.75%) | (CME Term SOFR 3-Month plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04% | 10/22/34<sup>1,2,3</sup> | 105000 | 104768 |
|  Madison Park Funding XXXVI Ltd., | Madison Park Funding XXXVI Ltd., | Madison Park Funding XXXVI Ltd., | Madison Park Funding XXXVI Ltd., |
|  Series 2019-36A, Class B1RR | Series 2019-36A, Class B1RR | Series 2019-36A, Class B1RR | Series 2019-36A, Class B1RR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.55%) | (CME Term SOFR 3-Month plus 1.55%) | (CME Term SOFR 3-Month plus 1.55%) | (CME Term SOFR 3-Month plus 1.55%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 04/15/35<sup>1,2,3</sup> | 100000 | 99549 |
|  Mosaic Solar Loan Trust, | Mosaic Solar Loan Trust, | Mosaic Solar Loan Trust, | Mosaic Solar Loan Trust, |
|  Series 2020-2A, Class A | Series 2020-2A, Class A | Series 2020-2A, Class A | Series 2020-2A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.44% | 08/20/46<sup>1</sup> | 41107 | 34728 |

---

*See accompanying Notes to Financial Statements.* 

73 / Annual Financial Statements March 2025

------

#### Sustainable Securitized Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  <br> **ASSET-BACKED SECURITIES (continued)** | <br> **ASSET-BACKED SECURITIES (continued)** | <br> **ASSET-BACKED SECURITIES (continued)** | <br> **ASSET-BACKED SECURITIES (continued)** |
|  Navient Student Loan Trust, | Navient Student Loan Trust, | Navient Student Loan Trust, | Navient Student Loan Trust, |
|  Series 2017-1A, Class A3 | Series 2017-1A, Class A3 | Series 2017-1A, Class A3 | Series 2017-1A, Class A3 |
|  (SOFR30A plus 1.26%) | (SOFR30A plus 1.26%) | (SOFR30A plus 1.26%) | (SOFR30A plus 1.26%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 07/26/66<sup>1,2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91126 |
|  Nelnet Student Loan Trust, | Nelnet Student Loan Trust, | Nelnet Student Loan Trust, | Nelnet Student Loan Trust, |
|  Series 2012-1A, Class B | Series 2012-1A, Class B | Series 2012-1A, Class B | Series 2012-1A, Class B |
|  (SOFR30A plus 1.11%) | (SOFR30A plus 1.11%) | (SOFR30A plus 1.11%) | (SOFR30A plus 1.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 06/25/42<sup>1,2</sup> | 100000 | 98859 |
|  Neuberger Berman Loan Advisers CLO 50 Ltd., | Neuberger Berman Loan Advisers CLO 50 Ltd., | Neuberger Berman Loan Advisers CLO 50 Ltd., | Neuberger Berman Loan Advisers CLO 50 Ltd., |
|  Series 2022-50A, Class BR | Series 2022-50A, Class BR | Series 2022-50A, Class BR | Series 2022-50A, Class BR |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
|  (CME Term SOFR 3-Month plus 1.65%) | (CME Term SOFR 3-Month plus 1.65%) | (CME Term SOFR 3-Month plus 1.65%) | (CME Term SOFR 3-Month plus 1.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94% | 07/23/36<sup>1,2,3</sup> | 80000 | 80046 |
|  OCP CLO Ltd., | OCP CLO Ltd., | OCP CLO Ltd., | OCP CLO Ltd., |
|  Series 2021-23A, Class AR | Series 2021-23A, Class AR | Series 2021-23A, Class AR | Series 2021-23A, Class AR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.16%) | (CME Term SOFR 3-Month plus 1.16%) | (CME Term SOFR 3-Month plus 1.16%) | (CME Term SOFR 3-Month plus 1.16%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44% | 01/17/37<sup>1,2,3</sup> | 150000 | 149756 |
|  Octagon Investment Partners 39 Ltd., | Octagon Investment Partners 39 Ltd., | Octagon Investment Partners 39 Ltd., | Octagon Investment Partners 39 Ltd., |
|  Series 2018-3A, Class AR | Series 2018-3A, Class AR | Series 2018-3A, Class AR | Series 2018-3A, Class AR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44% | 10/20/30<sup>1,2,3</sup> | 40267 | 40269 |
|  Progress Residential, | Progress Residential, | Progress Residential, | Progress Residential, |
|  Series 2021-SFR3, Class E1 | Series 2021-SFR3, Class E1 | Series 2021-SFR3, Class E1 | Series 2021-SFR3, Class E1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.54% | 05/17/26<sup>1</sup> | 40000 | 38856 |
|  Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., |
|  Series 2020-1A, Class A1RR | Series 2020-1A, Class A1RR | Series 2020-1A, Class A1RR | Series 2020-1A, Class A1RR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.09%) | (CME Term SOFR 3-Month plus 1.09%) | (CME Term SOFR 3-Month plus 1.09%) | (CME Term SOFR 3-Month plus 1.09%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 01/20/36<sup>1,2,3</sup> | 70000 | 69655 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
|  Series 2012-2, Class A | Series 2012-2, Class A | Series 2012-2, Class A | Series 2012-2, Class A |
|  (SOFR30A plus 0.81%) | (SOFR30A plus 0.81%) | (SOFR30A plus 0.81%) | (SOFR30A plus 0.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 01/25/29<sup>2</sup> | 28529 | 28016 |
|  Sofi Professional Loan Program Trust, | Sofi Professional Loan Program Trust, | Sofi Professional Loan Program Trust, | Sofi Professional Loan Program Trust, |
|  Series 2021-B, Class AFX | Series 2021-B, Class AFX | Series 2021-B, Class AFX | Series 2021-B, Class AFX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14% | 02/15/47<sup>1</sup> | 30791 | 27230 |
|  Stack Infrastructure Issuer LLC, | Stack Infrastructure Issuer LLC, | Stack Infrastructure Issuer LLC, | Stack Infrastructure Issuer LLC, |
|  Series 2021-1A, Class A2 | Series 2021-1A, Class A2 | Series 2021-1A, Class A2 | Series 2021-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88% | 03/26/46<sup>1</sup> | 138000 | 133838 |
|  Switch ABS Issuer LLC, | Switch ABS Issuer LLC, | Switch ABS Issuer LLC, | Switch ABS Issuer LLC, |
|  Series 2024-1A, Class A2 | Series 2024-1A, Class A2 | Series 2024-1A, Class A2 | Series 2024-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.28% | 03/25/54<sup>1</sup> | 75000 | 75965 |
|  Switch ABS Issuer LLC, | Switch ABS Issuer LLC, | Switch ABS Issuer LLC, | Switch ABS Issuer LLC, |
|  Series 2024-1A, Class B | Series 2024-1A, Class B | Series 2024-1A, Class B | Series 2024-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 03/25/54<sup>1</sup> | 100000 | 100444 |
|  Symphony CLO XIX Ltd., | Symphony CLO XIX Ltd., | Symphony CLO XIX Ltd., | Symphony CLO XIX Ltd., |
|  Series 2018-19A, Class B | Series 2018-19A, Class B | Series 2018-19A, Class B | Series 2018-19A, Class B |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.61%) | (CME Term SOFR 3-Month plus 1.61%) | (CME Term SOFR 3-Month plus 1.61%) | (CME Term SOFR 3-Month plus 1.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92% | 04/16/31<sup>1,2,3</sup> | 50000 | 49996 |
|  Vantage Data Centers Issuer LLC, | Vantage Data Centers Issuer LLC, | Vantage Data Centers Issuer LLC, | Vantage Data Centers Issuer LLC, |
|  Series 2020-1A, Class A2 | Series 2020-1A, Class A2 | Series 2020-1A, Class A2 | Series 2020-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 09/15/45<sup>1</sup> | 50000 | 49193 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  <br> **ASSET-BACKED SECURITIES (continued)** | <br> **ASSET-BACKED SECURITIES (continued)** | <br> **ASSET-BACKED SECURITIES (continued)** | <br> **ASSET-BACKED SECURITIES (continued)** |
|  Vantage Data Centers Jersey Borrower Spv Ltd., | Vantage Data Centers Jersey Borrower Spv Ltd., | Vantage Data Centers Jersey Borrower Spv Ltd., | Vantage Data Centers Jersey Borrower Spv Ltd., |
|  Series 2024-1A, Class A2 | Series 2024-1A, Class A2 | Series 2024-1A, Class A2 | Series 2024-1A, Class A2 |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17% | 05/28/39<sup>1,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131296 |
|  Voya CLO Ltd., | Voya CLO Ltd., | Voya CLO Ltd., | Voya CLO Ltd., |
|  Series 2014-4A, Class A2RA | Series 2014-4A, Class A2RA | Series 2014-4A, Class A2RA | Series 2014-4A, Class A2RA |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.86%) | (CME Term SOFR 3-Month plus 1.86%) | (CME Term SOFR 3-Month plus 1.86%) | (CME Term SOFR 3-Month plus 1.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 07/14/31<sup>1,2,3</sup> | 50000 | 50125 |
|  Voya CLO Ltd., | Voya CLO Ltd., | Voya CLO Ltd., | Voya CLO Ltd., |
|  Series 2015-3A, Class A1R3 | Series 2015-3A, Class A1R3 | Series 2015-3A, Class A1R3 | Series 2015-3A, Class A1R3 |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44% | 10/20/31<sup>1,2,3</sup> | 26970 | 26966 |
|  Voya CLO Ltd., | Voya CLO Ltd., | Voya CLO Ltd., | Voya CLO Ltd., |
|  Series 2020-1A, Class CR | Series 2020-1A, Class CR | Series 2020-1A, Class CR | Series 2020-1A, Class CR |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 3-Month plus 2.36%) | (CME Term SOFR 3-Month plus 2.36%) | (CME Term SOFR 3-Month plus 2.36%) | (CME Term SOFR 3-Month plus 2.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67% | 07/16/34<sup>1,2,3</sup> | 50000 | 50103 |
|  **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |
|  (Cost $3,765,338) | (Cost $3,765,338) | (Cost $3,765,338) | 3770384 |
|  **MORTGAGE-BACKED — 79.67%\*\*** | **MORTGAGE-BACKED — 79.67%\*\*** | **MORTGAGE-BACKED — 79.67%\*\*** | **MORTGAGE-BACKED — 79.67%\*\*** |
|  **Non-Agency Commercial Mortgage-Backed — 28.88%** | **Non-Agency Commercial Mortgage-Backed — 28.88%** | **Non-Agency Commercial Mortgage-Backed — 28.88%** | **Non-Agency Commercial Mortgage-Backed — 28.88%** |
|  1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, |
|  Series 2015-1211, Class A1A2 | Series 2015-1211, Class A1A2 | Series 2015-1211, Class A1A2 | Series 2015-1211, Class A1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 08/10/35<sup>1</sup> | 23000 | 22609 |
|  1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, |
|  Series 2015-1211, Class B | Series 2015-1211, Class B | Series 2015-1211, Class B | Series 2015-1211, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09% | 08/10/35<sup>1,4</sup> | 100000 | 95375 |
|  245 Park Avenue Trust, | 245 Park Avenue Trust, | 245 Park Avenue Trust, | 245 Park Avenue Trust, |
|  Series 2017-245P, Class E | Series 2017-245P, Class E | Series 2017-245P, Class E | Series 2017-245P, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.66% | 06/05/37<sup>1,4</sup> | 100000 | 92471 |
|  280 Park Avenue Mortgage Trust, | 280 Park Avenue Mortgage Trust, | 280 Park Avenue Mortgage Trust, | 280 Park Avenue Mortgage Trust, |
|  Series 2017-280P, Class A | Series 2017-280P, Class A | Series 2017-280P, Class A | Series 2017-280P, Class A |
|  (CME Term SOFR 1-Month plus 1.18%) | (CME Term SOFR 1-Month plus 1.18%) | (CME Term SOFR 1-Month plus 1.18%) | (CME Term SOFR 1-Month plus 1.18%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/15/34<sup>1,2</sup> | 58000 | 56961 |
|  Banc of America Merrill Lynch Commercial Mortgage Trust, | Banc of America Merrill Lynch Commercial Mortgage Trust, | Banc of America Merrill Lynch Commercial Mortgage Trust, | Banc of America Merrill Lynch Commercial Mortgage Trust, |
|  Series 2015-ASTR, Class C | Series 2015-ASTR, Class C | Series 2015-ASTR, Class C | Series 2015-ASTR, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 07/14/37<sup>1</sup> | 100000 | 91421 |
|  Banc of America Merrill Lynch Commercial Mortgage Trust, | Banc of America Merrill Lynch Commercial Mortgage Trust, | Banc of America Merrill Lynch Commercial Mortgage Trust, | Banc of America Merrill Lynch Commercial Mortgage Trust, |
|  Series 2018-PARK, Class A | Series 2018-PARK, Class A | Series 2018-PARK, Class A | Series 2018-PARK, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09% | 08/10/38<sup>1,4</sup> | 100000 | 96942 |
|  BGME Trust, | BGME Trust, | BGME Trust, | BGME Trust, |
|  Series 2021-VR, Class C | Series 2021-VR, Class C | Series 2021-VR, Class C | Series 2021-VR, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99% | 01/10/43<sup>1,4</sup> | 100000 | 73373 |
|  BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |
|  Series 2022-AHP, Class D | Series 2022-AHP, Class D | Series 2022-AHP, Class D | Series 2022-AHP, Class D |
|  (CME Term SOFR 1-Month plus 2.44%) | (CME Term SOFR 1-Month plus 2.44%) | (CME Term SOFR 1-Month plus 2.44%) | (CME Term SOFR 1-Month plus 2.44%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.76% | 01/17/39<sup>1,2</sup> | 100000 | 98143 |
|  BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |
|  Series 2024-VLT5, Class C | Series 2024-VLT5, Class C | Series 2024-VLT5, Class C | Series 2024-VLT5, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.78% | 11/13/46<sup>1,4</sup> | 100000 | 99278 |
|  BX Trust, | BX Trust, | BX Trust, | BX Trust, |
|  Series 2021-ARIA, Class G | Series 2021-ARIA, Class G | Series 2021-ARIA, Class G | Series 2021-ARIA, Class G |
|  (CME Term SOFR 1-Month plus 3.26%) | (CME Term SOFR 1-Month plus 3.26%) | (CME Term SOFR 1-Month plus 3.26%) | (CME Term SOFR 1-Month plus 3.26%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.58% | 10/15/36<sup>1,2</sup> | 100000 | 97935 |

---

*See accompanying Notes to Financial Statements.* 

Annual Financial Statements March 2025 / 74

------

#### Sustainable Securitized Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
|  BX Trust, | BX Trust, | BX Trust, | BX Trust, |
|  Series 2023-LIFE, Class B | Series 2023-LIFE, Class B | Series 2023-LIFE, Class B | Series 2023-LIFE, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39% | 02/15/28<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97880 |
|  BX Trust, | BX Trust, | BX Trust, | BX Trust, |
|  Series 2024-BIO, Class B | Series 2024-BIO, Class B | Series 2024-BIO, Class B | Series 2024-BIO, Class B |
|  (CME Term SOFR 1-Month plus 1.94%) | (CME Term SOFR 1-Month plus 1.94%) | (CME Term SOFR 1-Month plus 1.94%) | (CME Term SOFR 1-Month plus 1.94%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.26% | 02/15/41<sup>1,2</sup> | 65000 | 65029 |
|  BXHPP Trust, | BXHPP Trust, | BXHPP Trust, | BXHPP Trust, |
|  Series 2021-FILM, Class C | Series 2021-FILM, Class C | Series 2021-FILM, Class C | Series 2021-FILM, Class C |
|  (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53% | 08/15/36<sup>1,2</sup> | 150000 | 138493 |
|  BXP Trust, | BXP Trust, | BXP Trust, | BXP Trust, |
|  Series 2017-GM, Class C | Series 2017-GM, Class C | Series 2017-GM, Class C | Series 2017-GM, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42% | 06/13/39<sup>1,4</sup> | 100000 | 95228 |
|  Century Plaza Towers, | Century Plaza Towers, | Century Plaza Towers, | Century Plaza Towers, |
|  Series 2019-CPT, Class A | Series 2019-CPT, Class A | Series 2019-CPT, Class A | Series 2019-CPT, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.87% | 11/13/39<sup>1</sup> | 140000 | 126197 |
|  CHI Commercial Mortgage Trust, | CHI Commercial Mortgage Trust, | CHI Commercial Mortgage Trust, | CHI Commercial Mortgage Trust, |
|  Series 2025-SFT, Class D | Series 2025-SFT, Class D | Series 2025-SFT, Class D | Series 2025-SFT, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57% | 04/15/42<sup>1,4</sup> | 100000 | 100980 |
|  CONE Trust, | CONE Trust, | CONE Trust, | CONE Trust, |
|  Series 2024-DFW1, Class A | Series 2024-DFW1, Class A | Series 2024-DFW1, Class A | Series 2024-DFW1, Class A |
|  (CME Term SOFR 1-Month plus 1.64%) | (CME Term SOFR 1-Month plus 1.64%) | (CME Term SOFR 1-Month plus 1.64%) | (CME Term SOFR 1-Month plus 1.64%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96% | 08/15/41<sup>1,2</sup> | 59000 | 58661 |
|  CONE Trust, | CONE Trust, | CONE Trust, | CONE Trust, |
|  Series 2024-DFW1, Class B | Series 2024-DFW1, Class B | Series 2024-DFW1, Class B | Series 2024-DFW1, Class B |
|  (CME Term SOFR 1-Month plus 2.29%) | (CME Term SOFR 1-Month plus 2.29%) | (CME Term SOFR 1-Month plus 2.29%) | (CME Term SOFR 1-Month plus 2.29%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.61% | 08/15/41<sup>1,2</sup> | 50000 | 49741 |
|  Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |
|  Series 2019-UVIL, Class E | Series 2019-UVIL, Class E | Series 2019-UVIL, Class E | Series 2019-UVIL, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.28% | 12/15/41<sup>1,4</sup> | 100000 | 86300 |
|  DBGS Mortgage Trust, | DBGS Mortgage Trust, | DBGS Mortgage Trust, | DBGS Mortgage Trust, |
|  Series 2021-W52, Class C | Series 2021-W52, Class C | Series 2021-W52, Class C | Series 2021-W52, Class C |
|  (CME Term SOFR 1-Month plus 2.41%) | (CME Term SOFR 1-Month plus 2.41%) | (CME Term SOFR 1-Month plus 2.41%) | (CME Term SOFR 1-Month plus 2.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.73% | 10/15/36<sup>1,2</sup> | 100000 | 98287 |
|  DOLP Trust, | DOLP Trust, | DOLP Trust, | DOLP Trust, |
|  Series 2021-NYC, Class A | Series 2021-NYC, Class A | Series 2021-NYC, Class A | Series 2021-NYC, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96% | 05/10/41<sup>1</sup> | 100000 | 88028 |
|  Eleven Madison Mortgage Trust, | Eleven Madison Mortgage Trust, | Eleven Madison Mortgage Trust, | Eleven Madison Mortgage Trust, |
|  Series 2015-11MD, Class A | Series 2015-11MD, Class A | Series 2015-11MD, Class A | Series 2015-11MD, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55% | 09/10/35<sup>1,4</sup> | 23000 | 22700 |
|  Grace Trust, | Grace Trust, | Grace Trust, | Grace Trust, |
|  Series 2020-GRCE, Class A | Series 2020-GRCE, Class A | Series 2020-GRCE, Class A | Series 2020-GRCE, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35% | 12/10/40<sup>1</sup> | 100000 | 86208 |
|  Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, |
|  Series 2019-30HY, Class D | Series 2019-30HY, Class D | Series 2019-30HY, Class D | Series 2019-30HY, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44% | 07/10/39<sup>1,4</sup> | 100000 | 90133 |
|  Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, |
|  Series 2019-55HY, Class F | Series 2019-55HY, Class F | Series 2019-55HY, Class F | Series 2019-55HY, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94% | 12/10/41<sup>1,4</sup> | 100000 | 84031 |
|  Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, |
|  Series 2025-SPRL, Class F | Series 2025-SPRL, Class F | Series 2025-SPRL, Class F | Series 2025-SPRL, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.40% | 01/13/40<sup>1,4</sup> | 100000 | 100790 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
|  Series 2019-ICON, Class XB (IO) | Series 2019-ICON, Class XB (IO) | Series 2019-ICON, Class XB (IO) | Series 2019-ICON, Class XB (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.62% | 01/05/34<sup>1,4</sup> | 10000000 | 52134 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
|  Series 2025-BMS, Class D | Series 2025-BMS, Class D | Series 2025-BMS, Class D | Series 2025-BMS, Class D |
|  (CME Term SOFR 1-Month plus 3.15%) | (CME Term SOFR 1-Month plus 3.15%) | (CME Term SOFR 1-Month plus 3.15%) | (CME Term SOFR 1-Month plus 3.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.47% | 01/15/42<sup>1,2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108896 |
|  KREST Commercial Mortgage Securities Trust, | KREST Commercial Mortgage Securities Trust, | KREST Commercial Mortgage Securities Trust, | KREST Commercial Mortgage Securities Trust, |
|  Series 2021-CHIP, Class C | Series 2021-CHIP, Class C | Series 2021-CHIP, Class C | Series 2021-CHIP, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.93% | 11/05/44<sup>1,4</sup> | 125000 | 89313 |
|  Life Mortgage Trust, | Life Mortgage Trust, | Life Mortgage Trust, | Life Mortgage Trust, |
|  Series 2021-BMR, Class C | Series 2021-BMR, Class C | Series 2021-BMR, Class C | Series 2021-BMR, Class C |
|  (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53% | 03/15/38<sup>1,2</sup> | 70000 | 69293 |
|  Manhattan West Mortgage Trust, | Manhattan West Mortgage Trust, | Manhattan West Mortgage Trust, | Manhattan West Mortgage Trust, |
|  Series 2020-1MW, Class D | Series 2020-1MW, Class D | Series 2020-1MW, Class D | Series 2020-1MW, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.33% | 09/10/39<sup>1,4</sup> | 50000 | 45792 |
|  MFT Mortgage Trust, | MFT Mortgage Trust, | MFT Mortgage Trust, | MFT Mortgage Trust, |
|  Series 2020-B6, Class B | Series 2020-B6, Class B | Series 2020-B6, Class B | Series 2020-B6, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.28% | 08/10/40<sup>1,4</sup> | 150000 | 108711 |
|  MHC Trust, | MHC Trust, | MHC Trust, | MHC Trust, |
|  Series 2021-MHC2, Class B | Series 2021-MHC2, Class B | Series 2021-MHC2, Class B | Series 2021-MHC2, Class B |
|  (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53% | 05/15/38<sup>1,2</sup> | 118640 | 118317 |
|  MHC Trust, | MHC Trust, | MHC Trust, | MHC Trust, |
|  Series 2021-MHC2, Class D | Series 2021-MHC2, Class D | Series 2021-MHC2, Class D | Series 2021-MHC2, Class D |
|  (CME Term SOFR 1-Month plus 1.61%) | (CME Term SOFR 1-Month plus 1.61%) | (CME Term SOFR 1-Month plus 1.61%) | (CME Term SOFR 1-Month plus 1.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93% | 05/15/38<sup>1,2</sup> | 112000 | 111433 |
|  MHC Trust, | MHC Trust, | MHC Trust, | MHC Trust, |
|  Series 2021-MHC2, Class E | Series 2021-MHC2, Class E | Series 2021-MHC2, Class E | Series 2021-MHC2, Class E |
|  (CME Term SOFR 1-Month plus 2.06%) | (CME Term SOFR 1-Month plus 2.06%) | (CME Term SOFR 1-Month plus 2.06%) | (CME Term SOFR 1-Month plus 2.06%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 05/15/38<sup>1,2</sup> | 80000 | 79555 |
|  MKT Mortgage Trust, | MKT Mortgage Trust, | MKT Mortgage Trust, | MKT Mortgage Trust, |
|  Series 2020-525M, Class D | Series 2020-525M, Class D | Series 2020-525M, Class D | Series 2020-525M, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94% | 02/12/40<sup>1,4</sup> | 100000 | 76270 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
|  Series 2021-PLZA, Class A | Series 2021-PLZA, Class A | Series 2021-PLZA, Class A | Series 2021-PLZA, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57% | 11/09/43<sup>1</sup> | 110000 | 93179 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
|  Series 2021-PLZA, Class B | Series 2021-PLZA, Class B | Series 2021-PLZA, Class B | Series 2021-PLZA, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.81% | 11/09/43<sup>1,4</sup> | 150000 | 127184 |
|  NY Commercial Mortgage Trust, | NY Commercial Mortgage Trust, | NY Commercial Mortgage Trust, | NY Commercial Mortgage Trust, |
|  Series 2025-299P, Class C | Series 2025-299P, Class C | Series 2025-299P, Class C | Series 2025-299P, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.76% | 02/10/47<sup>1,4</sup> | 44000 | 45003 |
|  NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, |
|  Series 2021-909, Class A | Series 2021-909, Class A | Series 2021-909, Class A | Series 2021-909, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94% | 04/10/43<sup>1</sup> | 100000 | 84697 |
|  NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, |
|  Series 2021-909, Class C | Series 2021-909, Class C | Series 2021-909, Class C | Series 2021-909, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.21% | 04/10/43<sup>1,4</sup> | 100000 | 78317 |
|  NYC Trust, | NYC Trust, | NYC Trust, | NYC Trust, |
|  Series 2024-3ELV, Class C | Series 2024-3ELV, Class C | Series 2024-3ELV, Class C | Series 2024-3ELV, Class C |
|  (CME Term SOFR 1-Month plus 2.84%) | (CME Term SOFR 1-Month plus 2.84%) | (CME Term SOFR 1-Month plus 2.84%) | (CME Term SOFR 1-Month plus 2.84%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.16% | 08/15/29<sup>1,2</sup> | 100000 | 100323 |
|  NYC Trust, | NYC Trust, | NYC Trust, | NYC Trust, |
|  Series 2024-3ELV, Class D | Series 2024-3ELV, Class D | Series 2024-3ELV, Class D | Series 2024-3ELV, Class D |
|  (CME Term SOFR 1-Month plus 3.84%) | (CME Term SOFR 1-Month plus 3.84%) | (CME Term SOFR 1-Month plus 3.84%) | (CME Term SOFR 1-Month plus 3.84%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.16% | 08/15/29<sup>1,2</sup> | 100000 | 100259 |

---

*See accompanying Notes to Financial Statements.*

75 / Annual Financial Statements March 2025

------

#### Sustainable Securitized Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
|  NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, |
|  Series 2021-1290, Class C | Series 2021-1290, Class C | Series 2021-1290, Class C | Series 2021-1290, Class C |
|  (CME Term SOFR 1-Month plus 2.11%) | (CME Term SOFR 1-Month plus 2.11%) | (CME Term SOFR 1-Month plus 2.11%) | (CME Term SOFR 1-Month plus 2.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.43% | 11/15/38<sup>1,2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138249 |
|  NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, |
|  Series 2021-1290, Class D | Series 2021-1290, Class D | Series 2021-1290, Class D | Series 2021-1290, Class D |
|  (CME Term SOFR 1-Month plus 2.66%) | (CME Term SOFR 1-Month plus 2.66%) | (CME Term SOFR 1-Month plus 2.66%) | (CME Term SOFR 1-Month plus 2.66%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.98% | 11/15/38<sup>1,2</sup> | 150000 | 145609 |
|  One New York Plaza Trust, | One New York Plaza Trust, | One New York Plaza Trust, | One New York Plaza Trust, |
|  Series 2020-1NYP, Class AJ | Series 2020-1NYP, Class AJ | Series 2020-1NYP, Class AJ | Series 2020-1NYP, Class AJ |
|  (CME Term SOFR 1-Month plus 1.36%) | (CME Term SOFR 1-Month plus 1.36%) | (CME Term SOFR 1-Month plus 1.36%) | (CME Term SOFR 1-Month plus 1.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% | 01/15/36<sup>1,2</sup> | 150000 | 142077 |
|  RIDE, |  |  |  |
|  Series 2025-SHRE, Class D | Series 2025-SHRE, Class D | Series 2025-SHRE, Class D | Series 2025-SHRE, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30% | 02/14/47<sup>1,4</sup> | 100000 | 101415 |
|  SFO Commercial Mortgage Trust, | SFO Commercial Mortgage Trust, | SFO Commercial Mortgage Trust, | SFO Commercial Mortgage Trust, |
|  Series 2021-555, Class B | Series 2021-555, Class B | Series 2021-555, Class B | Series 2021-555, Class B |
|  (CME Term SOFR 1-Month plus 1.61%) | (CME Term SOFR 1-Month plus 1.61%) | (CME Term SOFR 1-Month plus 1.61%) | (CME Term SOFR 1-Month plus 1.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93% | 05/15/38<sup>1,2</sup> | 100000 | 96957 |
|  SLG Office Trust, | SLG Office Trust, | SLG Office Trust, | SLG Office Trust, |
|  Series 2021-OVA, Class C | Series 2021-OVA, Class C | Series 2021-OVA, Class C | Series 2021-OVA, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85% | 07/15/41<sup>1</sup> | 140000 | 119936 |
|  SWCH Commercial Mortgage Trust, | SWCH Commercial Mortgage Trust, | SWCH Commercial Mortgage Trust, | SWCH Commercial Mortgage Trust, |
|  Series 2025-DATA, Class E | Series 2025-DATA, Class E | Series 2025-DATA, Class E | Series 2025-DATA, Class E |
|  (CME Term SOFR 1-Month plus 3.34%) | (CME Term SOFR 1-Month plus 3.34%) | (CME Term SOFR 1-Month plus 3.34%) | (CME Term SOFR 1-Month plus 3.34%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.66% | 03/15/42<sup>1,2</sup> | 110000 | 108743 |
|  TEXAS Commercial Mortgage Trust, | TEXAS Commercial Mortgage Trust, | TEXAS Commercial Mortgage Trust, | TEXAS Commercial Mortgage Trust, |
|  Series 2025-TWR, Class D | Series 2025-TWR, Class D | Series 2025-TWR, Class D | Series 2025-TWR, Class D |
|  (CME Term SOFR 1-Month plus 3.09%) | (CME Term SOFR 1-Month plus 3.09%) | (CME Term SOFR 1-Month plus 3.09%) | (CME Term SOFR 1-Month plus 3.09%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.40% | 04/15/42<sup>1,2</sup> | 100000 | 100124 |
|  TTAN, |  |  |  |
|  Series 2021-MHC, Class C | Series 2021-MHC, Class C | Series 2021-MHC, Class C | Series 2021-MHC, Class C |
|  (CME Term SOFR 1-Month plus 1.46%) | (CME Term SOFR 1-Month plus 1.46%) | (CME Term SOFR 1-Month plus 1.46%) | (CME Term SOFR 1-Month plus 1.46%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.78% | 03/15/38<sup>1,2</sup> | 80750 | 80569 |
|  VASA Trust, | VASA Trust, | VASA Trust, | VASA Trust, |
|  Series 2021-VASA, Class B | Series 2021-VASA, Class B | Series 2021-VASA, Class B | Series 2021-VASA, Class B |
|  (CME Term SOFR 1-Month plus 1.36%) | (CME Term SOFR 1-Month plus 1.36%) | (CME Term SOFR 1-Month plus 1.36%) | (CME Term SOFR 1-Month plus 1.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% | 07/15/39<sup>1,2</sup> | 100000 | 94450 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
|  Series 2024-SVEN, Class C | Series 2024-SVEN, Class C | Series 2024-SVEN, Class C | Series 2024-SVEN, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.32% | 06/10/37<sup>1,4</sup> | 50000 | 50690 |
|  |  |  | 4880689 |
|  **Non-Agency Mortgage-Backed — 10.85%** | **Non-Agency Mortgage-Backed — 10.85%** | **Non-Agency Mortgage-Backed — 10.85%** | **Non-Agency Mortgage-Backed — 10.85%** |
|  Ajax Mortgage Loan Trust, | Ajax Mortgage Loan Trust, | Ajax Mortgage Loan Trust, | Ajax Mortgage Loan Trust, |
|  Series 2021-G, Class A | Series 2021-G, Class A | Series 2021-G, Class A | Series 2021-G, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 06/25/61<sup>1,4</sup> | 51044 | 50365 |
|  BINOM Securitization Trust, | BINOM Securitization Trust, | BINOM Securitization Trust, | BINOM Securitization Trust, |
|  Series 2022-RPL1, Class M1 | Series 2022-RPL1, Class M1 | Series 2022-RPL1, Class M1 | Series 2022-RPL1, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/25/61<sup>1,4</sup> | 50000 | 40540 |
|  Cascade MH Asset Trust, | Cascade MH Asset Trust, | Cascade MH Asset Trust, | Cascade MH Asset Trust, |
|  Series 2019-MH1, Class A | Series 2019-MH1, Class A | Series 2019-MH1, Class A | Series 2019-MH1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/25/44<sup>1,4</sup> | 35685 | 33788 |
|  Cascade MH Asset Trust, | Cascade MH Asset Trust, | Cascade MH Asset Trust, | Cascade MH Asset Trust, |
|  Series 2021-MH1, Class A1 | Series 2021-MH1, Class A1 | Series 2021-MH1, Class A1 | Series 2021-MH1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 02/25/46<sup>1</sup> | 56500 | 50234 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  Cascade MH Asset Trust, | Cascade MH Asset Trust, | Cascade MH Asset Trust, | Cascade MH Asset Trust, |
|  Series 2022-MH1, Class A (STEP-reset date 05/25/25) | Series 2022-MH1, Class A (STEP-reset date 05/25/25) | Series 2022-MH1, Class A (STEP-reset date 05/25/25) | Series 2022-MH1, Class A (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 08/25/54<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81876 |
|  CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, |
|  Series 2019-R4, Class A1 | Series 2019-R4, Class A1 | Series 2019-R4, Class A1 | Series 2019-R4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/25/59<sup>1,4</sup> | 151651 | 140175 |
|  CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, |
|  Series 2020-R6, Class A1A | Series 2020-R6, Class A1A | Series 2020-R6, Class A1A | Series 2020-R6, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 12/25/60<sup>1,4</sup> | 44974 | 40815 |
|  CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, |
|  Series 2021-R3, Class A1A | Series 2021-R3, Class A1A | Series 2021-R3, Class A1A | Series 2021-R3, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 06/25/57<sup>1,4</sup> | 120202 | 110373 |
|  Credit Suisse Mortgage Capital Certificates, | Credit Suisse Mortgage Capital Certificates, | Credit Suisse Mortgage Capital Certificates, | Credit Suisse Mortgage Capital Certificates, |
|  Series 2021-RP11, Class CERT | Series 2021-RP11, Class CERT | Series 2021-RP11, Class CERT | Series 2021-RP11, Class CERT |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.78% | 10/27/61<sup>1</sup> | 46377 | 35361 |
|  Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |
|  Series 2020-RPL4, Class A1 | Series 2020-RPL4, Class A1 | Series 2020-RPL4, Class A1 | Series 2020-RPL4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/25/60<sup>1,4</sup> | 53458 | 47904 |
|  Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |
|  Series 2020-RPL6, Class A1 | Series 2020-RPL6, Class A1 | Series 2020-RPL6, Class A1 | Series 2020-RPL6, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.47% | 03/25/59<sup>1,4</sup> | 100394 | 100420 |
|  Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |
|  Series 2021-RPL3, Class M3 | Series 2021-RPL3, Class M3 | Series 2021-RPL3, Class M3 | Series 2021-RPL3, Class M3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/25/60<sup>1,4</sup> | 90000 | 71968 |
|  Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |
|  Series 2021-RPL4, Class A1 | Series 2021-RPL4, Class A1 | Series 2021-RPL4, Class A1 | Series 2021-RPL4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10% | 12/27/60<sup>1,4</sup> | 62496 | 62330 |
|  Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, |
|  Series 2021-GS4, Class A1 (STEP-reset date 04/25/25) | Series 2021-GS4, Class A1 (STEP-reset date 04/25/25) | Series 2021-GS4, Class A1 (STEP-reset date 04/25/25) | Series 2021-GS4, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 11/25/60<sup>1</sup> | 45955 | 45906 |
|  Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, |
|  Series 2021-GS5, Class A1 (STEP-reset date 04/25/25) | Series 2021-GS5, Class A1 (STEP-reset date 04/25/25) | Series 2021-GS5, Class A1 (STEP-reset date 04/25/25) | Series 2021-GS5, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 07/25/67<sup>1</sup> | 149285 | 149002 |
|  Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |
|  Series 2007-2, Class A2B | Series 2007-2, Class A2B | Series 2007-2, Class A2B | Series 2007-2, Class A2B |
|  (CME Term SOFR 1-Month plus 0.45%) | (CME Term SOFR 1-Month plus 0.45%) | (CME Term SOFR 1-Month plus 0.45%) | (CME Term SOFR 1-Month plus 0.45%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77% | 05/25/37<sup>2</sup> | 11808 | 8092 |
|  Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |
|  Series 2007-3, Class A2D | Series 2007-3, Class A2D | Series 2007-3, Class A2D | Series 2007-3, Class A2D |
|  (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93% | 06/25/37<sup>2</sup> | 44602 | 44665 |
|  MFA Trust, | MFA Trust, | MFA Trust, | MFA Trust, |
|  Series 2023-INV2, Class B1 | Series 2023-INV2, Class B1 | Series 2023-INV2, Class B1 | Series 2023-INV2, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.97% | 10/25/58<sup>1,4</sup> | 30000 | 30172 |
|  PRKCM Trust, | PRKCM Trust, | PRKCM Trust, | PRKCM Trust, |
|  Series 2021-AFC1, Class A1 | Series 2021-AFC1, Class A1 | Series 2021-AFC1, Class A1 | Series 2021-AFC1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51% | 08/25/56<sup>1,4</sup> | 32576 | 27210 |
|  PRPM LLC, | PRPM LLC, | PRPM LLC, | PRPM LLC, |
|  Series 2024-RPL1, Class A3 | Series 2024-RPL1, Class A3 | Series 2024-RPL1, Class A3 | Series 2024-RPL1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.18% | 12/25/64<sup>1,4</sup> | 150000 | 143144 |
|  Soundview Home Loan Trust, | Soundview Home Loan Trust, | Soundview Home Loan Trust, | Soundview Home Loan Trust, |
|  Series 2007-OPT2, Class 2A4 | Series 2007-OPT2, Class 2A4 | Series 2007-OPT2, Class 2A4 | Series 2007-OPT2, Class 2A4 |
|  (CME Term SOFR 1-Month plus 0.36%) | (CME Term SOFR 1-Month plus 0.36%) | (CME Term SOFR 1-Month plus 0.36%) | (CME Term SOFR 1-Month plus 0.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68% | 07/25/37<sup>2</sup> | 129887 | 104664 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 76

------

#### Sustainable Securitized Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
|  Series 2015-1, Class B1 | Series 2015-1, Class B1 | Series 2015-1, Class B1 | Series 2015-1, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74% | 10/25/53<sup>1,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42888 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
|  Series 2019-2, Class M1 | Series 2019-2, Class M1 | Series 2019-2, Class M1 | Series 2019-2, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 12/25/58<sup>1,4</sup> | 100000 | 86954 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
|  Series 2019-HY2, Class M2 | Series 2019-HY2, Class M2 | Series 2019-HY2, Class M2 | Series 2019-HY2, Class M2 |
|  (CME Term SOFR 1-Month plus 2.01%) | (CME Term SOFR 1-Month plus 2.01%) | (CME Term SOFR 1-Month plus 2.01%) | (CME Term SOFR 1-Month plus 2.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33% | 05/25/58<sup>1,2</sup> | 70000 | 70712 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
|  Series 2020-MH1, Class A1A | Series 2020-MH1, Class A1A | Series 2020-MH1, Class A1A | Series 2020-MH1, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.18% | 02/25/60<sup>1,4</sup> | 99915 | 97199 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
|  Series 2020-MH1, Class M2A | Series 2020-MH1, Class M2A | Series 2020-MH1, Class M2A | Series 2020-MH1, Class M2A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 02/25/60<sup>1,4</sup> | 125000 | 116228 |
|  |  |  | 1832985 |
|  **U.S. Agency Commercial Mortgage-Backed — 1.47%** | **U.S. Agency Commercial Mortgage-Backed — 1.47%** | **U.S. Agency Commercial Mortgage-Backed — 1.47%** | **U.S. Agency Commercial Mortgage-Backed — 1.47%** |
|  Freddie Mac Multifamily ML Certificates, | Freddie Mac Multifamily ML Certificates, | Freddie Mac Multifamily ML Certificates, | Freddie Mac Multifamily ML Certificates, |
|  Series 2021-ML12, Class XUS (IO) | Series 2021-ML12, Class XUS (IO) | Series 2021-ML12, Class XUS (IO) | Series 2021-ML12, Class XUS (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.23% | 07/25/41<sup>4</sup> | 1060168 | 95913 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2021-17, Class IO (IO) | Series 2021-17, Class IO (IO) | Series 2021-17, Class IO (IO) | Series 2021-17, Class IO (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% | 01/16/61<sup>4</sup> | 688670 | 54963 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2021-36, Class IO (IO) | Series 2021-36, Class IO (IO) | Series 2021-36, Class IO (IO) | Series 2021-36, Class IO (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.29% | 03/16/63<sup>4</sup> | 600521 | 50046 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2023-127, Class IO (IO) | Series 2023-127, Class IO (IO) | Series 2023-127, Class IO (IO) | Series 2023-127, Class IO (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41% | 07/16/57<sup>4</sup> | 2602130 | 46897 |
|  |  |  | 247819 |
|  **U.S. Agency Mortgage-Backed — 38.47%** | **U.S. Agency Mortgage-Backed — 38.47%** | **U.S. Agency Mortgage-Backed — 38.47%** | **U.S. Agency Mortgage-Backed — 38.47%** |
|  Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, |
|  Series 426, Class C41 (IO) | Series 426, Class C41 (IO) | Series 426, Class C41 (IO) | Series 426, Class C41 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/25/51 | 146224 | 19204 |
|  Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, |
|  Series 426, Class C42 (IO) | Series 426, Class C42 (IO) | Series 426, Class C42 (IO) | Series 426, Class C42 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/25/50 | 103425 | 13345 |
|  Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, |
|  Series 427, Class C21 (IO) | Series 427, Class C21 (IO) | Series 427, Class C21 (IO) | Series 427, Class C21 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/25/50 | 313003 | 40723 |
|  Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, |
|  Series 434, Class C29 (IO) | Series 434, Class C29 (IO) | Series 434, Class C29 (IO) | Series 434, Class C29 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/25/52 | 225026 | 29610 |
|  Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, |
|  Series 436, Class C32 (IO) | Series 436, Class C32 (IO) | Series 436, Class C32 (IO) | Series 436, Class C32 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/25/52 | 181858 | 23773 |
|  Fannie Mae Pool AL9266 | Fannie Mae Pool AL9266 | Fannie Mae Pool AL9266 | Fannie Mae Pool AL9266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/01/46 | 108187 | 96401 |
|  Fannie Mae Pool BQ1226 | Fannie Mae Pool BQ1226 | Fannie Mae Pool BQ1226 | Fannie Mae Pool BQ1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 09/01/50 | 116142 | 93322 |
|  Fannie Mae Pool BV9977 | Fannie Mae Pool BV9977 | Fannie Mae Pool BV9977 | Fannie Mae Pool BV9977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/52 | 83787 | 75741 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Fannie Mae Pool BW0000 | Fannie Mae Pool BW0000 | Fannie Mae Pool BW0000 | Fannie Mae Pool BW0000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77969 |
|  Fannie Mae Pool CB2074 | Fannie Mae Pool CB2074 | Fannie Mae Pool CB2074 | Fannie Mae Pool CB2074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 11/01/51 | 140805 | 118138 |
|  Fannie Mae Pool CB4211 | Fannie Mae Pool CB4211 | Fannie Mae Pool CB4211 | Fannie Mae Pool CB4211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/01/52 | 107711 | 103373 |
|  Fannie Mae Pool FM5254 | Fannie Mae Pool FM5254 | Fannie Mae Pool FM5254 | Fannie Mae Pool FM5254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/50 | 139532 | 111808 |
|  Fannie Mae Pool FM6400 | Fannie Mae Pool FM6400 | Fannie Mae Pool FM6400 | Fannie Mae Pool FM6400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/51 | 88261 | 71216 |
|  Fannie Mae Pool FS1334 | Fannie Mae Pool FS1334 | Fannie Mae Pool FS1334 | Fannie Mae Pool FS1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/01/51 | 142313 | 113924 |
|  Fannie Mae Pool FS1598 | Fannie Mae Pool FS1598 | Fannie Mae Pool FS1598 | Fannie Mae Pool FS1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/52 | 93908 | 74803 |
|  Fannie Mae Pool MA4398 | Fannie Mae Pool MA4398 | Fannie Mae Pool MA4398 | Fannie Mae Pool MA4398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/01/51 | 149364 | 119430 |
|  Fannie Mae Pool MA4783 | Fannie Mae Pool MA4783 | Fannie Mae Pool MA4783 | Fannie Mae Pool MA4783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/01/52 | 118953 | 111043 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2019-25, Class PA | Series 2019-25, Class PA | Series 2019-25, Class PA | Series 2019-25, Class PA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/25/48 | 162184 | 148830 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2024-69, Class FA | Series 2024-69, Class FA | Series 2024-69, Class FA | Series 2024-69, Class FA |
|  (SOFR30A plus 1.25%) | (SOFR30A plus 1.25%) | (SOFR30A plus 1.25%) | (SOFR30A plus 1.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59% | 10/25/54<sup>2</sup> | 92322 | 92371 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2024-84, Class FD | Series 2024-84, Class FD | Series 2024-84, Class FD | Series 2024-84, Class FD |
|  (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49% | 11/25/54<sup>2</sup> | 196546 | 195757 |
|  Freddie Mac Gold Pool G67708 | Freddie Mac Gold Pool G67708 | Freddie Mac Gold Pool G67708 | Freddie Mac Gold Pool G67708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/48 | 33215 | 30564 |
|  Freddie Mac Pool QA7550 | Freddie Mac Pool QA7550 | Freddie Mac Pool QA7550 | Freddie Mac Pool QA7550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/01/50 | 58115 | 51221 |
|  Freddie Mac Pool QA8518 | Freddie Mac Pool QA8518 | Freddie Mac Pool QA8518 | Freddie Mac Pool QA8518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/50 | 68160 | 60234 |
|  Freddie Mac Pool QC8921 | Freddie Mac Pool QC8921 | Freddie Mac Pool QC8921 | Freddie Mac Pool QC8921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 10/01/51 | 121505 | 102333 |
|  Freddie Mac Pool QD1841 | Freddie Mac Pool QD1841 | Freddie Mac Pool QD1841 | Freddie Mac Pool QD1841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/01/51 | 122402 | 97719 |
|  Freddie Mac Pool RA4201 | Freddie Mac Pool RA4201 | Freddie Mac Pool RA4201 | Freddie Mac Pool RA4201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/50 | 84503 | 67937 |
|  Freddie Mac Pool RA5552 | Freddie Mac Pool RA5552 | Freddie Mac Pool RA5552 | Freddie Mac Pool RA5552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 07/01/51 | 201530 | 176632 |
|  Freddie Mac Pool RA5855 | Freddie Mac Pool RA5855 | Freddie Mac Pool RA5855 | Freddie Mac Pool RA5855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 09/01/51 | 173001 | 144909 |
|  Freddie Mac Pool RA6071 | Freddie Mac Pool RA6071 | Freddie Mac Pool RA6071 | Freddie Mac Pool RA6071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/01/51 | 126640 | 101694 |
|  Freddie Mac Pool RA6528 | Freddie Mac Pool RA6528 | Freddie Mac Pool RA6528 | Freddie Mac Pool RA6528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 02/01/52 | 20434 | 17041 |
|  Freddie Mac Pool RA7091 | Freddie Mac Pool RA7091 | Freddie Mac Pool RA7091 | Freddie Mac Pool RA7091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/01/52 | 85788 | 71529 |
|  Freddie Mac Pool RA7543 | Freddie Mac Pool RA7543 | Freddie Mac Pool RA7543 | Freddie Mac Pool RA7543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/52 | 105797 | 98932 |
|  Freddie Mac Pool SD7511 | Freddie Mac Pool SD7511 | Freddie Mac Pool SD7511 | Freddie Mac Pool SD7511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/50 | 29654 | 27214 |

---

*See accompanying Notes to Financial Statements.* 

77 / Annual Financial Statements March 2025

------

#### Sustainable Securitized Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Freddie Mac Pool SD7549 | Freddie Mac Pool SD7549 | Freddie Mac Pool SD7549 | Freddie Mac Pool SD7549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101336 |
|  Freddie Mac Pool SD8160 | Freddie Mac Pool SD8160 | Freddie Mac Pool SD8160 | Freddie Mac Pool SD8160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/01/51 | 47668 | 38115 |
|  Freddie Mac Pool SD8222 | Freddie Mac Pool SD8222 | Freddie Mac Pool SD8222 | Freddie Mac Pool SD8222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/52 | 83458 | 77883 |
|  Freddie Mac Pool SD8493 | Freddie Mac Pool SD8493 | Freddie Mac Pool SD8493 | Freddie Mac Pool SD8493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 12/01/54 | 121547 | 121483 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 3067, Class FA | Series 3067, Class FA | Series 3067, Class FA | Series 3067, Class FA |
|  (SOFR30A plus 0.46%) | (SOFR30A plus 0.46%) | (SOFR30A plus 0.46%) | (SOFR30A plus 0.46%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81% | 11/15/35<sup>2</sup> | 43756 | 43266 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 4139, Class DA | Series 4139, Class DA | Series 4139, Class DA | Series 4139, Class DA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | 12/15/27 | 9920 | 9563 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 5473, Class BF | Series 5473, Class BF | Series 5473, Class BF | Series 5473, Class BF |
|  (SOFR30A plus 1.30%) | (SOFR30A plus 1.30%) | (SOFR30A plus 1.30%) | (SOFR30A plus 1.30%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64% | 11/25/54<sup>2</sup> | 187808 | 188364 |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
|  Series 386, Class C1 (IO) | Series 386, Class C1 (IO) | Series 386, Class C1 (IO) | Series 386, Class C1 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/15/52 | 188711 | 25139 |
|  Ginnie Mae (TBA) | Ginnie Mae (TBA) | Ginnie Mae (TBA) | Ginnie Mae (TBA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/20/55 | 175000 | 149353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/20/55 | 300000 | 280921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/20/55 | 225000 | 215914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/20/55 | 350000 | 344298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/20/55 | 450000 | 450942 |
|  Ginnie Mae II Pool MA8346 | Ginnie Mae II Pool MA8346 | Ginnie Mae II Pool MA8346 | Ginnie Mae II Pool MA8346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/20/52 | 120283 | 113142 |
|  Ginnie Mae II Pool MA8427 | Ginnie Mae II Pool MA8427 | Ginnie Mae II Pool MA8427 | Ginnie Mae II Pool MA8427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/20/52 | 116425 | 112329 |
|  Ginnie Mae II Pool MA8647 | Ginnie Mae II Pool MA8647 | Ginnie Mae II Pool MA8647 | Ginnie Mae II Pool MA8647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 02/20/53 | 112920 | 111635 |
|  Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/54 | 74271 | 71299 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2023-113, Class FD | Series 2023-113, Class FD | Series 2023-113, Class FD | Series 2023-113, Class FD |
|  (SOFR30A plus 1.35%) | (SOFR30A plus 1.35%) | (SOFR30A plus 1.35%) | (SOFR30A plus 1.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69% | 08/20/53<sup>2</sup> | 56246 | 56631 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2023-134, Class F | Series 2023-134, Class F | Series 2023-134, Class F | Series 2023-134, Class F |
|  (SOFR30A plus 1.00%) | (SOFR30A plus 1.00%) | (SOFR30A plus 1.00%) | (SOFR30A plus 1.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34% | 08/20/53<sup>2</sup> | 86405 | 86147 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2024-144, Class FD | Series 2024-144, Class FD | Series 2024-144, Class FD | Series 2024-144, Class FD |
|  (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49% | 09/20/54<sup>2</sup> | 109872 | 110014 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2024-148, Class AF | Series 2024-148, Class AF | Series 2024-148, Class AF | Series 2024-148, Class AF |
|  (SOFR30A plus 1.18%) | (SOFR30A plus 1.18%) | (SOFR30A plus 1.18%) | (SOFR30A plus 1.18%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52% | 09/20/54<sup>2</sup> | 110260 | 110520 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2024-84, Class LF | Series 2024-84, Class LF | Series 2024-84, Class LF | Series 2024-84, Class LF |
|  (SOFR30A plus 1.05%) | (SOFR30A plus 1.05%) | (SOFR30A plus 1.05%) | (SOFR30A plus 1.05%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39% | 05/20/54<sup>2</sup> | 107079 | 106861 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** | <br> **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2024-95, Class FW | Series 2024-95, Class FW | Series 2024-95, Class FW | Series 2024-95, Class FW |
|  (SOFR30A plus 1.10%) | (SOFR30A plus 1.10%) | (SOFR30A plus 1.10%) | (SOFR30A plus 1.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44% | 06/20/54<sup>2</sup> | $97729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97676 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2024-97, Class FW | Series 2024-97, Class FW | Series 2024-97, Class FW | Series 2024-97, Class FW |
|  (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49% | 06/20/54<sup>2</sup> | 89678 | 89111 |
|  UMBS (TBA) | UMBS (TBA) | UMBS (TBA) | UMBS (TBA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/55 | 75000 | 65056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/01/55 | 25000 | 22553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/01/55 | 225000 | 209346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/01/55 | 175000 | 167407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/55 | 150000 | 147025 |
|  |  |  | 6502069 |
|  **Total Mortgage-Backed** | **Total Mortgage-Backed** | **Total Mortgage-Backed** | **Total Mortgage-Backed** |
|  (Cost $13,598,434) | (Cost $13,598,434) | (Cost $13,598,434) | 13463562 |
|  **U.S. TREASURY SECURITIES — 9.08%** | **U.S. TREASURY SECURITIES — 9.08%** | **U.S. TREASURY SECURITIES — 9.08%** | **U.S. TREASURY SECURITIES — 9.08%** |
|  **U.S. Treasury Bonds — 2.36%** | **U.S. Treasury Bonds — 2.36%** | **U.S. Treasury Bonds — 2.36%** | **U.S. Treasury Bonds — 2.36%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/55 | 397000 | 399636 |
|  **U.S. Treasury Notes — 6.72%** | **U.S. Treasury Notes — 6.72%** | **U.S. Treasury Notes — 6.72%** | **U.S. Treasury Notes — 6.72%** |
|  U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13% | 01/15/35<sup>5</sup> | 167096 | 171511 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/27 | 292000 | 291897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/31/30 | 284000 | 284566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/35 | 375000 | 387393 |
|  |  |  | 1135367 |
|  **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |
|  (Cost $1,519,579) | (Cost $1,519,579) |  | 1535003 |
|  **Total Bonds — 111.06%** | **Total Bonds — 111.06%** | **Total Bonds — 111.06%** | **Total Bonds — 111.06%** |
|  (Cost $18,883,351) | (Cost $18,883,351) |  | 18768949 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | Principal<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount/Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **SHORT-TERM INVESTMENTS — 0.60%** | **SHORT-TERM INVESTMENTS — 0.60%** | **SHORT-TERM INVESTMENTS — 0.60%** |
|  **Money Market Funds — 0.60%** | **Money Market Funds — 0.60%** | **Money Market Funds — 0.60%** |
|  Fidelity Investments Money Market Funds - Government | Fidelity Investments Money Market Funds - Government | Fidelity Investments Money Market Funds - Government |
|  Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%<sup>6</sup> | 99384 | 99383 |
|  TCW Central Cash Fund | TCW Central Cash Fund | TCW Central Cash Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%<sup>6,7</sup> | 1172 | 1172 |
|  **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** |
|  (Cost $100,555) |  | 100555 |
|  **Total Investments - 111.66%** | **Total Investments - 111.66%** | **Total Investments - 111.66%** |
|  (Cost $18,983,906) |  | 18869504 |
|  **Liabilities in Excess of Other Assets - (11.66)%** | **Liabilities in Excess of Other Assets - (11.66)%** | (1969711) |
|  **Net Assets - 100.00%** | **Net Assets - 100.00%** | $16899793 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 78

------

#### Sustainable Securitized Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

<sup>1</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

<sup>2</sup> Floating rate security. The rate disclosed was in effect at March 31, 2025.

<sup>3</sup> Foreign denominated security issued by foreign domiciled entity.

<sup>4</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

<sup>5</sup> Inflation protected security. Principal amount reflects original security face amount. 

<sup>6</sup> Represents the current yield as of March 31, 2025.

<sup>7</sup> Affiliated investment.

<sup>\*\*</sup> Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CLO): Collateralized Loan Obligation

(GBP): British Pound

(IO): Interest Only

(SOFR): Secured Overnight Financing Rate

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency to<br> be Purchased | Currency to<br> be Sold | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement <br> Date  | Unrealized<br> Appreciation<br> (Depreciation) |
|  **FOREIGN CURRENCY EXCHANGE CONTRACT** | **FOREIGN CURRENCY EXCHANGE CONTRACT** |  |  |  |
|  USD 132,175 | GBP 102,000 | Goldman Sachs International | 07/11/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 |
|  GBP 102,000 | USD 132,190 | Goldman Sachs International | 04/11/25 | (537) |
|  USD 124,811 | GBP 102,000 | Goldman Sachs International | 04/11/25 | (6842) |
|  |  |  |  | (7379) |
|  **NET UNREALIZED DEPRECIATION** |  |  |  | $(6846) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> Contracts | Expiration Date | Notional Amount | Value | Unrealized<br> Appreciation<br> (Depreciation) |
|  **FUTURES CONTRACTS: LONG POSITIONS** | **FUTURES CONTRACTS: LONG POSITIONS** |  |  |  |  |
|  U.S. Treasury Two-Year Note | 23 | 06/30/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19292 |
|  U.S. Treasury Ten-Year Ultra Bond | 21 | 06/18/25 | 2396625 | 47345 | 47345 |
|  U.S. Treasury Ultra Bond | 7 | 06/18/25 | 855750 | 17649 | 17649 |
|  |  |  | 8017328 | 84286 | 84286 |
|  **FUTURES CONTRACTS: SHORT POSITIONS** | **FUTURES CONTRACTS: SHORT POSITIONS** |  |  |  |  |
|  U.S. Treasury Five-Year Note | 12 | 06/30/25 | (1297875) | (785) | (785) |
|  **TOTAL FUTURES CONTRACTS** |  |  | $6719453 | $83501 | $83501 |

---

*See accompanying Notes to Financial Statements.* 

79 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **BONDS – 106.23%** | **BONDS – 106.23%** | **BONDS – 106.23%** |  |
|  **ASSET-BACKED SECURITIES — 5.42%\*\*** | **ASSET-BACKED SECURITIES — 5.42%\*\*** | **ASSET-BACKED SECURITIES — 5.42%\*\*** |  |
|  Allegro CLO XIII Ltd., | Allegro CLO XIII Ltd., | Allegro CLO XIII Ltd., |  |
|  Series 2021-1A, Class B | Series 2021-1A, Class B | Series 2021-1A, Class B |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.96%) | (CME Term SOFR 3-Month plus 1.96%) | (CME Term SOFR 3-Month plus 1.96%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 07/20/34<sup>1,2,3</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;15610000 | $&nbsp;&nbsp;&nbsp;&nbsp;15618148 |
|  AMMC CLO 15 Ltd., | AMMC CLO 15 Ltd., | AMMC CLO 15 Ltd., |  |
|  Series 2014-15A, Class AR3 | Series 2014-15A, Class AR3 | Series 2014-15A, Class AR3 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.38%) | (CME Term SOFR 3-Month plus 1.38%) | (CME Term SOFR 3-Month plus 1.38%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% | 01/15/32<sup>1,2,3</sup> | 6746731 | 6749915 |
|  AMMC CLO 26 Ltd., | AMMC CLO 26 Ltd., | AMMC CLO 26 Ltd., |  |
|  Series 2023-26A, Class A1 | Series 2023-26A, Class A1 | Series 2023-26A, Class A1 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.95%) | (CME Term SOFR 3-Month plus 1.95%) | (CME Term SOFR 3-Month plus 1.95%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 04/15/36<sup>1,2,3</sup> | 8250000 | 8264974 |
|  AMMC CLO 30 Ltd., | AMMC CLO 30 Ltd., | AMMC CLO 30 Ltd., |  |
|  Series 2024-30A, Class A1 | Series 2024-30A, Class A1 | Series 2024-30A, Class A1 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.68%) | (CME Term SOFR 3-Month plus 1.68%) | (CME Term SOFR 3-Month plus 1.68%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.98% | 01/15/37<sup>1,2,3</sup> | 24070000 | 24139081 |
|  AMSR Trust, | AMSR Trust, | AMSR Trust, |  |
|  Series 2021-SFR1, Class G | Series 2021-SFR1, Class G | Series 2021-SFR1, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.61% | 06/17/38<sup>1</sup> | 15250000 | 14013615 |
|  Apidos CLO XV, | Apidos CLO XV, | Apidos CLO XV, |  |
|  Series 2013-15A, Class BRR | Series 2013-15A, Class BRR | Series 2013-15A, Class BRR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.81%) | (CME Term SOFR 3-Month plus 1.81%) | (CME Term SOFR 3-Month plus 1.81%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10% | 04/20/31<sup>1,2,3</sup> | 10000000 | 10018950 |
|  Apidos CLO XXV, | Apidos CLO XXV, | Apidos CLO XXV, |  |
|  Series 2016-25A, Class A1R3 | Series 2016-25A, Class A1R3 | Series 2016-25A, Class A1R3 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.14%) | (CME Term SOFR 3-Month plus 1.14%) | (CME Term SOFR 3-Month plus 1.14%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47% | 01/20/37<sup>1,2,3</sup> | 30910000 | 30851178 |
|  Ares XXXVII CLO Ltd., | Ares XXXVII CLO Ltd., | Ares XXXVII CLO Ltd., |  |
|  Series 2015-4A, Class A1RR | Series 2015-4A, Class A1RR | Series 2015-4A, Class A1RR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.08%) | (CME Term SOFR 3-Month plus 1.08%) | (CME Term SOFR 3-Month plus 1.08%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 10/15/30<sup>1,2,3</sup> | 20277422 | 20277422 |
|  Barings CLO Ltd., | Barings CLO Ltd., | Barings CLO Ltd., |  |
|  Series 2018-4A, Class A1R | Series 2018-4A, Class A1R | Series 2018-4A, Class A1R |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 10/15/30<sup>1,2,3</sup> | 14768306 | 14761158 |
|  BCRED MML CLO, LLC, | BCRED MML CLO, LLC, | BCRED MML CLO, LLC, |  |
|  Series 2022-1A, Class A1 | Series 2022-1A, Class A1 | Series 2022-1A, Class A1 |  |
|  (CME Term SOFR 3-Month plus 1.65%) | (CME Term SOFR 3-Month plus 1.65%) | (CME Term SOFR 3-Month plus 1.65%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94% | 04/20/35<sup>1,2</sup> | 48400000 | 48510642 |
|  Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |  |
|  Series 2021-N1, Class R | Series 2021-N1, Class R | Series 2021-N1, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 01/10/28<sup>1</sup> | 53821 | 5528364 |
|  Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |  |
|  Series 2021-P4, Class R | Series 2021-P4, Class R | Series 2021-P4, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 09/11/28<sup>1</sup> | 43250 | 6748517 |
|  Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |  |
|  Series 2023-N1, Class R | Series 2023-N1, Class R | Series 2023-N1, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 04/10/30<sup>1</sup> | 30000 | 8407002 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |  |
|  Series 2023-N1, Class XS | Series 2023-N1, Class XS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 04/10/30<sup>1,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;263120663 | $&nbsp;&nbsp;&nbsp;&nbsp;3475824 |
|  Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |  |
|  Series 2023-N3, Class R | Series 2023-N3, Class R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 09/10/30<sup>1</sup> | 30900 | 7293343 |
|  Cedar Funding II CLO Ltd., | Cedar Funding II CLO Ltd., | Cedar Funding II CLO Ltd., |  |
|  Series 2013-1A, Class BRR | Series 2013-1A, Class BRR | Series 2013-1A, Class BRR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.61%) | (CME Term SOFR 3-Month plus 1.61%) | (CME Term SOFR 3-Month plus 1.61%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% | 04/20/34<sup>1,2,3</sup> | 4800000 | 4797230 |
|  Cedar Funding V CLO Ltd., | Cedar Funding V CLO Ltd., | Cedar Funding V CLO Ltd., |  |
|  Series 2016-5A, Class BR | Series 2016-5A, Class BR | Series 2016-5A, Class BR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 2.01%) | (CME Term SOFR 3-Month plus 2.01%) | (CME Term SOFR 3-Month plus 2.01%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31% | 07/17/31<sup>1,2,3</sup> | 7000000 | 7006972 |
|  CIFC Funding 2014 Ltd., | CIFC Funding 2014 Ltd., | CIFC Funding 2014 Ltd., |  |
|  Series 2014-1A, Class BR2 | Series 2014-1A, Class BR2 | Series 2014-1A, Class BR2 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.66%) | (CME Term SOFR 3-Month plus 1.66%) | (CME Term SOFR 3-Month plus 1.66%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 01/18/31<sup>1,2,3</sup> | 8000000 | 8013096 |
|  CIFC Funding Ltd., | CIFC Funding Ltd., | CIFC Funding Ltd., |  |
|  Series 2013-2A, Class A2L2 | Series 2013-2A, Class A2L2 | Series 2013-2A, Class A2L2 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.76%) | (CME Term SOFR 3-Month plus 1.76%) | (CME Term SOFR 3-Month plus 1.76%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05% | 10/18/30<sup>1,2,3</sup> | 10500000 | 10515845 |
|  CIFC Funding Ltd., | CIFC Funding Ltd., | CIFC Funding Ltd., |  |
|  Series 2017-4A, Class A2R | Series 2017-4A, Class A2R | Series 2017-4A, Class A2R |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.81%) | (CME Term SOFR 3-Month plus 1.81%) | (CME Term SOFR 3-Month plus 1.81%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.11% | 10/24/30<sup>1,2,3</sup> | 3475000 | 3479556 |
|  CIFC Funding Ltd., | CIFC Funding Ltd., | CIFC Funding Ltd., |  |
|  Series 2020-2A, Class BR | Series 2020-2A, Class BR | Series 2020-2A, Class BR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.86%) | (CME Term SOFR 3-Month plus 1.86%) | (CME Term SOFR 3-Month plus 1.86%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 10/20/34<sup>1,2,3</sup> | 9000000 | 9007173 |
|  CIFC Funding Ltd., | CIFC Funding Ltd., | CIFC Funding Ltd., |  |
|  Series 2021-6A, Class B | Series 2021-6A, Class B |  |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.91%) | (CME Term SOFR 3-Month plus 1.91%) | (CME Term SOFR 3-Month plus 1.91%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.21% | 10/15/34<sup>1,2,3</sup> | 20000000 | 19984200 |
|  CIFC Funding Ltd., | CIFC Funding Ltd., | CIFC Funding Ltd., |  |
|  Series 2022-1A, Class A | Series 2022-1A, Class A |  |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.32%) | (CME Term SOFR 3-Month plus 1.32%) | (CME Term SOFR 3-Month plus 1.32%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62% | 04/17/35<sup>1,2,3</sup> | 25000000 | 25012475 |
|  CIFC Funding Ltd., | CIFC Funding Ltd., | CIFC Funding Ltd., |  |
|  Series 2023-2A, Class A | Series 2023-2A, Class A |  |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.75%) | (CME Term SOFR 3-Month plus 1.75%) | (CME Term SOFR 3-Month plus 1.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04% | 01/21/37<sup>1,2,3</sup> | 14000000 | 14078302 |
|  CIT Education Loan Trust, | CIT Education Loan Trust, | CIT Education Loan Trust, |  |
|  Series 2007-1, Class B | Series 2007-1, Class B |  |  |
|  (SOFR90A plus 0.56%) | (SOFR90A plus 0.56%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.92% | 06/25/42<sup>1,2</sup> | 4923772 | 4618157 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 80

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  College Loan Corp. Trust, | College Loan Corp. Trust, | College Loan Corp. Trust, |  |
|  Series 2005-2, Class B | Series 2005-2, Class B | Series 2005-2, Class B |  |
|  (SOFR90A plus 0.75%) | (SOFR90A plus 0.75%) | (SOFR90A plus 0.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37% | 01/15/37<sup>2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;975685 | $&nbsp;&nbsp;&nbsp;&nbsp;908281 |
|  CVC Cordatus Loan Fund VIII DAC, | CVC Cordatus Loan Fund VIII DAC, | CVC Cordatus Loan Fund VIII DAC, |  |
|  Series 8X, Class BRR | Series 8X, Class BRR | Series 8X, Class BRR |  |
| (Ireland) | (Ireland) | (Ireland) |  |
|  (3-Month Euribor plus 1.40%) | (3-Month Euribor plus 1.40%) | (3-Month Euribor plus 1.40%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.19% | 07/15/34<sup>2,3</sup> | 8200000 | 8776972 |
|  CyrusOne Data Centers Issuer I LLC, | CyrusOne Data Centers Issuer I LLC, | CyrusOne Data Centers Issuer I LLC, |  |
|  Series 2023-2A, Class A2 | Series 2023-2A, Class A2 | Series 2023-2A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56% | 11/20/48<sup>1</sup> | 22650000 | 22720446 |
|  Dryden 30 Senior Loan Fund, | Dryden 30 Senior Loan Fund, | Dryden 30 Senior Loan Fund, |  |
|  Series 2013-30A, Class BR | Series 2013-30A, Class BR | Series 2013-30A, Class BR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.51%) | (CME Term SOFR 3-Month plus 1.51%) | (CME Term SOFR 3-Month plus 1.51%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83% | 11/15/28<sup>1,2,3</sup> | 1500000 | 1500804 |
|  Dryden 40 Senior Loan Fund, | Dryden 40 Senior Loan Fund, | Dryden 40 Senior Loan Fund, |  |
|  Series 2015-40A, Class AR2 | Series 2015-40A, Class AR2 | Series 2015-40A, Class AR2 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47% | 08/15/31<sup>1,2,3</sup> | 12959534 | 12956294 |
|  Dryden 65 CLO Ltd., | Dryden 65 CLO Ltd., | Dryden 65 CLO Ltd., |  |
|  Series 2018-65A, Class B | Series 2018-65A, Class B | Series 2018-65A, Class B |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.86%) | (CME Term SOFR 3-Month plus 1.86%) | (CME Term SOFR 3-Month plus 1.86%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 07/18/30<sup>1,2,3</sup> | 3500000 | 3494530 |
|  Dryden 92 CLO Ltd., | Dryden 92 CLO Ltd., | Dryden 92 CLO Ltd., |  |
|  Series 2021-92A, Class B | Series 2021-92A, Class B | Series 2021-92A, Class B |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.91%) | (CME Term SOFR 3-Month plus 1.91%) | (CME Term SOFR 3-Month plus 1.91%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.23% | 11/20/34<sup>1,2,3</sup> | 22500000 | 22469085 |
|  Dryden XXVI Senior Loan Fund, | Dryden XXVI Senior Loan Fund, | Dryden XXVI Senior Loan Fund, |  |
|  Series 2013-26A, Class AR | Series 2013-26A, Class AR | Series 2013-26A, Class AR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.16%) | (CME Term SOFR 3-Month plus 1.16%) | (CME Term SOFR 3-Month plus 1.16%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46% | 04/15/29<sup>1,2,3</sup> | 8160347 | 8163040 |
|  Eaton Vance CLO Ltd., | Eaton Vance CLO Ltd., | Eaton Vance CLO Ltd., |  |
|  Series 2013-1A, Class A13R | Series 2013-1A, Class A13R | Series 2013-1A, Class A13R |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.51%) | (CME Term SOFR 3-Month plus 1.51%) | (CME Term SOFR 3-Month plus 1.51%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81% | 01/15/34<sup>1,2,3</sup> | 23850000 | 23861353 |
|  Fillmore Park CLO Ltd., | Fillmore Park CLO Ltd., | Fillmore Park CLO Ltd., |  |
|  Series 2018-1A, Class B1B2 | Series 2018-1A, Class B1B2 | Series 2018-1A, Class B1B2 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.81%) | (CME Term SOFR 3-Month plus 1.81%) | (CME Term SOFR 3-Month plus 1.81%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.11% | 07/15/30<sup>1,2,3</sup> | 8000000 | 8007264 |
|  FirstKey Homes Trust, | FirstKey Homes Trust, | FirstKey Homes Trust, |  |
|  Series 2021-SFR1, Class F1 | Series 2021-SFR1, Class F1 | Series 2021-SFR1, Class F1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.24% | 08/17/38<sup>1</sup> | 12416000 | 11989864 |
|  FirstKey Homes Trust, | FirstKey Homes Trust, | FirstKey Homes Trust, |  |
|  Series 2021-SFR2, Class F1 | Series 2021-SFR2, Class F1 | Series 2021-SFR2, Class F1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.91% | 09/17/38<sup>1</sup> | 12677000 | 12113095 |
|  Goal Capital Funding Trust, | Goal Capital Funding Trust, | Goal Capital Funding Trust, |  |
|  Series 2006-1, Class B | Series 2006-1, Class B | Series 2006-1, Class B |  |
|  (CME Term SOFR 3-Month plus 0.45%) | (CME Term SOFR 3-Month plus 0.45%) | (CME Term SOFR 3-Month plus 0.45%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 08/25/42<sup>2</sup> | 886552 | 848455 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  Golub Capital Partners CLO 66B Ltd., | Golub Capital Partners CLO 66B Ltd., | Golub Capital Partners CLO 66B Ltd., |  |
|  Series 2023-66A, Class A | Series 2023-66A, Class A | Series 2023-66A, Class A |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
|  (CME Term SOFR 3-Month plus 1.95%) | (CME Term SOFR 3-Month plus 1.95%) | (CME Term SOFR 3-Month plus 1.95%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 04/25/36<sup>1,2,3</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;20000000 | $&nbsp;&nbsp;&nbsp;&nbsp;20011040 |
|  Greenwood Park CLO Ltd., | Greenwood Park CLO Ltd., | Greenwood Park CLO Ltd., |  |
|  Series 2018-1A, Class B | Series 2018-1A, Class B | Series 2018-1A, Class B |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.66%) | (CME Term SOFR 3-Month plus 1.66%) | (CME Term SOFR 3-Month plus 1.66%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96% | 04/15/31<sup>1,2,3</sup> | 10000000 | 10021610 |
|  HPS Loan Management Ltd. | HPS Loan Management Ltd. | HPS Loan Management Ltd. |  |
|  Series 15A-19, Class A1R | Series 15A-19, Class A1R | Series 15A-19, Class A1R |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
|  (CME Term SOFR 3-Month plus 1.32%) | (CME Term SOFR 3-Month plus 1.32%) | (CME Term SOFR 3-Month plus 1.32%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61% | 01/22/35<sup>1,2,3</sup> | 34710000 | 34715554 |
|  HPS Loan Management Ltd., | HPS Loan Management Ltd., | HPS Loan Management Ltd., |  |
|  Series 13A-18, Class A1R | Series 13A-18, Class A1R | Series 13A-18, Class A1R |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.13%) | (CME Term SOFR 3-Month plus 1.13%) | (CME Term SOFR 3-Month plus 1.13%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.43% | 10/15/30<sup>1,2,3</sup> | 26974120 | 26960633 |
|  HPS Loan Management Ltd., | HPS Loan Management Ltd., | HPS Loan Management Ltd., |  |
|  Series 2021-16A, Class B | Series 2021-16A, Class B | Series 2021-16A, Class B |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.96%) | (CME Term SOFR 3-Month plus 1.96%) | (CME Term SOFR 3-Month plus 1.96%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 01/23/35<sup>1,2,3</sup> | 19250000 | 19260029 |
|  HPS Loan Management Ltd., | HPS Loan Management Ltd., | HPS Loan Management Ltd., |  |
|  Series 2023-17A, Class A | Series 2023-17A, Class A | Series 2023-17A, Class A |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
|  (CME Term SOFR 3-Month plus 1.90%) | (CME Term SOFR 3-Month plus 1.90%) | (CME Term SOFR 3-Month plus 1.90%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.19% | 04/23/36<sup>1,2,3</sup> | 17400000 | 17400870 |
|  HPS Loan Management Ltd., | HPS Loan Management Ltd., | HPS Loan Management Ltd., |  |
|  Series 2023-18A, Class B | Series 2023-18A, Class B | Series 2023-18A, Class B |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 2.95%) | (CME Term SOFR 3-Month plus 2.95%) | (CME Term SOFR 3-Month plus 2.95%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.24% | 07/20/36<sup>1,2,3</sup> | 10000000 | 10029050 |
|  Invesco U.S. CLO Ltd., | Invesco U.S. CLO Ltd., | Invesco U.S. CLO Ltd., |  |
|  Series 2023-2A, Class A | Series 2023-2A, Class A | Series 2023-2A, Class A |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
|  (CME Term SOFR 3-Month plus 1.80%) | (CME Term SOFR 3-Month plus 1.80%) | (CME Term SOFR 3-Month plus 1.80%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.09% | 04/21/36<sup>1,2,3</sup> | 12600000 | 12607661 |
|  J.G. Wentworth XXX LLC, | J.G. Wentworth XXX LLC, | J.G. Wentworth XXX LLC, |  |
|  Series 2013-3A, Class A | Series 2013-3A, Class A | Series 2013-3A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08% | 01/17/73<sup>1</sup> | 427438 | 404127 |
|  J.G. Wentworth XXXII LLC, | J.G. Wentworth XXXII LLC, | J.G. Wentworth XXXII LLC, |  |
|  Series 2014-2A, Class A | Series 2014-2A, Class A | Series 2014-2A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.61% | 01/17/73<sup>1</sup> | 27218015 | 24687845 |
|  LCM Loan Income Fund I Ltd., | LCM Loan Income Fund I Ltd., | LCM Loan Income Fund I Ltd., |  |
|  Series 1A, Class B | Series 1A, Class B | Series 1A, Class B |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.71%) | (CME Term SOFR 3-Month plus 1.71%) | (CME Term SOFR 3-Month plus 1.71%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 04/20/31<sup>1,2,3</sup> | 7500000 | 7510335 |
|  LCM XIV LP, | LCM XIV LP, | LCM XIV LP, |  |
|  Series 14A, Class AR | Series 14A, Class AR | Series 14A, Class AR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.30%) | (CME Term SOFR 3-Month plus 1.30%) | (CME Term SOFR 3-Month plus 1.30%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59% | 07/20/31<sup>1,2,3</sup> | 3648862 | 3650190 |

---

*See accompanying Notes to Financial Statements.* 

81 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  LCM XIV LP, | LCM XIV LP, | LCM XIV LP, |  |
|  Series 14A, Class BR | Series 14A, Class BR | Series 14A, Class BR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.84%) | (CME Term SOFR 3-Month plus 1.84%) | (CME Term SOFR 3-Month plus 1.84%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 07/20/31<sup>1,2,3</sup> | $3385000 | $3370028 |
|  Madison Park Funding XLIX Ltd., | Madison Park Funding XLIX Ltd., | Madison Park Funding XLIX Ltd., |  |
|  Series 2021-49A, Class AR | Series 2021-49A, Class AR | Series 2021-49A, Class AR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.05%) | (CME Term SOFR 3-Month plus 1.05%) | (CME Term SOFR 3-Month plus 1.05%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.36% | 10/19/34<sup>1,2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp;39876000 |
|  Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., |  |
|  Series 2020-46A, Class B1RR | Series 2020-46A, Class B1RR | Series 2020-46A, Class B1RR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.50%) | (CME Term SOFR 3-Month plus 1.50%) | (CME Term SOFR 3-Month plus 1.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82% | 10/15/34<sup>1,2,3</sup> | 33270000 | 33127039 |
|  Madison Park Funding XLVIII Ltd., | Madison Park Funding XLVIII Ltd., | Madison Park Funding XLVIII Ltd., |  |
|  Series 2021-48A, Class A | Series 2021-48A, Class A | Series 2021-48A, Class A |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.41%) | (CME Term SOFR 3-Month plus 1.41%) | (CME Term SOFR 3-Month plus 1.41%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 04/19/33<sup>1,2,3</sup> | 28501734 | 28518892 |
|  Madison Park Funding XXIV Ltd., | Madison Park Funding XXIV Ltd., | Madison Park Funding XXIV Ltd., |  |
|  Series 2016-24A, Class AR2 | Series 2016-24A, Class AR2 | Series 2016-24A, Class AR2 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.12%) | (CME Term SOFR 3-Month plus 1.12%) | (CME Term SOFR 3-Month plus 1.12%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41% | 10/20/29<sup>1,2,3</sup> | 18459635 | 18468607 |
|  Madison Park Funding XXVII Ltd., | Madison Park Funding XXVII Ltd., | Madison Park Funding XXVII Ltd., |  |
|  Series 2018-27A, Class A2R | Series 2018-27A, Class A2R | Series 2018-27A, Class A2R |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.50%) | (CME Term SOFR 3-Month plus 1.50%) | (CME Term SOFR 3-Month plus 1.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82% | 04/20/38<sup>1,2,3</sup> | 32300000 | 32313889 |
|  Madison Park Funding XXXVI Ltd., | Madison Park Funding XXXVI Ltd., | Madison Park Funding XXXVI Ltd., |  |
|  Series 2019-36A, Class B1RR | Series 2019-36A, Class B1RR | Series 2019-36A, Class B1RR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.55%) | (CME Term SOFR 3-Month plus 1.55%) | (CME Term SOFR 3-Month plus 1.55%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 04/15/35<sup>1,2,3</sup> | 13350000 | 13289792 |
|  Madison Park Funding XXXVIII Ltd., | Madison Park Funding XXXVIII Ltd., | Madison Park Funding XXXVIII Ltd., |  |
|  Series 2021-38A, Class A | Series 2021-38A, Class A | Series 2021-38A, Class A |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.38%) | (CME Term SOFR 3-Month plus 1.38%) | (CME Term SOFR 3-Month plus 1.38%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% | 07/17/34<sup>1,2,3</sup> | 10500000 | 10510500 |
|  Magnetite XII Ltd., | Magnetite XII Ltd., | Magnetite XII Ltd., |  |
|  Series 2015-12A, Class AR4 | Series 2015-12A, Class AR4 | Series 2015-12A, Class AR4 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 10/15/31<sup>1,2,3</sup> | 22183487 | 22203474 |
|  Magnetite XXIII Ltd., | Magnetite XXIII Ltd., | Magnetite XXIII Ltd., |  |
|  Series 2019-23A, Class BR | Series 2019-23A, Class BR | Series 2019-23A, Class BR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.91%) | (CME Term SOFR 3-Month plus 1.91%) | (CME Term SOFR 3-Month plus 1.91%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.21% | 01/25/35<sup>1,2,3</sup> | 20000000 | 20010440 |
|  Magnetite XXV Ltd., | Magnetite XXV Ltd., | Magnetite XXV Ltd., |  |
|  Series 2020-25A, Class A | Series 2020-25A, Class A | Series 2020-25A, Class A |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.46%) | (CME Term SOFR 3-Month plus 1.46%) | (CME Term SOFR 3-Month plus 1.46%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.76% | 01/25/32<sup>1,2,3</sup> | 18480745 | 18485051 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  MetroNet, | MetroNet, | MetroNet, |  |
|  Series 2023-3, Class A | Series 2023-3, Class A | Series 2023-3, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.95% | 04/20/53<sup>†</sup><sup>,1,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24026000 | $&nbsp;&nbsp;&nbsp;&nbsp;24326368 |
|  NCFA LLC-Loan Participation 1 | NCFA LLC-Loan Participation 1 | NCFA LLC-Loan Participation 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 06/12/28<sup>†</sup><sup>,2,3,4,5</sup> | 16798770 | 16798770 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd., | Neuberger Berman Loan Advisers CLO 43 Ltd., | Neuberger Berman Loan Advisers CLO 43 Ltd., |  |
|  Series 2021-43A, Class AR | Series 2021-43A, Class AR | Series 2021-43A, Class AR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.05%) | (CME Term SOFR 3-Month plus 1.05%) | (CME Term SOFR 3-Month plus 1.05%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37% | 07/17/36<sup>1,2,3</sup> | 35000000 | 34895000 |
|  Neuberger Berman Loan Advisers CLO 47 Ltd., | Neuberger Berman Loan Advisers CLO 47 Ltd., | Neuberger Berman Loan Advisers CLO 47 Ltd., |  |
|  Series 2022-47A, Class A | Series 2022-47A, Class A | Series 2022-47A, Class A |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.30%) | (CME Term SOFR 3-Month plus 1.30%) | (CME Term SOFR 3-Month plus 1.30%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59% | 04/14/35<sup>1,2,3</sup> | 32050000 | 32055064 |
|  NYACK Park CLO Ltd., | NYACK Park CLO Ltd., | NYACK Park CLO Ltd., |  |
|  Series 2021-1A, Class B1 | Series 2021-1A, Class B1 | Series 2021-1A, Class B1 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.86%) | (CME Term SOFR 3-Month plus 1.86%) | (CME Term SOFR 3-Month plus 1.86%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 10/20/34<sup>1,2,3</sup> | 20000000 | 19915320 |
|  OCP CLO Ltd., | OCP CLO Ltd., | OCP CLO Ltd., |  |
|  Series 2023-26A, Class AR | Series 2023-26A, Class AR | Series 2023-26A, Class AR |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
|  (CME Term SOFR 3-Month plus 1.08%) | (CME Term SOFR 3-Month plus 1.08%) | (CME Term SOFR 3-Month plus 1.08%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 04/17/37<sup>1,2,3</sup> | 35000000 | 34842500 |
|  Octagon 67 Ltd., | Octagon 67 Ltd., | Octagon 67 Ltd., |  |
|  Series 2023-1A, Class A1 | Series 2023-1A, Class A1 | Series 2023-1A, Class A1 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.80%) | (CME Term SOFR 3-Month plus 1.80%) | (CME Term SOFR 3-Month plus 1.80%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10% | 04/25/36<sup>1,2,3</sup> | 20210000 | 20222490 |
|  Octagon Investment Partners 27 Ltd., | Octagon Investment Partners 27 Ltd., | Octagon Investment Partners 27 Ltd., |  |
|  Series 2016-1A, Class A2R | Series 2016-1A, Class A2R | Series 2016-1A, Class A2R |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.61%) | (CME Term SOFR 3-Month plus 1.61%) | (CME Term SOFR 3-Month plus 1.61%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91% | 07/15/30<sup>1,2,3</sup> | 10000000 | 10003990 |
|  Octagon Investment Partners 44 Ltd., | Octagon Investment Partners 44 Ltd., | Octagon Investment Partners 44 Ltd., |  |
|  Series 2019-1A, Class BR | Series 2019-1A, Class BR | Series 2019-1A, Class BR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.96%) | (CME Term SOFR 3-Month plus 1.96%) | (CME Term SOFR 3-Month plus 1.96%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.26% | 10/15/34<sup>1,2,3</sup> | 18800000 | 18809945 |
|  Octagon Investment Partners 46 Ltd., | Octagon Investment Partners 46 Ltd., | Octagon Investment Partners 46 Ltd., |  |
|  Series 2020-2A, Class BR | Series 2020-2A, Class BR | Series 2020-2A, Class BR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.91%) | (CME Term SOFR 3-Month plus 1.91%) | (CME Term SOFR 3-Month plus 1.91%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.21% | 07/15/36<sup>1,2,3</sup> | 7250000 | 7253625 |
|  OHA Credit Funding 7 Ltd., | OHA Credit Funding 7 Ltd., | OHA Credit Funding 7 Ltd., |  |
|  Series 2020-7A, Class AR | Series 2020-7A, Class AR | Series 2020-7A, Class AR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.30%) | (CME Term SOFR 3-Month plus 1.30%) | (CME Term SOFR 3-Month plus 1.30%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59% | 02/24/37<sup>1,2,3</sup> | 6960000 | 6963236 |
|  Palmer Square CLO Ltd., | Palmer Square CLO Ltd., | Palmer Square CLO Ltd., |  |
|  Series 2018-1A, Class A1R | Series 2018-1A, Class A1R | Series 2018-1A, Class A1R |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.52%) | (CME Term SOFR 3-Month plus 1.52%) | (CME Term SOFR 3-Month plus 1.52%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81% | 04/18/37<sup>1,2,3</sup> | 22000000 | 22065538 |

---

*See accompanying Notes to Financial Statements.* 

Annual Financial Statements March 2025 / 82

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  Palmer Square CLO Ltd., | Palmer Square CLO Ltd., | Palmer Square CLO Ltd., |  |
|  Series 2021-4A, Class B | Series 2021-4A, Class B | Series 2021-4A, Class B |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.91%) | (CME Term SOFR 3-Month plus 1.91%) | (CME Term SOFR 3-Month plus 1.91%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.21% | 10/15/34<sup>1,2,3</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;19500000 | $&nbsp;&nbsp;&nbsp;&nbsp;19510316 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |  |
|  Series 2021-SFR2, Class H | Series 2021-SFR2, Class H | Series 2021-SFR2, Class H |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/19/38<sup>1</sup> | 21439000 | 21337156 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |  |
|  Series 2021-SFR6, Class E2 | Series 2021-SFR6, Class E2 | Series 2021-SFR6, Class E2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53% | 07/17/38<sup>1</sup> | 3973000 | 3835002 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |  |
|  Series 2021-SFR6, Class F | Series 2021-SFR6, Class F | Series 2021-SFR6, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42% | 07/17/38<sup>1</sup> | 10437000 | 10156527 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |  |
|  Series 2021-SFR6, Class G | Series 2021-SFR6, Class G | Series 2021-SFR6, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/17/38<sup>1</sup> | 8896000 | 8632533 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |  |
|  Series 2021-SFR7, Class F | Series 2021-SFR7, Class F | Series 2021-SFR7, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.83% | 08/17/40<sup>1</sup> | 23777000 | 21692342 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |  |
|  Series 2021-SFR8, Class E1 | Series 2021-SFR8, Class E1 | Series 2021-SFR8, Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 10/17/38<sup>1</sup> | 17400000 | 16718628 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |  |
|  Series 2021-SFR8, Class E2 | Series 2021-SFR8, Class E2 | Series 2021-SFR8, Class E2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53% | 10/17/38<sup>1</sup> | 13425000 | 12915195 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |  |
|  Series 2021-SFR8, Class F | Series 2021-SFR8, Class F | Series 2021-SFR8, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.18% | 10/17/38<sup>1</sup> | 61665000 | 59830115 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |  |
|  Series 2021-SFR8, Class G | Series 2021-SFR8, Class G | Series 2021-SFR8, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.01% | 10/17/38<sup>1</sup> | 19482000 | 18934501 |
|  Progress Residential, | Progress Residential, | Progress Residential, |  |
|  Series 2021-SFR3, Class E1 | Series 2021-SFR3, Class E1 | Series 2021-SFR3, Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.54% | 05/17/26<sup>1</sup> | 3055000 | 2967611 |
|  Progress Residential, | Progress Residential, | Progress Residential, |  |
|  Series 2021-SFR3, Class G | Series 2021-SFR3, Class G | Series 2021-SFR3, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 05/17/26<sup>1</sup> | 3190000 | 3146247 |
|  Rad CLO 18 Ltd., | Rad CLO 18 Ltd., | Rad CLO 18 Ltd., |  |
|  Series 2023-18A, Class A1 | Series 2023-18A, Class A1 | Series 2023-18A, Class A1 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.95%) | (CME Term SOFR 3-Month plus 1.95%) | (CME Term SOFR 3-Month plus 1.95%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 04/15/36<sup>1,2,3</sup> | 29590000 | 29642848 |
|  Rad CLO 4 Ltd., | Rad CLO 4 Ltd., | Rad CLO 4 Ltd., |  |
|  Series 2019-4A, Class AR | Series 2019-4A, Class AR | Series 2019-4A, Class AR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.23%) | (CME Term SOFR 3-Month plus 1.23%) | (CME Term SOFR 3-Month plus 1.23%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53% | 04/25/32<sup>1,2,3</sup> | 8403287 | 8407884 |
|  Recette CLO Ltd., | Recette CLO Ltd., | Recette CLO Ltd., |  |
|  Series 2015-1A, Class ARR | Series 2015-1A, Class ARR | Series 2015-1A, Class ARR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.34%) | (CME Term SOFR 3-Month plus 1.34%) | (CME Term SOFR 3-Month plus 1.34%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 04/20/34<sup>1,2,3</sup> | 32680000 | 32680425 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  Regatta XIV Funding Ltd., | Regatta XIV Funding Ltd., | Regatta XIV Funding Ltd., |  |
|  Series 2018-3A, Class AR | Series 2018-3A, Class AR | Series 2018-3A, Class AR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.10%) | (CME Term SOFR 3-Month plus 1.10%) | (CME Term SOFR 3-Month plus 1.10%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 10/25/31<sup>1,2,3</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;34578526 | $34561652 |
|  Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., |  |
|  Series 2017-2A, Class AR | Series 2017-2A, Class AR | Series 2017-2A, Class AR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.28%) | (CME Term SOFR 3-Month plus 1.28%) | (CME Term SOFR 3-Month plus 1.28%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58% | 10/15/29<sup>1,2,3</sup> | 2332427 | 2332968 |
|  Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., |  |
|  Series 2017-3A, Class A | Series 2017-3A, Class A | Series 2017-3A, Class A |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.45%) | (CME Term SOFR 3-Month plus 1.45%) | (CME Term SOFR 3-Month plus 1.45%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74% | 10/20/30<sup>1,2,3</sup> | 1415298 | 1416499 |
|  Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., |  |
|  Series 2020-1A, Class A1RR | Series 2020-1A, Class A1RR | Series 2020-1A, Class A1RR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.09%) | (CME Term SOFR 3-Month plus 1.09%) | (CME Term SOFR 3-Month plus 1.09%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 01/20/36<sup>1,2,3</sup> | 22730000 | &nbsp;&nbsp;&nbsp;&nbsp;22617987 |
|  RR 26 Ltd., | RR 26 Ltd., | RR 26 Ltd., |  |
|  Series 2023-26A, Class A1R | Series 2023-26A, Class A1R | Series 2023-26A, Class A1R |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.12%) | (CME Term SOFR 3-Month plus 1.12%) | (CME Term SOFR 3-Month plus 1.12%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44% | 04/15/38<sup>1,2,3</sup> | 34500000 | 34449699 |
|  Sixth Street CLO XX Ltd., | Sixth Street CLO XX Ltd., | Sixth Street CLO XX Ltd., |  |
|  Series 2021-20A, Class B | Series 2021-20A, Class B | Series 2021-20A, Class B |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.91%) | (CME Term SOFR 3-Month plus 1.91%) | (CME Term SOFR 3-Month plus 1.91%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20% | 10/20/34<sup>1,2,3</sup> | 25000000 | 24979875 |
|  Skyline Aircraft Finance LLC, | Skyline Aircraft Finance LLC, | Skyline Aircraft Finance LLC, |  |
|  Series 2021-1, Class A | Series 2021-1, Class A | Series 2021-1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23% | 05/10/37<sup>†</sup><sup>,4,5</sup> | 24590374 | 22701526 |
|  SLC Student Loan Trust, | SLC Student Loan Trust, | SLC Student Loan Trust, |  |
|  Series 2004-1, Class B | Series 2004-1, Class B | Series 2004-1, Class B |  |
|  (SOFR90A plus 0.55%) | (SOFR90A plus 0.55%) | (SOFR90A plus 0.55%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01% | 08/15/31<sup>2</sup> | 160966 | 143427 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2003-12, Class B | Series 2003-12, Class B | Series 2003-12, Class B |  |
|  (SOFR90A plus 0.85%) | (SOFR90A plus 0.85%) | (SOFR90A plus 0.85%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23% | 12/15/68<sup>2</sup> | 25189 | 24137 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2006-2, Class A6 | Series 2006-2, Class A6 | Series 2006-2, Class A6 |  |
|  (SOFR90A plus 0.43%) | (SOFR90A plus 0.43%) | (SOFR90A plus 0.43%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99% | 01/25/41<sup>2</sup> | 16730467 | 16277309 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2006-8, Class A6 | Series 2006-8, Class A6 | Series 2006-8, Class A6 |  |
|  (SOFR90A plus 0.42%) | (SOFR90A plus 0.42%) | (SOFR90A plus 0.42%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98% | 01/25/41<sup>2</sup> | 18052823 | 17510860 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2007-1, Class A6 | Series 2007-1, Class A6 | Series 2007-1, Class A6 |  |
|  (SOFR90A plus 0.40%) | (SOFR90A plus 0.40%) | (SOFR90A plus 0.40%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96% | 01/27/42<sup>2</sup> | 17765779 | 17194947 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2007-1, Class B | Series 2007-1, Class B | Series 2007-1, Class B |  |
|  (SOFR90A plus 0.48%) | (SOFR90A plus 0.48%) | (SOFR90A plus 0.48%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04% | 01/27/42<sup>2</sup> | 2076646 | 1975761 |

---

*See accompanying Notes to Financial Statements.* 

83 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2007-6, Class B | Series 2007-6, Class B | Series 2007-6, Class B |  |
|  (SOFR90A plus 1.11%) | (SOFR90A plus 1.11%) | (SOFR90A plus 1.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67% | 04/27/43<sup>2</sup> | $2550956 | $2476120 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2007-7, Class A4 | Series 2007-7, Class A4 | Series 2007-7, Class A4 |  |
|  (SOFR90A plus 0.59%) | (SOFR90A plus 0.59%) | (SOFR90A plus 0.59%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 01/25/22<sup>2</sup> | 93163 | 92279 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2008-2, Class B | Series 2008-2, Class B | Series 2008-2, Class B |  |
|  (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02% | 01/25/83<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38874000 | &nbsp;&nbsp;&nbsp;&nbsp;41135763 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2008-3, Class A3 | Series 2008-3, Class A3 | Series 2008-3, Class A3 |  |
|  (SOFR90A plus 1.26%) | (SOFR90A plus 1.26%) | (SOFR90A plus 1.26%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82% | 10/25/21<sup>2</sup> | 5911 | 5900 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2008-3, Class B | Series 2008-3, Class B | Series 2008-3, Class B |  |
|  (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02% | 04/26/83<sup>2</sup> | 2260000 | 2351663 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2008-4, Class A4 | Series 2008-4, Class A4 | Series 2008-4, Class A4 |  |
|  (SOFR90A plus 1.91%) | (SOFR90A plus 1.91%) | (SOFR90A plus 1.91%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.47% | 07/25/22<sup>2</sup> | 684270 | 685987 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2008-4, Class B | Series 2008-4, Class B | Series 2008-4, Class B |  |
|  (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67% | 04/25/73<sup>2</sup> | 8849000 | 9478792 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2008-5, Class A4 | Series 2008-5, Class A4 | Series 2008-5, Class A4 |  |
|  (SOFR90A plus 1.96%) | (SOFR90A plus 1.96%) | (SOFR90A plus 1.96%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.52% | 07/25/23<sup>2</sup> | 9049672 | 9060603 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2008-5, Class B | Series 2008-5, Class B | Series 2008-5, Class B |  |
|  (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67% | 07/25/73<sup>2</sup> | 37199000 | 39986384 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2008-6, Class A4 | Series 2008-6, Class A4 | Series 2008-6, Class A4 |  |
|  (SOFR90A plus 1.36%) | (SOFR90A plus 1.36%) | (SOFR90A plus 1.36%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92% | 07/25/23<sup>2</sup> | 3352833 | 3349809 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2008-6, Class B | Series 2008-6, Class B | Series 2008-6, Class B |  |
|  (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67% | 07/26/83<sup>2</sup> | 31424000 | 32267401 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2008-7, Class B | Series 2008-7, Class B | Series 2008-7, Class B |  |
|  (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67% | 07/26/83<sup>2</sup> | 17206000 | 17786847 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2012-1, Class A3 | Series 2012-1, Class A3 | Series 2012-1, Class A3 |  |
|  (SOFR30A plus 1.06%) | (SOFR30A plus 1.06%) | (SOFR30A plus 1.06%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 09/25/28<sup>2</sup> | 302941 | 299586 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2012-2, Class A | Series 2012-2, Class A | Series 2012-2, Class A |  |
|  (SOFR30A plus 0.81%) | (SOFR30A plus 0.81%) | (SOFR30A plus 0.81%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 01/25/29<sup>2</sup> | 6868443 | 6744778 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |  |
|  Series 2012-7, Class A3 | Series 2012-7, Class A3 | Series 2012-7, Class A3 |  |
|  (SOFR30A plus 0.76%) | (SOFR30A plus 0.76%) | (SOFR30A plus 0.76%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 05/26/26<sup>2</sup> | $11842083 | $11539504 |
|  Symphony CLO XX Ltd., | Symphony CLO XX Ltd., | Symphony CLO XX Ltd., |  |
|  Series 2018-20A, Class AR2 | Series 2018-20A, Class AR2 | Series 2018-20A, Class AR2 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.10%) | (CME Term SOFR 3-Month plus 1.10%) | (CME Term SOFR 3-Month plus 1.10%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41% | 01/16/32<sup>1,2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32550374 | 32502004 |
|  Symphony CLO XXIX Ltd., | Symphony CLO XXIX Ltd., | Symphony CLO XXIX Ltd., |  |
|  Series 2021-29A, Class B | Series 2021-29A, Class B | Series 2021-29A, Class B |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.91%) | (CME Term SOFR 3-Month plus 1.91%) | (CME Term SOFR 3-Month plus 1.91%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.21% | 01/15/34<sup>1,2,3</sup> | 14500000 | 14525375 |
|  United Auto Credit Securitization Trust, | United Auto Credit Securitization Trust, | United Auto Credit Securitization Trust, |  |
|  Series 2022-2, Class R1 | Series 2022-2, Class R1 | Series 2022-2, Class R1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 04/10/29<sup>1</sup> | 33600 | 2 |
|  Vantage Data Centers Jersey Borrower Spv Ltd., | Vantage Data Centers Jersey Borrower Spv Ltd., | Vantage Data Centers Jersey Borrower Spv Ltd., | Vantage Data Centers Jersey Borrower Spv Ltd., |
|  Series 2024-1A, Class A2 | Series 2024-1A, Class A2 | Series 2024-1A, Class A2 |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17% | 05/28/39<sup>1,3</sup> | 12435000 | 16326613 |
|  Voya CLO Ltd., | Voya CLO Ltd., | Voya CLO Ltd., |  |
|  Series 2016-3A, Class A1R2 | Series 2016-3A, Class A1R2 | Series 2016-3A, Class A1R2 |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44% | 10/18/31<sup>1,2,3</sup> | 23445775 | 23437967 |
|  Voya CLO Ltd., | Voya CLO Ltd., | Voya CLO Ltd., |  |
|  Series 2019-4A, Class BR | Series 2019-4A, Class BR | Series 2019-4A, Class BR |  |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
|  (CME Term SOFR 3-Month plus 2.01%) | (CME Term SOFR 3-Month plus 2.01%) | (CME Term SOFR 3-Month plus 2.01%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31% | 01/15/35<sup>1,2,3</sup> | 17500000 | 17467678 |
|  **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
|  (Cost $1,841,674,492) | (Cost $1,841,674,492) |  | &nbsp;&nbsp;&nbsp;&nbsp;1892680156 |
|  **BANK LOANS — 1.62%\*** | **BANK LOANS — 1.62%\*** | **BANK LOANS — 1.62%\*** |  |
|  **Communications — 0.14%** | **Communications — 0.14%** | **Communications — 0.14%** |  |
|  Altice Financing SA, | Altice Financing SA, | Altice Financing SA, |  |
|  Term Loan B, 1st Lien (Luxembourg) | Term Loan B, 1st Lien (Luxembourg) | Term Loan B, 1st Lien (Luxembourg) |  |
|  (SOFR plus 5.00%) | (SOFR plus 5.00%) | (SOFR plus 5.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.30% | 10/31/27<sup>2,3</sup> | 3114374 | 2561573 |
|  CCI Buyer, Inc., | CCI Buyer, Inc., | CCI Buyer, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30% | 12/17/27<sup>2</sup> | 4872478 | 4881273 |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |  |
|  Term Loan B5, 1st Lien | Term Loan B5, 1st Lien | Term Loan B5, 1st Lien |  |
|  (SOFR plus 1.50%) | (SOFR plus 1.50%) | (SOFR plus 1.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.09% | 04/15/27<sup>2</sup> | 6192017 | 5834861 |
|  NEP Group, Inc., | NEP Group, Inc., | NEP Group, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 5.01%) | (SOFR plus 5.01%) | (SOFR plus 5.01%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.32% | 08/19/26<sup>2,6</sup> | 3060022 | 2855000 |
|  Numericable U.S. LLC, | Numericable U.S. LLC, | Numericable U.S. LLC, |  |
|  Term Loan B14, 1st Lien | Term Loan B14, 1st Lien | Term Loan B14, 1st Lien |  |
|  (SOFR plus 5.50%) | (SOFR plus 5.50%) | (SOFR plus 5.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.80% | 08/15/28<sup>2</sup> | 1889594 | 1698509 |

---

*See accompanying Notes to Financial Statements.* 

Annual Financial Statements March 2025 / 84

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |
|  **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |  |
|  Research Now LLC, | Research Now LLC, | Research Now LLC, |  |
|  Term Loan | Term Loan | Term Loan |  |
|  (SOFR plus 5.50%) | (SOFR plus 5.50%) | (SOFR plus 5.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.58% | 04/22/25<sup>2</sup> | $1612681 | $1616511 |
|  Virgin Media Bristol LLC, | Virgin Media Bristol LLC, | Virgin Media Bristol LLC, |  |
|  Term Loan Y, 1st Lien | Term Loan Y, 1st Lien | Term Loan Y, 1st Lien |  |
|  (SOFR plus 3.28%) | (SOFR plus 3.28%) | (SOFR plus 3.28%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.72% | 03/31/31<sup>2</sup> | 802250 | 773582 |
|  Term Loan Y3, 1st Lien | Term Loan Y3, 1st Lien | Term Loan Y3, 1st Lien |  |
|  (SOFR plus 3.18%) | (SOFR plus 3.18%) | (SOFR plus 3.18%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.64% | 03/31/31<sup>2</sup> | 1735643 | 1673619 |
|  Zayo Group Holdings, Inc., | Zayo Group Holdings, Inc., | Zayo Group Holdings, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.11%) | (SOFR plus 3.11%) | (SOFR plus 3.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.44% | 03/09/27<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28170278 | 26289067 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;48183995 |
|  **Consumer Discretionary — 0.11%** | **Consumer Discretionary — 0.11%** | **Consumer Discretionary — 0.11%** |  |
|  AI Aqua Merger Sub, Inc., | AI Aqua Merger Sub, Inc., | AI Aqua Merger Sub, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32% | 07/31/28<sup>2</sup> | 2540031 | 2519902 |
|  Celsius Holdings, Inc., | Celsius Holdings, Inc., |  |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |  |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57% | 03/21/32<sup>2</sup> | 2145681 | 2152387 |
|  Hilton Worldwide Finance LLC, | Hilton Worldwide Finance LLC, |  |  |
|  Term Loan B4, 1st Lien | Term Loan B4, 1st Lien |  |  |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07% | 11/08/30<sup>2</sup> | 1603094 | 1603478 |
|  Naked Juice, LLC, | Naked Juice, LLC, |  |  |
|  Term Loan, 1st Lien | Term Loan, 1st Lien |  |  |
|  (SOFR plus 3.10%) | (SOFR plus 3.10%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.41% | 01/24/29<sup>2</sup> | 38758263 | 20453898 |
|  Term Loan, 2nd Lien | Term Loan, 2nd Lien |  |  |
|  (SOFR plus 6.10%) | (SOFR plus 6.10%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.40% | 01/24/30<sup>2</sup> | 4735415 | 1150304 |
|  Opal U.S. LLC, | Opal U.S. LLC, | Opal U.S. LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57% | 03/01/32<sup>2</sup> | 7235834 | 7199654 |
|  Playa Resorts Holding BV, | Playa Resorts Holding BV, | Playa Resorts Holding BV, |  |
|  Term Loan B, 1st Lien (Netherlands) | Term Loan B, 1st Lien (Netherlands) | Term Loan B, 1st Lien (Netherlands) |  |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.07% | 01/05/29<sup>2,3</sup> | 1992971 | 1992862 |
|  |  |  | 37072485 |
|  **Electric — 0.09%** | **Electric — 0.09%** | **Electric — 0.09%** |  |
|  Alpha Generation LLC, | Alpha Generation LLC, | Alpha Generation LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.07% | 09/30/31<sup>2</sup> | 6865664 | 6876408 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., |  |
|  Term Loan B10, 1st Lien | Term Loan B10, 1st Lien | Term Loan B10, 1st Lien |  |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07% | 01/31/31<sup>2</sup> | 1773738 | 1769117 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |
|  **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |  |
|  Cornerstone Generation LLC, | Cornerstone Generation LLC, | Cornerstone Generation LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57% | 10/28/31<sup>2</sup> | $2106833 | $2109466 |
|  Edgewater Generation LLC, | Edgewater Generation LLC, | Edgewater Generation LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32% | 08/01/30<sup>2</sup> | 2282181 | 2284212 |
|  EFS Cogen Holdings I LLC, | EFS Cogen Holdings I LLC, | EFS Cogen Holdings I LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80% | 10/03/31<sup>2</sup> | 4084461 | 4085115 |
|  Hunterstown Generation LLC, | Hunterstown Generation LLC, | Hunterstown Generation LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80% | 11/06/31<sup>2</sup> | 2448120 | 2460361 |
|  Potomac Energy Center LLC, | Potomac Energy Center LLC, | Potomac Energy Center LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32% | 03/14/32<sup>2</sup> | 2222283 | 2213950 |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |
|  (SOFR plus 6.26%) | (SOFR plus 6.26%) | (SOFR plus 6.26%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.58% | 11/12/26<sup>2</sup> | 2552013 | 2552013 |
|  South Field Energy LLC, | South Field Energy LLC, | South Field Energy LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.55% | 08/29/31<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2304627 | 2304627 |
|  Term Loan C, 1st Lien | Term Loan C, 1st Lien | Term Loan C, 1st Lien |  |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56% | 08/29/31<sup>2</sup> | 147323 | 147323 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07% | 12/20/30<sup>2</sup> | 5094430 | 5084674 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;31887266 |
|  **Entertainment — 0.03%** | **Entertainment — 0.03%** | **Entertainment — 0.03%** |  |
|  Elanco Animal Health, Inc., | Elanco Animal Health, Inc., | Elanco Animal Health, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 1.85%) | (SOFR plus 1.85%) | (SOFR plus 1.85%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17% | 08/01/27<sup>2</sup> | 1490601 | 1489289 |
|  Showtime Acquisition LLC, | Showtime Acquisition LLC, | Showtime Acquisition LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.07% | 08/13/31<sup>2</sup> | 7372468 | 7415486 |
|  |  |  | 8904775 |
|  **Finance — 0.11%** | **Finance — 0.11%** | **Finance — 0.11%** |  |
|  Avolon TLB Borrower 1 U.S. LLC, | Avolon TLB Borrower 1 U.S. LLC, | Avolon TLB Borrower 1 U.S. LLC, |  |
|  Term Loan B6, 1st Lien | Term Loan B6, 1st Lien | Term Loan B6, 1st Lien |  |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07% | 06/24/30<sup>2</sup> | 21700040 | 21704597 |
|  Deerfield Dakota Holding LLC, | Deerfield Dakota Holding LLC, | Deerfield Dakota Holding LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.05% | 04/09/27<sup>2</sup> | 8240578 | 7839714 |

---

*See accompanying Notes to Financial Statements.* 

85 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |
|  **Finance (continued)** | **Finance (continued)** | **Finance (continued)** |  |
|  GIH Borrower LLC, | GIH Borrower LLC, | GIH Borrower LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 2.50%) | (SOFR plus 2.50%) | (SOFR plus 2.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.81% | 11/26/31<sup>2</sup> | $2270158 | $2267320 |
|  Jane Street Group LLC, | Jane Street Group LLC, | Jane Street Group LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 2.00%) | (SOFR plus 2.00%) | (SOFR plus 2.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31% | 12/15/31<sup>2</sup> | 3307941 | 3272794 |
|  Telenet Financing USD LLC, | Telenet Financing USD LLC, | Telenet Financing USD LLC, |  |
|  Term Loan AR, 1st Lien | Term Loan AR, 1st Lien | Term Loan AR, 1st Lien |  |
|  (SOFR plus 2.11%) | (SOFR plus 2.11%) | (SOFR plus 2.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.43% | 04/30/28<sup>2</sup> | 4630109 | 4492178 |
|  |  |  | 39576603 |
|  **Food — 0.04%** | **Food — 0.04%** | **Food — 0.04%** |  |
|  8th Avenue Food & Provisions, Inc., | 8th Avenue Food & Provisions, Inc., | 8th Avenue Food & Provisions, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.86%) | (SOFR plus 3.86%) | (SOFR plus 3.86%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.19% | 10/01/25<sup>2</sup> | 1089920 | 1071735 |
|  Dessert Holdings, Inc., | Dessert Holdings, Inc., | Dessert Holdings, Inc., |  |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |
|  (SOFR plus 4.11%) | (SOFR plus 4.11%) | (SOFR plus 4.11%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.44% | 06/12/28<sup>2</sup> | 4831323 | 4727136 |
|  United Natural Foods, Inc., | United Natural Foods, Inc., | United Natural Foods, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.07% | 04/25/31<sup>2</sup> | 8331082 | 8450841 |
|  |  |  | 14249712 |
|  **Health Care — 0.16%** | **Health Care — 0.16%** | **Health Care — 0.16%** |  |
|  Bausch + Lomb Corp., | Bausch + Lomb Corp., | Bausch + Lomb Corp., |  |
|  Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) |  |
|  (SOFR plus 3.35%) | (SOFR plus 3.35%) | (SOFR plus 3.35%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67% | 05/10/27<sup>2,3</sup> | 3689380 | 3681042 |
|  Term Loan, 1st Lien (Canada) | Term Loan, 1st Lien (Canada) | Term Loan, 1st Lien (Canada) |  |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.32% | 09/29/28<sup>2,3</sup> | 1822742 | 1820473 |
|  Grifols Worldwide Operations USA, Inc., | Grifols Worldwide Operations USA, Inc., | Grifols Worldwide Operations USA, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 2.15%) | (SOFR plus 2.15%) | (SOFR plus 2.15%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.46% | 11/15/27<sup>2</sup> | 3113883 | 3088006 |
|  IQVIA, Inc., | IQVIA, Inc., | IQVIA, Inc., |  |
|  Term Loan B5, 1st Lien | Term Loan B5, 1st Lien | Term Loan B5, 1st Lien |  |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05% | 01/02/31<sup>2</sup> | 6250922 | 6265081 |
|  Jazz Financing Lux SARL, | Jazz Financing Lux SARL, | Jazz Financing Lux SARL, |  |
|  Term Loan B2, 1st Lien (Luxembourg) | Term Loan B2, 1st Lien (Luxembourg) | Term Loan B2, 1st Lien (Luxembourg) |  |
|  (SOFR plus 2.25%) | (SOFR plus 2.25%) | (SOFR plus 2.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.57% | 05/05/28<sup>2,3</sup> | 11066011 | 11074310 |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 2.25%) | (SOFR plus 2.25%) | (SOFR plus 2.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.57% | 10/23/28<sup>2</sup> | 4865093 | 4861371 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |
|  **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |  |
|  Modivcare, Inc., | Modivcare, Inc., | Modivcare, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 07/01/31<sup>2</sup> | $20217545 | $15129396 |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |
|  (SOFR plus 8.50%) | (SOFR plus 8.50%) | (SOFR plus 8.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.79% | 01/07/26<sup>2</sup> | 3166082 | 2707000 |
|  NSM Top Holdings Corp., | NSM Top Holdings Corp., | NSM Top Holdings Corp., |  |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |
|  (SOFR plus 5.35%) | (SOFR plus 5.35%) | (SOFR plus 5.35%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.66% | 05/14/29<sup>2</sup> | 2360644 | 2378349 |
|  Star Parent, Inc., | Star Parent, Inc., | Star Parent, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30% | 09/27/30<sup>2</sup> | 6294724 | 6027198 |
|  |  |  | 57032226 |
|  **Health Care REITs — 0.15%** | **Health Care REITs — 0.15%** | **Health Care REITs — 0.15%** |  |
|  Healthpeak Properties, Inc., | Healthpeak Properties, Inc., | Healthpeak Properties, Inc., |  |
|  Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien |  |
|  (SOFR plus 0.94%) | (SOFR plus 0.94%) | (SOFR plus 0.94%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26% | 02/22/27<sup>2</sup> | 13772696 | 13531674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26% | 08/20/27<sup>2</sup> | 13772696 | 13531674 |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |
|  (SOFR plus 0.95%) | (SOFR plus 0.95%) | (SOFR plus 0.95%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32% | 03/01/29<sup>2</sup> | 27796272 | 27275092 |
|  |  |  | 54338440 |
|  **Industrials — 0.23%** | **Industrials — 0.23%** | **Industrials — 0.23%** |  |
|  Artera Services LLC, | Artera Services LLC, | Artera Services LLC, |  |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |
|  (SOFR plus 4.50%) | (SOFR plus 4.50%) | (SOFR plus 4.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.80% | 02/15/31<sup>2</sup> | 6069700 | 5772102 |
|  Balcan Innovations, Inc., | Balcan Innovations, Inc., | Balcan Innovations, Inc., |  |
|  Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) |  |
|  (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.04% | 10/10/31<sup>2,3</sup> | 3578115 | 3573643 |
|  Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |  |
|  Term Loan AA, 1st Lien | Term Loan AA, 1st Lien | Term Loan AA, 1st Lien |  |
|  (SOFR plus 1.86%) | (SOFR plus 1.86%) | (SOFR plus 1.86%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.19% | 07/01/29<sup>2</sup> | 24630760 | 24653297 |
|  Michaels Cos., Inc. (The), | Michaels Cos., Inc. (The), | Michaels Cos., Inc. (The), |  |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |
|  (SOFR plus 4.51%) | (SOFR plus 4.51%) | (SOFR plus 4.51%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.81% | 04/15/28<sup>2</sup> | 27181000 | 20259223 |
|  Oregon Tool Lux LP, | Oregon Tool Lux LP, | Oregon Tool Lux LP, |  |
|  Term Loan, 1st Lien (Luxembourg) | Term Loan, 1st Lien (Luxembourg) | Term Loan, 1st Lien (Luxembourg) |  |
|  (SOFR plus 5.35%) | (SOFR plus 5.35%) | (SOFR plus 5.35%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.67% | 10/15/29<sup>2,3</sup> | 369195 | 374917 |
|  Term Loan, 2nd Lien (Luxembourg) | Term Loan, 2nd Lien (Luxembourg) | Term Loan, 2nd Lien (Luxembourg) |  |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.32% | 10/15/29<sup>2,3</sup> | 14053326 | 10452161 |
|  TCP Sunbelt Acquisition Co., | TCP Sunbelt Acquisition Co., | TCP Sunbelt Acquisition Co., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57% | 10/24/31<sup>2</sup> | 4977525 | 4971303 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 86

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |
|  **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |  |
|  Transdigm, Inc., | Transdigm, Inc., | Transdigm, Inc., |  |
|  Term Loan I, 1st Lien | Term Loan I, 1st Lien | Term Loan I, 1st Lien |  |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% | 08/24/28<sup>2</sup> | $5297981 | $5302405 |
|  WEC U.S. Holdings Ltd., | WEC U.S. Holdings Ltd., | WEC U.S. Holdings Ltd., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 2.25%) | (SOFR plus 2.25%) | (SOFR plus 2.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.57% | 01/27/31<sup>2</sup> | 3854938 | 3824349 |
|  |  |  | 79183400 |
|  **Information Technology — 0.27%** | **Information Technology — 0.27%** | **Information Technology — 0.27%** |  |
|  Arches Buyer, Inc., | Arches Buyer, Inc., | Arches Buyer, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.35%) | (SOFR plus 3.35%) | (SOFR plus 3.35%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67% | 12/06/27<sup>2</sup> | 5425929 | 5319119 |
|  Barracuda Parent LLC, | Barracuda Parent LLC, | Barracuda Parent LLC, |  |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |
|  (SOFR plus 4.50%) | (SOFR plus 4.50%) | (SOFR plus 4.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.79% | 08/15/29<sup>2</sup> | 4836721 | 4210366 |
|  Cast & Crew Payroll LLC, | Cast & Crew Payroll LLC, | Cast & Crew Payroll LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.07% | 12/29/28<sup>2</sup> | 1904422 | 1839224 |
|  Castle U.S. Holding Corp., | Castle U.S. Holding Corp., | Castle U.S. Holding Corp., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30% | 01/29/27<sup>2</sup> | 2361954 | 1466809 |
|  Cotiviti, Inc., | Cotiviti, Inc., | Cotiviti, Inc., |  |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.08% | 03/29/32<sup>2</sup> | 2452944 | 2400819 |
|  Delivery Hero SE, | Delivery Hero SE, | Delivery Hero SE, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 5.00%) | (SOFR plus 5.00%) | (SOFR plus 5.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.31% | 12/12/29<sup>2</sup> | 5829299 | 5848740 |
|  EagleView Technology Co., | EagleView Technology Co., | EagleView Technology Co., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.76%) | (SOFR plus 3.76%) | (SOFR plus 3.76%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.09% | 08/14/25<sup>2</sup> | 16993999 | 16591921 |
|  Gainwell Acquisition Corp., | Gainwell Acquisition Corp., | Gainwell Acquisition Corp., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.10%) | (SOFR plus 4.10%) | (SOFR plus 4.10%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.40% | 10/01/27<sup>2</sup> | 17578346 | 16534895 |
|  Magnite, Inc., | Magnite, Inc., | Magnite, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32% | 02/06/31<sup>2</sup> | 5051406 | 5049310 |
|  MH Sub I LLC, | MH Sub I LLC, | MH Sub I LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57% | 12/31/31<sup>2</sup> | 6666504 | 6142450 |
|  Term Loan B3, 1st Lien | Term Loan B3, 1st Lien | Term Loan B3, 1st Lien |  |
|  (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57% | 05/03/28<sup>2</sup> | 1778430 | 1693963 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |
|  **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |  |
|  Peraton Corp., | Peraton Corp., | Peraton Corp., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.85%) | (SOFR plus 3.85%) | (SOFR plus 3.85%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.17% | 02/01/28<sup>2</sup> | $6069741 | $5415817 |
|  Renaissance Holding Corp., | Renaissance Holding Corp., | Renaissance Holding Corp., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.32% | 04/05/30<sup>2</sup> | 4773704 | 4693171 |
|  Spin Holdco, Inc., | Spin Holdco, Inc., | Spin Holdco, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.26%) | (SOFR plus 4.26%) | (SOFR plus 4.26%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.56% | 03/04/28<sup>2</sup> | 3135030 | 2662832 |
|  TripAdvisor, Inc., | TripAdvisor, Inc., | TripAdvisor, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% | 07/08/31<sup>2</sup> | 3399316 | 3354479 |
|  X Corp., | X Corp., | X Corp., |  |
|  Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien |  |
|  (SOFR plus 6.65%) | (SOFR plus 6.65%) | (SOFR plus 6.65%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.95% | 10/26/29<sup>2</sup> | 5433083 | 5405918 |
|  Xerox Corp., | Xerox Corp., | Xerox Corp., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.22% - 8.32% | 11/17/29<sup>2</sup> | 5710750 | 5460905 |
|  |  |  | 94090738 |
|  **Insurance — 0.05%** | **Insurance — 0.05%** | **Insurance — 0.05%** |  |
|  Acrisure LLC, | Acrisure LLC, | Acrisure LLC, |  |
|  Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien |  |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.07% | 02/15/27<sup>2</sup> | 7515735 | 7505025 |
|  Asurion LLC, | Asurion LLC, | Asurion LLC, |  |
|  Term Loan B4, 2nd Lien | Term Loan B4, 2nd Lien | Term Loan B4, 2nd Lien |  |
|  (SOFR plus 5.36%) | (SOFR plus 5.36%) | (SOFR plus 5.36%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.69% | 01/20/29<sup>2</sup> | 3290000 | 3059190 |
|  Term Loan B8, 1st Lien | Term Loan B8, 1st Lien | Term Loan B8, 1st Lien |  |
|  (SOFR plus 3.36%) | (SOFR plus 3.36%) | (SOFR plus 3.36%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69% | 12/23/26<sup>2</sup> | 5730999 | 5726300 |
|  |  |  | 16290515 |
|  **Materials — 0.02%** | **Materials — 0.02%** | **Materials — 0.02%** |  |
|  Chemours Co. (The), | Chemours Co. (The), | Chemours Co. (The), |  |
|  Term Loan B3, 1st Lien | Term Loan B3, 1st Lien | Term Loan B3, 1st Lien |  |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |  |
|  7.32% | 08/18/28<sup>2</sup> | 4321214 | 4315812 |
|  Mativ Holdings, Inc., | Mativ Holdings, Inc., | Mativ Holdings, Inc., |  |
|  Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien |  |
|  (SOFR plus 2.60%) | (SOFR plus 2.60%) | (SOFR plus 2.60%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.92% | 05/06/27<sup>2</sup> | 3121848 | 3121848 |
|  |  |  | 7437660 |
|  **Residential REITs — 0.10%** | **Residential REITs — 0.10%** | **Residential REITs — 0.10%** |  |
|  Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, |  |
|  Term Loan A, 1st Lien | Term Loan A, 1st Lien | Term Loan A, 1st Lien |  |
|  (SOFR plus 0.95%) | (SOFR plus 0.95%) | (SOFR plus 0.95%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27% | 09/09/28<sup>2</sup> | 36581794 | 36033067 |

---

*See accompanying Notes to Financial Statements.*

87 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |
|  **Retail — 0.05%** | **Retail — 0.05%** | **Retail — 0.05%** |  |
|  1011778 BC Unlimited Liability Co., | 1011778 BC Unlimited Liability Co., | 1011778 BC Unlimited Liability Co., |  |
|  Term Loan B6, 1st Lien (Canada) | Term Loan B6, 1st Lien (Canada) | Term Loan B6, 1st Lien (Canada) |  |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07% | 09/20/30<sup>2,3</sup> | $6652898 | $6601238 |
|  Dave & Buster's, Inc., | Dave & Buster's, Inc., | Dave & Buster's, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56% | 11/01/31<sup>2</sup> | 4779638 | 4191169 |
|  KFC Holding Co., | KFC Holding Co., | KFC Holding Co., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 1.86%) | (SOFR plus 1.86%) | (SOFR plus 1.86%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.18% | 03/15/28<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8496303 | 8526040 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;19318447 |
|  **Services — 0.07%** | **Services — 0.07%** | **Services — 0.07%** |  |
|  Albion Financing 3 SARL, | Albion Financing 3 SARL, | Albion Financing 3 SARL, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32% | 08/16/29<sup>2</sup> | 865892 | 867784 |
|  Amspec Parent LLC, | Amspec Parent LLC, | Amspec Parent LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.55% | 12/22/31<sup>2,7</sup> | 1498087 | 1499031 |
|  Belron Finance U.S. LLC, | Belron Finance U.S. LLC, | Belron Finance U.S. LLC, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% | 10/16/31<sup>2</sup> | 2890512 | 2889167 |
|  CCRR Parent, Inc., | CCRR Parent, Inc., | CCRR Parent, Inc., |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.35%) | (SOFR plus 4.35%) | (SOFR plus 4.35%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.66% | 03/06/28<sup>2</sup> | 3722186 | 1575732 |
|  (SOFR plus 4.51%) | (SOFR plus 4.51%) | (SOFR plus 4.51%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.82% | 03/06/28<sup>2</sup> | 4643962 | 2070441 |
|  Kelso Industries LLC, | Kelso Industries LLC, | Kelso Industries LLC, |  |
|  Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien |  |
|  (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.07% | 12/30/29<sup>2,8</sup> | 332733 | 331485 |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |
|  (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.07% | 12/26/29<sup>2</sup> | 5182638 | 5163203 |
|  Ryan LLC, | Ryan LLC, | Ryan LLC, |  |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |  |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.82% | 11/14/30<sup>2</sup> | 2780102 | 2774889 |
|  Sabre GLBL, Inc., | Sabre GLBL, Inc., | Sabre GLBL, Inc., |  |
|  Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien |  |
|  (SOFR plus 4.35%) | (SOFR plus 4.35%) | (SOFR plus 4.35%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.67% | 06/30/28<sup>2</sup> | 70715 | 68741 |
|  (SOFR plus 6.10%) | (SOFR plus 6.10%) | (SOFR plus 6.10%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.42% | 11/15/29<sup>2</sup> | 396221 | 388956 |
|  Term Loan B2, 1st Lien | Term Loan B2, 1st Lien | Term Loan B2, 1st Lien |  |
|  (SOFR plus 5.10%) | (SOFR plus 5.10%) | (SOFR plus 5.10%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.42% | 06/30/28<sup>2</sup> | 1695612 | 1641565 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |  |
|  **Services (continued)** | **Services (continued)** | **Services (continued)** |  |
|  TruGreen LP, | TruGreen LP, | TruGreen LP, |  |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |  |
|  (SOFR plus 4.10%) | (SOFR plus 4.10%) | (SOFR plus 4.10%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.42% | 11/02/27<sup>2</sup> | $4013408 | $3789339 |
|  |  |  | 23060333 |
|  **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** |  |
|  (Cost $608,981,372) | (Cost $608,981,372) | (Cost $608,981,372) | &nbsp;&nbsp;&nbsp;&nbsp;566659662 |
|  **CORPORATES — 15.30%\*** | **CORPORATES — 15.30%\*** | **CORPORATES — 15.30%\*** |  |
|  **Banking — 2.66%** | **Banking — 2.66%** | **Banking — 2.66%** |  |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.73% | 07/22/27<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42299000 | 40778051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 07/21/32<sup>9</sup> | 2000 | 1709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.59% | 04/29/31<sup>9</sup> | 1736000 | 1560102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69% | 04/22/32<sup>9</sup> | 2174000 | 1914754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42% | 12/20/28<sup>9</sup> | 1587000 | 1538442 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |
| (MTN) | (MTN) | (MTN) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.92% | 10/24/31<sup>9</sup> | 18688000 | 15991390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.09% | 06/14/29<sup>9</sup> | 185568000 | 171606657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 02/13/31<sup>9</sup> | 201000 | 180529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.97% | 03/05/29<sup>9</sup> | 336000 | 330135 |
|  (CME Term SOFR 3-Month plus 0.91%) | (CME Term SOFR 3-Month plus 0.91%) | (CME Term SOFR 3-Month plus 0.91%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23% | 12/01/26<sup>2</sup> | 50000000 | 50018996 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |  |
|  Series N | Series N | Series N |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.66% | 03/11/27<sup>9</sup> | 77013000 | 74924335 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |  |
|  (United Kingdom) | (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01% | 09/22/28<sup>3,9</sup> | 36235000 | 33899866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.21% | 08/17/29<sup>3,9</sup> | 2000 | 1834 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04% | 02/04/27<sup>9</sup> | 15825000 | 15362756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.47% | 09/22/27<sup>9</sup> | 10000000 | 9566343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.58% | 04/22/27<sup>9</sup> | 19179000 | 18598583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 02/04/32<sup>9</sup> | 47125000 | 40106107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.07% | 06/01/29<sup>9</sup> | 3013000 | 2791716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.18% | 06/01/28<sup>9</sup> | 2490000 | 2369590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 11/08/32<sup>9</sup> | 18461000 | 15979886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.58% | 04/22/32<sup>9</sup> | 19039000 | 16740453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95% | 02/24/28<sup>9</sup> | 23236000 | 22572267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96% | 01/25/33<sup>9</sup> | 12277000 | 10846551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 05/06/30<sup>9</sup> | 2876000 | 2766851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.01% | 04/23/29<sup>9</sup> | 2671000 | 2626344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45% | 12/05/29<sup>9</sup> | 8325000 | 8270850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01% | 01/23/30<sup>9</sup> | 10505000 | 10624646 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |
|  NVS | NVS | NVS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% | 11/19/26<sup>9</sup> | 13390000 | 13098955 |
|  PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07% | 01/24/34<sup>9</sup> | 3000 | 2968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% | 01/22/35<sup>9</sup> | 20690000 | 21216395 |
|  Santander UK Group Holdings PLC | Santander UK Group Holdings PLC | Santander UK Group Holdings PLC |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.53% | 08/21/26<sup>3,9</sup> | 6354000 | 6268882 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 88

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
|  **Banking (continued)** | **Banking (continued)** | **Banking (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.47% | 01/11/28<sup>3,9</sup> | 15466000 | $14863775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82% | 11/03/28<sup>3,9</sup> | 2200000 | 2141490 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 02/01/29<sup>9</sup> | 70000 | 70055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84% | 02/01/34<sup>9</sup> | 21883000 | 21257329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% | 01/23/35<sup>9</sup> | 8470000 | 8667082 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |  |
| (MTN) | (MTN) | (MTN) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39% | 06/02/28<sup>9</sup> | 66030000 | 63029540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88% | 10/30/30<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;161948000 | 149314125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35% | 03/02/33<sup>9</sup> | 3862000 | 3465342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53% | 03/24/28<sup>9</sup> | 35510000 | 34793580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 07/25/33<sup>9</sup> | 4193000 | 4134594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57% | 07/25/29<sup>9</sup> | 14844000 | 15248345 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;929542200 |
|  **Communications — 1.61%** | **Communications — 1.61%** | **Communications — 1.61%** |  |
|  Altice Financing SA | Altice Financing SA | Altice Financing SA |  |
| (Luxembourg) | (Luxembourg) | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/15/28<sup>1,3</sup> | 1449000 | 1088158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 08/15/29<sup>1,3</sup> | 2451000 | 1798860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63% | 07/15/27<sup>1,3</sup> | 3900000 | 3334737 |
|  Altice France SA | Altice France SA | Altice France SA |  |
| (France) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 07/15/29<sup>1,3</sup> | 1720000 | 1354367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13% | 02/01/27<sup>1,3</sup> | 3210000 | 2890717 |
|  Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter |
|  Communications Operating Capital | Communications Operating Capital | Communications Operating Capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 02/01/32 | 10000000 | 8104243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 04/01/51 | 3627000 | 2290681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 06/01/52 | 15867000 | 10274002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/01/50 | 24669000 | 18611704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/01/38 | 505000 | 456042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 05/01/47 | 51157000 | 42346509 |
|  Charter Communications Operating, LLC/Charter | Charter Communications Operating, LLC/Charter | Charter Communications Operating, LLC/Charter |  |
|  Communications Operating Capital | Communications Operating Capital | Communications Operating Capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 07/01/49 | 14837000 | 11772021 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/15/31<sup>1</sup> | 775000 | 560655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 12/01/30<sup>1</sup> | 4879000 | 2423750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 01/15/30<sup>1</sup> | 11758000 | 6248036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 02/01/29<sup>1</sup> | 42826000 | 35627769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25% | 05/15/28<sup>1</sup> | 12833000 | 12514221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75% | 01/31/29<sup>1</sup> | 15749000 | 15280740 |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 05/15/29 | 2825000 | 2668814 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63% | 03/15/31<sup>1</sup> | 6023000 | 6421125 |
|  Global Switch Finance BV | Global Switch Finance BV | Global Switch Finance BV |  |
| (EMTN) | (EMTN) | (EMTN) |  |
| (Netherlands) | (Netherlands) | (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38% | 10/07/30<sup>3</sup> | 63777000 | 64567618 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint |
|  Spectrum Co. III LLC | Spectrum Co. III LLC | Spectrum Co. III LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 03/20/28<sup>1</sup> | 180657000 | 181521035 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
|  **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |  |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/15/42 | 27580000 | $21010877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/41 | 37297000 | 32344107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 11/15/40 | 2016000 | 1850193 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 01/15/35 | 58630000 | 56480267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 05/15/32 | 17645000 | 17763904 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;561605152 |
|  **Consumer Discretionary — 0.61%** | **Consumer Discretionary — 0.61%** | **Consumer Discretionary — 0.61%** |  |
|  Altria Group, Inc. | Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 02/04/51 | 995000 | 685253 |
|  Anheuser-Busch InBev SA | Anheuser-Busch InBev SA | Anheuser-Busch InBev SA |  |
| (EMTN) |  |  |  |
| (Belgium) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45% | 09/22/31<sup>3</sup> | 5000000 | 5468929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 03/22/44<sup>3</sup> | 21165000 | 21977655 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |  |
| (Bermuda) | (Bermuda) | (Bermuda) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 05/15/38<sup>1,3</sup> | 2881000 | 2660233 |
|  Davide Campari-Milano NV | Davide Campari-Milano NV | Davide Campari-Milano NV |  |
| (Netherlands) | (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 01/17/29<sup>3</sup> | 14300000 | 14635993 |
|  Diageo Finance PLC | Diageo Finance PLC | Diageo Finance PLC |  |
| (EMTN) |  |  |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 08/30/44<sup>3</sup> | 1475000 | 1477653 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |  |
|  (United Kingdom) | (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/26/26<sup>1,3</sup> | 20000000 | 19717420 |
|  Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |  |
| (France) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 03/31/32<sup>1,3</sup> | 1540000 | 1540000 |
|  Pernod Ricard SA | Pernod Ricard SA | Pernod Ricard SA |  |
| (EMTN) |  |  |  |
| (France) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 09/15/33<sup>3</sup> | 1000000 | 1079728 |
|  Reynolds American, Inc. | Reynolds American, Inc. | Reynolds American, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 08/15/45 | 8340000 | 7967091 |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/15/31<sup>1</sup> | 3151000 | 2694598 |
|  WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/42 | 28113000 | 22493210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 | 112440000 | 82015714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39% | 03/15/62 | 42245000 | 30506817 |
|  |  |  | 214920294 |
|  **Diversified REITs — 0.44%** | **Diversified REITs — 0.44%** | **Diversified REITs — 0.44%** |  |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 | 6447000 | 5678805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 10/01/34 | 16835000 | 16811067 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88% | 10/15/30 | 3336000 | 2855922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 01/15/30 | 2025000 | 1863058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 03/15/30 | 16040000 | 16122937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 07/15/33 | 975000 | 996523 |

---

*See accompanying Notes to Financial Statements.* 

89 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |  |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10% | 04/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23220000 | $19534283 |
| Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | 02/01/31<sup>3</sup> | 2218000 | 2089351 |
| Digital Intrepid Holding BV | Digital Intrepid Holding BV | Digital Intrepid Holding BV | Digital Intrepid Holding BV |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63% | 07/15/31<sup>3</sup> | 16455000 | 14699794 |
| GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/15/31 | 7310000 | 6829716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 01/15/29 | 13180000 | 13217325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/15/26 | 3126000 | 3137753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 06/01/28 | 24498000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24939478 |
| VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 02/15/29<sup>1</sup> | 6903000 | 6604229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 08/15/30<sup>1</sup> | 3627000 | 3416106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/15/28<sup>1</sup> | 2727000 | 2696796 |
| Vonovia SE | Vonovia SE | Vonovia SE | Vonovia SE |
| (Georgia) | (Georgia) | (Georgia) | (Georgia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 04/07/30<sup>3</sup> | 4500000 | 4612519 |
| Vonovia SE, | Vonovia SE, | Vonovia SE, | Vonovia SE, |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Georgia) | (Georgia) | (Georgia) | (Georgia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/23/30<sup>3</sup> | 4500000 | 5197007 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 07/23/32 | 3655000 | 4003103 |
|  |  |  | 155305772 |
| **Electric — 1.41%** | **Electric — 1.41%** | **Electric — 1.41%** |  |
| Alabama Power Co. | Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. 10% | 04/02/35 | 17535000 | 17543752 |
| Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 03/30/29<sup>1</sup> | 4120000 | 4269612 |
| Alliant Energy Finance, LLC | Alliant Energy Finance, LLC | Alliant Energy Finance, LLC | Alliant Energy Finance, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 03/01/32<sup>1</sup> | 4515000 | 4086394 |
| Amprion GmbH | Amprion GmbH | Amprion GmbH | Amprion GmbH |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Georgia) | (Georgia) | (Georgia) | (Georgia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63% | 09/23/33<sup>3</sup> | 4400000 | 3699825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/21/44<sup>3</sup> | 5800000 | 5957824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 09/07/34<sup>3</sup> | 5000000 | 5511324 |
| Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45% | 06/01/45 | 100000 | 81733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 04/01/34 | 18900000 | 19174677 |
| Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., |
| Series Z | Series Z | Series Z | Series Z |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 05/01/50 | 9450000 | 6715975 |
| Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 12/15/32 | 2444000 | 2603349 |
| Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 05/15/34 | 8020000 | 8404942 |
| Comision Federal de Electricidad, | Comision Federal de Electricidad, | Comision Federal de Electricidad, | Comision Federal de Electricidad, |
| Series REGS | Series REGS | Series REGS | Series REGS |
| (Mexico) | (Mexico) | (Mexico) | (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35% | 02/09/31<sup>3</sup> | 4200000 | 3582897 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |  |
| Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/30/42 | $3090000 | $2539865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 12/15/41 | 14683000 | 12563148 |
| Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 11/15/33 | 2409000 | 2542737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20% | 11/15/53 | 35000000 | 37052230 |
| Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/35 | 29245000 | 29100343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 03/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33496705 |
| E.ON SE | E.ON SE | E.ON SE | E.ON SE |
| (Georgia) | (Georgia) | (Georgia) | (Georgia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 01/15/36<sup>3</sup> | 1600000 | 1699594 |
| E.ON SE | E.ON SE | E.ON SE | E.ON SE |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Georgia) | (Georgia) | (Georgia) | (Georgia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 09/05/38<sup>3</sup> | 4236000 | 4448273 |
| Elia Group SA | Elia Group SA | Elia Group SA | Elia Group SA |
| (Belgium) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 06/11/31<sup>3</sup> | 10200000 | 11125322 |
| Eurogrid GmbH | Eurogrid GmbH | Eurogrid GmbH | Eurogrid GmbH |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Georgia) | (Georgia) | (Georgia) | (Georgia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74% | 04/21/33<sup>3</sup> | 8300000 | 7207001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11% | 05/15/32<sup>3</sup> | 1200000 | 1099105 |
| FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 03/15/28<sup>1</sup> | 125000 | 120576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 01/15/29<sup>1</sup> | 13381000 | 13192031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 03/30/26<sup>1</sup> | 3000000 | 3018299 |
| FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.87% | 09/15/28<sup>1</sup> | 40514000 | 38151332 |
| Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 03/15/55 | 24155000 | 24690073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 03/15/65 | 15000000 | 15384978 |
| Interstate Power and Light Co. | Interstate Power and Light Co. | Interstate Power and Light Co. | Interstate Power and Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 10/15/33 | 15980000 | 16476595 |
| Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 03/01/32<sup>1</sup> | 820000 | 708891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 01/15/26<sup>1</sup> | 8645000 | 8612972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40% | 05/15/36 | 1404000 | 1504787 |
| MVM Energetika Zrt | MVM Energetika Zrt | MVM Energetika Zrt | MVM Energetika Zrt |
| (Hungary) | (Hungary) | (Hungary) | (Hungary) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 03/13/31<sup>3</sup> | 3727000 | 3827588 |
| National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82% | 07/07/32<sup>3</sup> | 6900000 | 6183379 |
| Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.03% | 06/27/50<sup>1</sup> | 3543000 | 2233801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28% | 10/01/34<sup>1</sup> | 4375000 | 4044923 |
| Public Service Co. of New Mexico | Public Service Co. of New Mexico | Public Service Co. of New Mexico | Public Service Co. of New Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85% | 08/01/25 | 14390000 | 14327425 |
| RTE Reseau de Transport d'Electricite SADIR | RTE Reseau de Transport d'Electricite SADIR | RTE Reseau de Transport d'Electricite SADIR | RTE Reseau de Transport d'Electricite SADIR |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (France) | (France) | (France) | (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/30/33<sup>3</sup> | 11700000 | 12502940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 04/30/44<sup>3</sup> | 4800000 | 4882577 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 90

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
|  **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |  |
| Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 04/01/33 | 29341000 | $29454964 |
| Southwestern Electric Power Co., | Southwestern Electric Power Co., | Southwestern Electric Power Co., | Southwestern Electric Power Co., |
| Series K | Series K | Series K | Series K |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 10/01/26 | 26488000 | 25796007 |
| Southwestern Electric Power Co., | Southwestern Electric Power Co., | Southwestern Electric Power Co., | Southwestern Electric Power Co., |
| Series L | Series L | Series L | Series L |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85% | 02/01/48 | 17395000 | 12735255 |
| TenneT Holding BV | TenneT Holding BV | TenneT Holding BV | TenneT Holding BV |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 05/17/42<sup>3</sup> | 22220000 | 21273792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/28/34<sup>3</sup> | 4035000 | 4707675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 10/28/42<sup>3</sup> | 3866000 | 4442919 |
|  |  |  | 492780406 |
|  **Energy — 0.43%** | **Energy — 0.43%** | **Energy — 0.43%** |  |
| AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38% | 06/01/28<sup>1</sup> | 2420000 | 2399344 |
| Boston Gas Co. | Boston Gas Co. | Boston Gas Co. | Boston Gas Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.12% | 07/20/53<sup>1</sup> | 13275000 | 13519935 |
| Brooklyn Union Gas Co. (The) | Brooklyn Union Gas Co. (The) | Brooklyn Union Gas Co. (The) | Brooklyn Union Gas Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87% | 08/05/32<sup>1</sup> | 1700000 | 1640857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.39% | 09/15/33<sup>1</sup> | 1120000 | 1182860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.42% | 07/18/54<sup>1</sup> | 10000000 | 10480205 |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| (Colombia) | (Colombia) | (Colombia) | (Colombia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88% | 01/13/33<sup>3</sup> | 5000000 | 5166876 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.16% | 03/31/34<sup>1,3</sup> | 7218910 | 6356144 |
| KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
| (Kazakhstan) | (Kazakhstan) | (Kazakhstan) | (Kazakhstan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/14/33<sup>1,3</sup> | 1800000 | 1523982 |
| KazMunayGas National Co. JSC, | KazMunayGas National Co. JSC, | KazMunayGas National Co. JSC, | KazMunayGas National Co. JSC, |
| Series REGS | Series REGS | Series REGS | Series REGS |
| (Kazakhstan) | (Kazakhstan) | (Kazakhstan) | (Kazakhstan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/14/33<sup>3</sup> | 15883000 | 13447451 |
| KazMunayGas National Co. JSC, | KazMunayGas National Co. JSC, | KazMunayGas National Co. JSC, | KazMunayGas National Co. JSC, |
| Series REGS (EMTN) | Series REGS (EMTN) | Series REGS (EMTN) | Series REGS (EMTN) |
| (Kazakhstan) | (Kazakhstan) | (Kazakhstan) | (Kazakhstan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/24/30<sup>3</sup> | 2856000 | 2826176 |
| National Gas Transmission PLC, | National Gas Transmission PLC, | National Gas Transmission PLC, | National Gas Transmission PLC, |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 04/05/30<sup>3</sup> | 32220000 | 36066315 |
| Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT |
| (Indonesia) | (Indonesia) | (Indonesia) | (Indonesia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10% | 08/27/30<sup>1,3</sup> | 14071000 | 12723296 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| (Mexico) | (Mexico) | (Mexico) | (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 02/12/48<sup>3</sup> | 9556000 | 6373668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 09/21/47<sup>3</sup> | 11681000 | 8010341 |
| Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/15/31 | 7272000 | 6352616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 06/15/33 | 3070000 | 3112506 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
|  **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |  |
| QazaqGaz NC JSC, | QazaqGaz NC JSC, | QazaqGaz NC JSC, | QazaqGaz NC JSC, |
| Series REGS | Series REGS | Series REGS | Series REGS |
| (Kazakhstan) | (Kazakhstan) | (Kazakhstan) | (Kazakhstan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 09/26/27<sup>3</sup> | 6350000 | $6152817 |
| Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 05/30/47 | 50000 | 40921 |
| TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 03/15/36<sup>3</sup> | 2878000 | 2951334 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88% | 02/01/32<sup>1</sup> | 9795000 | 10410932 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| NVS | NVS | NVS | NVS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%<sup>1,9,10</sup>  |  | 1085000 | 1027702 |
|  |  |  | 151766278 |
|  **Finance — 1.90%** | **Finance — 1.90%** | **Finance — 1.90%** |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| (Ireland) | (Ireland) | (Ireland) | (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 10/29/26<sup>3</sup> | 11203000 | 10829408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/29/28<sup>3</sup> | 58242000 | 54706200 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20% | 01/15/27 | 18695000 | 17926031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 10/01/29 | 5000000 | 4684225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 10/01/28 | 2000000 | 1992238 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| (MTN) | (MTN) | (MTN) | (MTN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88% | 01/15/26 | 10055000 | 9909452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/01/30 | 2000000 | 1834785 |
| Alta Wind Holdings LLC | Alta Wind Holdings LLC | Alta Wind Holdings LLC | Alta Wind Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 06/30/35<sup>1,4,5</sup> | 2943121 | 2829949 |
| Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53% | 11/18/27<sup>1,3</sup> | 122730000 | 114960447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 02/15/27<sup>1,3</sup> | 5900000 | 5721698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 05/01/26<sup>1,3</sup> | 2405000 | 2391765 |
| BlackRock, Inc. | BlackRock, Inc. | BlackRock, Inc. | BlackRock, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 07/18/35 | 12225000 | 13232866 |
| CBRE Global Investors Open-Ended Funds SCA SICAV-SIF- | CBRE Global Investors Open-Ended Funds SCA SICAV-SIF- | CBRE Global Investors Open-Ended Funds SCA SICAV-SIF- | CBRE Global Investors Open-Ended Funds SCA SICAV-SIF- |
| Pan European Core Fund | Pan European Core Fund | Pan European Core Fund | Pan European Core Fund |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Luxembourg) | (Luxembourg) | (Luxembourg) | (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 03/27/34<sup>3</sup> | 2765000 | 3081421 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.46% | 06/09/27<sup>9</sup> | 22971000 | 22131250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52% | 11/03/32<sup>9</sup> | 13213000 | 11293475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57% | 06/03/31<sup>9</sup> | 868000 | 773424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.67% | 01/29/31<sup>9</sup> | 3838000 | 3461824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98% | 11/05/30<sup>9</sup> | 5739000 | 5287379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06% | 01/25/33<sup>9</sup> | 24311000 | 21305803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.98% | 03/20/30<sup>9</sup> | 3965000 | 3843486 |
| EverBank Financial Corp. | EverBank Financial Corp. | EverBank Financial Corp. | EverBank Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 07/02/25 | 2765000 | 2758586 |
| Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43% | 03/09/27<sup>9</sup> | 97484000 | 94553913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.54% | 09/10/27<sup>9</sup> | 75070000 | 71818783 |

---

*See accompanying Notes to Financial Statements.*

91 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Finance (continued)** | **Finance (continued)** | **Finance (continued)** | **Finance (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 10/21/27<sup>9</sup> | 1337000 | $1282807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 07/21/32<sup>9</sup> | 449000 | 384663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/25 | 31914000 | 31914000 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 06/15/30 | 15193000 | 14419237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 01/15/29 | 9482000 | 9441883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% | 11/15/29<sup>1</sup> | 4041000 | 4016874 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | 12/10/26<sup>9</sup> | 15176000 | 14797629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94% | 01/21/33<sup>9</sup> | 7840000 | 6875876 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |  |
| (GMTN) | (GMTN) | (GMTN) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51% | 07/20/27<sup>9</sup> | 1000000 | 961418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.24% | 07/21/32<sup>9</sup> | 31942000 | 27166067 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |  |
| (MTN) | (MTN) | (MTN) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.79% | 02/13/32<sup>9</sup> | 6138000 | 5142566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93% | 04/28/32<sup>9</sup> | 2890000 | 2423251 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 03/08/29<sup>1,3,9</sup> | 4140000 | 4086432 |
|  Volkswagen Financial Services AG | Volkswagen Financial Services AG | Volkswagen Financial Services AG |  |
| (Georgia) | (Georgia) | (Georgia) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 11/19/31<sup>3</sup> | 40900000 | 43851691 |
|  Volkswagen International Finance NV | Volkswagen International Finance NV | Volkswagen International Finance NV |  |
| (Netherlands) | (Netherlands) | (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%<sup>3,9,10</sup>  |  | 12000000 | 14459854 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662552656 |
|  **Food — 0.49%** | **Food — 0.49%** | **Food — 0.49%** |  |
|  ELO SACA | ELO SACA | ELO SACA |  |
| (EMTN) | (EMTN) | (EMTN) |  |
| (France) | (France) | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 12/08/28<sup>3</sup> | 1000000 | 964664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 03/22/29<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15800000 | 15526914 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. |
|  Sarl | Sarl | Sarl |  |
| (Luxembourg) | (Luxembourg) | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 02/02/52<sup>3</sup> | 68642000 | 53338873 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% | 03/17/33 | 7100000 | 6197541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 03/06/35 | 2205000 | 2116466 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/32 | 56833000 | 50100308 |
|  Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 09/13/31<sup>1</sup> | 14435000 | 12300070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30<sup>1</sup> | 8890000 | 7923903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 02/01/27<sup>1</sup> | 24855000 | 24490450 |
|  |  |  | 172959189 |
|  **Gaming — 0.01%** | **Gaming — 0.01%** | **Gaming — 0.01%** |  |
|  Flutter Treasury DAC, | Flutter Treasury DAC, | Flutter Treasury DAC, |  |
| (Ireland) | (Ireland) | (Ireland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/29/29<sup>1,3</sup> | 2320000 | 2570597 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Health Care — 2.20%** | **Health Care — 2.20%** | **Health Care — 2.20%** | **Health Care — 2.20%** |
|  1375209 BC Ltd. | 1375209 BC Ltd. | 1375209 BC Ltd. |  |
| (Canada) | (Canada) | (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 01/30/28<sup>1,3</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34235000 | $34250302 |
|  American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV |
| (Netherlands) | (Netherlands) | (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/08/31<sup>3</sup> | 39940000 | 42404302 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85% | 04/15/25<sup>1</sup> | 2805000 | 2804153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 04/15/45<sup>1</sup> | 17489000 | 12442366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 12/15/28<sup>1</sup> | 23572000 | 22981309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 07/15/44<sup>1</sup> | 78703000 | 60092100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 06/25/38<sup>1</sup> | 46534000 | 40181239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 06/25/48<sup>1</sup> | 44314000 | 35544076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/15/25<sup>1</sup> | 13932000 | 13960365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/30/35<sup>1</sup> | 3820000 | 3702867 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 11/21/53<sup>1</sup> | 21520000 | 22261793 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30 | 48742000 | 42661019 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78% | 03/25/38 | 11472000 | 10325086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/25/48 | 25496000 | 21773768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 07/20/45 | 12700000 | 11090494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 06/01/53 | 15470000 | 14616403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 12/10/54<sup>9</sup> | 14063000 | 14071062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 03/10/55<sup>9</sup> | 19060000 | 19212004 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/15/35 | 26644000 | 26717773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 06/15/34 | 9507000 | 9628765 |
|  Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88% | 12/01/26<sup>1</sup> | 67592000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64605749 |
|  Grifols SA, | Grifols SA, | Grifols SA, |  |
|  Series REGS | Series REGS | Series REGS |  |
| (Spain) | (Spain) | (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 10/15/28<sup>3</sup> | 37995000 | 37812627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 05/01/30<sup>3</sup> | 5820000 | 6576421 |
|  HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 07/15/31 | 563000 | 479513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 02/15/26 | 3915000 | 3931019 |
|  Humana, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 05/01/35 | 35165000 | 34795071 |
|  Illumina, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 03/23/31 | 200000 | 172612 |
|  Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 02/26/33 | 29030000 | 30999138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55% | 06/01/44 | 1575000 | 1625213 |
|  Kedrion SpA |  |  |  |
| (Italy) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 09/01/29<sup>1,3</sup> | 11000000 | 10466423 |
|  Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA |
| (Luxembourg) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 07/02/31<sup>3</sup> | 9030000 | 8563893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63% | 03/07/31<sup>3</sup> | 3560000 | 3527148 |
|  Medtronic, Inc. | Medtronic, Inc. | Medtronic, Inc. | Medtronic, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15% | 10/15/43 | 3570000 | 3841364 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 92

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
|  **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
|  ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/01/29<sup>1,11</sup> | 42214000 | 17307740 |
|  MSD Netherlands Capital BV | MSD Netherlands Capital BV | MSD Netherlands Capital BV |  |
| (Netherlands) | (Netherlands) | (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 05/30/44<sup>3</sup> | 1345000 | 1380862 |
|  Premier Health Partners, | Premier Health Partners, | Premier Health Partners, |  |
|  Series G | Series G | Series G |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.91% | 11/15/26 | 2229000 | 2156100 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 09/02/27<sup>3</sup> | 1295000 | 1209019 |
|  Sartorius Finance BV | Sartorius Finance BV | Sartorius Finance BV |  |
| (Netherlands) | (Netherlands) | (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/14/32<sup>3</sup> | 2000000 | 2256608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 09/14/35<sup>3</sup> | 1400000 | 1605945 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 09/11/32 | 845000 | 906201 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 07/15/34 | 16970000 | 17086153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 07/15/54 | 12570000 | 12348612 |
|  Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 09/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000000 | 43084811 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767459488 |
|  **Health Care REITs — 0.10%** | **Health Care REITs — 0.10%** | **Health Care REITs — 0.10%** | **Health Care REITs — 0.10%** |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40% | 03/15/30 | 2000 | 1763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 01/15/28 | 25359000 | 24497616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 05/01/25 | 9381000 | 9374006 |
|  |  |  | 33873385 |
|  **Industrial REITs — 0.01%** | **Industrial REITs — 0.01%** | **Industrial REITs — 0.01%** | **Industrial REITs — 0.01%** |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 11/15/28 | 4015000 | 4248849 |
|  **Industrials — 0.68%** | **Industrials — 0.68%** | **Industrials — 0.68%** | **Industrials — 0.68%** |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 03/17/30<sup>1</sup> | 23322000 | 23552152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/17/35<sup>1</sup> | 4285000 | 4303191 |
|  Amcor UK Finance PLC | Amcor UK Finance PLC | Amcor UK Finance PLC | Amcor UK Finance PLC |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 05/29/32<sup>3</sup> | 4570000 | 4939893 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 08/15/27<sup>1,3</sup> | 49578000 | 22831167 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57% | 01/15/26 | 37992000 | 37054609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 01/15/27 | 16949000 | 16087871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 07/15/26<sup>1</sup> | 38211000 | 38194730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 01/15/34 | 1570000 | 1590658 |
|  Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81% | 05/01/50 | 7945000 | 7565501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93% | 05/01/60 | 15000000 | 14112918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.26% | 05/01/27 | 3855000 | 3967783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53% | 05/01/34 | 23144000 | 24800601 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
|  **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |  |
|  General Electric Co. | General Electric Co. | General Electric Co. |  |
| (MTN) | (MTN) | (MTN) |  |
|  (CME Term SOFR 3-Month plus 0.64%) | (CME Term SOFR 3-Month plus 0.64%) | (CME Term SOFR 3-Month plus 0.64%) | (CME Term SOFR 3-Month plus 0.64%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94% | 05/05/26<sup>2</sup> | $1785000 | $1790708 |
|  (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06% | 08/15/36<sup>2</sup> | 11550000 | 10849926 |
|  Heathrow Funding Ltd. | Heathrow Funding Ltd. | Heathrow Funding Ltd. | Heathrow Funding Ltd. |
| (EMTN) | (EMTN) | (EMTN) |  |
|  (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13% | 10/08/30<sup>3</sup> | 18800000 | 17976362 |
|  Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP |  |
| (Luxembourg) | (Luxembourg) | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88% | 10/15/29<sup>1,3</sup> | 12270895 | 7362341 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236980411 |
|  **Information Technology — 0.30%** | **Information Technology — 0.30%** | **Information Technology — 0.30%** | **Information Technology — 0.30%** |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 04/01/28 | 4215000 | 4235217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/30 | 4000000 | 4017428 |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 01/25/31<sup>1</sup> | 2710000 | 2754034 |
|  Helios Software Holdings, Inc./ION Corporate Solutions | Helios Software Holdings, Inc./ION Corporate Solutions | Helios Software Holdings, Inc./ION Corporate Solutions | Helios Software Holdings, Inc./ION Corporate Solutions |
|  Finance SARL | Finance SARL | Finance SARL |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% | 05/01/29<sup>1</sup> | 2895000 | 2883293 |
|  Intel Corp. | Intel Corp. | Intel Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/12/31 | 10522000 | 8805338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 08/12/51 | 10192000 | 5999521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73% | 12/08/47 | 12580000 | 8782904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 08/05/52 | 6685000 | 5478717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 02/21/54 | 6707000 | 6093254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 02/10/53 | 2725000 | 2508030 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |  |
| (Canada) | (Canada) | (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90% | 12/01/27<sup>1,3</sup> | 3061000 | 3169665 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/03/28 | 27750000 | 27986703 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24250000 | 23852105 |
|  |  |  | 106566209 |
|  **Insurance — 0.87%** | **Insurance — 0.87%** | **Insurance — 0.87%** | **Insurance — 0.87%** |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.61% | 06/29/26<sup>1</sup> | 58755000 | 56663808 |
|  Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% | 07/15/28<sup>1</sup> | 13283000 | 13881812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20% | 07/15/48<sup>1</sup> | 18415000 | 19282326 |
|  Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 11/01/53<sup>1,9</sup> | 57061000 | 54954140 |
|  Farmers Exchange Capital III | Farmers Exchange Capital III | Farmers Exchange Capital III | Farmers Exchange Capital III |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 10/15/54<sup>1,9</sup> | 49425000 | 44799710 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 11/01/57<sup>1,9</sup> | 23060000 | 18807995 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90% | 07/06/28<sup>1</sup> | 47980000 | 44281436 |
|  Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30% | 05/15/50<sup>1</sup> | 74020000 | 49615422 |

---

*See accompanying Notes to Financial Statements.*

93 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** |  |  |
|  **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27% | 05/15/47<sup>1</sup> | 3496000 | 2846816 |
|  |  |  | 305133465 |
|  **Materials — 0.21%** |  |  |  |
|  Corp. Nacional del Cobre de Chile, | Corp. Nacional del Cobre de Chile, | Corp. Nacional del Cobre de Chile, | Corp. Nacional del Cobre de Chile, |
|  Series REGS |  |  |  |
| (Chile) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 02/02/33<sup>3</sup> | 11110000 | 10727612 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.83% | 10/15/27<sup>1</sup> | 1615000 | 1505443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 11/01/30<sup>1</sup> | 48565000 | 42023938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.27% | 11/15/40<sup>1</sup> | 10351000 | 7543251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.47% | 12/01/50<sup>1</sup> | 9947000 | 6553031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 09/26/48 | 6615000 | 5646704 |
|  |  |  | 73999979 |
|  **Office REITs — 0.13%** | **Office REITs — 0.13%** | **Office REITs — 0.13%** | **Office REITs — 0.13%** |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 01/15/30 | 37939000 | 26267323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 16397000 | 14501985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 04/01/29 | 6271000 | 4770552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 02/15/28 | 14000 | 12156 |
|  |  |  | 45552016 |
|  **Residential REITs — 0.08%** | **Residential REITs — 0.08%** |  |  |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 07/15/31 | 2845000 | 2442221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 07/15/51 | 17118000 | 11358819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 02/01/34 | 5276000 | 5283108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/15/34 | 5000000 | 4990846 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/15/33 | 4260000 | 4289380 |
|  |  |  | 28364374 |
|  **Retail — 0.24%** |  |  |  |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/01/26<sup>1</sup> | 18769000 | 18602507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 04/01/29<sup>1</sup> | 29507000 | 26743351 |
|  McDonald's Corp. |  |  |  |
| (GMTN) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 03/07/35 | 5885000 | 6558745 |
|  Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 05/01/28<sup>1</sup> | 18294000 | 12652300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88% | 05/01/29<sup>1</sup> | 16736000 | 9105700 |
|  Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 09/15/29<sup>1</sup> | 9150000 | 8582842 |
|  |  |  | 82245445 |
|  **Retail REITs — 0.05%** | **Retail REITs — 0.05%** | **Retail REITs — 0.05%** | **Retail REITs — 0.05%** |
|  Federal Realty OP LP | Federal Realty OP LP | Federal Realty OP LP | Federal Realty OP LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.48% | 08/15/26 | 18825000 | 19327365 |
|  **Services — 0.17%** |  |  |  |
|  AA Bond Co. Ltd., |  |  |  |
| (EMTN) |  |  |  |
|  (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.45% | 01/31/28<sup></sup><sup>3</sup> | 12555000 | 17169323 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** |  |  |
|  **Services (continued)** | **Services (continued)** | **Services (continued)** | **Services (continued)** |
|  Worldline SA |  |  |  |
| (France) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 07/30/25<sup>3,12</sup> | $107010 | $13613646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 07/30/26<sup>3,12</sup> | 265300 | 27963192 |
|  |  |  | 58746161 |
|  **Specialized REITs — 0.22%** | **Specialized REITs — 0.22%** |  |  |
|  Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL |
| (EMTN) |  |  |  |
| (Luxembourg) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 05/04/28<sup>3</sup> | 13936000 | 13981086 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20% | 10/15/30 | 1090000 | 949974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40% | 10/15/31 | 14348000 | 12202335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 06/01/31 | 1500000 | 1301148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 12/15/27 | 928000 | 911860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 04/01/29 | 1430000 | 1381965 |
|  LEG Immobilien SE | LEG Immobilien SE | LEG Immobilien SE | LEG Immobilien SE |
| (EMTN) |  |  |  |
| (Georgia) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | 03/30/33<sup>3</sup> | 8100000 | 6864030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% | 01/17/34<sup>3</sup> | 3800000 | 3288785 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 07/06/30 | 14180000 | 16188145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 07/06/34 | 16195000 | 18823955 |
|  |  |  | 75893283 |
|  **Transportation — 0.39%** | **Transportation — 0.39%** |  |  |
|  American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |
|  Series 2017-2, Class AA | Series 2017-2, Class AA | Series 2017-2, Class AA | Series 2017-2, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35% | 10/15/29 | 12928457 | 12216379 |
|  Delta Air Lines Pass-Through Trust, | Delta Air Lines Pass-Through Trust, | Delta Air Lines Pass-Through Trust, | Delta Air Lines Pass-Through Trust, |
|  Series 2020-1, Class AA | Series 2020-1, Class AA | Series 2020-1, Class AA | Series 2020-1, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 06/10/28 | 65890173 | 62051926 |
|  JetBlue Airways Pass-Through Trust, | JetBlue Airways Pass-Through Trust, | JetBlue Airways Pass-Through Trust, | JetBlue Airways Pass-Through Trust, |
|  Series 2020-1, Class A | Series 2020-1, Class A | Series 2020-1, Class A | Series 2020-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/15/32 | 7862385 | 7321544 |
|  United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |
|  Series 2013-1, Class A | Series 2013-1, Class A | Series 2013-1, Class A | Series 2013-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 08/15/25 | 9014129 | 8992612 |
|  United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |
|  Series 2018-1, Class AA | Series 2018-1, Class AA | Series 2018-1, Class AA | Series 2018-1, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/30 | 23759112 | 22462695 |
|  United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |
|  Series 2023-1, Class A | Series 2023-1, Class A | Series 2023-1, Class A | Series 2023-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 01/15/36 | 21850897 | 22180610 |
|  |  |  | 135225766 |
|  **Water — 0.09%** |  |  |  |
|  Holding d'Infrastructures des Metiers de l'Environnement | Holding d'Infrastructures des Metiers de l'Environnement | Holding d'Infrastructures des Metiers de l'Environnement | Holding d'Infrastructures des Metiers de l'Environnement |
| (France) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 10/24/29<sup>3</sup> | 9850000 | 10841214 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 94

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
|  **CORPORATES (continued)** | **CORPORATES (continued)** |  |  |
|  **Water (continued)** | **Water (continued)** | **Water (continued)** | **Water (continued)** |
|  Suez SACA |  |  |  |
| (EMTN) |  |  |  |
| (France) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88% | 05/24/34<sup>3</sup> | 20300000 | 20147346 |
|  |  |  | 30988560 |
|  **Total Corporates** |  |  |  |
|  (Cost $5,627,191,506) | (Cost $5,627,191,506) | (Cost $5,627,191,506) | 5348607300 |
|  **FOREIGN GOVERNMENT OBLIGATIONS — 0.62%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.62%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.62%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.62%** |
|  **Foreign Government Obligations — 0.62%** | **Foreign Government Obligations — 0.62%** | **Foreign Government Obligations — 0.62%** | **Foreign Government Obligations — 0.62%** |
|  Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond |
| (Brazil) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/20/33<sup>3</sup> | 13120000 | 12795845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 03/15/34<sup>3</sup> | 9393000 | 9164942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63% | 03/15/35<sup>3</sup> | 7600000 | 7572354 |
|  Costa Rica Government International Bond, | Costa Rica Government International Bond, | Costa Rica Government International Bond, | Costa Rica Government International Bond, |
|  Series REGS |  |  |  |
|  (Costa Rica) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55% | 04/03/34<sup>3</sup> | 5000000 | 5147620 |
|  Guatemala Government Bond, | Guatemala Government Bond, | Guatemala Government Bond, | Guatemala Government Bond, |
|  Series REGS |  |  |  |
| (Guatemala) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 08/10/29<sup>3</sup> | 19100000 | 18800941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60% | 06/13/36<sup>3</sup> | 7300000 | 7371796 |
|  Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
| (Hungary) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13% | 09/22/31<sup>1,3</sup> | 13773000 | 11206264 |
|  Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
| (Indonesia) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 09/10/34<sup>3</sup> | 4261000 | 4115317 |
|  Israel Government International Bond, | Israel Government International Bond, | Israel Government International Bond, | Israel Government International Bond, |
|  Series 5Y |  |  |  |
| (Iceland) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 02/19/30<sup>3</sup> | 22400000 | 22570320 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| (Mexico) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66% | 05/24/31<sup>3</sup> | 2190000 | 1849997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/12/34<sup>3</sup> | 14767000 | 12163369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 04/27/32<sup>3</sup> | 2350000 | 2196402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 05/19/33<sup>3</sup> | 8399000 | 7758680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 02/09/35<sup>3</sup> | 8940000 | 8981425 |
|  Oman Government International Bond, | Oman Government International Bond, | Oman Government International Bond, | Oman Government International Bond, |
|  Series REGS |  |  |  |
| (Oman) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 01/17/28<sup>3</sup> | 7500000 | 7563537 |
|  Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| (Panama) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 09/29/32<sup>3</sup> | 16728000 | 12196784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40% | 02/14/35<sup>3</sup> | 4225000 | 3981345 |
|  Paraguay Government International Bond, | Paraguay Government International Bond, | Paraguay Government International Bond, | Paraguay Government International Bond, |
|  Series REGS |  |  |  |
|  (Papua New Guinea) | (Papua New Guinea) | (Papua New Guinea) | (Papua New Guinea) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 04/28/3<sup>13</sup> | 12150000 | 11815762 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
|  **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
|  **Foreign Government Obligations (continued)** | **Foreign Government Obligations (continued)** | **Foreign Government Obligations (continued)** |  |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  (South Africa) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 10/12/283 | 1556000 | 1468571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% | 09/30/29<sup>3</sup> | 9814000 | 9256053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 06/22/30<sup>3</sup> | 5535000 | 5382408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 04/20/32<sup>3</sup> | 10600000 | 10095911 |
|  Romanian Government International Bond, | Romanian Government International Bond, | Romanian Government International Bond, | Romanian Government International Bond, |
|  Series REGS |  |  |  |
| (Romania) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/14/31<sup>3</sup> | 16616000 | 13908313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 03/27/32<sup>3</sup> | 9384000 | 7862683 |
|  **Total Foreign Government Obligations** | **Total Foreign Government Obligations** | **Total Foreign Government Obligations** | **Total Foreign Government Obligations** |
|  (Cost $223,801,185) | (Cost $223,801,185) | (Cost $223,801,185) | 215226639 |
|  **MORTGAGE-BACKED — 53.93%\*\*** | **MORTGAGE-BACKED — 53.93%\*\*** | **MORTGAGE-BACKED — 53.93%\*\*** | **MORTGAGE-BACKED — 53.93%\*\*** |
|  **Non-Agency Commercial Mortgage-Backed — 4.02%** | **Non-Agency Commercial Mortgage-Backed — 4.02%** | **Non-Agency Commercial Mortgage-Backed — 4.02%** | **Non-Agency Commercial Mortgage-Backed — 4.02%** |
|  1301 Properties Owner LP | 1301 Properties Owner LP | 1301 Properties Owner LP | 1301 Properties Owner LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.08% | 09/07/25<sup>†,2,4,5</sup> | 47327027 | 47061996 |
|  Banc of America Merrill Lynch Commercial Mortgage Trust, | Banc of America Merrill Lynch Commercial Mortgage Trust, | Banc of America Merrill Lynch Commercial Mortgage Trust, | Banc of America Merrill Lynch Commercial Mortgage Trust, |
|  Series 2018-PARK, Class A | Series 2018-PARK, Class A | Series 2018-PARK, Class A | Series 2018-PARK, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09% | 08/10/38<sup>1,9</sup> | 122930000 | 119171169 |
|  BGME Trust, |  |  |  |
|  Series 2021-VR, Class A | Series 2021-VR, Class A | Series 2021-VR, Class A | Series 2021-VR, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99% | 01/10/43<sup>1,9</sup> | 20000000 | 17203184 |
|  BGME Trust, |  |  |  |
|  Series 2021-VR, Class B | Series 2021-VR, Class B | Series 2021-VR, Class B | Series 2021-VR, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99% | 01/10/43<sup>1,9</sup> | 32137000 | 26155472 |
|  Blackstone Industrial Portfolio - Proj Foxtrot | Blackstone Industrial Portfolio - Proj Foxtrot | Blackstone Industrial Portfolio - Proj Foxtrot | Blackstone Industrial Portfolio - Proj Foxtrot |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.23% | 04/09/25<sup>†</sup><sup>,2,4,5</sup> | 69689355 | 68804300 |
|  BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |
|  Series 2020-VIV4, Class A | Series 2020-VIV4, Class A | Series 2020-VIV4, Class A | Series 2020-VIV4, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.84% | 03/09/44<sup>1</sup> | 130165000 | 117842748 |
|  BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |
|  Series 2022-CSMO, Class B | Series 2022-CSMO, Class B |  |  |
|  (CME Term SOFR 1-Month plus 3.14%) | (CME Term SOFR 1-Month plus 3.14%) | (CME Term SOFR 1-Month plus 3.14%) | (CME Term SOFR 1-Month plus 3.14%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.46% | 06/15/27<sup>1,2</sup> | 90170000 | 90448896 |
|  BX Trust, |  |  |  |
|  Series 2019-OC11, Class A | Series 2019-OC11, Class A | Series 2019-OC11, Class A | Series 2019-OC11, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20% | 12/09/41<sup>1</sup> | 42270000 | 39075800 |
|  BXHPP Trust, |  |  |  |
|  Series 2021-FILM, Class A | Series 2021-FILM, Class A |  |  |
|  (CME Term SOFR 1-Month plus 0.76%) | (CME Term SOFR 1-Month plus 0.76%) | (CME Term SOFR 1-Month plus 0.76%) | (CME Term SOFR 1-Month plus 0.76%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08% | 08/15/36<sup>1,2</sup> | 57000000 | 55078103 |
|  BXHPP Trust, |  |  |  |
|  Series 2021-FILM, Class B | Series 2021-FILM, Class B |  |  |
|  (CME Term SOFR 1-Month plus 1.01%) | (CME Term SOFR 1-Month plus 1.01%) | (CME Term SOFR 1-Month plus 1.01%) | (CME Term SOFR 1-Month plus 1.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.33% | 08/15/36<sup>1,2</sup> | 16602000 | 15559345 |
|  BXHPP Trust, |  |  |  |
|  Series 2021-FILM, Class C | Series 2021-FILM, Class C |  |  |
|  (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53% | 08/15/36<sup>1,2</sup> | 15057000 | 13901973 |
|  BXHPP Trust, |  |  |  |
|  Series 2021-FILM, Class D | Series 2021-FILM, Class D |  |  |
|  (CME Term SOFR 1-Month plus 1.61%) | (CME Term SOFR 1-Month plus 1.61%) | (CME Term SOFR 1-Month plus 1.61%) | (CME Term SOFR 1-Month plus 1.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93% | 08/15/36<sup>1,2</sup> | 11500000 | 10408644 |

---

*See accompanying Notes to Financial Statements.*

95 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
|  CALI Mortgage Trust, | CALI Mortgage Trust, | CALI Mortgage Trust, | CALI Mortgage Trust, |
|  Series 2019-101C, Class XA (IO) | Series 2019-101C, Class XA (IO) | Series 2019-101C, Class XA (IO) | Series 2019-101C, Class XA (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% | 03/10/39<sup>1,9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272551000 | 3039121 |
|  CENT Trust, | CENT Trust, | CENT Trust, | CENT Trust, |
|  Series 2023-CITY, Class A | Series 2023-CITY, Class A | Series 2023-CITY, Class A | Series 2023-CITY, Class A |
|  (CME Term SOFR 1-Month plus 2.62%) | (CME Term SOFR 1-Month plus 2.62%) | (CME Term SOFR 1-Month plus 2.62%) | (CME Term SOFR 1-Month plus 2.62%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.94% | 09/15/38<sup>1,2</sup> | 88590000 | 88924994 |
|  Century Plaza Towers, | Century Plaza Towers, | Century Plaza Towers, | Century Plaza Towers, |
|  Series 2019-CPT, Class A | Series 2019-CPT, Class A | Series 2019-CPT, Class A | Series 2019-CPT, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.87% | 11/13/39<sup>1</sup> | 27645000 | 24919333 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
|  Series 2020-555, Class A | Series 2020-555, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 12/10/41<sup>1</sup> | 5000000 | 4391080 |
|  DC Office Trust, | DC Office Trust, | DC Office Trust, | DC Office Trust, |
|  Series 2019-MTC, Class A | Series 2019-MTC, Class A | Series 2019-MTC, Class A | Series 2019-MTC, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97% | 09/15/45<sup>1</sup> | 31135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28063208 |
|  Frost CMBS DAC, | Frost CMBS DAC, | Frost CMBS DAC, | Frost CMBS DAC, |
|  Series 2021-1X, Class EUA | Series 2021-1X, Class EUA | Series 2021-1X, Class EUA | Series 2021-1X, Class EUA |
| (Ireland) |  |  |  |
|  (3-Month Euribor plus 1.15%) | (3-Month Euribor plus 1.15%) | (3-Month Euribor plus 1.15%) | (3-Month Euribor plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67% | 11/20/33<sup>2,3</sup> | 2936610 | 3156900 |
|  Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, |
|  Series 2019-30HY, Class A | Series 2019-30HY, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23% | 07/10/39<sup>1</sup> | 84915000 | 78616141 |
|  Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, |
|  Series 2019-55HY, Class A | Series 2019-55HY, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94% | 12/10/41<sup>1,9</sup> | 81025000 | 73644943 |
|  LoanCore Issuer Ltd., | LoanCore Issuer Ltd., | LoanCore Issuer Ltd., | LoanCore Issuer Ltd., |
|  Series 2021-CRE5, Class A | Series 2021-CRE5, Class A | Series 2021-CRE5, Class A | Series 2021-CRE5, Class A |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 1-Month plus 1.41%) | (CME Term SOFR 1-Month plus 1.41%) | (CME Term SOFR 1-Month plus 1.41%) | (CME Term SOFR 1-Month plus 1.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73% | 07/15/36<sup>1,2,3</sup> | 20675134 | 20667491 |
|  MF1 Ltd., |  |  |  |
|  Series 2022-FL8, Class A | Series 2022-FL8, Class A | Series 2022-FL8, Class A | Series 2022-FL8, Class A |
|  (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
|  (CME Term SOFR 1-Month plus 1.35%) | (CME Term SOFR 1-Month plus 1.35%) | (CME Term SOFR 1-Month plus 1.35%) | (CME Term SOFR 1-Month plus 1.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67% | 02/19/37<sup>1,2,3</sup> | 20840744 | 20858270 |
|  MKT Mortgage Trust, | MKT Mortgage Trust, | MKT Mortgage Trust, | MKT Mortgage Trust, |
|  Series 2020-525M, Class A | Series 2020-525M, Class A | Series 2020-525M, Class A | Series 2020-525M, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69% | 02/12/40<sup>1</sup> | 8500000 | 7413462 |
|  NRTH Mortgage Trust, | NRTH Mortgage Trust, | NRTH Mortgage Trust, | NRTH Mortgage Trust, |
|  Series 2024-PARK, Class A | Series 2024-PARK, Class A | Series 2024-PARK, Class A | Series 2024-PARK, Class A |
|  (CME Term SOFR 1-Month plus 1.64%) | (CME Term SOFR 1-Month plus 1.64%) | (CME Term SOFR 1-Month plus 1.64%) | (CME Term SOFR 1-Month plus 1.64%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96% | 03/15/39<sup>1,2</sup> | 21267000 | 21283707 |
|  One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, |
|  Series 2019-OBP, Class A | Series 2019-OBP, Class A | Series 2019-OBP, Class A | Series 2019-OBP, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52% | 09/15/54<sup>1</sup> | 147667000 | 132016040 |
|  Project Colt (Acquired 03/08/2022, cost $100,000,000) | Project Colt (Acquired 03/08/2022, cost $100,000,000) | Project Colt (Acquired 03/08/2022, cost $100,000,000) | Project Colt (Acquired 03/08/2022, cost $100,000,000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% | 03/10/27<sup>†</sup><sup>,2,4,5</sup> | 100000000 | 99890000 |
|  SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, |
|  Series 2015-5AVE, Class A1 | Series 2015-5AVE, Class A1 | Series 2015-5AVE, Class A1 | Series 2015-5AVE, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.87% | 01/05/43<sup>1,9</sup> | 56465000 | 49682469 |
|  SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, |
|  Series 2015-5AVE, Class A2B | Series 2015-5AVE, Class A2B | Series 2015-5AVE, Class A2B | Series 2015-5AVE, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14% | 01/05/43<sup>1,9</sup> | 8710000 | 7737032 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
|  SHOW 2022-BIZ A | SHOW 2022-BIZ A | SHOW 2022-BIZ A | SHOW 2022-BIZ A |
|  Series 2022-BIZ, Class A | Series 2022-BIZ, Class A | Series 2022-BIZ, Class A | Series 2022-BIZ, Class A |
|  (CME Term SOFR 1-Month plus 2.98%) | (CME Term SOFR 1-Month plus 2.98%) | (CME Term SOFR 1-Month plus 2.98%) | (CME Term SOFR 1-Month plus 2.98%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.31% | 01/15/27<sup>1,2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000000 | $63263335 |
|  SREIT Trust, | SREIT Trust, | SREIT Trust, | SREIT Trust, |
|  Series 2021-PALM, Class G | Series 2021-PALM, Class G | Series 2021-PALM, Class G | Series 2021-PALM, Class G |
|  (CME Term SOFR 1-Month plus 3.73%) | (CME Term SOFR 1-Month plus 3.73%) | (CME Term SOFR 1-Month plus 3.73%) | (CME Term SOFR 1-Month plus 3.73%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.05% | 10/15/34<sup>1,2</sup> | 40000000 | 39556128 |
|  Taurus UK DAC, | Taurus UK DAC, | Taurus UK DAC, | Taurus UK DAC, |
|  Series 2021-UK1X, Class C | Series 2021-UK1X, Class C | Series 2021-UK1X, Class C | Series 2021-UK1X, Class C |
| (Ireland) | (Ireland) | (Ireland) | (Ireland) |
|  (SONIA plus 1.65%) | (SONIA plus 1.65%) | (SONIA plus 1.65%) | (SONIA plus 1.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 05/17/31<sup>2,3</sup> | 975833 | 1259521 |
|  Taurus UK DAC, | Taurus UK DAC, | Taurus UK DAC, | Taurus UK DAC, |
|  Series 2021-UK1X, Class D | Series 2021-UK1X, Class D | Series 2021-UK1X, Class D | Series 2021-UK1X, Class D |
| (Ireland) | (Ireland) | (Ireland) | (Ireland) |
|  (SONIA plus 2.60%) | (SONIA plus 2.60%) | (SONIA plus 2.60%) | (SONIA plus 2.60%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.08% | 05/17/31<sup>2,3</sup> | 5618732 | 7272395 |
|  Taurus UK DAC, | Taurus UK DAC, | Taurus UK DAC, | Taurus UK DAC, |
|  Series 2021-UK1X, Class E | Series 2021-UK1X, Class E | Series 2021-UK1X, Class E | Series 2021-UK1X, Class E |
| (Ireland) | (Ireland) | (Ireland) | (Ireland) |
|  (SONIA plus 3.65%) | (SONIA plus 3.65%) | (SONIA plus 3.65%) | (SONIA plus 3.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13% | 05/17/31<sup>2,3</sup> | 5761682 | 7420787 |
|  Taurus UK DAC, | Taurus UK DAC, | Taurus UK DAC, | Taurus UK DAC, |
|  Series 2021-UK4X, Class D | Series 2021-UK4X, Class D | Series 2021-UK4X, Class D | Series 2021-UK4X, Class D |
| (Ireland) | (Ireland) | (Ireland) | (Ireland) |
|  (SONIA plus 2.10%) | (SONIA plus 2.10%) | (SONIA plus 2.10%) | (SONIA plus 2.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.58% | 08/17/31<sup>2,3</sup> | 2795554 | 3598929 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407386916 |
|  **Non-Agency Mortgage-Backed — 12.24%** | **Non-Agency Mortgage-Backed — 12.24%** | **Non-Agency Mortgage-Backed — 12.24%** | **Non-Agency Mortgage-Backed — 12.24%** |
|  Aames Mortgage Trust, | Aames Mortgage Trust, |  |  |
|  Series 2002-1, Class A3 (STEP-reset date 05/25/25) | Series 2002-1, Class A3 (STEP-reset date 05/25/25) | Series 2002-1, Class A3 (STEP-reset date 05/25/25) | Series 2002-1, Class A3 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.40% | 06/25/32 | 14830 | 14591 |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
|  Series 2004-IN1, Class A1 | Series 2004-IN1, Class A1 | Series 2004-IN1, Class A1 | Series 2004-IN1, Class A1 |
|  (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07% | 05/25/34<sup>2</sup> | 111051 | 104560 |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
|  Series 2006-HE3, Class A2C | Series 2006-HE3, Class A2C | Series 2006-HE3, Class A2C | Series 2006-HE3, Class A2C |
|  (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73% | 06/25/36<sup>2</sup> | 2152259 | 1586421 |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
|  Series 2007-ASP2, Class A1 | Series 2007-ASP2, Class A1 | Series 2007-ASP2, Class A1 | Series 2007-ASP2, Class A1 |
|  (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81% | 06/25/37<sup>2</sup> | 23353931 | 16781778 |
|  Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, |
|  Series 2005-10, Class 6A1 | Series 2005-10, Class 6A1 | Series 2005-10, Class 6A1 | Series 2005-10, Class 6A1 |
|  (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97% | 01/25/36<sup>2</sup> | 119267 | 111448 |
|  Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, |
|  Series 2007-3, Class 2A1 | Series 2007-3, Class 2A1 | Series 2007-3, Class 2A1 | Series 2007-3, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.08% | 11/25/37<sup>1,9</sup> | 24691826 | 16553437 |
|  Ajax Mortgage Loan Trust, | Ajax Mortgage Loan Trust, | Ajax Mortgage Loan Trust, | Ajax Mortgage Loan Trust, |
|  Series 2019-F, Class A1 (STEP-reset date 04/25/25) | Series 2019-F, Class A1 (STEP-reset date 04/25/25) | Series 2019-F, Class A1 (STEP-reset date 04/25/25) | Series 2019-F, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.86% | 07/25/59<sup>1</sup> | 73028 | 70510 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 96

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
|  Series 2004-30CB, Class 1A6 | Series 2004-30CB, Class 1A6 | Series 2004-30CB, Class 1A6 | Series 2004-30CB, Class 1A6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 02/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19555659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19221472 |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
|  Series 2004-J6, Class 2A1 | Series 2004-J6, Class 2A1 | Series 2004-J6, Class 2A1 | Series 2004-J6, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 11/25/31 | 1253 | 1292 |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
|  Series 2005-76, Class 2A1 | Series 2005-76, Class 2A1 | Series 2005-76, Class 2A1 | Series 2005-76, Class 2A1 |
|  (Federal Reserve US 12-Month Cumulative Average plus | (Federal Reserve US 12-Month Cumulative Average plus | (Federal Reserve US 12-Month Cumulative Average plus | (Federal Reserve US 12-Month Cumulative Average plus |
|  1.00%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64% | 02/25/36<sup>2</sup> | 26654591 | 24229804 |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
|  Series 2005-84, Class 1A1 | Series 2005-84, Class 1A1 | Series 2005-84, Class 1A1 | Series 2005-84, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.28% | 02/25/36<sup>9</sup> | 22413 | 19197 |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
|  Series 2006-HY13, Class 4A1 | Series 2006-HY13, Class 4A1 | Series 2006-HY13, Class 4A1 | Series 2006-HY13, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.82% | 02/25/37<sup>9</sup> | 588827 | 519207 |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
|  Series 2007-J1, Class 2A1 | Series 2007-J1, Class 2A1 | Series 2007-J1, Class 2A1 | Series 2007-J1, Class 2A1 |
|  (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 03/25/37<sup>2</sup> | 516101 | 140957 |
|  American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, |
|  Series 2006-3, Class 2A12 | Series 2006-3, Class 2A12 | Series 2006-3, Class 2A12 | Series 2006-3, Class 2A12 |
|  (Federal Reserve US 12-Month Cumulative Average plus | (Federal Reserve US 12-Month Cumulative Average plus | (Federal Reserve US 12-Month Cumulative Average plus | (Federal Reserve US 12-Month Cumulative Average plus |
|  1.15%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79% | 10/25/46<sup>2</sup> | 29003953 | 18808579 |
|  American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, |
|  Series 2007-1, Class A1 | Series 2007-1, Class A1 | Series 2007-1, Class A1 | Series 2007-1, Class A1 |
|  (Federal Reserve US 12-Month Cumulative Average plus | (Federal Reserve US 12-Month Cumulative Average plus | (Federal Reserve US 12-Month Cumulative Average plus | (Federal Reserve US 12-Month Cumulative Average plus |
|  0.70%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34% | 02/25/47<sup>2</sup> | 43408243 | 15279714 |
|  American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, |
|  Series 2007-2, Class A1 | Series 2007-2, Class A1 |  |  |
|  (CME Term SOFR 1-Month plus 0.24%) | (CME Term SOFR 1-Month plus 0.24%) | (CME Term SOFR 1-Month plus 0.24%) | (CME Term SOFR 1-Month plus 0.24%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56% | 03/25/47<sup>2</sup> | 20236853 | 17897760 |
|  American Home Mortgage Investment Trust, | American Home Mortgage Investment Trust, | American Home Mortgage Investment Trust, | American Home Mortgage Investment Trust, |
|  Series 2004-3, Class 2A | Series 2004-3, Class 2A | Series 2004-3, Class 2A | Series 2004-3, Class 2A |
|  (CME Term SOFR 6-Month plus 1.93%) | (CME Term SOFR 6-Month plus 1.93%) | (CME Term SOFR 6-Month plus 1.93%) | (CME Term SOFR 6-Month plus 1.93%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97% | 10/25/34<sup>2</sup> | 1772532 | 1754793 |
|  Argent Securities, Inc., Asset-Backed Pass-Through | Argent Securities, Inc., Asset-Backed Pass-Through | Argent Securities, Inc., Asset-Backed Pass-Through | Argent Securities, Inc., Asset-Backed Pass-Through |
|  Certificates, |  |  |  |
|  Series 2005-W2, Class M1 | Series 2005-W2, Class M1 | Series 2005-W2, Class M1 | Series 2005-W2, Class M1 |
|  (CME Term SOFR 1-Month plus 0.85%) | (CME Term SOFR 1-Month plus 0.85%) | (CME Term SOFR 1-Month plus 0.85%) | (CME Term SOFR 1-Month plus 0.85%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17% | 10/25/35<sup>2</sup> | 37832 | 37346 |
|  Argent Securities, Inc., Asset-Backed Pass-Through | Argent Securities, Inc., Asset-Backed Pass-Through | Argent Securities, Inc., Asset-Backed Pass-Through | Argent Securities, Inc., Asset-Backed Pass-Through |
|  Certificates, |  |  |  |
|  Series 2005-W3, Class M1 | Series 2005-W3, Class M1 | Series 2005-W3, Class M1 | Series 2005-W3, Class M1 |
|  (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09% | 11/25/35<sup>2</sup> | 8131788 | 7927228 |
|  Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, |
|  Series 2006-OPT3, Class A3B | Series 2006-OPT3, Class A3B | Series 2006-OPT3, Class A3B | Series 2006-OPT3, Class A3B |
|  (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 11/25/36<sup>2</sup> | 37882129 | 15317991 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, |
|  Series 2007-WMC1, Class A2A | Series 2007-WMC1, Class A2A | Series 2007-WMC1, Class A2A | Series 2007-WMC1, Class A2A |
|  (CME Term SOFR 1-Month plus 0.86%) | (CME Term SOFR 1-Month plus 0.86%) | (CME Term SOFR 1-Month plus 0.86%) | (CME Term SOFR 1-Month plus 0.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18% | 06/25/37<sup>2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18909626 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15634163 |
|  Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, |
|  Series 2007-WMC1, Class A2B | Series 2007-WMC1, Class A2B | Series 2007-WMC1, Class A2B | Series 2007-WMC1, Class A2B |
|  (CME Term SOFR 1-Month plus 1.11%) | (CME Term SOFR 1-Month plus 1.11%) | (CME Term SOFR 1-Month plus 1.11%) | (CME Term SOFR 1-Month plus 1.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.43% | 06/25/37<sup>2</sup> | 13814144 | 11420710 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust, | Asset-Backed Securities Corp. Home Equity Loan Trust, | Asset-Backed Securities Corp. Home Equity Loan Trust, | Asset-Backed Securities Corp. Home Equity Loan Trust, |
|  Series 2006-HE6, Class A5 | Series 2006-HE6, Class A5 | Series 2006-HE6, Class A5 | Series 2006-HE6, Class A5 |
|  (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89% | 11/25/36<sup>2</sup> | 9098565 | 8869764 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
|  Series 2003-2, Class 1A1 | Series 2003-2, Class 1A1 | Series 2003-2, Class 1A1 | Series 2003-2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 06/25/32 | 9606 | 9648 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
|  Series 2006-D, Class 3A1 | Series 2006-D, Class 3A1 | Series 2006-D, Class 3A1 | Series 2006-D, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 05/20/36<sup>9</sup> | 2256747 | 2034842 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
|  Series 2006-E, Class 2A1 | Series 2006-E, Class 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02% | 06/20/36<sup>9</sup> | 20947 | 18907 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
|  Series 2006-H, Class 3A1 | Series 2006-H, Class 3A1 | Series 2006-H, Class 3A1 | Series 2006-H, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01% | 09/20/46<sup>9</sup> | 387115 | 315996 |
|  Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, |
|  Series 2004-F, Class 1A1 | Series 2004-F, Class 1A1 | Series 2004-F, Class 1A1 | Series 2004-F, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.61% | 07/25/34<sup>9</sup> | 11914 | 11488 |
|  Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, |
|  Series 2005-C, Class 2A2 | Series 2005-C, Class 2A2 | Series 2005-C, Class 2A2 | Series 2005-C, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77% | 04/25/35<sup>9</sup> | 63156 | 62461 |
|  Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, |
|  Series 2007-1, Class 1A24 | Series 2007-1, Class 1A24 | Series 2007-1, Class 1A24 | Series 2007-1, Class 1A24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 03/25/37 | 312057 | 265753 |
|  Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, |
|  Series 2007-3, Class 1A1 | Series 2007-3, Class 1A1 | Series 2007-3, Class 1A1 | Series 2007-3, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 09/25/37 | 118738 | 96665 |
|  BCAP LLC Trust, | BCAP LLC Trust, | BCAP LLC Trust, | BCAP LLC Trust, |
|  Series 2007-AA2, Class 2A5 | Series 2007-AA2, Class 2A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 04/25/37 | 202329 | 91243 |
|  BCAP LLC Trust, |  |  |  |
|  Series 2007-AA5, Class A1 | Series 2007-AA5, Class A1 | Series 2007-AA5, Class A1 | Series 2007-AA5, Class A1 |
|  (CME Term SOFR 1-Month plus 1.41%) | (CME Term SOFR 1-Month plus 1.41%) | (CME Term SOFR 1-Month plus 1.41%) | (CME Term SOFR 1-Month plus 1.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73% | 09/25/47<sup>2</sup> | 10945208 | 9697041 |
|  Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, |
|  Series 2005-4, Class 22A2 | Series 2005-4, Class 22A2 | Series 2005-4, Class 22A2 | Series 2005-4, Class 22A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97% | 05/25/35<sup>9</sup> | 4871 | 4737 |
|  Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, |
|  Series 2006-4, Class 32A1 | Series 2006-4, Class 32A1 | Series 2006-4, Class 32A1 | Series 2006-4, Class 32A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49% | 07/25/36<sup>9</sup> | 1201371 | 510491 |
|  Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, |
|  Series 2004-10, Class 14A1 | Series 2004-10, Class 14A1 | Series 2004-10, Class 14A1 | Series 2004-10, Class 14A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08% | 01/25/35<sup>9</sup> | 1545375 | 1508845 |
|  Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, |
|  Series 2006-4, Class 2A1 | Series 2006-4, Class 2A1 | Series 2006-4, Class 2A1 | Series 2006-4, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41% | 10/25/36<sup>9</sup> | 147623 | 130664 |

---

*See accompanying Notes to Financial Statements.*

97 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, |
|  Series 2005-AC5, Class 2A3 | Series 2005-AC5, Class 2A3 | Series 2005-AC5, Class 2A3 |  |
|  (CME Term SOFR 1-Month plus 0.36%) | (CME Term SOFR 1-Month plus 0.36%) | (CME Term SOFR 1-Month plus 0.36%) | (CME Term SOFR 1-Month plus 0.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68% | 08/25/20<sup>2</sup> | $888605 | $535586 |
|  Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, |
|  Series 2006-AC2, Class 21A3 | Series 2006-AC2, Class 21A3 | Series 2006-AC2, Class 21A3 | Series 2006-AC2, Class 21A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 03/25/36 | 55663 | 55504 |
|  Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, |
|  Series 2006-HE9, Class 3A | Series 2006-HE9, Class 3A | Series 2006-HE9, Class 3A | Series 2006-HE9, Class 3A |
|  (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71% | 11/25/36<sup>2</sup> | 1888900 | 1867196 |
|  Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, |
|  Series 2007-AC1, Class A3 (STEP-reset date 05/25/25) | Series 2007-AC1, Class A3 (STEP-reset date 05/25/25) | Series 2007-AC1, Class A3 (STEP-reset date 05/25/25) | Series 2007-AC1, Class A3 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55% | 02/25/37 | 24163618 | 22434839 |
|  Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, |
|  Series 2003-AC7, Class A1 (STEP-reset date 05/25/25) | Series 2003-AC7, Class A1 (STEP-reset date 05/25/25) | Series 2003-AC7, Class A1 (STEP-reset date 05/25/25) | Series 2003-AC7, Class A1 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 01/25/34 | 369483 | 308840 |
|  Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, |
|  Series 2003-AC7, Class A2 (STEP-reset date 05/25/25) | Series 2003-AC7, Class A2 (STEP-reset date 05/25/25) | Series 2003-AC7, Class A2 (STEP-reset date 05/25/25) | Series 2003-AC7, Class A2 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 01/25/34 | 333113 | 278379 |
|  Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, |
|  Series 2006-AR3, Class 1A1 | Series 2006-AR3, Class 1A1 | Series 2006-AR3, Class 1A1 | Series 2006-AR3, Class 1A1 |
|  (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79% | 10/25/36<sup>2</sup> | 809686 | 716675 |
|  Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, |
|  Series 2006-AR5, Class 1A1 | Series 2006-AR5, Class 1A1 | Series 2006-AR5, Class 1A1 | Series 2006-AR5, Class 1A1 |
|  (CME Term SOFR 1-Month plus 0.27%) | (CME Term SOFR 1-Month plus 0.27%) | (CME Term SOFR 1-Month plus 0.27%) | (CME Term SOFR 1-Month plus 0.27%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59% | 12/25/46<sup>2</sup> | 11360821 | 10132515 |
|  Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, |
|  Series 2007-AR5, Class 1A1A | Series 2007-AR5, Class 1A1A | Series 2007-AR5, Class 1A1A | Series 2007-AR5, Class 1A1A |
|  (CME Term SOFR 1-Month plus 0.45%) | (CME Term SOFR 1-Month plus 0.45%) | (CME Term SOFR 1-Month plus 0.45%) | (CME Term SOFR 1-Month plus 0.45%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77% | 06/25/47<sup>2</sup> | 1803095 | 1601015 |
|  Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, |
|  Series 2006-NC3, Class A4 | Series 2006-NC3, Class A4 | Series 2006-NC3, Class A4 | Series 2006-NC3, Class A4 |
|  (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 08/25/36<sup>2</sup> | 46429000 | 38300169 |
|  Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, |
|  Series 2007-RFC1, Class A4 | Series 2007-RFC1, Class A4 | Series 2007-RFC1, Class A4 | Series 2007-RFC1, Class A4 |
|  (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 10/25/36<sup>2</sup> | 22415000 | 20159013 |
|  Chase Funding Trust, | Chase Funding Trust, | Chase Funding Trust, | Chase Funding Trust, |
|  Series 2003-5, Class 2A2 | Series 2003-5, Class 2A2 | Series 2003-5, Class 2A2 | Series 2003-5, Class 2A2 |
|  (CME Term SOFR 1-Month plus 0.71%) | (CME Term SOFR 1-Month plus 0.71%) | (CME Term SOFR 1-Month plus 0.71%) | (CME Term SOFR 1-Month plus 0.71%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03% | 07/25/33<sup>2</sup> | 2158 | 2158 |
|  Chase Funding Trust, | Chase Funding Trust, | Chase Funding Trust, | Chase Funding Trust, |
|  Series 2004-2, Class 2A2 | Series 2004-2, Class 2A2 | Series 2004-2, Class 2A2 | Series 2004-2, Class 2A2 |
|  (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93% | 02/26/35<sup>2</sup> | 2539 | 2495 |
|  Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, |
|  Series 2006-A1, Class 1A2 | Series 2006-A1, Class 1A2 | Series 2006-A1, Class 1A2 | Series 2006-A1, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74% | 09/25/36<sup>9</sup> | 288763 | 261824 |
|  Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, |
|  Series 2006-S3, Class 2A1 | Series 2006-S3, Class 2A1 | Series 2006-S3, Class 2A1 | Series 2006-S3, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 11/25/21 | 1301032 | 437461 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, |
|  Series 2007-A2, Class 2A3 | Series 2007-A2, Class 2A3 | Series 2007-A2, Class 2A3 | Series 2007-A2, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.68% | 06/25/35<sup>9</sup> | 549297 | $548829 |
|  ChaseFlex Trust, | ChaseFlex Trust, | ChaseFlex Trust, |  |
|  Series 2006-2, Class A2B | Series 2006-2, Class A2B | Series 2006-2, Class A2B |  |
|  (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59% | 09/25/36<sup>2</sup> | 3555487 | 2970046 |
|  CIM Trust, | CIM Trust, | CIM Trust, |  |
|  Series 2019-R1, Class A | Series 2019-R1, Class A | Series 2019-R1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 10/25/58<sup>1,9</sup> | 33885917 | 30436951 |
|  CIM Trust, | CIM Trust, |  |  |
|  Series 2019-R3, Class A | Series 2019-R3, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 06/25/58<sup>1,9</sup> | 66744948 | 61135436 |
|  CIM Trust, |  |  |  |
|  Series 2019-R4, Class A1 | Series 2019-R4, Class A1 | Series 2019-R4, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/25/59<sup>1,9</sup> | 71560398 | 66145144 |
|  CIM Trust, | CIM Trust, | CIM Trust, |  |
|  Series 2020-R1, Class A1 | Series 2020-R1, Class A1 | Series 2020-R1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85% | 10/27/59<sup>1,9</sup> | 110144900 | 97108788 |
|  CIM Trust, |  |  |  |
|  Series 2020-R3, Class A1A | Series 2020-R3, Class A1A | Series 2020-R3, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/26/60<sup>1,9</sup> | 81279886 | 77195239 |
|  CIM Trust, |  |  |  |
|  Series 2020-R6, Class A1 | Series 2020-R6, Class A1 | Series 2020-R6, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 12/25/60<sup>1,9</sup> | 64678738 | 56227122 |
|  CIM Trust, |  |  |  |
|  Series 2020-R6, Class A1A | Series 2020-R6, Class A1A | Series 2020-R6, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 12/25/60<sup>1,9</sup> | 39240315 | 35611347 |
|  CIM Trust, |  |  |  |
|  Series 2020-R7, Class A1A | Series 2020-R7, Class A1A | Series 2020-R7, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 12/27/61<sup>1,9</sup> | 160340645 | 146049772 |
|  CIM Trust, |  |  |  |
|  Series 2021-R1, Class A2 | Series 2021-R1, Class A2 | Series 2021-R1, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40% | 08/25/56<sup>1,9</sup> | 56498660 | 51095439 |
|  CIM Trust, |  |  |  |
|  Series 2021-R2, Class A2 | Series 2021-R2, Class A2 | Series 2021-R2, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 01/25/57<sup>1,9</sup> | 49598707 | 45604890 |
|  CIM Trust, |  |  |  |
|  Series 2021-R3, Class A1A | Series 2021-R3, Class A1A | Series 2021-R3, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 06/25/57<sup>1,9</sup> | 155067933 | 142388106 |
|  CIM Trust, |  |  |  |
|  Series 2021-R4, Class A1A | Series 2021-R4, Class A1A | Series 2021-R4, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 05/01/61<sup>1,9</sup> | 144220751 | 131541309 |
|  CIM Trust, |  |  |  |
|  Series 2021-R5, Class A1 | Series 2021-R5, Class A1 | Series 2021-R5, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/25/61<sup>1,9</sup> | 34126334 | 29129768 |
|  CIM Trust, |  |  |  |
|  Series 2021-R5, Class A1A | Series 2021-R5, Class A1A | Series 2021-R5, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/25/61<sup>1,9</sup> | 135291258 | 117706439 |
|  CIM Trust, |  |  |  |
|  Series 2022-I1, Class A1 | Series 2022-I1, Class A1 | Series 2022-I1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35% | 02/25/67<sup>1,9</sup> | 29190548 | 28953801 |
|  CIM Trust, |  |  |  |
|  Series 2023-R1, Class A1A | Series 2023-R1, Class A1A | Series 2023-R1, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 04/25/62<sup>1,9</sup> | 244356079 | 231679178 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 98

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  CIM Trust, |  |  |  |
|  Series 2023-R3, Class A1 | Series 2023-R3, Class A1 | Series 2023-R3, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/25/63<sup>1,9</sup> | 34457399 | 31508314 |
|  CIM Trust, |  |  |  |
|  Series 2023-R3, Class A1A | Series 2023-R3, Class A1A | Series 2023-R3, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/25/63<sup>1,9</sup> | 194034636 | 179507030 |
|  Citicorp Mortgage Securities, Inc., | Citicorp Mortgage Securities, Inc., | Citicorp Mortgage Securities, Inc., |  |
|  Series 2005-1, Class 1A12 | Series 2005-1, Class 1A12 | Series 2005-1, Class 1A12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 02/25/35 | 63051 | 61378 |
|  Citicorp Residential Mortgage Trust, | Citicorp Residential Mortgage Trust, | Citicorp Residential Mortgage Trust, |  |
|  Series 2007-1, Class A5 (STEP-reset date 05/25/25) | Series 2007-1, Class A5 (STEP-reset date 05/25/25) | Series 2007-1, Class A5 (STEP-reset date 05/25/25) | Series 2007-1, Class A5 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69% | 03/25/37 | 42111 | 41918 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
|  Series 2005-9, Class 1A1 | Series 2005-9, Class 1A1 | Series 2005-9, Class 1A1 |  |
|  (CME Term SOFR 1-Month plus 0.37%) | (CME Term SOFR 1-Month plus 0.37%) | (CME Term SOFR 1-Month plus 0.37%) | (CME Term SOFR 1-Month plus 0.37%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69% | 11/25/35<sup>2</sup> | 86069 | 73569 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
|  Series 2006-AR2, Class 1A1 | Series 2006-AR2, Class 1A1 | Series 2006-AR2, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 03/25/36<sup>9</sup> | 5610374 | 4272477 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
|  Series 2006-WF2, Class A1 (STEP-reset date 05/25/25) | Series 2006-WF2, Class A1 (STEP-reset date 05/25/25) | Series 2006-WF2, Class A1 (STEP-reset date 05/25/25) | Series 2006-WF2, Class A1 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% | 05/25/36 | 26468773 | 13246022 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
|  Series 2007-6, Class 1A4A | Series 2007-6, Class 1A4A | Series 2007-6, Class 1A4A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74% | 03/25/37<sup>9</sup> | 108022 | 105162 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
|  Series 2007-AR5, Class 1A1A | Series 2007-AR5, Class 1A1A | Series 2007-AR5, Class 1A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24% | 04/25/37<sup>9</sup> | 40313 | 36234 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
|  Series 2014-5, Class 2A2 | Series 2014-5, Class 2A2 | Series 2014-5, Class 2A2 |  |
|  (CME Term SOFR 1-Month plus 1.75%) | (CME Term SOFR 1-Month plus 1.75%) | (CME Term SOFR 1-Month plus 1.75%) | (CME Term SOFR 1-Month plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03% | 02/20/36<sup>1,2</sup> | 4656028 | 4304480 |
|  Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |
|  Series 2005-5, Class 3A2A | Series 2005-5, Class 3A2A | Series 2005-5, Class 3A2A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17% | 10/25/35<sup>9</sup> | 293229 | 263380 |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |
|  Series 2005-13, Class AF4 | Series 2005-13, Class AF4 | Series 2005-13, Class AF4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81% | 04/25/36<sup>9</sup> | 96974 | 88059 |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |
|  Series 2007-13, Class 2A2 | Series 2007-13, Class 2A2 | Series 2007-13, Class 2A2 |  |
|  (CME Term SOFR 1-Month plus 0.91%) | (CME Term SOFR 1-Month plus 0.91%) | (CME Term SOFR 1-Month plus 0.91%) | (CME Term SOFR 1-Month plus 0.91%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23% | 10/25/47<sup>2</sup> | 5801025 | 5381152 |
|  Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, |
|  Series 2001-HYB1, Class 1A1 | Series 2001-HYB1, Class 1A1 | Series 2001-HYB1, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 06/19/31<sup>9</sup> | 4330 | 4299 |
|  Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, |
|  Series 2004-14, Class 4A1 | Series 2004-14, Class 4A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55% | 08/25/34<sup>9</sup> | 509955 | 470943 |
|  Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, |
|  Series 2004-25, Class 1A1 | Series 2004-25, Class 1A1 |  |  |
|  (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09% | 02/25/35<sup>2</sup> | 55634 | 52253 |
|  Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, |
|  Series 2004-7, Class 2A1 | Series 2004-7, Class 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56% | 06/25/34<sup>9</sup> | 38633 | 35595 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, |
|  Series 2004-HYB3, Class 1A | Series 2004-HYB3, Class 1A | Series 2004-HYB3, Class 1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80% | 06/20/34<sup>9</sup> | 3937 | $3879 |
|  Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, |
|  Series 2004-HYB4, Class 2A1 | Series 2004-HYB4, Class 2A1 | Series 2004-HYB4, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 09/20/34<sup>9</sup> | 314521 | 303213 |
|  Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, |
|  Series 2005-11, Class 1A2 | Series 2005-11, Class 1A2 | Series 2005-11, Class 1A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49% | 04/25/35<sup>9</sup> | 191966 | 165295 |
|  Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, |
|  Series 2007-HY5, Class 1A1 | Series 2007-HY5, Class 1A1 | Series 2007-HY5, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32% | 09/25/47<sup>9</sup> | 458648 | 361544 |
|  Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, |
|  Series 2007-HYB1, Class 1A1 | Series 2007-HYB1, Class 1A1 | Series 2007-HYB1, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.94% | 03/25/37<sup>9</sup> | 811980 | 680667 |
|  Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., |
|  Series 2003-AR20, Class 2A4 | Series 2003-AR20, Class 2A4 | Series 2003-AR20, Class 2A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73% | 08/25/33<sup>9</sup> | 3519 | 3423 |
|  Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., |
|  Series 2005-6, Class 8A1 | Series 2005-6, Class 8A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/25/20 | 2596 | 2336 |
|  Credit Suisse First Boston Mortgage-Backed Pass-Through | Credit Suisse First Boston Mortgage-Backed Pass-Through | Credit Suisse First Boston Mortgage-Backed Pass-Through | Credit Suisse First Boston Mortgage-Backed Pass-Through |
|  Certificates, |  |  |  |
|  Series 2004-1, Class 2A1 | Series 2004-1, Class 2A1 | Series 2004-1, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 02/25/34 | 3945 | 3953 |
|  Credit Suisse First Boston Mortgage-Backed Pass-Through | Credit Suisse First Boston Mortgage-Backed Pass-Through | Credit Suisse First Boston Mortgage-Backed Pass-Through | Credit Suisse First Boston Mortgage-Backed Pass-Through |
|  Certificates, |  |  |  |
|  Series 2004-AR5, Class 6A1 | Series 2004-AR5, Class 6A1 | Series 2004-AR5, Class 6A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31% | 06/25/34<sup>9</sup> | 31947 | 31530 |
|  Credit Suisse Mortgage Capital Certificates, | Credit Suisse Mortgage Capital Certificates, | Credit Suisse Mortgage Capital Certificates, | Credit Suisse Mortgage Capital Certificates, |
|  Series 2021-RP11, Class CERT | Series 2021-RP11, Class CERT | Series 2021-RP11, Class CERT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.78% | 10/27/61<sup>1</sup> | 8576962 | 6539665 |
|  Credit Suisse Mortgage Capital Certificates, | Credit Suisse Mortgage Capital Certificates, | Credit Suisse Mortgage Capital Certificates, | Credit Suisse Mortgage Capital Certificates, |
|  Series 2022-RPL1, Class CERT | Series 2022-RPL1, Class CERT | Series 2022-RPL1, Class CERT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23% | 04/25/61<sup>1</sup> | 8486750 | 6952960 |
|  Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |
|  Series 2015-6R, Class 2A1 | Series 2015-6R, Class 2A1 | Series 2015-6R, Class 2A1 |  |
|  (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 11/27/46<sup>1,2</sup> | 460639 | 459258 |
|  Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |
|  Series 2021-NQM6, Class A1 | Series 2021-NQM6, Class A1 | Series 2021-NQM6, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.17% | 07/25/66<sup>1,9</sup> | 5700118 | 4721412 |
|  Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |
|  Series 2021-RP11, Class PT | Series 2021-RP11, Class PT | Series 2021-RP11, Class PT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73% | 10/25/61<sup>1,9</sup> | 204179184 | 163684102 |
|  Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |
|  Series 2021-RP11, Class SA (IO) | Series 2021-RP11, Class SA (IO) | Series 2021-RP11, Class SA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 10/25/61<sup>1,4,5,9</sup> | 151915 | 147190 |
|  Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |
|  Series 2022-RPL1, Class PT | Series 2022-RPL1, Class PT | Series 2022-RPL1, Class PT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.64% | 04/25/61<sup>1,9</sup> | 203820616 | 174923663 |
|  Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |
|  Series 2022-RPL1, Class SA (IO) | Series 2022-RPL1, Class SA (IO) | Series 2022-RPL1, Class SA (IO) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 04/25/61<sup>1,4,5,9</sup> | 349578 | 342659 |

---

*See accompanying Notes to Financial Statements.*

99 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
|  Series 2003-CB1, Class AF (STEP-reset date 05/25/25) | Series 2003-CB1, Class AF (STEP-reset date 05/25/25) | Series 2003-CB1, Class AF (STEP-reset date 05/25/25) | Series 2003-CB1, Class AF (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 01/25/33 | 3052 | 2932 |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
|  Series 2006-CB7, Class A1 | Series 2006-CB7, Class A1 | Series 2006-CB7, Class A1 | Series 2006-CB7, Class A1 |
|  (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71% | 10/25/36<sup>2</sup> | 30513121 | 21765278 |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
|  Series 2006-CB8, Class A1 | Series 2006-CB8, Class A1 | Series 2006-CB8, Class A1 | Series 2006-CB8, Class A1 |
|  (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71% | 10/25/36<sup>2</sup> | 7646407 | 6925939 |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
|  Series 2006-CB9, Class A3 | Series 2006-CB9, Class A3 | Series 2006-CB9, Class A3 | Series 2006-CB9, Class A3 |
|  (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73% | 11/25/36<sup>2</sup> | 21428087 | 9680599 |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
|  Series 2007-CB1, Class AF4 (STEP-reset date 05/25/25) | Series 2007-CB1, Class AF4 (STEP-reset date 05/25/25) | Series 2007-CB1, Class AF4 (STEP-reset date 05/25/25) | Series 2007-CB1, Class AF4 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15% | 01/25/37 | 5794998 | 1635554 |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
|  Series 2007-CB1, Class AF5 (STEP-reset date 05/25/25) | Series 2007-CB1, Class AF5 (STEP-reset date 05/25/25) | Series 2007-CB1, Class AF5 (STEP-reset date 05/25/25) | Series 2007-CB1, Class AF5 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15% | 01/25/37 | 10890181 | 3072612 |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
|  Series 2007-CB5, Class A2 | Series 2007-CB5, Class A2 | Series 2007-CB5, Class A2 | Series 2007-CB5, Class A2 |
|  (CME Term SOFR 1-Month plus 0.28%) | (CME Term SOFR 1-Month plus 0.28%) | (CME Term SOFR 1-Month plus 0.28%) | (CME Term SOFR 1-Month plus 0.28%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.34% | 04/25/37<sup>2</sup> | 18320739 | 10526171 |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
|  Mortgage Loan Trust, | Mortgage Loan Trust, | Mortgage Loan Trust, | Mortgage Loan Trust, |
|  Series 2007-CB2, Class A2C (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2C (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2C (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2C (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53% | 02/25/37 | 21207385 | 12620712 |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
|  Mortgage Loan Trust, | Mortgage Loan Trust, | Mortgage Loan Trust, | Mortgage Loan Trust, |
|  Series 2007-CB2, Class A2D (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2D (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2D (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2D (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53% | 02/25/37 | 15526963 | 9240240 |
|  Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
|  Mortgage Loan Trust, | Mortgage Loan Trust, | Mortgage Loan Trust, | Mortgage Loan Trust, |
|  Series 2007-CB2, Class A2E (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2E (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2E (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2E (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53% | 02/25/37 | 2823554 | 1680323 |
|  CSAB Mortgage-Backed Trust, | CSAB Mortgage-Backed Trust, | CSAB Mortgage-Backed Trust, | CSAB Mortgage-Backed Trust, |
|  Series 2006-4, Class A6B (STEP-reset date 05/25/25) | Series 2006-4, Class A6B (STEP-reset date 05/25/25) | Series 2006-4, Class A6B (STEP-reset date 05/25/25) | Series 2006-4, Class A6B (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.28% | 12/25/36 | 5268016 | 237561 |
|  Deephaven Residential Mortgage Trust, | Deephaven Residential Mortgage Trust, | Deephaven Residential Mortgage Trust, | Deephaven Residential Mortgage Trust, |
|  Series 2021-4, Class A1 | Series 2021-4, Class A1 | Series 2021-4, Class A1 | Series 2021-4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93% | 11/25/66<sup>1,9</sup> | 20028241 | 17596098 |
|  Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, |
|  Series 2006-AR3, Class A1 | Series 2006-AR3, Class A1 | Series 2006-AR3, Class A1 | Series 2006-AR3, Class A1 |
|  (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81% | 08/25/36<sup>2</sup> | 1654249 | 1493911 |
|  Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, |
|  Series 2006-AR4, Class A1 | Series 2006-AR4, Class A1 | Series 2006-AR4, Class A1 | Series 2006-AR4, Class A1 |
|  (CME Term SOFR 1-Month plus 0.37%) | (CME Term SOFR 1-Month plus 0.37%) | (CME Term SOFR 1-Month plus 0.37%) | (CME Term SOFR 1-Month plus 0.37%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69% | 12/25/36<sup>2</sup> | 1318847 | 456658 |
|  Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, |
|  Series 2006-AR4, Class A2 | Series 2006-AR4, Class A2 | Series 2006-AR4, Class A2 | Series 2006-AR4, Class A2 |
|  (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81% | 12/25/36<sup>2</sup> | 24207239 | 7733833 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, |
|  Series 2006-AR6, Class A6 | Series 2006-AR6, Class A6 | Series 2006-AR6, Class A6 | Series 2006-AR6, Class A6 |
|  (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81% | 02/25/37<sup>2</sup> | $293652 | $254499 |
|  Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, |
|  Series 2007-3, Class 1A1 | Series 2007-3, Class 1A1 | Series 2007-3, Class 1A1 | Series 2007-3, Class 1A1 |
|  (CME Term SOFR 1-Month plus 1.81%) | (CME Term SOFR 1-Month plus 1.81%) | (CME Term SOFR 1-Month plus 1.81%) | (CME Term SOFR 1-Month plus 1.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14% | 10/25/47<sup>2</sup> | 16425195 | 13264077 |
|  Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, |
|  Series 2007-AR3, Class 2A4 | Series 2007-AR3, Class 2A4 | Series 2007-AR3, Class 2A4 | Series 2007-AR3, Class 2A4 |
|  (CME Term SOFR 1-Month plus 0.81%) | (CME Term SOFR 1-Month plus 0.81%) | (CME Term SOFR 1-Month plus 0.81%) | (CME Term SOFR 1-Month plus 0.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 06/25/37<sup>2</sup> | 14019568 | 12111300 |
|  Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, | Deutsche ALT-A Securities Mortgage Loan Trust, |
|  Series 2007-OA3, Class A1 | Series 2007-OA3, Class A1 | Series 2007-OA3, Class A1 | Series 2007-OA3, Class A1 |
|  (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71% | 07/25/47<sup>2</sup> | 24357434 | 22564695 |
|  Deutsche ALT-A Securities, Inc., Mortgage Loan Trust, | Deutsche ALT-A Securities, Inc., Mortgage Loan Trust, | Deutsche ALT-A Securities, Inc., Mortgage Loan Trust, | Deutsche ALT-A Securities, Inc., Mortgage Loan Trust, |
|  Series 2005-6, Class 1A7 | Series 2005-6, Class 1A7 | Series 2005-6, Class 1A7 | Series 2005-6, Class 1A7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 12/25/35 | 210843 | 170281 |
|  Deutsche ALT-A Securities, Inc., Mortgage Loan Trust, | Deutsche ALT-A Securities, Inc., Mortgage Loan Trust, | Deutsche ALT-A Securities, Inc., Mortgage Loan Trust, | Deutsche ALT-A Securities, Inc., Mortgage Loan Trust, |
|  Series 2006-AR1, Class 2A1 | Series 2006-AR1, Class 2A1 | Series 2006-AR1, Class 2A1 | Series 2006-AR1, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.02% | 02/25/36<sup>9</sup> | 477904 | 316963 |
|  DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, |
|  Series 2004-AR4, Class 2A1A | Series 2004-AR4, Class 2A1A | Series 2004-AR4, Class 2A1A | Series 2004-AR4, Class 2A1A |
|  (CME Term SOFR 1-Month plus 0.83%) | (CME Term SOFR 1-Month plus 0.83%) | (CME Term SOFR 1-Month plus 0.83%) | (CME Term SOFR 1-Month plus 0.83%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 01/19/45<sup>2</sup> | 968982 | 739063 |
|  DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, |
|  Series 2005-AR3, Class 2A1A | Series 2005-AR3, Class 2A1A | Series 2005-AR3, Class 2A1A | Series 2005-AR3, Class 2A1A |
|  (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 07/19/45<sup>2</sup> | 56266 | 53892 |
|  DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, |
|  Series 2006-AR2, Class 2A1A | Series 2006-AR2, Class 2A1A | Series 2006-AR2, Class 2A1A | Series 2006-AR2, Class 2A1A |
|  (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 10/19/36<sup>2</sup> | 12310184 | 8182710 |
|  DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, |
|  Series 2007-AR1, Class 2A1A | Series 2007-AR1, Class 2A1A | Series 2007-AR1, Class 2A1A | Series 2007-AR1, Class 2A1A |
|  (CME Term SOFR 1-Month plus 0.25%) | (CME Term SOFR 1-Month plus 0.25%) | (CME Term SOFR 1-Month plus 0.25%) | (CME Term SOFR 1-Month plus 0.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57% | 03/19/37<sup>2</sup> | 4775120 | 3922794 |
|  Equity One Mortgage Pass-Through Trust, | Equity One Mortgage Pass-Through Trust, | Equity One Mortgage Pass-Through Trust, | Equity One Mortgage Pass-Through Trust, |
|  Series 2002-4, Class M1 | Series 2002-4, Class M1 | Series 2002-4, Class M1 | Series 2002-4, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22% | 02/25/33<sup>9</sup> | 2522 | 2459 |
|  Equity One Mortgage Pass-Through Trust, | Equity One Mortgage Pass-Through Trust, | Equity One Mortgage Pass-Through Trust, | Equity One Mortgage Pass-Through Trust, |
|  Series 2002-5, Class M1 (STEP-reset date 05/25/25) | Series 2002-5, Class M1 (STEP-reset date 05/25/25) | Series 2002-5, Class M1 (STEP-reset date 05/25/25) | Series 2002-5, Class M1 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 11/25/32 | 22247 | 22297 |
|  Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |
|  Series 2019-R07, Class 1B1 | Series 2019-R07, Class 1B1 | Series 2019-R07, Class 1B1 | Series 2019-R07, Class 1B1 |
|  (SOFR30A plus 3.51%) | (SOFR30A plus 3.51%) | (SOFR30A plus 3.51%) | (SOFR30A plus 3.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.85% | 10/25/39<sup>1,2</sup> | 10473465 | 10747036 |
|  Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |
|  Series 2021-R01, Class 1B1 | Series 2021-R01, Class 1B1 | Series 2021-R01, Class 1B1 | Series 2021-R01, Class 1B1 |
|  (SOFR30A plus 3.10%) | (SOFR30A plus 3.10%) | (SOFR30A plus 3.10%) | (SOFR30A plus 3.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.44% | 10/25/41<sup>1,2</sup> | 5660000 | 5759961 |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
|  Series 2006-FF13, Class A2C | Series 2006-FF13, Class A2C | Series 2006-FF13, Class A2C | Series 2006-FF13, Class A2C |
|  (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 10/25/36<sup>2</sup> | 8650055 | 5687391 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 100

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
|  Series 2006-FF13, Class A2D | Series 2006-FF13, Class A2D | Series 2006-FF13, Class A2D | Series 2006-FF13, Class A2D |
|  (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 10/25/36<sup>2</sup> | $545452 | $358724 |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
|  Series 2006-FF18, Class A2B | Series 2006-FF18, Class A2B | Series 2006-FF18, Class A2B | Series 2006-FF18, Class A2B |
|  (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 12/25/37<sup>2</sup> | 4262397 | 3877139 |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
|  Series 2006-FF18, Class A2C | Series 2006-FF18, Class A2C | Series 2006-FF18, Class A2C | Series 2006-FF18, Class A2C |
|  (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 12/25/37<sup>2</sup> | 11721974 | 10662702 |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
|  Series 2006-FF18, Class A2D | Series 2006-FF18, Class A2D | Series 2006-FF18, Class A2D | Series 2006-FF18, Class A2D |
|  (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% | 12/25/37<sup>2</sup> | 8495705 | 7727844 |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
|  Series 2006-FF5, Class 1A | Series 2006-FF5, Class 1A | Series 2006-FF5, Class 1A | Series 2006-FF5, Class 1A |
|  (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73% | 04/25/36<sup>2</sup> | 1636677 | 1627290 |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
|  Series 2007-FF1, Class A2C | Series 2007-FF1, Class A2C | Series 2007-FF1, Class A2C | Series 2007-FF1, Class A2C |
|  (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71% | 01/25/38<sup>2</sup> | 47298655 | 25697241 |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
|  Series 2007-FF2, Class A1 | Series 2007-FF2, Class A1 | Series 2007-FF2, Class A1 | Series 2007-FF2, Class A1 |
|  (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71% | 03/25/37<sup>2</sup> | 42900852 | 22370919 |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
|  Series 2007-FF2, Class A2B | Series 2007-FF2, Class A2B | Series 2007-FF2, Class A2B | Series 2007-FF2, Class A2B |
|  (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 03/25/37<sup>2</sup> | 19094261 | 9043040 |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
|  Series 2007-FF2, Class A2C | Series 2007-FF2, Class A2C | Series 2007-FF2, Class A2C | Series 2007-FF2, Class A2C |
|  (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73% | 03/25/37<sup>2</sup> | 10946434 | 5198222 |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
|  Series 2007-FF2, Class A2D | Series 2007-FF2, Class A2D | Series 2007-FF2, Class A2D | Series 2007-FF2, Class A2D |
|  (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87% | 03/25/37<sup>2</sup> | 32380810 | 15401120 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
|  Series 2004-AA2, Class 1A1 | Series 2004-AA2, Class 1A1 | Series 2004-AA2, Class 1A1 | Series 2004-AA2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67% | 08/25/34<sup>9</sup> | 2262956 | 2202708 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
|  Series 2004-AA3, Class A1 | Series 2004-AA3, Class A1 | Series 2004-AA3, Class A1 | Series 2004-AA3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17% | 09/25/34<sup>9</sup> | 4781 | 4825 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
|  Series 2004-AA4, Class A1 | Series 2004-AA4, Class A1 | Series 2004-AA4, Class A1 | Series 2004-AA4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 10/25/34<sup>9</sup> | 303131 | 298639 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
|  Series 2005-AA10, Class 1A1 | Series 2005-AA10, Class 1A1 | Series 2005-AA10, Class 1A1 | Series 2005-AA10, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 12/25/35<sup>9</sup> | 5722697 | 4748564 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
|  Series 2005-AA12, Class 2A1 | Series 2005-AA12, Class 2A1 | Series 2005-AA12, Class 2A1 | Series 2005-AA12, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04% | 02/25/36<sup>9</sup> | 5612039 | 3478593 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
|  Series 2005-AA4, Class 2A1 | Series 2005-AA4, Class 2A1 | Series 2005-AA4, Class 2A1 | Series 2005-AA4, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51% | 06/25/35<sup>9</sup> | 5365924 | 4990728 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
|  Series 2005-AA7, Class 2A1 | Series 2005-AA7, Class 2A1 | Series 2005-AA7, Class 2A1 | Series 2005-AA7, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23% | 09/25/35<sup>9</sup> | 3988485 | 3492997 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
|  Series 2005-AA8, Class 2A1 | Series 2005-AA8, Class 2A1 | Series 2005-AA8, Class 2A1 | Series 2005-AA8, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 10/25/35<sup>9</sup> | 6571185 | 3761577 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
|  Series 2005-AA9, Class 2A1 | Series 2005-AA9, Class 2A1 | Series 2005-AA9, Class 2A1 | Series 2005-AA9, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 11/25/35<sup>9</sup> | 5714639 | 4977860 |
|  First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, |
|  Series 2004-AR6, Class 2A1 | Series 2004-AR6, Class 2A1 | Series 2004-AR6, Class 2A1 | Series 2004-AR6, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 12/25/34<sup>9</sup> | 66845 | 64544 |
|  First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, |
|  Series 2006-AR4, Class 1A2 | Series 2006-AR4, Class 1A2 | Series 2006-AR4, Class 1A2 | Series 2006-AR4, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21% | 01/25/37<sup>9</sup> | 40502 | 21309 |
|  First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, |
|  Series 2007-AR3, Class 1A1 | Series 2007-AR3, Class 1A1 | Series 2007-AR3, Class 1A1 | Series 2007-AR3, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 11/25/37<sup>9</sup> | 67930 | 28664 |
|  GMACM Home Equity Loan Trust, | GMACM Home Equity Loan Trust, | GMACM Home Equity Loan Trust, | GMACM Home Equity Loan Trust, |
|  Series 2000-HE2, Class A1 | Series 2000-HE2, Class A1 | Series 2000-HE2, Class A1 | Series 2000-HE2, Class A1 |
|  (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87% | 06/25/30<sup>2</sup> | 7057 | 6344 |
|  GMACM Mortgage Corp. Loan Trust, | GMACM Mortgage Corp. Loan Trust, | GMACM Mortgage Corp. Loan Trust, | GMACM Mortgage Corp. Loan Trust, |
|  Series 2005-AR6, Class 3A1 | Series 2005-AR6, Class 3A1 | Series 2005-AR6, Class 3A1 | Series 2005-AR6, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 11/19/35<sup>9</sup> | 111995 | 95690 |
|  GMACM Mortgage Corp. Loan Trust, | GMACM Mortgage Corp. Loan Trust, | GMACM Mortgage Corp. Loan Trust, | GMACM Mortgage Corp. Loan Trust, |
|  Series 2006-AR2, Class 1A1 | Series 2006-AR2, Class 1A1 | Series 2006-AR2, Class 1A1 | Series 2006-AR2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 05/19/36<sup>9</sup> | 1454682 | 811711 |
|  GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, |
|  Series 2005-AR4, Class G41B | Series 2005-AR4, Class G41B | Series 2005-AR4, Class G41B | Series 2005-AR4, Class G41B |
|  (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 10/25/45<sup>2</sup> | 6193781 | 5768794 |
|  GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, |
|  Series 2006-OH1, Class A1 | Series 2006-OH1, Class A1 | Series 2006-OH1, Class A1 | Series 2006-OH1, Class A1 |
|  (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79% | 01/25/37<sup>2</sup> | 8254578 | 7514761 |
|  GS Mortgage-Backed Securities Corp. Trust, | GS Mortgage-Backed Securities Corp. Trust, | GS Mortgage-Backed Securities Corp. Trust, | GS Mortgage-Backed Securities Corp. Trust, |
|  Series 2022-PJ2, Class A4 | Series 2022-PJ2, Class A4 | Series 2022-PJ2, Class A4 | Series 2022-PJ2, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 06/25/52<sup>1,9</sup> | 25964550 | 21232633 |
|  GS Mortgage-Backed Securities Corp. Trust, | GS Mortgage-Backed Securities Corp. Trust, | GS Mortgage-Backed Securities Corp. Trust, | GS Mortgage-Backed Securities Corp. Trust, |
|  Series 2022-PJ4, Class A4 | Series 2022-PJ4, Class A4 | Series 2022-PJ4, Class A4 | Series 2022-PJ4, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 09/25/52<sup>1,9</sup> | 60599546 | 49555563 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
|  Series 2018-RPL1, Class A1A | Series 2018-RPL1, Class A1A | Series 2018-RPL1, Class A1A | Series 2018-RPL1, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 10/25/57<sup>1</sup> | 13063089 | 12770467 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
|  Series 2021-PJ9, Class A2 | Series 2021-PJ9, Class A2 | Series 2021-PJ9, Class A2 | Series 2021-PJ9, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 02/26/52<sup>1,9</sup> | 7831960 | 6414201 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
|  Series 2022-PJ5, Class A4 | Series 2022-PJ5, Class A4 | Series 2022-PJ5, Class A4 | Series 2022-PJ5, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 10/25/52<sup>1,9</sup> | 69034884 | 56408804 |

---

*See accompanying Notes to Financial Statements.*

101 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
|  Series 2022-PJ6, Class A3 | Series 2022-PJ6, Class A3 | Series 2022-PJ6, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%<br>01/25/53<sup>1,9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88997969 | 72729639 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
|  Series 2023-PJ1, Class A3 | Series 2023-PJ1, Class A3 | Series 2023-PJ1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%<br>02/25/53<sup>1,9</sup> | 87617856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74612326 |
|  GSAA Home Equity Trust, | GSAA Home Equity Trust, | GSAA Home Equity Trust, |
|  Series 2005-11, Class 2A2 | Series 2005-11, Class 2A2 | Series 2005-11, Class 2A2 |
|  (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07%<br>10/25/35<sup>2</sup> | 26214 | 28009 |
|  GSAA Home Equity Trust, | GSAA Home Equity Trust, | GSAA Home Equity Trust, |
|  Series 2005-6, Class M1 | Series 2005-6, Class M1 | Series 2005-6, Class M1 |
|  (CME Term SOFR 1-Month plus 0.76%) | (CME Term SOFR 1-Month plus 0.76%) | (CME Term SOFR 1-Month plus 0.76%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08%<br>06/25/35<sup>2</sup> | 3596 | 3587 |
|  GSAMP Trust, | GSAMP Trust, | GSAMP Trust, |
|  Series 2005-AHL2, Class A2D | Series 2005-AHL2, Class A2D | Series 2005-AHL2, Class A2D |
|  (CME Term SOFR 1-Month plus 0.81%) | (CME Term SOFR 1-Month plus 0.81%) | (CME Term SOFR 1-Month plus 0.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%<br>12/25/35<sup>2</sup> | 14183345 | 13588254 |
|  GSAMP Trust, | GSAMP Trust, | GSAMP Trust, |
|  Series 2007-HE2, Class A1 | Series 2007-HE2, Class A1 | Series 2007-HE2, Class A1 |
|  (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67%<br>03/25/47<sup>2</sup> | 60830340 | 49251747 |
|  GSMSC Resecuritization Trust, | GSMSC Resecuritization Trust, | GSMSC Resecuritization Trust, |
|  Series 2015-3R, Class 1B | Series 2015-3R, Class 1B | Series 2015-3R, Class 1B |
|  (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71%<br>01/26/37<sup>1,2</sup> | 11293846 | 10071785 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
|  Series 2004-9, Class 3A1 | Series 2004-9, Class 3A1 | Series 2004-9, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44%<br>08/25/34<sup>9</sup> | 873 | 821 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
|  Series 2004-9, Class 5A7 | Series 2004-9, Class 5A7 | Series 2004-9, Class 5A7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68%<br>08/25/34<sup>9</sup> | 6016 | 6000 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
|  Series 2005-AR5, Class 2A3 | Series 2005-AR5, Class 2A3 | Series 2005-AR5, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.28%<br>10/25/35<sup>9</sup> | 1703899 | 900824 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
|  Series 2005-AR6, Class 4A5 | Series 2005-AR6, Class 4A5 | Series 2005-AR6, Class 4A5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.12%<br>09/25/35<sup>9</sup> | 29998 | 27124 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
|  Series 2007-AR2, Class 2A1 | Series 2007-AR2, Class 2A1 | Series 2007-AR2, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.33%<br>05/25/37<sup>9</sup> | 1158656 | 613823 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
|  Series 2004-1, Class 2A | Series 2004-1, Class 2A | Series 2004-1, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.03%<br>04/19/34<sup>9</sup> | 2821 | 2603 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
|  Series 2004-11, Class 3A2A | Series 2004-11, Class 3A2A | Series 2004-11, Class 3A2A |
|  (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11%<br>01/19/35<sup>2</sup> | 134147 | 133791 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
|  Series 2004-3, Class 1A | Series 2004-3, Class 1A | Series 2004-3, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87%<br>05/19/34<sup>9</sup> | 24817 | 23797 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
|  Series 2005-3, Class 2A1A | Series 2005-3, Class 2A1A | Series 2005-3, Class 2A1A |
|  (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91%<br>06/19/35<sup>2</sup> | 108738 | 106051 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
|  Series 2006-1, Class 2A1A | Series 2006-1, Class 2A1A | Series 2006-1, Class 2A1A |
|  (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91%<br>03/19/36<sup>2</sup> | $8782228 | $8041212 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
|  Series 2006-10, Class 1A1A | Series 2006-10, Class 1A1A | Series 2006-10, Class 1A1A |
|  (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%<br>11/19/36<sup>2</sup> | 45201228 | 34647062 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
|  Series 2006-4, Class 1A1A | Series 2006-4, Class 1A1A | Series 2006-4, Class 1A1A |
|  (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79%<br>05/19/46<sup>2</sup> | 28515640 | 14600353 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
|  Series 2006-5, Class 1A1A | Series 2006-5, Class 1A1A | Series 2006-5, Class 1A1A |
|  (Federal Reserve US 12-Month Cumulative Average plus | (Federal Reserve US 12-Month Cumulative Average plus | (Federal Reserve US 12-Month Cumulative Average plus |
|  0.91%) | 0.91%) | 0.91%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%<br>07/19/47<sup>2</sup> | 33118049 | 10300167 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
|  Series 2006-7, Class 1A | Series 2006-7, Class 1A | Series 2006-7, Class 1A |
|  (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%<br>09/19/46<sup>2</sup> | 46532646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39554950 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
|  Series 2007-7, Class 1A1 | Series 2007-7, Class 1A1 | Series 2007-7, Class 1A1 |
|  (CME Term SOFR 1-Month plus 2.11%) | (CME Term SOFR 1-Month plus 2.11%) | (CME Term SOFR 1-Month plus 2.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.43%<br>10/25/37<sup>2</sup> | 14314104 | 11415083 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
|  Series 2007-7, Class 2A1A | Series 2007-7, Class 2A1A | Series 2007-7, Class 2A1A |
|  (CME Term SOFR 1-Month plus 2.11%) | (CME Term SOFR 1-Month plus 2.11%) | (CME Term SOFR 1-Month plus 2.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.43%<br>10/25/37<sup>2</sup> | 10399217 | 9671946 |
|  HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, |
|  Series 2006-HE1, Class 1A1 | Series 2006-HE1, Class 1A1 | Series 2006-HE1, Class 1A1 |
|  (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71%<br>10/25/36<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49739052 | 13793166 |
|  Impac CMB Trust, | Impac CMB Trust, | Impac CMB Trust, |
|  Series 2004-8, Class 2A1 | Series 2004-8, Class 2A1 | Series 2004-8, Class 2A1 |
|  (CME Term SOFR 1-Month plus 0.81%) | (CME Term SOFR 1-Month plus 0.81%) | (CME Term SOFR 1-Month plus 0.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%<br>10/25/34<sup>2</sup> | 14410 | 14371 |
|  Impac CMB Trust, | Impac CMB Trust, | Impac CMB Trust, |
|  Series 2005-1, Class 1A1 | Series 2005-1, Class 1A1 | Series 2005-1, Class 1A1 |
|  (CME Term SOFR 1-Month plus 0.63%) | (CME Term SOFR 1-Month plus 0.63%) | (CME Term SOFR 1-Month plus 0.63%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%<br>04/25/35<sup>2</sup> | 1112632 | 1070585 |
|  Impac Secured Assets Trust, | Impac Secured Assets Trust, | Impac Secured Assets Trust, |
|  Series 2006-3, Class A1 | Series 2006-3, Class A1 | Series 2006-3, Class A1 |
|  (CME Term SOFR 1-Month plus 0.45%) | (CME Term SOFR 1-Month plus 0.45%) | (CME Term SOFR 1-Month plus 0.45%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77%<br>11/25/36<sup>2</sup> | 3143782 | 2865062 |
|  Impac Secured Assets Trust, | Impac Secured Assets Trust, | Impac Secured Assets Trust, |
|  Series 2006-5, Class 1A1C | Series 2006-5, Class 1A1C | Series 2006-5, Class 1A1C |
|  (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97%<br>02/25/37<sup>2</sup> | 5700595 | 5171083 |
|  Impac Secured Assets Trust, | Impac Secured Assets Trust, | Impac Secured Assets Trust, |
|  Series 2007-2, Class 1A1B | Series 2007-2, Class 1A1B | Series 2007-2, Class 1A1B |
|  (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%<br>05/25/37<sup>2</sup> | 25800637 | 21601227 |
|  IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
|  Series 2004-AR4, Class 1A | Series 2004-AR4, Class 1A | Series 2004-AR4, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91%<br>08/25/34<sup>9</sup> | 499618 | 480718 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 102

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
|  Series 2004-AR7, Class A2 | Series 2004-AR7, Class A2 | Series 2004-AR7, Class A2 | Series 2004-AR7, Class A2 |
|  (CME Term SOFR 1-Month plus 0.97%) | (CME Term SOFR 1-Month plus 0.97%) | (CME Term SOFR 1-Month plus 0.97%) | (CME Term SOFR 1-Month plus 0.97%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29% | 09/25/34<sup>2</sup> | $31465 | $27369 |
|  IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
|  Series 2005-AR19, Class A1 | Series 2005-AR19, Class A1 | Series 2005-AR19, Class A1 | Series 2005-AR19, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68% | 10/25/35<sup>9</sup> | 16046482 | 12958749 |
|  IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
|  Series 2005-AR6, Class 2A1 | Series 2005-AR6, Class 2A1 | Series 2005-AR6, Class 2A1 | Series 2005-AR6, Class 2A1 |
|  (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 04/25/35<sup>2</sup> | 317389 | 258191 |
|  IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
|  Series 2006-AR19, Class 1A2 | Series 2006-AR19, Class 1A2 | Series 2006-AR19, Class 1A2 | Series 2006-AR19, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.98% | 08/25/36<sup>9</sup> | 9531227 | 6060918 |
|  IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
|  Series 2006-AR27, Class 2A2 | Series 2006-AR27, Class 2A2 | Series 2006-AR27, Class 2A2 | Series 2006-AR27, Class 2A2 |
|  (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% | 10/25/36<sup>2</sup> | 9986748 | 9108368 |
|  IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
|  Series 2006-AR35, Class 2A3A | Series 2006-AR35, Class 2A3A | Series 2006-AR35, Class 2A3A | Series 2006-AR35, Class 2A3A |
|  (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% | 01/25/37<sup>2</sup> | 23184037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20758840 |
|  IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
|  Series 2006-AR7, Class 1A1 | Series 2006-AR7, Class 1A1 | Series 2006-AR7, Class 1A1 | Series 2006-AR7, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.99% | 05/25/36<sup>9</sup> | 2294377 | 1922259 |
|  IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
|  Series 2006-AR7, Class 2A1 | Series 2006-AR7, Class 2A1 | Series 2006-AR7, Class 2A1 | Series 2006-AR7, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.93% | 05/25/36<sup>9</sup> | 16530477 | 11290580 |
|  IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
|  Series 2007-AR1, Class 1A2 | Series 2007-AR1, Class 1A2 | Series 2007-AR1, Class 1A2 | Series 2007-AR1, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 03/25/37<sup>9</sup> | 276599 | 214766 |
|  IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
|  Series 2007-AR11, Class 1A1 | Series 2007-AR11, Class 1A1 | Series 2007-AR11, Class 1A1 | Series 2007-AR11, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.36% | 06/25/37<sup>9</sup> | 2029601 | 1802704 |
|  IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
|  Series 2007-AR7, Class 1A1 | Series 2007-AR7, Class 1A1 | Series 2007-AR7, Class 1A1 | Series 2007-AR7, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.51% | 11/25/37<sup>9</sup> | 1155465 | 953261 |
|  IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through | IndyMac Manufactured Housing Contract Pass-Through |
|  Certificates, | Certificates, | Certificates, | Certificates, |
|  Series 1997-1, Class A3 | Series 1997-1, Class A3 | Series 1997-1, Class A3 | Series 1997-1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.61% | 02/25/28 | 13566 | 13609 |
|  JPMorgan Alternative Loan Trust, | JPMorgan Alternative Loan Trust, | JPMorgan Alternative Loan Trust, | JPMorgan Alternative Loan Trust, |
|  Series 2006-A2, Class 5A1 | Series 2006-A2, Class 5A1 | Series 2006-A2, Class 5A1 | Series 2006-A2, Class 5A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 05/25/36<sup>9</sup> | 3735045 | 2122450 |
|  JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, |
|  Series 2006-WF1, Class A3A (STEP-reset date 05/25/25) | Series 2006-WF1, Class A3A (STEP-reset date 05/25/25) | Series 2006-WF1, Class A3A (STEP-reset date 05/25/25) | Series 2006-WF1, Class A3A (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33% | 07/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26771345 | 7229797 |
|  JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, |
|  Series 2006-WF1, Class A6 (STEP-reset date 05/25/25) | Series 2006-WF1, Class A6 (STEP-reset date 05/25/25) | Series 2006-WF1, Class A6 (STEP-reset date 05/25/25) | Series 2006-WF1, Class A6 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 07/25/36 | 3733199 | 1007680 |
|  JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, |
|  Series 2007-HE1, Class AF1 | Series 2007-HE1, Class AF1 | Series 2007-HE1, Class AF1 | Series 2007-HE1, Class AF1 |
|  (CME Term SOFR 1-Month plus 0.21%) | (CME Term SOFR 1-Month plus 0.21%) | (CME Term SOFR 1-Month plus 0.21%) | (CME Term SOFR 1-Month plus 0.21%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.53% | 03/25/47<sup>2</sup> | 92242 | 61677 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, |
|  Series 2007-HE1, Class AF2 (STEP-reset date 05/25/25) | Series 2007-HE1, Class AF2 (STEP-reset date 05/25/25) | Series 2007-HE1, Class AF2 (STEP-reset date 05/25/25) | Series 2007-HE1, Class AF2 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27% | 03/25/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6034261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3934849 |
|  JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, |
|  Series 2007-HE1, Class AF3 (STEP-reset date 05/25/25) | Series 2007-HE1, Class AF3 (STEP-reset date 05/25/25) | Series 2007-HE1, Class AF3 (STEP-reset date 05/25/25) | Series 2007-HE1, Class AF3 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27% | 05/25/35 | 5078567 | 3311074 |
|  JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, |
|  Series 2007-HE1, Class AF4 (STEP-reset date 05/25/25) | Series 2007-HE1, Class AF4 (STEP-reset date 05/25/25) | Series 2007-HE1, Class AF4 (STEP-reset date 05/25/25) | Series 2007-HE1, Class AF4 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27% | 03/25/47 | 2308440 | 1504463 |
|  JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, |
|  Series 2007-HE1, Class AV4 | Series 2007-HE1, Class AV4 | Series 2007-HE1, Class AV4 | Series 2007-HE1, Class AV4 |
|  (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71% | 03/25/47<sup>2</sup> | 238243 | 226608 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
|  Series 2003-A2, Class 2A3 | Series 2003-A2, Class 2A3 | Series 2003-A2, Class 2A3 | Series 2003-A2, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.61% | 11/25/33<sup>9</sup> | 35935 | 33790 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
|  Series 2004-A4, Class 1A3 | Series 2004-A4, Class 1A3 | Series 2004-A4, Class 1A3 | Series 2004-A4, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80% | 09/25/34<sup>9</sup> | 73042 | 69407 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
|  Series 2005-A5, Class TA1 | Series 2005-A5, Class TA1 | Series 2005-A5, Class TA1 | Series 2005-A5, Class TA1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.69% | 08/25/35<sup>9</sup> | 33235 | 31679 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
|  Series 2005-S2, Class 4A3 | Series 2005-S2, Class 4A3 | Series 2005-S2, Class 4A3 | Series 2005-S2, Class 4A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/25/20 | 1603731 | 1024830 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
|  Series 2006-A2, Class 5A3 | Series 2006-A2, Class 5A3 | Series 2006-A2, Class 5A3 | Series 2006-A2, Class 5A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.12% | 11/25/33<sup>9</sup> | 706 | 692 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
|  Series 2006-A3, Class 2A1 | Series 2006-A3, Class 2A1 | Series 2006-A3, Class 2A1 | Series 2006-A3, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24% | 05/25/36<sup>9</sup> | 400333 | 340515 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
|  Series 2006-A3, Class 3A3 | Series 2006-A3, Class 3A3 | Series 2006-A3, Class 3A3 | Series 2006-A3, Class 3A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58% | 05/25/36<sup>9</sup> | 258903 | 212025 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
|  Series 2006-A4, Class 1A1 | Series 2006-A4, Class 1A1 | Series 2006-A4, Class 1A1 | Series 2006-A4, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42% | 06/25/36<sup>9</sup> | 215496 | 148548 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
|  Series 2006-A4, Class 1A4 | Series 2006-A4, Class 1A4 | Series 2006-A4, Class 1A4 | Series 2006-A4, Class 1A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42% | 06/25/36<sup>9</sup> | 694691 | 478870 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
|  Series 2006-A5, Class 2A4 | Series 2006-A5, Class 2A4 | Series 2006-A5, Class 2A4 | Series 2006-A5, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 08/25/36<sup>9</sup> | 194312 | 154399 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
|  Series 2007-A1, Class 5A2 | Series 2007-A1, Class 5A2 | Series 2007-A1, Class 5A2 | Series 2007-A1, Class 5A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 07/25/35<sup>9</sup> | 335571 | 340551 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
|  Series 2007-A3, Class 2A3 | Series 2007-A3, Class 2A3 | Series 2007-A3, Class 2A3 | Series 2007-A3, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52% | 05/25/37<sup>9</sup> | 1017294 | 867941 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
|  Series 2007-A3, Class 3A2 | Series 2007-A3, Class 3A2 | Series 2007-A3, Class 3A2 | Series 2007-A3, Class 3A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02% | 05/25/37<sup>9</sup> | 172008 | 150563 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
|  Series 2007-A4, Class 1A1 | Series 2007-A4, Class 1A1 | Series 2007-A4, Class 1A1 | Series 2007-A4, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76% | 06/25/37<sup>9</sup> | 1484947 | 1138366 |

---

*See accompanying Notes to Financial Statements.*

103 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |  |
|  Series 2007-A4, Class 2A3 | Series 2007-A4, Class 2A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97%<br>06/25/37<sup>9</sup> | 197632 | $152540 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |  |
|  Series 2021-13, Class A3A | Series 2021-13, Class A3A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%<br>04/25/52<sup>1,9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42830897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33560783 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |  |
|  Series 2021-14, Class A3A | Series 2021-14, Class A3A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%<br>05/25/52<sup>1,9</sup> | 32715466 | 26025693 |
|  Lehman ABS Mortgage Loan Trust, | Lehman ABS Mortgage Loan Trust, |  |
|  Series 2007-1, Class 2A2 | Series 2007-1, Class 2A2 |  |
|  (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%<br>06/25/37<sup>1,2</sup> | 162073 | 107508 |
|  Lehman XS Trust, | Lehman XS Trust, |  |
|  Series 2005-5N, Class 3A1A | Series 2005-5N, Class 3A1A |  |
|  (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73%<br>11/25/35<sup>2</sup> | 522892 | 520892 |
|  Lehman XS Trust, | Lehman XS Trust, |  |
|  Series 2005-7N, Class 1A1A | Series 2005-7N, Class 1A1A |  |
|  (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97%<br>12/25/35<sup>2</sup> | 209071 | 193740 |
|  Lehman XS Trust, | Lehman XS Trust, |  |
|  Series 2006-12N, Class A31A | Series 2006-12N, Class A31A |  |
|  (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83%<br>08/25/46<sup>2</sup> | 6077331 | 6170933 |
|  Lehman XS Trust, | Lehman XS Trust, |  |
|  Series 2006-14N, Class 3A2 | Series 2006-14N, Class 3A2 |  |
|  (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67%<br>08/25/36<sup>2</sup> | 20852 | 22162 |
|  Lehman XS Trust, | Lehman XS Trust, |  |
|  Series 2006-5, Class 1A1A | Series 2006-5, Class 1A1A |  |
|  (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%<br>04/25/36<sup>2</sup> | 16359676 | 13894584 |
|  Lehman XS Trust, | Lehman XS Trust, |  |
|  Series 2006-8, Class 1A1A | Series 2006-8, Class 1A1A |  |
|  (CME Term SOFR 1-Month plus 0.27%) | (CME Term SOFR 1-Month plus 0.27%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%<br>06/25/36<sup>2</sup> | 21682414 | 19372149 |
|  Lehman XS Trust, | Lehman XS Trust, |  |
|  Series 2007-4N, Class 1A3 | Series 2007-4N, Class 1A3 |  |
|  (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91%<br>03/25/47<sup>2</sup> | 11971499 | 10257260 |
|  Long Beach Mortgage Loan Trust, | Long Beach Mortgage Loan Trust, |  |
|  Series 2004-4, Class M1 | Series 2004-4, Class M1 |  |
|  (CME Term SOFR 1-Month plus 1.01%) | (CME Term SOFR 1-Month plus 1.01%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.33%<br>10/25/34<sup>2</sup> | 41811 | 40328 |
|  Luminent Mortgage Trust, | Luminent Mortgage Trust, |  |
|  Series 2006-5, Class A1A | Series 2006-5, Class A1A |  |
|  (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81%<br>07/25/36<sup>2</sup> | 24653528 | 15181305 |
|  Luminent Mortgage Trust, | Luminent Mortgage Trust, |  |
|  Series 2006-6, Class A1 | Series 2006-6, Class A1 |  |
|  (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83%<br>10/25/46<sup>2</sup> | 8106449 | 7363249 |
|  MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |  |
|  Series 2003-6, Class 4A2 | Series 2003-6, Class 4A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41%<br>01/25/34<sup>9</sup> | 9841 | 9618 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
|  MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |  |
|  Series 2003-7, Class 3A1 | Series 2003-7, Class 3A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.84%<br>11/25/33<sup>9</sup> | 227594 | $225072 |
|  MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |  |
|  Series 2004-13, Class 3A1 | Series 2004-13, Class 3A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.37%<br>11/21/34<sup>9</sup> | 1214328 | 1158094 |
|  MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |  |
|  Series 2004-8, Class 2A1 | Series 2004-8, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%<br>09/25/34<sup>9</sup> | 1032419 | 991853 |
|  MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |  |
|  Series 2006-2, Class 5A1 | Series 2006-2, Class 5A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%<br>05/25/36<sup>9</sup> | 4287258 | 1386365 |
|  MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |  |
|  Series 2007-1, Class I1A | Series 2007-1, Class I1A |  |
|  (CME Term SOFR 1-Month plus 0.50%) | (CME Term SOFR 1-Month plus 0.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.82%<br>01/25/47<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77215317 | 31131185 |
|  MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |  |
|  Series 2006-HE4, Class A3 | Series 2006-HE4, Class A3 |  |
|  (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73%<br>11/25/36<sup>2</sup> | 11749693 | 3548900 |
|  MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |  |
|  Series 2006-HE4, Class A4 | Series 2006-HE4, Class A4 |  |
|  (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%<br>11/25/36<sup>2</sup> | 3263804 | 985602 |
|  MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |  |
|  Series 2007-HE1, Class A3 | Series 2007-HE1, Class A3 |  |
|  (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%<br>05/25/37<sup>2</sup> | 9101816 | 8824914 |
|  MASTR Seasoned Securitization Trust, | MASTR Seasoned Securitization Trust, |  |
|  Series 2004-1, Class 4A1 | Series 2004-1, Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56%<br>10/25/32<sup>9</sup> | 6133 | 6027 |
|  Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |  |
|  Series 2007-1, Class A1 | Series 2007-1, Class A1 |  |
|  (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71%<br>04/25/37<sup>2</sup> | 118418840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51996552 |
|  Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |  |
|  Series 2007-1, Class A2B | Series 2007-1, Class A2B |  |
|  (CME Term SOFR 1-Month plus 0.45%) | (CME Term SOFR 1-Month plus 0.45%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77%<br>04/25/37<sup>2</sup> | 24122050 | 9267897 |
|  Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |  |
|  Series 2007-1, Class A2C | Series 2007-1, Class A2C |  |
|  (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%<br>04/25/37<sup>2</sup> | 50531881 | 19552791 |
|  Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |  |
|  Series 2007-2, Class A2C | Series 2007-2, Class A2C |  |
|  (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91%<br>05/25/37<sup>2</sup> | 13799223 | 9511723 |
|  Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |  |
|  Series 2007-2, Class A2D | Series 2007-2, Class A2D |  |
|  (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07%<br>05/25/37<sup>2</sup> | 6814655 | 4718864 |
|  Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |  |
|  Series 2007-3, Class A2C | Series 2007-3, Class A2C |  |
|  (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79%<br>06/25/37<sup>2</sup> | 3866197 | 3861140 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 104

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
|  Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |  |
|  Series 2007-3, Class A2D | Series 2007-3, Class A2D | Series 2007-3, Class A2D |  |
|  (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93% | 06/25/37<sup>2</sup> | $5761971 | $5770125 |
|  Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |  |
|  Series 2007-4, Class 2A2 | Series 2007-4, Class 2A2 | Series 2007-4, Class 2A2 |  |
|  (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67% | 07/25/37<sup>2</sup> | 9214286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9044150 |
|  Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |  |
|  Series 2007-4, Class 2A3 | Series 2007-4, Class 2A3 | Series 2007-4, Class 2A3 |  |
|  (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 07/25/37<sup>2</sup> | 6754301 | 6654384 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |  |
|  Series 2003-A6, Class 2A | Series 2003-A6, Class 2A | Series 2003-A6, Class 2A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.64% | 10/25/33<sup>9</sup> | 121256 | 118401 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |  |
|  Series 2004-A4, Class A1 | Series 2004-A4, Class A1 | Series 2004-A4, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58% | 08/25/34<sup>9</sup> | 445913 | 421717 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |  |
|  Series 2005-A10, Class A | Series 2005-A10, Class A | Series 2005-A10, Class A |  |
|  (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% | 02/25/36<sup>2</sup> | 3264 | 3192 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |  |
|  Series 2006-WMC2, Class A2B (STEP-reset date 05/25/25) | Series 2006-WMC2, Class A2B (STEP-reset date 05/25/25) | Series 2006-WMC2, Class A2B (STEP-reset date 05/25/25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.87% | 03/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26337800 | 5310562 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |  |
|  Series 2006-WMC2, Class A2D (STEP-reset date 05/25/25) | Series 2006-WMC2, Class A2D (STEP-reset date 05/25/25) | Series 2006-WMC2, Class A2D (STEP-reset date 05/25/25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.87% | 03/25/37 | 20613690 | 4151469 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |  |
|  Series 2007-2, Class 1A1 | Series 2007-2, Class 1A1 | Series 2007-2, Class 1A1 |  |
|  (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 2.40%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 2.40%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 2.40%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53% | 08/25/36<sup>2</sup> | 1268182 | 1083986 |
|  Mid-State Capital Corp. Trust, | Mid-State Capital Corp. Trust, | Mid-State Capital Corp. Trust, |  |
|  Series 2005-1, Class A | Series 2005-1, Class A | Series 2005-1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 01/15/40 | 2488625 | 2485623 |
|  Mid-State Capital Corp. Trust, | Mid-State Capital Corp. Trust, | Mid-State Capital Corp. Trust, |  |
|  Series 2006-1, Class A | Series 2006-1, Class A | Series 2006-1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79% | 10/15/40<sup>1</sup> | 4203484 | 4215055 |
|  Mid-State Trust XI, | Mid-State Trust XI, | Mid-State Trust XI, |  |
|  Series 11, Class A1 | Series 11, Class A1 | Series 11, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86% | 07/15/38 | 48072 | 47907 |
|  Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |  |
|  Series 2004-11AR, Class 1A1 | Series 2004-11AR, Class 1A1 | Series 2004-11AR, Class 1A1 |  |
|  (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 01/25/35<sup>2</sup> | 49040 | 46342 |
|  Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |  |
|  Series 2004-7AR, Class 2A4 | Series 2004-7AR, Class 2A4 | Series 2004-7AR, Class 2A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41% | 09/25/34<sup>9</sup> | 186321 | 182168 |
|  Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |  |
|  Series 2005-2AR, Class A | Series 2005-2AR, Class A | Series 2005-2AR, Class A |  |
|  (CME Term SOFR 1-Month plus 0.37%) | (CME Term SOFR 1-Month plus 0.37%) | (CME Term SOFR 1-Month plus 0.37%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69% | 04/25/35<sup>2</sup> | 503111 | 502752 |
|  Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |  |
|  Series 2006-7, Class 5A2 | Series 2006-7, Class 5A2 | Series 2006-7, Class 5A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96% | 06/25/36<sup>9</sup> | 646085 | 183371 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
|  Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |  |
|  Series 2007-7AX, Class 2A1 | Series 2007-7AX, Class 2A1 | Series 2007-7AX, Class 2A1 |  |
|  (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67% | 04/25/37<sup>2</sup> | $3966967 | $1055700 |
|  MortgageIT Trust, | MortgageIT Trust, | MortgageIT Trust, |  |
|  Series 2005-1, Class 1A1 | Series 2005-1, Class 1A1 | Series 2005-1, Class 1A1 |  |
|  (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07% | 02/25/35<sup>2</sup> | 987743 | 999995 |
|  MortgageIT Trust, | MortgageIT Trust, | MortgageIT Trust, |  |
|  Series 2005-4, Class A1 | Series 2005-4, Class A1 | Series 2005-4, Class A1 |  |
|  (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99% | 10/25/35<sup>2</sup> | 1072528 | 1065341 |
|  MortgageIT Trust, | MortgageIT Trust, | MortgageIT Trust, |  |
|  Series 2005-5, Class A1 | Series 2005-5, Class A1 | Series 2005-5, Class A1 |  |
|  (CME Term SOFR 1-Month plus 0.63%) | (CME Term SOFR 1-Month plus 0.63%) | (CME Term SOFR 1-Month plus 0.63%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 12/25/35<sup>2</sup> | 254265 | 250499 |
|  Nationstar Home Equity Loan Trust, | Nationstar Home Equity Loan Trust, | Nationstar Home Equity Loan Trust, |  |
|  Series 2007-C, Class 2AV4 | Series 2007-C, Class 2AV4 | Series 2007-C, Class 2AV4 |  |
|  (CME Term SOFR 1-Month plus 0.36%) | (CME Term SOFR 1-Month plus 0.36%) | (CME Term SOFR 1-Month plus 0.36%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68% | 06/25/37<sup>2</sup> | 3380235 | 3284385 |
|  New Century Home Equity Loan Trust, | New Century Home Equity Loan Trust, | New Century Home Equity Loan Trust, |  |
|  Series 2005-1, Class M1 | Series 2005-1, Class M1 | Series 2005-1, Class M1 |  |
|  (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11% | 03/25/35<sup>2</sup> | 9998 | 10742 |
|  NLT Trust, | NLT Trust, | NLT Trust, |  |
|  Series 2021-INV3, Class PT | Series 2021-INV3, Class PT | Series 2021-INV3, Class PT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 11/25/56<sup>1,9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139900690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130236336 |
|  Oakwood Mortgage Investors, Inc., | Oakwood Mortgage Investors, Inc., | Oakwood Mortgage Investors, Inc., |  |
|  Series 2000-A, Class A5 | Series 2000-A, Class A5 | Series 2000-A, Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.16% | 09/15/29<sup>9</sup> | 20571005 | 3041462 |
|  OBX Trust, | OBX Trust, | OBX Trust, |  |
|  Series 2021-J3, Class A1 | Series 2021-J3, Class A1 | Series 2021-J3, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 10/25/51<sup>1,9</sup> | 37592424 | 30788293 |
|  OBX Trust, | OBX Trust, | OBX Trust, |  |
|  Series 2021-NQM4, Class A1 | Series 2021-NQM4, Class A1 | Series 2021-NQM4, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.96% | 10/25/61<sup>1,9</sup> | 4375299 | 3649578 |
|  Ownit Mortgage Loan Trust, | Ownit Mortgage Loan Trust, | Ownit Mortgage Loan Trust, |  |
|  Series 2006-4, Class A1 | Series 2006-4, Class A1 | Series 2006-4, Class A1 |  |
|  (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71% | 05/25/37<sup>2</sup> | 2703734 | 2662729 |
|  Ownit Mortgage Loan Trust, | Ownit Mortgage Loan Trust, | Ownit Mortgage Loan Trust, |  |
|  Series 2006-4, Class A2D | Series 2006-4, Class A2D | Series 2006-4, Class A2D |  |
|  (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 05/25/37<sup>2</sup> | 13973103 | 11333656 |
|  Popular ABS Mortgage Pass-Through Trust, | Popular ABS Mortgage Pass-Through Trust, | Popular ABS Mortgage Pass-Through Trust, |  |
|  Series 2005-6, Class A5 (STEP-reset date 05/25/25) | Series 2005-6, Class A5 (STEP-reset date 05/25/25) | Series 2005-6, Class A5 (STEP-reset date 05/25/25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.31% | 01/25/36 | 15815719 | 14802629 |
|  Popular ABS Mortgage Pass-Through Trust, | Popular ABS Mortgage Pass-Through Trust, | Popular ABS Mortgage Pass-Through Trust, |  |
|  Series 2007-A, Class A3 | Series 2007-A, Class A3 | Series 2007-A, Class A3 |  |
|  (CME Term SOFR 1-Month plus 0.42%) | (CME Term SOFR 1-Month plus 0.42%) | (CME Term SOFR 1-Month plus 0.42%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74% | 06/25/47<sup>2</sup> | 17461077 | 16194035 |
|  Popular ABS, Inc., | Popular ABS, Inc., | Popular ABS, Inc., |  |
|  Series 1998-1, Class A2 (STEP-reset date 05/25/25) | Series 1998-1, Class A2 (STEP-reset date 05/25/25) | Series 1998-1, Class A2 (STEP-reset date 05/25/25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.48% | 11/25/29 | 43946 | 42382 |

---

*See accompanying Notes to Financial Statements.*

105 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
|  PRET LLC, |  |  |  |
|  Series 2022-RN2, Class A1 (STEP-reset date 04/25/25) | Series 2022-RN2, Class A1 (STEP-reset date 04/25/25) | Series 2022-RN2, Class A1 (STEP-reset date 04/25/25) | Series 2022-RN2, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 06/25/52<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169129137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169512418 |
|  PRPM LLC, |  |  |  |
|  Series 2022-3, Class A1 (STEP-reset date 04/25/25) | Series 2022-3, Class A1 (STEP-reset date 04/25/25) | Series 2022-3, Class A1 (STEP-reset date 04/25/25) | Series 2022-3, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56% | 06/25/27<sup>1</sup> | 26017051 | 26010664 |
|  PRPM LLC, |  |  |  |
|  Series 2022-4, Class A1 (STEP-reset date 04/25/25) | Series 2022-4, Class A1 (STEP-reset date 04/25/25) | Series 2022-4, Class A1 (STEP-reset date 04/25/25) | Series 2022-4, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 08/25/27<sup>1</sup> | 49495027 | 49364905 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
|  Series 2005-QO5, Class A1 | Series 2005-QO5, Class A1 | Series 2005-QO5, Class A1 | Series 2005-QO5, Class A1 |
|  (Federal Reserve US 12-Month Cumulative Average plus 1.00%) | (Federal Reserve US 12-Month Cumulative Average plus 1.00%) | (Federal Reserve US 12-Month Cumulative Average plus 1.00%) | (Federal Reserve US 12-Month Cumulative Average plus 1.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64% | 01/25/46<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3136063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492196 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
|  Series 2006-QA1, Class A11 | Series 2006-QA1, Class A11 | Series 2006-QA1, Class A11 | Series 2006-QA1, Class A11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.36% | 01/25/36<sup>9</sup> | 84467 | 62155 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
|  Series 2006-QA1, Class A21 | Series 2006-QA1, Class A21 | Series 2006-QA1, Class A21 | Series 2006-QA1, Class A21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21% | 01/25/36<sup>9</sup> | 7498938 | 5078620 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
|  Series 2006-QA7, Class 2A1 | Series 2006-QA7, Class 2A1 | Series 2006-QA7, Class 2A1 | Series 2006-QA7, Class 2A1 |
|  (CME Term SOFR 1-Month plus 0.48%) | (CME Term SOFR 1-Month plus 0.48%) | (CME Term SOFR 1-Month plus 0.48%) | (CME Term SOFR 1-Month plus 0.48%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/25/36<sup>2</sup> | 11976799 | 10898772 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
|  Series 2006-QS10, Class AV (IO) | Series 2006-QS10, Class AV (IO) | Series 2006-QS10, Class AV (IO) | Series 2006-QS10, Class AV (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57% | 08/25/36<sup>4,5,9</sup> | 10600718 | 188063 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
|  Series 2006-QS12, Class 2A9 | Series 2006-QS12, Class 2A9 | Series 2006-QS12, Class 2A9 | Series 2006-QS12, Class 2A9 |
|  (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81% | 09/25/36<sup>2</sup> | 108867 | 77163 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
|  Series 2006-QS2, Class 1AV (IO) | Series 2006-QS2, Class 1AV (IO) | Series 2006-QS2, Class 1AV (IO) | Series 2006-QS2, Class 1AV (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | 02/25/36<sup>4,5,9</sup> | 40101937 | 515045 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
|  Series 2006-QS7, Class AV (IO) | Series 2006-QS7, Class AV (IO) | Series 2006-QS7, Class AV (IO) | Series 2006-QS7, Class AV (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73% | 06/25/36<sup>4,5,9</sup> | 17438859 | 355458 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
|  Series 2006-QS8, Class AV (IO) | Series 2006-QS8, Class AV (IO) | Series 2006-QS8, Class AV (IO) | Series 2006-QS8, Class AV (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78% | 08/25/36<sup>4,5,9</sup> | 43990586 | 1276990 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
|  Series 2007-QS1, Class 2A4 | Series 2007-QS1, Class 2A4 | Series 2007-QS1, Class 2A4 | Series 2007-QS1, Class 2A4 |
|  (CME Term SOFR 1-Month plus 0.66%) | (CME Term SOFR 1-Month plus 0.66%) | (CME Term SOFR 1-Month plus 0.66%) | (CME Term SOFR 1-Month plus 0.66%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98% | 01/25/37<sup>2</sup> | 8265859 | 5646054 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
|  Series 2007-QS10, Class AV (IO) | Series 2007-QS10, Class AV (IO) | Series 2007-QS10, Class AV (IO) | Series 2007-QS10, Class AV (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49% | 09/25/37<sup>4,5,9</sup> | 33911569 | 680965 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
|  Series 2007-QS4, Class 3AV (IO) | Series 2007-QS4, Class 3AV (IO) | Series 2007-QS4, Class 3AV (IO) | Series 2007-QS4, Class 3AV (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% | 03/25/37<sup>4,5,9</sup> | 20020055 | 231512 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
|  Series 2007-QS5, Class AV (IO) | Series 2007-QS5, Class AV (IO) | Series 2007-QS5, Class AV (IO) | Series 2007-QS5, Class AV (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28% | 03/25/37<sup>4,5,9</sup> | 23170570 | 267608 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
|  Series 2007-QS6, Class AV (IO) | Series 2007-QS6, Class AV (IO) | Series 2007-QS6, Class AV (IO) | Series 2007-QS6, Class AV (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34% | 04/25/37<sup>4,5,9</sup> | 52721075 | 450823 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |  |  |
|  Series 2007-QS7, Class 2AV (IO) | Series 2007-QS7, Class 2AV (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% | 06/25/37<sup>4,5,9</sup> | 19714034 | 195618 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
|  Series 2007-QS8, Class AV (IO) | Series 2007-QS8, Class AV (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% | 06/25/37<sup>4,5,9</sup> | 45314475 | 774782 |
|  Residential Asset Mortgage Products Trust, | Residential Asset Mortgage Products Trust, | Residential Asset Mortgage Products Trust, | Residential Asset Mortgage Products Trust, |
|  Series 2004-SL3, Class A4 | Series 2004-SL3, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 12/25/31 | 9606 | 4446 |
|  Residential Asset Securities Corp., | Residential Asset Securities Corp., | Residential Asset Securities Corp., | Residential Asset Securities Corp., |
|  Series 2006-KS3, Class M1 | Series 2006-KS3, Class M1 |  |  |
|  (CME Term SOFR 1-Month plus 0.44%) | (CME Term SOFR 1-Month plus 0.44%) | (CME Term SOFR 1-Month plus 0.44%) | (CME Term SOFR 1-Month plus 0.44%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93% | 04/25/36<sup>2</sup> | 115657 | 114666 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
|  Series 2004-IP2, Class 1A1 | Series 2004-IP2, Class 1A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.51% | 12/25/34<sup>9</sup> | 114010 | 114489 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
|  Series 2004-IP2, Class 2A1 | Series 2004-IP2, Class 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.97% | 12/25/34<sup>9</sup> | 9300 | 8443 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
|  Series 2004-IP2, Class 3A1 | Series 2004-IP2, Class 3A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.76% | 12/25/34<sup>9</sup> | 216678 | 211823 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
|  Series 2006-A7CB, Class 1A3 | Series 2006-A7CB, Class 1A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 07/25/36 | 1409810 | 1061133 |
|  Residential Funding Mortgage Securities Trust, | Residential Funding Mortgage Securities Trust, | Residential Funding Mortgage Securities Trust, | Residential Funding Mortgage Securities Trust, |
|  Series 2005-SA5, Class 1A | Series 2005-SA5, Class 1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85% | 11/25/35<sup>9</sup> | 1707666 | 906948 |
|  Residential Funding Mortgage Securities Trust, | Residential Funding Mortgage Securities Trust, | Residential Funding Mortgage Securities Trust, | Residential Funding Mortgage Securities Trust, |
|  Series 2006-SA3, Class 3A1 | Series 2006-SA3, Class 3A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93% | 09/25/36<sup>9</sup> | 91921 | 82195 |
|  Residential Funding Mortgage Securities Trust, | Residential Funding Mortgage Securities Trust, | Residential Funding Mortgage Securities Trust, | Residential Funding Mortgage Securities Trust, |
|  Series 2006-SA4, Class 2A1 | Series 2006-SA4, Class 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69% | 11/25/36<sup>9</sup> | 27985 | 23207 |
|  Residential Funding Mortgage Securities Trust, | Residential Funding Mortgage Securities Trust, | Residential Funding Mortgage Securities Trust, | Residential Funding Mortgage Securities Trust, |
|  Series 2007-SA2, Class 2A2 | Series 2007-SA2, Class 2A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61% | 04/25/37<sup>9</sup> | 730378 | 633294 |
|  Saxon Asset Securities Trust, | Saxon Asset Securities Trust, |  |  |
|  Series 2001-2, Class AF6 (STEP-reset date 05/25/25) | Series 2001-2, Class AF6 (STEP-reset date 05/25/25) | Series 2001-2, Class AF6 (STEP-reset date 05/25/25) | Series 2001-2, Class AF6 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.81% | 06/25/16 | 2 | 2 |
|  Saxon Asset Securities Trust, | Saxon Asset Securities Trust, |  |  |
|  Series 2007-2, Class A2C | Series 2007-2, Class A2C |  |  |
|  (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67% | 05/25/47<sup>2</sup> | 143467 | 104092 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |  |
|  Series 2006-CB1, Class AF2 (STEP-reset date 05/25/25) | Series 2006-CB1, Class AF2 (STEP-reset date 05/25/25) | Series 2006-CB1, Class AF2 (STEP-reset date 05/25/25) | Series 2006-CB1, Class AF2 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83% | 01/25/36 | 5114468 | 4335601 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
|  Series 2006-CB5, Class A3 | Series 2006-CB5, Class A3 |  |  |
|  (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71% | 06/25/36<sup>2</sup> | 170720 | 114494 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
|  Series 2007-BR1, Class A2A | Series 2007-BR1, Class A2A |  |  |
|  (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 02/25/37<sup>2</sup> | 4903465 | 2070341 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 106

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
|  Series 2007-BR1, Class A2B | Series 2007-BR1, Class A2B |  |  |
|  (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97% | 02/25/37<sup>2</sup> | $24273686 | $10243357 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
|  Series 2007-BR2, Class A2 | Series 2007-BR2, Class A2 |  |  |
|  (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89% | 02/25/37<sup>2</sup> | 31830322 | 13585757 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
|  Series 2007-BR5, Class A2A | Series 2007-BR5, Class A2A |  |  |
|  (CME Term SOFR 1-Month plus 0.24%) | (CME Term SOFR 1-Month plus 0.24%) | (CME Term SOFR 1-Month plus 0.24%) | (CME Term SOFR 1-Month plus 0.24%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56% | 05/25/37<sup>2</sup> | 10101265 | 7686979 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
|  Series 2007-BR5, Class A2C | Series 2007-BR5, Class A2C |  |  |
|  (CME Term SOFR 1-Month plus 0.46%) | (CME Term SOFR 1-Month plus 0.46%) | (CME Term SOFR 1-Month plus 0.46%) | (CME Term SOFR 1-Month plus 0.46%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78% | 05/25/37<sup>2</sup> | 7618287 | 5797113 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
|  Series 2007-NC1, Class A2B | Series 2007-NC1, Class A2B |  |  |
|  (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73% | 12/25/36<sup>2</sup> | 23791443 | 11540292 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
|  Series 2007-NC2, Class A2B | Series 2007-NC2, Class A2B |  |  |
|  (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71% | 01/25/37<sup>2</sup> | 11839150 | 10087470 |
|  Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |  |  |
|  Series 2003-8, Class A1 | Series 2003-8, Class A1 |  |  |
|  (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07% | 01/20/34<sup>2</sup> | 311 | 300 |
|  Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |  |  |
|  Series 2004-4, Class A | Series 2004-4, Class A |  |  |
|  (CME Term SOFR 6-Month plus 0.95%) | (CME Term SOFR 6-Month plus 0.95%) | (CME Term SOFR 6-Month plus 0.95%) | (CME Term SOFR 6-Month plus 0.95%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.36% | 05/20/34<sup>2</sup> | 38360 | 36225 |
|  SG Mortgage Securities Trust, | SG Mortgage Securities Trust, |  |  |
|  Series 2007-NC1, Class A2 | Series 2007-NC1, Class A2 |  |  |
|  (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 12/25/36<sup>1,2</sup> | 11153196 | 6572683 |
|  Soundview Home Loan Trust, | Soundview Home Loan Trust, |  |  |
|  Series 2005-OPT1, Class M2 | Series 2005-OPT1, Class M2 |  |  |
|  (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11% | 06/25/35<sup>2</sup> | 1451799 | 1437736 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
|  Series 2004-1, Class 3A3 | Series 2004-1, Class 3A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45% | 02/25/34<sup>9</sup> | 4884 | 4649 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
|  Series 2004-12, Class 2A | Series 2004-12, Class 2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07% | 09/25/34<sup>9</sup> | 1251700 | 1221216 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
|  Series 2004-14, Class 1A | Series 2004-14, Class 1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.78% | 10/25/34<sup>9</sup> | 16587 | 15756 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
|  Series 2004-14, Class 2A | Series 2004-14, Class 2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% | 10/25/34<sup>9</sup> | 1804667 | 1777289 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
|  Series 2004-15, Class A | Series 2004-15, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34% | 10/25/34<sup>9</sup> | 932978 | 826378 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |  |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |  |  |
|  Series 2004-17, Class A1 | Series 2004-17, Class A1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51% | 11/25/34<sup>9</sup> | 19285 | $| 17539 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |  |  |
|  Series 2004-20, Class 1A2 | Series 2004-20, Class 1A2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81% | 01/25/35<sup>9</sup> | 209905 |  | 200210 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |  |  |
|  Series 2005-12, Class 3A1 | Series 2005-12, Class 3A1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19% | 06/25/35<sup>9</sup> | 246539 |  | 210911 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |  |  |
|  Series 2005-18, Class 7A3 | Series 2005-18, Class 7A3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 09/25/35<sup>9</sup> | 8660095 |  | 4656781 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |  |  |
|  Series 2006-12, Class 1A1 | Series 2006-12, Class 1A1 |  |  |  |
|  (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 01/25/37<sup>2</sup> | 12242192 |  | 11750134 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |  |  |
|  Series 2005-AR8, Class A1A | Series 2005-AR8, Class A1A |  |  |  |
|  (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99% | 02/25/36<sup>2</sup> | 200558 |  | 167560 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |  |  |
|  Series 2005-AR8, Class A3 | Series 2005-AR8, Class A3 |  |  |  |
|  (Federal Reserve US 12-Month Cumulative Average plus 2.00%) | (Federal Reserve US 12-Month Cumulative Average plus 2.00%) | (Federal Reserve US 12-Month Cumulative Average plus 2.00%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 02/25/36<sup>2</sup> | 6469616 |  | 5511419 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |  |  |
|  Series 2006-AR7, Class A1A | Series 2006-AR7, Class A1A |  |  |  |
|  (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% | 08/25/36<sup>2</sup> | 8585290 |  | 7025726 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |  |  |
|  Series 2006-AR8, Class A1BG | Series 2006-AR8, Class A1BG |  |  |  |
|  (CME Term SOFR 1-Month plus 0.23%) | (CME Term SOFR 1-Month plus 0.23%) | (CME Term SOFR 1-Month plus 0.23%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% | 10/25/36<sup>2</sup> | 7320298 |  | 6516227 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |  |  |
|  Series 2007-AR6, Class A1 | Series 2007-AR6, Class A1 |  |  |  |
|  (Federal Reserve US 12-Month Cumulative Average plus 1.50%) | (Federal Reserve US 12-Month Cumulative Average plus 1.50%) | (Federal Reserve US 12-Month Cumulative Average plus 1.50%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14% | 08/25/47<sup>2</sup> | 72000704 |  | 60414646 |
|  Structured Asset Securities Corp. Mortgage Pass-Through | Structured Asset Securities Corp. Mortgage Pass-Through | Structured Asset Securities Corp. Mortgage Pass-Through |  |  |
|  Certificates, | Certificates, | Certificates, | Certificates, | Certificates, |
|  Series 2003-26A, Class 3A5 | Series 2003-26A, Class 3A5 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67% | 09/25/33<sup>9</sup> | 55178 |  | 53481 |
|  Structured Asset Securities Corp. Trust, | Structured Asset Securities Corp. Trust, | Structured Asset Securities Corp. Trust, | Structured Asset Securities Corp. Trust, | Structured Asset Securities Corp. Trust, |
|  Series 2005-5, Class 2A4 | Series 2005-5, Class 2A4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/25/35 | 686554 |  | 656036 |
|  SunTrust Adjustable Rate Mortgage Loan Trust, | SunTrust Adjustable Rate Mortgage Loan Trust, | SunTrust Adjustable Rate Mortgage Loan Trust, |  |  |
|  Series 2007-3, Class 1A1 | Series 2007-3, Class 1A1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 06/25/37<sup>9</sup> | 962531 |  | 459868 |
|  Thornburg Mortgage Securities Trust, | Thornburg Mortgage Securities Trust, | Thornburg Mortgage Securities Trust, | Thornburg Mortgage Securities Trust, | Thornburg Mortgage Securities Trust, |
|  Series 2004-4, Class 2A | Series 2004-4, Class 2A | Series 2004-4, Class 2A | Series 2004-4, Class 2A | Series 2004-4, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 12/25/44<sup>9</sup> | 52229 |  | 49562 |
|  Wachovia Mortgage Loan Trust, | Wachovia Mortgage Loan Trust, |  |  |  |
|  Series 2006-ALT1, Class A3 | Series 2006-ALT1, Class A3 |  |  |  |
|  (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.96% | 01/25/37<sup>2</sup> | 9266585 |  | 3465599 |

---

*See accompanying Notes to Financial Statements.*

107 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  Wachovia Mortgage Loan Trust, | Wachovia Mortgage Loan Trust, | Wachovia Mortgage Loan Trust, | Wachovia Mortgage Loan Trust, |
|  Series 2006-AMN1, Class A3 | Series 2006-AMN1, Class A3 | Series 2006-AMN1, Class A3 | Series 2006-AMN1, Class A3 |
|  (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 08/25/36<sup>2</sup> | $14315324 | $4811586 |
|  WaMu Asset-Backed Certificates, | WaMu Asset-Backed Certificates, | WaMu Asset-Backed Certificates, | WaMu Asset-Backed Certificates, |
|  Series 2007-HE1, Class 2A2 | Series 2007-HE1, Class 2A2 | Series 2007-HE1, Class 2A2 | Series 2007-HE1, Class 2A2 |
|  (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 01/25/37<sup>2</sup> | 2695172 | 1216825 |
|  WaMu Asset-Backed Certificates, | WaMu Asset-Backed Certificates, | WaMu Asset-Backed Certificates, | WaMu Asset-Backed Certificates, |
|  Series 2007-HE1, Class 2A4 | Series 2007-HE1, Class 2A4 | Series 2007-HE1, Class 2A4 | Series 2007-HE1, Class 2A4 |
|  (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89% | 01/25/37<sup>2</sup> | 8351617 | 3776139 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2003-AR6, Class A1 | Series 2003-AR6, Class A1 | Series 2003-AR6, Class A1 | Series 2003-AR6, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.26% | 06/25/33<sup>9</sup> | 938093 | 922162 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2004-AR3, Class A2 | Series 2004-AR3, Class A2 | Series 2004-AR3, Class A2 | Series 2004-AR3, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.66% | 06/25/34<sup>9</sup> | 10750 | 9966 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2005-3, Class 2A3 | Series 2005-3, Class 2A3 | Series 2005-3, Class 2A3 | Series 2005-3, Class 2A3 |
|  (CME Term SOFR 1-Month plus 0.66%) | (CME Term SOFR 1-Month plus 0.66%) | (CME Term SOFR 1-Month plus 0.66%) | (CME Term SOFR 1-Month plus 0.66%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98% | 05/25/35<sup>2</sup> | 1053419 | 823732 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2005-4, Class CB13 | Series 2005-4, Class CB13 | Series 2005-4, Class CB13 | Series 2005-4, Class CB13 |
|  (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93% | 06/25/35<sup>2</sup> | 2135655 | 1841263 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2005-AR1, Class A1A | Series 2005-AR1, Class A1A | Series 2005-AR1, Class A1A | Series 2005-AR1, Class A1A |
|  (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07% | 01/25/45<sup>2</sup> | 261762 | 259638 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2005-AR13, Class A1A1 | Series 2005-AR13, Class A1A1 | Series 2005-AR13, Class A1A1 | Series 2005-AR13, Class A1A1 |
|  (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01% | 10/25/45<sup>2</sup> | 1676630 | 1667310 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2005-AR14, Class 2A1 | Series 2005-AR14, Class 2A1 | Series 2005-AR14, Class 2A1 | Series 2005-AR14, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 12/25/35<sup>9</sup> | 965496 | 892728 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2005-AR15, Class A1A1 | Series 2005-AR15, Class A1A1 | Series 2005-AR15, Class A1A1 | Series 2005-AR15, Class A1A1 |
|  (CME Term SOFR 1-Month plus 0.63%) | (CME Term SOFR 1-Month plus 0.63%) | (CME Term SOFR 1-Month plus 0.63%) | (CME Term SOFR 1-Month plus 0.63%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 11/25/45<sup></sup><sup>2</sup> | 12248422 | 11753907 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2005-AR17, Class A1A1 | Series 2005-AR17, Class A1A1 | Series 2005-AR17, Class A1A1 | Series 2005-AR17, Class A1A1 |
|  (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97% | 12/25/45<sup>2</sup> | 5274133 | 4825941 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2005-AR19, Class A1A2 | Series 2005-AR19, Class A1A2 | Series 2005-AR19, Class A1A2 | Series 2005-AR19, Class A1A2 |
|  (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01% | 12/25/45<sup>2</sup> | 4923510 | 4900645 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2005-AR2, Class 2A1A | Series 2005-AR2, Class 2A1A | Series 2005-AR2, Class 2A1A | Series 2005-AR2, Class 2A1A |
|  (CME Term SOFR 1-Month plus 0.73%) | (CME Term SOFR 1-Month plus 0.73%) | (CME Term SOFR 1-Month plus 0.73%) | (CME Term SOFR 1-Month plus 0.73%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 01/25/45<sup>2</sup> | 278872 | 277280 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2005-AR2, Class 2A21 | Series 2005-AR2, Class 2A21 | Series 2005-AR2, Class 2A21 | Series 2005-AR2, Class 2A21 |
|  (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09% | 01/25/45<sup>2</sup> | $23716 | $23574 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2005-AR2, Class 2A23 | Series 2005-AR2, Class 2A23 | Series 2005-AR2, Class 2A23 | Series 2005-AR2, Class 2A23 |
|  (CME Term SOFR 1-Month plus 0.87%) | (CME Term SOFR 1-Month plus 0.87%) | (CME Term SOFR 1-Month plus 0.87%) | (CME Term SOFR 1-Month plus 0.87%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19% | 01/25/45<sup>2</sup> | 990274 | 985501 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2005-AR6, Class 2A1A | Series 2005-AR6, Class 2A1A | Series 2005-AR6, Class 2A1A | Series 2005-AR6, Class 2A1A |
|  (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89% | 04/25/45<sup>2</sup> | 47536 | 48301 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2005-AR8, Class 1A1A | Series 2005-AR8, Class 1A1A | Series 2005-AR8, Class 1A1A | Series 2005-AR8, Class 1A1A |
|  (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97% | 07/25/45<sup>2</sup> | 51677 | 50518 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2006-AR10, Class 1A4 | Series 2006-AR10, Class 1A4 | Series 2006-AR10, Class 1A4 | Series 2006-AR10, Class 1A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% | 09/25/36<sup>9</sup> | 5472870 | 4692883 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2006-AR16, Class 3A1 | Series 2006-AR16, Class 3A1 | Series 2006-AR16, Class 3A1 | Series 2006-AR16, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14% | 12/25/36<sup>9</sup> | 334974 | 297719 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2006-AR3, Class A1A | Series 2006-AR3, Class A1A | Series 2006-AR3, Class A1A | Series 2006-AR3, Class A1A |
|  (Federal Reserve US 12-Month Cumulative Average plus 1.00%) | (Federal Reserve US 12-Month Cumulative Average plus 1.00%) | (Federal Reserve US 12-Month Cumulative Average plus 1.00%) | (Federal Reserve US 12-Month Cumulative Average plus 1.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64% | 02/25/46<sup>2</sup> | 7227794 | 6568250 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2006-AR4, Class 1A1A | Series 2006-AR4, Class 1A1A | Series 2006-AR4, Class 1A1A | Series 2006-AR4, Class 1A1A |
|  (Federal Reserve US 12-Month Cumulative Average plus 0.94%) | (Federal Reserve US 12-Month Cumulative Average plus 0.94%) | (Federal Reserve US 12-Month Cumulative Average plus 0.94%) | (Federal Reserve US 12-Month Cumulative Average plus 0.94%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.36% | 05/25/46<sup>2</sup> | 2451345 | 2286018 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2006-AR7, Class 2A | Series 2006-AR7, Class 2A | Series 2006-AR7, Class 2A | Series 2006-AR7, Class 2A |
|  (Federal Reserve US 12-Month Cumulative Average plus 0.98%) | (Federal Reserve US 12-Month Cumulative Average plus 0.98%) | (Federal Reserve US 12-Month Cumulative Average plus 0.98%) | (Federal Reserve US 12-Month Cumulative Average plus 0.98%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62% | 07/25/46<sup>2</sup> | 4069220 | 3853225 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2007-HY7, Class 4A2 | Series 2007-HY7, Class 4A2 | Series 2007-HY7, Class 4A2 | Series 2007-HY7, Class 4A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04% | 07/25/37<sup>9</sup> | 128139 | 115496 |
|  WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
|  Series 2007-OA1, Class A1A | Series 2007-OA1, Class A1A | Series 2007-OA1, Class A1A | Series 2007-OA1, Class A1A |
|  (Federal Reserve US 12-Month Cumulative Average plus 0.70%) | (Federal Reserve US 12-Month Cumulative Average plus 0.70%) | (Federal Reserve US 12-Month Cumulative Average plus 0.70%) | (Federal Reserve US 12-Month Cumulative Average plus 0.70%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34% | 02/25/47<sup>2</sup> | 6587751 | 5872608 |
|  WaMu MSC Mortgage Pass-Through Certificates, | WaMu MSC Mortgage Pass-Through Certificates, | WaMu MSC Mortgage Pass-Through Certificates, | WaMu MSC Mortgage Pass-Through Certificates, |
|  Series 2002-AR1, Class 1A1 | Series 2002-AR1, Class 1A1 | Series 2002-AR1, Class 1A1 | Series 2002-AR1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.77% | 11/25/30<sup>9</sup> | 35279 | 35587 |
|  Wells Fargo Alternative Loan Trust, | Wells Fargo Alternative Loan Trust, | Wells Fargo Alternative Loan Trust, | Wells Fargo Alternative Loan Trust, |
|  Series 2007-PA5, Class 1A1 | Series 2007-PA5, Class 1A1 | Series 2007-PA5, Class 1A1 | Series 2007-PA5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 11/25/37 | 61585 | 54828 |
|  Wells Fargo Mortgage-Backed Securities Trust, | Wells Fargo Mortgage-Backed Securities Trust, | Wells Fargo Mortgage-Backed Securities Trust, | Wells Fargo Mortgage-Backed Securities Trust, |
|  Series 2006-AR1, Class 1A1 | Series 2006-AR1, Class 1A1 | Series 2006-AR1, Class 1A1 | Series 2006-AR1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.64% | 03/25/36<sup>9</sup> | 1019615 | 1015714 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278043317 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 108

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Commercial Mortgage-Backed — 0.68%** | **U.S. Agency Commercial Mortgage-Backed — 0.68%** | **U.S. Agency Commercial Mortgage-Backed — 0.68%** | **U.S. Agency Commercial Mortgage-Backed — 0.68%** |
|  Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2020-193, Class IO (IO) | Series 2020-193, Class IO (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78% | 09/16/62<sup>9</sup> | $541671298 | $29571190 |
|  Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2021-10, Class IO (IO) | Series 2021-10, Class IO (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | 05/16/63<sup>9</sup> | 59190068 | 4410222 |
|  Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2021-150, Class IO (IO) | Series 2021-150, Class IO (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03% | 11/16/63<sup>9</sup> | 31582452 | 2506706 |
|  Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2021-17, Class IO (IO) | Series 2021-17, Class IO (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% | 01/16/61<sup>9</sup> | 129125706 | 10305510 |
|  Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2021-2, Class AH | Series 2021-2, Class AH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% | 06/16/63 | 96143646 | 70929552 |
|  Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2021-21, Class AH | Series 2021-21, Class AH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40% | 06/16/63 | 66140908 | 48891035 |
|  Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2021-31, Class B | Series 2021-31, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | 01/16/61 | 71915856 | 52424401 |
|  Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2021-31, Class IO (IO) | Series 2021-31, Class IO (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94% | 01/16/61<sup>9</sup> | 109977096 | 7714156 |
|  Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2022-32, Class IO (IO) | Series 2022-32, Class IO (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53% | 02/01/62<sup>9</sup> | 266692682 | 10543642 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237296414 |
|  **U.S. Agency Mortgage-Backed — 36.99%** | **U.S. Agency Mortgage-Backed — 36.99%** | **U.S. Agency Mortgage-Backed — 36.99%** | **U.S. Agency Mortgage-Backed — 36.99%** |
|  Fannie Mae Pool 190375 | Fannie Mae Pool 190375 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 11/01/36 | 262168 | 270233 |
|  Fannie Mae Pool 190396 | Fannie Mae Pool 190396 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/01/39 | 3685 | 3652 |
|  Fannie Mae Pool 313182 | Fannie Mae Pool 313182 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 10/01/26 | 103 | 103 |
|  Fannie Mae Pool 394854 | Fannie Mae Pool 394854 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 05/01/27 | 81 | 82 |
|  Fannie Mae Pool 545191 | Fannie Mae Pool 545191 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 09/01/31 | 1030 | 1080 |
|  Fannie Mae Pool 545756 | Fannie Mae Pool 545756 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 06/01/32 | 175 | 184 |
|  Fannie Mae Pool 613142 | Fannie Mae Pool 613142 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 11/01/31 | 3745 | 3950 |
|  Fannie Mae Pool 625666 | Fannie Mae Pool 625666 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 01/01/32 | 1269 | 1337 |
|  Fannie Mae Pool 633698 | Fannie Mae Pool 633698 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 02/01/31 | 13541 | 14346 |
|  Fannie Mae Pool 655928 | Fannie Mae Pool 655928 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 08/01/32 | 36810 | 38892 |
|  Fannie Mae Pool 725257 | Fannie Mae Pool 725257 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 02/01/34 | 352551 | 361351 |
|  Fannie Mae Pool 734830 | Fannie Mae Pool 734830 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/33 | 4322 | 4323 |
|  Fannie Mae Pool 734922 | Fannie Mae Pool 734922 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/33 | 560378 | 560483 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Fannie Mae Pool 735207 | Fannie Mae Pool 735207 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 04/01/34 | $8121 | $8566 |
|  Fannie Mae Pool 735224 | Fannie Mae Pool 735224 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 02/01/35 | 1185646 | 1220948 |
|  Fannie Mae Pool 735651 | Fannie Mae Pool 735651 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/01/35 | 1414298 | 1414319 |
|  Fannie Mae Pool 740297 | Fannie Mae Pool 740297 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 10/01/33 | 740 | 759 |
|  Fannie Mae Pool 745147 | Fannie Mae Pool 745147 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/01/35 | 8245 | 8245 |
|  Fannie Mae Pool 753168 | Fannie Mae Pool 753168 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/01/33 | 2894 | 2895 |
|  Fannie Mae Pool 815422 | Fannie Mae Pool 815422 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/01/35 | 12755 | 12755 |
|  Fannie Mae Pool 839109 | Fannie Mae Pool 839109 |  |  |
|  (RFUCCT1Y plus 1.91%) | (RFUCCT1Y plus 1.91%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.54% | 11/01/35<sup>2</sup> | 2910 | 2954 |
|  Fannie Mae Pool 844773 | Fannie Mae Pool 844773 |  |  |
|  (RFUCCT1Y plus 1.56%) | (RFUCCT1Y plus 1.56%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27% | 12/01/35<sup>2</sup> | 1333 | 1341 |
|  Fannie Mae Pool 888412 | Fannie Mae Pool 888412 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 04/01/37 | 60826 | 66341 |
|  Fannie Mae Pool 889184 | Fannie Mae Pool 889184 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/36 | 1235086 | 1265767 |
|  Fannie Mae Pool AB1613 | Fannie Mae Pool AB1613 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/01/40 | 12331324 | 11883052 |
|  Fannie Mae Pool AB1803 | Fannie Mae Pool AB1803 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/01/40 | 14236347 | 13720366 |
|  Fannie Mae Pool AB3679 | Fannie Mae Pool AB3679 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/41 | 5129538 | 4789717 |
|  Fannie Mae Pool AB3864 | Fannie Mae Pool AB3864 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/01/41 | 3857898 | 3608192 |
|  Fannie Mae Pool AB4045 | Fannie Mae Pool AB4045 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/41 | 4908102 | 4597446 |
|  Fannie Mae Pool AB4262 | Fannie Mae Pool AB4262 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/32 | 1926105 | 1883561 |
|  Fannie Mae Pool AB6385 | Fannie Mae Pool AB6385 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/01/42 | 180313 | 163960 |
|  Fannie Mae Pool AB9703 | Fannie Mae Pool AB9703 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/43 | 9008446 | 8386916 |
|  Fannie Mae Pool AC8279 | Fannie Mae Pool AC8279 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/39 | 5509 | 5481 |
|  Fannie Mae Pool AE0138 | Fannie Mae Pool AE0138 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 03/01/40 | 20991 | 20805 |
|  Fannie Mae Pool AE0482 | Fannie Mae Pool AE0482 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 01/01/38 | 2813400 | 2883289 |
|  Fannie Mae Pool AH3780 | Fannie Mae Pool AH3780 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 02/01/41 | 5678136 | 5472339 |
|  Fannie Mae Pool AJ1404 | Fannie Mae Pool AJ1404 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/01/41 | 7579209 | 7291398 |
|  Fannie Mae Pool AL0209 | Fannie Mae Pool AL0209 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/41 | 8555198 | 8462404 |
|  Fannie Mae Pool AL0851 | Fannie Mae Pool AL0851 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/01/40 | 4998901 | 5253555 |
|  Fannie Mae Pool AL2521 | Fannie Mae Pool AL2521 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/42 | 60883 | 56800 |

---

*See accompanying Notes to Financial Statements.*

109 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Fannie Mae Pool AL4597 | Fannie Mae Pool AL4597 | Fannie Mae Pool AL4597 | Fannie Mae Pool AL4597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23346157 | $22332047 |
|  Fannie Mae Pool AL6348 | Fannie Mae Pool AL6348 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/01/45 | 20481 | 19068 |
|  Fannie Mae Pool AL7092 | Fannie Mae Pool AL7092 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 07/01/45 | 32469 | 29066 |
|  Fannie Mae Pool AL8037 | Fannie Mae Pool AL8037 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/01/34 | 60673 | 60472 |
|  Fannie Mae Pool AL8256 | Fannie Mae Pool AL8256 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/01/43 | 294842 | 268130 |
|  Fannie Mae Pool AL8356 | Fannie Mae Pool AL8356 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/01/34 | 136656 | 136713 |
|  Fannie Mae Pool AL8960 | Fannie Mae Pool AL8960 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/46 | 14012745 | 13785715 |
|  Fannie Mae Pool AL9106 | Fannie Mae Pool AL9106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/01/46 | 17768844 | 17480959 |
|  Fannie Mae Pool AL9217 | Fannie Mae Pool AL9217 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/46 | 12743115 | 11762291 |
|  Fannie Mae Pool AL9472 | Fannie Mae Pool AL9472 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/01/43 | 2868702 | 2759686 |
|  Fannie Mae Pool AL9722 | Fannie Mae Pool AL9722 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/46 | 58323103 | 57378170 |
|  Fannie Mae Pool AL9846 | Fannie Mae Pool AL9846 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/01/47 | 61362904 | 60368721 |
|  Fannie Mae Pool AS8663 | Fannie Mae Pool AS8663 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/01/47 | 10672734 | 10411950 |
|  Fannie Mae Pool AS9830 | Fannie Mae Pool AS9830 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/47 | 19369368 | 18319681 |
|  Fannie Mae Pool AS9972 | Fannie Mae Pool AS9972 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/01/47 | 17715172 | 16755131 |
|  Fannie Mae Pool AT9649 | Fannie Mae Pool AT9649 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/01/43 | 100035 | 95690 |
|  Fannie Mae Pool AU3739 | Fannie Mae Pool AU3739 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/43 | 17091438 | 15962282 |
|  Fannie Mae Pool BD2450 | Fannie Mae Pool BD2450 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/47 | 35208 | 32306 |
|  Fannie Mae Pool BM5164 | Fannie Mae Pool BM5164 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/01/48 | 20999276 | 19947368 |
|  Fannie Mae Pool BM5507 | Fannie Mae Pool BM5507 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/01/48 | 4806463 | 4270919 |
|  Fannie Mae Pool BN4316 | Fannie Mae Pool BN4316 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/49 | 14753 | 14024 |
|  Fannie Mae Pool BQ6913 | Fannie Mae Pool BQ6913 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405570479 | 323587021 |
|  Fannie Mae Pool BQ7006 | Fannie Mae Pool BQ7006 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/52 | 96442857 | 76917403 |
|  Fannie Mae Pool BU1452 | Fannie Mae Pool BU1452 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/52 | 156654042 | 124794536 |
|  Fannie Mae Pool BV2994 | Fannie Mae Pool BV2994 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/52 | 2436499 | 2031516 |
|  Fannie Mae Pool BV8459 | Fannie Mae Pool BV8459 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/52 | 126362349 | 109819039 |
|  Fannie Mae Pool BW9897 | Fannie Mae Pool BW9897 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | 80594036 | 77288591 |
|  Fannie Mae Pool CA0862 | Fannie Mae Pool CA0862 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/47 | 1887865 | 1731486 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Fannie Mae Pool CA0996 | Fannie Mae Pool CA0996 | Fannie Mae Pool CA0996 | Fannie Mae Pool CA0996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/48 | $25934 | $23834 |
|  Fannie Mae Pool CA1187 | Fannie Mae Pool CA1187 | Fannie Mae Pool CA1187 | Fannie Mae Pool CA1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/01/48 | 29555465 | 27107375 |
|  Fannie Mae Pool CA1191 | Fannie Mae Pool CA1191 | Fannie Mae Pool CA1191 | Fannie Mae Pool CA1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/01/47 | 2223931 | 2039714 |
|  Fannie Mae Pool CA1710 | Fannie Mae Pool CA1710 | Fannie Mae Pool CA1710 | Fannie Mae Pool CA1710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/48 | 64879 | 63009 |
|  Fannie Mae Pool CA1711 | Fannie Mae Pool CA1711 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/48 | 6446619 | 6260880 |
|  Fannie Mae Pool CA2208 | Fannie Mae Pool CA2208 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13880023 | 13480114 |
|  Fannie Mae Pool CA2327 | Fannie Mae Pool CA2327 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/01/48 | 20194306 | 19182721 |
|  Fannie Mae Pool CA2493 | Fannie Mae Pool CA2493 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/48 | 3578710 | 3475773 |
|  Fannie Mae Pool CA3633 | Fannie Mae Pool CA3633 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/49 | 14340880 | 13180380 |
|  Fannie Mae Pool CA4011 | Fannie Mae Pool CA4011 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/49 | 14066591 | 12598072 |
|  Fannie Mae Pool CA5689 | Fannie Mae Pool CA5689 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/01/50 | 50226745 | 44464557 |
|  Fannie Mae Pool CB0610 | Fannie Mae Pool CB0610 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 05/01/51 | 53343229 | 45000602 |
|  Fannie Mae Pool CB2313 | Fannie Mae Pool CB2313 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 12/01/51 | 133944134 | 112725881 |
|  Fannie Mae Pool CB2365 | Fannie Mae Pool CB2365 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 09/01/51 | 144946683 | 115852340 |
|  Fannie Mae Pool CB2767 | Fannie Mae Pool CB2767 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/52 | 65178705 | 52184601 |
|  Fannie Mae Pool CB3582 | Fannie Mae Pool CB3582 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/01/52 | 14819996 | 12930687 |
|  Fannie Mae Pool CB3619 | Fannie Mae Pool CB3619 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145382750 | 135845398 |
|  Fannie Mae Pool CB5675 | Fannie Mae Pool CB5675 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/01/53 | 46373026 | 44544835 |
|  Fannie Mae Pool CB6854 | Fannie Mae Pool CB6854 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/53 | 33680289 | 32315426 |
|  Fannie Mae Pool FM2310 | Fannie Mae Pool FM2310 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/01/48 | 7628373 | 6776868 |
|  Fannie Mae Pool FM2318 | Fannie Mae Pool FM2318 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/49 | 127459662 | 116971599 |
|  Fannie Mae Pool FM2388 | Fannie Mae Pool FM2388 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/48 | 12822744 | 11818792 |
|  Fannie Mae Pool FS1622 | Fannie Mae Pool FS1622 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/52 | 179349914 | 143294311 |
|  Fannie Mae Pool FS2536 | Fannie Mae Pool FS2536 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 02/01/52 | 3381881 | 2828689 |
|  Fannie Mae Pool FS2943 | Fannie Mae Pool FS2943 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 02/01/51 | 37213778 | 29854683 |
|  Fannie Mae Pool FS3275 | Fannie Mae Pool FS3275 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/52 | 18133047 | 15761186 |
|  Fannie Mae Pool FS5494 | Fannie Mae Pool FS5494 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 07/01/52 | 142524841 | 123848958 |
|  Fannie Mae Pool FS7252 | Fannie Mae Pool FS7252 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/01/53 | 75377285 | 74056434 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 110

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Fannie Mae Pool MA1146 | Fannie Mae Pool MA1146 | Fannie Mae Pool MA1146 | Fannie Mae Pool MA1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/01/42 | $14332590 | $13765554 |
|  Fannie Mae Pool MA1177 | Fannie Mae Pool MA1177 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/42 | 19375401 | 18068862 |
|  Fannie Mae Pool MA1404 | Fannie Mae Pool MA1404 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/43 | 40324 | 37542 |
|  Fannie Mae Pool MA1432 | Fannie Mae Pool MA1432 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/01/33 | 27677 | 26452 |
|  Fannie Mae Pool MA1459 | Fannie Mae Pool MA1459 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/33 | 13141 | 12549 |
|  Fannie Mae Pool MA1527 | Fannie Mae Pool MA1527 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/01/33 | 19304498 | 18421513 |
|  Fannie Mae Pool MA1561 | Fannie Mae Pool MA1561 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/01/33 | 12192596 | 11636533 |
|  Fannie Mae Pool MA1582 | Fannie Mae Pool MA1582 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/43 | 6739561 | 6274571 |
|  Fannie Mae Pool MA1584 | Fannie Mae Pool MA1584 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/33 | 18467467 | 17874388 |
|  Fannie Mae Pool MA1608 | Fannie Mae Pool MA1608 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/33 | 12861270 | 12448867 |
|  Fannie Mae Pool MA1982 | Fannie Mae Pool MA1982 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/34 | 26273 | 25362 |
|  Fannie Mae Pool MA2895 | Fannie Mae Pool MA2895 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/01/47 | 34592 | 30738 |
|  Fannie Mae Pool MA2960 | Fannie Mae Pool MA2960 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/01/47 | 16480042 | 15587193 |
|  Fannie Mae Pool MA3027 | Fannie Mae Pool MA3027 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/47 | 12447502 | 11773126 |
|  Fannie Mae Pool MA3120 | Fannie Mae Pool MA3120 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/47 | 970461 | 890074 |
|  Fannie Mae Pool MA3182 | Fannie Mae Pool MA3182 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/01/47 | 20611923 | 18904559 |
|  Fannie Mae Pool MA3210 | Fannie Mae Pool MA3210 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/47 | 35774015 | 32810717 |
|  Fannie Mae Pool MA3238 | Fannie Mae Pool MA3238 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/48 | 31087244 | 28512169 |
|  Fannie Mae Pool MA3276 | Fannie Mae Pool MA3276 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/01/48 | 12186675 | 11177206 |
|  Fannie Mae Pool MA3305 | Fannie Mae Pool MA3305 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/48 | 16163615 | 14811298 |
|  Fannie Mae Pool MA3332 | Fannie Mae Pool MA3332 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/48 | 44639971 | 40905202 |
|  Fannie Mae Pool MA3537 | Fannie Mae Pool MA3537 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/01/48 | 8340217 | 8100322 |
|  Fannie Mae Pool MA3811 | Fannie Mae Pool MA3811 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/01/49 | 5062112 | 4364054 |
|  Fannie Mae Pool MA3846 | Fannie Mae Pool MA3846 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 11/01/49 | 27535 | 23738 |
|  Fannie Mae Pool MA3942 | Fannie Mae Pool MA3942 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/01/50 | 10002409 | 8623091 |
|  Fannie Mae Pool MA3997 | Fannie Mae Pool MA3997 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/50 | 12289424 | 10509888 |
|  Fannie Mae Pool MA4128 | Fannie Mae Pool MA4128 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 09/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107124502 | 92147967 |
|  Fannie Mae Pool MA4158 | Fannie Mae Pool MA4158 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/01/50 | 154897440 | 124352171 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Fannie Mae Pool MA4237 | Fannie Mae Pool MA4237 | Fannie Mae Pool MA4237 | Fannie Mae Pool MA4237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/51 | 2102383 | 1679750 |
|  Fannie Mae Pool MA4281 | Fannie Mae Pool MA4281 | Fannie Mae Pool MA4281 | Fannie Mae Pool MA4281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/51 | 34174568 | 27340122 |
|  Fannie Mae Pool MA4305 | Fannie Mae Pool MA4305 | Fannie Mae Pool MA4305 | Fannie Mae Pool MA4305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/51 | 76859129 | 61459077 |
|  Fannie Mae Pool MA4333 | Fannie Mae Pool MA4333 | Fannie Mae Pool MA4333 | Fannie Mae Pool MA4333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 05/01/41 | 62524303 | 53524732 |
|  Fannie Mae Pool MA4492 | Fannie Mae Pool MA4492 | Fannie Mae Pool MA4492 | Fannie Mae Pool MA4492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/51 | 84812208 | 67561683 |
|  Fannie Mae Pool MA4493 | Fannie Mae Pool MA4493 | Fannie Mae Pool MA4493 | Fannie Mae Pool MA4493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 12/01/51 | 135043957 | 112849125 |
|  Fannie Mae Pool MA4547 | Fannie Mae Pool MA4547 | Fannie Mae Pool MA4547 | Fannie Mae Pool MA4547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 02/01/52 | 16915292 | 13471734 |
|  Fannie Mae Pool MA4563 | Fannie Mae Pool MA4563 | Fannie Mae Pool MA4563 | Fannie Mae Pool MA4563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/01/52 | 195131327 | 162697550 |
|  Fannie Mae Pool MA4578 | Fannie Mae Pool MA4578 | Fannie Mae Pool MA4578 | Fannie Mae Pool MA4578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254862285 | 212230393 |
|  Fannie Mae Pool MA4626 | Fannie Mae Pool MA4626 | Fannie Mae Pool MA4626 | Fannie Mae Pool MA4626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/52 | 386013672 | 360330549 |
|  Fannie Mae Pool MA4701 | Fannie Mae Pool MA4701 | Fannie Mae Pool MA4701 | Fannie Mae Pool MA4701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/52 | 52782754 | 50531482 |
|  Fannie Mae Pool MA4733 | Fannie Mae Pool MA4733 | Fannie Mae Pool MA4733 | Fannie Mae Pool MA4733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | 291630898 | 279760340 |
|  Fannie Mae Pool MA5038 | Fannie Mae Pool MA5038 | Fannie Mae Pool MA5038 | Fannie Mae Pool MA5038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 06/01/53 | 228153005 | 224314310 |
|  Fannie Mae Pool MA5497 | Fannie Mae Pool MA5497 | Fannie Mae Pool MA5497 | Fannie Mae Pool MA5497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 10/01/54 | 56656778 | 56635758 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 1999-11, Class Z | Series 1999-11, Class Z | Series 1999-11, Class Z | Series 1999-11, Class Z |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/25/29 | 5554 | 5573 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2001-52, Class YZ | Series 2001-52, Class YZ | Series 2001-52, Class YZ | Series 2001-52, Class YZ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 10/25/31 | 40377 | 41740 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2005-122, Class SG (IO) | Series 2005-122, Class SG (IO) | Series 2005-122, Class SG (IO) | Series 2005-122, Class SG (IO) |
|  (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) | (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) | (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) | (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 11/25/35<sup>2</sup> | 5840 | 81 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2005-92, Class US (IO) | Series 2005-92, Class US (IO) | Series 2005-92, Class US (IO) | Series 2005-92, Class US (IO) |
|  (-1.00 X SOFR30A plus 5.99%, 6.10% Cap) | (-1.00 X SOFR30A plus 5.99%, 6.10% Cap) | (-1.00 X SOFR30A plus 5.99%, 6.10% Cap) | (-1.00 X SOFR30A plus 5.99%, 6.10% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 10/25/25<sup>2</sup> | 156 |  |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2006-4, Class WE | Series 2006-4, Class WE | Series 2006-4, Class WE | Series 2006-4, Class WE |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/25/36 | 19303 | 19139 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2006-49, Class SE | Series 2006-49, Class SE |  |  |
|  (-4.00 X SOFR30A plus 28.54%, 29.00% Cap) | (-4.00 X SOFR30A plus 28.54%, 29.00% Cap) | (-4.00 X SOFR30A plus 28.54%, 29.00% Cap) | (-4.00 X SOFR30A plus 28.54%, 29.00% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.18% | 04/25/36<sup>2</sup> | 434594 | 473091 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2007-17, Class SI (IO) | Series 2007-17, Class SI (IO) | Series 2007-17, Class SI (IO) | Series 2007-17, Class SI (IO) |
|  (-1.00 X SOFR30A plus 6.29%, 6.40% Cap) | (-1.00 X SOFR30A plus 6.29%, 6.40% Cap) | (-1.00 X SOFR30A plus 6.29%, 6.40% Cap) | (-1.00 X SOFR30A plus 6.29%, 6.40% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 03/25/37<sup>2</sup> | 566376 | 37279 |

---

*See accompanying Notes to Financial Statements.*

111 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2007-34, Class SB (IO) | Series 2007-34, Class SB (IO) | Series 2007-34, Class SB (IO) | Series 2007-34, Class SB (IO) |
|  (-1.00 X SOFR30A plus 6.00%, 6.11% Cap) | (-1.00 X SOFR30A plus 6.00%, 6.11% Cap) | (-1.00 X SOFR30A plus 6.00%, 6.11% Cap) | (-1.00 X SOFR30A plus 6.00%, 6.11% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.66% | 04/25/37<sup>2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101282 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2007-64, Class FA | Series 2007-64, Class FA | Series 2007-64, Class FA | Series 2007-64, Class FA |
|  (SOFR30A plus 0.58%) | (SOFR30A plus 0.58%) | (SOFR30A plus 0.58%) | (SOFR30A plus 0.58%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.92% | 07/25/37<sup>2</sup> | 1645 | 1637 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2008-24, Class NA | Series 2008-24, Class NA | Series 2008-24, Class NA | Series 2008-24, Class NA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 06/25/37 | 83467 | 87560 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2010-116, Class SE (IO) | Series 2010-116, Class SE (IO) | Series 2010-116, Class SE (IO) | Series 2010-116, Class SE (IO) |
|  (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) | (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) | (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) | (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 10/25/40<sup>2</sup> | 1441362 | 123290 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2010-17, Class SB (IO) | Series 2010-17, Class SB (IO) | Series 2010-17, Class SB (IO) | Series 2010-17, Class SB (IO) |
|  (-1.00 X SOFR30A plus 6.24%, 6.35% Cap) | (-1.00 X SOFR30A plus 6.24%, 6.35% Cap) | (-1.00 X SOFR30A plus 6.24%, 6.35% Cap) | (-1.00 X SOFR30A plus 6.24%, 6.35% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90% | 03/25/40<sup>2</sup> | 3020169 | 298425 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2010-43, Class KS (IO) | Series 2010-43, Class KS (IO) | Series 2010-43, Class KS (IO) | Series 2010-43, Class KS (IO) |
|  (-1.00 X SOFR30A plus 6.31%, 6.42% Cap) | (-1.00 X SOFR30A plus 6.31%, 6.42% Cap) | (-1.00 X SOFR30A plus 6.31%, 6.42% Cap) | (-1.00 X SOFR30A plus 6.31%, 6.42% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.97% | 05/25/40<sup>2</sup> | 5358508 | 541452 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2011-101, Class HE | Series 2011-101, Class HE | Series 2011-101, Class HE | Series 2011-101, Class HE |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/25/41 | 6090271 | 5911971 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2011-111, Class DB | Series 2011-111, Class DB | Series 2011-111, Class DB | Series 2011-111, Class DB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/25/41 | 5905212 | 5678882 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2012-84, Class VZ | Series 2012-84, Class VZ | Series 2012-84, Class VZ | Series 2012-84, Class VZ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/25/42 | 4957336 | 4649394 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2013-101, Class BO (PO) | Series 2013-101, Class BO (PO) | Series 2013-101, Class BO (PO) | Series 2013-101, Class BO (PO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 10/25/43<sup>12</sup> | 7873446 | 5606681 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2013-101, Class CO (PO) | Series 2013-101, Class CO (PO) | Series 2013-101, Class CO (PO) | Series 2013-101, Class CO (PO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 10/25/43<sup>12</sup> | 4611057 | 3299220 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2016-45, Class AF | Series 2016-45, Class AF | Series 2016-45, Class AF | Series 2016-45, Class AF |
|  (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 07/25/46<sup>2</sup> | 5793116 | 5720136 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2016-72, Class FA | Series 2016-72, Class FA | Series 2016-72, Class FA | Series 2016-72, Class FA |
|  (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 10/25/46<sup>2</sup> | 11977689 | 11825207 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2016-74, Class GF | Series 2016-74, Class GF | Series 2016-74, Class GF | Series 2016-74, Class GF |
|  (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 10/25/46<sup>2</sup> | 9198785 | 9082259 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2016-75, Class FL | Series 2016-75, Class FL | Series 2016-75, Class FL | Series 2016-75, Class FL |
|  (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 10/25/46<sup>2</sup> | 9349016 | 9231068 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2018-29, Class AP | Series 2018-29, Class AP | Series 2018-29, Class AP | Series 2018-29, Class AP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/25/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13128924 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2018-38, Class LA | Series 2018-38, Class LA | Series 2018-38, Class LA | Series 2018-38, Class LA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/25/48 | 11606480 | 10332996 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2018-38, Class PA | Series 2018-38, Class PA | Series 2018-38, Class PA | Series 2018-38, Class PA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/25/47 | 13266 | 12814 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2018-45, Class GA | Series 2018-45, Class GA | Series 2018-45, Class GA | Series 2018-45, Class GA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/25/48 | 13050026 | 11618421 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2018-57, Class QA | Series 2018-57, Class QA | Series 2018-57, Class QA | Series 2018-57, Class QA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/25/46 | 3046 | 3030 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2018-86, Class JA | Series 2018-86, Class JA | Series 2018-86, Class JA | Series 2018-86, Class JA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/25/47 | 344983 | 342507 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2018-94, Class KD | Series 2018-94, Class KD | Series 2018-94, Class KD | Series 2018-94, Class KD |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/25/48 | 2716121 | 2478104 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2019-1, Class AB | Series 2019-1, Class AB | Series 2019-1, Class AB | Series 2019-1, Class AB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/25/49 | 1090625 | 1002637 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2019-1, Class KP | Series 2019-1, Class KP | Series 2019-1, Class KP | Series 2019-1, Class KP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 02/25/49 | 1120741 | 1015415 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2019-26, Class JE | Series 2019-26, Class JE | Series 2019-26, Class JE | Series 2019-26, Class JE |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/25/49 | 2976787 | 2617591 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2019-45, Class PA | Series 2019-45, Class PA | Series 2019-45, Class PA | Series 2019-45, Class PA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/25/49 | 12094872 | 10714190 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2019-52, Class PA | Series 2019-52, Class PA | Series 2019-52, Class PA | Series 2019-52, Class PA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/25/49 | 3522969 | 3098843 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2019-67, Class FE | Series 2019-67, Class FE | Series 2019-67, Class FE | Series 2019-67, Class FE |
|  (SOFR30A plus 0.56%) | (SOFR30A plus 0.56%) | (SOFR30A plus 0.56%) | (SOFR30A plus 0.56%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 11/25/49<sup>2</sup> | 23065030 | 22770264 |
|  Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
|  Series 2019-79, Class FA | Series 2019-79, Class FA | Series 2019-79, Class FA | Series 2019-79, Class FA |
|  (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 01/25/50<sup>2</sup> | 66550 | 65889 |
|  Fannie Mae Trust, | Fannie Mae Trust, | Fannie Mae Trust, | Fannie Mae Trust, |
|  Series 2003-W2, Class 2A9 | Series 2003-W2, Class 2A9 | Series 2003-W2, Class 2A9 | Series 2003-W2, Class 2A9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% | 07/25/42 | 12970 | 13136 |
|  Freddie Mac Gold Pool A24156 | Freddie Mac Gold Pool A24156 | Freddie Mac Gold Pool A24156 | Freddie Mac Gold Pool A24156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 10/01/31 | 26183 | 27052 |
|  Freddie Mac Gold Pool A25162 | Freddie Mac Gold Pool A25162 | Freddie Mac Gold Pool A25162 | Freddie Mac Gold Pool A25162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/01/34 | 577260 | 592341 |
|  Freddie Mac Gold Pool A39012 | Freddie Mac Gold Pool A39012 | Freddie Mac Gold Pool A39012 | Freddie Mac Gold Pool A39012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 06/01/35 | 14214 | 14663 |
|  Freddie Mac Gold Pool A54856 | Freddie Mac Gold Pool A54856 | Freddie Mac Gold Pool A54856 | Freddie Mac Gold Pool A54856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/01/34 | 1205272 | 1212797 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 112

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Freddie Mac Gold Pool A61164 | Freddie Mac Gold Pool A61164 | Freddie Mac Gold Pool A61164 | Freddie Mac Gold Pool A61164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/36 | $3281 | $3309 |
|  Freddie Mac Gold Pool A97038 | Freddie Mac Gold Pool A97038 | Freddie Mac Gold Pool A97038 | Freddie Mac Gold Pool A97038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 02/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4302383 |
|  Freddie Mac Gold Pool C01492 | Freddie Mac Gold Pool C01492 | Freddie Mac Gold Pool C01492 | Freddie Mac Gold Pool C01492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 02/01/33 | 141225 | 142321 |
|  Freddie Mac Gold Pool C04546 | Freddie Mac Gold Pool C04546 | Freddie Mac Gold Pool C04546 | Freddie Mac Gold Pool C04546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/01/43 | 8551584 | 7766990 |
|  Freddie Mac Gold Pool C04573 | Freddie Mac Gold Pool C04573 | Freddie Mac Gold Pool C04573 | Freddie Mac Gold Pool C04573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/01/43 | 10423436 | 9466895 |
|  Freddie Mac Gold Pool C46104 | Freddie Mac Gold Pool C46104 | Freddie Mac Gold Pool C46104 | Freddie Mac Gold Pool C46104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 09/01/29 | 1954 | 1991 |
|  Freddie Mac Gold Pool C55789 | Freddie Mac Gold Pool C55789 | Freddie Mac Gold Pool C55789 | Freddie Mac Gold Pool C55789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 10/01/27 | 233 | 234 |
|  Freddie Mac Gold Pool G00992 | Freddie Mac Gold Pool G00992 | Freddie Mac Gold Pool G00992 | Freddie Mac Gold Pool G00992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 11/01/28 | 149 | 153 |
|  Freddie Mac Gold Pool G01515 | Freddie Mac Gold Pool G01515 | Freddie Mac Gold Pool G01515 | Freddie Mac Gold Pool G01515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 02/01/33 | 180114 | 181512 |
|  Freddie Mac Gold Pool G02579 | Freddie Mac Gold Pool G02579 | Freddie Mac Gold Pool G02579 | Freddie Mac Gold Pool G02579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 12/01/34 | 295926 | 298477 |
|  Freddie Mac Gold Pool G02884 | Freddie Mac Gold Pool G02884 | Freddie Mac Gold Pool G02884 | Freddie Mac Gold Pool G02884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 04/01/37 | 928560 | 974544 |
|  Freddie Mac Gold Pool G02955 | Freddie Mac Gold Pool G02955 | Freddie Mac Gold Pool G02955 | Freddie Mac Gold Pool G02955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/01/37 | 1347918 | 1390936 |
|  Freddie Mac Gold Pool G03357 | Freddie Mac Gold Pool G03357 | Freddie Mac Gold Pool G03357 | Freddie Mac Gold Pool G03357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/01/37 | 301462 | 310900 |
|  Freddie Mac Gold Pool G03676 | Freddie Mac Gold Pool G03676 | Freddie Mac Gold Pool G03676 | Freddie Mac Gold Pool G03676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 12/01/37 | 942265 | 971764 |
|  Freddie Mac Gold Pool G03783 | Freddie Mac Gold Pool G03783 | Freddie Mac Gold Pool G03783 | Freddie Mac Gold Pool G03783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 01/01/38 | 675753 | 696909 |
|  Freddie Mac Gold Pool G03985 | Freddie Mac Gold Pool G03985 | Freddie Mac Gold Pool G03985 | Freddie Mac Gold Pool G03985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 03/01/38 | 4933 | 5190 |
|  Freddie Mac Gold Pool G04438 | Freddie Mac Gold Pool G04438 | Freddie Mac Gold Pool G04438 | Freddie Mac Gold Pool G04438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/01/38 | 1991447 | 2057399 |
|  Freddie Mac Gold Pool G04703 | Freddie Mac Gold Pool G04703 | Freddie Mac Gold Pool G04703 | Freddie Mac Gold Pool G04703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/01/38 | 1591411 | 1644142 |
|  Freddie Mac Gold Pool G04706 | Freddie Mac Gold Pool G04706 | Freddie Mac Gold Pool G04706 | Freddie Mac Gold Pool G04706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/38 | 64330 | 66451 |
|  Freddie Mac Gold Pool G05866 | Freddie Mac Gold Pool G05866 | Freddie Mac Gold Pool G05866 | Freddie Mac Gold Pool G05866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/01/40 | 6398636 | 6349922 |
|  Freddie Mac Gold Pool G06361 | Freddie Mac Gold Pool G06361 | Freddie Mac Gold Pool G06361 | Freddie Mac Gold Pool G06361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/01/41 | 8782 | 8474 |
|  Freddie Mac Gold Pool G06498 | Freddie Mac Gold Pool G06498 | Freddie Mac Gold Pool G06498 | Freddie Mac Gold Pool G06498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/01/41 | 8788687 | 8480106 |
|  Freddie Mac Gold Pool G06499 | Freddie Mac Gold Pool G06499 | Freddie Mac Gold Pool G06499 | Freddie Mac Gold Pool G06499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/01/41 | 3815108 | 3681334 |
|  Freddie Mac Gold Pool G07408 | Freddie Mac Gold Pool G07408 | Freddie Mac Gold Pool G07408 | Freddie Mac Gold Pool G07408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/43 | 9626915 | 9001919 |
|  Freddie Mac Gold Pool G07786 | Freddie Mac Gold Pool G07786 | Freddie Mac Gold Pool G07786 | Freddie Mac Gold Pool G07786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/01/44 | 75258136 | 72075813 |
|  Freddie Mac Gold Pool G07848 | Freddie Mac Gold Pool G07848 | Freddie Mac Gold Pool G07848 | Freddie Mac Gold Pool G07848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/44 | 46852214 | 43697423 |
|  Freddie Mac Gold Pool G07849 | Freddie Mac Gold Pool G07849 | Freddie Mac Gold Pool G07849 | Freddie Mac Gold Pool G07849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/01/44 | 6243242 | 5823168 |
|  Freddie Mac Gold Pool G07924 | Freddie Mac Gold Pool G07924 | Freddie Mac Gold Pool G07924 | Freddie Mac Gold Pool G07924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/45 | 6947071 | 6441081 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Freddie Mac Gold Pool G07925 | Freddie Mac Gold Pool G07925 | Freddie Mac Gold Pool G07925 | Freddie Mac Gold Pool G07925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 02/01/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4969034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4747539 |
|  Freddie Mac Gold Pool G08676 | Freddie Mac Gold Pool G08676 | Freddie Mac Gold Pool G08676 | Freddie Mac Gold Pool G08676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/01/45 | 17243944 | 15943221 |
|  Freddie Mac Gold Pool G08681 | Freddie Mac Gold Pool G08681 | Freddie Mac Gold Pool G08681 | Freddie Mac Gold Pool G08681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/45 | 11516048 | 10647384 |
|  Freddie Mac Gold Pool G08698 | Freddie Mac Gold Pool G08698 | Freddie Mac Gold Pool G08698 | Freddie Mac Gold Pool G08698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/46 | 592 | 544 |
|  Freddie Mac Gold Pool G08710 | Freddie Mac Gold Pool G08710 | Freddie Mac Gold Pool G08710 | Freddie Mac Gold Pool G08710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/46 | 69706522 | 62018604 |
|  Freddie Mac Gold Pool G08711 | Freddie Mac Gold Pool G08711 | Freddie Mac Gold Pool G08711 | Freddie Mac Gold Pool G08711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/46 | 4894018 | 4496586 |
|  Freddie Mac Gold Pool G08715 | Freddie Mac Gold Pool G08715 | Freddie Mac Gold Pool G08715 | Freddie Mac Gold Pool G08715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/01/46 | 95604581 | 85060372 |
|  Freddie Mac Gold Pool G08721 | Freddie Mac Gold Pool G08721 | Freddie Mac Gold Pool G08721 | Freddie Mac Gold Pool G08721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/01/46 | 9649842 | 8585563 |
|  Freddie Mac Gold Pool G08722 | Freddie Mac Gold Pool G08722 | Freddie Mac Gold Pool G08722 | Freddie Mac Gold Pool G08722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/46 | 21753103 | 19986584 |
|  Freddie Mac Gold Pool G08726 | Freddie Mac Gold Pool G08726 | Freddie Mac Gold Pool G08726 | Freddie Mac Gold Pool G08726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/01/46 | 104102080 | 92620683 |
|  Freddie Mac Gold Pool G08727 | Freddie Mac Gold Pool G08727 | Freddie Mac Gold Pool G08727 | Freddie Mac Gold Pool G08727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/46 | 19345461 | 17774461 |
|  Freddie Mac Gold Pool G08732 | Freddie Mac Gold Pool G08732 | Freddie Mac Gold Pool G08732 | Freddie Mac Gold Pool G08732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 11/01/46 | 64052236 | 56987929 |
|  Freddie Mac Gold Pool G08741 | Freddie Mac Gold Pool G08741 | Freddie Mac Gold Pool G08741 | Freddie Mac Gold Pool G08741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/01/47 | 40857939 | 36351725 |
|  Freddie Mac Gold Pool G08742 | Freddie Mac Gold Pool G08742 | Freddie Mac Gold Pool G08742 | Freddie Mac Gold Pool G08742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/47 | 31048662 | 28527273 |
|  Freddie Mac Gold Pool G08747 | Freddie Mac Gold Pool G08747 | Freddie Mac Gold Pool G08747 | Freddie Mac Gold Pool G08747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/01/47 | 14392782 | 12805405 |
|  Freddie Mac Gold Pool G08757 | Freddie Mac Gold Pool G08757 | Freddie Mac Gold Pool G08757 | Freddie Mac Gold Pool G08757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/47 | 11265146 | 10344837 |
|  Freddie Mac Gold Pool G08758 | Freddie Mac Gold Pool G08758 | Freddie Mac Gold Pool G08758 | Freddie Mac Gold Pool G08758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/01/47 | 8662 | 8203 |
|  Freddie Mac Gold Pool G08762 | Freddie Mac Gold Pool G08762 | Freddie Mac Gold Pool G08762 | Freddie Mac Gold Pool G08762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/01/47 | 8700355 | 8239602 |
|  Freddie Mac Gold Pool G08779 | Freddie Mac Gold Pool G08779 | Freddie Mac Gold Pool G08779 | Freddie Mac Gold Pool G08779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/47 | 43606 | 40043 |
|  Freddie Mac Gold Pool G08784 | Freddie Mac Gold Pool G08784 | Freddie Mac Gold Pool G08784 | Freddie Mac Gold Pool G08784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/47 | 38532 | 35385 |
|  Freddie Mac Gold Pool G08792 | Freddie Mac Gold Pool G08792 | Freddie Mac Gold Pool G08792 | Freddie Mac Gold Pool G08792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/47 | 33101 | 30397 |
|  Freddie Mac Gold Pool G08826 | Freddie Mac Gold Pool G08826 | Freddie Mac Gold Pool G08826 | Freddie Mac Gold Pool G08826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 06/01/48 | 6148016 | 6143850 |
|  Freddie Mac Gold Pool G08833 | Freddie Mac Gold Pool G08833 | Freddie Mac Gold Pool G08833 | Freddie Mac Gold Pool G08833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 07/01/48 | 3478855 | 3478862 |
|  Freddie Mac Gold Pool G08838 | Freddie Mac Gold Pool G08838 | Freddie Mac Gold Pool G08838 | Freddie Mac Gold Pool G08838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 09/01/48 | 1823160 | 1821924 |
|  Freddie Mac Gold Pool G08840 | Freddie Mac Gold Pool G08840 | Freddie Mac Gold Pool G08840 | Freddie Mac Gold Pool G08840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 08/01/48 | 553742 | 553367 |
|  Freddie Mac Gold Pool G08843 | Freddie Mac Gold Pool G08843 | Freddie Mac Gold Pool G08843 | Freddie Mac Gold Pool G08843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/48 | 4429929 | 4307876 |
|  Freddie Mac Gold Pool G08844 | Freddie Mac Gold Pool G08844 | Freddie Mac Gold Pool G08844 | Freddie Mac Gold Pool G08844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/01/48 | 4966950 | 4963585 |
|  Freddie Mac Gold Pool G08848 | Freddie Mac Gold Pool G08848 | Freddie Mac Gold Pool G08848 | Freddie Mac Gold Pool G08848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/01/48 | 761626 | 740642 |

---

*See accompanying Notes to Financial Statements.*

113 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Freddie Mac Gold Pool G08849 | Freddie Mac Gold Pool G08849 | Freddie Mac Gold Pool G08849 | Freddie Mac Gold Pool G08849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/01/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717072 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715909 |
|  Freddie Mac Gold Pool G60023 | Freddie Mac Gold Pool G60023 | Freddie Mac Gold Pool G60023 | Freddie Mac Gold Pool G60023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/45 | 7505684 | 6978128 |
|  Freddie Mac Gold Pool G60080 | Freddie Mac Gold Pool G60080 | Freddie Mac Gold Pool G60080 | Freddie Mac Gold Pool G60080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/45 | 78061113 | 72266314 |
|  Freddie Mac Gold Pool G60138 | Freddie Mac Gold Pool G60138 | Freddie Mac Gold Pool G60138 | Freddie Mac Gold Pool G60138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/45 | 62150213 | 57697516 |
|  Freddie Mac Gold Pool G60238 | Freddie Mac Gold Pool G60238 | Freddie Mac Gold Pool G60238 | Freddie Mac Gold Pool G60238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/45 | 23948167 | 22170396 |
|  Freddie Mac Gold Pool G60344 | Freddie Mac Gold Pool G60344 | Freddie Mac Gold Pool G60344 | Freddie Mac Gold Pool G60344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 12/01/45 | 57890 | 55195 |
|  Freddie Mac Gold Pool G67700 | Freddie Mac Gold Pool G67700 | Freddie Mac Gold Pool G67700 | Freddie Mac Gold Pool G67700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/46 | 18424270 | 17028289 |
|  Freddie Mac Gold Pool G67703 | Freddie Mac Gold Pool G67703 | Freddie Mac Gold Pool G67703 | Freddie Mac Gold Pool G67703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/47 | 132349005 | 122321105 |
|  Freddie Mac Gold Pool G67707 | Freddie Mac Gold Pool G67707 | Freddie Mac Gold Pool G67707 | Freddie Mac Gold Pool G67707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/48 | 69039641 | 63907947 |
|  Freddie Mac Gold Pool G67711 | Freddie Mac Gold Pool G67711 | Freddie Mac Gold Pool G67711 | Freddie Mac Gold Pool G67711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/01/48 | 39205725 | 37288737 |
|  Freddie Mac Gold Pool G67713 | Freddie Mac Gold Pool G67713 | Freddie Mac Gold Pool G67713 | Freddie Mac Gold Pool G67713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/48 | 348968 | 331485 |
|  Freddie Mac Gold Pool G67714 | Freddie Mac Gold Pool G67714 | Freddie Mac Gold Pool G67714 | Freddie Mac Gold Pool G67714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/01/48 | 57119 | 54293 |
|  Freddie Mac Gold Pool G67717 | Freddie Mac Gold Pool G67717 | Freddie Mac Gold Pool G67717 | Freddie Mac Gold Pool G67717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/01/48 | 47806602 | 45441070 |
|  Freddie Mac Gold Pool H00790 | Freddie Mac Gold Pool H00790 | Freddie Mac Gold Pool H00790 | Freddie Mac Gold Pool H00790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/01/37 | 3680 | 3796 |
|  Freddie Mac Gold Pool H05069 | Freddie Mac Gold Pool H05069 | Freddie Mac Gold Pool H05069 | Freddie Mac Gold Pool H05069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/01/37 | 57807 | 59624 |
|  Freddie Mac Gold Pool Q05804 | Freddie Mac Gold Pool Q05804 | Freddie Mac Gold Pool Q05804 | Freddie Mac Gold Pool Q05804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/42 | 15130930 | 14576209 |
|  Freddie Mac Gold Pool U99097 | Freddie Mac Gold Pool U99097 | Freddie Mac Gold Pool U99097 | Freddie Mac Gold Pool U99097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/01/43 | 22521075 | 20993715 |
|  Freddie Mac Gold Pool V80356 | Freddie Mac Gold Pool V80356 | Freddie Mac Gold Pool V80356 | Freddie Mac Gold Pool V80356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/43 | 16502887 | 15391666 |
|  Freddie Mac Pool QD3162 | Freddie Mac Pool QD3162 | Freddie Mac Pool QD3162 | Freddie Mac Pool QD3162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/51 | 127275634 | 101522094 |
|  Freddie Mac Pool QD7213 | Freddie Mac Pool QD7213 | Freddie Mac Pool QD7213 | Freddie Mac Pool QD7213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 02/01/52 | 88235418 | 70284232 |
|  Freddie Mac Pool QE0312 | Freddie Mac Pool QE0312 | Freddie Mac Pool QE0312 | Freddie Mac Pool QE0312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/52 | 5985444 | 4767726 |
|  Freddie Mac Pool QE0521 | Freddie Mac Pool QE0521 | Freddie Mac Pool QE0521 | Freddie Mac Pool QE0521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/52 | 2696887 | 2248623 |
|  Freddie Mac Pool RA4201 | Freddie Mac Pool RA4201 | Freddie Mac Pool RA4201 | Freddie Mac Pool RA4201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/50 | 7741246 | 6223644 |
|  Freddie Mac Pool RA4398 | Freddie Mac Pool RA4398 | Freddie Mac Pool RA4398 | Freddie Mac Pool RA4398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/51 | 67630904 | 54372471 |
|  Freddie Mac Pool RA5285 | Freddie Mac Pool RA5285 | Freddie Mac Pool RA5285 | Freddie Mac Pool RA5285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 05/01/51 | 100686035 | 84633494 |
|  Freddie Mac Pool RA6507 | Freddie Mac Pool RA6507 | Freddie Mac Pool RA6507 | Freddie Mac Pool RA6507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/51 | 114007516 | 91176534 |
|  Freddie Mac Pool RE6029 | Freddie Mac Pool RE6029 | Freddie Mac Pool RE6029 | Freddie Mac Pool RE6029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/01/50 | 3395489 | 2927256 |
|  Freddie Mac Pool SD1178 | Freddie Mac Pool SD1178 | Freddie Mac Pool SD1178 | Freddie Mac Pool SD1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/52 | 14818768 | 11821271 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Freddie Mac Pool SD2148 | Freddie Mac Pool SD2148 | Freddie Mac Pool SD2148 | Freddie Mac Pool SD2148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/01/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45454693 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43676781 |
|  Freddie Mac Pool SD2322 | Freddie Mac Pool SD2322 | Freddie Mac Pool SD2322 | Freddie Mac Pool SD2322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | 132399606 | 127027239 |
|  Freddie Mac Pool SD3302 | Freddie Mac Pool SD3302 | Freddie Mac Pool SD3302 | Freddie Mac Pool SD3302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/01/51 | 55196475 | 44134333 |
|  Freddie Mac Pool SD3890 | Freddie Mac Pool SD3890 | Freddie Mac Pool SD3890 | Freddie Mac Pool SD3890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/01/52 | 88034785 | 76770160 |
|  Freddie Mac Pool SD4636 | Freddie Mac Pool SD4636 | Freddie Mac Pool SD4636 | Freddie Mac Pool SD4636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/01/53 | 100187449 | 87082606 |
|  Freddie Mac Pool SD7502 | Freddie Mac Pool SD7502 | Freddie Mac Pool SD7502 | Freddie Mac Pool SD7502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/01/49 | 5679033 | 5204481 |
|  Freddie Mac Pool SD7503 | Freddie Mac Pool SD7503 | Freddie Mac Pool SD7503 | Freddie Mac Pool SD7503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/49 | 12562190 | 11528506 |
|  Freddie Mac Pool SD7511 | Freddie Mac Pool SD7511 | Freddie Mac Pool SD7511 | Freddie Mac Pool SD7511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/50 | 13001513 | 11931679 |
|  Freddie Mac Pool SD8121 | Freddie Mac Pool SD8121 | Freddie Mac Pool SD8121 | Freddie Mac Pool SD8121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/51 | 104827 | 83992 |
|  Freddie Mac Pool SD8182 | Freddie Mac Pool SD8182 | Freddie Mac Pool SD8182 | Freddie Mac Pool SD8182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/51 | 24233868 | 19346963 |
|  Freddie Mac Pool SD8188 | Freddie Mac Pool SD8188 | Freddie Mac Pool SD8188 | Freddie Mac Pool SD8188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/52 | 38414820 | 30656313 |
|  Freddie Mac Pool SD8189 | Freddie Mac Pool SD8189 | Freddie Mac Pool SD8189 | Freddie Mac Pool SD8189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 01/01/52 | 318755720 | 265929715 |
|  Freddie Mac Pool SD8193 | Freddie Mac Pool SD8193 | Freddie Mac Pool SD8193 | Freddie Mac Pool SD8193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 02/01/52 | 72225348 | 57547891 |
|  Freddie Mac Pool SD8205 | Freddie Mac Pool SD8205 | Freddie Mac Pool SD8205 | Freddie Mac Pool SD8205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/52 | 275581831 | 229775964 |
|  Freddie Mac Pool SD8211 | Freddie Mac Pool SD8211 | Freddie Mac Pool SD8211 | Freddie Mac Pool SD8211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 05/01/52 | 10813405 | 8613455 |
|  Freddie Mac Pool SD8213 | Freddie Mac Pool SD8213 | Freddie Mac Pool SD8213 | Freddie Mac Pool SD8213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/01/52 | 127509740 | 110707044 |
|  Freddie Mac Pool SD8220 | Freddie Mac Pool SD8220 | Freddie Mac Pool SD8220 | Freddie Mac Pool SD8220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/52 | 113494497 | 98525545 |
|  Freddie Mac Pool SD8245 | Freddie Mac Pool SD8245 | Freddie Mac Pool SD8245 | Freddie Mac Pool SD8245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | 97069999 | 93118857 |
|  Freddie Mac Pool SD8266 | Freddie Mac Pool SD8266 | Freddie Mac Pool SD8266 | Freddie Mac Pool SD8266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/01/52 | 187352432 | 179668449 |
|  Freddie Mac Pool SD8362 | Freddie Mac Pool SD8362 | Freddie Mac Pool SD8362 | Freddie Mac Pool SD8362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/53 | 161760067 | 161781008 |
|  Freddie Mac Pool ZA5103 | Freddie Mac Pool ZA5103 | Freddie Mac Pool ZA5103 | Freddie Mac Pool ZA5103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/47 | 100492 | 92169 |
|  Freddie Mac Pool ZA5128 | Freddie Mac Pool ZA5128 | Freddie Mac Pool ZA5128 | Freddie Mac Pool ZA5128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/47 | 338452 | 310417 |
|  Freddie Mac Pool ZM1779 | Freddie Mac Pool ZM1779 | Freddie Mac Pool ZM1779 | Freddie Mac Pool ZM1779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/01/46 | 10461092 | 9295500 |
|  Freddie Mac Pool ZM2285 | Freddie Mac Pool ZM2285 | Freddie Mac Pool ZM2285 | Freddie Mac Pool ZM2285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 12/01/46 | 12495515 | 11103244 |
|  Freddie Mac Pool ZS4693 | Freddie Mac Pool ZS4693 | Freddie Mac Pool ZS4693 | Freddie Mac Pool ZS4693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 12/01/46 | 12472414 | 11082717 |
|  Freddie Mac Pool ZS4768 | Freddie Mac Pool ZS4768 | Freddie Mac Pool ZS4768 | Freddie Mac Pool ZS4768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/01/48 | 845467 | 774732 |
|  Freddie Mac Pool ZT0277 | Freddie Mac Pool ZT0277 | Freddie Mac Pool ZT0277 | Freddie Mac Pool ZT0277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/46 | 1212299 | 1115836 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 114

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 1980, Class Z | Series 1980, Class Z | Series 1980, Class Z | Series 1980, Class Z |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 07/15/27 | 7443 | 7574 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 2098, Class TZ | Series 2098, Class TZ | Series 2098, Class TZ | Series 2098, Class TZ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 01/15/28 | 40112 | 40206 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 2174, Class PN | Series 2174, Class PN | Series 2174, Class PN | Series 2174, Class PN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 07/15/29 | 4169 | 4245 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 2313, Class LA | Series 2313, Class LA | Series 2313, Class LA | Series 2313, Class LA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 05/15/31 | 1326 | 1341 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 2433, Class SA | Series 2433, Class SA | Series 2433, Class SA | Series 2433, Class SA |
|  (-2.60 X SOFR30A plus 20.63%, 20.93% Cap) | (-2.60 X SOFR30A plus 20.63%, 20.93% Cap) | (-2.60 X SOFR30A plus 20.63%, 20.93% Cap) | (-2.60 X SOFR30A plus 20.63%, 20.93% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.33% | 02/15/32<sup>2</sup> | 3005 | 3354 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 2481, Class AW | Series 2481, Class AW | Series 2481, Class AW | Series 2481, Class AW |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 08/15/32 | 2648 | 2664 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 3019, Class SW (IO) | Series 3019, Class SW (IO) | Series 3019, Class SW (IO) | Series 3019, Class SW (IO) |
|  (-1.00 X SOFR30A plus 7.09%, 7.20% Cap) | (-1.00 X SOFR30A plus 7.09%, 7.20% Cap) | (-1.00 X SOFR30A plus 7.09%, 7.20% Cap) | (-1.00 X SOFR30A plus 7.09%, 7.20% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.74% | 08/15/35<sup>2</sup> | 458260 | 50017 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 3063, Class YG | Series 3063, Class YG | Series 3063, Class YG | Series 3063, Class YG |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 11/15/35 | 1206021 | 1229324 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 3300, Class SA (IO) | Series 3300, Class SA (IO) | Series 3300, Class SA (IO) | Series 3300, Class SA (IO) |
|  (-1.00 X SOFR30A plus 7.09%, 7.20% Cap) | (-1.00 X SOFR30A plus 7.09%, 7.20% Cap) | (-1.00 X SOFR30A plus 7.09%, 7.20% Cap) | (-1.00 X SOFR30A plus 7.09%, 7.20% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.74% | 08/15/35<sup>2</sup> | 202607 | 22113 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 3752, Class XL | Series 3752, Class XL | Series 3752, Class XL | Series 3752, Class XL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21055478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20702330 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 3891, Class HS (IO) | Series 3891, Class HS (IO) | Series 3891, Class HS (IO) | Series 3891, Class HS (IO) |
|  (-1.00 X SOFR30A plus 5.84%, 5.95% Cap) | (-1.00 X SOFR30A plus 5.84%, 5.95% Cap) | (-1.00 X SOFR30A plus 5.84%, 5.95% Cap) | (-1.00 X SOFR30A plus 5.84%, 5.95% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.49% | 07/15/41<sup>2</sup> | 2515685 | 223474 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 3904, Class JB | Series 3904, Class JB | Series 3904, Class JB | Series 3904, Class JB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/15/41 | 5040601 | 4952685 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 3925, Class LB | Series 3925, Class LB | Series 3925, Class LB | Series 3925, Class LB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/15/41 | 9215000 | 9007711 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 3928, Class JD | Series 3928, Class JD | Series 3928, Class JD | Series 3928, Class JD |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/15/41 | 11778772 | 11615878 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 4102, Class TC | Series 4102, Class TC | Series 4102, Class TC | Series 4102, Class TC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 09/15/41 | 3239566 | 3153446 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 4161, Class BA | Series 4161, Class BA | Series 4161, Class BA | Series 4161, Class BA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 12/15/41 | 4752811 | 4645088 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 4656, Class EZ | Series 4656, Class EZ | Series 4656, Class EZ | Series 4656, Class EZ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 02/15/47 | 214052 | 202086 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 4818, Class CA | Series 4818, Class CA | Series 4818, Class CA | Series 4818, Class CA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/15/48 | 977400 | 864951 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 4846, Class PA | Series 4846, Class PA | Series 4846, Class PA | Series 4846, Class PA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/15/47 | 50839 | 50618 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 4852, Class CA | Series 4852, Class CA | Series 4852, Class CA | Series 4852, Class CA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4519732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4481754 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 4860, Class BH | Series 4860, Class BH | Series 4860, Class BH | Series 4860, Class BH |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/15/48 | 1894862 | 1818981 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 4860, Class PA | Series 4860, Class PA | Series 4860, Class PA | Series 4860, Class PA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/15/49 | 1781501 | 1630684 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 4879, Class BC | Series 4879, Class BC | Series 4879, Class BC | Series 4879, Class BC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/15/49 | 583702 | 521860 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 4896, Class DA | Series 4896, Class DA | Series 4896, Class DA | Series 4896, Class DA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/15/49 | 574662 | 512601 |
|  Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
|  Series 4937, Class MF | Series 4937, Class MF | Series 4937, Class MF | Series 4937, Class MF |
|  (SOFR30A plus 0.56%) | (SOFR30A plus 0.56%) | (SOFR30A plus 0.56%) | (SOFR30A plus 0.56%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 12/25/49<sup>2</sup> | 4460223 | 4421988 |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
|  Series 309, Class PO (PO) | Series 309, Class PO (PO) | Series 309, Class PO (PO) | Series 309, Class PO (PO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 08/15/43<sup>12</sup> | 9363973 | 6720339 |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
|  Series 319, Class F2 | Series 319, Class F2 | Series 319, Class F2 | Series 319, Class F2 |
|  (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96% | 11/15/43<sup>2</sup> | 1689158 | 1666210 |
|  Ginnie Mae (TBA) | Ginnie Mae (TBA) | Ginnie Mae (TBA) | Ginnie Mae (TBA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/20/55 | 530500000 | 452752307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/20/55 | 331350000 | 310277300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/20/55 | 191025000 | 183310933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/20/55 | 428325000 | 421346729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/20/55 | 276575000 | 277154425 |
|  Ginnie Mae I Pool 782817 | Ginnie Mae I Pool 782817 | Ginnie Mae I Pool 782817 | Ginnie Mae I Pool 782817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/15/39 | 7206143 | 7128119 |
|  Ginnie Mae I Pool AA5452 | Ginnie Mae I Pool AA5452 | Ginnie Mae I Pool AA5452 | Ginnie Mae I Pool AA5452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/15/42 | 60913 | 57244 |
|  Ginnie Mae II Pool 2631 | Ginnie Mae II Pool 2631 | Ginnie Mae II Pool 2631 | Ginnie Mae II Pool 2631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 08/20/28 | 423 | 436 |
|  Ginnie Mae II Pool 3388 | Ginnie Mae II Pool 3388 | Ginnie Mae II Pool 3388 | Ginnie Mae II Pool 3388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/20/33 | 1136 | 1131 |
|  Ginnie Mae II Pool 3427 | Ginnie Mae II Pool 3427 | Ginnie Mae II Pool 3427 | Ginnie Mae II Pool 3427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/20/33 | 606 | 604 |
|  Ginnie Mae II Pool 3554 | Ginnie Mae II Pool 3554 | Ginnie Mae II Pool 3554 | Ginnie Mae II Pool 3554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/20/34 | 505 | 501 |
|  Ginnie Mae II Pool 4058 | Ginnie Mae II Pool 4058 | Ginnie Mae II Pool 4058 | Ginnie Mae II Pool 4058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 12/20/37 | 359 | 365 |
|  Ginnie Mae II Pool 4342 | Ginnie Mae II Pool 4342 | Ginnie Mae II Pool 4342 | Ginnie Mae II Pool 4342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/20/39 | 501 | 509 |
|  Ginnie Mae II Pool 4520 | Ginnie Mae II Pool 4520 | Ginnie Mae II Pool 4520 | Ginnie Mae II Pool 4520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 08/20/39 | 9500 | 9648 |

---

*See accompanying Notes to Financial Statements.*

115 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Ginnie Mae II Pool 5140 | Ginnie Mae II Pool 5140 | Ginnie Mae II Pool 5140 | Ginnie Mae II Pool 5140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/20/41 | 21083 | 20859 |
|  Ginnie Mae II Pool 5175 | Ginnie Mae II Pool 5175 | Ginnie Mae II Pool 5175 | Ginnie Mae II Pool 5175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/20/41 | 22966 | 22722 |
|  Ginnie Mae II Pool 5281 | Ginnie Mae II Pool 5281 | Ginnie Mae II Pool 5281 | Ginnie Mae II Pool 5281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/20/42 | 6459 | 6390 |
|  Ginnie Mae II Pool 783591 | Ginnie Mae II Pool 783591 | Ginnie Mae II Pool 783591 | Ginnie Mae II Pool 783591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/20/41 | 8157 | 8070 |
|  Ginnie Mae II Pool 80968 | Ginnie Mae II Pool 80968 | Ginnie Mae II Pool 80968 | Ginnie Mae II Pool 80968 |
| (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 07/20/34<sup>2</sup> | 4496 | 4559 |
|  Ginnie Mae II Pool 81267 | Ginnie Mae II Pool 81267 | Ginnie Mae II Pool 81267 | Ginnie Mae II Pool 81267 |
| (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 03/20/35<sup>2</sup> | 6101 | 6162 |
|  Ginnie Mae II Pool 81432 | Ginnie Mae II Pool 81432 | Ginnie Mae II Pool 81432 | Ginnie Mae II Pool 81432 |
| (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 08/20/35<sup>2</sup> | 7616 | 7730 |
|  Ginnie Mae II Pool 81497 | Ginnie Mae II Pool 81497 | Ginnie Mae II Pool 81497 | Ginnie Mae II Pool 81497 |
| (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 10/20/35<sup>2</sup> | 6615 | 6708 |
|  Ginnie Mae II Pool 8631 | Ginnie Mae II Pool 8631 | Ginnie Mae II Pool 8631 | Ginnie Mae II Pool 8631 |
| (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/20/25<sup>2</sup> | 16 | 16 |
|  Ginnie Mae II Pool 8644 | Ginnie Mae II Pool 8644 | Ginnie Mae II Pool 8644 | Ginnie Mae II Pool 8644 |
|  (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 06/20/25<sup>2</sup> | 36 | 36 |
|  Ginnie Mae II Pool MA0627 | Ginnie Mae II Pool MA0627 | Ginnie Mae II Pool MA0627 | Ginnie Mae II Pool MA0627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/20/42 | 27926 | 27628 |
|  Ginnie Mae II Pool MA0701 | Ginnie Mae II Pool MA0701 | Ginnie Mae II Pool MA0701 | Ginnie Mae II Pool MA0701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/20/43 | 26218 | 25938 |
|  Ginnie Mae II Pool MA1157 | Ginnie Mae II Pool MA1157 | Ginnie Mae II Pool MA1157 | Ginnie Mae II Pool MA1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/20/43 | 25406 | 23872 |
|  Ginnie Mae II Pool MA1997 | Ginnie Mae II Pool MA1997 | Ginnie Mae II Pool MA1997 | Ginnie Mae II Pool MA1997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/20/44 | 6732 | 6615 |
|  Ginnie Mae II Pool MA2374 | Ginnie Mae II Pool MA2374 | Ginnie Mae II Pool MA2374 | Ginnie Mae II Pool MA2374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/20/44 | 138661 | 140641 |
|  Ginnie Mae II Pool MA2756 | Ginnie Mae II Pool MA2756 | Ginnie Mae II Pool MA2756 | Ginnie Mae II Pool MA2756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/20/45 | 13902 | 13661 |
|  Ginnie Mae II Pool MA2828 | Ginnie Mae II Pool MA2828 | Ginnie Mae II Pool MA2828 | Ginnie Mae II Pool MA2828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/20/45 | 584744 | 574107 |
|  Ginnie Mae II Pool MA2894 | Ginnie Mae II Pool MA2894 | Ginnie Mae II Pool MA2894 | Ginnie Mae II Pool MA2894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/20/45 | 223849 | 219966 |
|  Ginnie Mae II Pool MA3036 | Ginnie Mae II Pool MA3036 | Ginnie Mae II Pool MA3036 | Ginnie Mae II Pool MA3036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/20/45 | 21742 | 21346 |
|  Ginnie Mae II Pool MA3309 | Ginnie Mae II Pool MA3309 | Ginnie Mae II Pool MA3309 | Ginnie Mae II Pool MA3309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 12/20/45 | 4624 | 4170 |
|  Ginnie Mae II Pool MA3456 | Ginnie Mae II Pool MA3456 | Ginnie Mae II Pool MA3456 | Ginnie Mae II Pool MA3456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/20/46 | 147924 | 145234 |
|  Ginnie Mae II Pool MA3521 | Ginnie Mae II Pool MA3521 | Ginnie Mae II Pool MA3521 | Ginnie Mae II Pool MA3521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/20/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16948168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15779801 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Ginnie Mae II Pool MA3524 | Ginnie Mae II Pool MA3524 | Ginnie Mae II Pool MA3524 | Ginnie Mae II Pool MA3524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 03/20/46 | $7285 | $7389 |
|  Ginnie Mae II Pool MA3597 | Ginnie Mae II Pool MA3597 | Ginnie Mae II Pool MA3597 | Ginnie Mae II Pool MA3597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/20/46 | 43030126 | 40012254 |
|  Ginnie Mae II Pool MA3600 | Ginnie Mae II Pool MA3600 | Ginnie Mae II Pool MA3600 | Ginnie Mae II Pool MA3600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/20/46 | 3933798 | 3989975 |
|  Ginnie Mae II Pool MA3662 | Ginnie Mae II Pool MA3662 | Ginnie Mae II Pool MA3662 | Ginnie Mae II Pool MA3662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/20/46 | 1654298 | 1488621 |
|  Ginnie Mae II Pool MA3663 | Ginnie Mae II Pool MA3663 | Ginnie Mae II Pool MA3663 | Ginnie Mae II Pool MA3663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/20/46 | 12102321 | 11253537 |
|  Ginnie Mae II Pool MA3665 | Ginnie Mae II Pool MA3665 | Ginnie Mae II Pool MA3665 | Ginnie Mae II Pool MA3665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/20/46 | 61483 | 60365 |
|  Ginnie Mae II Pool MA3666 | Ginnie Mae II Pool MA3666 | Ginnie Mae II Pool MA3666 | Ginnie Mae II Pool MA3666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/20/46 | 2260187 | 2292465 |
|  Ginnie Mae II Pool MA3738 | Ginnie Mae II Pool MA3738 | Ginnie Mae II Pool MA3738 | Ginnie Mae II Pool MA3738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/20/46 | 257216 | 252754 |
|  Ginnie Mae II Pool MA3739 | Ginnie Mae II Pool MA3739 | Ginnie Mae II Pool MA3739 | Ginnie Mae II Pool MA3739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 06/20/46 | 1412821 | 1432997 |
|  Ginnie Mae II Pool MA3805 | Ginnie Mae II Pool MA3805 | Ginnie Mae II Pool MA3805 | Ginnie Mae II Pool MA3805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/20/46 | 2046790 | 2009558 |
|  Ginnie Mae II Pool MA3806 | Ginnie Mae II Pool MA3806 | Ginnie Mae II Pool MA3806 | Ginnie Mae II Pool MA3806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 07/20/46 | 105484 | 106990 |
|  Ginnie Mae II Pool MA3873 | Ginnie Mae II Pool MA3873 | Ginnie Mae II Pool MA3873 | Ginnie Mae II Pool MA3873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/20/46 | 12819601 | 11535728 |
|  Ginnie Mae II Pool MA3876 | Ginnie Mae II Pool MA3876 | Ginnie Mae II Pool MA3876 | Ginnie Mae II Pool MA3876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/20/46 | 2232730 | 2193994 |
|  Ginnie Mae II Pool MA3877 | Ginnie Mae II Pool MA3877 | Ginnie Mae II Pool MA3877 | Ginnie Mae II Pool MA3877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 08/20/46 | 461435 | 468024 |
|  Ginnie Mae II Pool MA3937 | Ginnie Mae II Pool MA3937 | Ginnie Mae II Pool MA3937 | Ginnie Mae II Pool MA3937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/20/46 | 9826351 | 9155208 |
|  Ginnie Mae II Pool MA3939 | Ginnie Mae II Pool MA3939 | Ginnie Mae II Pool MA3939 | Ginnie Mae II Pool MA3939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/20/46 | 1220290 | 1204494 |
|  Ginnie Mae II Pool MA4003 | Ginnie Mae II Pool MA4003 | Ginnie Mae II Pool MA4003 | Ginnie Mae II Pool MA4003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/20/46 | 5134890 | 4620635 |
|  Ginnie Mae II Pool MA4006 | Ginnie Mae II Pool MA4006 | Ginnie Mae II Pool MA4006 | Ginnie Mae II Pool MA4006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/46 | 1339752 | 1316509 |
|  Ginnie Mae II Pool MA4007 | Ginnie Mae II Pool MA4007 | Ginnie Mae II Pool MA4007 | Ginnie Mae II Pool MA4007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/20/46 | 2426330 | 2461993 |
|  Ginnie Mae II Pool MA4069 | Ginnie Mae II Pool MA4069 | Ginnie Mae II Pool MA4069 | Ginnie Mae II Pool MA4069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/20/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30712835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28558824 |
|  Ginnie Mae II Pool MA4071 | Ginnie Mae II Pool MA4071 | Ginnie Mae II Pool MA4071 | Ginnie Mae II Pool MA4071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/20/46 | 3624672 | 3561788 |
|  Ginnie Mae II Pool MA4072 | Ginnie Mae II Pool MA4072 | Ginnie Mae II Pool MA4072 | Ginnie Mae II Pool MA4072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/20/46 | 782616 | 794119 |
|  Ginnie Mae II Pool MA4126 | Ginnie Mae II Pool MA4126 | Ginnie Mae II Pool MA4126 | Ginnie Mae II Pool MA4126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 12/20/46 | 88653636 | 79896682 |
|  Ginnie Mae II Pool MA4127 | Ginnie Mae II Pool MA4127 | Ginnie Mae II Pool MA4127 | Ginnie Mae II Pool MA4127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/20/46 | 34703306 | 32269427 |
|  Ginnie Mae II Pool MA4129 | Ginnie Mae II Pool MA4129 | Ginnie Mae II Pool MA4129 | Ginnie Mae II Pool MA4129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/20/46 | 12309844 | 12096281 |
|  Ginnie Mae II Pool MA4196 | Ginnie Mae II Pool MA4196 | Ginnie Mae II Pool MA4196 | Ginnie Mae II Pool MA4196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/20/47 | 8078 | 7512 |
|  Ginnie Mae II Pool MA4198 | Ginnie Mae II Pool MA4198 | Ginnie Mae II Pool MA4198 | Ginnie Mae II Pool MA4198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/20/47 | 97703 | 95823 |
|  Ginnie Mae II Pool MA4199 | Ginnie Mae II Pool MA4199 | Ginnie Mae II Pool MA4199 | Ginnie Mae II Pool MA4199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/20/47 | 2227490 | 2262116 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 116

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Ginnie Mae II Pool MA4264 | Ginnie Mae II Pool MA4264 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/20/47 | $28397183 | $27850915 |
|  Ginnie Mae II Pool MA4265 | Ginnie Mae II Pool MA4265 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 02/20/47 | 501105 | 508261 |
|  Ginnie Mae II Pool MA4324 | Ginnie Mae II Pool MA4324 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 03/20/47 | 2739050 | 2778165 |
|  Ginnie Mae II Pool MA4384 | Ginnie Mae II Pool MA4384 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/20/47 | 1160545 | 1136061 |
|  Ginnie Mae II Pool MA4385 | Ginnie Mae II Pool MA4385 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/20/47 | 4756971 | 4823855 |
|  Ginnie Mae II Pool MA4453 | Ginnie Mae II Pool MA4453 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/20/47 | 63139183 | 61807133 |
|  Ginnie Mae II Pool MA4454 | Ginnie Mae II Pool MA4454 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/20/47 | 10672329 | 10713279 |
|  Ginnie Mae II Pool MA4510 | Ginnie Mae II Pool MA4510 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/20/47 | 26759 | 24814 |
|  Ginnie Mae II Pool MA4511 | Ginnie Mae II Pool MA4511 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/20/47 | 3774364 | 3587952 |
|  Ginnie Mae II Pool MA4512 | Ginnie Mae II Pool MA4512 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/20/47 | 218853 | 214236 |
|  Ginnie Mae II Pool MA4513 | Ginnie Mae II Pool MA4513 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 06/20/47 | 191009 | 192459 |
|  Ginnie Mae II Pool MA4586 | Ginnie Mae II Pool MA4586 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/20/47 | 31972607 | 29716154 |
|  Ginnie Mae II Pool MA4588 | Ginnie Mae II Pool MA4588 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/20/47 | 33936 | 33220 |
|  Ginnie Mae II Pool MA4589 | Ginnie Mae II Pool MA4589 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 07/20/47 | 9297082 | 9332756 |
|  Ginnie Mae II Pool MA4652 | Ginnie Mae II Pool MA4652 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/20/47 | 2435567 | 2258483 |
|  Ginnie Mae II Pool MA4655 | Ginnie Mae II Pool MA4655 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 08/20/47 | 10720198 | 10761332 |
|  Ginnie Mae II Pool MA4719 | Ginnie Mae II Pool MA4719 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/20/47 | 30175602 | 27981606 |
|  Ginnie Mae II Pool MA4720 | Ginnie Mae II Pool MA4720 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/20/47 | 75290 | 71605 |
|  Ginnie Mae II Pool MA4722 | Ginnie Mae II Pool MA4722 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 09/20/47 | 199309 | 199809 |
|  Ginnie Mae II Pool MA4781 | Ginnie Mae II Pool MA4781 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/20/47 | 2608036 | 2618043 |
|  Ginnie Mae II Pool MA4838 | Ginnie Mae II Pool MA4838 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/20/47 | 24978859 | 23756397 |
|  Ginnie Mae II Pool MA4840 | Ginnie Mae II Pool MA4840 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/20/47 | 797430 | 800490 |
|  Ginnie Mae II Pool MA4900 | Ginnie Mae II Pool MA4900 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/20/47 | 4848759 | 4496217 |
|  Ginnie Mae II Pool MA4901 | Ginnie Mae II Pool MA4901 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 12/20/47 | 16761960 | 15934106 |
|  Ginnie Mae II Pool MA4961 | Ginnie Mae II Pool MA4961 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/20/48 | 236088 | 211764 |
|  Ginnie Mae II Pool MA4963 | Ginnie Mae II Pool MA4963 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/20/48 | 27716550 | 26347661 |
|  Ginnie Mae II Pool MA5078 | Ginnie Mae II Pool MA5078 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/20/48 | 41682 | 39624 |
|  Ginnie Mae II Pool MA5137 | Ginnie Mae II Pool MA5137 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/20/48 | 8887652 | 8436493 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Ginnie Mae II Pool MA5399 | Ginnie Mae II Pool MA5399 | Ginnie Mae II Pool MA5399 | Ginnie Mae II Pool MA5399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/20/48 | 1995678 | 1948624 |
|  Ginnie Mae II Pool MA5466 | Ginnie Mae II Pool MA5466 | Ginnie Mae II Pool MA5466 | Ginnie Mae II Pool MA5466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/20/48 | 3672692 | 3487740 |
|  Ginnie Mae II Pool MA5467 | Ginnie Mae II Pool MA5467 | Ginnie Mae II Pool MA5467 | Ginnie Mae II Pool MA5467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/20/48 | 18642 | 18203 |
|  Ginnie Mae II Pool MA5528 | Ginnie Mae II Pool MA5528 | Ginnie Mae II Pool MA5528 | Ginnie Mae II Pool MA5528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/20/48 | 16878456 | 16028481 |
|  Ginnie Mae II Pool MA5530 | Ginnie Mae II Pool MA5530 | Ginnie Mae II Pool MA5530 | Ginnie Mae II Pool MA5530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/20/48 | 3011243 | 3005989 |
|  Ginnie Mae II Pool MA5651 | Ginnie Mae II Pool MA5651 | Ginnie Mae II Pool MA5651 | Ginnie Mae II Pool MA5651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 12/20/48 | 6086 | 5779 |
|  Ginnie Mae II Pool MA6030 | Ginnie Mae II Pool MA6030 | Ginnie Mae II Pool MA6030 | Ginnie Mae II Pool MA6030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/20/49 | 7105579 | 6489535 |
|  Ginnie Mae II Pool MA6080 | Ginnie Mae II Pool MA6080 | Ginnie Mae II Pool MA6080 | Ginnie Mae II Pool MA6080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/20/49 | 1516 | 1324 |
|  Ginnie Mae II Pool MA6081 | Ginnie Mae II Pool MA6081 | Ginnie Mae II Pool MA6081 | Ginnie Mae II Pool MA6081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/20/49 | 2901132 | 2649607 |
|  Ginnie Mae II Pool MA6209 | Ginnie Mae II Pool MA6209 | Ginnie Mae II Pool MA6209 | Ginnie Mae II Pool MA6209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/20/49 | 2787458 | 2435495 |
|  Ginnie Mae II Pool MA6210 | Ginnie Mae II Pool MA6210 | Ginnie Mae II Pool MA6210 | Ginnie Mae II Pool MA6210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/20/49 | 1426993 | 1303275 |
|  Ginnie Mae II Pool MA8347 | Ginnie Mae II Pool MA8347 | Ginnie Mae II Pool MA8347 | Ginnie Mae II Pool MA8347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/52 | 238879907 | 230475730 |
|  Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/54 | 37110982 | 35625680 |
|  Ginnie Mae, |  |  |  |
|  Series 2003-86, Class ZK | Series 2003-86, Class ZK | Series 2003-86, Class ZK | Series 2003-86, Class ZK |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/20/33 | 2296178 | 2323686 |
|  Ginnie Mae, |  |  |  |
|  Series 2007-35, Class PY (IO) | Series 2007-35, Class PY (IO) | Series 2007-35, Class PY (IO) | Series 2007-35, Class PY (IO) |
|  (-1.00 X CME Term SOFR 1-Month plus 6.64%, 6.75% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.64%, 6.75% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.64%, 6.75% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.64%, 6.75% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.32% | 06/16/37<sup>2</sup> | 5075887 | 567813 |
|  Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2009-106, Class SD (IO) | Series 2009-106, Class SD (IO) | Series 2009-106, Class SD (IO) | Series 2009-106, Class SD (IO) |
|  (-1.00 X CME Term SOFR 1-Month plus 6.14%, 6.25% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.14%, 6.25% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.14%, 6.25% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.14%, 6.25% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.82% | 03/20/36<sup>2</sup> | 4252841 | 348847 |
|  Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2009-106, Class XI (IO) | Series 2009-106, Class XI (IO) | Series 2009-106, Class XI (IO) | Series 2009-106, Class XI (IO) |
|  (-1.00 X CME Term SOFR 1-Month plus 6.69%, 6.80% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.69%, 6.80% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.69%, 6.80% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.69%, 6.80% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.37% | 05/20/37<sup>2</sup> | 10483807 | 1054968 |
|  Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2009-124, Class SC (IO) | Series 2009-124, Class SC (IO) | Series 2009-124, Class SC (IO) | Series 2009-124, Class SC (IO) |
|  (-1.00 X CME Term SOFR 1-Month plus 6.37%, 6.48% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.37%, 6.48% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.37%, 6.48% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.37%, 6.48% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05% | 12/20/39<sup>2</sup> | 1782112 | 196233 |
|  Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2009-66, Class XS (IO) | Series 2009-66, Class XS (IO) | Series 2009-66, Class XS (IO) | Series 2009-66, Class XS (IO) |
|  (-1.00 X CME Term SOFR 1-Month plus 6.69%, 6.80% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.69%, 6.80% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.69%, 6.80% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.69%, 6.80% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.37% | 07/16/39<sup>2</sup> | 8426 | 347 |
|  Ginnie Mae, | Ginnie Mae, |  |  |
|  Series 2009-8, Class PS (IO) | Series 2009-8, Class PS (IO) | Series 2009-8, Class PS (IO) | Series 2009-8, Class PS (IO) |
|  (-1.00 X CME Term SOFR 1-Month plus 6.19%, 6.30% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.19%, 6.30% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.19%, 6.30% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.19%, 6.30% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87% | 08/16/38<sup>2</sup> | 697 | 1 |

---

*See accompanying Notes to Financial Statements.*

117 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2010-4, Class SL (IO) | Series 2010-4, Class SL (IO) | Series 2010-4, Class SL (IO) | Series 2010-4, Class SL (IO) |
|  (-1.00 X CME Term SOFR 1-Month plus 6.29%, 6.40% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.29%, 6.40% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.29%, 6.40% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.29%, 6.40% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.97% | 01/16/40<sup>2</sup> | $22722 | $2257 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2010-4, Class SM (IO) | Series 2010-4, Class SM (IO) | Series 2010-4, Class SM (IO) | Series 2010-4, Class SM (IO) |
|  (-1.00 X CME Term SOFR 1-Month plus 5.69%, 5.80% Cap) | (-1.00 X CME Term SOFR 1-Month plus 5.69%, 5.80% Cap) | (-1.00 X CME Term SOFR 1-Month plus 5.69%, 5.80% Cap) | (-1.00 X CME Term SOFR 1-Month plus 5.69%, 5.80% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37% | 01/16/40<sup>2</sup> | 4131354 | 359380 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2011-146, Class EI (IO) | Series 2011-146, Class EI (IO) | Series 2011-146, Class EI (IO) | Series 2011-146, Class EI (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/16/41 | 54436 | 10547 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2014-108, Class PA | Series 2014-108, Class PA | Series 2014-108, Class PA | Series 2014-108, Class PA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 12/20/39 | 3507698 | 3363980 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2018-124, Class NW | Series 2018-124, Class NW | Series 2018-124, Class NW | Series 2018-124, Class NW |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/20/48 | 557718 | 505074 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2019-1, Class NP | Series 2019-1, Class NP | Series 2019-1, Class NP | Series 2019-1, Class NP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/20/49 | 5129907 | 4655150 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2019-119, Class JE | Series 2019-119, Class JE | Series 2019-119, Class JE | Series 2019-119, Class JE |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/20/49 | 3658543 | 3216635 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2019-15, Class GT | Series 2019-15, Class GT | Series 2019-15, Class GT | Series 2019-15, Class GT |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/20/49 | 5821058 | 5296302 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2019-44, Class CA | Series 2019-44, Class CA | Series 2019-44, Class CA | Series 2019-44, Class CA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/20/48 | 8705 | 8705 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2019-71, Class PT | Series 2019-71, Class PT | Series 2019-71, Class PT | Series 2019-71, Class PT |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/20/49 | 681637 | 599487 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2019-86, Class C | Series 2019-86, Class C | Series 2019-86, Class C | Series 2019-86, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/20/49 | 8261840 | 6810884 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2019-90, Class HE | Series 2019-90, Class HE | Series 2019-90, Class HE | Series 2019-90, Class HE |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 07/20/49 | 5668524 | 5028319 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2022-201, Class FB | Series 2022-201, Class FB | Series 2022-201, Class FB | Series 2022-201, Class FB |
|  (SOFR30A plus 1.25%) | (SOFR30A plus 1.25%) | (SOFR30A plus 1.25%) | (SOFR30A plus 1.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59% | 11/20/52<sup>2</sup> | 8143538 | 8292736 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2023-134, Class F | Series 2023-134, Class F | Series 2023-134, Class F | Series 2023-134, Class F |
|  (SOFR30A plus 1.00%) | (SOFR30A plus 1.00%) | (SOFR30A plus 1.00%) | (SOFR30A plus 1.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34% | 08/20/53<sup>2</sup> | 42143554 | 42017698 |
|  Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
|  Series 2024-30, Class DF | Series 2024-30, Class DF | Series 2024-30, Class DF | Series 2024-30, Class DF |
|  (SOFR30A plus 1.30%) | (SOFR30A plus 1.30%) | (SOFR30A plus 1.30%) | (SOFR30A plus 1.30%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64% | 02/20/54<sup>2</sup> | 73638832 | 74024238 |
|  UMBS (TBA) | UMBS (TBA) | UMBS (TBA) | UMBS (TBA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/55 | 212700000 | 169241349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/55 | 211075000 | 175623793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/55 | 191575000 | 166175699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/01/55 | 501025000 | 451975655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/01/55 | 385075000 | 358283984 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
|  **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
|  **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/01/55 | 314500000 | 300854946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/55 | 345600000 | 338745715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/01/55 | 277000000 | 276650980 |
|  |  |  | 12928549526 |
|  **Total Mortgage-Backed** | **Total Mortgage-Backed** | **Total Mortgage-Backed** | **Total Mortgage-Backed** |
|  (Cost $20,296,344,752) | (Cost $20,296,344,752) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18851276173 |
|  **MUNICIPAL BONDS — 0.42%\*** | **MUNICIPAL BONDS — 0.42%\*** | **MUNICIPAL BONDS — 0.42%\*** | **MUNICIPAL BONDS — 0.42%\*** |
|  **California — 0.08%** | **California — 0.08%** | **California — 0.08%** | **California — 0.08%** |
|  Los Angeles Department of Airports Revenue Bonds, Port, | Los Angeles Department of Airports Revenue Bonds, Port, | Los Angeles Department of Airports Revenue Bonds, Port, | Los Angeles Department of Airports Revenue Bonds, Port, |
|  Airport and Marina Improvements, Series A | Airport and Marina Improvements, Series A | Airport and Marina Improvements, Series A | Airport and Marina Improvements, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/15/44 | 185000 | 187165 |
|  Regents of the University of California Medical Center | Regents of the University of California Medical Center | Regents of the University of California Medical Center | Regents of the University of California Medical Center |
|  Pooled Revenue Bonds, Health, Hospital and Nursing Home | Pooled Revenue Bonds, Health, Hospital and Nursing Home | Pooled Revenue Bonds, Health, Hospital and Nursing Home | Pooled Revenue Bonds, Health, Hospital and Nursing Home |
|  Improvements, Series N | Improvements, Series N | Improvements, Series N | Improvements, Series N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.01% | 05/15/50 | 17955000 | 11905849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.26% | 05/15/60 | 15825000 | 10123530 |
|  University of California, Taxable, College & University, | University of California, Taxable, College & University, | University of California, Taxable, College & University, | University of California, Taxable, College & University, |
|  Revenue Bonds, University & College Improvements, Series | Revenue Bonds, University & College Improvements, Series | Revenue Bonds, University & College Improvements, Series | Revenue Bonds, University & College Improvements, Series |
|  AP | AP | AP | AP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.93% | 05/15/45 | 6615000 | 6059645 |
|  |  |  | 28276189 |
|  **Colorado — 0.02%** | **Colorado — 0.02%** | **Colorado — 0.02%** | **Colorado — 0.02%** |
|  City & County of Denver Airport System Revenue Bonds, | City & County of Denver Airport System Revenue Bonds, | City & County of Denver Airport System Revenue Bonds, | City & County of Denver Airport System Revenue Bonds, |
|  Series C | Series C | Series C | Series C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39% | 11/15/31 | 6010000 | 5270010 |
|  **New Jersey — 0.00%** | **New Jersey — 0.00%** | **New Jersey — 0.00%** | **New Jersey — 0.00%** |
|  Jersey City Municipal Utilities Authority Revenue Bonds, | Jersey City Municipal Utilities Authority Revenue Bonds, | Jersey City Municipal Utilities Authority Revenue Bonds, | Jersey City Municipal Utilities Authority Revenue Bonds, |
|  Water Utility Improvements, Series B | Water Utility Improvements, Series B | Water Utility Improvements, Series B | Water Utility Improvements, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47% | 05/15/27 | 185000 | 185938 |
|  New Jersey Turnpike Authority Revenue Bonds, Highway | New Jersey Turnpike Authority Revenue Bonds, Highway | New Jersey Turnpike Authority Revenue Bonds, Highway | New Jersey Turnpike Authority Revenue Bonds, Highway |
|  Revenue, Series F | Revenue, Series F | Revenue, Series F | Revenue, Series F |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73% | 01/01/36 | 300000 | 268085 |
|  |  |  | 454023 |
|  **New York — 0.32%** | **New York — 0.32%** | **New York — 0.32%** | **New York — 0.32%** |
|  City of New York General Obligation Bonds, Public | City of New York General Obligation Bonds, Public | City of New York General Obligation Bonds, Public | City of New York General Obligation Bonds, Public |
|  Improvements, Series D | Improvements, Series D | Improvements, Series D | Improvements, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.99% | 12/01/36 | 2000000 | 2090689 |
|  City of New York General Obligation Bonds, Public | City of New York General Obligation Bonds, Public | City of New York General Obligation Bonds, Public | City of New York General Obligation Bonds, Public |
|  Improvements, Series F | Improvements, Series F | Improvements, Series F | Improvements, Series F |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.62% | 04/01/31 | 3145000 | 3004360 |
|  New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax |
|  Secured Revenue Bonds, Public Improvements, Series A2 | Secured Revenue Bonds, Public Improvements, Series A2 | Secured Revenue Bonds, Public Improvements, Series A2 | Secured Revenue Bonds, Public Improvements, Series A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 05/01/25 | 430000 | 429150 |
|  New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax |
|  Secured Revenue Bonds, Public Improvements, Series B3 | Secured Revenue Bonds, Public Improvements, Series B3 | Secured Revenue Bonds, Public Improvements, Series B3 | Secured Revenue Bonds, Public Improvements, Series B3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/01/35 | 4055000 | 3100432 |
|  New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax |
|  Secured Revenue Bonds, Public Improvements, Series D | Secured Revenue Bonds, Public Improvements, Series D | Secured Revenue Bonds, Public Improvements, Series D | Secured Revenue Bonds, Public Improvements, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40% | 11/01/32 | 12135000 | 10359679 |
|  New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax |
|  Secured Revenue Bonds, Public Improvements, Series E | Secured Revenue Bonds, Public Improvements, Series E | Secured Revenue Bonds, Public Improvements, Series E | Secured Revenue Bonds, Public Improvements, Series E |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.97% | 02/01/33 | 3090000 | 2540320 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 118

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **New York (continued)** | **New York (continued)** | **New York (continued)** | **New York (continued)** |
|  New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax |
|  Secured Revenue Bonds, Public Improvements, Subseries FI | Secured Revenue Bonds, Public Improvements, Subseries FI | Secured Revenue Bonds, Public Improvements, Subseries FI | Secured Revenue Bonds, Public Improvements, Subseries FI |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/01/33 | 6450000 | 6117164 |
|  New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax |
|  Secured Revenue Bonds, Public Improvements, Subseries | Secured Revenue Bonds, Public Improvements, Subseries | Secured Revenue Bonds, Public Improvements, Subseries | Secured Revenue Bonds, Public Improvements, Subseries |
|  SU | SU | SU |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 08/01/31 | 3135000 | 3019495 |
|  New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax |
|  Secured Revenue Bonds, School Improvements, Series G-3 | Secured Revenue Bonds, School Improvements, Series G-3 | Secured Revenue Bonds, School Improvements, Series G-3 | Secured Revenue Bonds, School Improvements, Series G-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27% | 05/01/27 | 13135000 | 13399691 |
|  New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax |
|  Secured Revenue Bonds, Series A, Subseries A-2 | Secured Revenue Bonds, Series A, Subseries A-2 | Secured Revenue Bonds, Series A, Subseries A-2 | Secured Revenue Bonds, Series A, Subseries A-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60% | 05/01/31 | 820000 | 821636 |
|  New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax |
|  Secured Revenue Bonds, Series F, Subseries F-3 | Secured Revenue Bonds, Series F, Subseries F-3 | Secured Revenue Bonds, Series F, Subseries F-3 | Secured Revenue Bonds, Series F, Subseries F-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 02/01/35 | 1250000 | 1268405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 02/01/36 | 1250000 | 1266460 |
|  New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax | New York City Transitional Finance Authority Future Tax |
|  Secured Revenue Bonds, Series G | Secured Revenue Bonds, Series G | Secured Revenue Bonds, Series G |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 11/01/34 | 3000000 | 2446287 |
|  New York State Dormitory Authority Revenue Bonds, | New York State Dormitory Authority Revenue Bonds, | New York State Dormitory Authority Revenue Bonds, | New York State Dormitory Authority Revenue Bonds, |
|  University & College Improvements | University & College Improvements | University & College Improvements | University & College Improvements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29% | 03/15/33 | 39746921 | 39818093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.43% | 03/15/39 | 20195000 | 20357439 |
|  New York State Dormitory Authority Revenue Bonds, | New York State Dormitory Authority Revenue Bonds, | New York State Dormitory Authority Revenue Bonds, | New York State Dormitory Authority Revenue Bonds, |
|  University & College Improvements, Series A | University & College Improvements, Series A | University & College Improvements, Series A | University & College Improvements, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/15/47 | 155000 | 142989 |
|  New York State Urban Development Corp. Revenue Bonds, | New York State Urban Development Corp. Revenue Bonds, | New York State Urban Development Corp. Revenue Bonds, | New York State Urban Development Corp. Revenue Bonds, |
|  Public Improvements | Public Improvements | Public Improvements | Public Improvements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77% | 03/15/39 | 120000 | 123462 |
|  |  |  | 110305751 |
|  **Texas — 0.00%** | **Texas — 0.00%** | **Texas — 0.00%** | **Texas — 0.00%** |
|  Texas A&M University Revenue Bonds, University & College | Texas A&M University Revenue Bonds, University & College | Texas A&M University Revenue Bonds, University & College | Texas A&M University Revenue Bonds, University & College |
|  Improvements, Series B | Improvements, Series B | Improvements, Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69% | 05/15/25 | 350000 | 349237 |
|  **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |
|  (Cost $169,412,855) | (Cost $169,412,855) | (Cost $169,412,855) | 144655210 |
| U. S. TREASURY SECURITIES — 28.92% | U. S. TREASURY SECURITIES — 28.92% | U. S. TREASURY SECURITIES — 28.92% | U. S. TREASURY SECURITIES — 28.92% |
| U. S. Treasury Bonds — 10.62% | U. S. Treasury Bonds — 10.62% | U. S. Treasury Bonds — 10.62% | U. S. Treasury Bonds — 10.62% |
| U. S. Treasury Bonds | U. S. Treasury Bonds | U. S. Treasury Bonds | U. S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556409000 | 1566744529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 02/15/45 | 2106012000 | 2144841596 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711586125 |
| U. S. Treasury Notes — 18.30% | U. S. Treasury Notes — 18.30% | U. S. Treasury Notes — 18.30% | U. S. Treasury Notes — 18.30% |
| U. S. Treasury Inflation Indexed Notes | U. S. Treasury Inflation Indexed Notes | U. S. Treasury Inflation Indexed Notes | U. S. Treasury Inflation Indexed Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13% | 01/15/35<sup>13</sup> | 413574696 | 424503730 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/31/30 | 4896103000 | 4905856955 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| U. S. TREASURY SECURITIES (continued) | U. S. TREASURY SECURITIES (continued) | U. S. TREASURY SECURITIES (continued) | U. S. TREASURY SECURITIES (continued) | U. S. TREASURY SECURITIES (continued) |
| U. S. Treasury Notes (continued) | U. S. Treasury Notes (continued) | U. S. Treasury Notes (continued) | U. S. Treasury Notes (continued) | U. S. Treasury Notes (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/35 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033690000 | $1067850224 |
|  |  |  |  | 6398210909 |
|  **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |
|  (Cost $10,006,416,911) | (Cost $10,006,416,911) |  |  | 10109797034 |
|  **Total Bonds — 106.23%** | **Total Bonds — 106.23%** | **Total Bonds — 106.23%** | **Total Bonds — 106.23%** |  |
|  (Cost $38,773,823,073) | (Cost $38,773,823,073) | (Cost $38,773,823,073) | (Cost $38,773,823,073) | 37128902174 |

---

---

| | | |
|:---|:---|:---|
| Issues | Shares | Value |
|  **COMMON STOCK — 0.11%** | **COMMON STOCK — 0.11%** | **COMMON STOCK — 0.11%** |
|  **Communications — 0.11%** | **Communications — 0.11%** | **Communications — 0.11%** |
|  Intelsat SA<sup>3,4,5</sup>  |  |  |
| (Luxembourg) | 1305664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37537840 |
|  **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
|  (Cost $43,673,537) |  |  |
|  **RIGHTS — 0.02%** |  |  |
|  **Communications — 0.02%** | **Communications — 0.02%** | **Communications — 0.02%** |
|  Intelsat SA, CVR<sup>3,4,5,14</sup>  | Intelsat SA, CVR<sup>3,4,5,14</sup>  | Intelsat SA, CVR<sup>3,4,5,14</sup>  |
| (Luxembourg) | 957825 | 9338794 |
|  **Total Rights** |  |  |
|  (Cost $320) |  |  |
|  **Purchased Swaptions - 0.02%** | **Purchased Swaptions - 0.02%** | **Purchased Swaptions - 0.02%** |
|  (Cost $15,808,843) | (Cost $15,808,843) | 7091076 |

---

---

| | | |
|:---|:---|:---|
| Issues | Shares | Value |
|  **MUTUAL FUNDS — 0.10%** | **MUTUAL FUNDS — 0.10%** | **MUTUAL FUNDS — 0.10%** |
|  **Mutual Funds — 0.10%** | **Mutual Funds — 0.10%** | **Mutual Funds — 0.10%** |
|  TCW Private Asset Income Fund | TCW Private Asset Income Fund | TCW Private Asset Income Fund |
|  0.00%<sup>15,16</sup>  | 3613673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36136726 |
|  **Total Mutual Funds** |  |  |
|  (Cost $36,136,726) |  |  |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount/Shares | Value |
|  **SHORT-TERM INVESTMENTS — 4.97%** | **SHORT-TERM INVESTMENTS — 4.97%** | **SHORT-TERM INVESTMENTS — 4.97%** |
|  **Money Market Funds — 4.97%** | **Money Market Funds — 4.97%** | **Money Market Funds — 4.97%** |
|  TCW Central Cash Fund | TCW Central Cash Fund | TCW Central Cash Fund |
|  0.01%<sup>15,16</sup>  | 1736327625 | 1736327625 |
|  **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** |
|  (Cost $1,736,327,625) | (Cost $1,736,327,625) |  |
|  **Total Investments - 111.45%** | **Total Investments - 111.45%** | **Total Investments - 111.45%** |
|  (Cost $40,605,770,124) | (Cost $40,605,770,124) | 38955334235 |
|  **Net unrealized depreciation on unfunded commitments - 0.00%** | **Net unrealized depreciation on unfunded commitments - 0.00%** | (4885) |
|  **Liabilities in Excess of Other Assets - (11.45)%** | **Liabilities in Excess of Other Assets - (11.45)%** | (4001884494) |
|  **Net Assets - 100.00%** | **Net Assets - 100.00%** | $34953444856 |

---

*See accompanying Notes to Financial Statements.*

119 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

<sup>1</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

<sup>2</sup> Floating rate security. The rate disclosed was in effect at March 31, 2025.

<sup>3</sup> Foreign denominated security issued by foreign domiciled entity.

<sup>4</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>5</sup> Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $338,192,080, which is 0.97% of total net assets. 

<sup>6</sup> Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer - 7.19% cash or 1.50% payment-in-kind interest. 

<sup>7</sup> Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $230,620, at an interest rate of 8.55% and a maturity of December 22, 2031. The investment is not accruing an unused commitment fee. 

<sup>8</sup> Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $958,426, at an interest rate of 10.07% and a maturity of December 30, 2029. The investment is not accruing an unused commitment fee. 

<sup>9</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

<sup>10</sup> Perpetual security with no stated maturity date.

<sup>11</sup> Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer - 5.00% cash or 10.00% payment-in-kind interest. 

<sup>12</sup> Zero coupon bond. The rate shown is the effective yield as of March 31, 2025.

<sup>13</sup> Inflation protected security. Principal amount reflects original security face amount. 

<sup>14</sup> Non-income producing security.

<sup>15</sup> Represents the current yield as of March 31, 2025.

<sup>16</sup> Affiliated investment.

---

| | |
|:---|:---|
| <sup>†</sup> | Fair valued security. The aggregate value of fair valued securities is $279,582,960, which is 0.80% of total net assets. Fair valued securities were not valued utilizing an independent quote but were valued pursuant to guidelines approved by the Board of Trustees. See Notes to Financial Statements.  |

---

\* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

\*\* Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CLO): Collateralized Loan Obligation

(CVR): Contingent Value Right

(EMTN): Euro Medium-Term Note

(EUR): Euro

(EURIBOR): Euro InterBank Offer Rate

(GBP): British Pound

(GMTN): Global Medium-Term Note

(IO): Interest Only

(MTN): Medium-Term Note

(NVS): Non-Voting Shares

(PO): Principal Only

(REIT): Real Estate Investment Trust

(RFUCCT): Refinitiv USD IBOR Consumer Cash Fallback

(SOFR): Secured Overnight Financing Rate

(SONIA): Sterling Overnight Index Average

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 120

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Currency to<br> be Purchased | Currency to<br> be Sold | Counterparty | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation) |
|  **FOREIGN CURRENCY EXCHANGE CONTRACT** |  |  |  |  |  |
|  EUR 108,253,000 | USD 114,071,322 | Citibank N.A. | Citibank N.A. | 04/11/25 | $2933197 |
|  EUR 102,345,000 | USD 109,578,747 | Goldman Sachs International | Goldman Sachs International | 04/11/25 | 1040152 |
|  EUR 4,926,000 | USD 5,319,452 | The Bank of New York Mellon | The Bank of New York Mellon | 04/11/25 | 4781 |
|  GBP 38,718,000 | USD 49,684,053 | Citibank N.A. | Citibank N.A. | 04/11/25 | 289970 |
|  USD 700,675,615 | EUR 644,750,000 | Bank of America N.A. | Bank of America N.A. | 07/11/25 | 176440 |
|  USD 17,500,184 | GBP 13,505,000 | Goldman Sachs International | Goldman Sachs International | 07/11/25 | 70628 |
|  USD 37,267,155 | GBP 28,739,000 | Citibank N.A. | Citibank N.A. | 07/11/25 | 176594 |
|  |  |  |  |  | 4691762 |
|  EUR 11,685,000 | USD 12,712,514 | State Street Global Markets LLC | State Street Global Markets LLC | 04/11/25 | (82861) |
|  EUR 660,453,000 | USD 714,009,223 | Bank of America N.A. | Bank of America N.A. | 04/11/25 | (163086) |
|  GBP 13,505,000 | USD 17,502,210 | Goldman Sachs International | Goldman Sachs International | 04/11/25 | (71062) |
|  USD 22,729,995 | EUR 21,175,000 | Citibank N.A. | Citibank N.A. | 04/11/25 | (156859) |
|  USD 137,562,310 | EUR 131,057,000 | Goldman Sachs International | Goldman Sachs International | 04/11/25 | (4089758) |
|  USD 753,641,541 | EUR 735,430,000 | Bank of America N.A. | Bank of America N.A. | 04/11/25 | (41242978) |
|  USD 17,430,619 | GBP 13,505,000 | Goldman Sachs International | Goldman Sachs International | 04/11/25 | (529) |
|  USD 47,009,460 | GBP 38,718,000 | Citibank N.A. | Citibank N.A. | 04/11/25 | (2964564) |
|  |  |  |  |  | (48771697) |
|  **NET UNREALIZED DEPRECIATION** |  |  |  |  | $(44079935) |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  **FUTURES CONTRACTS: LONG POSITIONS** |  |  |  |  |  |
|  U.S. Treasury Two-Year Note | 60857 | 06/30/25 | $12607858858 | $61260176 | $61260176 |
|  U.S. Treasury Five-Year Note | 12782 | 06/30/25 | 1382453187 | 19381897 | 19381897 |
|  U.S. Treasury Ten-Year Ultra Bond | 597 | 06/18/25 | 68132625 | 1374873 | 1374873 |
|  |  |  | 14058444670 | 82016946 | 82016946 |
|  **FUTURES CONTRACTS: SHORT POSITIONS** |  |  |  |  |  |
|  U.S. Treasury Ultra Bond | 3610 | 06/18/25 | (441322500) | (11016781) | (11016781) |
|  Euro-Bund Future | 2273 | 06/06/25 | (316315603) | 154087 | 154087 |
|  Euro-Bobl Future | 1300 | 06/06/25 | (165407786) | (545232) | (545232) |
|  Euro-Buxl 30 Year | 264 | 06/06/25 | (34009708) | 530117 | 530117 |
|  Long Gilt Future | 52 | 06/26/25 | (6154141) | 99262 | 99262 |
|  |  |  | (963209738) | (10778547) | (10778547) |
|  **TOTAL FUTURES CONTRACTS** |  |  | $13095234932 | $71238399 | $71238399 |

---

*See accompanying Notes to Financial Statements.* 

121 / Annual Financial Statements March 2025

------

#### Total Return Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Fund | Received by the<br> Fund | Received by the<br> Fund | Paid by the Fund | Paid by the Fund | | | | |
| Description | Counterparty | Maturity<br>Date | Rate | Frequency | Rate | Frequency | Notional<br>Amount | Value | Premiums<br>Paid | Unrealized<br>(Depreciation) |
|  **PURCHASED SWAPTIONS** | **PURCHASED SWAPTIONS** |  |  |  |  |  |  |  |  |  |
|  Option to enter into<br> a 2-year Interest<br> Rate Swap | Goldman Sachs<br> International | 01/30/26 | CME<br> Term<br> SOFR | Annually | 4.46% | Annually | $537410000 | $916660 | $2203381 | $(1286721) |
|  Option to enter into<br> a 2-year Interest<br> Rate Swap | Morgan Stanley | 01/30/26 | CME<br> Term<br> SOFR | Annually | 4.46% | Annually | 1412770000 | 2430671 | 5757038 | (3326367) |
|  Option to enter into<br> a 5-year Interest<br> Rate Swap | Goldman Sachs<br> International | 01/30/26 | CME<br> Term<br> SOFR | Annually | 4.51% | Annually | 2470000 | 11257 | 23588 | (12331) |
|  Option to enter into<br> a 5-year Interest<br> Rate Swap | JPMorgan<br> Chase | 01/30/26 | CME<br> Term<br> SOFR | Annually | 4.52% | Annually | 828025000 | 3732488 | 7824836 | (4092348) |
|  **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** |  |  |  |  | $2780675000 | $7091076 | $15808843 | $(8717767) |

---

*See accompanying Notes to Financial Statements.* 

Annual Financial Statements March 2025 / 122

------

#### Ultra Short Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **BONDS – 115.58%** | **BONDS – 115.58%** | **BONDS – 115.58%** |  |
| **ASSET-BACKED SECURITIES — 11.62%\*\*** | **ASSET-BACKED SECURITIES — 11.62%\*\*** | **ASSET-BACKED SECURITIES — 11.62%\*\*** |  |
| Aligned Data Centers Issuer LLC, | Aligned Data Centers Issuer LLC, | Aligned Data Centers Issuer LLC, |  |
| Series 2021-1A, Class A2 | Series 2021-1A, Class A2 | Series 2021-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.94% | 08/15/46<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230022 |
| AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, |  |
| Series 2022-2, Class C | Series 2022-2, Class C | Series 2022-2, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32% | 04/18/28 | 320000 | 323394 |
| Bain Capital Credit CLO Ltd., | Bain Capital Credit CLO Ltd., | Bain Capital Credit CLO Ltd., |  |
| Series 2021-6A, Class A1R | Series 2021-6A, Class A1R | Series 2021-6A, Class A1R |  |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
| (CME Term SOFR 3-Month plus 1.09%) | (CME Term SOFR 3-Month plus 1.09%) | (CME Term SOFR 3-Month plus 1.09%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 10/21/34<sup>1,2,3</sup> | 150000 | 149899 |
| BlueMountain CLO XXVIII Ltd., | BlueMountain CLO XXVIII Ltd., | BlueMountain CLO XXVIII Ltd., |  |
| Series 2021-28A, Class A | Series 2021-28A, Class A | Series 2021-28A, Class A |  |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
| (CME Term SOFR 3-Month plus 1.52%) | (CME Term SOFR 3-Month plus 1.52%) | (CME Term SOFR 3-Month plus 1.52%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82% | 04/15/34<sup>1,2,3</sup> | 110000 | 110092 |
| CIFC Funding 2014 Ltd., | CIFC Funding 2014 Ltd., | CIFC Funding 2014 Ltd., |  |
| Series 2014-1A, Class A1R2 | Series 2014-1A, Class A1R2 | Series 2014-1A, Class A1R2 |  |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
| (CME Term SOFR 3-Month plus 1.36%) | (CME Term SOFR 3-Month plus 1.36%) | (CME Term SOFR 3-Month plus 1.36%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 01/18/31<sup>1,2,3</sup> | 316439 | 316564 |
| CIFC Funding Ltd., | CIFC Funding Ltd., | CIFC Funding Ltd., |  |
| Series 2016-1A, Class AR3 | Series 2016-1A, Class AR3 | Series 2016-1A, Class AR3 |  |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
| (CME Term SOFR 3-Month plus 1.00%) | (CME Term SOFR 3-Month plus 1.00%) | (CME Term SOFR 3-Month plus 1.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29% | 10/21/31<sup>1,2,3</sup> | 225000 | 223988 |
| Dryden 40 Senior Loan Fund, | Dryden 40 Senior Loan Fund, | Dryden 40 Senior Loan Fund, |  |
| Series 2015-40A, Class AR2 | Series 2015-40A, Class AR2 | Series 2015-40A, Class AR2 |  |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
| (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47% | 08/15/31<sup>1,2,3</sup> | 170520 | 170478 |
| Dryden 72 CLO Ltd., | Dryden 72 CLO Ltd., | Dryden 72 CLO Ltd., |  |
| Series 2019-72A, Class ARR | Series 2019-72A, Class ARR | Series 2019-72A, Class ARR |  |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
| (CME Term SOFR 3-Month plus 1.10%) | (CME Term SOFR 3-Month plus 1.10%) | (CME Term SOFR 3-Month plus 1.10%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42% | 05/15/32<sup>1,2,3</sup> | 558818 | 557637 |
| Dryden XXVI Senior Loan Fund, | Dryden XXVI Senior Loan Fund, | Dryden XXVI Senior Loan Fund, |  |
| Series 2013-26A, Class AR | Series 2013-26A, Class AR | Series 2013-26A, Class AR |  |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
| (CME Term SOFR 3-Month plus 1.16%) | (CME Term SOFR 3-Month plus 1.16%) | (CME Term SOFR 3-Month plus 1.16%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46% | 04/15/29<sup>1,2,3</sup> | 357706 | 357824 |
| Galaxy XXII CLO Ltd., | Galaxy XXII CLO Ltd., | Galaxy XXII CLO Ltd., |  |
| Series 2016-22A, Class ARRR | Series 2016-22A, Class ARRR | Series 2016-22A, Class ARRR |  |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
| (CME Term SOFR 3-Month plus 1.24%) | (CME Term SOFR 3-Month plus 1.24%) | (CME Term SOFR 3-Month plus 1.24%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 04/16/34<sup>1,2,3</sup> | 350000 | 349906 |
| GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, |  |
| Series 2021-3A, Class D | Series 2021-3A, Class D | Series 2021-3A, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.48% | 07/15/27<sup>1</sup> | 187581 | 184449 |
| GoldenTree Loan Management U.S. CLO 4 Ltd., | GoldenTree Loan Management U.S. CLO 4 Ltd., | GoldenTree Loan Management U.S. CLO 4 Ltd., |  |
| Series 2019-4A, Class ARR | Series 2019-4A, Class ARR | Series 2019-4A, Class ARR |  |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
| (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 04/24/31<sup>1,2,3</sup> | 152069 | 152098 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount | Value |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| Hotwire Funding LLC, | Hotwire Funding LLC, |  |
| Series 2024-1A, Class A2 | Series 2024-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89%<br>06/20/54<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61139 |
| HPS Loan Management Ltd., | HPS Loan Management Ltd., |  |
| Series 13A-18, Class A1R | Series 13A-18, Class A1R |  |
| (Cayman Islands) | (Cayman Islands) |  |
| (CME Term SOFR 3-Month plus 1.13%) | (CME Term SOFR 3-Month plus 1.13%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.43%<br>10/15/30<sup>1,2,3</sup> | 139042 | 138972 |
| LCM 37 Ltd., | LCM 37 Ltd., |  |
| Series 37A, Class A1R | Series 37A, Class A1R |  |
| (Cayman Islands) | (Cayman Islands) |  |
| (CME Term SOFR 3-Month plus 1.06%) | (CME Term SOFR 3-Month plus 1.06%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.36%<br>04/15/34<sup>1,2,3</sup> | 150000 | 149541 |
| Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, |  |
| Series 2021-CA, Class A | Series 2021-CA, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06%<br>10/15/69<sup>1</sup> | 272315 | 245090 |
| Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, |  |
| Series 2021-FA, Class A | Series 2021-FA, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11%<br>02/18/70<sup>1</sup> | 181270 | 159476 |
| Neuberger Berman Loan Advisers CLO 49 Ltd., | Neuberger Berman Loan Advisers CLO 49 Ltd., |  |
| Series 2022-49A, Class AR | Series 2022-49A, Class AR |  |
| (United Kingdom) | (United Kingdom) |  |
| (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%<br>07/25/35<sup>1,2,3</sup> | 350000 | 349529 |
| Palmer Square Loan Funding Ltd., | Palmer Square Loan Funding Ltd., |  |
| Series 2022-3A, Class A1BR | Series 2022-3A, Class A1BR |  |
| (Cayman Islands) | (Cayman Islands) |  |
| (CME Term SOFR 3-Month plus 1.40%) | (CME Term SOFR 3-Month plus 1.40%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%<br>04/15/31<sup>1,2,3</sup> | 250000 | 250069 |
| Regatta XIV Funding Ltd., | Regatta XIV Funding Ltd., |  |
| Series 2018-3A, Class AR | Series 2018-3A, Class AR |  |
| (Cayman Islands) | (Cayman Islands) |  |
| (CME Term SOFR 3-Month plus 1.10%) | (CME Term SOFR 3-Month plus 1.10%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%<br>10/25/31<sup>1,2,3</sup> | 219329 | 219222 |
| Vantage Data Centers Issuer LLC, | Vantage Data Centers Issuer LLC, |  |
| Series 2020-1A, Class A2 | Series 2020-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%<br>09/15/45<sup>1</sup> | 78000 | 76741 |
| Vantage Data Centers Issuer LLC, | Vantage Data Centers Issuer LLC, |  |
| Series 2021-1A, Class A2 | Series 2021-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.17%<br>10/15/46<sup>1</sup> | 200000 | 191486 |
| Voya CLO Ltd., | Voya CLO Ltd., |  |
| Series 2015-3A, Class A1R3 | Series 2015-3A, Class A1R3 |  |
| (Cayman Islands) | (Cayman Islands) |  |
| (CME Term SOFR 3-Month plus 1.15%) | (CME Term SOFR 3-Month plus 1.15%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44%<br>10/20/31<sup>1,2,3</sup> | 149833 | 149809 |
| Voya CLO Ltd., | Voya CLO Ltd., |  |
| Series 2017-1A, Class A1R | Series 2017-1A, Class A1R |  |
| (Cayman Islands) | (Cayman Islands) |  |
| (CME Term SOFR 3-Month plus 1.21%) | (CME Term SOFR 3-Month plus 1.21%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51%<br>04/17/30<sup>1,2,3</sup> | 277697 | 277419 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
| (Cost $5,388,688) | (Cost $5,388,688) | 5394844 |
| **CORPORATES — 26.04%\*** | **CORPORATES — 26.04%\*** |  |
| **Banking — 7.78%** | **Banking — 7.78%** |  |
| Bank of America Corp. | Bank of America Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42%<br>12/20/28<sup>4</sup> | 70000 | 67858 |

---

*See accompanying Notes to Financial Statements.* 

123 / Annual Financial Statements March 2025

------

#### Ultra Short Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
| **Banking (continued)** | **Banking (continued)** | **Banking (continued)** |  |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |
| (MTN) | (MTN) | (MTN) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82% | 01/20/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972771 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |  |
| (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01% | 09/22/28<sup>2,4</sup> | 85000 | 79522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10% | 06/04/26<sup>2,4</sup> | 180000 | 179138 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04% | 02/04/27<sup>4</sup> | 1185000 | 1150386 |
| Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |  |
| (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63% | 05/11/27<sup>2,4</sup> | 50000 | 48368 |
| PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58% | 06/12/29<sup>4</sup> | 55000 | 56574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.62% | 10/20/27<sup>4</sup> | 40000 | 41230 |
| Santander UK Group Holdings PLC | Santander UK Group Holdings PLC | Santander UK Group Holdings PLC |  |
| (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.67% | 06/14/27<sup>2,4</sup> | 105000 | 101176 |
| U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 02/01/29<sup>4</sup> | 200000 | 200157 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |  |
| (MTN) | (MTN) | (MTN) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39% | 06/02/28<sup>4</sup> | 560000 | 534553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57% | 07/25/29<sup>4</sup> | 175000 | 179767 |
|  |  |  | 3611500 |
| **Communications — 1.40%** | **Communications — 1.40%** | **Communications — 1.40%** |  |
| Altice Financing SA | Altice Financing SA | Altice Financing SA |  |
| (Luxembourg) | (Luxembourg) | (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 08/15/29<sup>1,2</sup> | 5000 | 3670 |
| CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 03/01/30<sup>1</sup> | 5000 | 4639 |
| Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 05/15/29 | 250000 | 236178 |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint |  |
| Spectrum Co. III LLC | Spectrum Co. III LLC | Spectrum Co. III LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 03/20/28<sup>1</sup> | 210000 | 211004 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 02/15/26 | 200000 | 196017 |
|  |  |  | 651508 |
| **Consumer Discretionary — 0.73%** | **Consumer Discretionary — 0.73%** | **Consumer Discretionary — 0.73%** |  |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 02/04/28 | 70000 | 70489 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/30/28 | 115000 | 115574 |
| Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |  |
| (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 07/27/27<sup>1,2</sup> | 135000 | 139186 |
| Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |  |
| (France) | (France) | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 03/31/32<sup>1,2</sup> | 10000 | 10000 |
| Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/15/31<sup>1</sup> | 4000 | 3421 |
|  |  |  | 338670 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
| **Diversified REITs — 1.45%** | **Diversified REITs — 1.45%** | **Diversified REITs — 1.45%** |  |
| American Tower Corp. | American Tower Corp. | American Tower Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 07/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254530 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80% | 02/15/28 | 135000 | 131420 |
| VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 02/01/27<sup>1</sup> | 285000 | 288941 |
|  |  |  | 674891 |
| **Electric — 0.72%** | **Electric — 0.72%** | **Electric — 0.72%** |  |
| Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 03/30/29<sup>1</sup> | 135000 | 139902 |
| Eversource Energy | Eversource Energy | Eversource Energy |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 03/01/27 | 200000 | 193779 |
|  |  |  | 333681 |
| **Energy — 1.10%** | **Energy — 1.10%** | **Energy — 1.10%** |  |
| Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 11/15/25 | 500000 | 498093 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88% | 02/01/32<sup>1</sup> | 10000 | 10629 |
|  |  |  | 508722 |
| **Finance — 7.18%** | **Finance — 7.18%** | **Finance — 7.18%** |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |
| (Ireland) | (Ireland) | (Ireland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 10/29/26<sup>2</sup> | 300000 | 289996 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 04/01/27 | 200000 | 196807 |
| American Express Co. | American Express Co. | American Express Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99% | 05/01/26<sup>4</sup> | 120000 | 120022 |
| Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |  |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53% | 11/18/27<sup>1,2</sup> | 198000 | 185465 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.46% | 06/09/27<sup>4</sup> | 815000 | 785206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.11% | 04/08/26<sup>4</sup> | 20000 | 19990 |
| Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.54% | 09/10/27<sup>4</sup> | 405000 | 387460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 08/10/26<sup>4</sup> | 240000 | 240986 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | 12/10/26<sup>4</sup> | 605000 | 589916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.19% | 04/28/26<sup>4</sup> | 110000 | 109787 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |  |
| (GMTN) | (GMTN) | (GMTN) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51% | 07/20/27<sup>4</sup> | 225000 | 216319 |
| Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |  |
| (United Kingdom) | (United Kingdom) | (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97% | 02/16/28<sup>1,2,4</sup> | 200000 | 193581 |
|  |  |  | 3335535 |
| **Health Care — 1.68%** | **Health Care — 1.68%** | **Health Care — 1.68%** |  |
| 1375209 BC Ltd. | 1375209 BC Ltd. | 1375209 BC Ltd. |  |
| (Canada) | (Canada) | (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 01/30/28<sup>1,2</sup> | 45000 | 45020 |
| Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 01/21/29<sup>1</sup> | 220000 | 228151 |

---

*See accompanying Notes to Financial Statements.* 

Annual Financial Statements March 2025 / 124

------

#### Ultra Short Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
| **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |  |
| Grifols SA | Grifols SA | Grifols SA |  |
| (Spain) | (Spain) | (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 10/15/28<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32359 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 02/15/26 | 250000 | 251023 |
| Stryker Corp. | Stryker Corp. | Stryker Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 02/10/28 | 120000 | 120823 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50% | 03/01/28 | 100000 | 101405 |
|  |  |  | 778781 |
| **Health Care REITs — 0.46%** | **Health Care REITs — 0.46%** | **Health Care REITs — 0.46%** |  |
| Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 01/15/28 | 220000 | 212527 |
| **Industrials — 1.16%** | **Industrials — 1.16%** | **Industrials — 1.16%** |  |
| Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/17/25 | 300000 | 299581 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |
| (Canada) | (Canada) | (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 08/15/26<sup>1,2</sup> | 10000 | 9216 |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/15/28 | 225000 | 229506 |
|  |  |  | 538303 |
| **Information Technology — 0.47%** | **Information Technology — 0.47%** | **Information Technology — 0.47%** |  |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 04/01/28 | 70000 | 70336 |
| Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 01/25/31<sup>1</sup> | 95000 | 96544 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/03/28 | 50000 | 50426 |
|  |  |  | 217306 |
| **Materials — 0.30%** | **Materials — 0.30%** | **Materials — 0.30%** |  |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.83% | 10/15/27<sup>1</sup> | 150000 | 139824 |
| **Retail — 0.14%** | **Retail — 0.14%** | **Retail — 0.14%** |  |
| Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/01/26<sup>1</sup> | 55000 | 54512 |
| Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 09/15/29<sup>1</sup> | 10000 | 9380 |
|  |  |  | 63892 |
| **Services — 0.74%** | **Services — 0.74%** | **Services — 0.74%** |  |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 01/15/27 | 300000 | 287544 |
| Worldline SA | Worldline SA | Worldline SA |  |
| (France) | (France) | (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 07/30/25<sup>2,5</sup> | 200 | 25444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 07/30/26<sup>2,5</sup> | 300 | 31621 |
|  |  |  | 344609 |
| **Specialized REITs — 0.73%** | **Specialized REITs — 0.73%** | **Specialized REITs — 0.73%** |  |
| Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 12/15/27 | 205000 | 201434 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |  |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** | **Specialized REITs (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 04/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138707 |
|  |  |  |  | 340141 |
| **Total Corporates** | **Total Corporates** | **Total Corporates** |  |  |
| (Cost $11,886,238) | (Cost $11,886,238) | (Cost $11,886,238) |  | 12089890 |
| **MORTGAGE-BACKED — 42.28%\*\*** | **MORTGAGE-BACKED — 42.28%\*\*** | **MORTGAGE-BACKED — 42.28%\*\*** |  |  |
| **Non-Agency Commercial Mortgage-Backed — 6.24%** | **Non-Agency Commercial Mortgage-Backed — 6.24%** | **Non-Agency Commercial Mortgage-Backed — 6.24%** | **Non-Agency Commercial Mortgage-Backed — 6.24%** | **Non-Agency Commercial Mortgage-Backed — 6.24%** |
| BPR Trust, | BPR Trust, | BPR Trust, |  |  |
| Series 2021-WILL, Class A | Series 2021-WILL, Class A | Series 2021-WILL, Class A |  |  |
| (CME Term SOFR 1-Month plus 1.86%) | (CME Term SOFR 1-Month plus 1.86%) | (CME Term SOFR 1-Month plus 1.86%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.18% | 06/15/38<sup>1,3</sup> | 193681 |  | 192846 |
| BPR Trust, | BPR Trust, | BPR Trust, |  |  |
| Series 2022-OANA, Class A | Series 2022-OANA, Class A | Series 2022-OANA, Class A |  |  |
| (CME Term SOFR 1-Month plus 1.90%) | (CME Term SOFR 1-Month plus 1.90%) | (CME Term SOFR 1-Month plus 1.90%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.22% | 04/15/37<sup>1,3</sup> | 152000 |  | 152232 |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| Series 2021-21M, Class A | Series 2021-21M, Class A | Series 2021-21M, Class A |  |  |
| (CME Term SOFR 1-Month plus 0.84%) | (CME Term SOFR 1-Month plus 0.84%) | (CME Term SOFR 1-Month plus 0.84%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16% | 10/15/36<sup>1,3</sup> | 134983 |  | 133954 |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| Series 2021-VINO, Class A | Series 2021-VINO, Class A | Series 2021-VINO, Class A |  |  |
| (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09% | 05/15/38<sup>1,3</sup> | 34790 |  | 34708 |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| Series 2021-XL2, Class A | Series 2021-XL2, Class A | Series 2021-XL2, Class A |  |  |
| (CME Term SOFR 1-Month plus 0.80%) | (CME Term SOFR 1-Month plus 0.80%) | (CME Term SOFR 1-Month plus 0.80%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12% | 10/15/38<sup>1,3</sup> | 81241 |  | 80983 |
| BX, | BX, | BX, |  |  |
| Series 2021-MFM1, Class A | Series 2021-MFM1, Class A | Series 2021-MFM1, Class A | Series 2021-MFM1, Class A | Series 2021-MFM1, Class A |
| (CME Term SOFR 1-Month plus 0.81%) | (CME Term SOFR 1-Month plus 0.81%) | (CME Term SOFR 1-Month plus 0.81%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 01/15/34<sup>1,3</sup> | 76961 |  | 76692 |
| CAMB Commercial Mortgage Trust, | CAMB Commercial Mortgage Trust, | CAMB Commercial Mortgage Trust, |  |  |
| Series 2019-LIFE, Class B | Series 2019-LIFE, Class B | Series 2019-LIFE, Class B |  |  |
| (CME Term SOFR 1-Month plus 1.55%) | (CME Term SOFR 1-Month plus 1.55%) | (CME Term SOFR 1-Month plus 1.55%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87% | 12/15/37<sup>1,3</sup> | 150000 |  | 149819 |
| Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |  |  |
| Series 2021-PRM2, Class A | Series 2021-PRM2, Class A | Series 2021-PRM2, Class A |  |  |
| (CME Term SOFR 1-Month plus 1.06%) | (CME Term SOFR 1-Month plus 1.06%) | (CME Term SOFR 1-Month plus 1.06%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 10/15/38<sup>1,3</sup> | 152000 |  | 150576 |
| Great Wolf Trust, | Great Wolf Trust, | Great Wolf Trust, |  |  |
| Series 2024-WOLF, Class A | Series 2024-WOLF, Class A | Series 2024-WOLF, Class A |  |  |
| (CME Term SOFR 1-Month plus 1.54%) | (CME Term SOFR 1-Month plus 1.54%) | (CME Term SOFR 1-Month plus 1.54%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86% | 03/15/39<sup>1,3</sup> | 152000 |  | 152301 |
| GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, |  |  |
| Series 2023-FUN, Class A | Series 2023-FUN, Class A | Series 2023-FUN, Class A |  |  |
| (CME Term SOFR 1-Month plus 2.09%) | (CME Term SOFR 1-Month plus 2.09%) | (CME Term SOFR 1-Month plus 2.09%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.41% | 03/15/28<sup>1,3</sup> | 125000 |  | 125228 |
| HILT COMMERCIAL Mortgage Trust, | HILT COMMERCIAL Mortgage Trust, | HILT COMMERCIAL Mortgage Trust, |  |  |
| Series 2024-ORL, Class A | Series 2024-ORL, Class A | Series 2024-ORL, Class A |  |  |
| (CME Term SOFR 1-Month plus 1.54%) | (CME Term SOFR 1-Month plus 1.54%) | (CME Term SOFR 1-Month plus 1.54%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86% | 05/15/37<sup>1,3</sup> | 100000 |  | 100081 |
| Hilton USA Trust, | Hilton USA Trust, | Hilton USA Trust, |  |  |
| Series 2016-HHV, Class A | Series 2016-HHV, Class A | Series 2016-HHV, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.72% | 11/05/38<sup>1</sup> | 103000 |  | 100970 |

---

*See accompanying Notes to Financial Statements.*

125 / Annual Financial Statements March 2025

------

#### Ultra Short Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
| JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |  |
| Series 2016-NINE, Class A | Series 2016-NINE, Class A | Series 2016-NINE, Class A | Series 2016-NINE, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85% | 09/06/38<sup>1,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158036 |
| JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |  |
| Series 2016-NINE, Class B | Series 2016-NINE, Class B | Series 2016-NINE, Class B | Series 2016-NINE, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85% | 09/06/38<sup>1,4</sup> | 145000 | 139705 |
| MF1 Ltd., | MF1 Ltd., | MF1 Ltd., | MF1 Ltd., |
| Series 2020-FL4, Class A | Series 2020-FL4, Class A | Series 2020-FL4, Class A | Series 2020-FL4, Class A |
| (CME Term SOFR 1-Month plus 1.81%) | (CME Term SOFR 1-Month plus 1.81%) | (CME Term SOFR 1-Month plus 1.81%) | (CME Term SOFR 1-Month plus 1.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 12/15/35<sup>1,3</sup> | 110757 | 110849 |
| NRTH Mortgage Trust, | NRTH Mortgage Trust, | NRTH Mortgage Trust, | NRTH Mortgage Trust, |
| Series 2024-PARK, Class A | Series 2024-PARK, Class A | Series 2024-PARK, Class A | Series 2024-PARK, Class A |
| (CME Term SOFR 1-Month plus 1.64%) | (CME Term SOFR 1-Month plus 1.64%) | (CME Term SOFR 1-Month plus 1.64%) | (CME Term SOFR 1-Month plus 1.64%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96% | 03/15/39<sup>1,3</sup> | 150000 | 150118 |
| NYC Trust, | NYC Trust, | NYC Trust, | NYC Trust, |
| Series 2024-3ELV, Class A | Series 2024-3ELV, Class A | Series 2024-3ELV, Class A | Series 2024-3ELV, Class A |
| (CME Term SOFR 1-Month plus 1.99%) | (CME Term SOFR 1-Month plus 1.99%) | (CME Term SOFR 1-Month plus 1.99%) | (CME Term SOFR 1-Month plus 1.99%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31% | 08/15/29<sup>1,3</sup> | 200000 | 201079 |
| NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, |
| Series 2021-1290, Class A | Series 2021-1290, Class A | Series 2021-1290, Class A | Series 2021-1290, Class A |
| (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) | (CME Term SOFR 1-Month plus 1.21%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53% | 11/15/38<sup>1,3</sup> | 140000 | 139056 |
| PGA Trust, | PGA Trust, | PGA Trust, | PGA Trust, |
| Series 2024-RSR2, Class A | Series 2024-RSR2, Class A | Series 2024-RSR2, Class A | Series 2024-RSR2, Class A |
| (CME Term SOFR 1-Month plus 1.89%) | (CME Term SOFR 1-Month plus 1.89%) | (CME Term SOFR 1-Month plus 1.89%) | (CME Term SOFR 1-Month plus 1.89%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.21% | 06/15/39<sup>1,3</sup> | 173000 | 172881 |
| WB Commercial Mortgage Trust, | WB Commercial Mortgage Trust, | WB Commercial Mortgage Trust, | WB Commercial Mortgage Trust, |
| Series 2024-HQ, Class A | Series 2024-HQ, Class A | Series 2024-HQ, Class A | Series 2024-HQ, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54% | 03/15/40<sup>1,4</sup> | 177000 | 177654 |
| Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| Series 2021-FCMT, Class A | Series 2021-FCMT, Class A | Series 2021-FCMT, Class A | Series 2021-FCMT, Class A |
| (CME Term SOFR 1-Month plus 1.31%) | (CME Term SOFR 1-Month plus 1.31%) | (CME Term SOFR 1-Month plus 1.31%) | (CME Term SOFR 1-Month plus 1.31%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 05/15/31<sup>1,3</sup> | 200000 | 198864 |
|  |  |  | 2898632 |
| **Non-Agency Mortgage-Backed — 6.41%** | **Non-Agency Mortgage-Backed — 6.41%** | **Non-Agency Mortgage-Backed — 6.41%** |  |
| Aames Mortgage Trust, | Aames Mortgage Trust, | Aames Mortgage Trust, | Aames Mortgage Trust, |
| Series 2002-1, Class A3 (STEP-reset date 05/25/25) | Series 2002-1, Class A3 (STEP-reset date 05/25/25) | Series 2002-1, Class A3 (STEP-reset date 05/25/25) | Series 2002-1, Class A3 (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.40% | 06/25/32 | 7415 | 7296 |
| Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, |
| Series 2005-1, Class 1A1 | Series 2005-1, Class 1A1 | Series 2005-1, Class 1A1 | Series 2005-1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% | 05/25/35<sup>4</sup> | 12462 | 12452 |
| Ajax Mortgage Loan Trust, | Ajax Mortgage Loan Trust, | Ajax Mortgage Loan Trust, | Ajax Mortgage Loan Trust, |
| Series 2019-F, Class A1 (STEP-reset date 04/25/25) | Series 2019-F, Class A1 (STEP-reset date 04/25/25) | Series 2019-F, Class A1 (STEP-reset date 04/25/25) | Series 2019-F, Class A1 (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.86% | 07/25/59<sup>1</sup> | 94666 | 91402 |
| Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| Series 2004-J6, Class 2A1 | Series 2004-J6, Class 2A1 | Series 2004-J6, Class 2A1 | Series 2004-J6, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 11/25/31 | 10255 | 10576 |
| Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, |  |
| Series 2005-R10, Class M3 | Series 2005-R10, Class M3 | Series 2005-R10, Class M3 | Series 2005-R10, Class M3 |
| (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11% | 01/25/36<sup>3</sup> | 150425 | 149575 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
| Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, |  |
| Series 2005-R3, Class M4 | Series 2005-R3, Class M4 | Series 2005-R3, Class M4 | Series 2005-R3, Class M4 |
| (CME Term SOFR 1-Month plus 1.04%) | (CME Term SOFR 1-Month plus 1.04%) | (CME Term SOFR 1-Month plus 1.04%) | (CME Term SOFR 1-Month plus 1.04%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.36% | 05/25/35<sup>3</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41074 |
| Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
| Series 2003-2, Class 1A1 | Series 2003-2, Class 1A1 | Series 2003-2, Class 1A1 | Series 2003-2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 06/25/32 | 2291 | 2301 |
| Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| Series 2024-8, Class A6A | Series 2024-8, Class A6A | Series 2024-8, Class A6A | Series 2024-8, Class A6A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/25/55<sup>1,4</sup> | 155110 | 154733 |
| Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| Series 2007-AMC4, Class A2D | Series 2007-AMC4, Class A2D | Series 2007-AMC4, Class A2D | Series 2007-AMC4, Class A2D |
| (CME Term SOFR 1-Month plus 0.38%) | (CME Term SOFR 1-Month plus 0.38%) | (CME Term SOFR 1-Month plus 0.38%) | (CME Term SOFR 1-Month plus 0.38%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 05/25/37<sup>3</sup> | 83884 | 83167 |
| Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |
| Series 2006-WFH4, Class M2 | Series 2006-WFH4, Class M2 | Series 2006-WFH4, Class M2 | Series 2006-WFH4, Class M2 |
| (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87% | 11/25/36<sup>3</sup> | 360874 | 357832 |
| Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., |
| Series 2002-AR31, Class 4A2 | Series 2002-AR31, Class 4A2 | Series 2002-AR31, Class 4A2 | Series 2002-AR31, Class 4A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.64% | 11/25/32<sup>4</sup> | 13135 | 13109 |
| First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
| Series 2005-FF8, Class M2 | Series 2005-FF8, Class M2 | Series 2005-FF8, Class M2 | Series 2005-FF8, Class M2 |
| (CME Term SOFR 1-Month plus 0.89%) | (CME Term SOFR 1-Month plus 0.89%) | (CME Term SOFR 1-Month plus 0.89%) | (CME Term SOFR 1-Month plus 0.89%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21% | 09/25/35<sup>3</sup> | 144842 | 144400 |
| First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
| Series 2006-FFH1, Class M1 | Series 2006-FFH1, Class M1 | Series 2006-FFH1, Class M1 | Series 2006-FFH1, Class M1 |
| (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99% | 01/25/36<sup>3</sup> | 422166 | 413388 |
| HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, |
| Series 2006-OPT2, Class M2 | Series 2006-OPT2, Class M2 | Series 2006-OPT2, Class M2 | Series 2006-OPT2, Class M2 |
| (CME Term SOFR 1-Month plus 0.70%) | (CME Term SOFR 1-Month plus 0.70%) | (CME Term SOFR 1-Month plus 0.70%) | (CME Term SOFR 1-Month plus 0.70%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02% | 01/25/36<sup>3</sup> | 139886 | 138535 |
| IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
| Series 2004-AR6, Class 6A1 | Series 2004-AR6, Class 6A1 | Series 2004-AR6, Class 6A1 | Series 2004-AR6, Class 6A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% | 10/25/34<sup>4</sup> | 65050 | 61081 |
| JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| Series 2005-A2, Class 9A1 | Series 2005-A2, Class 9A1 | Series 2005-A2, Class 9A1 | Series 2005-A2, Class 9A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 04/25/35<sup>4</sup> | 28431 | 28018 |
| MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |
| Series 2004-12, Class 5A1 | Series 2004-12, Class 5A1 | Series 2004-12, Class 5A1 | Series 2004-12, Class 5A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.82% | 10/25/34<sup>4</sup> | 7451 | 7227 |
| MASTR Seasoned Securitization Trust, | MASTR Seasoned Securitization Trust, | MASTR Seasoned Securitization Trust, | MASTR Seasoned Securitization Trust, |
| Series 2004-1, Class 4A1 | Series 2004-1, Class 4A1 | Series 2004-1, Class 4A1 | Series 2004-1, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56% | 10/25/32<sup>4</sup> | 13581 | 13346 |
| Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| Series 2003-A1, Class 2A | Series 2003-A1, Class 2A | Series 2003-A1, Class 2A | Series 2003-A1, Class 2A |
| (CME Term SOFR 12-Month plus 2.34%) | (CME Term SOFR 12-Month plus 2.34%) | (CME Term SOFR 12-Month plus 2.34%) | (CME Term SOFR 12-Month plus 2.34%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.48% | 12/25/32<sup>3</sup> | 85077 | 85162 |
| MortgageIT Trust, | MortgageIT Trust, | MortgageIT Trust, | MortgageIT Trust, |
| Series 2005-1, Class 1A1 | Series 2005-1, Class 1A1 | Series 2005-1, Class 1A1 | Series 2005-1, Class 1A1 |
| (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07% | 02/25/35<sup>3</sup> | 216291 | 218974 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 126

------

#### Ultra Short Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
| Ownit Mortgage Loan Trust, | Ownit Mortgage Loan Trust, | Ownit Mortgage Loan Trust, | Ownit Mortgage Loan Trust, |
| Series 2006-3, Class A2D | Series 2006-3, Class A2D | Series 2006-3, Class A2D | Series 2006-3, Class A2D |
| (CME Term SOFR 1-Month plus 0.38%) | (CME Term SOFR 1-Month plus 0.38%) | (CME Term SOFR 1-Month plus 0.38%) | (CME Term SOFR 1-Month plus 0.38%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 03/25/37<sup>3</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308014 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296940 |
| Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, | Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, | Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, |  |
| Series 2004-WHQ2, Class M4 | Series 2004-WHQ2, Class M4 | Series 2004-WHQ2, Class M4 | Series 2004-WHQ2, Class M4 |
| (CME Term SOFR 1-Month plus 1.69%) | (CME Term SOFR 1-Month plus 1.69%) | (CME Term SOFR 1-Month plus 1.69%) | (CME Term SOFR 1-Month plus 1.69%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01% | 02/25/35<sup>3</sup> | 199749 | 196330 |
| Residential Asset Mortgage Products Trust, | Residential Asset Mortgage Products Trust, | Residential Asset Mortgage Products Trust, | Residential Asset Mortgage Products Trust, |
| Series 2004-SL1, Class A2 | Series 2004-SL1, Class A2 | Series 2004-SL1, Class A2 | Series 2004-SL1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 11/25/31 | 33966 | 10986 |
| Residential Asset Securities Corp., | Residential Asset Securities Corp., | Residential Asset Securities Corp., | Residential Asset Securities Corp., |
| Series 2006-KS3, Class M1 | Series 2006-KS3, Class M1 | Series 2006-KS3, Class M1 | Series 2006-KS3, Class M1 |
| (CME Term SOFR 1-Month plus 0.44%) | (CME Term SOFR 1-Month plus 0.44%) | (CME Term SOFR 1-Month plus 0.44%) | (CME Term SOFR 1-Month plus 0.44%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93% | 04/25/36<sup>3</sup> | 110690 | 109742 |
| Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
| Series 2004-IP2, Class 2A1 | Series 2004-IP2, Class 2A1 | Series 2004-IP2, Class 2A1 | Series 2004-IP2, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.97% | 12/25/34<sup>4</sup> | 46151 | 41898 |
| Soundview Home Loan Trust, | Soundview Home Loan Trust, | Soundview Home Loan Trust, | Soundview Home Loan Trust, |
| Series 2005-OPT1, Class M2 | Series 2005-OPT1, Class M2 | Series 2005-OPT1, Class M2 | Series 2005-OPT1, Class M2 |
| (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) | (CME Term SOFR 1-Month plus 0.79%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11% | 06/25/35<sup>3</sup> | 129024 | 127775 |
| Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, |
| Series 2005-HE3, Class M1 | Series 2005-HE3, Class M1 | Series 2005-HE3, Class M1 | Series 2005-HE3, Class M1 |
| (CME Term SOFR 1-Month plus 0.83%) | (CME Term SOFR 1-Month plus 0.83%) | (CME Term SOFR 1-Month plus 0.83%) | (CME Term SOFR 1-Month plus 0.83%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 09/25/35<sup>3</sup> | 1491 | 1488 |
| Terwin Mortgage Trust, | Terwin Mortgage Trust, | Terwin Mortgage Trust, | Terwin Mortgage Trust, |
| Series 2006-5, Class 1A2B | Series 2006-5, Class 1A2B | Series 2006-5, Class 1A2B | Series 2006-5, Class 1A2B |
| (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% | 07/25/37<sup>1,3</sup> | 85323 | 85121 |
| WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
| Series 2003-AR6, Class A1 | Series 2003-AR6, Class A1 | Series 2003-AR6, Class A1 | Series 2003-AR6, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.26% | 06/25/33<sup>4</sup> | 16665 | 16382 |
| WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
| Series 2005-4, Class CB13 | Series 2005-4, Class CB13 | Series 2005-4, Class CB13 | Series 2005-4, Class CB13 |
| (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93% | 06/25/35<sup>3</sup> | 64628 | 55719 |
|  |  |  | 2976029 |
| **U.S. Agency Commercial Mortgage-Backed — 1.31%** | **U.S. Agency Commercial Mortgage-Backed — 1.31%** | **U.S. Agency Commercial Mortgage-Backed — 1.31%** | **U.S. Agency Commercial Mortgage-Backed — 1.31%** |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series KJ34, Class A1 | Series KJ34, Class A1 | Series KJ34, Class A1 | Series KJ34, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68% | 06/25/26 | 27857 | 27491 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series KS07, Class X (IO) | Series KS07, Class X (IO) | Series KS07, Class X (IO) | Series KS07, Class X (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59% | 09/25/25<sup>4</sup> | 6676711 | 17752 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series Q004, Class AFL | Series Q004, Class AFL | Series Q004, Class AFL | Series Q004, Class AFL |
| (Federal Reserve US 12-Month Cumulative Average plus | (Federal Reserve US 12-Month Cumulative Average plus | (Federal Reserve US 12-Month Cumulative Average plus |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31% | 05/25/44<sup>3</sup> | 82623 | 82621 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series Q010, Class APT1 | Series Q010, Class APT1 | Series Q010, Class APT1 | Series Q010, Class APT1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.94% | 04/25/46<sup>4</sup> | 26912 | 27145 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **U.S. Agency Commercial Mortgage-Backed (continued)** | **U.S. Agency Commercial Mortgage-Backed (continued)** | **U.S. Agency Commercial Mortgage-Backed (continued)** | **U.S. Agency Commercial Mortgage-Backed (continued)** |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2008-92, Class E | Series 2008-92, Class E | Series 2008-92, Class E | Series 2008-92, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56% | 03/16/44<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36536 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2011-165, Class IO (IO) | Series 2011-165, Class IO (IO) | Series 2011-165, Class IO (IO) | Series 2011-165, Class IO (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 10/16/51<sup>4</sup> | 2005050 | 20 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2012-135, Class IO (IO) | Series 2012-135, Class IO (IO) | Series 2012-135, Class IO (IO) | Series 2012-135, Class IO (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34% | 01/16/53<sup>4</sup> | 1502303 | 17148 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2014-157, Class C | Series 2014-157, Class C | Series 2014-157, Class C | Series 2014-157, Class C |
| 3.15% | 10/16/54<sup>4</sup> | 410796 | 397680 |
|  |  |  | 606393 |
| **U.S. Agency Mortgage-Backed — 28.32%** | **U.S. Agency Mortgage-Backed — 28.32%** | **U.S. Agency Mortgage-Backed — 28.32%** |  |
| Fannie Mae Pool 254548 | Fannie Mae Pool 254548 | Fannie Mae Pool 254548 | Fannie Mae Pool 254548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 12/01/32 | 32021 | 32742 |
| Fannie Mae Pool 555098 | Fannie Mae Pool 555098 | Fannie Mae Pool 555098 | Fannie Mae Pool 555098 |
| (RFUCCT1Y plus 1.63%) | (RFUCCT1Y plus 1.63%) | (RFUCCT1Y plus 1.63%) | (RFUCCT1Y plus 1.63%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.61% | 11/01/32<sup>3</sup> | 3959 | 3986 |
| Fannie Mae Pool 555424 | Fannie Mae Pool 555424 | Fannie Mae Pool 555424 | Fannie Mae Pool 555424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/01/33 | 22350 | 22905 |
| Fannie Mae Pool 655133 | Fannie Mae Pool 655133 | Fannie Mae Pool 655133 | Fannie Mae Pool 655133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 08/01/32 | 4193 | 4423 |
| Fannie Mae Pool 655151 | Fannie Mae Pool 655151 | Fannie Mae Pool 655151 | Fannie Mae Pool 655151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 08/01/32 | 2679 | 2826 |
| Fannie Mae Pool 762525 | Fannie Mae Pool 762525 | Fannie Mae Pool 762525 | Fannie Mae Pool 762525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 11/01/33 | 6942 | 7288 |
| Fannie Mae Pool 770900 | Fannie Mae Pool 770900 | Fannie Mae Pool 770900 | Fannie Mae Pool 770900 |
| (RFUCCT1Y plus 1.55%) | (RFUCCT1Y plus 1.55%) | (RFUCCT1Y plus 1.55%) | (RFUCCT1Y plus 1.55%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.93% | 04/01/34<sup>3</sup> | 38294 | 38606 |
| Fannie Mae Pool AE0443 | Fannie Mae Pool AE0443 | Fannie Mae Pool AE0443 | Fannie Mae Pool AE0443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 10/01/39 | 30392 | 32409 |
| Fannie Mae Pool AL0851 | Fannie Mae Pool AL0851 | Fannie Mae Pool AL0851 | Fannie Mae Pool AL0851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/01/40 | 25705 | 27014 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2001-42, Class SB | Series 2001-42, Class SB | Series 2001-42, Class SB | Series 2001-42, Class SB |
| (-16.00 X SOFR30A plus 126.17%, 8.50% Cap) | (-16.00 X SOFR30A plus 126.17%, 8.50% Cap) | (-16.00 X SOFR30A plus 126.17%, 8.50% Cap) | (-16.00 X SOFR30A plus 126.17%, 8.50% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 09/25/31<sup>3</sup> | 373 | 377 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2001-60, Class OF | Series 2001-60, Class OF | Series 2001-60, Class OF | Series 2001-60, Class OF |
| (SOFR30A plus 1.06%) | (SOFR30A plus 1.06%) | (SOFR30A plus 1.06%) | (SOFR30A plus 1.06%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 10/25/31<sup>3</sup> | 29269 | 29448 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2002-30, Class FB | Series 2002-30, Class FB | Series 2002-30, Class FB | Series 2002-30, Class FB |
| (SOFR30A plus 1.11%) | (SOFR30A plus 1.11%) | (SOFR30A plus 1.11%) | (SOFR30A plus 1.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 08/25/31<sup>3</sup> | 23938 | 24023 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2003-124, Class TS | Series 2003-124, Class TS | Series 2003-124, Class TS | Series 2003-124, Class TS |
| (-14.00 X SOFR30A plus 99.20%, 9.80% Cap) | (-14.00 X SOFR30A plus 99.20%, 9.80% Cap) | (-14.00 X SOFR30A plus 99.20%, 9.80% Cap) | (-14.00 X SOFR30A plus 99.20%, 9.80% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.80% | 01/25/34<sup>3</sup> | 4906 | 5237 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2004-60, Class FW | Series 2004-60, Class FW | Series 2004-60, Class FW | Series 2004-60, Class FW |
| (SOFR30A plus 0.56%) | (SOFR30A plus 0.56%) | (SOFR30A plus 0.56%) | (SOFR30A plus 0.56%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 04/25/34<sup>3</sup> | 30755 | 30819 |

---

*See accompanying Notes to Financial Statements.*

127 / Annual Financial Statements March 2025

------

#### Ultra Short Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |  |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2004-96, Class MT | Series 2004-96, Class MT | Series 2004-96, Class MT |
| (-17.50 X SOFR30A plus 123.12%, 7.00% Cap) | (-17.50 X SOFR30A plus 123.12%, 7.00% Cap) | (-17.50 X SOFR30A plus 123.12%, 7.00% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%<br>12/25/34<sup>3</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10674 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2005-73, Class DF | Series 2005-73, Class DF | Series 2005-73, Class DF |
| (SOFR30A plus 0.36%) | (SOFR30A plus 0.36%) | (SOFR30A plus 0.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%<br>08/25/35<sup>3</sup> | 35124 | 34830 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2007-68, Class SC (IO) | Series 2007-68, Class SC (IO) | Series 2007-68, Class SC (IO) |
| (-1.00 X SOFR30A plus 6.59%, 6.70% Cap) | (-1.00 X SOFR30A plus 6.59%, 6.70% Cap) | (-1.00 X SOFR30A plus 6.59%, 6.70% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%<br>07/25/37<sup>3</sup> | 39950 | 4230 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2010-109, Class PF | Series 2010-109, Class PF | Series 2010-109, Class PF |
| (SOFR30A plus 0.51%) | (SOFR30A plus 0.51%) | (SOFR30A plus 0.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%<br>10/25/40<sup>3</sup> | 22886 | 22721 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2010-26, Class S (IO) | Series 2010-26, Class S (IO) | Series 2010-26, Class S (IO) |
| (-1.00 X SOFR30A plus 6.12%, 6.23% Cap) | (-1.00 X SOFR30A plus 6.12%, 6.23% Cap) | (-1.00 X SOFR30A plus 6.12%, 6.23% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.78%<br>11/25/36<sup>3</sup> | 132119 | 11651 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2010-95, Class FB | Series 2010-95, Class FB | Series 2010-95, Class FB |
| (SOFR30A plus 0.51%) | (SOFR30A plus 0.51%) | (SOFR30A plus 0.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%<br>09/25/40<sup>3</sup> | 22209 | 22057 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2011-47, Class GF | Series 2011-47, Class GF | Series 2011-47, Class GF |
| (SOFR30A plus 0.68%) | (SOFR30A plus 0.68%) | (SOFR30A plus 0.68%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02%<br>06/25/41<sup>3</sup> | 456223 | 455162 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2018-79, Class FA | Series 2018-79, Class FA | Series 2018-79, Class FA |
| (SOFR30A plus 0.36%) | (SOFR30A plus 0.36%) | (SOFR30A plus 0.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%<br>11/25/48<sup>3</sup> | 32707 | 32208 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2019-79, Class FA | Series 2019-79, Class FA | Series 2019-79, Class FA |
| (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%<br>01/25/50<sup>3</sup> | 83188 | 82361 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2020-10, Class FA | Series 2020-10, Class FA | Series 2020-10, Class FA |
| (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%<br>03/25/50<sup>3</sup> | 232511 | 229711 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2024-73, Class FB | Series 2024-73, Class FB | Series 2024-73, Class FB |
| (SOFR30A plus 1.20%) | (SOFR30A plus 1.20%) | (SOFR30A plus 1.20%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%<br>10/25/54<sup>3</sup> | 496085 | 495332 |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
| Series 2368, Class AF | Series 2368, Class AF | Series 2368, Class AF |
| (SOFR30A plus 1.06%) | (SOFR30A plus 1.06%) | (SOFR30A plus 1.06%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%<br>10/15/31<sup>3</sup> | 24059 | 24197 |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
| Series 2733, Class FB | Series 2733, Class FB | Series 2733, Class FB |
| (SOFR30A plus 0.71%) | (SOFR30A plus 0.71%) | (SOFR30A plus 0.71%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06%<br>10/15/33<sup>3</sup> | 207766 | 207967 |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
| Series 3085, Class FW | Series 3085, Class FW | Series 3085, Class FW |
| (SOFR30A plus 0.81%) | (SOFR30A plus 0.81%) | (SOFR30A plus 0.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16%<br>08/15/35<sup>3</sup> | 151073 | 151667 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |  |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
| Series 3300, Class FA | Series 3300, Class FA | Series 3300, Class FA | Series 3300, Class FA |
| (SOFR30A plus 0.41%) | (SOFR30A plus 0.41%) | (SOFR30A plus 0.41%) | (SOFR30A plus 0.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76% | 08/15/35<sup>3</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139101 |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
| Series 3325, Class NF | Series 3325, Class NF | Series 3325, Class NF | Series 3325, Class NF |
| (SOFR30A plus 0.41%) | (SOFR30A plus 0.41%) | (SOFR30A plus 0.41%) | (SOFR30A plus 0.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76% | 08/15/35<sup>3</sup> | 28244 | 27943 |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
| Series 3895, Class BF | Series 3895, Class BF | Series 3895, Class BF | Series 3895, Class BF |
| (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96% | 07/15/41<sup>3</sup> | 90710 | 90037 |
| Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
| Series 263, Class F5 | Series 263, Class F5 | Series 263, Class F5 | Series 263, Class F5 |
| (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) | (SOFR30A plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96% | 06/15/42<sup>3</sup> | 121892 | 120843 |
| Ginnie Mae (TBA) | Ginnie Mae (TBA) | Ginnie Mae (TBA) | Ginnie Mae (TBA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/20/55 | 250000 | 234101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/20/55 | 450000 | 431828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/20/55 | 550000 | 541039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/20/55 | 300000 | 300629 |
| Ginnie Mae II Pool 80546 | Ginnie Mae II Pool 80546 | Ginnie Mae II Pool 80546 | Ginnie Mae II Pool 80546 |
| (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 10/20/31<sup>3</sup> | 2782 | 2799 |
| Ginnie Mae II Pool 80610 | Ginnie Mae II Pool 80610 | Ginnie Mae II Pool 80610 | Ginnie Mae II Pool 80610 |
| (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 06/20/32<sup>3</sup> | 42030 | 42596 |
| Ginnie Mae II Pool 80614 | Ginnie Mae II Pool 80614 | Ginnie Mae II Pool 80614 | Ginnie Mae II Pool 80614 |
| (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 07/20/32<sup>3</sup> | 3644 | 3671 |
| Ginnie Mae II Pool 80687 | Ginnie Mae II Pool 80687 | Ginnie Mae II Pool 80687 | Ginnie Mae II Pool 80687 |
| (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 04/20/33<sup>3</sup> | 34804 | 35108 |
| Ginnie Mae II Pool 8684 | Ginnie Mae II Pool 8684 | Ginnie Mae II Pool 8684 | Ginnie Mae II Pool 8684 |
| (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 08/20/25<sup>3</sup> | 615 | 613 |
| Ginnie Mae II Pool MA0331 | Ginnie Mae II Pool MA0331 | Ginnie Mae II Pool MA0331 | Ginnie Mae II Pool MA0331 |
| (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 1.50%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 08/20/42<sup>3</sup> | 32659 | 33347 |
| Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/54 | 247572 | 237663 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2004-2, Class FW | Series 2004-2, Class FW | Series 2004-2, Class FW | Series 2004-2, Class FW |
| (CME Term SOFR 1-Month plus 1.51%) | (CME Term SOFR 1-Month plus 1.51%) | (CME Term SOFR 1-Month plus 1.51%) | (CME Term SOFR 1-Month plus 1.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84% | 01/16/34<sup>3</sup> | 194302 | 195723 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2009-92, Class FC | Series 2009-92, Class FC | Series 2009-92, Class FC | Series 2009-92, Class FC |
| (CME Term SOFR 1-Month plus 0.91%) | (CME Term SOFR 1-Month plus 0.91%) | (CME Term SOFR 1-Month plus 0.91%) | (CME Term SOFR 1-Month plus 0.91%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23% | 10/16/39<sup>3</sup> | 48771 | 49138 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 128

------

#### Ultra Short Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |  |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2010-19, Class FD | Series 2010-19, Class FD | Series 2010-19, Class FD | Series 2010-19, Class FD |
| (CME Term SOFR 1-Month plus 0.56%) | (CME Term SOFR 1-Month plus 0.56%) | (CME Term SOFR 1-Month plus 0.56%) | (CME Term SOFR 1-Month plus 0.56%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 07/16/39<sup>3</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2011-70, Class IL (IO) | Series 2011-70, Class IL (IO) | Series 2011-70, Class IL (IO) | Series 2011-70, Class IL (IO) |
| (-1.00 X CME Term SOFR 1-Month plus 6.99%, 0.60% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.99%, 0.60% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.99%, 0.60% Cap) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% | 06/16/37<sup>3</sup> | 777553 | 14473 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2023-113, Class FD | Series 2023-113, Class FD | Series 2023-113, Class FD | Series 2023-113, Class FD |
| (SOFR30A plus 1.35%) | (SOFR30A plus 1.35%) | (SOFR30A plus 1.35%) | (SOFR30A plus 1.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69% | 08/20/53<sup>3</sup> | 412471 | 415296 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2024-143, Class FB | Series 2024-143, Class FB | Series 2024-143, Class FB | Series 2024-143, Class FB |
| (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49% | 09/20/54<sup>3</sup> | 429217 | 425483 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2024-144, Class FD | Series 2024-144, Class FD | Series 2024-144, Class FD | Series 2024-144, Class FD |
| (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) | (SOFR30A plus 1.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49% | 09/20/54<sup>3</sup> | 506368 | 507020 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2024-148, Class AF | Series 2024-148, Class AF | Series 2024-148, Class AF | Series 2024-148, Class AF |
| (SOFR30A plus 1.18%) | (SOFR30A plus 1.18%) | (SOFR30A plus 1.18%) | (SOFR30A plus 1.18%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52% | 09/20/54<sup>3</sup> | 508156 | 509354 |
| UMBS (TBA) | UMBS (TBA) | UMBS (TBA) | UMBS (TBA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/40 | 650000 | 625515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/01/40 | 1125000 | 1096224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/01/55 | 525000 | 488474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/01/40 | 1650000 | 1635449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/01/55 | 625000 | 597883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/40 | 1600000 | 1608728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/55 | 450000 | 441075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/01/55 | 250000 | 249685 |
|  |  |  | 13148655 |
| **Total Mortgage-Backed** | **Total Mortgage-Backed** | **Total Mortgage-Backed** |  |
| (Cost $19,842,627) | (Cost $19,842,627) | (Cost $19,842,627) | 19629709 |
| **MUNICIPAL BONDS — 0.20%\*** | **MUNICIPAL BONDS — 0.20%\*** | **MUNICIPAL BONDS — 0.20%\*** |  |
| **Massachusetts — 0.20%** | **Massachusetts — 0.20%** | **Massachusetts — 0.20%** |  |
| Commonwealth of Massachusetts Revenue Bonds, Series B | Commonwealth of Massachusetts Revenue Bonds, Series B | Commonwealth of Massachusetts Revenue Bonds, Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11% | 07/15/31 | 94203 | 93115 |
| **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |
| (Cost $92,291) | (Cost $92,291) | (Cost $92,291) | (Cost $92,291) |
| **U.S. TREASURY SECURITIES — 35.44%** | **U.S. TREASURY SECURITIES — 35.44%** | **U.S. TREASURY SECURITIES — 35.44%** | **U.S. TREASURY SECURITIES — 35.44%** |
| **U.S. Agency Discount Notes — 3.70%** | **U.S. Agency Discount Notes — 3.70%** | **U.S. Agency Discount Notes — 3.70%** | **U.S. Agency Discount Notes — 3.70%** |
| U.S. International Development Finance Corp., | U.S. International Development Finance Corp., | U.S. International Development Finance Corp., | U.S. International Development Finance Corp., |
| Series 2 | Series 2 | Series 2 | Series 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.49% | 08/15/31 | 1883243 | 1715540 |
| **U.S. Treasury Notes — 31.74%** | **U.S. Treasury Notes — 31.74%** | **U.S. Treasury Notes — 31.74%** | **U.S. Treasury Notes — 31.74%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/27 | 13015000 | 13010425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/15/28 | 750000 | 749912 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **U.S. TREASURY SECURITIES (continued)** | **U.S. TREASURY SECURITIES (continued)** | **U.S. TREASURY SECURITIES (continued)** | **U.S. TREASURY SECURITIES (continued)** |
| **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976942 |
|  |  |  | 14737279 |
| **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |  |
| (Cost $16,604,558) | (Cost $16,604,558) | (Cost $16,604,558) | 16452819 |
| **Total Bonds — 115.58%** | **Total Bonds — 115.58%** | **Total Bonds — 115.58%** |  |
| (Cost $53,814,402) | (Cost $53,814,402) | (Cost $53,814,402) | 53660377 |
| Issues |  | Shares | Value |
| **Purchased Swaptions - 0.02%** | **Purchased Swaptions - 0.02%** | **Purchased Swaptions - 0.02%** | **Purchased Swaptions - 0.02%** |
| (Cost $20,448) | (Cost $20,448) | (Cost $20,448) | 9190 |
| Issues |  | Principal<br> Amount/Shares | Value |
| **SHORT-TERM INVESTMENTS — 3.24%** | **SHORT-TERM INVESTMENTS — 3.24%** | **SHORT-TERM INVESTMENTS — 3.24%** | **SHORT-TERM INVESTMENTS — 3.24%** |
| **Money Market Funds — 3.24%** | **Money Market Funds — 3.24%** | **Money Market Funds — 3.24%** | **Money Market Funds — 3.24%** |
| Fidelity Investments Money Market Funds - Government Portfolio | Fidelity Investments Money Market Funds - Government Portfolio | Fidelity Investments Money Market Funds - Government Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%<sup>6</sup> |  | 155056 | 155056 |
| TCW Central Cash Fund | TCW Central Cash Fund | TCW Central Cash Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%<sup>6,7</sup> |  | 1349875 | 1349875 |
| **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** |
| (Cost $1,504,931) | (Cost $1,504,931) | (Cost $1,504,931) | 1504931 |
| **Total Investments - 118.84%** | **Total Investments - 118.84%** | **Total Investments - 118.84%** | **Total Investments - 118.84%** |
| (Cost $55,339,781) | (Cost $55,339,781) | (Cost $55,339,781) | 55174498 |
| **Liabilities in Excess of Other Assets - (18.84)%** | **Liabilities in Excess of Other Assets - (18.84)%** | **Liabilities in Excess of Other Assets - (18.84)%** | (8748026) |
| **Net Assets - 100.00%** | **Net Assets - 100.00%** | **Net Assets - 100.00%** | $46426472 |

---

<sup>1</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

<sup>2</sup> Foreign denominated security issued by foreign domiciled entity.

<sup>3</sup> Floating rate security. The rate disclosed was in effect at March 31, 2025.

<sup>4</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

<sup>5</sup> Zero coupon bond. The rate shown is the effective yield as of March 31, 2025.

<sup>6</sup> Represents the current yield as of March 31, 2025.

<sup>7</sup> Affiliated investment.

<sup>\*</sup> Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

<sup>\*</sup><sup>\*</sup> Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

*See accompanying Notes to Financial Statements.*

129 / Annual Financial Statements March 2025

------

#### Ultra Short Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025
Note: For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CLO): Collateralized Loan Obligation

(EUR): Euro

(GMTN): Global Medium-Term Note

(IO): Interest Only

(MTN): Medium-Term Note

(REIT): Real Estate Investment Trust

(RFUCCT): Refinitiv USD IBOR Consumer Cash Fallback

(SOFR): Secured Overnight Financing Rate

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency to<br> be Purchased | Currency to<br>be Sold | Counterparty | Settlement<br>Date | Unrealized<br> Appreciation<br> (Depreciation) |
|  **FOREIGN CURRENCY EXCHANGE CONTRACT** | **FOREIGN CURRENCY EXCHANGE CONTRACT** |  |  |  |
|  EUR 144,100 | USD 155,614 | Citibank N.A. | 04/11/25 | $136 |
|  USD 150,161 | EUR 144,100 | Citibank N.A. | 04/11/25 | (5589) |
|  USD 156,426 | EUR 144,100 | Citibank N.A. | 07/11/25 | (134) |
|  |  |  |  | (5723) |
|  **NET UNREALIZED DEPRECIATION** | **NET UNREALIZED DEPRECIATION** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5587) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Value | Unrealized<br> Appreciation<br>(Depreciation) |
|  **FUTURES CONTRACTS: LONG POSITIONS** | **FUTURES CONTRACTS: LONG POSITIONS** |  |  |  |  |
|  U.S. Treasury Two-Year Note | 93 | 06/30/25 | $19266985 | $87650 | $87650 |
|  **FUTURES CONTRACTS: SHORT POSITIONS** | **FUTURES CONTRACTS: SHORT POSITIONS** |  |  |  |  |
|  U.S. Treasury Five-Year Note | 60 | 06/30/25 | (6489375) | (95257) | (95257) |
|  U.S. Treasury Ten-Year Ultra Bond | 17 | 06/18/25 | (1940125) | (27356) | (27356) |
|  U.S. Treasury Ultra Bond | 6 | 06/18/25 | (733500) | (18336) | (18336) |
|  Euro-Schatz Future | 1 | 06/06/25 | (115533) | (93) | (93) |
|  |  |  | (9278533) | (141042) | (141042) |
|  **TOTAL FUTURES CONTRACTS** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9988452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53392) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53392) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Fund | Received by the<br>Fund | Received by the<br>Fund | Paid by the Fund | Paid by the Fund | | | | |
| Description | Counterparty | Maturity<br> Date | Rate | Frequency | Rate | Frequency | Notional<br> Amount | Value | Premiums<br> Paid | Unrealized<br> (Depreciation) |
| **PURCHASED SWAPTIONS** | **PURCHASED SWAPTIONS** | **PURCHASED SWAPTIONS** |  |  |  |  |  |  |  |  |
|  Option to enter into | Option to enter into | Option to enter into | CME |  |  |  |  |  |  |  |
|  a 2-year Interest | a 2-year Interest | a 2-year Interest | Term |  |  |  |  |  |  |  |
|  Rate Swap | Morgan Stanley | 01/30/26 | SOFR | Annually | 4.46 | Annually | $2525000 | $4344 | $10289 | $(5945) |
|  Option to enter into | Option to enter into | Option to enter into | CME |  |  |  |  |  |  |  |
|  a 5-year Interest | a 5-year Interest | a 5-year Interest | Term |  |  |  |  |  |  |  |
|  Rate Swap | JPMorgan Chase | 01/30/26 | SOFR | Annually | 4.52 | Annually | 1075000 | 4846 | 10159 | (5313) |
| **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** | **TOTAL PURCHASED SWAPTIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20448 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11258) |

---

*See accompanying Notes to Financial Statements.* 

Annual Financial Statements March 2025 / 130

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount | Value |
| **BONDS – 97.98%** | **BONDS – 97.98%** | **BONDS – 97.98%** |
| **ASSET-BACKED SECURITIES — 12.10%\*\*** | **ASSET-BACKED SECURITIES — 12.10%\*\*** | **ASSET-BACKED SECURITIES — 12.10%\*\*** |
| 321 Henderson Receivables VI LLC, | 321 Henderson Receivables VI LLC, | 321 Henderson Receivables VI LLC, |
| Series 2010-1A, Class B | Series 2010-1A, Class B | Series 2010-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.31%<br>07/15/61<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88530 |
| ALLO Issuer LLC, | ALLO Issuer LLC, | ALLO Issuer LLC, |
| Series 2023-1A, Class C | Series 2023-1A, Class C | Series 2023-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.18%<br>06/20/53<sup>1</sup> | 3700000 | 4004057 |
| ALLO Issuer LLC, | ALLO Issuer LLC, | ALLO Issuer LLC, |
| Series 2024-1A, Class C | Series 2024-1A, Class C | Series 2024-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.19%<br>07/20/54<sup>1</sup> | 1200000 | 1304450 |
| AMSR Trust, | AMSR Trust, | AMSR Trust, |
| Series 2020-SFR3, Class H | Series 2020-SFR3, Class H | Series 2020-SFR3, Class H |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%<br>09/17/37<sup>1</sup> | 6000000 | 5988446 |
| AMSR Trust, | AMSR Trust, | AMSR Trust, |
| Series 2022-SFR3, Class E1 | Series 2022-SFR3, Class E1 | Series 2022-SFR3, Class E1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%<br>10/17/39<sup>1</sup> | 10000000 | 9623183 |
| Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| Series 2021-2A, Class D | Series 2021-2A, Class D | Series 2021-2A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08%<br>02/20/28<sup>1</sup> | 8500000 | 8055789 |
| Bayview Opportunity Master Fund | Bayview Opportunity Master Fund | Bayview Opportunity Master Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.36%<br>06/25/47<sup>1,2,3,4</sup> | 6293660 | 6410420 |
| Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |
| Series 2021-N3, Class R | Series 2021-N3, Class R | Series 2021-N3, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<br>06/12/28<sup>1</sup> | 19250 | 1246122 |
| Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |
| Series 2021-N4, Class R | Series 2021-N4, Class R | Series 2021-N4, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<br>09/12/28<sup>1</sup> | 26800 | 988991 |
| Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |
| Series 2021-P4, Class R | Series 2021-P4, Class R | Series 2021-P4, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<br>09/11/28<sup>1</sup> | 14200 | 2215698 |
| Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |
| Series 2022-N1, Class R | Series 2022-N1, Class R | Series 2022-N1, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<br>12/11/28<sup>1</sup> | 71000 | 4105048 |
| Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |
| Series 2022-P2, Class R | Series 2022-P2, Class R | Series 2022-P2, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<br>05/10/29<sup>1</sup> | 54850 | 6898804 |
| Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |
| Series 2023-P3, Class R | Series 2023-P3, Class R | Series 2023-P3, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<br>08/12/30<sup>1</sup> | 16200 | 2278054 |
| CIFC Funding 2014 Ltd., | CIFC Funding 2014 Ltd., | CIFC Funding 2014 Ltd., |
| Series 2014-1A, Class BR2 | Series 2014-1A, Class BR2 | Series 2014-1A, Class BR2 |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| (CME Term SOFR 3-Month plus 1.66%) | (CME Term SOFR 3-Month plus 1.66%) | (CME Term SOFR 3-Month plus 1.66%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%<br>01/18/31<sup>1,4,5</sup> | 8525000 | 8538955 |
| CIFC Funding Ltd., | CIFC Funding Ltd., | CIFC Funding Ltd., |
| Series 2014-4RA, Class CRR | Series 2014-4RA, Class CRR | Series 2014-4RA, Class CRR |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| (CME Term SOFR 3-Month plus 2.60%) | (CME Term SOFR 3-Month plus 2.60%) | (CME Term SOFR 3-Month plus 2.60%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.91%<br>01/17/35<sup>1,4,5</sup> | 6300000 | 6282045 |
| CIT Education Loan Trust, | CIT Education Loan Trust, | CIT Education Loan Trust, |
| Series 2007-1, Class B | Series 2007-1, Class B | Series 2007-1, Class B |
| (SOFR90A plus 0.56%) | (SOFR90A plus 0.56%) | (SOFR90A plus 0.56%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.92%<br>06/25/42<sup>1,4</sup> | 859297 | 805961 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount | Value |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Clover CLO LLC, | Clover CLO LLC, | Clover CLO LLC, |
| Series 2018-1A, Class B1RR | Series 2018-1A, Class B1RR | Series 2018-1A, Class B1RR |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| (CME Term SOFR 3-Month plus 1.95%) | (CME Term SOFR 3-Month plus 1.95%) | (CME Term SOFR 3-Month plus 1.95%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.24%<br>04/20/37<sup>1,4,5</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9305422 |
| CoreVest American Finance Trust, | CoreVest American Finance Trust, | CoreVest American Finance Trust, |
| Series 2019-3, Class XA (IO) | Series 2019-3, Class XA (IO) | Series 2019-3, Class XA (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01%<br>10/15/52<sup>1,6</sup> | 864006 | 6852 |
| CoreVest American Finance Trust, | CoreVest American Finance Trust, | CoreVest American Finance Trust, |
| Series 2020-1, Class A2 | Series 2020-1, Class A2 | Series 2020-1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%<br>03/15/50<sup>1</sup> | 3025884 | 2813196 |
| CoreVest American Finance Trust, | CoreVest American Finance Trust, | CoreVest American Finance Trust, |
| Series 2020-4, Class XA (IO) | Series 2020-4, Class XA (IO) | Series 2020-4, Class XA (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%<br>12/15/52<sup>1,6</sup> | 10918773 | 215596 |
| CoreVest American Finance Trust, | CoreVest American Finance Trust, | CoreVest American Finance Trust, |
| Series 2020-4, Class XB (IO) | Series 2020-4, Class XB (IO) | Series 2020-4, Class XB (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%<br>12/15/52<sup>1,6</sup> | 12500000 | 590742 |
| CoreVest American Finance Trust, | CoreVest American Finance Trust, | CoreVest American Finance Trust, |
| Series 2021-3, Class XA (IO) | Series 2021-3, Class XA (IO) | Series 2021-3, Class XA (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%<br>10/15/54<sup>1,6</sup> | 56845263 | 1669261 |
| DataBank Issuer, | DataBank Issuer, | DataBank Issuer, |
| Series 2021-1A, Class A2 | Series 2021-1A, Class A2 | Series 2021-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.06%<br>02/27/51<sup>1</sup> | 6047860 | 5875580 |
| Elmwood CLO 30 Ltd., | Elmwood CLO 30 Ltd., | Elmwood CLO 30 Ltd., |
| Series 2024-6A, Class B | Series 2024-6A, Class B | Series 2024-6A, Class B |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| (CME Term SOFR 3-Month plus 1.75%) | (CME Term SOFR 3-Month plus 1.75%) | (CME Term SOFR 3-Month plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%<br>07/17/37<sup>1,4,5</sup> | 6000000 | 6002124 |
| Flexential Issuer, | Flexential Issuer, | Flexential Issuer, |
| Series 2021-1A, Class C | Series 2021-1A, Class C | Series 2021-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.93%<br>11/27/51<sup>1</sup> | 9755000 | 9683530 |
| FRTKL, | FRTKL, | FRTKL, |
| Series 2021-SFR1, Class G | Series 2021-SFR1, Class G | Series 2021-SFR1, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11%<br>09/17/38<sup>1</sup> | 9435000 | 8942574 |
| GBX Leasing, | GBX Leasing, | GBX Leasing, |
| Series 2022-1, Class A | Series 2022-1, Class A | Series 2022-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.87%<br>02/20/52<sup>1</sup> | 8844573 | 8228127 |
| Goal Capital Funding Trust, | Goal Capital Funding Trust, | Goal Capital Funding Trust, |
| Series 2006-1, Class B | Series 2006-1, Class B | Series 2006-1, Class B |
| (CME Term SOFR 3-Month plus 0.45%) | (CME Term SOFR 3-Month plus 0.45%) | (CME Term SOFR 3-Month plus 0.45%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%<br>08/25/42<sup>4</sup> | 155535 | 148852 |
| GoldenTree Loan Management U.S. CLO 20 Ltd., | GoldenTree Loan Management U.S. CLO 20 Ltd., | GoldenTree Loan Management U.S. CLO 20 Ltd., |
| Series 2024-20A, Class B | Series 2024-20A, Class B | Series 2024-20A, Class B |
| (United Kingdom) | (United Kingdom) | (United Kingdom) |
| (CME Term SOFR 3-Month plus 1.80%) | (CME Term SOFR 3-Month plus 1.80%) | (CME Term SOFR 3-Month plus 1.80%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.09%<br>07/20/37<sup>1,4,5</sup> | 5240000 | 5243123 |
| Hertz Vehicle Financing III LP, | Hertz Vehicle Financing III LP, | Hertz Vehicle Financing III LP, |
| Series 2021-2A, Class C | Series 2021-2A, Class C | Series 2021-2A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52%<br>12/27/27<sup>1</sup> | 5569500 | 5278676 |
| Hertz Vehicle Financing LLC, | Hertz Vehicle Financing LLC, | Hertz Vehicle Financing LLC, |
| Series 2022-4A, Class D | Series 2022-4A, Class D | Series 2022-4A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.56%<br>09/25/26<sup>1</sup> | 4532000 | 4528826 |
| Hotwire Funding LLC, | Hotwire Funding LLC, | Hotwire Funding LLC, |
| Series 2024-1A, Class A2 | Series 2024-1A, Class A2 | Series 2024-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89%<br>06/20/54<sup>1</sup> | 2445000 | 2491421 |

---

*See accompanying Notes to Financial Statements.* 

131 / Annual Financial Statements March 2025

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount | Value |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| HPS Loan Management Ltd., | HPS Loan Management Ltd., | HPS Loan Management Ltd., |
| Series 2024-20A, Class B1 | Series 2024-20A, Class B1 | Series 2024-20A, Class B1 |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| (CME Term SOFR 3-Month plus 1.85%) | (CME Term SOFR 3-Month plus 1.85%) | (CME Term SOFR 3-Month plus 1.85%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%<br>07/25/37<sup>1,4,5</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4858478 |
| Invesco U.S. CLO Ltd., | Invesco U.S. CLO Ltd., | Invesco U.S. CLO Ltd., |
| Series 2024-4A, Class SUB | Series 2024-4A, Class SUB | Series 2024-4A, Class SUB |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%<br>01/15/38<sup>1,5,6</sup> | 8000000 | 6264800 |
| Invesco U.S. CLO Ltd., | Invesco U.S. CLO Ltd., | Invesco U.S. CLO Ltd., |
| Series 2024-4A, Class Y | Series 2024-4A, Class Y | Series 2024-4A, Class Y |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<br>01/15/38<sup>1,5,6</sup> | 8000000 |  |
| Madison Park Funding XXXIX Ltd., | Madison Park Funding XXXIX Ltd., | Madison Park Funding XXXIX Ltd., |
| Series 2021-39A, Class BR | Series 2021-39A, Class BR | Series 2021-39A, Class BR |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| (CME Term SOFR 3-Month plus 1.75%) | (CME Term SOFR 3-Month plus 1.75%) | (CME Term SOFR 3-Month plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%<br>10/22/34<sup>1,4,5</sup> | 8000000 | 7982328 |
| Magnetite XIII Ltd., | Magnetite XIII Ltd., | Magnetite XIII Ltd., |
| Series 2024-42A, Class SUB | Series 2024-42A, Class SUB | Series 2024-42A, Class SUB |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%<br>01/25/38<sup>1,5,6</sup> | 6050000 | 5475970 |
| Magnetite XXI Ltd., | Magnetite XXI Ltd., | Magnetite XXI Ltd., |
| Series 2019-21A, Class BR | Series 2019-21A, Class BR | Series 2019-21A, Class BR |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| (CME Term SOFR 3-Month plus 1.61%) | (CME Term SOFR 3-Month plus 1.61%) | (CME Term SOFR 3-Month plus 1.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%<br>04/20/34<sup>1,4,5</sup> | 8000000 | 7961600 |
| MetroNet, | MetroNet, | MetroNet, |
| Series 2023-3, Class A | Series 2023-3, Class A | Series 2023-3, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.95%<br>04/20/53<sup>†,1,2,3</sup> | 2650000 | 2683130 |
| NCFA LLC-Loan Participation 1 | NCFA LLC-Loan Participation 1 | NCFA LLC-Loan Participation 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%<br>06/12/28<sup>†,2,3,4,5</sup> | 6719508 | 6719508 |
| NCFA LLC-Loan Participation 2 | NCFA LLC-Loan Participation 2 | NCFA LLC-Loan Participation 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%<br>12/19/27<sup>†,2,3</sup> | 5470000 | 5470000 |
| Nelnet Student Loan Trust, | Nelnet Student Loan Trust, | Nelnet Student Loan Trust, |
| Series 2006-2, Class B | Series 2006-2, Class B | Series 2006-2, Class B |
| (SOFR90A plus 0.46%) | (SOFR90A plus 0.46%) | (SOFR90A plus 0.46%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02%<br>01/25/38<sup>4</sup> | 2083625 | 1879102 |
| Owl Rock CLO XV LLC, | Owl Rock CLO XV LLC, | Owl Rock CLO XV LLC, |
| Series 2024-15A, Class A | Series 2024-15A, Class A | Series 2024-15A, Class A |
| (CME Term SOFR 3-Month plus 2.30%) | (CME Term SOFR 3-Month plus 2.30%) | (CME Term SOFR 3-Month plus 2.30%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.59%<br>01/20/36<sup>1,4</sup> | 4650000 | 4681657 |
| Palmer Square CLO Ltd., | Palmer Square CLO Ltd., | Palmer Square CLO Ltd., |
| Series 2024-3A, Class SUB | Series 2024-3A, Class SUB | Series 2024-3A, Class SUB |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<br>07/20/37<sup>1,5,6</sup> | 3975000 | 3502460 |
| Park Avenue Institutional Advisers CLO Ltd., | Park Avenue Institutional Advisers CLO Ltd., | Park Avenue Institutional Advisers CLO Ltd., |
| Series 2021-1A, Class A2 | Series 2021-1A, Class A2 | Series 2021-1A, Class A2 |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| (CME Term SOFR 3-Month plus 2.01%) | (CME Term SOFR 3-Month plus 2.01%) | (CME Term SOFR 3-Month plus 2.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%<br>01/20/34<sup>1,4,5</sup> | 4850000 | 4854661 |
| Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| Series 2021-SFR10, Class G | Series 2021-SFR10, Class G | Series 2021-SFR10, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%<br>12/17/40<sup>1</sup> | 3508184 | 3326706 |
| Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| Series 2021-SFR11, Class G | Series 2021-SFR11, Class G | Series 2021-SFR11, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%<br>01/17/39<sup>1</sup> | 3000000 | 2852426 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount | Value |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| Series 2021-SFR2, Class G | Series 2021-SFR2, Class G | Series 2021-SFR2, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%<br>04/19/38<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7956000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7917244 |
| Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| Series 2021-SFR8, Class G | Series 2021-SFR8, Class G | Series 2021-SFR8, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.01%<br>10/17/38<sup>1</sup> | 4886000 | 4748690 |
| Progress Residential, | Progress Residential, | Progress Residential, |
| Series 2021-SFR3, Class F | Series 2021-SFR3, Class F | Series 2021-SFR3, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44%<br>05/17/26<sup>1</sup> | 3700000 | 3621368 |
| Progress Residential, | Progress Residential, | Progress Residential, |
| Series 2021-SFR3, Class G | Series 2021-SFR3, Class G | Series 2021-SFR3, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%<br>05/17/26<sup>1</sup> | 15752000 | 15535949 |
| Rad CLO 22 Ltd., | Rad CLO 22 Ltd., | Rad CLO 22 Ltd., |
| Series 2023-22A, Class D | Series 2023-22A, Class D | Series 2023-22A, Class D |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| (CME Term SOFR 3-Month plus 5.00%) | (CME Term SOFR 3-Month plus 5.00%) | (CME Term SOFR 3-Month plus 5.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.29%<br>01/20/37<sup>1,4,5</sup> | 3940000 | 3977911 |
| Rad CLO 7 Ltd., | Rad CLO 7 Ltd., | Rad CLO 7 Ltd., |
| Series 2020-7A, Class B1R | Series 2020-7A, Class B1R | Series 2020-7A, Class B1R |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| (CME Term SOFR 3-Month plus 1.90%) | (CME Term SOFR 3-Month plus 1.90%) | (CME Term SOFR 3-Month plus 1.90%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%<br>04/17/36<sup>1,4,5</sup> | 7280000 | 7260875 |
| Sabey Data Center Issuer LLC, | Sabey Data Center Issuer LLC, | Sabey Data Center Issuer LLC, |
| Series 2020-1, Class A2 | Series 2020-1, Class A2 | Series 2020-1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81%<br>04/20/45<sup>1</sup> | 2155909 | 2152690 |
| Skyline Aircraft Finance LLC, | Skyline Aircraft Finance LLC, | Skyline Aircraft Finance LLC, |
| Series 2021-1, Class A | Series 2021-1, Class A | Series 2021-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%<br>05/10/37<sup>†,2,3</sup> | 7868309 | 7263924 |
| SLC Student Loan Trust, | SLC Student Loan Trust, | SLC Student Loan Trust, |
| Series 2004-1, Class B | Series 2004-1, Class B | Series 2004-1, Class B |
| (SOFR90A plus 0.55%) | (SOFR90A plus 0.55%) | (SOFR90A plus 0.55%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01%<br>08/15/31<sup>4</sup> | 260147 | 231802 |
| SLM Student Loan EDC Repackaging Trust, | SLM Student Loan EDC Repackaging Trust, | SLM Student Loan EDC Repackaging Trust, |
| Series 2013-M1, Class M1R | Series 2013-M1, Class M1R | Series 2013-M1, Class M1R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<br>10/28/29<sup>1</sup> | 6250 | 1386486 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2003-12, Class B | Series 2003-12, Class B | Series 2003-12, Class B |
| (SOFR90A plus 0.85%) | (SOFR90A plus 0.85%) | (SOFR90A plus 0.85%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23%<br>12/15/68<sup>4</sup> | 1982481 | 1899718 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2003-4, Class A5D | Series 2003-4, Class A5D | Series 2003-4, Class A5D |
| (SOFR90A plus 1.01%) | (SOFR90A plus 1.01%) | (SOFR90A plus 1.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39%<br>03/15/33<sup>1,4</sup> | 923673 | 908286 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2003-7, Class B | Series 2003-7, Class B | Series 2003-7, Class B |
| (SOFR90A plus 0.83%) | (SOFR90A plus 0.83%) | (SOFR90A plus 0.83%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21%<br>09/15/39<sup>4</sup> | 1385095 | 1329629 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2004-10, Class B | Series 2004-10, Class B | Series 2004-10, Class B |
| (SOFR90A plus 0.63%) | (SOFR90A plus 0.63%) | (SOFR90A plus 0.63%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19%<br>01/25/40<sup>4</sup> | 4928230 | 4699596 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2004-2, Class B | Series 2004-2, Class B | Series 2004-2, Class B |
| (SOFR90A plus 0.73%) | (SOFR90A plus 0.73%) | (SOFR90A plus 0.73%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29%<br>07/25/39<sup>4</sup> | 244584 | 234314 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 132

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount | Value |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2005-3, Class B | Series 2005-3, Class B | Series 2005-3, Class B |
| (SOFR90A plus 0.41%) | (SOFR90A plus 0.41%) | (SOFR90A plus 0.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97%<br>04/25/40<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567597 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2006-8, Class B | Series 2006-8, Class B | Series 2006-8, Class B |
| (SOFR90A plus 0.49%) | (SOFR90A plus 0.49%) | (SOFR90A plus 0.49%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%<br>01/25/41<sup>4</sup> | 1730791 | 1644957 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2007-7, Class B | Series 2007-7, Class B | Series 2007-7, Class B |
| (SOFR90A plus 1.01%) | (SOFR90A plus 1.01%) | (SOFR90A plus 1.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57%<br>10/27/70<sup>4</sup> | 2195000 | 2229876 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2007-8, Class B | Series 2007-8, Class B | Series 2007-8, Class B |
| (SOFR90A plus 1.26%) | (SOFR90A plus 1.26%) | (SOFR90A plus 1.26%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82%<br>04/27/83<sup>4</sup> | 2729889 | 2654196 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2008-2, Class B | Series 2008-2, Class B | Series 2008-2, Class B |
| (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%<br>01/25/83<sup>4</sup> | 1000000 | 1058182 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2008-3, Class B | Series 2008-3, Class B | Series 2008-3, Class B |
| (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) | (SOFR90A plus 1.46%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%<br>04/26/83<sup>4</sup> | 710000 | 738797 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2008-4, Class A4 | Series 2008-4, Class A4 | Series 2008-4, Class A4 |
| (SOFR90A plus 1.91%) | (SOFR90A plus 1.91%) | (SOFR90A plus 1.91%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.47%<br>07/25/22<sup>4</sup> | 358172 | 359070 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2008-4, Class B | Series 2008-4, Class B | Series 2008-4, Class B |
| (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67%<br>04/25/73<sup>4</sup> | 710000 | 760531 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2008-5, Class B | Series 2008-5, Class B | Series 2008-5, Class B |
| (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67%<br>07/25/73<sup>4</sup> | 7315000 | 7863125 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2008-6, Class A4 | Series 2008-6, Class A4 | Series 2008-6, Class A4 |
| (SOFR90A plus 1.36%) | (SOFR90A plus 1.36%) | (SOFR90A plus 1.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92%<br>07/25/23<sup>4</sup> | 3028803 | 3026071 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2008-6, Class B | Series 2008-6, Class B | Series 2008-6, Class B |
| (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67%<br>07/26/83<sup>4</sup> | 710000 | 729056 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2008-7, Class B | Series 2008-7, Class B | Series 2008-7, Class B |
| (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) | (SOFR90A plus 2.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67%<br>07/26/83<sup>4</sup> | 820000 | 847682 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2012-1, Class A3 | Series 2012-1, Class A3 | Series 2012-1, Class A3 |
| (SOFR30A plus 1.06%) | (SOFR30A plus 1.06%) | (SOFR30A plus 1.06%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%<br>09/25/28<sup>4</sup> | 397801 | 393396 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2012-2, Class A | Series 2012-2, Class A | Series 2012-2, Class A |
| (SOFR30A plus 0.81%) | (SOFR30A plus 0.81%) | (SOFR30A plus 0.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%<br>01/25/29<sup>4</sup> | 630816 | 619458 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount | Value |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2012-7, Class B | Series 2012-7, Class B | Series 2012-7, Class B |
| (SOFR30A plus 1.91%) | (SOFR30A plus 1.91%) | (SOFR30A plus 1.91%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%<br>09/25/43<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200200 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| Series 2014-1, Class A3 | Series 2014-1, Class A3 | Series 2014-1, Class A3 |
| (SOFR30A plus 0.71%) | (SOFR30A plus 0.71%) | (SOFR30A plus 0.71%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%<br>02/26/29<sup>4</sup> | 540681 | 528916 |
| Structured Receivables Finance LLC, | Structured Receivables Finance LLC, | Structured Receivables Finance LLC, |
| Series 2010-A, Class B | Series 2010-A, Class B | Series 2010-A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.61%<br>01/16/46<sup>1</sup> | 1185055 | 1204517 |
| Structured Receivables Finance LLC, | Structured Receivables Finance LLC, | Structured Receivables Finance LLC, |
| Series 2010-B, Class B | Series 2010-B, Class B | Series 2010-B, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.97%<br>08/15/36<sup>1</sup> | 907041 | 927937 |
| TCI-Flatiron CLO Ltd., | TCI-Flatiron CLO Ltd., | TCI-Flatiron CLO Ltd., |
| Series 2017-1A, Class B | Series 2017-1A, Class B | Series 2017-1A, Class B |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| (CME Term SOFR 3-Month plus 1.82%) | (CME Term SOFR 3-Month plus 1.82%) | (CME Term SOFR 3-Month plus 1.82%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14%<br>11/18/30<sup>1,4,5</sup> | 5090000 | 5102552 |
| Textainer Marine Containers VII Ltd., | Textainer Marine Containers VII Ltd., | Textainer Marine Containers VII Ltd., |
| Series 2020-3A, Class A | Series 2020-3A, Class A | Series 2020-3A, Class A |
| (Bermuda) | (Bermuda) | (Bermuda) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.11%<br>09/20/45<sup>1,5</sup> | 5137350 | 4830650 |
| TIAA CLO IV Ltd. | TIAA CLO IV Ltd. | TIAA CLO IV Ltd. |
| Series 2018-1A, Class A2R | Series 2018-1A, Class A2R | Series 2018-1A, Class A2R |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| (CME Term SOFR 3-Month plus 1.75%) | (CME Term SOFR 3-Month plus 1.75%) | (CME Term SOFR 3-Month plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%<br>01/20/32<sup>1,4,5</sup> | 8000000 | 8013176 |
| TIF Funding II LLC, | TIF Funding II LLC, | TIF Funding II LLC, |
| Series 2020-1A, Class A | Series 2020-1A, Class A | Series 2020-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.09%<br>08/20/45<sup>1</sup> | 2317150 | 2173776 |
| TIF Funding II, LLC, | TIF Funding II, LLC, | TIF Funding II, LLC, |
| Series 2021-1A, Class B | Series 2021-1A, Class B | Series 2021-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.54%<br>02/20/46<sup>1</sup> | 2630042 | 2368347 |
| Triton Container Finance VIII, LLC, | Triton Container Finance VIII, LLC, | Triton Container Finance VIII, LLC, |
| Series 2021-1A, Class B | Series 2021-1A, Class B | Series 2021-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.58%<br>03/20/46<sup>1</sup> | 2022900 | 1830619 |
| Vantage Data Centers Jersey Borrower Spv Ltd., | Vantage Data Centers Jersey Borrower Spv Ltd., | Vantage Data Centers Jersey Borrower Spv Ltd., |
| Series 2024-1A, Class A2 | Series 2024-1A, Class A2 | Series 2024-1A, Class A2 |
| (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17%<br>05/28/39<sup>1,5</sup> | 5350000 | 7024317 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |
| (Cost $371,220,706) | (Cost $371,220,706) | 332236764 |
| **BANK LOANS — 3.46%\*** | **BANK LOANS — 3.46%\*** | **BANK LOANS — 3.46%\*** |
| **Automotive — 0.02%** | **Automotive — 0.02%** | **Automotive — 0.02%** |
| First Brands Group LLC, | First Brands Group LLC, | First Brands Group LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 5.26%) | (SOFR plus 5.26%) | (SOFR plus 5.26%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.55%<br>03/30/27<sup>4</sup> | 499166 | 465006 |
| **Communications — 0.26%** | **Communications — 0.26%** | **Communications — 0.26%** |
| Altice Financing SA, | Altice Financing SA, | Altice Financing SA, |
| Term Loan B, 1st Lien (Luxembourg) | Term Loan B, 1st Lien (Luxembourg) | Term Loan B, 1st Lien (Luxembourg) |
| (SOFR plus 5.00%) | (SOFR plus 5.00%) | (SOFR plus 5.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.30%<br>10/31/27<sup>4,5</sup> | 376575 | 309733 |

---

*See accompanying Notes to Financial Statements.* 

133 / Annual Financial Statements March 2025

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount | Value |
| **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |
| **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |
|  CCI Buyer, Inc., | CCI Buyer, Inc., | CCI Buyer, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30%<br>12/17/27<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450882 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453500 |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |
|  Term Loan B5, 1st Lien | Term Loan B5, 1st Lien | Term Loan B5, 1st Lien |
|  (SOFR plus 1.50%) | (SOFR plus 1.50%) | (SOFR plus 1.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.09%<br>04/15/27<sup>4</sup> | 892104 | 840648 |
|  NEP Group, Inc., | NEP Group, Inc., | NEP Group, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 5.01%) | (SOFR plus 5.01%) | (SOFR plus 5.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.32%<br>08/19/26<sup>4,7</sup> | 1354391 | 1263647 |
|  Numericable U.S. LLC, | Numericable U.S. LLC, | Numericable U.S. LLC, |
|  Term Loan B14, 1st Lien | Term Loan B14, 1st Lien | Term Loan B14, 1st Lien |
|  (SOFR plus 5.50%) | (SOFR plus 5.50%) | (SOFR plus 5.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.80%<br>08/15/28<sup>4</sup> | 228480 | 205375 |
|  Research Now LLC, | Research Now LLC, | Research Now LLC, |
|  Term Loan | Term Loan | Term Loan |
|  (SOFR plus 5.50%) | (SOFR plus 5.50%) | (SOFR plus 5.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.58%<br>04/22/25<sup>4</sup> | 212551 | 213056 |
|  Virgin Media Bristol LLC, | Virgin Media Bristol LLC, | Virgin Media Bristol LLC, |
|  Term Loan Y3, 1st Lien | Term Loan Y3, 1st Lien | Term Loan Y3, 1st Lien |
|  (SOFR plus 3.18%) | (SOFR plus 3.18%) | (SOFR plus 3.18%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.64%<br>03/31/31<sup>4</sup> | 1335159 | 1287447 |
|  Zayo Group Holdings, Inc., | Zayo Group Holdings, Inc., | Zayo Group Holdings, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.11%) | (SOFR plus 3.11%) | (SOFR plus 3.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.44%<br>03/09/27<sup>4</sup> | 563487 | 525857 |
|  (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57%<br>03/09/27<sup>4</sup> | 1026509 | 966273 |
|  |  | 7065536 |
| **Consumer Discretionary — 0.11%** | **Consumer Discretionary — 0.11%** | **Consumer Discretionary — 0.11%** |
|  ADMI Corp., | ADMI Corp., | ADMI Corp., |
|  Term Loan B2, 1st Lien | Term Loan B2, 1st Lien | Term Loan B2, 1st Lien |
|  (SOFR plus 3.49%) | (SOFR plus 3.49%) | (SOFR plus 3.49%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.81%<br>12/23/27<sup>4</sup> | 554271 | 549283 |
|  AI Aqua Merger Sub, Inc., | AI Aqua Merger Sub, Inc., | AI Aqua Merger Sub, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32%<br>07/31/28<sup>4</sup> | 416503 | 413202 |
|  Celsius Holdings, Inc., | Celsius Holdings, Inc., | Celsius Holdings, Inc., |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57%<br>03/21/32<sup>4</sup> | 400334 | 401585 |
|  Hilton Worldwide Finance LLC, | Hilton Worldwide Finance LLC, | Hilton Worldwide Finance LLC, |
|  Term Loan B4, 1st Lien | Term Loan B4, 1st Lien | Term Loan B4, 1st Lien |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07%<br>11/08/30<sup>4</sup> | 92264 | 92286 |
|  Naked Juice, LLC, | Naked Juice, LLC, | Naked Juice, LLC, |
|  Term Loan, 2nd Lien | Term Loan, 2nd Lien | Term Loan, 2nd Lien |
|  (SOFR plus 6.10%) | (SOFR plus 6.10%) | (SOFR plus 6.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.40%<br>01/24/30<sup>4</sup> | 1110195 | 269683 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount | Value |
| **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |
| **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** |
|  Opal U.S. LLC, | Opal U.S. LLC, | Opal U.S. LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57%<br>03/01/32<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357836 |
|  |  | 3083875 |
| **Electric — 0.17%** | **Electric — 0.17%** | **Electric — 0.17%** |
|  Alpha Generation LLC, | Alpha Generation LLC, | Alpha Generation LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.07%<br>09/30/31<sup>4</sup> | 978774 | 980306 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., |
|  Term Loan B10, 1st Lien | Term Loan B10, 1st Lien | Term Loan B10, 1st Lien |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07%<br>01/31/31<sup>4</sup> | 288953 | 288200 |
|  Cornerstone Generation LLC, | Cornerstone Generation LLC, | Cornerstone Generation LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57%<br>10/28/31<sup>4</sup> | 329147 | 329558 |
|  Edgewater Generation LLC, | Edgewater Generation LLC, | Edgewater Generation LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32%<br>08/01/30<sup>4</sup> | 310794 | 311071 |
|  EFS Cogen Holdings I LLC, | EFS Cogen Holdings I LLC, | EFS Cogen Holdings I LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80%<br>10/03/31<sup>4</sup> | 638108 | 638210 |
|  Hunterstown Generation LLC, | Hunterstown Generation LLC, | Hunterstown Generation LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80%<br>11/06/31<sup>4</sup> | 382465 | 384378 |
|  Potomac Energy Center LLC, | Potomac Energy Center LLC, | Potomac Energy Center LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32%<br>03/14/32<sup>4</sup> | 412729 | 411181 |
|  Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
|  (SOFR plus 6.26%) | (SOFR plus 6.26%) | (SOFR plus 6.26%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.58%<br>11/12/26<sup>4</sup> | 413827 | 413827 |
|  South Field Energy LLC, | South Field Energy LLC, | South Field Energy LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.55%<br>08/29/31<sup>4</sup> | 418835 | 418835 |
|  Term Loan C, 1st Lien | Term Loan C, 1st Lien | Term Loan C, 1st Lien |
|  (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56%<br>08/29/31<sup>4</sup> | 26774 | 26774 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07%<br>12/20/30<sup>4</sup> | 527544 | 526533 |
|  |  | 4728873 |
| **Entertainment — 0.04%** | **Entertainment — 0.04%** | **Entertainment — 0.04%** |
|  Showtime Acquisition LLC, | Showtime Acquisition LLC, | Showtime Acquisition LLC, |
|  Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
|  (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.07%<br>08/13/31<sup>4</sup> | 1019668 | 1025618 |

---

*See accompanying Notes to Financial Statements.* 

Annual Financial Statements March 2025 / 134

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount | Value |
| **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |
| **Finance — 0.21%** | **Finance — 0.21%** | **Finance — 0.21%** |
| Avolon TLB Borrower 1 U.S. LLC, | Avolon TLB Borrower 1 U.S. LLC, | Avolon TLB Borrower 1 U.S. LLC, |
| Term Loan B6, 1st Lien | Term Loan B6, 1st Lien | Term Loan B6, 1st Lien |
| (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07%<br>06/24/30<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009539 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009961 |
| Deerfield Dakota Holding LLC, | Deerfield Dakota Holding LLC, | Deerfield Dakota Holding LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.05%<br>04/09/27<sup>4</sup> | 1122319 | 1067724 |
| GIH Borrower LLC, | GIH Borrower LLC, | GIH Borrower LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 2.50%) | (SOFR plus 2.50%) | (SOFR plus 2.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.81%<br>11/26/31<sup>4</sup> | 369011 | 368550 |
| Jane Street Group LLC, | Jane Street Group LLC, | Jane Street Group LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 2.00%) | (SOFR plus 2.00%) | (SOFR plus 2.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31%<br>12/15/31<sup>4</sup> | 833550 | 824694 |
| Jefferies Finance LLC, | Jefferies Finance LLC, | Jefferies Finance LLC, |
| Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
| (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32%<br>10/21/31<sup>4</sup> | 299514 | 299076 |
| Summit Acquisition, Inc., | Summit Acquisition, Inc., | Summit Acquisition, Inc., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.07%<br>10/10/31<sup>4</sup> | 794456 | 795449 |
| Telenet Financing USD LLC, | Telenet Financing USD LLC, | Telenet Financing USD LLC, |
| Term Loan AR, 1st Lien | Term Loan AR, 1st Lien | Term Loan AR, 1st Lien |
| (SOFR plus 2.11%) | (SOFR plus 2.11%) | (SOFR plus 2.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.43%<br>04/30/28<sup>4</sup> | 472296 | 458226 |
|  |  | 5823680 |
| **Food — 0.10%** | **Food — 0.10%** | **Food — 0.10%** |
| 8th Avenue Food & Provisions, Inc., | 8th Avenue Food & Provisions, Inc., | 8th Avenue Food & Provisions, Inc., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.86%) | (SOFR plus 3.86%) | (SOFR plus 3.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.19%<br>10/01/25<sup>4</sup> | 889872 | 875024 |
| Dessert Holdings, Inc., | Dessert Holdings, Inc., | Dessert Holdings, Inc., |
| Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
| (SOFR plus 4.11%) | (SOFR plus 4.11%) | (SOFR plus 4.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.44%<br>06/12/28<sup>4</sup> | 878029 | 859094 |
| United Natural Foods, Inc., | United Natural Foods, Inc., | United Natural Foods, Inc., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.07%<br>04/25/31<sup>4</sup> | 1005250 | 1019701 |
|  |  | 2753819 |
| **Gaming — 0.01%** | **Gaming — 0.01%** | **Gaming — 0.01%** |
| Fertitta Entertainment LLC, | Fertitta Entertainment LLC, | Fertitta Entertainment LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.82%<br>01/27/29<sup>4</sup> | 234849 | 231573 |
| **Health Care — 0.26%** | **Health Care — 0.26%** | **Health Care — 0.26%** |
| ADMI Corp., | ADMI Corp., | ADMI Corp., |
| Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien |
| (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.07%<br>12/23/27<sup>4</sup> | 282636 | 284225 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount | Value |
| **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |
| **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
| Bausch + Lomb Corp., | Bausch + Lomb Corp., | Bausch + Lomb Corp., |
| Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) |
| (SOFR plus 3.35%) | (SOFR plus 3.35%) | (SOFR plus 3.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67%<br>05/10/27<sup>4,5</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306019 | $305327 |
| Grifols Worldwide Operations USA, Inc., | Grifols Worldwide Operations USA, Inc., | Grifols Worldwide Operations USA, Inc., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 2.15%) | (SOFR plus 2.15%) | (SOFR plus 2.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.46%<br>11/15/27<sup>4</sup> | 865473 | 858281 |
| IQVIA, Inc., | IQVIA, Inc., | IQVIA, Inc., |
| Term Loan B5, 1st Lien | Term Loan B5, 1st Lien | Term Loan B5, 1st Lien |
| (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%<br>01/02/31<sup>4</sup> | 496398 | 497522 |
| Modivcare, Inc., | Modivcare, Inc., | Modivcare, Inc., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%<br>07/01/31<sup>4</sup> | 2610156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953258 |
| Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
| (SOFR plus 8.50%) | (SOFR plus 8.50%) | (SOFR plus 8.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.79%<br>01/07/26<sup>4</sup> | 688354 | 588543 |
| Napa Management Services Corp., | Napa Management Services Corp., | Napa Management Services Corp., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 5.25%) | (SOFR plus 5.25%) | (SOFR plus 5.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.67%<br>02/23/29<sup>4</sup> | 1230264 | 1138431 |
| NSM Top Holdings Corp., | NSM Top Holdings Corp., | NSM Top Holdings Corp., |
| Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
| (SOFR plus 5.35%) | (SOFR plus 5.35%) | (SOFR plus 5.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.66%<br>05/14/29<sup>4</sup> | 320842 | 323248 |
| Pathway Vet Alliance LLC, | Pathway Vet Alliance LLC, | Pathway Vet Alliance LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.19%<br>03/31/27<sup>4</sup> | 1102432 | 906580 |
| Star Parent, Inc., | Star Parent, Inc., | Star Parent, Inc., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30%<br>09/27/30<sup>4</sup> | 405592 | 388354 |
|  |  | 7243769 |
| **Health Care REITs — 0.22%** | **Health Care REITs — 0.22%** | **Health Care REITs — 0.22%** |
| Aveanna Healthcare LLC, | Aveanna Healthcare LLC, | Aveanna Healthcare LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.85%) | (SOFR plus 3.85%) | (SOFR plus 3.85%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.16%<br>07/17/28<sup>4</sup> | 2895589 | 2846740 |
| Healthpeak Properties, Inc., | Healthpeak Properties, Inc., | Healthpeak Properties, Inc., |
| Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien |
| (SOFR plus 0.94%) | (SOFR plus 0.94%) | (SOFR plus 0.94%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%<br>02/22/27<sup>4</sup> | 824832 | 810397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%<br>08/20/27<sup>4</sup> | 824832 | 810398 |
| Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
| (SOFR plus 0.95%) | (SOFR plus 0.95%) | (SOFR plus 0.95%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32%<br>03/01/29<sup>4</sup> | 1664689 | 1633476 |
|  |  | 6101011 |

---

*See accompanying Notes to Financial Statements.*

135 / Annual Financial Statements March 2025

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount | Value |
| **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |
| **Industrials — 0.58%** | **Industrials — 0.58%** | **Industrials — 0.58%** |
| Artera Services LLC, | Artera Services LLC, | Artera Services LLC, |
| Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
| (SOFR plus 4.50%) | (SOFR plus 4.50%) | (SOFR plus 4.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.80%<br>02/15/31<sup>4</sup> | $679959 | $646620 |
| Balcan Innovations, Inc., | Balcan Innovations, Inc., | Balcan Innovations, Inc., |
| Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) | Term Loan B, 1st Lien (Canada) |
| (SOFR plus 4.75%) | (SOFR plus 4.75%) | (SOFR plus 4.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.04%<br>10/10/31<sup>4,5</sup> | 539055 | 538381 |
| Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |
| Term Loan AA, 1st Lien | Term Loan AA, 1st Lien | Term Loan AA, 1st Lien |
| (SOFR plus 1.86%) | (SOFR plus 1.86%) | (SOFR plus 1.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.19%<br>07/01/29<sup>4</sup> | 1139771 | 1140814 |
| Convergint Technologies, | Convergint Technologies, | Convergint Technologies, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.86%) | (SOFR plus 3.86%) | (SOFR plus 3.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.19%<br>03/31/28<sup>4,8</sup> | 594140 | 592159 |
| Michaels Cos., Inc. (The), | Michaels Cos., Inc. (The), | Michaels Cos., Inc. (The), |
| Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
| (SOFR plus 4.51%) | (SOFR plus 4.51%) | (SOFR plus 4.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.81%<br>04/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3368750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510881 |
| Oregon Tool Lux LP, | Oregon Tool Lux LP, | Oregon Tool Lux LP, |
| Term Loan, 1st Lien (Luxembourg) | Term Loan, 1st Lien (Luxembourg) | Term Loan, 1st Lien (Luxembourg) |
| (SOFR plus 5.35%) | (SOFR plus 5.35%) | (SOFR plus 5.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.67%<br>10/15/29<sup>4,5</sup> | 118407 | 120242 |
| Term Loan, 2nd Lien (Luxembourg) | Term Loan, 2nd Lien (Luxembourg) | Term Loan, 2nd Lien (Luxembourg) |
| (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.32%<br>10/15/29<sup>4,5</sup> | 2725848 | 2027350 |
| Plaze, Inc., | Plaze, Inc., | Plaze, Inc., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.86%) | (SOFR plus 3.86%) | (SOFR plus 3.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.19%<br>08/03/26<sup>4</sup> | 4275149 | 4049165 |
| Term Loan B, 1st Lien (Luxembourg) | Term Loan B, 1st Lien (Luxembourg) | Term Loan B, 1st Lien (Luxembourg) |
| (SOFR plus 3.61%) | (SOFR plus 3.61%) | (SOFR plus 3.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.94%<br>08/03/26<sup>4,5</sup> | 1658940 | 1571248 |
| TCP Sunbelt Acquisition Co., | TCP Sunbelt Acquisition Co., | TCP Sunbelt Acquisition Co., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57%<br>10/24/31<sup>4</sup> | 284288 | 283932 |
| Technimark Holdings LLC, | Technimark Holdings LLC, | Technimark Holdings LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57%<br>04/14/31<sup>4</sup> | 1054955 | 1050999 |
| Transdigm, Inc., | Transdigm, Inc., | Transdigm, Inc., |
| Term Loan I, 1st Lien | Term Loan I, 1st Lien | Term Loan I, 1st Lien |
| (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%<br>08/24/28<sup>4</sup> | 827694 | 828385 |
| WEC U.S. Holdings Ltd., | WEC U.S. Holdings Ltd., | WEC U.S. Holdings Ltd., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 2.25%) | (SOFR plus 2.25%) | (SOFR plus 2.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.57%<br>01/27/31<sup>4</sup> | 625105 | 620145 |
|  |  | 15980321 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount | Value |
| **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |
| **Information Technology — 0.76%** | **Information Technology — 0.76%** | **Information Technology — 0.76%** |
| Arches Buyer, Inc., | Arches Buyer, Inc., | Arches Buyer, Inc., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.35%) | (SOFR plus 3.35%) | (SOFR plus 3.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67%<br>12/06/27<sup>4</sup> | $579184 | $567783 |
| Barracuda Parent LLC, | Barracuda Parent LLC, | Barracuda Parent LLC, |
| Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
| (SOFR plus 4.50%) | (SOFR plus 4.50%) | (SOFR plus 4.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.79%<br>08/15/29<sup>4</sup> | 976984 | 850465 |
| BMC Software (Boxer/Bladelogic), | BMC Software (Boxer/Bladelogic), | BMC Software (Boxer/Bladelogic), |
| Term Loan, 2nd Lien | Term Loan, 2nd Lien | Term Loan, 2nd Lien |
| (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.04%<br>07/03/32<sup>4</sup> | 529937 | 512714 |
| Cast & Crew Payroll LLC, | Cast & Crew Payroll LLC, | Cast & Crew Payroll LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.07%<br>12/29/28<sup>4</sup> | 310242 | 299621 |
| Castle U.S. Holding Corp., | Castle U.S. Holding Corp., | Castle U.S. Holding Corp., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30%<br>01/29/27<sup>4</sup> | 444928 | 276307 |
| Cotiviti, Inc., | Cotiviti, Inc., | Cotiviti, Inc., |
| Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
| (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.08%<br>03/29/32<sup>4</sup> | 445152 | 435692 |
| Delivery Hero SE, | Delivery Hero SE, | Delivery Hero SE, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 5.00%) | (SOFR plus 5.00%) | (SOFR plus 5.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.31%<br>12/12/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041293 |
| EagleView Technology Co., | EagleView Technology Co., | EagleView Technology Co., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.76%) | (SOFR plus 3.76%) | (SOFR plus 3.76%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.09%<br>08/14/25<sup>4</sup> | 4509572 | 4402876 |
| Gainwell Acquisition Corp., | Gainwell Acquisition Corp., | Gainwell Acquisition Corp., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.10%) | (SOFR plus 4.10%) | (SOFR plus 4.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.40%<br>10/01/27<sup>4</sup> | 2169373 | 2040599 |
| Getty Images, Inc., | Getty Images, Inc., | Getty Images, Inc., |
| Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%<br>02/21/30<sup>4</sup> | 1034172 | 1030294 |
| Magnite, Inc., | Magnite, Inc., | Magnite, Inc., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32%<br>02/06/31<sup>4</sup> | 929401 | 929015 |
| MH Sub I LLC, | MH Sub I LLC, | MH Sub I LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57%<br>12/31/31<sup>4</sup> | 1065702 | 981927 |
| Term Loan B3, 1st Lien | Term Loan B3, 1st Lien | Term Loan B3, 1st Lien |
| (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57%<br>05/03/28<sup>4</sup> | 167229 | 159286 |
| Peraton Corp., | Peraton Corp., | Peraton Corp., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.85%) | (SOFR plus 3.85%) | (SOFR plus 3.85%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.17%<br>02/01/28<sup>4</sup> | 1119327 | 998736 |

---

*See accompanying Notes to Financial Statements.* 

Annual Financial Statements March 2025 / 136

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| Renaissance Holding Corp., | Renaissance Holding Corp., | Renaissance Holding Corp., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.32%<br>04/05/30<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777922 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764799 |
| Spin Holdco, Inc., | Spin Holdco, Inc., | Spin Holdco, Inc., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.26%) | (SOFR plus 4.26%) | (SOFR plus 4.26%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.56%<br>03/04/28<sup>4</sup> | 2138383 | 1816300 |
| Starlight Parent LLC, | Starlight Parent LLC, | Starlight Parent LLC, |
| Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
| (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.32%<br>03/12/32<sup>4</sup> | 771189 | 749985 |
| TripAdvisor, Inc., | TripAdvisor, Inc., | TripAdvisor, Inc., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%<br>07/08/31<sup>4</sup> | 630594 | 622277 |
| X Corp., | X Corp., | X Corp., |
| Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien |
| (SOFR plus 6.65%) | (SOFR plus 6.65%) | (SOFR plus 6.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.95%<br>10/26/29<sup>4</sup> | 1009671 | 1004623 |
| Xerox Corp., | Xerox Corp., | Xerox Corp., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.22% - 8.32%<br>11/17/29<sup>4</sup> | 1527027 | 1460219 |
|  |  | 20944811 |
| **Insurance — 0.15%** | **Insurance — 0.15%** | **Insurance — 0.15%** |
| Acrisure LLC, | Acrisure LLC, | Acrisure LLC, |
| Term Loan B1, 1st Lien | Term Loan B1, 1st Lien | Term Loan B1, 1st Lien |
| (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.07%<br>02/15/27<sup>4</sup> | 1779014 | 1776479 |
| Asurion LLC, | Asurion LLC, | Asurion LLC, |
| Term Loan B10, 1st Lien | Term Loan B10, 1st Lien | Term Loan B10, 1st Lien |
| (SOFR plus 4.10%) | (SOFR plus 4.10%) | (SOFR plus 4.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.42%<br>08/19/28<sup>4</sup> | 975000 | 966400 |
| Term Loan B4, 2nd Lien | Term Loan B4, 2nd Lien | Term Loan B4, 2nd Lien |
| (SOFR plus 5.36%) | (SOFR plus 5.36%) | (SOFR plus 5.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.69%<br>01/20/29<sup>4</sup> | 300000 | 278953 |
| Term Loan B8, 1st Lien | Term Loan B8, 1st Lien | Term Loan B8, 1st Lien |
| (SOFR plus 3.36%) | (SOFR plus 3.36%) | (SOFR plus 3.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69%<br>12/23/26<sup>4</sup> | 992687 | 991873 |
|  |  | 4013705 |
| **Materials — 0.10%** | **Materials — 0.10%** | **Materials — 0.10%** |
| Amer Rock Salt Co. LLC, | Amer Rock Salt Co. LLC, | Amer Rock Salt Co. LLC, |
| Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
| (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.44%<br>06/12/28<sup>4,9</sup> | 452949 | 457478 |
| Chemours Co. (The), | Chemours Co. (The), | Chemours Co. (The), |
| Term Loan B3, 1st Lien | Term Loan B3, 1st Lien | Term Loan B3, 1st Lien |
| (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32%<br>08/18/28<sup>4</sup> | 1049832 | 1048520 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |
| **Materials (continued)** | **Materials (continued)** | **Materials (continued)** |
| Schweitzer-Mauduit International, Inc., | Schweitzer-Mauduit International, Inc., | Schweitzer-Mauduit International, Inc., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.86%) | (SOFR plus 3.86%) | (SOFR plus 3.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.19%<br>04/20/28<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134910 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129235 |
|  |  | 2635233 |
| **Residential REITs — 0.13%** | **Residential REITs — 0.13%** | **Residential REITs — 0.13%** |
| Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, |
| Term Loan A, 1st Lien | Term Loan A, 1st Lien | Term Loan A, 1st Lien |
| (SOFR plus 0.95%) | (SOFR plus 0.95%) | (SOFR plus 0.95%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%<br>09/09/28<sup>4</sup> | 3604245 | 3550181 |
| **Retail — 0.11%** | **Retail — 0.11%** | **Retail — 0.11%** |
| 1011778 BC Unlimited Liability Co., | 1011778 BC Unlimited Liability Co., | 1011778 BC Unlimited Liability Co., |
| Term Loan B6, 1st Lien (Canada) | Term Loan B6, 1st Lien (Canada) | Term Loan B6, 1st Lien (Canada) |
| (SOFR plus 1.75%) | (SOFR plus 1.75%) | (SOFR plus 1.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07%<br>09/20/30<sup>4,5</sup> | 1002344 | 994561 |
| BW Gas & Convenience Holdings LLC, | BW Gas & Convenience Holdings LLC, | BW Gas & Convenience Holdings LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.93%<br>03/31/28<sup>4</sup> | 850876 | 846269 |
| Dave & Buster's, Inc., | Dave & Buster's, Inc., | Dave & Buster's, Inc., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.25%) | (SOFR plus 3.25%) | (SOFR plus 3.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56%<br>11/01/31<sup>4</sup> | 863073 | 756811 |
| KFC Holding Co., | KFC Holding Co., | KFC Holding Co., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 1.86%) | (SOFR plus 1.86%) | (SOFR plus 1.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.18%<br>03/15/28<sup>4</sup> | 453464 | 455051 |
|  |  | 3052692 |
| **Services — 0.21%** | **Services — 0.21%** | **Services — 0.21%** |
| Albion Financing 3 SARL, | Albion Financing 3 SARL, | Albion Financing 3 SARL, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.00%) | (SOFR plus 3.00%) | (SOFR plus 3.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.32%<br>08/16/29<sup>4</sup> | 136292 | 136590 |
| Amspec Parent LLC, | Amspec Parent LLC, | Amspec Parent LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.55%<br>12/22/31<sup>4,10</sup> | 251336 | 251494 |
| ASP Dream Acquisition Co. LLC, | ASP Dream Acquisition Co. LLC, | ASP Dream Acquisition Co. LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.35%) | (SOFR plus 4.35%) | (SOFR plus 4.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.67%<br>12/15/28<sup>4</sup> | 1005443 | 975279 |
| Belron Finance U.S. LLC, | Belron Finance U.S. LLC, | Belron Finance U.S. LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 2.75%) | (SOFR plus 2.75%) | (SOFR plus 2.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%<br>10/16/31<sup>4</sup> | 470882 | 470663 |
| CCRR Parent, Inc., | CCRR Parent, Inc., | CCRR Parent, Inc., |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.35%) | (SOFR plus 4.35%) | (SOFR plus 4.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.66%<br>03/06/28<sup>4</sup> | 735453 | 311343 |
| (SOFR plus 4.51%) | (SOFR plus 4.51%) | (SOFR plus 4.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.82%<br>03/06/28<sup>4</sup> | 355360 | 158432 |

---

*See accompanying Notes to Financial Statements.* 

137 / Annual Financial Statements March 2025

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **BANK LOANS (continued)** | **BANK LOANS (continued)** | **BANK LOANS (continued)** |
| **Services (continued)** | **Services (continued)** | **Services (continued)** |
| City Football Group Ltd., | City Football Group Ltd., | City Football Group Ltd., |
| Term Loan B1, 1st Lien (United Kingdom) | Term Loan B1, 1st Lien (United Kingdom) | Term Loan B1, 1st Lien (United Kingdom) |
| (SOFR plus 3.61%) | (SOFR plus 3.61%) | (SOFR plus 3.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.94%<br>07/21/30<sup>4,5</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478176 |
| Element Materials Technology Group U.S. Holdings, Inc., | Element Materials Technology Group U.S. Holdings, Inc., |  |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 3.75%) | (SOFR plus 3.75%) | (SOFR plus 3.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.05%<br>07/06/29<sup>4</sup> | 276662 | 276574 |
| Kelso Industries LLC, | Kelso Industries LLC, | Kelso Industries LLC, |
| Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien | Delayed-Draw Term Loan, 1st Lien |
| (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.07%<br>12/30/29<sup>4,11</sup> | 33733 | 33607 |
| Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
| (SOFR plus 5.75%) | (SOFR plus 5.75%) | (SOFR plus 5.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.07%<br>12/26/29<sup>4</sup> | 525429 | 523458 |
| MajorDrive Holdings IV LLC, | MajorDrive Holdings IV LLC, | MajorDrive Holdings IV LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.00%) | (SOFR plus 4.00%) | (SOFR plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30%<br>06/01/28<sup>4</sup> | 1156579 | 1052643 |
| Ryan LLC, | Ryan LLC, | Ryan LLC, |
| Term Loan, 1st Lien | Term Loan, 1st Lien | Term Loan, 1st Lien |
| (SOFR plus 3.50%) | (SOFR plus 3.50%) | (SOFR plus 3.50%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.82%<br>11/14/30<sup>4</sup> | 395727 | 394985 |
| Sabre GLBL, Inc., | Sabre GLBL, Inc., | Sabre GLBL, Inc., |
| Term Loan B2, 1st Lien | Term Loan B2, 1st Lien | Term Loan B2, 1st Lien |
| (SOFR plus 5.10%) | (SOFR plus 5.10%) | (SOFR plus 5.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.42%<br>06/30/28<sup>4</sup> | 294105 | 284730 |
| TruGreen LP, | TruGreen LP, | TruGreen LP, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.10%) | (SOFR plus 4.10%) | (SOFR plus 4.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.42%<br>11/02/27<sup>4</sup> | 301413 | 284586 |
|  |  | 5632560 |
| **Transportation — 0.02%** | **Transportation — 0.02%** | **Transportation — 0.02%** |
| Third Coast Infrastructure LLC, | Third Coast Infrastructure LLC, | Third Coast Infrastructure LLC, |
| Term Loan B, 1st Lien | Term Loan B, 1st Lien | Term Loan B, 1st Lien |
| (SOFR plus 4.25%) | (SOFR plus 4.25%) | (SOFR plus 4.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.57%<br>09/25/30<sup>4</sup> | 663766 | 659202 |
| **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** |
| (Cost $100,310,526) | (Cost $100,310,526) | 94991465 |
| **CORPORATES — 17.48%\*** | **CORPORATES — 17.48%\*** | **CORPORATES — 17.48%\*** |
| **Banking — 2.99%** | **Banking — 2.99%** | **Banking — 2.99%** |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| (MTN) | (MTN) | (MTN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32%<br>06/19/26<sup>6</sup> | 4222000 | 4191967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.92%<br>10/24/31<sup>6</sup> | 7570000 | 6477677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.09%<br>06/14/29<sup>6</sup> | 7044000 | 6514039 |
| (CME Term SOFR 3-Month plus 0.91%) | (CME Term SOFR 3-Month plus 0.91%) | (CME Term SOFR 3-Month plus 0.91%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23%<br>12/01/26<sup>4</sup> | 4400000 | 4401672 |
| Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| Series N | Series N | Series N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.66%<br>03/11/27<sup>6</sup> | 8934000 | 8691702 |
| Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| Series RR, NVS | Series RR, NVS | Series RR, NVS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%<sup>6,12</sup> | 2340000 | 2286113 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
| **Banking (continued)** | **Banking (continued)** | **Banking (continued)** | **Banking (continued)** |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10% | 06/04/26<sup>5,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76% | 06/09/28<sup>5,6</sup> | 960000 | 959585 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.58% | 04/22/27<sup>6</sup> | 10250000 | 9939802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.07% | 06/01/29<sup>6</sup> | 4005000 | 3710860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.08% | 04/22/26<sup>6</sup> | 3505000 | 3499396 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| NVS | NVS | NVS | NVS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% | 11/19/26<sup>6</sup> | 805000 | 787502 |
| PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 10/20/34<sup>6</sup> | 1585000 | 1753283 |
| PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| Series T, NVS | Series T, NVS | Series T, NVS | Series T, NVS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%<sup>6,12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%<sup>6,12</sup> | 1980000 | 1888264 |
| Santander UK Group Holdings PLC | Santander UK Group Holdings PLC | Santander UK Group Holdings PLC | Santander UK Group Holdings PLC |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.67% | 06/14/27<sup>5,6</sup> | 1630000 | 1570631 |
| U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84% | 02/01/34<sup>6</sup> | 2020000 | 1962245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% | 01/23/35<sup>6</sup> | 100000 | 102327 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| (MTN) | (MTN) | (MTN) | (MTN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57% | 02/11/31<sup>6</sup> | 1406000 | 1268299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57% | 07/25/29<sup>6</sup> | 18960000 | 19476464 |
|  |  |  | 81949944 |
| **Communications — 1.04%** | **Communications — 1.04%** | **Communications — 1.04%** | **Communications — 1.04%** |
| Altice Financing SA | Altice Financing SA | Altice Financing SA | Altice Financing SA |
| (Luxembourg) | (Luxembourg) | (Luxembourg) | (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 08/15/29<sup>1,5</sup> | 990000 | 726590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63% | 07/15/27<sup>1,5</sup> | 1025000 | 876437 |
| Altice France SA | Altice France SA | Altice France SA | Altice France SA |
| (France) | (France) | (France) | (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13% | 02/01/27<sup>1,5</sup> | 825000 | 742941 |
| Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter |
| Communications Operating Capital | Communications Operating Capital | Communications Operating Capital | Communications Operating Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/01/50 | 3350000 | 2527432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 05/01/47 | 765000 | 633248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 04/01/48 | 2347000 | 2028742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65% | 02/01/34 | 800000 | 829824 |
| Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 10/01/28<sup>1</sup> | 1100000 | 1066020 |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 12/01/30<sup>1</sup> | 500000 | 248386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 02/01/29<sup>1</sup> | 3093000 | 2573126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 04/01/28<sup>1</sup> | 537000 | 385923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25% | 05/15/28<sup>1</sup> | 1403000 | 1368149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75% | 01/31/29<sup>1</sup> | 726000 | 704414 |
| EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75% | 11/30/29 | 1235000 | 1299091 |
| Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 10/15/27<sup>1</sup> | 385000 | 385286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63% | 03/15/31<sup>1</sup> | 854000 | 910450 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 138

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
| **Communications (continued)** | **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |
| Global Switch Finance BV | Global Switch Finance BV | Global Switch Finance BV | Global Switch Finance BV |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38% | 10/07/30<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4560847 |
| Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 09/01/31<sup>1</sup> | 1000000 | 858190 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/15/42 | 775000 | 590407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/41 | 4443000 | 3852988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 11/15/40 | 1180000 | 1082950 |
| Vmed O2 UK Financing I PLC | Vmed O2 UK Financing I PLC | Vmed O2 UK Financing I PLC | Vmed O2 UK Financing I PLC |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 04/15/32<sup>1,5</sup> | 295000 | 296764 |
|  |  |  | 28548205 |
| **Consumer Discretionary — 1.02%** | **Consumer Discretionary — 1.02%** | **Consumer Discretionary — 1.02%** | **Consumer Discretionary — 1.02%** |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 02/04/28 | 2195000 | 2210346 |
| Anheuser-Busch InBev SA | Anheuser-Busch InBev SA | Anheuser-Busch InBev SA | Anheuser-Busch InBev SA |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Belgium) | (Belgium) | (Belgium) | (Belgium) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 03/22/44<sup>5</sup> | 2395000 | 2486959 |
| Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
| (Bermuda) | (Bermuda) | (Bermuda) | (Bermuda) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 05/15/38<sup>1,5</sup> | 1500000 | 1385057 |
| Becle, SAB de CV | Becle, SAB de CV | Becle, SAB de CV | Becle, SAB de CV |
| (Mexico) | (Mexico) | (Mexico) | (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 10/14/31<sup>1,5</sup> | 4450000 | 3602450 |
| Davide Campari-Milano NV | Davide Campari-Milano NV | Davide Campari-Milano NV | Davide Campari-Milano NV |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 01/17/29<sup>5</sup> | 1000000 | 1023496 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/30/28 | 3700000 | 3718460 |
| RAC Bond Co. PLC | RAC Bond Co. PLC | RAC Bond Co. PLC | RAC Bond Co. PLC |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25% | 11/06/28<sup>5</sup> | 500000 | 694532 |
| Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/15/31<sup>1</sup> | 1179000 | 1008229 |
| WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28% | 03/15/32 | 1932000 | 1702936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/42 | 6713000 | 5371071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 | 6542000 | 4771850 |
|  |  |  | 27975386 |
| **Diversified REITs — 0.69%** | **Diversified REITs — 0.69%** | **Diversified REITs — 0.69%** | **Diversified REITs — 0.69%** |
| American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 | 4005000 | 3527783 |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 04/15/31 | 30000 | 26551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 01/15/30 | 5440000 | 5004954 |
| Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 01/15/32<sup>5</sup> | 1930000 | 1723126 |
| GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 06/01/28 | 6241000 | 6353469 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 02/15/29<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 08/15/30<sup>1</sup> | 113000 | 106430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 06/15/25<sup>1</sup> | 250000 | 250017 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 07/23/32 | 950000 | 1040478 |
|  |  |  | 18860370 |
| **Electric — 1.03%** | **Electric — 1.03%** | **Electric — 1.03%** | **Electric — 1.03%** |
| Alliant Energy Finance, LLC | Alliant Energy Finance, LLC | Alliant Energy Finance, LLC | Alliant Energy Finance, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 03/01/32<sup>1</sup> | 8130000 | 7358225 |
| Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 10/15/32<sup>1</sup> | 620000 | 621018 |
| Amprion GmbH | Amprion GmbH | Amprion GmbH | Amprion GmbH |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Georgia) | (Georgia) | (Georgia) | (Georgia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/21/44<sup>5</sup> | 700000 | 719048 |
| Comision Federal de Electricidad, | Comision Federal de Electricidad, | Comision Federal de Electricidad, | Comision Federal de Electricidad, |
| Series REGS | Series REGS | Series REGS | Series REGS |
| (Mexico) | (Mexico) | (Mexico) | (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35% | 02/09/31<sup>5</sup> | 650000 | 554496 |
| Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/35 | 2735000 | 2721472 |
| E.ON SE | E.ON SE | E.ON SE | E.ON SE |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Georgia) | (Georgia) | (Georgia) | (Georgia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 09/05/38<sup>5</sup> | 800000 | 840089 |
| Elia Group SA | Elia Group SA | Elia Group SA | Elia Group SA |
| (Belgium) | (Belgium) | (Belgium) | (Belgium) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 06/11/31<sup>5</sup> | 600000 | 654431 |
| Eurogrid GmbH | Eurogrid GmbH | Eurogrid GmbH | Eurogrid GmbH |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Georgia) | (Georgia) | (Georgia) | (Georgia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11% | 05/15/32<sup>5</sup> | 1200000 | 1099105 |
| FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.87% | 09/15/28<sup>1</sup> | 3153000 | 2969125 |
| Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 06/15/34 | 2710000 | 2774210 |
| MVM Energetika Zrt | MVM Energetika Zrt | MVM Energetika Zrt | MVM Energetika Zrt |
| (Hungary) | (Hungary) | (Hungary) | (Hungary) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 03/13/31<sup>5</sup> | 1053000 | 1081419 |
| National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82% | 07/07/32<sup>5</sup> | 1970000 | 1765399 |
| Southern Co. (The), | Southern Co. (The), | Southern Co. (The), | Southern Co. (The), |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 03/15/55<sup>6</sup> | 905000 | 930206 |
| Southwestern Electric Power Co., | Southwestern Electric Power Co., | Southwestern Electric Power Co., | Southwestern Electric Power Co., |
| Series M | Series M | Series M | Series M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10% | 09/15/28 | 2190000 | 2154255 |
| TenneT Holding BV | TenneT Holding BV | TenneT Holding BV | TenneT Holding BV |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 05/17/42<sup>5</sup> | 830000 | 794656 |

---

*See accompanying Notes to Financial Statements.* 

139 / Annual Financial Statements March 2025

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 10/28/42<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327359 |
|  |  |  | 28364513 |
| **Energy — 0.99%** | **Energy — 0.99%** | **Energy — 0.99%** | **Energy — 0.99%** |
| AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 08/20/26 | 95000 | 94360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38% | 06/01/28<sup>1</sup> | 715000 | 708897 |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| (Colombia) | (Colombia) | (Colombia) | (Colombia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88% | 01/13/33<sup>5</sup> | 780000 | 806033 |
| Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| Series B, NVS | Series B, NVS | Series B, NVS | Series B, NVS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%<sup>6,12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%<sup>6,12</sup> | 2751000 | 2728019 |
| Energy Transfer Operating LP | Energy Transfer Operating LP | Energy Transfer Operating LP | Energy Transfer Operating LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 04/15/47 | 1000000 | 887194 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.16% | 03/31/34<sup>1,5</sup> | 1290013 | 1135837 |
| KazMunayGas National Co. JSC, | KazMunayGas National Co. JSC, | KazMunayGas National Co. JSC, | KazMunayGas National Co. JSC, |
| Series REGS | Series REGS | Series REGS | Series REGS |
| (Kazakhstan) | (Kazakhstan) | (Kazakhstan) | (Kazakhstan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/14/33<sup>5</sup> | 1586000 | 1342798 |
| KazMunayGas National Co. JSC, | KazMunayGas National Co. JSC, | KazMunayGas National Co. JSC, | KazMunayGas National Co. JSC, |
| Series REGS (EMTN) | Series REGS (EMTN) | Series REGS (EMTN) | Series REGS (EMTN) |
| (Kazakhstan) | (Kazakhstan) | (Kazakhstan) | (Kazakhstan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/24/30<sup>5</sup> | 2424000 | 2398687 |
| National Gas Transmission PLC, | National Gas Transmission PLC, | National Gas Transmission PLC, | National Gas Transmission PLC, |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 04/05/30<sup>5</sup> | 2075000 | 2322707 |
| NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38% | 02/15/32<sup>1</sup> | 1080000 | 1083996 |
| Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT |
| (Indonesia) | (Indonesia) | (Indonesia) | (Indonesia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10% | 08/27/30<sup>1,5</sup> | 4079000 | 3688318 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| (Mexico) | (Mexico) | (Mexico) | (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 02/12/48<sup>5</sup> | 652000 | 434871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 09/21/47<sup>5</sup> | 658000 | 451229 |
| QazaqGaz NC JSC, | QazaqGaz NC JSC, | QazaqGaz NC JSC, | QazaqGaz NC JSC, |
| Series REGS | Series REGS | Series REGS | Series REGS |
| (Kazakhstan) | (Kazakhstan) | (Kazakhstan) | (Kazakhstan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 09/26/27<sup>5</sup> | 650000 | 629816 |
| Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 11/15/25 | 2410000 | 2400811 |
| TransMontaigne Partners LLC | TransMontaigne Partners LLC | TransMontaigne Partners LLC | TransMontaigne Partners LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 06/15/30<sup>1</sup> | 1290000 | 1301898 |
| USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13% | 03/15/29<sup>1</sup> | 1290000 | 1314552 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 01/15/30<sup>1</sup> | 1802000 | 1777919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88% | 02/01/32<sup>1</sup> | 1057000 | 1123467 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| NVS | NVS | NVS | NVS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%<sup>1,6,12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%<sup>1,6,12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530427 |
|  |  |  | 27161836 |
| **Finance — 2.36%** | **Finance — 2.36%** | **Finance — 2.36%** | **Finance — 2.36%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |
| (Ireland) | (Ireland) | (Ireland) | (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/29/28<sup>5</sup> | 10100000 | 9486841 |
| American Express Co., | American Express Co., | American Express Co., | American Express Co., |
| NVS | NVS | NVS | NVS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%<sup>6,12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%<sup>6,12</sup> | 2350000 | 2277352 |
| Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53% | 11/18/27<sup>1,5</sup> | 5278000 | 4943871 |
| BlackRock, Inc. | BlackRock, Inc. | BlackRock, Inc. | BlackRock, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 07/18/35 | 820000 | 887603 |
| CBRE Global Investors Open-Ended Funds SCA SICAV-SIF-Pan European Core Fund | CBRE Global Investors Open-Ended Funds SCA SICAV-SIF-Pan European Core Fund | CBRE Global Investors Open-Ended Funds SCA SICAV-SIF-Pan European Core Fund |  |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Luxembourg) | (Luxembourg) | (Luxembourg) | (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 03/27/34<sup>5</sup> | 1155000 | 1287176 |
| Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) |
| Series K, NVS | Series K, NVS | Series K, NVS | Series K, NVS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%<sup>6,12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%<sup>6,12</sup> | 2020000 | 2000100 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98% | 11/05/30<sup>6</sup> | 2380000 | 2192710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.98% | 03/20/30<sup>6</sup> | 3600000 | 3489672 |
| EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 04/01/32<sup>1</sup> | 2285000 | 2322704 |
| GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 06/15/28<sup>1,5</sup> | 1582000 | 1664185 |
| Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 10/21/27<sup>6</sup> | 4295000 | 4120910 |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| Series VAR | Series VAR | Series VAR | Series VAR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09% | 12/09/26<sup>6</sup> | 16885000 | 16480552 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 06/15/30 | 1698000 | 1611523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 01/15/29 | 2465000 | 2454571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% | 11/15/29<sup>1</sup> | 235000 | 233597 |
| Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 11/01/32<sup>1</sup> | 1865000 | 1839696 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| (GMTN) | (GMTN) | (GMTN) | (GMTN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77% | 01/24/29<sup>6</sup> | 2160000 | 2112958 |
| Saks Global Enterprises LLC | Saks Global Enterprises LLC | Saks Global Enterprises LLC | Saks Global Enterprises LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00% | 12/15/29<sup>1</sup> | 895000 | 726142 |
| Volkswagen Financial Services AG | Volkswagen Financial Services AG | Volkswagen Financial Services AG | Volkswagen Financial Services AG |
| (Georgia) | (Georgia) | (Georgia) | (Georgia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 11/19/31<sup>5</sup> | 3100000 | 3323722 |

---

*See accompanying Notes to Financial Statements.* 

Annual Financial Statements March 2025 / 140

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
| **Finance (continued)** | **Finance (continued)** | **Finance (continued)** | **Finance (continued)** |
| Volkswagen International Finance NV | Volkswagen International Finance NV | Volkswagen International Finance NV | Volkswagen International Finance NV |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%<sup>5,6,12</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445985 |
|  |  |  | 64901870 |
| **Food — 0.87%** | **Food — 0.87%** | **Food — 0.87%** | **Food — 0.87%** |
| ELO SACA | ELO SACA | ELO SACA | ELO SACA |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (France) | (France) | (France) | (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 03/22/29<sup>5</sup> | 1700000 | 1670617 |
| JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl |  |
| (Luxembourg) | (Luxembourg) | (Luxembourg) | (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/15/32<sup>5</sup> | 2940000 | 2533052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 12/01/31<sup>5</sup> | 781000 | 715387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 03/15/34<sup>5</sup> | 2419000 | 2615551 |
| Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/01/30<sup>1</sup> | 6295000 | 6335347 |
| Mondelez International Holdings Netherlands BV, | Mondelez International Holdings Netherlands BV, | Mondelez International Holdings Netherlands BV, | Mondelez International Holdings Netherlands BV, |
| Series REGS | Series REGS | Series REGS | Series REGS |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | 10/01/31<sup>5</sup> | 1315000 | 1220460 |
| Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 03/06/35 | 195000 | 187171 |
| Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/32 | 382000 | 336747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 04/15/31 | 1035000 | 974557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 07/01/33 | 3200000 | 3321038 |
| Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 09/13/31<sup>1</sup> | 4690000 | 3996351 |
|  |  |  | 23906278 |
| **Gaming — 0.02%** | **Gaming — 0.02%** | **Gaming — 0.02%** | **Gaming — 0.02%** |
| Flutter Treasury DAC, | Flutter Treasury DAC, | Flutter Treasury DAC, | Flutter Treasury DAC, |
| (Ireland) | (Ireland) | (Ireland) | (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/29/29<sup>1,5</sup> | 500000 | 554008 |
| **Health Care — 1.88%** | **Health Care — 1.88%** | **Health Care — 1.88%** | **Health Care — 1.88%** |
| 1375209 BC Ltd. | 1375209 BC Ltd. | 1375209 BC Ltd. | 1375209 BC Ltd. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 01/30/28<sup>1,5</sup> | 3981000 | 3982779 |
| American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/08/31<sup>5</sup> | 2850000 | 3025845 |
| Bausch + Lomb Corp. | Bausch + Lomb Corp. | Bausch + Lomb Corp. | Bausch + Lomb Corp. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38% | 10/01/28<sup>1,5</sup> | 485000 | 502775 |
| Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 12/15/28<sup>1</sup> | 3059000 | 2982344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 07/15/44<sup>1</sup> | 1493000 | 1139950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 06/25/38<sup>1</sup> | 2775000 | 2396161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 06/25/48<sup>1</sup> | 3203000 | 2569113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/15/25<sup>1</sup> | 2000000 | 2004072 |
| Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 11/21/53<sup>1</sup> | 1598000 | 1653083 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
| **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
| Cerba Healthcare SACA, | Cerba Healthcare SACA, | Cerba Healthcare SACA, | Cerba Healthcare SACA, |
| Series REGS | Series REGS | Series REGS | Series REGS |
| (France) | (France) | (France) | (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/31/28<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930478 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78% | 03/25/38 | 525000 | 472513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/25/48 | 2025000 | 1729365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 06/01/53 | 1411000 | 1333144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 12/10/54<sup>6</sup> | 2300000 | 2301319 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/15/35 | 4080000 | 4091297 |
| Grifols SA, | Grifols SA, | Grifols SA, | Grifols SA, |
| Series REGS | Series REGS | Series REGS | Series REGS |
| (Spain) | (Spain) | (Spain) | (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 10/15/28<sup>5</sup> | 2280000 | 2269056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 05/01/30<sup>5</sup> | 300000 | 338991 |
| HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 10/01/31<sup>1</sup> | 1340000 | 1289948 |
| Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 05/01/35 | 2195000 | 2171909 |
| Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 02/26/33 | 2270000 | 2423977 |
| Kedrion SpA | Kedrion SpA | Kedrion SpA | Kedrion SpA |
| (Italy) | (Italy) | (Italy) | (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 09/01/29<sup>1,5</sup> | 1135000 | 1079944 |
| Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 10/01/29<sup>1</sup> | 360000 | 345664 |
| Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA |
| (Luxembourg) | (Luxembourg) | (Luxembourg) | (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 10/15/34<sup>5</sup> | 1450000 | 1537866 |
| ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/01/29<sup>1,13</sup> | 5252000 | 2153320 |
| Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38% | 09/01/29<sup>1</sup> | 1480000 | 1404812 |
| Sartorius Finance BV | Sartorius Finance BV | Sartorius Finance BV | Sartorius Finance BV |
| (Netherlands) | (Netherlands) | (Netherlands) | (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/14/32<sup>5</sup> | 200000 | 225661 |
| Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 06/01/31<sup>1</sup> | 1255000 | 1278426 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 07/15/34 | 2030000 | 2043895 |
| Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 09/01/26 | 1500000 | 1436160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 01/15/32 | 590000 | 493749 |
|  |  |  | 51607616 |
| **Health Care REITs — 0.16%** | **Health Care REITs — 0.16%** | **Health Care REITs — 0.16%** | **Health Care REITs — 0.16%** |
| Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/26 | 2257000 | 2219513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 01/15/28 | 625000 | 603771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 05/01/25 | 1695000 | 1693736 |
|  |  |  | 4517020 |
| **Industrial REITs — 0.21%** | **Industrial REITs — 0.21%** | **Industrial REITs — 0.21%** | **Industrial REITs — 0.21%** |
| Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 05/15/32 | 4070000 | 4090354 |

---

*See accompanying Notes to Financial Statements.* 

141 / Annual Financial Statements March 2025

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
| **Industrial REITs (continued)** | **Industrial REITs (continued)** | **Industrial REITs (continued)** | **Industrial REITs (continued)** |
| LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 09/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762259 |
|  |  |  | 5852613 |
| **Industrials — 1.19%** | **Industrials — 1.19%** | **Industrials — 1.19%** | **Industrials — 1.19%** |
| Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/17/28<sup>1</sup> | 6750000 | 6790944 |
| Amcor Group Finance PLC | Amcor Group Finance PLC | Amcor Group Finance PLC | Amcor Group Finance PLC |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 05/23/29<sup>5</sup> | 2525000 | 2581660 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 08/15/26<sup>1,5</sup> | 867000 | 798989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 08/15/27<sup>1,5</sup> | 4002000 | 1842357 |
| Artera Services LLC | Artera Services LLC | Artera Services LLC | Artera Services LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 02/15/31<sup>1</sup> | 609000 | 569662 |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 01/15/27 | 105000 | 99666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 07/15/26<sup>1</sup> | 556000 | 555763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 01/15/34 | 2300000 | 2330263 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81% | 05/01/50 | 1270000 | 1209338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53% | 05/01/34 | 1705000 | 1827040 |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| (MTN) | (MTN) | (MTN) | (MTN) |
| (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) | (CME Term SOFR 3-Month plus 0.74%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06% | 08/15/36<sup>4</sup> | 10370000 | 9741448 |
| Heathrow Funding Ltd. | Heathrow Funding Ltd. | Heathrow Funding Ltd. | Heathrow Funding Ltd. |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13% | 10/08/30<sup>5</sup> | 1715000 | 1639865 |
| Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP |
| (Luxembourg) | (Luxembourg) | (Luxembourg) | (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88% | 10/15/29<sup>1,5</sup> | 2242299 | 1345344 |
| TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 07/15/27<sup>1</sup> | 1345000 | 1322802 |
|  |  |  | 32655141 |
| **Information Technology — 0.92%** | **Information Technology — 0.92%** | **Information Technology — 0.92%** | **Information Technology — 0.92%** |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 04/01/28 | 4110000 | 4129713 |
| Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 01/25/31<sup>1</sup> | 825000 | 838405 |
| Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% | 05/01/29<sup>1</sup> | 1159000 | 1154313 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/12/31 | 2300000 | 1924756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 08/12/51 | 826000 | 486225 |
| Open Text Corp. | Open Text Corp. | Open Text Corp. | Open Text Corp. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90% | 12/01/27<sup>1,5</sup> | 5545000 | 5741847 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/03/28 | 4060000 | 4094631 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 01/15/30 | 5300000 | 5213037 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| Xerox Corp. | Xerox Corp. | Xerox Corp. | Xerox Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25% | 10/15/30<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643546 |
|  |  |  | 25226473 |
| **Insurance — 0.34%** | **Insurance — 0.34%** | **Insurance — 0.34%** | **Insurance — 0.34%** |
| Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.72% | 01/07/29<sup>1</sup> | 1535000 | 1419275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.21% | 03/08/27<sup>1</sup> | 2225000 | 2146705 |
| Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20% | 07/15/48<sup>1</sup> | 150000 | 157065 |
| Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 11/01/53<sup>1,6</sup> | 2500000 | 2407693 |
| Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 11/01/57<sup>1,6</sup> | 3800000 | 3099322 |
|  |  |  | 9230060 |
| **Materials — 0.42%** | **Materials — 0.42%** | **Materials — 0.42%** | **Materials — 0.42%** |
| Corp. Nacional del Cobre de Chile, | Corp. Nacional del Cobre de Chile, | Corp. Nacional del Cobre de Chile, | Corp. Nacional del Cobre de Chile, |
| Series REGS | Series REGS | Series REGS | Series REGS |
| (Chile) | (Chile) | (Chile) | (Chile) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 02/02/33<sup>5</sup> | 3232000 | 3120760 |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 11/01/30<sup>1</sup> | 7835000 | 6779729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.27% | 11/15/40<sup>1</sup> | 130000 | 94737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.47% | 12/01/50<sup>1</sup> | 605000 | 398571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 06/01/47 | 150000 | 117714 |
| Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 11/15/26<sup>1</sup> | 1095000 | 1060950 |
|  |  |  | 11572461 |
| **Office REITs — 0.15%** | **Office REITs — 0.15%** | **Office REITs — 0.15%** | **Office REITs — 0.15%** |
| Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 01/15/30 | 1220000 | 844675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 2947000 | 2606413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 04/01/29 | 85000 | 64662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 02/15/28 | 805000 | 698955 |
|  |  |  | 4214705 |
| **Residential REITs — 0.09%** | **Residential REITs — 0.09%** | **Residential REITs — 0.09%** | **Residential REITs — 0.09%** |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 04/15/52 | 3234000 | 2525901 |
| **Retail — 0.29%** | **Retail — 0.29%** | **Retail — 0.29%** | **Retail — 0.29%** |
| Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/01/26<sup>1</sup> | 1200000 | 1189355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 04/01/29<sup>1</sup> | 3499000 | 3171281 |
| Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 05/01/28<sup>1</sup> | 1798000 | 1243514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88% | 05/01/29<sup>1</sup> | 1400000 | 761710 |
| Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 09/15/29<sup>1</sup> | 1565000 | 1467994 |
|  |  |  | 7833854 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 142

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |  |
| **Services — 0.53%** | **Services — 0.53%** | **Services — 0.53%** | **Services — 0.53%** |
| AA Bond Co. Ltd., | AA Bond Co. Ltd., | AA Bond Co. Ltd., | AA Bond Co. Ltd., |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (United Kingdom) | (United Kingdom) | (United Kingdom) | (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.45% | 01/31/28<sup>5</sup> | $775000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059835 |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| (Canada) | (Canada) | (Canada) | (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 01/15/31<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310000 | 1351435 |
| OT Midco, Inc. | OT Midco, Inc. | OT Midco, Inc. | OT Midco, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% | 02/15/30<sup>1</sup> | 825000 | 713212 |
| Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 11/15/31<sup>1</sup> | 1794000 | 1747802 |
| Rollins, Inc. | Rollins, Inc. | Rollins, Inc. | Rollins, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 02/24/35<sup>1</sup> | 4095000 | 4079694 |
| Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75% | 11/15/29<sup>1</sup> | 355000 | 358280 |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 02/01/33<sup>1</sup> | 2245000 | 2262498 |
| Worldline SA | Worldline SA | Worldline SA | Worldline SA |
| (France) | (France) | (France) | (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 07/30/26<sup>5,14</sup> | 28200 | 2972341 |
|  |  |  | 14545097 |
| **Specialized REITs — 0.15%** | **Specialized REITs — 0.15%** | **Specialized REITs — 0.15%** | **Specialized REITs — 0.15%** |
| Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Luxembourg) | (Luxembourg) | (Luxembourg) | (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 05/04/28<sup>5</sup> | 1120000 | 1123624 |
| China SCE Group Holdings Ltd. | China SCE Group Holdings Ltd. | China SCE Group Holdings Ltd. | China SCE Group Holdings Ltd. |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 05/02/25<sup>2,3,5,15,16</sup> | 1070000 | 52337 |
| LEG Immobilien SE | LEG Immobilien SE | LEG Immobilien SE | LEG Immobilien SE |
| (EMTN) | (EMTN) | (EMTN) | (EMTN) |
| (Georgia) | (Georgia) | (Georgia) | (Georgia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | 03/30/33<sup>5</sup> | 400000 | 338964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% | 01/17/34<sup>5</sup> | 100000 | 86547 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 07/06/30 | 710000 | 810549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 07/06/34 | 1505000 | 1749308 |
| Times China Holdings Ltd. | Times China Holdings Ltd. | Times China Holdings Ltd. | Times China Holdings Ltd. |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 07/08/25<sup>2,3,5,15,16</sup> | 1040000 | 39649 |
| Zhenro Properties Group Ltd. | Zhenro Properties Group Ltd. | Zhenro Properties Group Ltd. | Zhenro Properties Group Ltd. |
| (Cayman Islands) | (Cayman Islands) | (Cayman Islands) | (Cayman Islands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63% | 01/07/26<sup>2,3,5,15,16</sup> | 1810000 | 11532 |
|  |  |  | 4212510 |
| **Transportation — 0.06%** | **Transportation — 0.06%** | **Transportation — 0.06%** | **Transportation — 0.06%** |
| American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |
| Series 2015-2, Class AA | Series 2015-2, Class AA | Series 2015-2, Class AA | Series 2015-2, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 09/22/27 | 1626771 | 1569984 |
| **Water — 0.08%** | **Water — 0.08%** | **Water — 0.08%** | **Water — 0.08%** |
| Holding d'Infrastructures des Metiers de l'Environnement | Holding d'Infrastructures des Metiers de l'Environnement | Holding d'Infrastructures des Metiers de l'Environnement |  |
| (France) | (France) | (France) | (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 10/24/29<sup>5</sup> | 745000 | 819970 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **CORPORATES (continued)** | **CORPORATES (continued)** | **CORPORATES (continued)** |
| **Water (continued)** | **Water (continued)** | **Water (continued)** |
| Suez SACA | Suez SACA | Suez SACA |
| (EMTN) | (EMTN) | (EMTN) |
| (France) | (France) | (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%<br>05/24/34<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | 1290224 |
|  |  | 2110194 |
| **Total Corporates**<br> (Cost $495,216,361) | **Total Corporates**<br> (Cost $495,216,361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479896039 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 1.73%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.73%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.73%** |
| **Foreign Government Obligations — 1.73%** | **Foreign Government Obligations — 1.73%** | **Foreign Government Obligations — 1.73%** |
| Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond |
| (Brazil) | (Brazil) | (Brazil) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%<br>10/20/33<sup>5</sup> | 1230000 | 1199610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%<br>01/22/32<sup>5</sup> | 1500000 | 1509324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%<br>03/15/34<sup>5</sup> | 1310000 | 1278194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%<br>03/15/35<sup>5</sup> | 2500000 | 2490906 |
| Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
| (Colombia) | (Colombia) | (Colombia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%<br>04/15/31<sup>5</sup> | 2027000 | 1648023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%<br>11/07/36<sup>5</sup> | 1360000 | 1331146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%<br>04/20/33<sup>5</sup> | 200000 | 206602 |
| Costa Rica Government International Bond, | Costa Rica Government International Bond, | Costa Rica Government International Bond, |
| Series REGS | Series REGS | Series REGS |
| (Costa Rica) | (Costa Rica) | (Costa Rica) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%<br>04/03/34<sup>5</sup> | 2150000 | 2213477 |
| Finance Department Government of Sharjah | Finance Department Government of Sharjah | Finance Department Government of Sharjah |
| (United Arab Emirates) | (United Arab Emirates) | (United Arab Emirates) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%<br>11/23/32<sup>1,5</sup> | 1629000 | 1694139 |
| Guatemala Government Bond, | Guatemala Government Bond, | Guatemala Government Bond, |
| Series REGS | Series REGS | Series REGS |
| (Guatemala) | (Guatemala) | (Guatemala) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%<br>08/10/29<sup>5</sup> | 3050000 | 3002244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%<br>06/13/36<sup>5</sup> | 1300000 | 1312786 |
| Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
| (Hungary) | (Hungary) | (Hungary) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%<br>09/22/31<sup>1,5</sup> | 3147000 | 2560525 |
| Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
| (Indonesia) | (Indonesia) | (Indonesia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%<br>09/10/34<sup>5</sup> | 1100000 | 1062391 |
| Israel Government International Bond, | Israel Government International Bond, | Israel Government International Bond, |
| Series 5Y | Series 5Y | Series 5Y |
| (Iceland) | (Iceland) | (Iceland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%<br>02/19/30<sup>5</sup> | 1800000 | 1813687 |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| (Mexico) | (Mexico) | (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66%<br>05/24/31<sup>5</sup> | 2472000 | 2088215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%<br>05/19/33<sup>5</sup> | 2259000 | 2086779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%<br>02/09/35<sup>5</sup> | 3850000 | 3867840 |
| Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| (Panama) | (Panama) | (Panama) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%<br>09/29/32<sup>5</sup> | 3706000 | 2702133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%<br>02/14/35<sup>5</sup> | 460000 | 433472 |

---

*See accompanying Notes to Financial Statements.*

143 / Annual Financial Statements March 2025

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Foreign Government Obligations (continued)** | **Foreign Government Obligations (continued)** | **Foreign Government Obligations (continued)** |
| Paraguay Government International Bond, | Paraguay Government International Bond, | Paraguay Government International Bond, |
| Series REGS | Series REGS | Series REGS |
| (Papua New Guinea) | (Papua New Guinea) | (Papua New Guinea) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%<br>04/28/31<sup>5</sup> | 2185000 | 2124892 |
| Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond |
| (Peru) | (Peru) | (Peru) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%<br>01/15/34<sup>5</sup> | 2000000 | 1658674 |
| Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
| (South Africa) | (South Africa) | (South Africa) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%<br>10/12/28<sup>5</sup> | 827000 | 780532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%<br>09/30/29<sup>5</sup> | 1283000 | 1210059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%<br>06/22/30<sup>5</sup> | 875000 | 850877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%<br>04/20/32<sup>5</sup> | 1064000 | 1013401 |
| Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond |
| (Romania) | (Romania) | (Romania) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%<br>02/17/28<sup>1,5</sup> | 450000 | 462528 |
| Romanian Government International Bond, | Romanian Government International Bond, | Romanian Government International Bond, |
| Series REGS | Series REGS | Series REGS |
| (Romania) | (Romania) | (Romania) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%<br>02/14/31<sup>5</sup> | 3440000 | 2879429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%<br>03/27/32<sup>5</sup> | 960000 | 804367 |
| Uruguay Government International Bond | Uruguay Government International Bond | Uruguay Government International Bond |
| (Uruguay) | (Uruguay) | (Uruguay) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44%<br>02/14/37<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | 1215476 |
| **Total Foreign Government Obligations** | **Total Foreign Government Obligations** | **Total Foreign Government Obligations** |
| (Cost $48,962,341) | (Cost $48,962,341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47501728 |
| **MORTGAGE-BACKED — 59.57%\*\*** | **MORTGAGE-BACKED — 59.57%\*\*** | **MORTGAGE-BACKED — 59.57%\*\*** |
| **Non-Agency Commercial Mortgage-Backed — 10.35%** | **Non-Agency Commercial Mortgage-Backed — 10.35%** | **Non-Agency Commercial Mortgage-Backed — 10.35%** |
| 1345 Avenue of the Americas & Park Avenue Plaza Trust, | 1345 Avenue of the Americas & Park Avenue Plaza Trust, |  |
| Series 2005-1, Class A3 | Series 2005-1, Class A3 | Series 2005-1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.28%<br>08/10/35<sup>1</sup> | 7801704 | 7760972 |
| 245 Park Avenue Trust, | 245 Park Avenue Trust, | 245 Park Avenue Trust, |
| Series 2017-245P, Class A | Series 2017-245P, Class A | Series 2017-245P, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.51%<br>06/05/37<sup>1</sup> | 5000000 | 4828400 |
| 245 Park Avenue Trust, | 245 Park Avenue Trust, | 245 Park Avenue Trust, |
| Series 2017-245P, Class E | Series 2017-245P, Class E | Series 2017-245P, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.66%<br>06/05/37<sup>1,6</sup> | 5800000 | 5363342 |
| 280 Park Avenue Mortgage Trust, | 280 Park Avenue Mortgage Trust, | 280 Park Avenue Mortgage Trust, |
| Series 2017-280P, Class E | Series 2017-280P, Class E | Series 2017-280P, Class E |
| (CME Term SOFR 1-Month plus 2.42%) | (CME Term SOFR 1-Month plus 2.42%) | (CME Term SOFR 1-Month plus 2.42%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.74%<br>09/15/34<sup>1,4</sup> | 2744000 | 2646473 |
| A10 Bridge Asset Financing, | A10 Bridge Asset Financing, | A10 Bridge Asset Financing, |
| Series 2021-D, Class A1FL | Series 2021-D, Class A1FL | Series 2021-D, Class A1FL |
| (SOFR30A plus 1.45%) | (SOFR30A plus 1.45%) | (SOFR30A plus 1.45%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%<br>10/01/38<sup>1,4</sup> | 76923 | 76871 |
| Banc of America Merrill Lynch Commercial Mortgage Trust, | Banc of America Merrill Lynch Commercial Mortgage Trust, |  |
| Series 2018-PARK, Class A | Series 2018-PARK, Class A | Series 2018-PARK, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09%<br>08/10/38<sup>1,6</sup> | 7845000 | 7605123 |
| Banc of America Merrill Lynch Commercial Mortgage Trust, | Banc of America Merrill Lynch Commercial Mortgage Trust, |  |
| Series 2020-BOC, Class X (IO) | Series 2020-BOC, Class X (IO) | Series 2020-BOC, Class X (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47%<br>01/15/32<sup>1,6</sup> | 98610000 | 637578 |
| BGME Trust, | BGME Trust, | BGME Trust, |
| Series 2021-VR, Class B | Series 2021-VR, Class B | Series 2021-VR, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99%<br>01/10/43<sup>1,6</sup> | 3300000 | 2685785 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
| Blackstone Industrial Portfolio - Proj Foxtrot | Blackstone Industrial Portfolio - Proj Foxtrot | Blackstone Industrial Portfolio - Proj Foxtrot |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.23%<br>04/09/25<sup>†,2,3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317003 |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |
| Series 2020-VIVA, Class D | Series 2020-VIVA, Class D | Series 2020-VIVA, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%<br>03/11/44<sup>1,6</sup> | 5000000 | 4488435 |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |
| Series 2021-XL2, Class J | Series 2021-XL2, Class J | Series 2021-XL2, Class J |
| (CME Term SOFR 1-Month plus 4.00%) | (CME Term SOFR 1-Month plus 4.00%) | (CME Term SOFR 1-Month plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.32%<br>10/15/38<sup>1,4</sup> | 7980000 | 7787506 |
| BX Trust, | BX Trust, | BX Trust, |
| Series 2019-OC11, Class A | Series 2019-OC11, Class A | Series 2019-OC11, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%<br>12/09/41<sup>1</sup> | 7060000 | 6526500 |
| BX Trust, | BX Trust, | BX Trust, |
| Series 2021-ARIA, Class G | Series 2021-ARIA, Class G | Series 2021-ARIA, Class G |
| (CME Term SOFR 1-Month plus 3.26%) | (CME Term SOFR 1-Month plus 3.26%) | (CME Term SOFR 1-Month plus 3.26%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.58%<br>10/15/36<sup>1,4</sup> | 3000000 | 2938046 |
| BX Trust, | BX Trust, | BX Trust, |
| Series 2021-LBA, Class EJV | Series 2021-LBA, Class EJV | Series 2021-LBA, Class EJV |
| (CME Term SOFR 1-Month plus 2.11%) | (CME Term SOFR 1-Month plus 2.11%) | (CME Term SOFR 1-Month plus 2.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.43%<br>02/15/36<sup>1,4</sup> | 1500000 | 1480260 |
| BX Trust, | BX Trust, | BX Trust, |
| Series 2023-LIFE, Class C | Series 2023-LIFE, Class C | Series 2023-LIFE, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%<br>02/15/28<sup>1</sup> | 2862000 | 2776639 |
| BX Trust, | BX Trust, | BX Trust, |
| Series 2024-PAT, Class A | Series 2024-PAT, Class A | Series 2024-PAT, Class A |
| (CME Term SOFR 1-Month plus 2.09%) | (CME Term SOFR 1-Month plus 2.09%) | (CME Term SOFR 1-Month plus 2.09%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.41%<br>03/15/41<sup>1,4</sup> | 5236000 | 5239141 |
| BX Trust, | BX Trust, | BX Trust, |
| Series 2025-VLT6, Class E | Series 2025-VLT6, Class E | Series 2025-VLT6, Class E |
| (CME Term SOFR 1-Month plus 3.19%) | (CME Term SOFR 1-Month plus 3.19%) | (CME Term SOFR 1-Month plus 3.19%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.51%<br>03/15/42<sup>1,4</sup> | 5405000 | 5369327 |
| BXHPP Trust, | BXHPP Trust, | BXHPP Trust, |
| Series 2021-FILM, Class E | Series 2021-FILM, Class E | Series 2021-FILM, Class E |
| (CME Term SOFR 1-Month plus 2.11%) | (CME Term SOFR 1-Month plus 2.11%) | (CME Term SOFR 1-Month plus 2.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.43%<br>08/15/36<sup>1,4</sup> | 5367000 | 4758533 |
| CAMB Commercial Mortgage Trust, | CAMB Commercial Mortgage Trust, | CAMB Commercial Mortgage Trust, |
| Series 2019-LIFE, Class F | Series 2019-LIFE, Class F | Series 2019-LIFE, Class F |
| (CME Term SOFR 1-Month plus 2.85%) | (CME Term SOFR 1-Month plus 2.85%) | (CME Term SOFR 1-Month plus 2.85%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.17%<br>12/15/37<sup>1,4</sup> | 9700000 | 9692963 |
| CAMB Commercial Mortgage Trust, | CAMB Commercial Mortgage Trust, | CAMB Commercial Mortgage Trust, |
| Series 2019-LIFE, Class G | Series 2019-LIFE, Class G | Series 2019-LIFE, Class G |
| (CME Term SOFR 1-Month plus 3.55%) | (CME Term SOFR 1-Month plus 3.55%) | (CME Term SOFR 1-Month plus 3.55%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.87%<br>12/15/37<sup>1,4</sup> | 8503000 | 8492274 |
| CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| Series 2016-CD1, Class XA (IO) | Series 2016-CD1, Class XA (IO) | Series 2016-CD1, Class XA (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.33%<br>08/10/49<sup>6</sup> | 56626315 | 486805 |
| CHI Commercial Mortgage Trust, | CHI Commercial Mortgage Trust, | CHI Commercial Mortgage Trust, |
| Series 2025-SFT, Class D | Series 2025-SFT, Class D | Series 2025-SFT, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57%<br>04/15/42<sup>1,6</sup> | 7232000 | 7302899 |
| Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| Series 2012-CR4, Class XA (IO) | Series 2012-CR4, Class XA (IO) | Series 2012-CR4, Class XA (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>10/15/45<sup>6</sup> | 8525699 | 123170 |
| CRSNT Trust, | CRSNT Trust, | CRSNT Trust, |
| Series 2021-MOON, Class C | Series 2021-MOON, Class C | Series 2021-MOON, Class C |
| (CME Term SOFR 1-Month plus 1.66%) | (CME Term SOFR 1-Month plus 1.66%) | (CME Term SOFR 1-Month plus 1.66%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.98%<br>04/15/36<sup>1,4</sup> | 3000000 | 2946242 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 144

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
| CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| Series 2019-C16, Class XA (IO) | Series 2019-C16, Class XA (IO) | Series 2019-C16, Class XA (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.54%<br>06/15/52<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88395224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4590046 |
| CSMC, | CSMC, | CSMC, |
| Series 2021-BPNY, Class A | Series 2021-BPNY, Class A | Series 2021-BPNY, Class A |
| (CME Term SOFR 1-Month plus 3.83%) | (CME Term SOFR 1-Month plus 3.83%) | (CME Term SOFR 1-Month plus 3.83%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.15%<br>08/15/26<sup>1,4</sup> | 12253472 | 11376101 |
| DOLP Trust, | DOLP Trust, | DOLP Trust, |
| Series 2021-NYC, Class D | Series 2021-NYC, Class D | Series 2021-NYC, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%<br>05/10/41<sup>1,6</sup> | 4740000 | 4002080 |
| DROP Mortgage Trust, | DROP Mortgage Trust, | DROP Mortgage Trust, |
| Series 2021-FILE, Class D | Series 2021-FILE, Class D | Series 2021-FILE, Class D |
| (CME Term SOFR 1-Month plus 2.86%) | (CME Term SOFR 1-Month plus 2.86%) | (CME Term SOFR 1-Month plus 2.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.18%<br>10/15/43<sup>1,4</sup> | 3145000 | 2687988 |
| FREMF Mortgage Trust, | FREMF Mortgage Trust, | FREMF Mortgage Trust, |
| Series 2019-KF71, Class B | Series 2019-KF71, Class B | Series 2019-KF71, Class B |
| (SOFR30A plus 2.41%) | (SOFR30A plus 2.41%) | (SOFR30A plus 2.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.77%<br>10/25/29<sup>1,4</sup> | 682313 | 638193 |
| FREMF Mortgage Trust, | FREMF Mortgage Trust, | FREMF Mortgage Trust, |
| Series 2020-KF75, Class B | Series 2020-KF75, Class B | Series 2020-KF75, Class B |
| (SOFR30A plus 2.36%) | (SOFR30A plus 2.36%) | (SOFR30A plus 2.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.72%<br>12/25/29<sup>1,4</sup> | 1326632 | 1234377 |
| FREMF Mortgage Trust, | FREMF Mortgage Trust, | FREMF Mortgage Trust, |
| Series 2020-KF78, Class C | Series 2020-KF78, Class C | Series 2020-KF78, Class C |
| (SOFR30A plus 7.98%) | (SOFR30A plus 7.98%) | (SOFR30A plus 7.98%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.34%<br>03/25/30<sup>1,4</sup> | 3876628 | 3849344 |
| FREMF Mortgage Trust, | FREMF Mortgage Trust, | FREMF Mortgage Trust, |
| Series 2020-KF88, Class C | Series 2020-KF88, Class C | Series 2020-KF88, Class C |
| (SOFR30A plus 9.11%) | (SOFR30A plus 9.11%) | (SOFR30A plus 9.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.47%<br>09/25/30<sup>1,4</sup> | 3249717 | 3290988 |
| Grace Trust, | Grace Trust, | Grace Trust, |
| Series 2020-GRCE, Class A | Series 2020-GRCE, Class A | Series 2020-GRCE, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%<br>12/10/40<sup>1</sup> | 8000000 | 6896652 |
| Grace Trust, | Grace Trust, | Grace Trust, |
| Series 2020-GRCE, Class D | Series 2020-GRCE, Class D | Series 2020-GRCE, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.68%<br>12/10/40<sup>1,6</sup> | 2950000 | 2485727 |
| GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, |
| Series 2023-FUN, Class B | Series 2023-FUN, Class B | Series 2023-FUN, Class B |
| (CME Term SOFR 1-Month plus 2.79%) | (CME Term SOFR 1-Month plus 2.79%) | (CME Term SOFR 1-Month plus 2.79%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.11%<br>03/15/28<sup>1,4</sup> | 5160000 | 5172170 |
| GSCG Trust, | GSCG Trust, | GSCG Trust, |
| Series 2019-600C, Class G | Series 2019-600C, Class G | Series 2019-600C, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%<br>09/06/34<sup>1,6</sup> | 9212000 | 97121 |
| Hilton USA Trust, | Hilton USA Trust, | Hilton USA Trust, |
| Series 2016-HHV, Class F | Series 2016-HHV, Class F | Series 2016-HHV, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.19%<br>11/05/38<sup>1,6</sup> | 7840000 | 7575552 |
| Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, |
| Series 2019-55HY, Class A | Series 2019-55HY, Class A | Series 2019-55HY, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%<br>12/10/41<sup>1,6</sup> | 6555000 | 5957946 |
| Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, |
| Series 2019-55HY, Class F | Series 2019-55HY, Class F | Series 2019-55HY, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%<br>12/10/41<sup>1,6</sup> | 6891000 | 5790558 |
| Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, | Hudson Yards Mortgage Trust, |
| Series 2025-SPRL, Class E | Series 2025-SPRL, Class E | Series 2025-SPRL, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.68%<br>01/13/40<sup>1,6</sup> | 4000000 | 4045231 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |  |
| **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
| ILPT Commercial Mortgage Trust, | ILPT Commercial Mortgage Trust, | ILPT Commercial Mortgage Trust, |
| Series 2022-LPFX, Class A | Series 2022-LPFX, Class A | Series 2022-LPFX, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%<br>03/15/32<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10492357 |
| JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |  |
| Series 2022-NLP, Class H | Series 2022-NLP, Class H | Series 2022-NLP, Class H |
| (CME Term SOFR 1-Month plus 5.01%) | (CME Term SOFR 1-Month plus 5.01%) | (CME Term SOFR 1-Month plus 5.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.33%<br>04/15/37<sup>1,4</sup> | 5320724 | 4406623 |
| JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |  |
| Series 2025-BMS, Class D | Series 2025-BMS, Class D | Series 2025-BMS, Class D |
| (CME Term SOFR 1-Month plus 3.15%) | (CME Term SOFR 1-Month plus 3.15%) | (CME Term SOFR 1-Month plus 3.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.47%<br>01/15/42<sup>1,4</sup> | 3129000 | 3126009 |
| Life Mortgage Trust, | Life Mortgage Trust, | Life Mortgage Trust, |
| Series 2021-BMR, Class G | Series 2021-BMR, Class G | Series 2021-BMR, Class G |
| (CME Term SOFR 1-Month plus 3.06%) | (CME Term SOFR 1-Month plus 3.06%) | (CME Term SOFR 1-Month plus 3.06%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%<br>03/15/38<sup>1,4</sup> | 5052600 | 4935920 |
| MF1 Ltd., | MF1 Ltd., | MF1 Ltd., |
| Series 2020-FL4, Class B | Series 2020-FL4, Class B | Series 2020-FL4, Class B |
| (CME Term SOFR 1-Month plus 2.86%) | (CME Term SOFR 1-Month plus 2.86%) | (CME Term SOFR 1-Month plus 2.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.18%<br>12/15/35<sup>1,4</sup> | 6000000 | 6006097 |
| MF1 Ltd., | MF1 Ltd., | MF1 Ltd., |
| Series 2020-FL4, Class D | Series 2020-FL4, Class D | Series 2020-FL4, Class D |
| (CME Term SOFR 1-Month plus 4.21%) | (CME Term SOFR 1-Month plus 4.21%) | (CME Term SOFR 1-Month plus 4.21%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.53%<br>12/15/35<sup>1,4</sup> | 4481000 | 4457559 |
| MKT Mortgage Trust, | MKT Mortgage Trust, | MKT Mortgage Trust, |
| Series 2020-525M, Class C | Series 2020-525M, Class C | Series 2020-525M, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%<br>02/12/40<sup>1,6</sup> | 4970000 | 4020152 |
| MKT Mortgage Trust, | MKT Mortgage Trust, | MKT Mortgage Trust, |
| Series 2020-525M, Class D | Series 2020-525M, Class D | Series 2020-525M, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%<br>02/12/40<sup>1,6</sup> | 7500000 | 5720258 |
| MKT Mortgage Trust, | MKT Mortgage Trust, | MKT Mortgage Trust, |
| Series 2020-525M, Class XA (IO) | Series 2020-525M, Class XA (IO) | Series 2020-525M, Class XA (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21%<br>02/12/40<sup>1,6</sup> | 147585000 | 1365006 |
| Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |
| Series 2015-C22, Class XA (IO) | Series 2015-C22, Class XA (IO) | Series 2015-C22, Class XA (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>04/15/48<sup>6</sup> | 24520622 | 245 |
| Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |
| Series 2015-C24, Class XA (IO) | Series 2015-C24, Class XA (IO) | Series 2015-C24, Class XA (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>05/15/48<sup>6</sup> | 82828059 | 24236 |
| Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| Series 2018-MP, Class A | Series 2018-MP, Class A | Series 2018-MP, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%<br>07/11/40<sup>1,6</sup> | 2500000 | 2323653 |
| Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, |
| Series 2018-ALXA, Class E | Series 2018-ALXA, Class E | Series 2018-ALXA, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32%<br>01/15/43<sup>1,6</sup> | 1095000 | 908644 |
| NRTH Mortgage Trust, | NRTH Mortgage Trust, | NRTH Mortgage Trust, |
| Series 2024-PARK, Class A | Series 2024-PARK, Class A | Series 2024-PARK, Class A |
| (CME Term SOFR 1-Month plus 1.64%) | (CME Term SOFR 1-Month plus 1.64%) | (CME Term SOFR 1-Month plus 1.64%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96%<br>03/15/39<sup>1,4</sup> | 5335000 | 5339191 |
| NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, |
| Series 2021-909, Class E | Series 2021-909, Class E | Series 2021-909, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.21%<br>04/10/43<sup>1,6</sup> | 3000000 | 2057754 |
| One New York Plaza Trust, | One New York Plaza Trust, | One New York Plaza Trust, |
| Series 2020-1NYP, Class AJ | Series 2020-1NYP, Class AJ | Series 2020-1NYP, Class AJ |
| (CME Term SOFR 1-Month plus 1.36%) | (CME Term SOFR 1-Month plus 1.36%) | (CME Term SOFR 1-Month plus 1.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68%<br>01/15/36<sup>1,4</sup> | 2630000 | 2491078 |

---

*See accompanying Notes to Financial Statements.* 

145 / Annual Financial Statements March 2025

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** | **Non-Agency Commercial Mortgage-Backed (continued)** |
| PGA Trust, | PGA Trust, | PGA Trust, |
| Series 2024-RSR2, Class A | Series 2024-RSR2, Class A | Series 2024-RSR2, Class A |
| (CME Term SOFR 1-Month plus 1.89%) | (CME Term SOFR 1-Month plus 1.89%) | (CME Term SOFR 1-Month plus 1.89%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.21%<br>06/15/39<sup>1,4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8873000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8866896 |
| RIDE, | RIDE, | RIDE, |
| Series 2025-SHRE, Class D | Series 2025-SHRE, Class D | Series 2025-SHRE, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%<br>02/14/47<sup>1,6</sup> | 2755000 | 2793993 |
| ROCK Trust, | ROCK Trust, | ROCK Trust, |
| Series 2024-CNTR, Class E | Series 2024-CNTR, Class E | Series 2024-CNTR, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.82%<br>11/13/41<sup>1</sup> | 2500000 | 2643229 |
| SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, |
| Series 2015-5AVE, Class A2B | Series 2015-5AVE, Class A2B | Series 2015-5AVE, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%<br>01/05/43<sup>1,6</sup> | 1840000 | 1634459 |
| SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, |
| Series 2015-5AVE, Class C | Series 2015-5AVE, Class C | Series 2015-5AVE, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%<br>01/05/43<sup>1,6</sup> | 10000000 | 8515959 |
| SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, | SFAVE Commercial Mortgage Securities Trust, |
| Series 2015-5AVE, Class D | Series 2015-5AVE, Class D | Series 2015-5AVE, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%<br>01/05/43<sup>1,6</sup> | 13330000 | 10905286 |
| SMRT, | SMRT, | SMRT, |
| Series 2022-MINI, Class F | Series 2022-MINI, Class F | Series 2022-MINI, Class F |
| (CME Term SOFR 1-Month plus 3.35%) | (CME Term SOFR 1-Month plus 3.35%) | (CME Term SOFR 1-Month plus 3.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67%<br>01/15/39<sup>1,4</sup> | 6570000 | 6234213 |
| STWD Trust, | STWD Trust, | STWD Trust, |
| Series 2021-FLWR, Class F | Series 2021-FLWR, Class F | Series 2021-FLWR, Class F |
| (CME Term SOFR 1-Month plus 2.79%) | (CME Term SOFR 1-Month plus 2.79%) | (CME Term SOFR 1-Month plus 2.79%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.11%<br>07/15/36<sup>1,4</sup> | 2760000 | 2742039 |
| SWCH Commercial Mortgage Trust, | SWCH Commercial Mortgage Trust, | SWCH Commercial Mortgage Trust, |
| Series 2025-DATA, Class E | Series 2025-DATA, Class E | Series 2025-DATA, Class E |
| (CME Term SOFR 1-Month plus 3.34%) | (CME Term SOFR 1-Month plus 3.34%) | (CME Term SOFR 1-Month plus 3.34%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.66%<br>03/15/42<sup>1,4</sup> | 2985000 | 2950891 |
| Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| Series 2016-C33, Class XA (IO) | Series 2016-C33, Class XA (IO) | Series 2016-C33, Class XA (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.53%<br>03/15/59<sup>6</sup> | 70841333 | 570011 |
| Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| Series 2019-JWDR, Class E | Series 2019-JWDR, Class E | Series 2019-JWDR, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.86%<br>09/15/31<sup>1,6</sup> | 4705000 | 4573855 |
| WF-RBS Commercial Mortgage Trust, | WF-RBS Commercial Mortgage Trust, | WF-RBS Commercial Mortgage Trust, |
| Series 2013-C14, Class XA (IO) | Series 2013-C14, Class XA (IO) | Series 2013-C14, Class XA (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32%<br>06/15/46<sup>6</sup> | 1211190 | 12 |
| WF-RBS Commercial Mortgage Trust, | WF-RBS Commercial Mortgage Trust, | WF-RBS Commercial Mortgage Trust, |
| Series 2014-C23, Class XA (IO) | Series 2014-C23, Class XA (IO) | Series 2014-C23, Class XA (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08%<br>10/15/57<sup>6</sup> | 7111324 | 71 |
|  |  | 284126057 |
| **Non-Agency Mortgage-Backed — 26.44%** | **Non-Agency Mortgage-Backed — 26.44%** | **Non-Agency Mortgage-Backed — 26.44%** |
| ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| Series 2006-HE3, Class A2C | Series 2006-HE3, Class A2C | Series 2006-HE3, Class A2C |
| (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73%<br>06/25/36<sup>4</sup> | 4157561 | 3064522 |
| ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| Series 2006-NC3, Class A2C | Series 2006-NC3, Class A2C | Series 2006-NC3, Class A2C |
| (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%<br>12/25/36<sup>4</sup> | 50571227 | 12880557 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
| ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| Series 2007-ASP1, Class A1 | Series 2007-ASP1, Class A1 | Series 2007-ASP1, Class A1 | Series 2007-ASP1, Class A1 |
| (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 03/25/37<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26758565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11429295 |
| ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| Series 2007-ASP1, Class A2D | Series 2007-ASP1, Class A2D | Series 2007-ASP1, Class A2D | Series 2007-ASP1, Class A2D |
| (CME Term SOFR 1-Month plus 0.87%) | (CME Term SOFR 1-Month plus 0.87%) | (CME Term SOFR 1-Month plus 0.87%) | (CME Term SOFR 1-Month plus 0.87%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19% | 03/25/37<sup>4</sup> | 2126314 | 856591 |
| Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, |
| Series 2005-4, Class 5A1 | Series 2005-4, Class 5A1 | Series 2005-4, Class 5A1 | Series 2005-4, Class 5A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% | 08/25/35<sup>6</sup> | 1074704 | 861047 |
| Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, |
| Series 2007-1, Class 1A1 | Series 2007-1, Class 1A1 | Series 2007-1, Class 1A1 | Series 2007-1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 03/25/37<sup>6</sup> | 992707 | 797828 |
| Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| Series 2005-74T1, Class A1 | Series 2005-74T1, Class A1 | Series 2005-74T1, Class A1 | Series 2005-74T1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 01/25/36 | 4842267 | 2651510 |
| Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| Series 2005-76, Class 1A1 | Series 2005-76, Class 1A1 | Series 2005-76, Class 1A1 | Series 2005-76, Class 1A1 |
| (Federal Reserve US 12-Month Cumulative Average plus 1.48%) | (Federal Reserve US 12-Month Cumulative Average plus 1.48%) | (Federal Reserve US 12-Month Cumulative Average plus 1.48%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.12% | 01/25/36<sup>4</sup> | 2113050 | 1994542 |
| Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| Series 2006-HY12, Class A5 | Series 2006-HY12, Class A5 | Series 2006-HY12, Class A5 | Series 2006-HY12, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39% | 08/25/36<sup>6</sup> | 1602840 | 1498915 |
| American Home Mortgage Investment Trust, | American Home Mortgage Investment Trust, | American Home Mortgage Investment Trust, | American Home Mortgage Investment Trust, |
| Series 2006-1, Class 11A1 | Series 2006-1, Class 11A1 | Series 2006-1, Class 11A1 | Series 2006-1, Class 11A1 |
| (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71% | 03/25/46<sup>4</sup> | 7097544 | 6387971 |
| American Home Mortgage Investment Trust, | American Home Mortgage Investment Trust, | American Home Mortgage Investment Trust, | American Home Mortgage Investment Trust, |
| Series 2006-1, Class 12A1 | Series 2006-1, Class 12A1 | Series 2006-1, Class 12A1 | Series 2006-1, Class 12A1 |
| (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% | 03/25/46<sup>4</sup> | 2200239 | 1952248 |
| Argent Securities, Inc., Asset-Backed Pass-Through | Argent Securities, Inc., Asset-Backed Pass-Through | Argent Securities, Inc., Asset-Backed Pass-Through | Argent Securities, Inc., Asset-Backed Pass-Through |
| Certificates, | Certificates, | Certificates, | Certificates, |
| Series 2006-W3, Class A2C | Series 2006-W3, Class A2C | Series 2006-W3, Class A2C | Series 2006-W3, Class A2C |
| (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79% | 04/25/36<sup>4</sup> | 36844072 | 10962381 |
| Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, |
| Series 2007-WMC1, Class A1A | Series 2007-WMC1, Class A1A | Series 2007-WMC1, Class A1A | Series 2007-WMC1, Class A1A |
| (CME Term SOFR 1-Month plus 1.36%) | (CME Term SOFR 1-Month plus 1.36%) | (CME Term SOFR 1-Month plus 1.36%) | (CME Term SOFR 1-Month plus 1.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% | 06/25/37<sup>4</sup> | 14880527 | 10772986 |
| Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, | Asset-Backed Funding Certificates, |
| Series 2007-WMC1, Class A2B | Series 2007-WMC1, Class A2B | Series 2007-WMC1, Class A2B | Series 2007-WMC1, Class A2B |
| (CME Term SOFR 1-Month plus 1.11%) | (CME Term SOFR 1-Month plus 1.11%) | (CME Term SOFR 1-Month plus 1.11%) | (CME Term SOFR 1-Month plus 1.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.43% | 06/25/37<sup>4</sup> | 2696030 | 2228916 |
| Asset-Backed Securities Corp. Home Equity Loan Trust, | Asset-Backed Securities Corp. Home Equity Loan Trust, | Asset-Backed Securities Corp. Home Equity Loan Trust, | Asset-Backed Securities Corp. Home Equity Loan Trust, |
| Series 2004-HE9, Class M1 | Series 2004-HE9, Class M1 | Series 2004-HE9, Class M1 | Series 2004-HE9, Class M1 |
| (CME Term SOFR 1-Month plus 1.09%) | (CME Term SOFR 1-Month plus 1.09%) | (CME Term SOFR 1-Month plus 1.09%) | (CME Term SOFR 1-Month plus 1.09%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41% | 12/25/34<sup>4</sup> | 934666 | 865762 |
| Asset-Backed Securities Corp. Home Equity Loan Trust, | Asset-Backed Securities Corp. Home Equity Loan Trust, | Asset-Backed Securities Corp. Home Equity Loan Trust, | Asset-Backed Securities Corp. Home Equity Loan Trust, |
| Series 2006-HE5, Class A5 | Series 2006-HE5, Class A5 | Series 2006-HE5, Class A5 | Series 2006-HE5, Class A5 |
| (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.08% | 07/25/36<sup>4</sup> | 5307763 | 5203038 |

---

*See accompanying Notes to Financial Statements.* 

Annual Financial Statements March 2025 / 146

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
| Banc of America Alternative Loan Trust, | Banc of America Alternative Loan Trust, | Banc of America Alternative Loan Trust, | Banc of America Alternative Loan Trust, |
| Series 2003-8, Class 1CB1 | Series 2003-8, Class 1CB1 | Series 2003-8, Class 1CB1 | Series 2003-8, Class 1CB1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 10/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299688 |
| Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
| Series 2006-D, Class 3A1 | Series 2006-D, Class 3A1 | Series 2006-D, Class 3A1 | Series 2006-D, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 05/20/36<sup>6</sup> | 542018 | 488721 |
| Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
| Series 2015-R3, Class 6A2 | Series 2015-R3, Class 6A2 | Series 2015-R3, Class 6A2 | Series 2015-R3, Class 6A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77% | 05/27/36<sup>1,6</sup> | 7400081 | 7226555 |
| Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, |
| Series 2005-K, Class 2A1 | Series 2005-K, Class 2A1 | Series 2005-K, Class 2A1 | Series 2005-K, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% | 12/25/35<sup>6</sup> | 452271 | 409542 |
| BCAP LLC Trust, | BCAP LLC Trust, | BCAP LLC Trust, | BCAP LLC Trust, |
| Series 2007-AA1, Class 2A1 | Series 2007-AA1, Class 2A1 | Series 2007-AA1, Class 2A1 | Series 2007-AA1, Class 2A1 |
| (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79% | 03/25/37<sup>4</sup> | 2105120 | 1901542 |
| Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, |
| Series 2005-2, Class 2A4 | Series 2005-2, Class 2A4 | Series 2005-2, Class 2A4 | Series 2005-2, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.17% | 04/25/35<sup>6</sup> | 578173 | 530741 |
| Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, |
| Series 2005-8, Class 11A1 | Series 2005-8, Class 11A1 | Series 2005-8, Class 11A1 | Series 2005-8, Class 11A1 |
| (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97% | 10/25/35<sup>4</sup> | 3971658 | 3560593 |
| Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, |
| Series 2005-9, Class A1 | Series 2005-9, Class A1 | Series 2005-9, Class A1 | Series 2005-9, Class A1 |
| (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 2.30%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 2.30%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 2.30%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.08% | 10/25/35<sup>4</sup> | 706188 | 671827 |
| Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, |
| Series 2005-AC6, Class 1A3 | Series 2005-AC6, Class 1A3 | Series 2005-AC6, Class 1A3 | Series 2005-AC6, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/25/35<sup>6</sup> | 220039 | 209701 |
| Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, |
| Series 2006-AC2, Class 21A3 | Series 2006-AC2, Class 21A3 | Series 2006-AC2, Class 21A3 | Series 2006-AC2, Class 21A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 03/25/36 | 6530 | 6512 |
| Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, |
| Series 2007-AR4, Class 1A1 | Series 2007-AR4, Class 1A1 | Series 2007-AR4, Class 1A1 | Series 2007-AR4, Class 1A1 |
| (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% | 09/25/47<sup>4</sup> | 3785265 | 3583071 |
| Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, |
| Series 2007-AR4, Class 2A1 | Series 2007-AR4, Class 2A1 | Series 2007-AR4, Class 2A1 | Series 2007-AR4, Class 2A1 |
| (CME Term SOFR 1-Month plus 0.32%) | (CME Term SOFR 1-Month plus 0.32%) | (CME Term SOFR 1-Month plus 0.32%) | (CME Term SOFR 1-Month plus 0.32%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.64% | 06/25/37<sup>4</sup> | 2959344 | 2833268 |
| Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, | Carrington Mortgage Loan Trust, |
| Series 2006-NC4, Class A4 | Series 2006-NC4, Class A4 | Series 2006-NC4, Class A4 | Series 2006-NC4, Class A4 |
| (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67% | 10/25/36<sup>4</sup> | 14364300 | 12530871 |
| Cascade MH Asset Trust, | Cascade MH Asset Trust, | Cascade MH Asset Trust, | Cascade MH Asset Trust, |
| Series 2022-MH1, Class A<br> (STEP-reset date 05/25/25) | Series 2022-MH1, Class A<br> (STEP-reset date 05/25/25) | Series 2022-MH1, Class A<br> (STEP-reset date 05/25/25) | Series 2022-MH1, Class A<br> (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 08/25/54<sup>1</sup> | 6009119 | 5800901 |
| CFMT LLC, | CFMT LLC, | CFMT LLC, | CFMT LLC, |
| Series 2024-NR1, Class A1<br> (STEP-reset date 04/25/25) | Series 2024-NR1, Class A1<br> (STEP-reset date 04/25/25) | Series 2024-NR1, Class A1<br> (STEP-reset date 04/25/25) | Series 2024-NR1, Class A1<br> (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.41% | 11/25/29<sup>1</sup> | 9027042 | 9046484 |
| Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, |
| Series 2007-A1, Class 8A1 | Series 2007-A1, Class 8A1 | Series 2007-A1, Class 8A1 | Series 2007-A1, Class 8A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80% | 02/25/37<sup>6</sup> | 296747 | 288659 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
| CIM Trust, | CIM Trust, | CIM Trust, |
| Series 2019-R3, Class A | Series 2019-R3, Class A | Series 2019-R3, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%<br>06/25/58<sup>1,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4608673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4221341 |
| CIM Trust, | CIM Trust, | CIM Trust, |
| Series 2020-R1, Class A1 | Series 2020-R1, Class A1 | Series 2020-R1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%<br>10/27/59<sup>1,6</sup> | 8472378 | 7469636 |
| CIM Trust, | CIM Trust, | CIM Trust, |
| Series 2020-R3, Class A1A | Series 2020-R3, Class A1A | Series 2020-R3, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%<br>01/26/60<sup>1,6</sup> | 4765389 | 4525909 |
| CIM Trust, | CIM Trust, | CIM Trust, |
| Series 2020-R6, Class A1A | Series 2020-R6, Class A1A | Series 2020-R6, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%<br>12/25/60<sup>1,6</sup> | 3957742 | 3591727 |
| CIM Trust, | CIM Trust, | CIM Trust, |
| Series 2020-R7, Class A1A | Series 2020-R7, Class A1A | Series 2020-R7, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%<br>12/27/61<sup>1,6</sup> | 6143069 | 5595548 |
| CIM Trust, | CIM Trust, | CIM Trust, |
| Series 2021-R3, Class A1B | Series 2021-R3, Class A1B | Series 2021-R3, Class A1B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%<br>06/25/57<sup>1,6</sup> | 18287000 | 14668705 |
| CIM Trust, | CIM Trust, | CIM Trust, |
| Series 2021-R4, Class A1A | Series 2021-R4, Class A1A | Series 2021-R4, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%<br>05/01/61<sup>1,6</sup> | 7980901 | 7279245 |
| CIM Trust, | CIM Trust, | CIM Trust, |
| Series 2021-R4, Class A1B | Series 2021-R4, Class A1B | Series 2021-R4, Class A1B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%<br>05/01/61<sup>1,6</sup> | 10243493 | 7935950 |
| CIM Trust, | CIM Trust, | CIM Trust, |
| Series 2021-R5, Class A1A | Series 2021-R5, Class A1A | Series 2021-R5, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%<br>08/25/61<sup>1,6</sup> | 7368394 | 6410668 |
| CIM Trust, | CIM Trust, | CIM Trust, |
| Series 2023-R1, Class A1A | Series 2023-R1, Class A1A | Series 2023-R1, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%<br>04/25/62<sup>1,6</sup> | 10690578 | 10135964 |
| CIM Trust, | CIM Trust, | CIM Trust, |
| Series 2023-R3, Class A1B | Series 2023-R3, Class A1B | Series 2023-R3, Class A1B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%<br>01/25/63<sup>1,6</sup> | 11444000 | 9002495 |
| CIM Trust, | CIM Trust, | CIM Trust, |
| Series 2025-R1, Class A1<br> (STEP-reset date 05/25/25) | Series 2025-R1, Class A1<br> (STEP-reset date 05/25/25) | Series 2025-R1, Class A1<br> (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%<br>02/25/99<sup>1</sup> | 8200000 | 8074034 |
| Citadel PLC, | Citadel PLC, | Citadel PLC, |
| Series 2024-1, Class X | Series 2024-1, Class X | Series 2024-1, Class X |
| (United Kingdom) | (United Kingdom) | (United Kingdom) |
| (SONIA plus 4.00%) | (SONIA plus 4.00%) | (SONIA plus 4.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.46%<br>04/28/60<sup>4,5</sup> | 1650101 | 2132856 |
| Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| Series 2005-9, Class 1A1 | Series 2005-9, Class 1A1 | Series 2005-9, Class 1A1 |
| (CME Term SOFR 1-Month plus 0.37%) | (CME Term SOFR 1-Month plus 0.37%) | (CME Term SOFR 1-Month plus 0.37%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%<br>11/25/35<sup>4</sup> | 35310 | 30182 |
| Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| Series 2006-HE3, Class A2C | Series 2006-HE3, Class A2C | Series 2006-HE3, Class A2C |
| (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%<br>12/25/36<sup>4</sup> | 5817428 | 3957337 |
| Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| Series 2006-HE3, Class A2D | Series 2006-HE3, Class A2D | Series 2006-HE3, Class A2D |
| (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89%<br>12/25/36<sup>4</sup> | 6217099 | 4229724 |

---

*See accompanying Notes to Financial Statements.*

147 / Annual Financial Statements March 2025

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
| Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, |  |
| Series 2005-3, Class 1A2 | Series 2005-3, Class 1A2 | Series 2005-3, Class 1A2 | Series 2005-3, Class 1A2 |
| (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01% | 04/25/35<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972265 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876709 |
| Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., |
| Series 2003-AR26, Class 3A1 | Series 2003-AR26, Class 3A1 | Series 2003-AR26, Class 3A1 | Series 2003-AR26, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.35% | 11/25/33<sup>6</sup> | 166333 | 160946 |
| Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, |  |
| Series 2004-AR5, Class 9A1 | Series 2004-AR5, Class 9A1 | Series 2004-AR5, Class 9A1 | Series 2004-AR5, Class 9A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11% | 06/25/34<sup>6</sup> | 22560 | 21956 |
| Credit Suisse Mortgage Capital Certificates, | Credit Suisse Mortgage Capital Certificates, | Credit Suisse Mortgage Capital Certificates, | Credit Suisse Mortgage Capital Certificates, |
| Series 2022-RPL1, Class CERT | Series 2022-RPL1, Class CERT | Series 2022-RPL1, Class CERT | Series 2022-RPL1, Class CERT |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23% | 04/25/61<sup>1</sup> | 423510 | 346970 |
| Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |
| Series 2006-8, Class 3A1 | Series 2006-8, Class 3A1 | Series 2006-8, Class 3A1 | Series 2006-8, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/25/21 | 20037 | 5076 |
| Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |
| Series 2022-RPL1, Class PT | Series 2022-RPL1, Class PT | Series 2022-RPL1, Class PT | Series 2022-RPL1, Class PT |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.64% | 04/25/61<sup>1,6</sup> | 10020549 | 8599872 |
| Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
| Series 2006-CB2, Class AF3<br> (STEP-reset date 05/25/25) | Series 2006-CB2, Class AF3<br> (STEP-reset date 05/25/25) | Series 2006-CB2, Class AF3<br> (STEP-reset date 05/25/25) | Series 2006-CB2, Class AF3<br> (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99% | 12/25/36 | 593314 | 495151 |
| Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
| Series 2006-CB9, Class A2 | Series 2006-CB9, Class A2 | Series 2006-CB9, Class A2 | Series 2006-CB9, Class A2 |
| (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 11/25/36<sup>4</sup> | 6642581 | 3000839 |
| Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
| Series 2007-CB1, Class AF2<br> (STEP-reset date 05/25/25) | Series 2007-CB1, Class AF2<br> (STEP-reset date 05/25/25) | Series 2007-CB1, Class AF2<br> (STEP-reset date 05/25/25) | Series 2007-CB1, Class AF2<br> (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15% | 01/25/37 | 2351113 | 663939 |
| Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
| Series 2007-CB5, Class A1 | Series 2007-CB5, Class A1 | Series 2007-CB5, Class A1 | Series 2007-CB5, Class A1 |
| (CME Term SOFR 1-Month plus 0.17%) | (CME Term SOFR 1-Month plus 0.17%) | (CME Term SOFR 1-Month plus 0.17%) | (CME Term SOFR 1-Month plus 0.17%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.34% | 04/25/37<sup>4</sup> | 1163839 | 668636 |
| Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
| Mortgage Loan Trust, | Mortgage Loan Trust, | Mortgage Loan Trust, | Mortgage Loan Trust, |
| Series 2007-CB2, Class A2B<br> (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2B<br> (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2B<br> (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2B<br> (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53% | 02/25/37 | 3697011 | 2200125 |
| Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
| Mortgage Loan Trust, | Mortgage Loan Trust, | Mortgage Loan Trust, | Mortgage Loan Trust, |
| Series 2007-CB2, Class A2C<br> (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2C<br> (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2C<br> (STEP-reset date 05/25/25) | Series 2007-CB2, Class A2C<br> (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53% | 02/25/37 | 884849 | 526582 |
| Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, | Credit-Based Asset Servicing and Securitization LLC, |
| Mortgage Loan Trust, | Mortgage Loan Trust, | Mortgage Loan Trust, | Mortgage Loan Trust, |
| Series 2007-CB3, Class A3<br> (STEP-reset date 05/25/25) | Series 2007-CB3, Class A3<br> (STEP-reset date 05/25/25) | Series 2007-CB3, Class A3<br> (STEP-reset date 05/25/25) | Series 2007-CB3, Class A3<br> (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.27% | 03/25/37 | 5062288 | 1750142 |
| CSMC Mortgage-Backed Trust, | CSMC Mortgage-Backed Trust, | CSMC Mortgage-Backed Trust, | CSMC Mortgage-Backed Trust, |
| Series 2006-1, Class 1A4 | Series 2006-1, Class 1A4 | Series 2006-1, Class 1A4 | Series 2006-1, Class 1A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 02/25/36 | 2293211 | 2061370 |
| CSMC Trust, | CSMC Trust, | CSMC Trust, | CSMC Trust, |
| Series 2021-RPL7, Class A1 | Series 2021-RPL7, Class A1 | Series 2021-RPL7, Class A1 | Series 2021-RPL7, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.19% | 07/27/61<sup>1,6</sup> | 6278021 | 6259626 |
| CSMCM Trust, | CSMCM Trust, | CSMCM Trust, | CSMCM Trust, |
| Series 2018-SP3, Class CERT | Series 2018-SP3, Class CERT | Series 2018-SP3, Class CERT | Series 2018-SP3, Class CERT |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15% | 10/25/58<sup>1,6</sup> | 10947304 | 9391125 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
| DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, |
| Series 2004-AR4, Class 2A1A | Series 2004-AR4, Class 2A1A | Series 2004-AR4, Class 2A1A |
| (CME Term SOFR 1-Month plus 0.83%) | (CME Term SOFR 1-Month plus 0.83%) | (CME Term SOFR 1-Month plus 0.83%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%<br>01/19/45<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384803 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293497 |
| DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, |
| Series 2005-AR6, Class 2A1A | Series 2005-AR6, Class 2A1A | Series 2005-AR6, Class 2A1A |
| (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01%<br>10/19/45<sup>4</sup> | 3002694 | 2740135 |
| DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, |
| Series 2006-AR2, Class 2A1A | Series 2006-AR2, Class 2A1A | Series 2006-AR2, Class 2A1A |
| (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%<br>10/19/36<sup>4</sup> | 4903975 | 3259724 |
| DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, |
| Series 2007-AR1, Class 2A1A | Series 2007-AR1, Class 2A1A | Series 2007-AR1, Class 2A1A |
| (CME Term SOFR 1-Month plus 0.25%) | (CME Term SOFR 1-Month plus 0.25%) | (CME Term SOFR 1-Month plus 0.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57%<br>03/19/37<sup>4</sup> | 1040433 | 854723 |
| Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |
| Series 2019-R06, Class 2B1 | Series 2019-R06, Class 2B1 | Series 2019-R06, Class 2B1 |
| (SOFR30A plus 3.86%) | (SOFR30A plus 3.86%) | (SOFR30A plus 3.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.20%<br>09/25/39<sup>1,4</sup> | 4903832 | 5059271 |
| First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
| Series 2006-FF13, Class A2C | Series 2006-FF13, Class A2C | Series 2006-FF13, Class A2C |
| (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) | (CME Term SOFR 1-Month plus 0.43%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%<br>10/25/36<sup>4</sup> | 11025255 | 7249079 |
| First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
| Series 2006-FF18, Class A2D | Series 2006-FF18, Class A2D | Series 2006-FF18, Class A2D |
| (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%<br>12/25/37<sup>4</sup> | 619135 | 563176 |
| First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
| Series 2006-FF5, Class M1 | Series 2006-FF5, Class M1 | Series 2006-FF5, Class M1 |
| (CME Term SOFR 1-Month plus 0.52%) | (CME Term SOFR 1-Month plus 0.52%) | (CME Term SOFR 1-Month plus 0.52%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84%<br>04/25/36<sup>4</sup> | 3860000 | 2957884 |
| First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
| Series 2006-FF9, Class 2A4 | Series 2006-FF9, Class 2A4 | Series 2006-FF9, Class 2A4 |
| (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%<br>06/25/36<sup>4</sup> | 10218000 | 9254573 |
| First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
| Series 2007-FF1, Class A2D | Series 2007-FF1, Class A2D | Series 2007-FF1, Class A2D |
| (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87%<br>01/25/38<sup>4</sup> | 3572406 | 1940785 |
| First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
| Series 2007-FF2, Class A2B | Series 2007-FF2, Class A2B | Series 2007-FF2, Class A2B |
| (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%<br>03/25/37<sup>4</sup> | 494101 | 234006 |
| First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| Series 2004-AA3, Class A1 | Series 2004-AA3, Class A1 | Series 2004-AA3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%<br>09/25/34<sup>6</sup> | 74720 | 75410 |
| First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| Series 2004-AA3, Class A3 | Series 2004-AA3, Class A3 | Series 2004-AA3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%<br>09/25/34<sup>6</sup> | 114896 | 115957 |
| First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| Series 2005-AA10, Class 1A1 | Series 2005-AA10, Class 1A1 | Series 2005-AA10, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%<br>12/25/35<sup>6</sup> | 593725 | 492659 |
| First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| Series 2005-AA12, Class 2A1 | Series 2005-AA12, Class 2A1 | Series 2005-AA12, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%<br>02/25/36<sup>6</sup> | 752052 | 466155 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 148

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
| First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| Series 2005-AA3, Class 3A1 | Series 2005-AA3, Class 3A1 | Series 2005-AA3, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%<br>05/25/35<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652075 |
| First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| Series 2005-AA7, Class 2A1 | Series 2005-AA7, Class 2A1 | Series 2005-AA7, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23%<br>09/25/35<sup>6</sup> | 909020 | 796093 |
| First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| Series 2005-AA8, Class 2A1 | Series 2005-AA8, Class 2A1 | Series 2005-AA8, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%<br>10/25/35<sup>6</sup> | 1306259 | 747748 |
| First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| Series 2005-AA9, Class 2A1 | Series 2005-AA9, Class 2A1 | Series 2005-AA9, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%<br>11/25/35<sup>6</sup> | 716897 | 624468 |
| First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, |
| Series 2005-AR4, Class 1A1 | Series 2005-AR4, Class 1A1 | Series 2005-AR4, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%<br>09/25/35<sup>6</sup> | 1166171 | 755018 |
| First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, |
| Series 2005-AR5, Class 2A1 | Series 2005-AR5, Class 2A1 | Series 2005-AR5, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%<br>11/25/35<sup>6</sup> | 470796 | 365957 |
| First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, |
| Series 2007-AR2, Class 1A2 | Series 2007-AR2, Class 1A2 | Series 2007-AR2, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.22%<br>08/25/37<sup>6</sup> | 48054 | 12430 |
| GMACM Mortgage Corp. Loan Trust, | GMACM Mortgage Corp. Loan Trust, | GMACM Mortgage Corp. Loan Trust, |
| Series 2005-AR5, Class 3A1 | Series 2005-AR5, Class 3A1 | Series 2005-AR5, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84%<br>09/19/35<sup>6</sup> | 795045 | 650419 |
| GMACM Mortgage Corp. Loan Trust, | GMACM Mortgage Corp. Loan Trust, | GMACM Mortgage Corp. Loan Trust, |
| Series 2006-AR1, Class 1A1 | Series 2006-AR1, Class 1A1 | Series 2006-AR1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.94%<br>04/19/36<sup>6</sup> | 2381182 | 1945077 |
| GreenPoint Manufactured Housing, | GreenPoint Manufactured Housing, | GreenPoint Manufactured Housing, |
| Series 2000-1, Class A4 | Series 2000-1, Class A4 | Series 2000-1, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.14%<br>03/20/30<sup>6</sup> | 3642040 | 2219644 |
| GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, |
| Series 2007-AR1, Class 2A1A | Series 2007-AR1, Class 2A1A | Series 2007-AR1, Class 2A1A |
| (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83%<br>03/25/47<sup>4</sup> | 7200841 | 6695137 |
| GSAMP Trust, | GSAMP Trust, | GSAMP Trust, |
| Series 2007-FM2, Class A1 | Series 2007-FM2, Class A1 | Series 2007-FM2, Class A1 |
| (CME Term SOFR 1-Month plus 0.25%) | (CME Term SOFR 1-Month plus 0.25%) | (CME Term SOFR 1-Month plus 0.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57%<br>01/25/37<sup>4</sup> | 16084054 | 9418020 |
| GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
| Series 2005-7F, Class 3A3 (IO) | Series 2005-7F, Class 3A3 (IO) | Series 2005-7F, Class 3A3 (IO) |
| (-1.00 X CME Term SOFR 1-Month plus 5.39%, 5.50% Cap) | (-1.00 X CME Term SOFR 1-Month plus 5.39%, 5.50% Cap) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.07%<br>09/25/35<sup>2,3,4</sup> | 9051 | 449 |
| GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
| Series 2005-AR4, Class 5A1 | Series 2005-AR4, Class 5A1 | Series 2005-AR4, Class 5A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.19%<br>07/25/35<sup>6</sup> | 248368 | 238636 |
| GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
| Series 2006-AR2, Class 2A1 | Series 2006-AR2, Class 2A1 | Series 2006-AR2, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%<br>04/25/36<sup>6</sup> | 148448 | 97080 |
| HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
| Series 2005-10, Class 2A1A | Series 2005-10, Class 2A1A | Series 2005-10, Class 2A1A |
| (CME Term SOFR 1-Month plus 0.73%) | (CME Term SOFR 1-Month plus 0.73%) | (CME Term SOFR 1-Month plus 0.73%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%<br>11/19/35<sup>4</sup> | 778646 | 511959 |
| HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
| Series 2006-7, Class 1A | Series 2006-7, Class 1A | Series 2006-7, Class 1A |
| (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%<br>09/19/46<sup>4</sup> | 7536221 | 6406144 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
| HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
| Series 2007-6, Class 1A1A | Series 2007-6, Class 1A1A | Series 2007-6, Class 1A1A |
| (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%<br>08/19/37<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8329763 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7077223 |
| Home Equity Mortgage Loan Asset-Backed Trust, | Home Equity Mortgage Loan Asset-Backed Trust, | Home Equity Mortgage Loan Asset-Backed Trust, |
| Series 2005-D, Class AII4 | Series 2005-D, Class AII4 | Series 2005-D, Class AII4 |
| (CME Term SOFR 1-Month plus 0.81%) | (CME Term SOFR 1-Month plus 0.81%) | (CME Term SOFR 1-Month plus 0.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%<br>03/25/36<sup>4</sup> | 97275 | 97159 |
| HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, |
| Series 2005-OPT1, Class M1 | Series 2005-OPT1, Class M1 | Series 2005-OPT1, Class M1 |
| (CME Term SOFR 1-Month plus 0.74%) | (CME Term SOFR 1-Month plus 0.74%) | (CME Term SOFR 1-Month plus 0.74%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06%<br>11/25/35<sup>4</sup> | 348159 | 345666 |
| HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, |
| Series 2006-HE1, Class 1A1 | Series 2006-HE1, Class 1A1 | Series 2006-HE1, Class 1A1 |
| (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) | (CME Term SOFR 1-Month plus 0.39%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71%<br>10/25/36<sup>4</sup> | 10445201 | 2896565 |
| HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, |
| Series 2006-HE2, Class 1A | Series 2006-HE2, Class 1A | Series 2006-HE2, Class 1A |
| (CME Term SOFR 1-Month plus 0.37%) | (CME Term SOFR 1-Month plus 0.37%) | (CME Term SOFR 1-Month plus 0.37%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%<br>12/25/36<sup>4</sup> | 24957394 | 9413235 |
| HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, |
| Series 2006-WMC1, Class A1 | Series 2006-WMC1, Class A1 | Series 2006-WMC1, Class A1 |
| (CME Term SOFR 1-Month plus 0.21%) | (CME Term SOFR 1-Month plus 0.21%) | (CME Term SOFR 1-Month plus 0.21%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.53%<br>07/25/36<sup>4</sup> | 9635487 | 4176966 |
| HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, |
| Series 2006-WMC1, Class A2 | Series 2006-WMC1, Class A2 | Series 2006-WMC1, Class A2 |
| (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%<br>07/25/36<sup>4</sup> | 10664628 | 4649459 |
| HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, |
| Series 2006-WMC1, Class A4 | Series 2006-WMC1, Class A4 | Series 2006-WMC1, Class A4 |
| (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%<br>07/25/36<sup>4</sup> | 9325718 | 4118711 |
| Impac CMB Trust, | Impac CMB Trust, | Impac CMB Trust, |
| Series 2005-2, Class 1A1 | Series 2005-2, Class 1A1 | Series 2005-2, Class 1A1 |
| (CME Term SOFR 1-Month plus 0.63%) | (CME Term SOFR 1-Month plus 0.63%) | (CME Term SOFR 1-Month plus 0.63%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%<br>04/25/35<sup>4</sup> | 1317170 | 1289795 |
| IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
| Series 2005-AR14, Class 1A1A | Series 2005-AR14, Class 1A1A | Series 2005-AR14, Class 1A1A |
| (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%<br>07/25/35<sup>4</sup> | 7246910 | 5272147 |
| IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
| Series 2005-AR19, Class A1 | Series 2005-AR19, Class A1 | Series 2005-AR19, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%<br>10/25/35<sup>6</sup> | 1606787 | 1297602 |
| IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
| Series 2006-AR27, Class 1A3 | Series 2006-AR27, Class 1A3 | Series 2006-AR27, Class 1A3 |
| (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) | (CME Term SOFR 1-Month plus 0.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97%<br>10/25/36<sup>4</sup> | 4587009 | 1865424 |
| IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
| Series 2006-AR4, Class A2A | Series 2006-AR4, Class A2A | Series 2006-AR4, Class A2A |
| (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%<br>05/25/46<sup>4</sup> | 8837435 | 8542651 |
| IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
| Series 2006-AR9, Class 3A3 | Series 2006-AR9, Class 3A3 | Series 2006-AR9, Class 3A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.51%<br>06/25/36<sup>6</sup> | 2478728 | 2151599 |

---

*See accompanying Notes to Financial Statements.*

149 / Annual Financial Statements March 2025

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
| IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, | IndyMac Index Mortgage Loan Trust, |
| Series 2007-FLX4, Class 2A1 | Series 2007-FLX4, Class 2A1 | Series 2007-FLX4, Class 2A1 | Series 2007-FLX4, Class 2A1 |
| (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79% | 07/25/37<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10158098 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9312149 |
| IndyMac Manufactured Housing Contract Pass-Through Certificates, | IndyMac Manufactured Housing Contract Pass-Through Certificates, | IndyMac Manufactured Housing Contract Pass-Through Certificates, |  |
| Series 1998-1, Class A4 | Series 1998-1, Class A4 | Series 1998-1, Class A4 | Series 1998-1, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.49% | 09/25/28 | 7838 | 7806 |
| JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, |
| Series 2006-WMC4, Class A1A | Series 2006-WMC4, Class A1A | Series 2006-WMC4, Class A1A | Series 2006-WMC4, Class A1A |
| (CME Term SOFR 1-Month plus 0.37%) | (CME Term SOFR 1-Month plus 0.37%) | (CME Term SOFR 1-Month plus 0.37%) | (CME Term SOFR 1-Month plus 0.37%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69% | 12/25/36<sup>4</sup> | 6381505 | 3987047 |
| JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, | JPMorgan Mortgage Acquisition Trust, |
| Series 2006-WMC4, Class A4 | Series 2006-WMC4, Class A4 | Series 2006-WMC4, Class A4 | Series 2006-WMC4, Class A4 |
| (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73% | 12/25/36<sup>4</sup> | 8289858 | 4331399 |
| JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| Series 2006-A3, Class 2A1 | Series 2006-A3, Class 2A1 | Series 2006-A3, Class 2A1 | Series 2006-A3, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24% | 05/25/36<sup>6</sup> | 14254 | 12124 |
| Lehman XS Trust, | Lehman XS Trust, | Lehman XS Trust, | Lehman XS Trust, |
| Series 2005-5N, Class 3A1A | Series 2005-5N, Class 3A1A | Series 2005-5N, Class 3A1A | Series 2005-5N, Class 3A1A |
| (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73% | 11/25/35<sup>4</sup> | 239699 | 238782 |
| Lehman XS Trust, | Lehman XS Trust, | Lehman XS Trust, | Lehman XS Trust, |
| Series 2006-17, Class 1A3 | Series 2006-17, Class 1A3 | Series 2006-17, Class 1A3 | Series 2006-17, Class 1A3 |
| (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93% | 08/25/46<sup>4</sup> | 10389056 | 9049529 |
| Lehman XS Trust, | Lehman XS Trust, | Lehman XS Trust, | Lehman XS Trust, |
| Series 2006-GP2, Class 1A5A | Series 2006-GP2, Class 1A5A | Series 2006-GP2, Class 1A5A | Series 2006-GP2, Class 1A5A |
| (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% | 06/25/46<sup>4</sup> | 2993180 | 2864013 |
| Lehman XS Trust, | Lehman XS Trust, | Lehman XS Trust, | Lehman XS Trust, |
| Series 2007-18N, Class 1A1 | Series 2007-18N, Class 1A1 | Series 2007-18N, Class 1A1 | Series 2007-18N, Class 1A1 |
| (CME Term SOFR 1-Month plus 1.81%) | (CME Term SOFR 1-Month plus 1.81%) | (CME Term SOFR 1-Month plus 1.81%) | (CME Term SOFR 1-Month plus 1.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 10/25/37<sup>4</sup> | 2380078 | 2224083 |
| Long Beach Mortgage Loan Trust, | Long Beach Mortgage Loan Trust, | Long Beach Mortgage Loan Trust, | Long Beach Mortgage Loan Trust, |
| Series 2006-2, Class 1A | Series 2006-2, Class 1A | Series 2006-2, Class 1A | Series 2006-2, Class 1A |
| (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79% | 03/25/46<sup>4</sup> | 5223565 | 4062468 |
| Long Beach Mortgage Loan Trust, | Long Beach Mortgage Loan Trust, | Long Beach Mortgage Loan Trust, | Long Beach Mortgage Loan Trust, |
| Series 2006-9, Class 2A2 | Series 2006-9, Class 2A2 | Series 2006-9, Class 2A2 | Series 2006-9, Class 2A2 |
| (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 10/25/36<sup>4</sup> | 47014418 | 15010707 |
| MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |
| Series 2003-7, Class 3A1 | Series 2003-7, Class 3A1 | Series 2003-7, Class 3A1 | Series 2003-7, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.84% | 11/25/33<sup>6</sup> | 65722 | 64993 |
| MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |
| Series 2004-15, Class 8A1 | Series 2004-15, Class 8A1 | Series 2004-15, Class 8A1 | Series 2004-15, Class 8A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71% | 10/25/34<sup>6</sup> | 25607 | 25651 |
| MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |
| Series 2004-3, Class 3A3 | Series 2004-3, Class 3A3 | Series 2004-3, Class 3A3 | Series 2004-3, Class 3A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 04/25/34<sup>6</sup> | 18741 | 18037 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br>Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
| MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |
| Series 2006-OA2, Class 1A1 | Series 2006-OA2, Class 1A1 | Series 2006-OA2, Class 1A1 |
| (Federal Reserve US 12-Month Cumulative Average plus 0.80%) | (Federal Reserve US 12-Month Cumulative Average plus 0.80%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44%<br>12/25/46<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14697458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10710675 |
| MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |
| Series 2006-WMC1, Class A3 | Series 2006-WMC1, Class A3 | Series 2006-WMC1, Class A3 |
| (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) | (CME Term SOFR 1-Month plus 0.47%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79%<br>02/25/36<sup>4</sup> | 15230366 | 4997739 |
| MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |
| Series 2007-HE1, Class A4 | Series 2007-HE1, Class A4 | Series 2007-HE1, Class A4 |
| (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) | (CME Term SOFR 1-Month plus 0.67%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%<br>05/25/37<sup>4</sup> | 3150000 | 2661774 |
| MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |
| Series 2007-WMC1, Class A2 | Series 2007-WMC1, Class A2 | Series 2007-WMC1, Class A2 |
| (CME Term SOFR 1-Month plus 0.21%) | (CME Term SOFR 1-Month plus 0.21%) | (CME Term SOFR 1-Month plus 0.21%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.53%<br>01/25/37<sup>4</sup> | 15612320 | 4428669 |
| Merrill Lynch Alternative Note Asset Trust, | Merrill Lynch Alternative Note Asset Trust, | Merrill Lynch Alternative Note Asset Trust, |
| Series 2007-OAR2, Class A2 | Series 2007-OAR2, Class A2 | Series 2007-OAR2, Class A2 |
| (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%<br>04/25/37<sup>4</sup> | 5835317 | 4878678 |
| Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |
| Series 2007-1, Class A2C | Series 2007-1, Class A2C | Series 2007-1, Class A2C |
| (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%<br>04/25/37<sup>4</sup> | 15538400 | 6012424 |
| Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |
| Series 2007-4, Class 2A4 | Series 2007-4, Class 2A4 | Series 2007-4, Class 2A4 |
| (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) | (CME Term SOFR 1-Month plus 0.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%<br>07/25/37<sup>4</sup> | 354244 | 351789 |
| Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, | Merrill Lynch First Franklin Mortgage Loan Trust, |
| Series 2007-5, Class 1A | Series 2007-5, Class 1A | Series 2007-5, Class 1A |
| (CME Term SOFR 1-Month plus 0.96%) | (CME Term SOFR 1-Month plus 0.96%) | (CME Term SOFR 1-Month plus 0.96%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.28%<br>10/25/37<sup>4</sup> | 20803842 | 12565585 |
| Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| Series 2003-A6, Class 2A | Series 2003-A6, Class 2A | Series 2003-A6, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.64%<br>10/25/33<sup>6</sup> | 58048 | 56681 |
| Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| Series 2007-2, Class 1A1 | Series 2007-2, Class 1A1 | Series 2007-2, Class 1A1 |
| (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 2.40%) | (US Treasury Yield Curve Rate T Note Constant Maturity 1-Year plus 2.40%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53%<br>08/25/36<sup>4</sup> | 475852 | 406737 |
| Morgan Stanley ABS Capital I, Inc., Trust, | Morgan Stanley ABS Capital I, Inc., Trust, | Morgan Stanley ABS Capital I, Inc., Trust, |
| Series 2006-HE4, Class A3 | Series 2006-HE4, Class A3 | Series 2006-HE4, Class A3 |
| (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73%<br>06/25/36<sup>4</sup> | 8293868 | 4180212 |
| Morgan Stanley ABS Capital I, Inc., Trust, | Morgan Stanley ABS Capital I, Inc., Trust, | Morgan Stanley ABS Capital I, Inc., Trust, |
| Series 2006-HE4, Class A4 | Series 2006-HE4, Class A4 | Series 2006-HE4, Class A4 |
| (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91%<br>06/25/36<sup>4</sup> | 8847684 | 4486318 |
| Morgan Stanley ABS Capital I, Inc., Trust, | Morgan Stanley ABS Capital I, Inc., Trust, | Morgan Stanley ABS Capital I, Inc., Trust, |
| Series 2007-NC3, Class A2C | Series 2007-NC3, Class A2C | Series 2007-NC3, Class A2C |
| (CME Term SOFR 1-Month plus 0.30%) | (CME Term SOFR 1-Month plus 0.30%) | (CME Term SOFR 1-Month plus 0.30%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62%<br>05/25/37<sup>4</sup> | 18623931 | 14276204 |

---

*See accompanying Notes to Financial Statements.* 

Annual Financial Statements March 2025 / 150

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |  |
| Morgan Stanley Capital I, Inc., Trust, | Morgan Stanley Capital I, Inc., Trust, | Morgan Stanley Capital I, Inc., Trust, | Morgan Stanley Capital I, Inc., Trust, |
| Series 2006-NC2, Class A2D | Series 2006-NC2, Class A2D | Series 2006-NC2, Class A2D | Series 2006-NC2, Class A2D |
| (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) | (CME Term SOFR 1-Month plus 0.69%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01% | 02/25/36<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352360 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350019 |
| Morgan Stanley Home Equity Loan Trust, | Morgan Stanley Home Equity Loan Trust, | Morgan Stanley Home Equity Loan Trust, | Morgan Stanley Home Equity Loan Trust, |
| Series 2006-3, Class A4 | Series 2006-3, Class A4 | Series 2006-3, Class A4 | Series 2006-3, Class A4 |
| (CME Term SOFR 1-Month plus 0.63%) | (CME Term SOFR 1-Month plus 0.63%) | (CME Term SOFR 1-Month plus 0.63%) | (CME Term SOFR 1-Month plus 0.63%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 04/25/36<sup>4</sup> | 10575667 | 7368802 |
| Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |
| Series 2004-7AR, Class 2A4 | Series 2004-7AR, Class 2A4 | Series 2004-7AR, Class 2A4 | Series 2004-7AR, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41% | 09/25/34<sup>6</sup> | 96611 | 94458 |
| Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |
| Series 2006-2, Class 1A | Series 2006-2, Class 1A | Series 2006-2, Class 1A | Series 2006-2, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 02/25/21 | 32755 | 29639 |
| MortgageIT Trust, | MortgageIT Trust, | MortgageIT Trust, | MortgageIT Trust, |
| Series 2005-2, Class 2A | Series 2005-2, Class 2A | Series 2005-2, Class 2A | Series 2005-2, Class 2A |
| (CME Term SOFR 1-Month plus 1.76%) | (CME Term SOFR 1-Month plus 1.76%) | (CME Term SOFR 1-Month plus 1.76%) | (CME Term SOFR 1-Month plus 1.76%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.09% | 05/25/35<sup>4</sup> | 441951 | 420044 |
| New York Mortgage Trust, | New York Mortgage Trust, | New York Mortgage Trust, | New York Mortgage Trust, |
| Series 2005-3, Class A1 | Series 2005-3, Class A1 | Series 2005-3, Class A1 | Series 2005-3, Class A1 |
| (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 02/25/36<sup>4</sup> | 100927 | 100270 |
| NLT Trust, | NLT Trust, | NLT Trust, | NLT Trust, |
| Series 2021-INV2, Class A3 | Series 2021-INV2, Class A3 | Series 2021-INV2, Class A3 | Series 2021-INV2, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.52% | 08/25/56<sup>1,6</sup> | 6183670 | 5332602 |
| Nomura Asset Acceptance Corp., | Nomura Asset Acceptance Corp., | Nomura Asset Acceptance Corp., | Nomura Asset Acceptance Corp., |
| Series 2005-AR4, Class 4A1 | Series 2005-AR4, Class 4A1 | Series 2005-AR4, Class 4A1 | Series 2005-AR4, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77% | 08/25/35<sup>6</sup> | 886057 | 838424 |
| Oakwood Mortgage Investors, Inc., | Oakwood Mortgage Investors, Inc., | Oakwood Mortgage Investors, Inc., | Oakwood Mortgage Investors, Inc., |
| Series 2000-A, Class A5 | Series 2000-A, Class A5 | Series 2000-A, Class A5 | Series 2000-A, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.16% | 09/15/29<sup>6</sup> | 10211723 | 1509823 |
| Option One Mortgage Loan Trust, | Option One Mortgage Loan Trust, | Option One Mortgage Loan Trust, | Option One Mortgage Loan Trust, |
| Series 2007-4, Class 2A2 | Series 2007-4, Class 2A2 | Series 2007-4, Class 2A2 | Series 2007-4, Class 2A2 |
| (CME Term SOFR 1-Month plus 0.29%) | (CME Term SOFR 1-Month plus 0.29%) | (CME Term SOFR 1-Month plus 0.29%) | (CME Term SOFR 1-Month plus 0.29%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.61% | 04/25/37<sup>4</sup> | 11768690 | 6656224 |
| Option One Mortgage Loan Trust, | Option One Mortgage Loan Trust, | Option One Mortgage Loan Trust, | Option One Mortgage Loan Trust, |
| Series 2007-5, Class 2A2 | Series 2007-5, Class 2A2 | Series 2007-5, Class 2A2 | Series 2007-5, Class 2A2 |
| (CME Term SOFR 1-Month plus 0.28%) | (CME Term SOFR 1-Month plus 0.28%) | (CME Term SOFR 1-Month plus 0.28%) | (CME Term SOFR 1-Month plus 0.28%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60% | 05/25/37<sup>4</sup> | 16896070 | 9027502 |
| Ownit Mortgage Loan Trust, | Ownit Mortgage Loan Trust, | Ownit Mortgage Loan Trust, | Ownit Mortgage Loan Trust, |
| Series 2006-2, Class A1 | Series 2006-2, Class A1 | Series 2006-2, Class A1 | Series 2006-2, Class A1 |
| (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% | 01/25/37<sup>4</sup> | 2028610 | 1977671 |
| PHH Alternative Mortgage Trust, | PHH Alternative Mortgage Trust, | PHH Alternative Mortgage Trust, | PHH Alternative Mortgage Trust, |
| Series 2007-2, Class 1A4 | Series 2007-2, Class 1A4 | Series 2007-2, Class 1A4 | Series 2007-2, Class 1A4 |
| (CME Term SOFR 1-Month plus 0.71%) | (CME Term SOFR 1-Month plus 0.71%) | (CME Term SOFR 1-Month plus 0.71%) | (CME Term SOFR 1-Month plus 0.71%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03% | 05/25/37<sup>4</sup> | 4780907 | 4247452 |
| Popular ABS Mortgage Pass-Through Trust, | Popular ABS Mortgage Pass-Through Trust, | Popular ABS Mortgage Pass-Through Trust, | Popular ABS Mortgage Pass-Through Trust, |
| Series 2007-A, Class A3 | Series 2007-A, Class A3 | Series 2007-A, Class A3 | Series 2007-A, Class A3 |
| (CME Term SOFR 1-Month plus 0.42%) | (CME Term SOFR 1-Month plus 0.42%) | (CME Term SOFR 1-Month plus 0.42%) | (CME Term SOFR 1-Month plus 0.42%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74% | 06/25/47<sup>4</sup> | 3908647 | 3625021 |
| PRET LLC, | PRET LLC, | PRET LLC, | PRET LLC, |
| Series 2022-RN2, Class A2<br> (STEP-reset date 04/25/25) | Series 2022-RN2, Class A2<br> (STEP-reset date 04/25/25) | Series 2022-RN2, Class A2<br> (STEP-reset date 04/25/25) | Series 2022-RN2, Class A2<br> (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 06/25/52<sup>1</sup> | 16833000 | 16799598 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
| PRET Trust, | PRET Trust, | PRET Trust, | PRET Trust, |
| Series 2025-NPL1, Class A1<br> (STEP-reset date 04/25/25) | Series 2025-NPL1, Class A1<br> (STEP-reset date 04/25/25) | Series 2025-NPL1, Class A1<br> (STEP-reset date 04/25/25) | Series 2025-NPL1, Class A1<br> (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.06% | 02/25/55<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7753790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7778472 |
| PRET, LLC, | PRET, LLC, | PRET, LLC, | PRET, LLC, |
| Series 2022-RN1, Class A1<br> (STEP-reset date 04/25/25) | Series 2022-RN1, Class A1<br> (STEP-reset date 04/25/25) | Series 2022-RN1, Class A1<br> (STEP-reset date 04/25/25) | Series 2022-RN1, Class A1<br> (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.72% | 07/25/51<sup>1</sup> | 12112360 | 12124932 |
| PRPM, LLC, | PRPM, LLC, | PRPM, LLC, | PRPM, LLC, |
| Series 2021-8, Class A1 | Series 2021-8, Class A1 | Series 2021-8, Class A1 | Series 2021-8, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74% | 09/25/26<sup>1,6</sup> | 6394413 | 6382697 |
| RAAC Trust, | RAAC Trust, | RAAC Trust, | RAAC Trust, |
| Series 2005-SP1, Class 4A1 | Series 2005-SP1, Class 4A1 | Series 2005-SP1, Class 4A1 | Series 2005-SP1, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 09/25/34 | 20386 | 20213 |
| Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
| Series 2005-QA13, Class 2A1 | Series 2005-QA13, Class 2A1 | Series 2005-QA13, Class 2A1 | Series 2005-QA13, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39% | 12/25/35<sup>6</sup> | 1146297 | 1007972 |
| Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
| Series 2005-QA7, Class A21 | Series 2005-QA7, Class A21 | Series 2005-QA7, Class A21 | Series 2005-QA7, Class A21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% | 07/25/35<sup>6</sup> | 355074 | 336221 |
| Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
| Series 2005-QA8, Class CB21 | Series 2005-QA8, Class CB21 | Series 2005-QA8, Class CB21 | Series 2005-QA8, Class CB21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 07/25/35<sup>6</sup> | 447681 | 233434 |
| Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
| Series 2006-QS13, Class 2A1 | Series 2006-QS13, Class 2A1 | Series 2006-QS13, Class 2A1 | Series 2006-QS13, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 09/25/21 | 2251 | 1352 |
| Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
| Series 2006-QS16, Class A6 | Series 2006-QS16, Class A6 | Series 2006-QS16, Class A6 | Series 2006-QS16, Class A6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 11/25/36 | 290338 | 229666 |
| Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
| Series 2007-QA3, Class A1 | Series 2007-QA3, Class A1 | Series 2007-QA3, Class A1 | Series 2007-QA3, Class A1 |
| (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) | (CME Term SOFR 1-Month plus 0.31%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 05/25/37<sup>4</sup> | 12442934 | 11635105 |
| Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
| Series 2007-QH6, Class A1 | Series 2007-QH6, Class A1 | Series 2007-QH6, Class A1 | Series 2007-QH6, Class A1 |
| (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81% | 07/25/37<sup>4</sup> | 6140272 | 5728298 |
| Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
| Series 2007-QS1, Class 2AV (IO) | Series 2007-QS1, Class 2AV (IO) | Series 2007-QS1, Class 2AV (IO) | Series 2007-QS1, Class 2AV (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | 01/25/37<sup>2,3,6</sup> | 1206180 | 5949 |
| Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
| Series 2006-A9CB, Class A9 | Series 2006-A9CB, Class A9 | Series 2006-A9CB, Class A9 | Series 2006-A9CB, Class A9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 09/25/36 | 4920695 | 1422579 |
| Residential Funding Mortgage Securities Trust, | Residential Funding Mortgage Securities Trust, | Residential Funding Mortgage Securities Trust, | Residential Funding Mortgage Securities Trust, |
| Series 2007-SA2, Class 1A | Series 2007-SA2, Class 1A | Series 2007-SA2, Class 1A | Series 2007-SA2, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99% | 04/25/37<sup>6</sup> | 183670 | 95251 |
| Saxon Asset Securities Trust, | Saxon Asset Securities Trust, | Saxon Asset Securities Trust, | Saxon Asset Securities Trust, |
| Series 2007-2, Class A2C | Series 2007-2, Class A2C | Series 2007-2, Class A2C | Series 2007-2, Class A2C |
| (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) | (CME Term SOFR 1-Month plus 0.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67% | 05/25/47<sup>4</sup> | 11587746 | 8407459 |
| Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
| Series 2006-CB1, Class AF4<br> (STEP-reset date 05/25/25) | Series 2006-CB1, Class AF4<br> (STEP-reset date 05/25/25) | Series 2006-CB1, Class AF4<br> (STEP-reset date 05/25/25) | Series 2006-CB1, Class AF4<br> (STEP-reset date 05/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83% | 01/25/36 | 3281226 | 2780987 |
| Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
| Series 2006-WM4, Class A1 | Series 2006-WM4, Class A1 | Series 2006-WM4, Class A1 | Series 2006-WM4, Class A1 |
| (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) | (CME Term SOFR 1-Month plus 0.49%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81% | 11/25/36<sup>1,4</sup> | 8089944 | 3695180 |

---

*See accompanying Notes to Financial Statements.* 

151 / Annual Financial Statements March 2025

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
| Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
| Series 2007-BR2, Class A2 | Series 2007-BR2, Class A2 | Series 2007-BR2, Class A2 |
| (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) | (CME Term SOFR 1-Month plus 0.57%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89%<br>02/25/37<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5453111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327486 |
| Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
| Series 2007-BR4, Class A2B | Series 2007-BR4, Class A2B | Series 2007-BR4, Class A2B |
| (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) | (CME Term SOFR 1-Month plus 0.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83%<br>05/25/37<sup>4</sup> | 8656766 | 5261963 |
| Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
| Series 2007-NC1, Class A2B | Series 2007-NC1, Class A2B | Series 2007-NC1, Class A2B |
| (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) | (CME Term SOFR 1-Month plus 0.41%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73%<br>12/25/36<sup>4</sup> | 5079520 | 2463875 |
| Soundview Home Loan Trust, | Soundview Home Loan Trust, | Soundview Home Loan Trust, |
| Series 2007-OPT1, Class 2A3 | Series 2007-OPT1, Class 2A3 | Series 2007-OPT1, Class 2A3 |
| (CME Term SOFR 1-Month plus 0.32%) | (CME Term SOFR 1-Month plus 0.32%) | (CME Term SOFR 1-Month plus 0.32%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.64%<br>06/25/37<sup>4</sup> | 16429615 | 10758255 |
| Soundview Home Loan Trust, | Soundview Home Loan Trust, | Soundview Home Loan Trust, |
| Series 2007-WMC1, Class 3A3 | Series 2007-WMC1, Class 3A3 | Series 2007-WMC1, Class 3A3 |
| (CME Term SOFR 1-Month plus 0.63%) | (CME Term SOFR 1-Month plus 0.63%) | (CME Term SOFR 1-Month plus 0.63%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%<br>02/25/37<sup>4</sup> | 928601 | 249968 |
| Specialty Underwriting & Residential Finance Trust, | Specialty Underwriting & Residential Finance Trust, | Specialty Underwriting & Residential Finance Trust, |
| Series 2007-BC2, Class A1 | Series 2007-BC2, Class A1 | Series 2007-BC2, Class A1 |
| (CME Term SOFR 1-Month plus 0.34%) | (CME Term SOFR 1-Month plus 0.34%) | (CME Term SOFR 1-Month plus 0.34%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.66%<br>04/25/37<sup>4</sup> | 17895945 | 12990864 |
| Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| Series 2004-12, Class 2A | Series 2004-12, Class 2A | Series 2004-12, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07%<br>09/25/34<sup>6</sup> | 201834 | 196919 |
| Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| Series 2004-2, Class 4A2 | Series 2004-2, Class 4A2 | Series 2004-2, Class 4A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.43%<br>03/25/34<sup>6</sup> | 483870 | 458764 |
| Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| Series 2005-12, Class 3A1 | Series 2005-12, Class 3A1 | Series 2005-12, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19%<br>06/25/35<sup>6</sup> | 163370 | 139761 |
| Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| Series 2005-7, Class 1A3 | Series 2005-7, Class 1A3 | Series 2005-7, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.72%<br>04/25/35<sup>6</sup> | 1566732 | 1429820 |
| Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, |
| Series 2004-6, Class A3 | Series 2004-6, Class A3 | Series 2004-6, Class A3 |
| (CME Term SOFR 1-Month plus 0.91%) | (CME Term SOFR 1-Month plus 0.91%) | (CME Term SOFR 1-Month plus 0.91%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23%<br>07/25/34<sup>4</sup> | 5594119 | 5762999 |
| Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |
| Series 2006-AR5, Class 1A1 | Series 2006-AR5, Class 1A1 | Series 2006-AR5, Class 1A1 |
| (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) | (CME Term SOFR 1-Month plus 0.53%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%<br>05/25/36<sup>4</sup> | 173810 | 124122 |
| Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |
| Series 2006-AR7, Class A1BG | Series 2006-AR7, Class A1BG | Series 2006-AR7, Class A1BG |
| (CME Term SOFR 1-Month plus 0.23%) | (CME Term SOFR 1-Month plus 0.23%) | (CME Term SOFR 1-Month plus 0.23%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%<br>08/25/36<sup>4</sup> | 5356702 | 4717818 |
| Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, |  |
| Series 2005-2XS, Class 2A2 | Series 2005-2XS, Class 2A2 | Series 2005-2XS, Class 2A2 |
| (CME Term SOFR 1-Month plus 1.61%) | (CME Term SOFR 1-Month plus 1.61%) | (CME Term SOFR 1-Month plus 1.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94%<br>02/25/35<sup>4</sup> | 8516 | 9519 |
| Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, |  |
| Series 2005-4XS, Class 2A1A | Series 2005-4XS, Class 2A1A | Series 2005-4XS, Class 2A1A |
| (CME Term SOFR 1-Month plus 1.86%) | (CME Term SOFR 1-Month plus 1.86%) | (CME Term SOFR 1-Month plus 1.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.19%<br>03/25/35<sup>4</sup> | 652722 | 633260 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
| SunTrust Adjustable Rate Mortgage Loan Trust, | SunTrust Adjustable Rate Mortgage Loan Trust, | SunTrust Adjustable Rate Mortgage Loan Trust, |
| Series 2007-4, Class 3A1 | Series 2007-4, Class 3A1 | Series 2007-4, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03%<br>10/25/37<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530546 |
| Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| Series 2017-4, Class B1 | Series 2017-4, Class B1 | Series 2017-4, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67%<br>06/25/57<sup>1,6</sup> | 8650000 | 7482999 |
| Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| Series 2019-1, Class B1 | Series 2019-1, Class B1 | Series 2019-1, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%<br>03/25/58<sup>1,6</sup> | 7087000 | 5690935 |
| Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, |
| Series 2022-INV1, Class B1 | Series 2022-INV1, Class B1 | Series 2022-INV1, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%<br>08/25/67<sup>1,6</sup> | 4540000 | 4466838 |
| Visio Trust, | Visio Trust, | Visio Trust, |
| Series 2023-2, Class B1 | Series 2023-2, Class B1 | Series 2023-2, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.74%<br>10/25/58<sup>1,6</sup> | 6088000 | 6107518 |
| VOLT XCIV LLC, | VOLT XCIV LLC, | VOLT XCIV LLC, |
| Series 2021-NPL3, Class A1<br> (STEP-reset date 04/25/25) | Series 2021-NPL3, Class A1<br> (STEP-reset date 04/25/25) | Series 2021-NPL3, Class A1<br> (STEP-reset date 04/25/25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.24%<br>02/27/51<sup>1</sup> | 2603155 | 2606280 |
| WaMu Asset-Backed Certificates, | WaMu Asset-Backed Certificates, | WaMu Asset-Backed Certificates, |
| Series 2007-HE1, Class 2A2 | Series 2007-HE1, Class 2A2 | Series 2007-HE1, Class 2A2 |
| (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) | (CME Term SOFR 1-Month plus 0.33%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%<br>01/25/37<sup>4</sup> | 4768713 | 2152995 |
| WaMu Asset-Backed Certificates, | WaMu Asset-Backed Certificates, | WaMu Asset-Backed Certificates, |
| Series 2007-HE2, Class 2A2 | Series 2007-HE2, Class 2A2 | Series 2007-HE2, Class 2A2 |
| (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) | (CME Term SOFR 1-Month plus 0.55%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87%<br>02/25/37<sup>4</sup> | 27361060 | 8600252 |
| WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
| Series 2004-AR13, Class A1A | Series 2004-AR13, Class A1A | Series 2004-AR13, Class A1A |
| (CME Term SOFR 1-Month plus 0.83%) | (CME Term SOFR 1-Month plus 0.83%) | (CME Term SOFR 1-Month plus 0.83%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%<br>11/25/34<sup>4</sup> | 77307 | 75003 |
| WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
| Series 2004-AR14, Class A1 | Series 2004-AR14, Class A1 | Series 2004-AR14, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%<br>01/25/35<sup>6</sup> | 262537 | 244267 |
| WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
| Series 2005-AR14, Class 2A1 | Series 2005-AR14, Class 2A1 | Series 2005-AR14, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%<br>12/25/35<sup>6</sup> | 8089 | 7479 |
| WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
| Series 2005-AR16, Class 1A3 | Series 2005-AR16, Class 1A3 | Series 2005-AR16, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.72%<br>12/25/35<sup>6</sup> | 691024 | 633113 |
| WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
| Series 2005-AR2, Class 2A21 | Series 2005-AR2, Class 2A21 | Series 2005-AR2, Class 2A21 |
| (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) | (CME Term SOFR 1-Month plus 0.77%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%<br>01/25/45<sup>4</sup> | 234760 | 233348 |
| WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
| Series 2006-AR3, Class A1A | Series 2006-AR3, Class A1A | Series 2006-AR3, Class A1A |
| (Federal Reserve US 12-Month Cumulative Average plus 1.00%) | (Federal Reserve US 12-Month Cumulative Average plus 1.00%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%<br>02/25/46<sup>4</sup> | 2784780 | 2530666 |
| WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
| Series 2006-AR4, Class 1A1A | Series 2006-AR4, Class 1A1A | Series 2006-AR4, Class 1A1A |
| (Federal Reserve US 12-Month Cumulative Average plus 0.94%) | (Federal Reserve US 12-Month Cumulative Average plus 0.94%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.36%<br>05/25/46<sup>4</sup> | 1154441 | 1076581 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 152

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** | **Non-Agency Mortgage-Backed (continued)** |
| WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
| Series 2006-AR7, Class 2A | Series 2006-AR7, Class 2A | Series 2006-AR7, Class 2A | Series 2006-AR7, Class 2A |
| (Federal Reserve US 12-Month Cumulative Average plus 0.98%) | (Federal Reserve US 12-Month Cumulative Average plus 0.98%) | (Federal Reserve US 12-Month Cumulative Average plus 0.98%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62% | 07/25/46<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147441 |
| WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
| Series 2007-HY3, Class 1A1 | Series 2007-HY3, Class 1A1 | Series 2007-HY3, Class 1A1 | Series 2007-HY3, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/25/37<sup>6</sup> | 1329558 | 1100962 |
| WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, | WaMu Mortgage Pass-Through Certificates, |
| Series 2007-OC1, Class A1 | Series 2007-OC1, Class A1 | Series 2007-OC1, Class A1 | Series 2007-OC1, Class A1 |
| (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) | (CME Term SOFR 1-Month plus 0.59%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 01/25/47<sup>4</sup> | 3812870 | 3425421 |
| Wells Fargo Alternative Loan Trust, | Wells Fargo Alternative Loan Trust, | Wells Fargo Alternative Loan Trust, | Wells Fargo Alternative Loan Trust, |
| Series 2007-PA5, Class 1A1 | Series 2007-PA5, Class 1A1 | Series 2007-PA5, Class 1A1 | Series 2007-PA5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 11/25/37 | 1041382 | 927126 |
| Wells Fargo Home Equity Asset-Backed Securities Trust, | Wells Fargo Home Equity Asset-Backed Securities Trust, | Wells Fargo Home Equity Asset-Backed Securities Trust, |  |
| Series 2007-1, Class A3 | Series 2007-1, Class A3 | Series 2007-1, Class A3 | Series 2007-1, Class A3 |
| (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) | (CME Term SOFR 1-Month plus 0.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07% | 03/25/37<sup>4</sup> | 4690000 | 4469803 |
| Wells Fargo Mortgage-Backed Securities Trust, | Wells Fargo Mortgage-Backed Securities Trust, | Wells Fargo Mortgage-Backed Securities Trust, | Wells Fargo Mortgage-Backed Securities Trust, |
| Series 2006-AR14, Class 2A1 | Series 2006-AR14, Class 2A1 | Series 2006-AR14, Class 2A1 | Series 2006-AR14, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.39% | 10/25/36<sup>6</sup> | 210277 | 190313 |
| Wells Fargo Mortgage-Backed Securities Trust, | Wells Fargo Mortgage-Backed Securities Trust, | Wells Fargo Mortgage-Backed Securities Trust, | Wells Fargo Mortgage-Backed Securities Trust, |
| Series 2006-AR4, Class 1A1 | Series 2006-AR4, Class 1A1 | Series 2006-AR4, Class 1A1 | Series 2006-AR4, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31% | 04/25/36<sup>6</sup> | 54301 | 52828 |
|  |  |  | 725738456 |
| **U.S. Agency Commercial Mortgage-Backed — 0.55%** | **U.S. Agency Commercial Mortgage-Backed — 0.55%** | **U.S. Agency Commercial Mortgage-Backed — 0.55%** | **U.S. Agency Commercial Mortgage-Backed — 0.55%** |
| Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, |
| Series 2016-M11, Class X2 (IO) | Series 2016-M11, Class X2 (IO) | Series 2016-M11, Class X2 (IO) | Series 2016-M11, Class X2 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06% | 07/25/39<sup>6</sup> | 9346721 | 175092 |
| Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, |
| Series 2016-M2, Class X3 (IO) | Series 2016-M2, Class X3 (IO) | Series 2016-M2, Class X3 (IO) | Series 2016-M2, Class X3 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04% | 04/25/36<sup>6</sup> | 4964086 | 50 |
| Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, |
| Series 2016-M4, Class X2 (IO) | Series 2016-M4, Class X2 (IO) | Series 2016-M4, Class X2 (IO) | Series 2016-M4, Class X2 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 01/25/39<sup>6</sup> | 16492383 | 86611 |
| Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, |
| Series 2019-M29, Class X4 (IO) | Series 2019-M29, Class X4 (IO) | Series 2019-M29, Class X4 (IO) | Series 2019-M29, Class X4 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | 03/25/29<sup>6</sup> | 117375779 | 2590178 |
| Freddie Mac Multifamily PC REMIC Trust, | Freddie Mac Multifamily PC REMIC Trust, | Freddie Mac Multifamily PC REMIC Trust, | Freddie Mac Multifamily PC REMIC Trust, |
| Series 2019-P002, Class X (IO) | Series 2019-P002, Class X (IO) | Series 2019-P002, Class X (IO) | Series 2019-P002, Class X (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77% | 07/25/33<sup>6</sup> | 14520699 | 811507 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series K043, Class X3 (IO) | Series K043, Class X3 (IO) | Series K043, Class X3 (IO) | Series K043, Class X3 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 02/25/43<sup>6</sup> | 2113497 | 21 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series K051, Class X3 (IO) | Series K051, Class X3 (IO) | Series K051, Class X3 (IO) | Series K051, Class X3 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.62% | 10/25/43<sup>6</sup> | 44864940 | 358911 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series K053, Class X3 (IO) | Series K053, Class X3 (IO) | Series K053, Class X3 (IO) | Series K053, Class X3 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 03/25/44<sup>6</sup> | 78150000 | 964707 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series K054, Class X1 (IO) | Series K054, Class X1 (IO) | Series K054, Class X1 (IO) | Series K054, Class X1 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.16% | 01/25/26<sup>6</sup> | 47263629 | 329943 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **U.S. Agency Commercial Mortgage-Backed (continued)** | **U.S. Agency Commercial Mortgage-Backed (continued)** | **U.S. Agency Commercial Mortgage-Backed (continued)** | **U.S. Agency Commercial Mortgage-Backed (continued)** |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series K055, Class X3 (IO) | Series K055, Class X3 (IO) | Series K055, Class X3 (IO) | Series K055, Class X3 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 04/25/44<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500080 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series K056, Class X1 (IO) | Series K056, Class X1 (IO) | Series K056, Class X1 (IO) | Series K056, Class X1 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.23% | 05/25/26<sup>6</sup> | 52001124 | 552143 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series K057, Class X1 (IO) | Series K057, Class X1 (IO) | Series K057, Class X1 (IO) | Series K057, Class X1 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15% | 07/25/26<sup>6</sup> | 113635218 | 1247760 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series KC05, Class X1 (IO) | Series KC05, Class X1 (IO) | Series KC05, Class X1 (IO) | Series KC05, Class X1 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% | 06/25/27<sup>6</sup> | 75494234 | 1266159 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series KC07, Class X1 (IO) | Series KC07, Class X1 (IO) | Series KC07, Class X1 (IO) | Series KC07, Class X1 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74% | 09/25/26<sup>6</sup> | 70501851 | 482141 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series KIR1, Class X (IO) | Series KIR1, Class X (IO) | Series KIR1, Class X (IO) | Series KIR1, Class X (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% | 03/25/26<sup>6</sup> | 106667935 | 736563 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series KL05, Class X1HG (IO) | Series KL05, Class X1HG (IO) | Series KL05, Class X1HG (IO) | Series KL05, Class X1HG (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22% | 12/25/27<sup>6</sup> | 49531000 | 995068 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series KS06, Class X (IO) | Series KS06, Class X (IO) | Series KS06, Class X (IO) | Series KS06, Class X (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | 08/25/26<sup>6</sup> | 51715161 | 343523 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, | Freddie Mac Multifamily Structured Pass-Through Certificates, |  |
| Series KS07, Class X (IO) | Series KS07, Class X (IO) | Series KS07, Class X (IO) | Series KS07, Class X (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59% | 09/25/25<sup>6</sup> | 96236726 | 255865 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2011-152, Class IO (IO) | Series 2011-152, Class IO (IO) | Series 2011-152, Class IO (IO) | Series 2011-152, Class IO (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | 08/16/51<sup>6</sup> | 2475361 | 97 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2012-112, Class IO (IO) | Series 2012-112, Class IO (IO) | Series 2012-112, Class IO (IO) | Series 2012-112, Class IO (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | 02/16/53<sup>6</sup> | 17494089 | 54785 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2012-78, Class IO (IO) | Series 2012-78, Class IO (IO) | Series 2012-78, Class IO (IO) | Series 2012-78, Class IO (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07% | 06/16/52<sup>6</sup> | 25435903 | 13863 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2014-103, Class IO (IO) | Series 2014-103, Class IO (IO) | Series 2014-103, Class IO (IO) | Series 2014-103, Class IO (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | 05/16/55<sup>6</sup> | 13540895 | 68127 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2014-125, Class IO (IO) | Series 2014-125, Class IO (IO) | Series 2014-125, Class IO (IO) | Series 2014-125, Class IO (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | 11/16/54<sup>6</sup> | 8037878 | 225006 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2023-127, Class IO (IO) | Series 2023-127, Class IO (IO) | Series 2023-127, Class IO (IO) | Series 2023-127, Class IO (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41% | 07/16/57<sup>6</sup> | 170873188 | 3079596 |
|  |  |  | 15137796 |
| **U.S. Agency Mortgage-Backed — 22.23%** | **U.S. Agency Mortgage-Backed — 22.23%** | **U.S. Agency Mortgage-Backed — 22.23%** | **U.S. Agency Mortgage-Backed — 22.23%** |
| Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, |
| Series 426, Class C40 (IO) | Series 426, Class C40 (IO) | Series 426, Class C40 (IO) | Series 426, Class C40 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 06/25/51 | 7615417 | 1001200 |
| Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, |
| Series 426, Class C41 (IO) | Series 426, Class C41 (IO) | Series 426, Class C41 (IO) | Series 426, Class C41 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/25/51 | 28546796 | 3749208 |

---

*See accompanying Notes to Financial Statements.* 

153 / Annual Financial Statements March 2025

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
| Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, |
| Series 426, Class C42 (IO) | Series 426, Class C42 (IO) | Series 426, Class C42 (IO) | Series 426, Class C42 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16527275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132488 |
| Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, |
| Series 434, Class C29 (IO) | Series 434, Class C29 (IO) | Series 434, Class C29 (IO) | Series 434, Class C29 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/25/52 | 43677506 | 5747374 |
| Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, | Fannie Mae Interest Strip, |
| Series 436, Class C32 (IO) | Series 436, Class C32 (IO) | Series 436, Class C32 (IO) | Series 436, Class C32 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/25/52 | 14548626 | 1901810 |
| Fannie Mae Pool CB0176 | Fannie Mae Pool CB0176 | Fannie Mae Pool CB0176 | Fannie Mae Pool CB0176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/51 | 3141275 | 2617138 |
| Fannie Mae Pool FM8658 | Fannie Mae Pool FM8658 | Fannie Mae Pool FM8658 | Fannie Mae Pool FM8658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 09/01/51 | 7215953 | 6010816 |
| Fannie Mae Pool FM9086 | Fannie Mae Pool FM9086 | Fannie Mae Pool FM9086 | Fannie Mae Pool FM9086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 10/01/51 | 11084577 | 9232480 |
| Fannie Mae Pool FS1598 | Fannie Mae Pool FS1598 | Fannie Mae Pool FS1598 | Fannie Mae Pool FS1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/52 | 14957016 | 11914064 |
| Fannie Mae Pool FS6925 | Fannie Mae Pool FS6925 | Fannie Mae Pool FS6925 | Fannie Mae Pool FS6925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 12/01/51 | 18664474 | 15553000 |
| Fannie Mae Pool FS6943 | Fannie Mae Pool FS6943 | Fannie Mae Pool FS6943 | Fannie Mae Pool FS6943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/52 | 23707372 | 20575058 |
| Fannie Mae Pool FS7252 | Fannie Mae Pool FS7252 | Fannie Mae Pool FS7252 | Fannie Mae Pool FS7252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/01/53 | 12388558 | 12171471 |
| Fannie Mae Pool FS8274 | Fannie Mae Pool FS8274 | Fannie Mae Pool FS8274 | Fannie Mae Pool FS8274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/52 | 16644048 | 13257875 |
| Fannie Mae Pool FS9442 | Fannie Mae Pool FS9442 | Fannie Mae Pool FS9442 | Fannie Mae Pool FS9442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 03/01/53 | 3099373 | 2972256 |
| Fannie Mae Pool MA4547 | Fannie Mae Pool MA4547 | Fannie Mae Pool MA4547 | Fannie Mae Pool MA4547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 02/01/52 | 15435204 | 12292957 |
| Fannie Mae Pool MA4563 | Fannie Mae Pool MA4563 | Fannie Mae Pool MA4563 | Fannie Mae Pool MA4563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/01/52 | 23810757 | 19853049 |
| Fannie Mae Pool MA4599 | Fannie Mae Pool MA4599 | Fannie Mae Pool MA4599 | Fannie Mae Pool MA4599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/01/52 | 7091254 | 6155988 |
| Fannie Mae Pool MA4733 | Fannie Mae Pool MA4733 | Fannie Mae Pool MA4733 | Fannie Mae Pool MA4733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | 16490806 | 15819563 |
| Fannie Mae Pool MA4784 | Fannie Mae Pool MA4784 | Fannie Mae Pool MA4784 | Fannie Mae Pool MA4784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | 3724014 | 3574734 |
| Fannie Mae Pool MA5037 | Fannie Mae Pool MA5037 | Fannie Mae Pool MA5037 | Fannie Mae Pool MA5037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/01/53 | 2026161 | 1940571 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2006-11, Class PS | Series 2006-11, Class PS | Series 2006-11, Class PS | Series 2006-11, Class PS |
| (-3.67 X SOFR30A plus 24.15%, 24.57% Cap) | (-3.67 X SOFR30A plus 24.15%, 24.57% Cap) | (-3.67 X SOFR30A plus 24.15%, 24.57% Cap) | (-3.67 X SOFR30A plus 24.15%, 24.57% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.23% | 03/25/36<sup>4</sup> | 8394 | 9903 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2006-8, Class HJ (IO) | Series 2006-8, Class HJ (IO) | Series 2006-8, Class HJ (IO) | Series 2006-8, Class HJ (IO) |
| (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) | (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) | (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) | (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 03/25/36<sup>4</sup> | 344686 | 32089 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2007-52, Class LS (IO) | Series 2007-52, Class LS (IO) | Series 2007-52, Class LS (IO) | Series 2007-52, Class LS (IO) |
| (-1.00 X SOFR30A plus 5.94%, 6.05% Cap) | (-1.00 X SOFR30A plus 5.94%, 6.05% Cap) | (-1.00 X SOFR30A plus 5.94%, 6.05% Cap) | (-1.00 X SOFR30A plus 5.94%, 6.05% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60% | 06/25/37<sup>4</sup> | 18770 | 1596 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2007-77, Class SK (IO) | Series 2007-77, Class SK (IO) | Series 2007-77, Class SK (IO) | Series 2007-77, Class SK (IO) |
| (-1.00 X SOFR30A plus 5.76%, 5.87% Cap) | (-1.00 X SOFR30A plus 5.76%, 5.87% Cap) | (-1.00 X SOFR30A plus 5.76%, 5.87% Cap) | (-1.00 X SOFR30A plus 5.76%, 5.87% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.42% | 08/25/37<sup>4</sup> | 43539 | 3395 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2007-88, Class JI (IO) | Series 2007-88, Class JI (IO) | Series 2007-88, Class JI (IO) | Series 2007-88, Class JI (IO) |
| (-1.00 X SOFR30A plus 6.34%, 6.45% Cap) | (-1.00 X SOFR30A plus 6.34%, 6.45% Cap) | (-1.00 X SOFR30A plus 6.34%, 6.45% Cap) | (-1.00 X SOFR30A plus 6.34%, 6.45% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/25/37<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377811 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34960 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2008-18, Class SM (IO) | Series 2008-18, Class SM (IO) | Series 2008-18, Class SM (IO) | Series 2008-18, Class SM (IO) |
| (-1.00 X SOFR30A plus 6.89%, 7.00% Cap) | (-1.00 X SOFR30A plus 6.89%, 7.00% Cap) | (-1.00 X SOFR30A plus 6.89%, 7.00% Cap) | (-1.00 X SOFR30A plus 6.89%, 7.00% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 03/25/38<sup>4</sup> | 27376 | 3061 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2008-62, Class SN (IO) | Series 2008-62, Class SN (IO) | Series 2008-62, Class SN (IO) | Series 2008-62, Class SN (IO) |
| (-1.00 X SOFR30A plus 6.09%, 6.20% Cap) | (-1.00 X SOFR30A plus 6.09%, 6.20% Cap) | (-1.00 X SOFR30A plus 6.09%, 6.20% Cap) | (-1.00 X SOFR30A plus 6.09%, 6.20% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 07/25/38<sup>4</sup> | 58456 | 4112 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2010-116, Class SE (IO) | Series 2010-116, Class SE (IO) | Series 2010-116, Class SE (IO) | Series 2010-116, Class SE (IO) |
| (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) | (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) | (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) | (-1.00 X SOFR30A plus 6.49%, 6.60% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 10/25/40<sup>4</sup> | 20471 | 1751 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2013-5, Class GF | Series 2013-5, Class GF | Series 2013-5, Class GF | Series 2013-5, Class GF |
| (SOFR30A plus 1.21%) | (SOFR30A plus 1.21%) | (SOFR30A plus 1.21%) | (SOFR30A plus 1.21%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/25/42<sup>4</sup> | 124529 | 118236 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2014-49, Class CF | Series 2014-49, Class CF | Series 2014-49, Class CF | Series 2014-49, Class CF |
| (SOFR30A plus 1.11%) | (SOFR30A plus 1.11%) | (SOFR30A plus 1.11%) | (SOFR30A plus 1.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47% | 07/25/43<sup>4</sup> | 4570881 | 4535876 |
| Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, | Fannie Mae REMICS, |
| Series 2024-98, Class SC (IO) | Series 2024-98, Class SC (IO) | Series 2024-98, Class SC (IO) | Series 2024-98, Class SC (IO) |
| (-1.00 X SOFR30A plus 5.95%, 5.95% Cap) | (-1.00 X SOFR30A plus 5.95%, 5.95% Cap) | (-1.00 X SOFR30A plus 5.95%, 5.95% Cap) | (-1.00 X SOFR30A plus 5.95%, 5.95% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.61% | 12/25/54<sup>4</sup> | 11837539 | 1146196 |
| Freddie Mac Pool SD5323 | Freddie Mac Pool SD5323 | Freddie Mac Pool SD5323 | Freddie Mac Pool SD5323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/54 | 6314905 | 5894015 |
| Freddie Mac Pool SD8199 | Freddie Mac Pool SD8199 | Freddie Mac Pool SD8199 | Freddie Mac Pool SD8199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/52 | 16103591 | 12827372 |
| Freddie Mac Pool SD8204 | Freddie Mac Pool SD8204 | Freddie Mac Pool SD8204 | Freddie Mac Pool SD8204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/52 | 4944688 | 3938708 |
| Freddie Mac Pool SD8213 | Freddie Mac Pool SD8213 | Freddie Mac Pool SD8213 | Freddie Mac Pool SD8213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/01/52 | 14922749 | 12956292 |
| Freddie Mac Pool SD8220 | Freddie Mac Pool SD8220 | Freddie Mac Pool SD8220 | Freddie Mac Pool SD8220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/52 | 14765844 | 12818356 |
| Freddie Mac Pool SD8244 | Freddie Mac Pool SD8244 | Freddie Mac Pool SD8244 | Freddie Mac Pool SD8244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/01/52 | 21835943 | 20370392 |
| Freddie Mac Pool SD8256 | Freddie Mac Pool SD8256 | Freddie Mac Pool SD8256 | Freddie Mac Pool SD8256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/01/52 | 17276170 | 16127388 |
| Freddie Mac Pool SD8265 | Freddie Mac Pool SD8265 | Freddie Mac Pool SD8265 | Freddie Mac Pool SD8265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/01/52 | 25790091 | 24071175 |
| Freddie Mac Pool SD8275 | Freddie Mac Pool SD8275 | Freddie Mac Pool SD8275 | Freddie Mac Pool SD8275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/01/52 | 31565466 | 30270855 |
| Freddie Mac Pool SD8347 | Freddie Mac Pool SD8347 | Freddie Mac Pool SD8347 | Freddie Mac Pool SD8347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/53 | 10217089 | 9785495 |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
| Series 3339, Class JS | Series 3339, Class JS | Series 3339, Class JS | Series 3339, Class JS |
| (-6.50 X SOFR30A plus 42.09%, 42.84% Cap) | (-6.50 X SOFR30A plus 42.09%, 42.84% Cap) | (-6.50 X SOFR30A plus 42.09%, 42.84% Cap) | (-6.50 X SOFR30A plus 42.09%, 42.84% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.82% | 07/15/37<sup>4</sup> | 4964 | 6691 |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
| Series 3404, Class AS (IO) | Series 3404, Class AS (IO) | Series 3404, Class AS (IO) | Series 3404, Class AS (IO) |
| (-1.00 X SOFR30A plus 5.78%, 5.90% Cap) | (-1.00 X SOFR30A plus 5.78%, 5.90% Cap) | (-1.00 X SOFR30A plus 5.78%, 5.90% Cap) | (-1.00 X SOFR30A plus 5.78%, 5.90% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43% | 01/15/38<sup>4</sup> | 26217 | 2123 |

---

*See accompanying Notes to Financial Statements.* 

Annual Financial Statements March 2025 / 154

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
| Series 3439, Class SC (IO) | Series 3439, Class SC (IO) | Series 3439, Class SC (IO) | Series 3439, Class SC (IO) |
| (-1.00 X SOFR30A plus 5.79%, 5.90% Cap) | (-1.00 X SOFR30A plus 5.79%, 5.90% Cap) | (-1.00 X SOFR30A plus 5.79%, 5.90% Cap) | (-1.00 X SOFR30A plus 5.79%, 5.90% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.44% | 04/15/38<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287 |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
| Series 3885, Class PO (PO) | Series 3885, Class PO (PO) | Series 3885, Class PO (PO) | Series 3885, Class PO (PO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 11/15/33<sup>14</sup> | 6952 | 5647 |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
| Series 4030, Class HS (IO) | Series 4030, Class HS (IO) | Series 4030, Class HS (IO) | Series 4030, Class HS (IO) |
| (-1.00 X SOFR30A plus 6.50%, 6.61% Cap) | (-1.00 X SOFR30A plus 6.50%, 6.61% Cap) | (-1.00 X SOFR30A plus 6.50%, 6.61% Cap) | (-1.00 X SOFR30A plus 6.50%, 6.61% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 04/15/42<sup>4</sup> | 49809 | 5511 |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
| Series 4993, Class OP (PO) | Series 4993, Class OP (PO) | Series 4993, Class OP (PO) | Series 4993, Class OP (PO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 10/25/58<sup>14</sup> | 1346176 | 1226684 |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
| Series 5468, Class SE (IO) | Series 5468, Class SE (IO) | Series 5468, Class SE (IO) | Series 5468, Class SE (IO) |
| (-1.00 X SOFR30A plus 5.35%, 5.35% Cap) | (-1.00 X SOFR30A plus 5.35%, 5.35% Cap) | (-1.00 X SOFR30A plus 5.35%, 5.35% Cap) | (-1.00 X SOFR30A plus 5.35%, 5.35% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% | 10/25/54<sup>4</sup> | 25540984 | 1886896 |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
| Series 5473, Class SL (IO) | Series 5473, Class SL (IO) | Series 5473, Class SL (IO) | Series 5473, Class SL (IO) |
| (-1.00 X SOFR30A plus 5.35%, 5.35% Cap) | (-1.00 X SOFR30A plus 5.35%, 5.35% Cap) | (-1.00 X SOFR30A plus 5.35%, 5.35% Cap) | (-1.00 X SOFR30A plus 5.35%, 5.35% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% | 11/25/54<sup>2,3,4</sup> | 43652600 | 2633260 |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
| Series 5496, Class S (IO) | Series 5496, Class S (IO) | Series 5496, Class S (IO) | Series 5496, Class S (IO) |
| (-1.00 X SOFR30A plus 5.90%, 5.90% Cap) | (-1.00 X SOFR30A plus 5.90%, 5.90% Cap) | (-1.00 X SOFR30A plus 5.90%, 5.90% Cap) | (-1.00 X SOFR30A plus 5.90%, 5.90% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.56% | 01/25/55<sup>4</sup> | 29881202 | 2373097 |
| Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, | Freddie Mac REMICS, |
| Series 5512, Class LS (IO) | Series 5512, Class LS (IO) | Series 5512, Class LS (IO) | Series 5512, Class LS (IO) |
| (-1.00 X SOFR30A plus 5.90%, 5.90% Cap) | (-1.00 X SOFR30A plus 5.90%, 5.90% Cap) | (-1.00 X SOFR30A plus 5.90%, 5.90% Cap) | (-1.00 X SOFR30A plus 5.90%, 5.90% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.56% | 03/25/55<sup>4</sup> | 13598631 | 1055393 |
| Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
| Series 386, Class C1 (IO) | Series 386, Class C1 (IO) | Series 386, Class C1 (IO) | Series 386, Class C1 (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/15/52 | 36130297 | 4813018 |
| Ginnie Mae (TBA) | Ginnie Mae (TBA) | Ginnie Mae (TBA) | Ginnie Mae (TBA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/20/55 | 23225000 | 21747971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/20/55 | 15425000 | 14802100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/20/55 | 32600000 | 32068881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/20/55 | 41575000 | 41662100 |
| Ginnie Mae II Pool MA8427 | Ginnie Mae II Pool MA8427 | Ginnie Mae II Pool MA8427 | Ginnie Mae II Pool MA8427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/20/52 | 12768548 | 12319330 |
| Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 | Ginnie Mae II Pool MA9963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/54 | 11338779 | 10884964 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2011-146, Class EI (IO) | Series 2011-146, Class EI (IO) | Series 2011-146, Class EI (IO) | Series 2011-146, Class EI (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/16/41 | 47141 | 9133 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2011-70, Class IL (IO) | Series 2011-70, Class IL (IO) | Series 2011-70, Class IL (IO) | Series 2011-70, Class IL (IO) |
| (-1.00 X CME Term SOFR 1-Month plus 6.99%, 0.60% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.99%, 0.60% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.99%, 0.60% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.99%, 0.60% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% | 06/16/37<sup>4</sup> | 284529 | 5296 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2011-81, Class IC (IO) | Series 2011-81, Class IC (IO) | Series 2011-81, Class IC (IO) | Series 2011-81, Class IC (IO) |
| (-1.00 X CME Term SOFR 1-Month plus 6.61%, 0.62% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.61%, 0.62% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.61%, 0.62% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.61%, 0.62% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.62% | 07/20/35<sup>4</sup> | 317568 | 4922 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Value |
| **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** | **MORTGAGE-BACKED (continued)** |
| **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** | **U.S. Agency Mortgage-Backed (continued)** |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2013-135, Class CS (IO) | Series 2013-135, Class CS (IO) | Series 2013-135, Class CS (IO) | Series 2013-135, Class CS (IO) |
| (-1.00 X CME Term SOFR 1-Month plus 6.09%, 6.20% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.09%, 6.20% Cap) | (-1.00 X CME Term SOFR 1-Month plus 6.09%, 6.20% Cap) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.77% | 09/16/43<sup>4</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112403 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2017-136, Class IO (IO) | Series 2017-136, Class IO (IO) | Series 2017-136, Class IO (IO) | Series 2017-136, Class IO (IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 09/20/47 | 213964 | 48959 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2024-151, Class ES (IO) | Series 2024-151, Class ES (IO) | Series 2024-151, Class ES (IO) | Series 2024-151, Class ES (IO) |
| (-1.00 X SOFR30A plus 5.40%, 5.40% Cap) | (-1.00 X SOFR30A plus 5.40%, 5.40% Cap) | (-1.00 X SOFR30A plus 5.40%, 5.40% Cap) | (-1.00 X SOFR30A plus 5.40%, 5.40% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06% | 09/20/54<sup>4</sup> | 18313840 | 1300795 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2024-154, Class SB (IO) | Series 2024-154, Class SB (IO) | Series 2024-154, Class SB (IO) | Series 2024-154, Class SB (IO) |
| (-1.00 X SOFR30A plus 5.40%, 5.40% Cap) | (-1.00 X SOFR30A plus 5.40%, 5.40% Cap) | (-1.00 X SOFR30A plus 5.40%, 5.40% Cap) | (-1.00 X SOFR30A plus 5.40%, 5.40% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06% | 09/20/54<sup>4</sup> | 20807585 | 1346670 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2024-160, Class KS (IO) | Series 2024-160, Class KS (IO) | Series 2024-160, Class KS (IO) | Series 2024-160, Class KS (IO) |
| (-1.00 X SOFR30A plus 5.48%, 5.48% Cap) | (-1.00 X SOFR30A plus 5.48%, 5.48% Cap) | (-1.00 X SOFR30A plus 5.48%, 5.48% Cap) | (-1.00 X SOFR30A plus 5.48%, 5.48% Cap) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14% | 10/20/54<sup>4</sup> | 23253721 | 1438227 |
| Ginnie Mae, | Ginnie Mae, | Ginnie Mae, | Ginnie Mae, |
| Series 2024-30, Class AF | Series 2024-30, Class AF | Series 2024-30, Class AF | Series 2024-30, Class AF |
| (SOFR30A plus 1.25%) | (SOFR30A plus 1.25%) | (SOFR30A plus 1.25%) | (SOFR30A plus 1.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59% | 02/20/54<sup>4</sup> | 915240 | 918711 |
| UMBS (TBA) | UMBS (TBA) | UMBS (TBA) | UMBS (TBA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/55 | 20175000 | 16052864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/55 | 23650000 | 19677852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/55 | 15725000 | 13640156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/01/55 | 31625000 | 28528976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/01/55 | 7425000 | 6908417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/01/55 | 28025000 | 26809093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/55 | 22825000 | 22372312 |
|  |  |  | 610094062 |
| **Total Mortgage-Backed** | **Total Mortgage-Backed** | **Total Mortgage-Backed** |  |
| (Cost $1,885,731,538) | (Cost $1,885,731,538) | (Cost $1,885,731,538) | 1635096371 |
| **MUNICIPAL BONDS — 0.33%\*** | **MUNICIPAL BONDS — 0.33%\*** | **MUNICIPAL BONDS — 0.33%\*** | **MUNICIPAL BONDS — 0.33%\*** |
| **Arizona — 0.04%** | **Arizona — 0.04%** | **Arizona — 0.04%** | **Arizona — 0.04%** |
| Maricopa County Industrial Development Authority Revenue Bonds | Maricopa County Industrial Development Authority Revenue Bonds | Maricopa County Industrial Development Authority Revenue Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 10/01/29<sup>1</sup> | 990000 | 1022970 |
| **Florida — 0.15%** | **Florida — 0.15%** | **Florida — 0.15%** | **Florida — 0.15%** |
| County of Miami-Dade Aviation Revenue Bonds, Airport and Marina Improvements, Series B | County of Miami-Dade Aviation Revenue Bonds, Airport and Marina Improvements, Series B | County of Miami-Dade Aviation Revenue Bonds, Airport and Marina Improvements, Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.81% | 10/01/34 | 1000000 | 839849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.86% | 10/01/35 | 1750000 | 1442626 |
| County of Miami-Dade Aviation Revenue Bonds, Airport and Marina Improvements, Series D | County of Miami-Dade Aviation Revenue Bonds, Airport and Marina Improvements, Series D | County of Miami-Dade Aviation Revenue Bonds, Airport and Marina Improvements, Series D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35% | 10/01/29 | 2000000 | 1917643 |
|  |  |  | 4200118 |
| **New York — 0.14%** | **New York — 0.14%** | **New York — 0.14%** | **New York — 0.14%** |
| New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements, Subseries FI | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements, Subseries FI | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements, Subseries FI |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 08/01/32 | 1000000 | 956510 |

---

*See accompanying Notes to Financial Statements.* 

155 / Annual Financial Statements March 2025

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issues | Maturity<br> Date | Principal<br> Amount | Principal<br> Amount | Value | Value |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** | **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York State Dormitory Authority Revenue Bonds, University & College Improvements | New York State Dormitory Authority Revenue Bonds, University & College Improvements | New York State Dormitory Authority Revenue Bonds, University & College Improvements | New York State Dormitory Authority Revenue Bonds, University & College Improvements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29% | 03/15/33 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800351 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805366 |
|  |  |  |  |  | 3761876 |
|  **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |  |  |
| (Cost $9,890,162) | (Cost $9,890,162) |  |  |  | 8984964 |
| **U.S. TREASURY SECURITIES — 3.31%** | **U.S. TREASURY SECURITIES — 3.31%** | **U.S. TREASURY SECURITIES — 3.31%** | **U.S. TREASURY SECURITIES — 3.31%** | **U.S. TREASURY SECURITIES — 3.31%** | **U.S. TREASURY SECURITIES — 3.31%** |
| **U.S. Treasury Notes — 3.31%** | **U.S. Treasury Notes — 3.31%** | **U.S. Treasury Notes — 3.31%** | **U.S. Treasury Notes — 3.31%** | **U.S. Treasury Notes — 3.31%** | **U.S. Treasury Notes — 3.31%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/31/30 |  | 90620000 |  | 90800532 |
|  **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |  |  |
| (Cost $90,443,316) | (Cost $90,443,316) |  |  |  |  |
|  **Total Bonds — 97.98%** | **Total Bonds — 97.98%** | **Total Bonds — 97.98%** | **Total Bonds — 97.98%** |  |  |
| (Cost $3,001,774,950) | (Cost $3,001,774,950) |  |  |  | 2689507863 |

---

---

| | | |
|:---|:---|:---|
| Issues | Shares | Value |
| **COMMON STOCK — 0.31%** | **COMMON STOCK — 0.31%** | **COMMON STOCK — 0.31%** |
| **Communications — 0.11%** | **Communications — 0.11%** | **Communications — 0.11%** |
| Intelsat SA<sup>2,3,5</sup> | Intelsat SA<sup>2,3,5</sup> | Intelsat SA<sup>2,3,5</sup> |
| (Luxembourg) | 100739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896246 |
| **Finance — 0.20%** | **Finance — 0.20%** | **Finance — 0.20%** |
| AGNC Investment Corp. | 582000 | 5575560 |
| **Specialized REITs — 0.00%** | **Specialized REITs — 0.00%** | **Specialized REITs — 0.00%** |
| Aoyuan New Shares<sup>2,3,5,16</sup> | Aoyuan New Shares<sup>2,3,5,16</sup> | Aoyuan New Shares<sup>2,3,5,16</sup> |
| (Cayman Islands) | 408851 | 8776 |
|  **Total Common Stock** | **Total Common Stock** |  |
| (Cost $10,511,941) |  | 8480582 |
| **RIGHTS — 0.02%** | **RIGHTS — 0.02%** | **RIGHTS — 0.02%** |
| **Communications — 0.02%** | **Communications — 0.02%** | **Communications — 0.02%** |
| Intelsat SA, CVR<sup>2,3,5,16</sup> | Intelsat SA, CVR<sup>2,3,5,16</sup> | Intelsat SA, CVR<sup>2,3,5,16</sup> |
| (Luxembourg) | 50739 | 494705 |
|  **Total Rights** | **Total Rights** |  |
| (Cost $17) |  |  |

---

---

| | | |
|:---|:---|:---|
| Issues | Shares | Value |
| **MUTUAL FUNDS — 0.26%** | **MUTUAL FUNDS — 0.26%** | **MUTUAL FUNDS — 0.26%** |
| **Mutual Funds — 0.26%** | **Mutual Funds — 0.26%** | **Mutual Funds — 0.26%** |
| TCW Private Asset Income Fund | TCW Private Asset Income Fund | TCW Private Asset Income Fund |
| 0.00%<sup>17,18</sup> | 710448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7104479 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| (Cost $7,104,479) |  |  |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount/Shares | Value |
| **SHORT-TERM INVESTMENTS — 10.25%** | **SHORT-TERM INVESTMENTS — 10.25%** | **SHORT-TERM INVESTMENTS — 10.25%** |
| **Money Market Funds — 10.25%** | **Money Market Funds — 10.25%** | **Money Market Funds — 10.25%** |
| Fidelity Investments Money Market Funds - Government Portfolio | Fidelity Investments Money Market Funds - Government Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%<sup>17</sup> | 7429598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7429598 |

---

---

| | | |
|:---|:---|:---|
| Issues | Principal<br> Amount/Shares | Value |
| **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| TCW Central Cash Fund | TCW Central Cash Fund | TCW Central Cash Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%<sup>17,18</sup> | 274063488 | $274063488 |
| **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** |
| (Cost $281,493,086) |  | 281493086 |
| **Total Investments - 108.82%** | **Total Investments - 108.82%** | **Total Investments - 108.82%** |
| (Cost $3,300,884,473) |  | 2987080715 |
| **Net unrealized appreciation on unfunded commitments - 0.00%** | **Net unrealized appreciation on unfunded commitments - 0.00%** | 1658 |
| **Liabilities in Excess of Other Assets - (8.82)%** | **Liabilities in Excess of Other Assets - (8.82)%** | (242061241) |
| **Net Assets - 100.00%** | **Net Assets - 100.00%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745021132 |

---

<sup>1</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

<sup>2</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>3</sup> Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $37,006,888, which is 1.35% of total net assets. 

<sup>4</sup> Floating rate security. The rate disclosed was in effect at March 31, 2025.

<sup>5</sup> Foreign denominated security issued by foreign domiciled entity.

<sup>6</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

<sup>7</sup> Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer - 7.19% cash or 1.50% payment-in-kind interest. 

<sup>8</sup> Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $47,288, at an interest rate of 8.31% and a maturity of March 31, 2028. The investment is accruing an unused commitment fee of 0.25% per annum. 

<sup>9</sup> Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $288,521, at an interest rate of 11.43% and a maturity of June 12, 2028. The investment is not accruing an unused commitment fee. 

<sup>10</sup> Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $38,691, at an interest rate of 8.55% and a maturity of December 22, 2031. The investment is not accruing an unused commitment fee. 

<sup>11</sup> Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $97,167, at an interest rate of 10.07% and a maturity of December 30, 2029. The investment is not accruing an unused commitment fee. 

<sup>12</sup> Perpetual security with no stated maturity date.

<sup>13</sup> Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer - 5.00% cash or 10.00% payment-in-kind interest. 

<sup>14</sup> Zero coupon bond. The rate shown is the effective yield as of March 31, 2025.

<sup>15</sup> Security is currently in default with regard to scheduled interest or principal payments.

<sup>16</sup> Non-income producing security.

<sup>17</sup> Represents the current yield as of March 31, 2025.

<sup>18</sup> Affiliated investment.

---

| | |
|:---|:---|
| <sup>†</sup> | Fair valued security. The aggregate value of fair valued securities is $24,453,565, which is 0.89% of total net assets. Fair valued securities were not valued utilizing an independent quote but were valued pursuant to guidelines approved by the Board of Trustees. See Notes to Financial Statements.  |

---

<sup>\*</sup> Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

<sup>\*\*</sup> Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

*See accompanying Notes to Financial Statements.* 

Annual Financial Statements March 2025 / 156

------

#### Unconstrained Bond Fund

#### Schedule of Portfolio Investments

#### March 31, 2025
Note: For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CLO): Collateralized Loan Obligation

(CVR): Contingent Value Right

(EDC): Economic Development Corporation

(EMTN): Euro Medium-Term Note

(EUR): Euro

(GBP): British Pound

(GMTN): Global Medium-Term Note

(IO): Interest Only

(MTN): Medium-Term Note

(NVS): Non-Voting Shares

(PO): Principal Only

(REIT): Real Estate Investment Trust

(SOFR): Secured Overnight Financing Rate

(SONIA): Sterling Overnight Index Average

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency to<br> be Purchased | Currency to<br> be Sold | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation) |
|  **FOREIGN CURRENCY EXCHANGE CONTRACT** | **FOREIGN CURRENCY EXCHANGE CONTRACT** |  |  |  |
|  EUR 54,483,000 | USD 58,682,768 | Citibank N.A. | 04/11/25 | $204813 |
|  EUR 8,138,000 | USD 8,585,261 | Goldman Sachs International | 04/11/25 | 210640 |
|  GBP 6,820,000 | USD 8,798,506 | Goldman Sachs International | 04/11/25 | 4191 |
|  USD 1,249,935 | EUR 1,146,000 | The Bank of New York Mellon | 04/11/25 | 11289 |
|  USD 3,596,302 | GBP 2,776,000 | The Bank of New York Mellon | 07/11/25 | 13596 |
|  USD 7,969,355 | GBP 6,150,000 | Goldman Sachs International | 07/11/25 | 32163 |
|  |  |  |  | 476692 |
|  EUR 109,000 | USD 118,331 | Bank of America N.A. | 04/11/25 | (519) |
|  USD 11,933,598 | EUR 11,384,000 | Goldman Sachs International | 04/11/25 | (370721) |
|  USD 56,835 | EUR 54,000 | Bank of America N.A. | 04/11/25 | (1530) |
|  USD 51,426,747 | EUR 50,146,000 | Citibank N.A. | 04/11/25 | (2773216) |
|  USD 8,408,638 | GBP 6,820,000 | Goldman Sachs International | 04/11/25 | (394060) |
|  USD 3,391,275 | GBP 2,776,000 | The Bank of New York Mellon | 04/11/25 | (191758) |
|  GBP 458,000 | USD 593,203 | Goldman Sachs International | 07/11/25 | (2108) |
|  USD 53,029,470 | EUR 48,851,000 | Citibank N.A. | 07/11/25 | (45497) |
|  |  |  |  | (3779409) |
|  **NET UNREALIZED DEPRECIATION** | **NET UNREALIZED DEPRECIATION** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3302717) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  **FUTURES CONTRACTS: LONG POSITIONS** | **FUTURES CONTRACTS: LONG POSITIONS** |  |  |  |  |
|  U.S. Treasury Five-Year Note | 2749 | 06/30/25 | $297321531 | $4094221 | $4094221 |
|  U.S. Treasury Two-Year Note | 2673 | 06/30/25 | 553770424 | 2629752 | 2629752 |
|  |  |  | 851091955 | 6723973 | 6723973 |
|  **FUTURES CONTRACTS: SHORT POSITIONS** | **FUTURES CONTRACTS: SHORT POSITIONS** |  |  |  |  |
|  U.S. Treasury Ten-Year Ultra Bond | 2417 | 06/18/25 | (275840125) | (3616860) | (3616860) |
|  U.S. Treasury Ultra Bond | 669 | 06/18/25 | (81785250) | (2041997) | (2041997) |
|  Euro-Bund Future | 173 | 06/06/25 | (24075055) | (22174) | (22174) |
|  Euro-Bobl Future | 91 | 06/06/25 | (11578545) | (45330) | (45330) |
|  Euro-Buxl 30 Year | 25 | 06/06/25 | (3220616) | 50197 | 50197 |
|  Long Gilt Future | 22 | 06/26/25 | (2603675) | 41993 | 41993 |
|  Euro-Schatz Future | 13 | 06/06/25 | (1501926) | (3759) | (3759) |
|  |  |  | (400605192) | (5637930) | (5637930) |
|  **TOTAL FUTURES CONTRACTS** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450486763 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086043 |

---

*See accompanying Notes to Financial Statements.* 

157 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Statements of Assets and Liabilities

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS: | HIGH YIELD<br>BOND FUND | INTERMEDIATE<br>BOND FUND | INVESTMENT GRADE <br>CREDIT FUND |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value - Unaffiliated (Cost $400,623,517, $671,518,876 and $31,391,227, respectively) (Note 2) | $394635002 | $669647607 | $30748879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value - Affiliated (Cost $9,789,160, $56,183,051 and $811,687, respectively) (Note 5) | 9789160 | 56183051 | 811687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents (Note 2) | 273504 |  | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at value (Cost $3,252, $226,154 and $108,388, respectively) | 3246 | 225716 | 108178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash on deposit with brokers for collateral on swaps (Note 2) | 653034 | 1324724 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash on deposit with brokers for collateral on futures (Note 2) | 1050000 | 2425000 | 120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 11199080 | 14452742 | 1388842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 5822967 | 2460742 | 184833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold | 5033312 | 542927 | 10325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on foreign currency exchange contracts | 79758 | 172053 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on foreign currency transactions | 6258 | 2816 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation on unfunded commitments (Note 8) | 2999 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for daily variation margin on futures contracts (Note 3) | 2616 | 1528 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from Adviser (Note 6) |  |  | 19984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 34222 | 17507 | 10138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428585158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747456413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33403286 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank overdraft |  | 13843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 8001330 | 96791866 | 5331364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed | 998043 | 2400801 | 49411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on foreign currency exchange contracts | 674059 | 1049505 | 34748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions payable | 432522 | 3458 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for daily variation margin on futures contracts (Note 3) | 17870 | 67278 | 6203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation on unfunded commitments (Note 8) |  | 65 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees payable (Note 6) | 189331 | 236854 | 8318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees fees and expenses | 3301 | 6684 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued distribution (12b-1) and service fees payable | 20359 | 2983 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 39894 | 59645 | 42684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | 95119 | 206997 | 55469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 10471828 | 100839979 | 5530358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $418113330 | $646616434 | $27872928 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class M Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets (Applicable to 10,098,561, 1,713,470 and 970,545, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value) | $93236499 | $16201987 | $7618466 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, offering and redemption price per Class M share** | $9.23 | $9.46 | $7.85 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets (Applicable to 35,198,302, 66,689,601 and 2,580,332, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value) | $324876831 | $630414447 | $20254462 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, offering and redemption price per Class I share** | $9.23 | $9.45 | $7.85 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital (Note 9) | $557051900 | $742366620 | $30814733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated Earnings (Loss) | (138938570) | (95750186) | (2941805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $418113330 | $646616434 | $27872928 |

---

*See accompanying Notes to Financial Statements.*

158 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Statements of Assets and Liabilities

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS: | LOW DURATION<br>BOND FUND | STRATEGIC<br>INCOME FUND | SUSTAINABLE SECURITIZED<br>FUND |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value - Unaffiliated (Cost $1,123,877,081, $70,761,272 and $18,982,734, respectively) (Note 2) | $1120259311 | $64896311 | $18868332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value - Affiliated (Cost $17,362,135, $6,908,617 and $1,172, respectively) (Note 5) | 17362135 | 6908617 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents (Note 2) |  | 2049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at value (Cost $23,006, $866 and $0, respectively) | 22996 | 865 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash on deposit with brokers for collateral on swaps (Note 2) | 926574 | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash on deposit with brokers for collateral on futures (Note 2) | 5400000 | 200000 | 135000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 36433644 | 622521 | 295991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 4122458 | 398814 | 66149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold | 648032 | 93288 | 29750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on foreign currency exchange contracts | 125272 | 10021 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for daily variation margin on futures contracts (Note 3) | 30766 | 130 | 5213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on foreign currency transactions |  | 349 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from Adviser (Note 6) |  | 12889 | 13853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 48204 | 16316 | 6909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185379392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73162190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19422904 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank overdraft | 278640 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bank overdraft (Cost $0, $0 and $1, respectively) |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 244856837 | 7677110 | 2376932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed | 1477501 | 197373 | 56165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on foreign currency exchange contracts | 470722 | 78288 | 7379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions payable | 466475 | 2035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for daily variation margin on futures contracts (Note 3) | 101719 | 12120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on foreign currency transactions | 6170 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation on unfunded commitments (Note 8) | 66 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees payable (Note 6) | 271000 | 35860 | 5534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees fees and expenses | 7990 | 521 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued distribution (12b-1) and service fees payable | 17623 | 9365 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 67262 | 61547 | 35128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | 233516 | 66040 | 41278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 248255521 | 8140259 | 2523111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $937123871 | $65021931 | $16899793 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class M Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets (Applicable to 13,081,417, 7,123,445 and 359,102, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value) | $109773734 | $43930862 | $3120053 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, offering and redemption price per Class M share** | $8.39 | $6.17 | $8.69 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets (Applicable to 98,589,705, 3,421,077 and 1,584,997, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value) | $827339043 | $21091069 | $13779740 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, offering and redemption price per Class I share** | $8.39 | $6.17 | $8.69 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Class Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets (Applicable to 1,024, 0 and 0, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value) | $11094 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, offering and redemption price per Administrative Class share** | $10.83 | N/A | N/A |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital (Note 9) | $1138205500 | $76674412 | $18350419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated Earnings (Loss) | (201081629) | (11652481) | (1450626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $937123871 | $65021931 | $16899793 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 159

------

#### TCW Metropolitan West Funds

#### Statements of Assets and Liabilities

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS: | TOTAL RETURN<br>BOND FUND | ULTRA SHORT<br>BOND FUND | UNCONSTRAINED<br>BOND FUND |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value - Unaffiliated (Cost $38,833,305,773, $53,989,906 and $3,019,716,506, respectively) (Note 2) | $37182869884 | $53824623 | $2705912748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value - Affiliated (Cost $1,772,464,351, $1,349,875 and $281,167,967, respectively) (Note 5) | 1772464351 | 1349875 | 281167967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents (Note 2) | 8573678 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at value (Cost $13,640,641, $0 and $909,590, respectively) | 13614227 |  | 907841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash on deposit with brokers for collateral on swaps (Note 2) | 96012460 |  | 6645586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash on deposit with brokers for collateral on futures (Note 2) | 155450000 | 207000 | 8590000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1058290762 | 3192616 | 40324635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 161506232 | 136578 | 14271507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold | 35649205 | 16659 | 5549545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for daily variation margin on futures contracts (Note 3) | 21097206 | 1129 | 5169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on foreign currency exchange contracts | 4691762 | 136 | 476692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on foreign currency transactions | 133087 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation on unfunded commitments (Note 8) |  |  | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from Adviser (Note 6) |  | 6600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 210240 | 8706 | 37398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40510563094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58743922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063890746 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank overdraft |  | 443 | 2076656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bank overdraft (Cost $0, $3 and $0, respectively) |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 5398002786 | 12130154 | 300879445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed | 82383913 | 64047 | 6398840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on foreign currency exchange contracts | 48771697 | 5723 | 3779409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions payable | 9402866 | 235 | 3038924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for daily variation margin on futures contracts (Note 3) | 2070878 | 4219 | 639594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on foreign currency transactions |  | 10 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation on unfunded commitments (Note 8) | 4885 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees payable (Note 6) | 10498487 | 9882 | 1504110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees fees and expenses | 323762 | 356 | 19496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued distribution (12b-1) and service fees payable | 625996 | 1519 | 28488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 722982 | 38301 | 115324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | 4309986 | 62558 | 388285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5557118238 | 12317450 | 318869614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $34953444856 | $46426472 | $2745021132 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class M Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets (Applicable to 292,048,674, 2,699,481 and 13,017,561, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value) | $2650907672 | $11204723 | $135199173 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, offering and redemption price per Class M share** | $9.08 | $4.15 | $10.39 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets (Applicable to 2,404,952,242, 8,470,782 and 205,561,986, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value) | $21821702027 | $35221749 | $2133046443 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, offering and redemption price per Class I share** | $9.07 | $4.16 | $10.38 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I-2 Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets (Applicable to 4,202,279, 0 and 0, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value) | $38130148 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, offering and redemption price per Class I-2 share** | $9.07 | N/A | N/A |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Class Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets (Applicable to 48,408,065, 0 and 0, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value) | $439772103 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, offering and redemption price per Administrative Class share** | $9.08 | N/A | N/A |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan Class Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets (Applicable to 1,175,548,063, 0 and 45,965,678, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value) | $10002932906 | N/A | $476775516 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, offering and redemption price per Plan Class share** | $8.51 | N/A | $10.37 |

---

*See accompanying Notes to Financial Statements.*

160 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Statements of Assets and Liabilities

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS: | TOTAL RETURN<br>BOND FUND | ULTRA SHORT<br>BOND FUND | UNCONSTRAINED<br>BOND FUND |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital (Note 9) | $48640473886 | $59054469 | $3292008164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13687029030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12627997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(546987032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $34953444856 | $46426472 | $2745021132 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 161

------

#### TCW Metropolitan West Funds

#### Statements of Operations

#### For the Year Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | HIGH YIELD<br> BOND FUND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTERMEDIATE <br>BOND FUND | INVESTMENT GRADE<br>CREDIT FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $30550615 | $34731531 | $1245174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - Affiliated | 1089160 | 2953740 | 38687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - Unaffiliated | 920100 | 1099237 | 29303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 32559875 | 38784508 | 1313164 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 6) | 2227525 | 2889640 | 94275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 145051 | 188818 | 135664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution (12b-1) and service fees - class specific (Note 7): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M | 260720 | 35357 | 18329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 293874 | 713612 | 56433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 67444 | 45161 | 32954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 38895 | 48418 | 26382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 36636 | 76873 | 67437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 12150 | 23901 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitment fee | 3583 | 6888 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  |  | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 45291 | 52028 | 18138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 3131169 | 4080696 | 451442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and reimbursed (Note 6) | (197419) | (451) | (303361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2933750 | 4080245 | 148081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 29626125 | 34704263 | 1165083 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions and Swap Contracts:** | &nbsp;&nbsp;&nbsp;&nbsp; **Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions and Swap Contracts:** | &nbsp;&nbsp;&nbsp;&nbsp; **Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions and Swap Contracts:** | &nbsp;&nbsp;&nbsp;&nbsp; **Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions and Swap Contracts:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments - Affiliated | (26920367) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments - Unaffiliated | (7255692) | (1829880) | (324030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 181263 | (380846) | 71197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts | 1048904 | 1850971 | 51028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (101451) | (115422) | 3637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  | 7704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments - Affiliated | 27171821 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments - Unaffiliated | 4077676 | 9042393 | 702360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 598969 | 1504914 | 15318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts | (811555) | (1292274) | (34729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 4105 | 2835 | (149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  | (805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain (loss) on investments, futures contracts, foreign currency exchange contracts, foreign currency transactions and swap contracts | (2006327) | 8782691 | 491531 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Operations** | $27619798 | $43486954 | $1656614 |

---

*See accompanying Notes to Financial Statements.*

162 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Statements of Operations

#### For the Year Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOW DURATION <br>BOND FUND | STRATEGIC<br> INCOME FUND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUSTAINABLE <br>SECURITIZED<br>FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $48205980 | $5285842 | $805898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - Affiliated | 3222135 | 281188 | 18461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - Unaffiliated | 1192381 | 81220 | 8719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 52620496 | 5648250 | 833078 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 6) | 3154845 | 444591 | 47659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 216128 | 175692 | 117081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution (12b-1) and service fees - class specific (Note 7): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M | 247332 | 114148 | 2901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 43 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 945503 | 99507 | 37732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 69776 | 53913 | 32181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 49048 | 33910 | 19300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 43660 | 32079 | 30184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 28306 | 1958 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitment fee | 6742 | 637 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 61929 | 19760 | 13686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 4823312 | 976195 | 301172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and reimbursed (Note 6) |  | (319425) | (240348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4823312 | 656770 | 60824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 47797184 | 4991480 | 772254 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions and Swap Contracts:** | &nbsp;&nbsp;&nbsp;&nbsp; **Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions and Swap Contracts:** | &nbsp;&nbsp;&nbsp;&nbsp; **Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions and Swap Contracts:** | &nbsp;&nbsp;&nbsp;&nbsp; **Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions and Swap Contracts:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments - Unaffiliated | (3961128) | (1313524) | 113836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2178063) | 140096 | (58552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts | 919661 | 111104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 114530 | (1045) | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 17497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments - Unaffiliated | 18932022 | 923349 | 279708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1688944 | 60931 | 78693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts | (635262) | (86677) | (6846) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (4788) | 9735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | (1830) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain (loss) on investments, futures contracts, foreign currency exchange contracts, foreign currency transactions and swap contracts | 14875916 | (140364) | 406763 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Operations** | $62673100 | $4851116 | $1179017 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 163

------

#### TCW Metropolitan West Funds

#### Statements of Operations

#### For the Year Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL RETURN <br>BOND FUND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ULTRA SHORT <br>BOND FUND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNCONSTRAINED <br>BOND FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $1939424182 | $2072508 | $179691772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - Affiliated | 67947625 | 137875 | 8273488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - Unaffiliated | 32154145 | 46475 | 2833958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2039525952 | 2256858 | 190799218 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 6) | 147565058 | 119277 | 17023203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 2613279 | 121459 | 361791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution (12b-1) and service fees - class specific (Note 7): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M | 6679888 | 19026 | 338754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 2994601 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 21911590 | 70106 | 1579112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 3057940 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 1140712 | 1198 | 72204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 788997 | 35732 | 146284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 612101 | 33467 | 53754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitment fee | 415292 | 174 | 21892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 268375 | 31804 | 77107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 1951625 | 14577 | 117498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of reimbursed expenses - Class M (Note 6) |  |  | 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 189999458 | 446820 | 19793347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and reimbursed (Note 6) |  | (265578) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 189999458 | 181242 | 19793347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1849526494 | 2075616 | 171005871 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions and Swap Contracts:** | &nbsp;&nbsp;&nbsp;&nbsp; **Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions and Swap Contracts:** | &nbsp;&nbsp;&nbsp;&nbsp; **Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions and Swap Contracts:** | &nbsp;&nbsp;&nbsp;&nbsp; **Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions and Swap Contracts:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments - Affiliated | (64597088) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments - Unaffiliated | (595775376) | 133801 | (28824013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (123829051) | (28488) | 3495052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts | 92145026 | 29934 | 5171593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (4331487) | 1650 | 309712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 58473348 |  | 2368826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments - Affiliated | 65187440 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments - Unaffiliated | 765052447 | 523871 | 37336566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 96883902 | 23362 | 3860009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts | (66738919) | (18831) | (4617183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (160060) | 39 | (23146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (8510060) |  | (247333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain on investments, futures contracts, foreign currency exchange contracts, foreign currency transactions and swap contracts | 213800122 | 665338 | 18830083 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Operations** | $2063326616 | $2740954 | $189835954 |

---

*See accompanying Notes to Financial Statements.*

164 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | HIGH YIELD<br>BOND FUND | HIGH YIELD<br>BOND FUND | INTERMEDIATE<br>BOND FUND | INTERMEDIATE<br>BOND FUND |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEAR ENDED <br>MARCH 31,<br> 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEAR ENDED <br>MARCH 31,<br> 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEAR ENDED <br>MARCH 31,<br> 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEAR ENDED <br>MARCH 31,<br> 2024 |
| &nbsp;&nbsp; **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $29626125 | $33566432 | $34704263 | $41617615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (loss) on investments | (34176059) | (17002189) | (1829880) | (19886504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts | 1128716 | (1856542) | 1354703 | (7638038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments | 31249497 | 27018172 | 9042393 | 9726533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts | (208481) | 339629 | 215475 | (2654600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 27619798 | 42065502 | 43486954 | 21165006 |
| &nbsp;&nbsp; **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M | (6705002) | (7978484) | (669861) | (776161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (22819857) | (25617093) | (33779773) | (40847296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (29524859) | (33595577) | (34449634) | (41623457) |
| &nbsp;&nbsp; **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 92148198 | 28953228 | 6867464 | 5313966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 6435519 | 7661376 | 665953 | 774768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (116321544) | (61238115) | (9385617) | (8825375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class M capital share transactions | (17737827) | (24623511) | (1852200) | (2736641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 123501808 | 114335825 | 131180098 | 307256991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 17938923 | 20462368 | 30652342 | 35763780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (171394583) | (146132953) | (492769621) | (247428013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class I capital share transactions | (29953852) | (11334760) | (330937181) | 95592758 |
|  Net increase (decrease) in net assets derived from capital share transactions | (47691679) | (35958271) | (332789381) | 92856117 |
|  Net increase (decrease) in net assets | (49596740) | (27488346) | (323752061) | 72397666 |
|  Net assets at beginning of year | 467710070 | 495198416 | 970368495 | 897970829 |
|  Net assets at end of year | $418113330 | $467710070 | $646616434 | $970368495 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 165

------

#### TCW Metropolitan West Funds

#### Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | INVESTMENT GRADE<br>CREDIT FUND | INVESTMENT GRADE<br>CREDIT FUND | LOW DURATION<br>BOND FUND | LOW DURATION<br>BOND FUND |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEAR ENDED <br>MARCH 31,<br> 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEAR ENDED <br>MARCH 31,<br> 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEAR ENDED <br>MARCH 31,<br> 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEAR ENDED <br>MARCH 31,<br> 2024 |
| &nbsp;&nbsp; **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1165083 | $720616 | $47797184 | $62135081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (loss) on investments | (324030) | (750193) | (3961128) | (31384390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts | 133566 | (48721) | (1143872) | (3649273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments | 702360 | 719531 | 18932022 | 28652588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts | (20365) | (8672) | 1048894 | (4626099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 1656614 | 632561 | 62673100 | 51127907 |
| &nbsp;&nbsp; **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M | (304729) | (217135) | (5681447) | (8065480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (857024) | (503697) | (41952624) | (54036315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class |  |  | (459) | (235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (1161753) | (720832) | (47634530) | (62102030) |
| &nbsp;&nbsp; **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 3547784 | 4619139 | 14818651 | 23878819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 303981 | 215703 | 5620131 | 7989466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (2417192) | (1808358) | (65369643) | (175627096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class M capital share transactions | 1434573 | 3026484 | (44930861) | (143758811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 3306085 | 16250851 | 166017192 | 229594053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 852524 | 497271 | 36335018 | 46323700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (4833936) | (3393060) | (499812255) | (634863182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class I capital share transactions | (675327) | 13355062 | (297460045) | (358945429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares |  |  |  | 10044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 459 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed |  |  |  | (716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Administrative Class capital share transactions |  |  | 459 | 9561 |
|  Net increase (decrease) in net assets derived from capital share transactions | 759246 | 16381546 | (342390447) | (502694679) |
|  Net increase (decrease) in net assets | 1254107 | 16293275 | (327351877) | (513668802) |
|  Net assets at beginning of year | 26618821 | 10325546 | 1264475748 | 1778144550 |
|  Net assets at end of year | $27872928 | $26618821 | $937123871 | $1264475748 |

---

*See accompanying Notes to Financial Statements.*

166 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | STRATEGIC<br>INCOME FUND | STRATEGIC<br>INCOME FUND | SUSTAINABLE SECURITIZED<br>FUND | SUSTAINABLE SECURITIZED<br>FUND |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEAR ENDED <br>MARCH 31,<br> 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEAR ENDED <br>MARCH 31,<br> 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEAR ENDED <br>MARCH 31,<br> 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEAR ENDED <br>MARCH 31,<br> 2024 |
| &nbsp;&nbsp; **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $4991480 | $5173629 | $772254 | $406399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (1313524) | (1666769) | 113836 | (781206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts | 267652 | 301300 | (58628) | (69308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments | 923349 | 816002 | 279708 | 740604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts | (17841) | (4410) | 71847 | (13883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 4851116 | 4619752 | 1179017 | 282606 |
| &nbsp;&nbsp; **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M | (3292045) | (3794595) | (66715) | (2014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (1690445) | (1498263) | (704461) | (363941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From tax return of capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M |  |  |  | (223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |  | (40201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (4982490) | (5292858) | (771176) | (406379) |
| &nbsp;&nbsp; **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 5886353 | 6753106 | 4570871 | 55533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3276977 | 3784613 | 66678 | 2168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (17427298) | (8380137) | (1583999) | (63013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class M capital share transactions | (8263968) | 2157582 | 3053550 | (5312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 7312215 | 12920425 | 5674472 | 1713982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1671433 | 1409912 | 704328 | 403645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (10808366) | (6793483) | (699602) | (2640186) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class I capital share transactions | (1824718) | 7536854 | 5679198 | (522559) |
|  Net increase (decrease) in net assets derived from capital share transactions | (10088686) | 9694436 | 8732748 | (527871) |
|  Net increase (decrease) in net assets | (10220060) | 9021330 | 9140589 | (651644) |
|  Net assets at beginning of year | 75241991 | 66220661 | 7759204 | 8410848 |
|  Net assets at end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65021931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75241991 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16899793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7759204 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 167

------

#### TCW Metropolitan West Funds

#### Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TOTAL RETURN<br>BOND FUND | TOTAL RETURN<br>BOND FUND | ULTRA SHORT<br>BOND FUND | ULTRA SHORT<br>BOND FUND |
|  | YEAR ENDED<br>MARCH 31,<br> 2025 | YEAR ENDED<br>MARCH 31,<br> 2024 | YEAR ENDED<br>MARCH 31,<br> 2025 | YEAR ENDED<br>MARCH 31,<br> 2024 |
| &nbsp;&nbsp; **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1849526494 | $2537715937 | $2075616 | $3484034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (660372464) | (3143613406) | 133801 | (2344733) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts | 22457836 | (452768829) | 3096 | 356425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments | 830239887 | 1640901744 | 523871 | 1011070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts | 21474863 | (125879131) | 4570 | 79651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 2063326616 | 456356315 | 2740954 | 2586447 |
| &nbsp;&nbsp; **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M | (133055384) | (199080510) | (501024) | (632667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (1134304972) | (1514156186) | (1564733) | (2861175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 | (2311949) | (3711760) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (29539261) | (53157819) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class | (554238033) | (743968929) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (1853449599) | (2514075204) | (2065757) | (3493842) |
| &nbsp;&nbsp; **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 607584741 | 918790227 | 1587676 | 987487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 131963625 | 197785406 | 495652 | 607715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1929315501) | (3558742020) | (3967809) | (8603378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class M capital share transactions | (1189767135) | (2442166387) | (1884481) | (7008176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 4692893533 | 8262045253 | 8138806 | 10434114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1020358424 | 1360470247 | 1561523 | 2857961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (15112701399) | (15603067223) | (12765172) | (76523093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class I capital share transactions | (9399449442) | (5980551723) | (3064843) | (63231018) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I-2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 12677496 | 33425455 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2311621 | 3688076 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (44808584) | (67704008) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class I-2 capital share transactions | (29819467) | (30590477) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 141866987 | 248831090 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 29084538 | 51891253 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (930722966) | (616843156) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Administrative Class capital share transactions | (759771441) | (316120813) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 2328171925 | 3421603095 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 499271217 | 689320525 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (8680721779) | (5424667833) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Plan Class capital share transactions | (5853278637) | (1313744213) |  |  |
| &nbsp;&nbsp; Net (decrease) in net assets derived from capital share transactions | (17232086122) | (10083173613) | (4949324) | (70239194) |
| &nbsp;&nbsp; Net (decrease) in net assets | (17022209105) | (12140892502) | (4274127) | (71146589) |
| &nbsp;&nbsp; Net assets at beginning of year | 51975653961 | 64116546463 | 50700599 | 121847188 |
| &nbsp;&nbsp; Net assets at end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34953444856 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51975653961 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46426472 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50700599 |

---

*See accompanying Notes to Financial Statements.*

168 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | UNCONSTRAINED<br>BOND FUND | UNCONSTRAINED<br>BOND FUND |
|  | YEAR ENDED<br>MARCH 31,<br> 2025 | YEAR ENDED<br>MARCH 31,<br> 2024 |
| &nbsp;&nbsp; **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $171005871 | $178379311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized (loss) on investments | (28824013) | (87742798) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts | 11345183 | 9023344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments | 37336566 | 44753648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts | (1027653) | 1759511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 189835954 | 146173016 |
| &nbsp;&nbsp; **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M | (8442455) | (9524330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (133258266) | (142902881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class | (28205276) | (25240397) |
| &nbsp;&nbsp;&nbsp;&nbsp; From tax return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M |  | (88102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (1321873) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class |  | (233477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (169905997) | (179311060) |
| &nbsp;&nbsp; **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 20465012 | 22080451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 8338060 | 9478301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (36273456) | (48055330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class M capital share transactions | (7470384) | (16496578) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 543810167 | 678623647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 95066265 | 102224307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (555988874) | (1070859376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class I capital share transactions | 82887558 | (290011422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 77785250 | 28461757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 28182270 | 25473840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (30968166) | (5145946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Plan Class capital share transactions | 74999354 | 48789651 |
| &nbsp;&nbsp; Net increase (decrease) in net assets derived from capital share transactions | 150416528 | (257718349) |
| &nbsp;&nbsp; Net increase (decrease) in net assets | 170346485 | (290856393) |
| &nbsp;&nbsp; Net assets at beginning of year | 2574674647 | 2865531040 |
| &nbsp;&nbsp; Net assets at end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745021132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574674647 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 169

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | HIGH YIELD<br>BOND FUND CLASS M | HIGH YIELD<br>BOND FUND CLASS M | HIGH YIELD<br>BOND FUND CLASS M | HIGH YIELD<br>BOND FUND CLASS M | HIGH YIELD<br>BOND FUND CLASS M |
|  | YEAR<br> ENDED<br> MARCH 31,<br> 2025 | YEAR<br> ENDED<br> MARCH 31,<br> 2024 | YEAR<br> ENDED<br> MARCH 31,<br> 2023 | YEAR<br> ENDED<br> MARCH 31,<br> 2022 | YEAR<br> ENDED<br> MARCH 31,<br> 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $9.28 | $9.12 | $10.06 | $10.57 | $9.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.60 | 0.60 | 0.50 | 0.38 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.05) | 0.16 | (0.93) | (0.51) | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.55 | 0.76 | (0.43) | (0.13) | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.60) | (0.60) | (0.51) | (0.38) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $9.23 | $9.28 | $9.12 | $10.06 | $10.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 6.06% | 8.64% | (4.20)% | (1.30)% | 18.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111388 | $134178 | $169941 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 0.92% | 0.91% | 0.91% | 0.90% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets After expense waivers and reimbursements | 6.44% | 6.55% | 5.45% | 3.61% | 3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>2</sup>  | 76% | 82% | 116% | 117% | 108% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 170

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | HIGH YIELD<br>BOND FUND CLASS I | HIGH YIELD<br>BOND FUND CLASS I | HIGH YIELD<br>BOND FUND CLASS I | HIGH YIELD<br>BOND FUND CLASS I | HIGH YIELD<br>BOND FUND CLASS I |
|  | YEAR<br> ENDED<br> MARCH 31,<br> 2025 | YEAR<br> ENDED<br> MARCH 31,<br> 2024 | YEAR<br> ENDED<br> MARCH 31,<br> 2023 | YEAR<br> ENDED<br> MARCH 31,<br> 2022 | YEAR<br> ENDED<br> MARCH 31,<br> 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $9.28 | $9.12 | $10.05 | $10.57 | $9.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.62 | 0.62 | 0.52 | 0.41 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.05) | 0.16 | (0.92) | (0.52) | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.57 | 0.78 | (0.40) | (0.11) | 1.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.62) | (0.62) | (0.53) | (0.41) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $9.23 | $9.28 | $9.12 | $10.05 | $10.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 6.32% | 8.91% | (3.87)% | (1.15)% | 18.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $324877 | $356322 | $361021 | $552768 | $572082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 0.64% | 0.62% | 0.61% | 0.61% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets After expense waivers and reimbursements | 6.71% | 6.81% | 5.67% | 3.88% | 3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>2</sup>  | 76% | 82% | 116% | 117% | 108% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

171 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | INTERMEDIATE<br>BOND FUND CLASS M | INTERMEDIATE<br>BOND FUND CLASS M | INTERMEDIATE<br>BOND FUND CLASS M | INTERMEDIATE<br>BOND FUND CLASS M | INTERMEDIATE<br>BOND FUND CLASS M |
|  | YEAR<br>ENDED<br>MARCH 31,<br>2025 | YEAR<br>ENDED<br>MARCH 31,<br>2024 | YEAR<br>ENDED<br>MARCH 31,<br>2023 | YEAR<br>ENDED<br>MARCH 31,<br>2022 | YEAR<br>ENDED<br>MARCH 31,<br>2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $9.35 | $9.57 | $10.10 | $10.74 | $10.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.37 | 0.38 | 0.29 | 0.11 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.11 | (0.22) | (0.53) | (0.61) | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.48 | 0.16 | (0.24) | (0.50) | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.37) | (0.38) | (0.29) | (0.11) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net capital gains |  |  |  | (0.03) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.37) | (0.38) | (0.29) | (0.14) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $9.46 | $9.35 | $9.57 | $10.10 | $10.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 5.27% | 1.80% | (2.32)% | (4.63)% | 4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24746 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 0.70% | 0.71% | 0.72% | 0.70% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets After expense waivers and reimbursements | 3.99% | 4.10% | 3.00% | 1.04% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>2</sup>  | 643% | 588% | 516% | 399% | 372% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 172

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | INTERMEDIATE<br>BOND FUND CLASS I | INTERMEDIATE<br>BOND FUND CLASS I | INTERMEDIATE<br>BOND FUND CLASS I | INTERMEDIATE<br>BOND FUND CLASS I | INTERMEDIATE<br>BOND FUND CLASS I |
|  | YEAR<br> ENDED<br> MARCH 31,<br> 2025 | YEAR<br> ENDED<br> MARCH 31,<br> 2024 | YEAR<br> ENDED<br> MARCH 31,<br> 2023 | YEAR<br> ENDED<br> MARCH 31,<br> 2022 | YEAR<br> ENDED<br> MARCH 31,<br> 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $9.35 | $9.56 | $10.10 | $10.73 | $10.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.40 | 0.40 | 0.31 | 0.14 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.09 | (0.21) | (0.54) | (0.60) | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.49 | 0.19 | (0.23) | (0.46) | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.39) | (0.40) | (0.31) | (0.14) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net capital gains |  |  |  | (0.03) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.39) | (0.40) | (0.31) | (0.17) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $9.45 | $9.35 | $9.56 | $10.10 | $10.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 5.38% | 2.12% | (2.22)% | (4.33)% | 4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630414 | $952523 | $876918 | $768271 | $766063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 0.49% | 0.48%<sup>2</sup> | 0.49% | 0.47% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.49% | 0.48% | 0.49% | 0.47% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets<br>After expense waivers and reimbursements | 4.21% | 4.33% | 3.26% | 1.29% | 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>3</sup>  | 643% | 588% | 516% | 399% | 372% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.48%. 

<sup>3</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

173 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | INVESTMENT GRADE<br>CREDIT FUND CLASS M | INVESTMENT GRADE<br>CREDIT FUND CLASS M | INVESTMENT GRADE<br>CREDIT FUND CLASS M | INVESTMENT GRADE<br>CREDIT FUND CLASS M | INVESTMENT GRADE<br>CREDIT FUND CLASS M |
|  | YEAR<br> ENDED<br> MARCH 31,<br> 2025 | YEAR<br> ENDED<br>MARCH 31,<br>2024 | YEAR<br>ENDED<br>MARCH 31,<br>2023 | YEAR<br>ENDED<br>MARCH 31,<br>2022 | YEAR<br>ENDED<br>MARCH 31,<br>2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $7.70 | $7.82 | $8.70 | $9.67 | $9.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.32 | 0.41 | 0.63 | 0.45 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.15 | (0.11) | (0.84) | (0.95) | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.47 | 0.30 | (0.21) | (0.50) | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.32) | (0.42) | (0.65) | (0.46) | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net capital gains |  |  |  | (0.01) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From tax return of capital |  |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.32) | (0.42) | (0.67) | (0.47) | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $7.85 | $7.70 | $7.82 | $8.70 | $9.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 6.28% | 4.01% | (2.24)% | (5.42)% | 7.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7618 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 1.86% | 2.56% | 3.90% | 2.16% | 2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets After expense waivers and reimbursements | 4.17% | 5.33% | 7.93% | 4.75% | 6.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>2</sup>  | 440% | 491% | 231% | 345% | 92% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 174

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | INVESTMENT GRADE<br>CREDIT FUND CLASS I | INVESTMENT GRADE<br>CREDIT FUND CLASS I | INVESTMENT GRADE<br>CREDIT FUND CLASS I | INVESTMENT GRADE<br>CREDIT FUND CLASS I | INVESTMENT GRADE<br>CREDIT FUND CLASS I |
|  | YEAR<br>ENDED<br>MARCH 31,<br>2025 | YEAR<br>ENDED<br>MARCH 31,<br>2024 | YEAR<br>ENDED<br>MARCH 31,<br>2023 | YEAR<br>ENDED<br>MARCH 31,<br>2022 | YEAR<br>ENDED<br>MARCH 31,<br>2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $7.70 | $7.82 | $8.70 | $9.67 | $9.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.34 | 0.42 | 0.67 | 0.45 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.15 | (0.10) | (0.86) | (0.93) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.49 | 0.32 | (0.19) | (0.48) | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.34) | (0.44) | (0.67) | (0.48) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net capital gains |  |  |  | (0.01) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From tax return of capital |  |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.34) | (0.44) | (0.69) | (0.49) | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $7.85 | $7.70 | $7.82 | $8.70 | $9.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 6.50% | 4.23% | (2.03)% | (5.22)% | 8.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $20254 | $20578 | $7299 | $8640 | $10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 1.61% | 2.30% | 3.62% | 1.87% | 2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 4.38% | 5.53% | 8.38% | 4.79% | 6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>2</sup>  | 440% | 491% | 231% | 345% | 92% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

175 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | LOW DURATION<br>BOND FUND CLASS M | LOW DURATION<br>BOND FUND CLASS M | LOW DURATION<br>BOND FUND CLASS M | LOW DURATION<br>BOND FUND CLASS M | LOW DURATION<br>BOND FUND CLASS M |
|  | YEAR<br>ENDED<br>MARCH 31,<br>2025 | YEAR<br>ENDED<br>MARCH 31,<br>2024 | YEAR<br>ENDED<br>MARCH 31,<br>2023 | YEAR<br>ENDED<br>MARCH 31,<br>2022 | YEAR<br>ENDED<br>MARCH 31,<br>2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $8.27 | $8.30 | $8.57 | $8.88 | $8.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.36 | 0.34 | 0.22 | 0.08 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.12 | (0.03) | (0.26) | (0.31) | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.48 | 0.31 | (0.04) | (0.23) | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.36) | (0.34) | (0.23) | (0.08) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $8.39 | $8.27 | $8.30 | $8.57 | $8.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 5.96% | 3.82% | (0.46)% | (2.65)% | 3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298833 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 0.63% | 0.62% | 0.63% | 0.62% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.63% | 0.62% | 0.63% | 0.62% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets After expense waivers and reimbursements | 4.38% | 4.08% | 2.66% | 0.87% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>2</sup>  | 454% | 461% | 450% | 347% | 256% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 176

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | LOW DURATION<br>BOND FUND CLASS I | LOW DURATION<br>BOND FUND CLASS I | LOW DURATION<br>BOND FUND CLASS I | LOW DURATION<br>BOND FUND CLASS I | LOW DURATION<br>BOND FUND CLASS I |
|  | YEAR<br>ENDED<br>MARCH 31,<br>2025 | YEAR<br> ENDED<br>MARCH 31,<br>2024 | YEAR<br> ENDED<br>MARCH 31,<br>2023 | YEAR<br> ENDED<br>MARCH 31,<br>2022 | YEAR<br> ENDED<br>MARCH 31,<br>2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $8.27 | $8.30 | $8.58 | $8.88 | $8.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.38 | 0.35 | 0.24 | 0.09 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.12 | (0.03) | (0.28) | (0.30) | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.50 | 0.32 | (0.04) | (0.21) | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.38) | (0.35) | (0.24) | (0.09) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $8.39 | $8.27 | $8.30 | $8.58 | $8.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 6.17% | 4.03% | (0.37)% | (2.34)% | 4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111745 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 0.43% | 0.42% | 0.42% | 0.41% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.43% | 0.42% | 0.42% | 0.41% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 4.57% | 4.31% | 2.85% | 1.07% | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>2</sup>  | 454% | 461% | 450% | 347% | 256% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

177 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | LOW DURATION<br>BOND FUND ADMINISTRATIVE CLASS | LOW DURATION<br>BOND FUND ADMINISTRATIVE CLASS | LOW DURATION<br>BOND FUND ADMINISTRATIVE CLASS | LOW DURATION<br>BOND FUND ADMINISTRATIVE CLASS | LOW DURATION<br>BOND FUND ADMINISTRATIVE CLASS |
|  | YEAR<br> ENDED<br> MARCH 31,<br> 2025 | YEAR<br> ENDED<br> MARCH 31,<br> 2024 | YEAR<br> ENDED<br> MARCH 31,<br> 2023 | YEAR<br> ENDED<br> MARCH 31,<br> 2022 | YEAR<br> ENDED<br> MARCH 31,<br> 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $10.68 | $10.73 | $11.08 | $11.48 | $11.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.46 | 0.44 | 0.22 | 0.09 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.15 | (0.06) | (0.28) | (0.40) | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.61 | 0.38 | (0.06) | (0.31) | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.46) | (0.43) | (0.29) | (0.09) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $10.83 | $10.68 | $10.73 | $11.08 | $11.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 5.81% | 3.77% | (0.48)% | (2.74)% | 3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $11 | $10 | $776<sup>2</sup> | $1709 | $88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 0.71% | 0.70% | 0.72% | 0.72% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.71% | 0.70% | 0.72% | 0.72% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 4.28% | 4.18% | 2.05% | 0.80% | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>3</sup>  | 454% | 461% | 450% | 347% | 256% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> Represents the whole number without rounding to the 000s.

<sup>3</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 178

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | STRATEGIC<br>INCOME FUND CLASS M | STRATEGIC<br>INCOME FUND CLASS M | STRATEGIC<br>INCOME FUND CLASS M | STRATEGIC<br>INCOME FUND CLASS M | STRATEGIC<br>INCOME FUND CLASS M |
|  | YEAR<br> ENDED<br> MARCH 31,<br> 2025 | YEAR<br> ENDED<br> MARCH 31,<br> 2024 | YEAR<br> ENDED<br> MARCH 31,<br> 2023 | YEAR<br> ENDED<br> MARCH 31,<br> 2022 | YEAR<br> ENDED<br> MARCH 31,<br> 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $6.18 | $6.24 | $6.89 | $7.83 | $7.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.45 | 0.45 | 0.51 | 0.73 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.02) | (0.05) | (0.54) | (0.94) | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.43 | 0.40 | (0.03) | (0.21) | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.44) | (0.46) | (0.62) | (0.73) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $6.17 | $6.18 | $6.24 | $6.89 | $7.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 7.27% | 6.67% | (0.23)% | (2.99)% | 14.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16813 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 1.51% | 1.49% | 1.86% | 3.02% | 2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 1.04% | 1.04% | 1.04% | 1.04% | 2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets After expense waivers and reimbursements | 7.22% | 7.26% | 8.24% | 9.71% | 6.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>2</sup>  | 237% | 260% | 177% | 77% | 24% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

179 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | STRATEGIC<br>INCOME FUND CLASS I | STRATEGIC<br>INCOME FUND CLASS I | STRATEGIC<br>INCOME FUND CLASS I | STRATEGIC<br>INCOME FUND CLASS I | STRATEGIC<br>INCOME FUND CLASS I |
|  | YEAR<br> ENDED<br> MARCH 31,<br> 2025 | YEAR<br> ENDED<br> MARCH 31,<br> 2024 | YEAR<br> ENDED<br> MARCH 31,<br> 2023 | YEAR<br> ENDED<br> MARCH 31,<br> 2022 | YEAR<br> ENDED<br> MARCH 31,<br> 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $6.18 | $6.24 | $6.89 | $7.83 | $7.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.46 | 0.46 | 0.57 | 0.76 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.01) | (0.05) | (0.59) | (0.95) | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.45 | 0.41 | (0.02) | (0.19) | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.46) | (0.47) | (0.63) | (0.75) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $6.17 | $6.18 | $6.24 | $6.89 | $7.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 7.53% | 7.10% | –% | (2.76)% | 14.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21091 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22938 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 1.26% | 1.22% | 1.65% | 2.77% | 2.08%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.80% | 0.80% | 0.80% | 0.80% | 2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets After expense waivers and reimbursements | 7.44% | 7.46% | 9.08% | 10.06% | 5.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>3</sup>  | 237% | 260% | 177% | 77% | 24% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 1.93%. 

<sup>3</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 180

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | SUSTAINABLE SECURITIZED<br>FUND CLASS M<sup>\*</sup> | SUSTAINABLE SECURITIZED<br>FUND CLASS M<sup>\*</sup> | SUSTAINABLE SECURITIZED<br>FUND CLASS M<sup>\*</sup> | SUSTAINABLE SECURITIZED<br>FUND CLASS M<sup>\*</sup> |
|  | YEAR<br> ENDED<br> MARCH 31,<br> 2025 | YEAR<br> ENDED<br> MARCH 31,<br> 2024 | YEAR<br> ENDED<br> MARCH 31,<br> 2023 | PERIOD<br> ENDED<br> MARCH 31,<br> 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Period | $8.34 | $8.45 | $9.36 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.49 | 0.42 | 0.21 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.41 | (0.07) | (0.88) | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.90 | 0.35 | (0.67) | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.55) | (0.41) | (0.24) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From tax return of capital |  | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.55) | (0.46) | (0.24) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Period | $8.69 | $8.34 | $8.45 | $9.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 11.11% | 4.33% | (7.15)% | (5.60)%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of period (in thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 2.53% | 4.15% | 3.35% | 2.15%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.70% | 0.70% | 0.70% | 0.79%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets<br>After expense waivers and reimbursements | 5.74% | 5.13% | 2.43% | 0.97%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>4</sup>  | 333% | 312% | 312% | 276%<sup>2</sup> |

---

<sup>\*</sup> The Sustainable Securitized Fund Class M Shares commenced operations on October 1, 2021.

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> Non-Annualized.

<sup>3</sup> Annualized.

<sup>4</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

181 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | SUSTAINABLE SECURITIZED<br>FUND CLASS I<sup>\*</sup> | SUSTAINABLE SECURITIZED<br>FUND CLASS I<sup>\*</sup> | SUSTAINABLE SECURITIZED<br>FUND CLASS I<sup>\*</sup> | SUSTAINABLE SECURITIZED<br>FUND CLASS I<sup>\*</sup> |
|  | YEAR<br> ENDED<br> MARCH 31,<br> 2025 | YEAR<br> ENDED<br> MARCH 31,<br> 2024 | YEAR<br> ENDED<br> MARCH 31,<br> 2023 | PERIOD<br> ENDED<br> MARCH 31,<br> 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Period | $8.35 | $8.45 | $9.37 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.56 | 0.47 | 0.23 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.35 | (0.09) | (0.89) | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.91 | 0.38 | (0.66) | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.57) | (0.43) | (0.26) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From tax return of capital |  | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.57) | (0.48) | (0.26) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Period | $8.69 | $8.35 | $8.45 | $9.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 11.21% | 4.67% | (7.04)% | (5.87)%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of period (in thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13780 | $7715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8361 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 2.53% | 3.82% | 2.93% | 1.80%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.49% | 0.49% | 0.49% | 0.49%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets<br>After expense waivers and reimbursements | 6.56% | 5.67% | 2.61% | 0.94%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>4</sup>  | 333% | 312% | 312% | 276%<sup>2</sup> |

---

<sup>\*</sup> The Sustainable Securitized Fund Class I Shares commenced operations on October 1, 2021.

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> Non-Annualized.

<sup>3</sup> Annualized.

<sup>4</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 182

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | TOTAL RETURN<br>BOND FUND CLASS M | TOTAL RETURN<br>BOND FUND CLASS M | TOTAL RETURN<br>BOND FUND CLASS M | TOTAL RETURN<br>BOND FUND CLASS M | TOTAL RETURN<br>BOND FUND CLASS M |
|  | YEAR<br>ENDED<br>MARCH 31,<br>2025 | YEAR<br>ENDED<br>MARCH 31,<br>2024 | YEAR<br>ENDED<br>MARCH 31,<br>2023 | YEAR<br>ENDED<br>MARCH 31,<br>2022 | YEAR<br>ENDED<br>MARCH 31,<br>2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $9.02 | $9.28 | $10.19 | $10.82 | $11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.38 | 0.37 | 0.28 | 0.13 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.06 | (0.26) | (0.91) | (0.63) | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.44 | 0.11 | (0.63) | (0.50) | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.38) | (0.37) | (0.28) | (0.13) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net capital gains |  |  |  | (0.00)<sup>2</sup> | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.38) | (0.37) | (0.28) | (0.13) | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $9.08 | $9.02 | $9.28 | $10.19 | $10.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 4.96% | 1.24% | (6.10)% | (4.69)% | 3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $2650908 | $3826231 | $6442440 | $6213223 | $7154434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 0.65% | 0.66% | 0.67% | 0.65% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.65% | 0.66% | 0.67% | 0.65% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets After expense waivers and reimbursements | 4.18% | 4.11% | 3.04% | 1.17% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>3</sup>  | 418% | 450% | 426% | 467% | 470% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> Amount is greater than $(0.005) per share. 

<sup>3</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

183 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | TOTAL RETURN<br>BOND FUND CLASS I | TOTAL RETURN<br>BOND FUND CLASS I | TOTAL RETURN<br>BOND FUND CLASS I | TOTAL RETURN<br>BOND FUND CLASS I | TOTAL RETURN<br>BOND FUND CLASS I |
|  | YEAR<br>ENDED<br>MARCH 31,<br>2025 | YEAR<br>ENDED<br>MARCH 31,<br>2024 | YEAR<br> ENDED<br>MARCH 31,<br>2023 | YEAR<br> ENDED<br>MARCH 31,<br>2022 | YEAR<br>ENDED<br>MARCH 31,<br>2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $9.02 | $9.28 | $10.18 | $10.82 | $11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.40 | 0.39 | 0.30 | 0.15 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.05 | (0.26) | (0.90) | (0.64) | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.45 | 0.13 | (0.60) | (0.49) | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.40) | (0.39) | (0.30) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net capital gains |  |  |  | (0.00)<sup>2</sup> | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.40) | (0.39) | (0.30) | (0.15) | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $9.07 | $9.02 | $9.28 | $10.18 | $10.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 5.06% | 1.45% | (5.80)% | (4.58)% | 3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $21821702 | $31087119 | $38399347 | $46961971 | $52980073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 0.44% | 0.45% | 0.45% | 0.44% | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.44% | 0.45% | 0.45% | 0.44% | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets After expense waivers and reimbursements | 4.40% | 4.35% | 3.19% | 1.38% | 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>3</sup>  | 418% | 450% | 426% | 467% | 470% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> Amount is greater than $(0.005) per share. 

<sup>3</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 184

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | TOTAL RETURN | TOTAL RETURN | TOTAL RETURN | TOTAL RETURN | TOTAL RETURN |
|  | BOND FUND CLASS I-2 | BOND FUND CLASS I-2 | BOND FUND CLASS I-2 | BOND FUND CLASS I-2 | BOND FUND CLASS I-2 |
|  | YEAR<br> ENDED<br> MARCH 31,<br> 2025 | YEAR<br> ENDED<br> MARCH 31,<br> 2024 | YEAR<br> ENDED<br> MARCH 31,<br> 2023 | YEAR<br> ENDED<br> MARCH 31,<br> 2022 | YEAR<br> ENDED<br> MARCH 31,<br> 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $9.02 | $9.28 | $10.18 | $10.82 | $11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.39 | 0.38 | 0.29 | 0.14 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.05 | (0.26) | (0.89) | (0.64) | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.44 | 0.12 | (0.60) | (0.50) | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.39) | (0.38) | (0.30) | (0.14) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net capital gains |  |  |  | (0.00)<sup>2</sup> | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.39) | (0.38) | (0.30) | (0.14) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $9.07 | $9.02 | $9.28 | $10.18 | $10.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 4.99% | 1.39% | (5.87)% | (4.65)% | 3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $38130 | $67699 | $102076 | $170455 | $116857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 0.51% | 0.51% | 0.52% | 0.52% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.51% | 0.51% | 0.52% | 0.52% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 4.32% | 4.28% | 3.06% | 1.33% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>3</sup>  | 418% | 450% | 426% | 467% | 470% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> Amount is greater than $(0.005) per share. 

<sup>3</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

185 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | TOTAL RETURN<br>BOND FUND ADMINISTRATIVE CLASS | TOTAL RETURN<br>BOND FUND ADMINISTRATIVE CLASS | TOTAL RETURN<br>BOND FUND ADMINISTRATIVE CLASS | TOTAL RETURN<br>BOND FUND ADMINISTRATIVE CLASS | TOTAL RETURN<br>BOND FUND ADMINISTRATIVE CLASS |
|  | YEAR<br>ENDED<br>MARCH 31,<br>2025 | YEAR<br>ENDED<br>MARCH 31,<br>2024 | YEAR<br>ENDED<br>MARCH 31,<br>2023 | YEAR<br>ENDED<br>MARCH 31,<br>2022 | YEAR<br>ENDED<br>MARCH 31,<br>2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $9.03 | $9.29 | $10.19 | $10.83 | $11.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.37 | 0.36 | 0.27 | 0.12 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.05 | (0.26) | (0.90) | (0.65) | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.42 | 0.10 | (0.63) | (0.53) | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.37) | (0.36) | (0.27) | (0.11) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net capital gains |  |  |  | (0.00)<sup>2</sup> | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.37) | (0.36) | (0.27) | (0.11) | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $9.08 | $9.03 | $9.29 | $10.19 | $10.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 4.71% | 1.12% | (6.10)% | (4.89)% | 3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $439772 | $1191464 | $1549862 | $1963315 | $2083842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 0.78% | 0.78% | 0.78% | 0.77% | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.78% | 0.78% | 0.78% | 0.77% | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets<br>After expense waivers and reimbursements | 4.04% | 4.01% | 2.83% | 1.06% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>3</sup>  | 418% | 450% | 426% | 467% | 470% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> Amount is greater than $(0.005) per share. 

<sup>3</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 186

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | TOTAL RETURN<br>BOND FUND PLAN CLASS | TOTAL RETURN<br>BOND FUND PLAN CLASS | TOTAL RETURN<br>BOND FUND PLAN CLASS | TOTAL RETURN<br>BOND FUND PLAN CLASS | TOTAL RETURN<br>BOND FUND PLAN CLASS |
|  | YEAR<br>ENDED<br>MARCH 31,<br>2025 | YEAR<br>ENDED<br>MARCH 31,<br>2024 | YEAR<br>ENDED<br>MARCH 31,<br>2023 | YEAR<br>ENDED<br>MARCH 31,<br>2022 | YEAR<br>ENDED<br>MARCH 31,<br>2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $8.46 | $8.70 | $9.55 | $10.15 | $10.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.38 | 0.37 | 0.29 | 0.15 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.05 | (0.24) | (0.85) | (0.60) | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.43 | 0.13 | (0.56) | (0.45) | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.38) | (0.37) | (0.29) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net capital gains |  |  |  | (0.00)<sup>2</sup> | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.38) | (0.37) | (0.29) | (0.15) | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $8.51 | $8.46 | $8.70 | $9.55 | $10.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 5.18% | 1.58% | (5.79)% | (4.50)% | 3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $10002933 | $15803141 | $17622821 | $22197865 | $24605977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 0.37% | 0.37% | 0.37% | 0.36% | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.37% | 0.37% | 0.37% | 0.36% | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets<br>After expense waivers and reimbursements | 4.47% | 4.43% | 3.26% | 1.47% | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>3</sup>  | 418% | 450% | 426% | 467% | 470% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> Amount is greater than $(0.005) per share. 

<sup>3</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

187 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ULTRA SHORT<br>BOND FUND CLASS M | ULTRA SHORT<br>BOND FUND CLASS M | ULTRA SHORT<br>BOND FUND CLASS M | ULTRA SHORT<br>BOND FUND CLASS M | ULTRA SHORT<br>BOND FUND CLASS M |
|  | YEAR<br>ENDED<br>MARCH 31,<br>2025 | YEAR<br>ENDED<br>MARCH 31,<br>2024 | YEAR<br>ENDED<br>MARCH 31,<br>2023 | YEAR<br>ENDED<br>MARCH 31,<br>2022 | YEAR<br>ENDED<br>MARCH 31,<br>2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $4.09 | $4.10 | $4.18 | $4.25 | $4.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.17 | 0.17 | 0.09 | 0.02 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.06 | (0.00)<sup>2</sup> | (0.07) | (0.07) | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.23 | 0.17 | 0.02 | (0.05) | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.17) | (0.18) | (0.10) | (0.02) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $4.15 | $4.09 | $4.10 | $4.18 | $4.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 5.82% | 4.14% | 0.49% | (1.14)% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12917 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 1.06% | 0.84% | 0.75% | 0.64% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets<br>After expense waivers and reimbursements | 4.23% | 4.25% | 2.24% | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>3</sup>  | 553% | 544% | 479% | 336% | 210% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> Amount is greater than $(0.005) per share. 

<sup>3</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 188

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ULTRA SHORT<br>BOND FUND CLASS I | ULTRA SHORT<br>BOND FUND CLASS I | ULTRA SHORT<br>BOND FUND CLASS I | ULTRA SHORT<br>BOND FUND CLASS I | ULTRA SHORT<br>BOND FUND CLASS I |
|  | YEAR<br>ENDED<br>MARCH 31,<br>2025 | YEAR<br>ENDED<br>MARCH 31,<br>2024 | YEAR<br>ENDED<br>MARCH 31,<br>2023 | YEAR<br>ENDED<br>MARCH 31,<br>2022 | YEAR<br>ENDED<br>MARCH 31,<br>2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $4.10 | $4.11 | $4.18 | $4.26 | $4.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.18 | 0.18 | 0.10 | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.06 | (0.01) | (0.06) | (0.08) | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.24 | 0.17 | 0.04 | (0.05) | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.18) | (0.18) | (0.11) | (0.03) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $4.16 | $4.10 | $4.11 | $4.18 | $4.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 5.98% | 4.31% | 0.90% | (1.21)% | 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35222 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37783 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158258 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 0.90% | 0.66% | 0.60% | 0.49% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.34% | 0.34% | 0.34% | 0.34% | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 4.39% | 4.37% | 2.40% | 0.66% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>2</sup>  | 553% | 544% | 479% | 336% | 210% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

189 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | UNCONSTRAINED<br>BOND FUND CLASS M | UNCONSTRAINED<br>BOND FUND CLASS M | UNCONSTRAINED<br>BOND FUND CLASS M | UNCONSTRAINED<br>BOND FUND CLASS M | UNCONSTRAINED<br>BOND FUND CLASS M |
|  | YEAR<br>ENDED<br>MARCH 31,<br>2025 | YEAR<br>ENDED<br>MARCH 31,<br>2024 | YEAR<br>ENDED<br>MARCH 31,<br>2023 | YEAR<br>ENDED<br>MARCH 31,<br>2022 | YEAR<br>ENDED<br>MARCH 31,<br>2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $10.31 | $10.41 | $11.17 | $11.96 | $11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.65 | 0.65 | 0.51 | 0.30 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.07 | (0.09) | (0.74) | (0.66) | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.72 | 0.56 | (0.23) | (0.36) | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.64) | (0.65) | (0.53) | (0.30) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net capital gains |  |  |  | (0.13) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From tax return of capital |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.64) | (0.66) | (0.53) | (0.43) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $10.39 | $10.31 | $10.41 | $11.17 | $11.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 7.23% | 5.57% | (1.93)% | (3.15)% | 11.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141736 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214792 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 1.03%<sup>2</sup> | 1.04%<sup>3</sup> | 1.04% | 1.02% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 1.03% | 1.04% | 1.04% | 1.02% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 6.27% | 6.37% | 4.81% | 2.50% | 2.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>4</sup>  | 188% | 257% | 223% | 182% | 165% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 1.03%. 

<sup>3</sup> Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 1.04%. 

<sup>4</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 190

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | UNCONSTRAINED<br>BOND FUND CLASS I | UNCONSTRAINED<br>BOND FUND CLASS I | UNCONSTRAINED<br>BOND FUND CLASS I | UNCONSTRAINED<br>BOND FUND CLASS I | UNCONSTRAINED<br>BOND FUND CLASS I |
|  | YEAR<br> ENDED<br> MARCH 31,<br>2025 | YEAR<br> ENDED<br> MARCH 31,<br>2024 | YEAR<br> ENDED<br> MARCH 31,<br>2023 | YEAR<br> ENDED<br> MARCH 31,<br>2022 | YEAR<br> ENDED<br> MARCH 31,<br>2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $10.30 | $10.40 | $11.16 | $11.95 | $11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.67 | 0.68 | 0.53 | 0.33 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.08 | (0.10) | (0.73) | (0.66) | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.75 | 0.58 | (0.20) | (0.33) | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.67) | (0.67) | (0.56) | (0.33) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net capital gains |  |  |  | (0.13) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From tax return of capital |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.67) | (0.68) | (0.56) | (0.46) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $10.38 | $10.30 | $10.40 | $11.16 | $11.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 7.53% | 5.87% | (1.65)% | (2.88)% | 11.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 0.75% | 0.75% | 0.76% | 0.74% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.75% | 0.75% | 0.76% | 0.74% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 6.53% | 6.65% | 5.04% | 2.79% | 2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>2</sup>  | 188% | 257% | 223% | 182% | 165% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

191 / Annual Financial Statements March 2025

------

#### TCW Metropolitan West Funds

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | UNCONSTRAINED<br>BOND FUND PLAN CLASS | UNCONSTRAINED<br>BOND FUND PLAN CLASS | UNCONSTRAINED<br>BOND FUND PLAN CLASS | UNCONSTRAINED<br>BOND FUND PLAN CLASS | UNCONSTRAINED<br>BOND FUND PLAN CLASS |
|  | YEAR<br>ENDED<br>MARCH 31,<br>2025 | YEAR<br>ENDED<br>MARCH 31,<br>2024 | YEAR<br>ENDED<br>MARCH 31,<br>2023 | YEAR<br>ENDED<br>MARCH 31,<br>2022 | YEAR<br>ENDED<br>MARCH 31,<br>2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $10.30 | $10.40 | $11.15 | $11.94 | $11.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.68 | 0.69 | 0.56 | 0.34 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.07 | (0.10) | (0.74) | (0.66) | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.75 | 0.59 | (0.18) | (0.32) | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.68) | (0.68) | (0.57) | (0.34) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net capital gains |  |  |  | (0.13) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From tax return of capital |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.68) | (0.69) | (0.57) | (0.47) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Year | $10.37 | $10.30 | $10.40 | $11.15 | $11.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return | 7.49% | 5.93% | (1.50)% | (2.83)% | 11.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of year (in thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352297 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waivers and reimbursements | 0.69% | 0.70%<sup>2</sup> | 0.70% | 0.69% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 0.69% | 0.70% | 0.70% | 0.69% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waivers and reimbursements | 6.60% | 6.73% | 5.41% | 2.87% | 2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate<sup>3</sup>  | 188% | 257% | 223% | 182% | 165% |

---

<sup>1</sup> Per share numbers have been calculated using the average share method.

<sup>2</sup> Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.69%. 

<sup>3</sup> The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements March 2025 / 192

------

#### Notes to Financial Statements

#### March 31, 2025
**1.** **SUMMARY OF ORGANIZATION** 

The TCW Metropolitan West Funds (the "Trust") is an open-end management investment company organized as a Delaware statutory trust on December 9, 1996 and registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Metropolitan West Asset Management, LLC (the "Adviser"), a federally registered investment adviser, provides the Funds (as defined below) with investment management services. The Trust currently consists of nine separate portfolios (each a "Fund" and collectively, the "Funds"): TCW MetWest High Yield Bond Fund (the "High Yield Bond Fund"), TCW MetWest Intermediate Bond Fund (the "Intermediate Bond Fund"), TCW MetWest Investment Grade Credit Fund (the "Investment Grade Credit Fund"), TCW MetWest Low Duration Bond Fund (the "Low Duration Bond Fund"), TCW MetWest Strategic Income Fund (the "Strategic Income Fund"), TCW MetWest Sustainable Securitized Fund (the "Sustainable Securitized Fund"), TCW MetWest Total Return Bond Fund (the "Total Return Bond Fund"), TCW MetWest Ultra Short Bond Fund (the "Ultra Short Bond Fund") and TCW MetWest Unconstrained Bond Fund (the "Unconstrained Bond Fund"). The High Yield Bond Fund commenced investment operations on September 30, 2002 with Class M shares. Class I was added on March 31, 2003. The Intermediate Bond Fund commenced investment operations on June 28, 2002 with the Class I shares. Class M was added on June 30, 2003. The Investment Grade Credit Fund commenced investment operations on June 29, 2018 with Class M and Class I shares. The Low Duration Bond Fund commenced investment operations on March 31, 1997 with the Class M shares. Class I was added on March 31, 2000, and the Administrative Class was added on September 22, 2009. The Strategic Income Fund commenced investment operations on June 30, 2003 with Class M shares. Class I was added on March 31, 2004. The Sustainable Securitized Fund commenced investment operations on October 1, 2021 with Class M and Class I shares. The Total Return Bond Fund commenced investment operations on March 31, 1997 with the Class M shares. Class I was added on March 31, 2000; Class I-2 was added on March 6, 2020; Administrative Class was added on December 18, 2009; and the Plan Class added on July 31, 2011. The Ultra Short Bond Fund commenced investment operations on June 30, 2003 with the Class M shares. Class I was added on July 31, 2004. The Unconstrained Bond Fund commenced investment operations on September 30, 2011 with Class M and Class I shares; and the Plan Class was added on March 6, 2020. Each Fund is an investment company following the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") No. 946, Financial Services – Investment Companies.

The High Yield Bond Fund seeks to maximize long-term total return consistent with preservation of capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in high yield bonds (commonly known as "junk bonds"). The remainder of the Fund's net assets may be invested in investment grade securities rated by one of the nationally recognized statistical rating organizations or, if unrated, determined by the Adviser to be of comparable quality. The Fund's portfolio duration is two to eight years. The Fund's dollar-weighted average maturity is expected to range from two to fifteen years.

The Intermediate Bond Fund seeks to maximize current income, consistent with preservation of capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. The Fund's portfolio duration is one to six years. The Fund's dollar-weighted average maturity is expected to range from three to seven years.

The Investment Grade Credit Fund seeks to maximize long-term total return. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities and instruments it regards as bonds in the U.S and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. There is no limit on the weighted average maturity of the Fund's portfolio, and the Fund's average portfolio duration is expected, but not required, to vary from two to eight years.

The Low Duration Bond Fund seeks to maximize current income, consistent with preservation of capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. The Fund's portfolio duration is up to three years. The Fund's dollar-weighted average maturity is expected to range from one to five years.

The Strategic Income Fund seeks to maximize long-term total return without tracking any particular markets or indices. This Fund uses techniques intended to provide absolute (positive) returns in all markets by employing a strategy intended to produce high income while exploiting disparities or inefficiencies in markets. The Fund focuses on inefficiencies related to secured or asset-backed debt compared with unsecured and subordinated debt or equity of companies and issuers. Additionally, the Fund focuses on longer-term cyclical anomalies in the fixed income markets to both enhance yield and realize potential price appreciation. These anomalies include shifts in the portfolio's duration, yield curve anomalies, and sector- and issue-specific dislocations.

The Sustainable Securitized Fund seeks to maximize current income and achieve above average long-term total return by investing at least 80% of its net assets in debt securities issued by securitized vehicles and similar instruments that the Adviser believes satisfy one or more of its positive-screening environmental, social and governance ("ESG") criteria to support sustainable initiatives. The Fund's portfolio duration is two to eight years and the Fund's dollar-weighted average maturity ranges from two to fifteen years.

193 / Annual Financial Statements March 2025

------

#### Notes to Financial Statements (Continued)
The Total Return Bond Fund seeks to maximize long-term total return. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. The Fund's portfolio duration is two to eight years. The Fund's dollar-weighted average maturity is expected to range from two to fifteen years.

The Ultra Short Bond Fund seeks to maximize current income, consistent with preservation of capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. The Fund's portfolio duration normally will remain within one year of its benchmark index. The Fund's dollar-weighted average maturity normally exceeds one year.

The Unconstrained Bond Fund seeks to provide investors with positive long-term returns irrespective of general securities market conditions. The Fund intends to pursue its objective by utilizing a flexible investment approach that allocates investments across a range of global investment opportunities related to credit, currencies and interest rates. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities and instruments it regards as bonds in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. There is no limit on the weighted average maturity of the Fund's portfolio, and the average portfolio duration of the fixed-income portion of the Fund's portfolio is expected to vary from negative three (-3) years to positive eight (8) years.

A more complete description of the objectives and strategies of each of the Funds can be found in the Prospectuses and the Statement of Additional Information, which can be obtained at www.tcw.com or by calling (800) 241-4671.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Trust:

#### Net Asset Value:
The Net Asset Value ("NAV") of each class of a Fund is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of the class of the Fund on each business day as of 4 p.m. ET.

#### Security Valuation:
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board" or the "Board of Trustees") has designated the Adviser as the "valuation designee" with respect to the fair valuation of the Funds' portfolio securities, subject to oversight by and periodic reporting to the Board. Fixed income securities for which market quotations are readily available were valued during the period at prices as provided by independent pricing vendors or broker quotes. The Funds received pricing information from independent pricing vendors selected and overseen by the valuation designee. Securities with a demand feature exercisable within one to seven days are valued at par. The Funds also use a benchmark pricing system to the extent vendors' prices for their securities are either inaccurate (such as when the reported prices are different from recent known market transactions) or are not available from another pricing source. For a security priced using this system, the Adviser initially selects a proxy composed of a relevant security (e.g., U.S. Treasury Note) or benchmark and a multiplier, divisor or margin that the Adviser believes would together best reflect changes in the market value of the security. The value of the security changes daily based on changes to the market price of the assigned benchmark. The benchmark pricing system is continuously reviewed by the Adviser and implemented according to the pricing policy reviewed by the Board. S&P 500 Index futures contracts are valued at the first sale price after 4 p.m. ET on the Chicago Mercantile Exchange. All other futures contracts are valued at the official settlement price of the exchange on which those securities are traded. Equity securities, including depository receipts, are valued at the last reported sale price or the market's closing price on the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the average of the bid and ask prices. In cases where equity securities are traded on more than one exchange, the securities are valued on the exchange or market determined by the Adviser to be the broadest and most representative market, which may be either a securities exchange or the over-the-counter market. Equity options are valued at the average of the bid and ask prices. Securities and other assets that could not be valued as described above were valued at their fair value as determined by the Adviser in accordance with procedures approved by and under the general oversight of the Board.

Investments in registered open-ended investment companies, including those classified as money market funds, are valued based upon the reported NAV of such investments.

Fair value methods used by the Adviser included, but were not limited to, obtaining market quotations from secondary pricing services, broker-dealers, or widely used quotation systems. General factors considered in determining the fair value of securities include fundamental analytical data, the nature and duration of any restrictions on disposition of the securities, and an evaluation of the forces that influence the market in which the investments are purchased and sold. These securities are either categorized as Level 2 or 3 depending on the relevant inputs used. In the event that the security or asset could not be valued pursuant to one of the valuation methods used by the Adviser, the value of the security or asset was determined in good faith by the Adviser, as the

Annual Financial Statements March 2025 / 194

------

#### Notes to Financial Statements (Continued)
valuation designee. When a Fund uses these fair valuation methods that use significant unobservable inputs to determine NAV, securities will be priced by a method that the Adviser believes accurately reflects fair value and are categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. While the Funds' policy is intended to result in a calculation of its NAV that fairly reflects security values as of the time of pricing, the Funds cannot guarantee that values determined by the Adviser would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold.

#### Foreign Currency Translation:
The books and records of each Fund are maintained in U.S. dollars as follows: (1) foreign currency denominated securities and other assets and liabilities stated in foreign currencies are translated using the daily spot rate; and (2) purchases, sales, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resultant exchange gains and losses are included in net realized or net unrealized gain (loss) in the Statements of Operations. Pursuant to U.S. federal income tax regulations, certain foreign exchange gains and losses included in realized and unrealized gains and losses are reclassified to ordinary income for federal income tax purposes.

#### Foreign Taxes:
The Funds may be subject to withholding taxes on income and capital gains imposed by certain countries in which they invest. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability.

#### Securities and Derivatives Transactions and Investment Income:
Securities transactions are accounted for no later than the first NAV calculation on the first business day following the trade date. However, for financial reporting purposes, portfolio securities transactions are reported on the trade date. Cost is determined and gains and losses are based on the first-in, first-out method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date. Interest income is accrued daily. Discounts, including original issue discount, and premiums on securities are amortized using the effective interest method.

#### Distributions to Shareholders:
Distributions to shareholders are recorded on the ex-dividend date. The Funds expect to pay dividends monthly to shareholders. Distributions of net capital gains, if any, will be made at least annually. The Board may determine to declare and make distributions more or less frequently.

#### Federal Income Taxation:
It is each Fund's policy to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income, including any net realized gain on investments, to its shareholders. Therefore, no federal income tax provision is required.

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.

Management has analyzed the Funds' tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Funds' financial statements. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

As of and during the year ended March 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties.

#### Cash and Cash Equivalents:
The Trust has defined cash and cash equivalents as cash which can be in interest-bearing accounts. The Funds also maintain cash in bank account deposits that, at times, may exceed federally insured limits. The Funds have not experienced any losses in any such accounts.

195 / Annual Financial Statements March 2025

------

#### Notes to Financial Statements (Continued)

#### Use of Estimates:
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

#### Fair Value Measurements:
Various inputs are used in determining the fair value of investments, which are as follows:

---

| | |
|:---|:---|
| \* Level 1 - | unadjusted quoted prices in active markets for identical securities |
| \* Level 2 - | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| \* Level 3 - | significant unobservable inputs that are not corroborated by observable market data |

---

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3.

In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

*Asset-backed securities and mortgage-backed securities.* The fair value of asset-backed securities and mortgage-backed securities is estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized as Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

*Bank loans.* The fair value of bank loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable market inputs obtained from independent sources. Bank loans are generally categorized as Level 2 of the fair value hierarchy, unless key inputs are unobservable; they would then be categorized as Level 3.

*Corporate bonds.* The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they are categorized as Level 3 of the hierarchy.

*Credit default swaps.* Credit default swaps are fair valued using pricing models that take into account, among other factors, information received from market makers and broker-dealers, default probabilities from index-specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

*Equity securities.* Securities such as common stocks and warrants are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded, valuation adjustments are not applied and they are categorized as Level 1 of the fair value hierarchy. Restricted securities issued by publicly held companies are valued at a discount to similar publicly traded securities and may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety; otherwise they may be categorized as Level 3. Restricted securities held in non-public entities are categorized as Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable.

Annual Financial Statements March 2025 / 196

------

#### Notes to Financial Statements (Continued)
*Foreign currency contracts.* The fair value of foreign currency contracts is derived from indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker-dealer quotations or by pricing service providers. Depending on the product and the terms of the transaction, the value of financial derivatives can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as indices and exchange rates. Foreign currency contracts are categorized as Level 2 of the fair value hierarchy.

*Futures contracts.* Futures contracts and options on futures contracts are traded on commodity exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to futures contracts, they are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

*Interest rate swaps.* Interest rate swaps are fair valued using pricing models that are based on real-time intraday snap shots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps are monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable and timely, the fair values of interest rate swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

*Money market funds.* Money market funds are open-ended mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported NAV, they are categorized as Level 1 of the fair value hierarchy.

*Municipal bonds.* Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-wanted lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

*Options and Swaptions contracts.* Exchange-listed options contracts are traded on securities exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied, they are categorized as Level 1. If valuation adjustments are applied and such adjustments are observable and timely, the fair values of exchange-listed options contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3. Options and swaptions contracts traded over-the-counter ("OTC") are fair valued based on pricing models and incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC options and swaptions contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

*Restricted securities.* Restricted securities that are deemed to be both Rule 144A securities and illiquid, as well as restricted securities held in non-public entities, are categorized as Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable. Any other restricted securities are valued at a discount to similar publicly traded securities and may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety; otherwise they may be categorized as Level 3.

*Short-term investments.* Short-term investments (commercial paper and repurchase agreements) are valued using market price quotations, and are reflected as Level 2 of the fair value hierarchy.

*Total return swaps.* Total return swaps are fair valued using pricing models that take into account, among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of total return swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

*U.S. and Foreign government and agency securities.* U.S. and Foreign government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Some government securities are actively traded and transparent in the marketplace. As such, they can be categorized as Level 1. Other government and agencies securities are quoted based on similar securities and yields, and therefore would be categorized as Level 2.

As of March 31, 2025, Level 3 securities consist of certain asset-backed and mortgage-backed securities, bank loans, warrants, preferred stocks, common stocks and corporate bonds.

197 / Annual Financial Statements March 2025

------

The summary of inputs used to value each Fund's investments and other financial instruments carried at fair value as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIGH YIELD BOND FUND | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investments in Securities</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12351650 | $— | $— | $12351650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 59431533 |  | 59431533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451116 | 451116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330134315 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330134315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 1110800 |  | 1110800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 944668 |  |  | 944668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded Commitments Appreciation |  | 2999 |  | 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrant |  |  | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Financial Instruments</u><sup>\*</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts<br>Foreign Currency Risk |  | 79758 |  | 79758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<br>Interest Rate Risk | 738059 |  |  | 738059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts<br>Foreign Currency Risk |  | (674059) |  | (674059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<br>Interest Rate Risk | (181726) |  |  | (181726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $13852651 | $390085346 | $451196 | $404389193 |

---

\*Other financial instruments include foreign currency exchange contracts and futures.

Annual Financial Statements March 2025 / 198

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTERMEDIATE BOND FUND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investments in Securities</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $61710028 | $669311 | $— | $62379339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 36546310 | 1622041 | 38168351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 7425803 |  | 7425803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock |  |  | 591100 | 591100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates |  | 136403470 |  | 136403470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 453422 |  | 453422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 165389819 |  | 165389819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 7177363 |  | 7177363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Swaptions |  | 134462 |  | 134462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | 200460 | 200460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 299344787 | 8162282 |  | 307507069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded Commitments Depreciation |  | (65) |  | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Financial Instruments</u><sup>\*</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 172053 |  | 172053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 1615507 |  |  | 1615507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | (1049505) |  | (1049505) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | (398442) |  |  | (398442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362271880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361484725 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413601 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726170206 |

---

\*Other financial instruments include foreign currency exchange contracts and futures.

199 / Annual Financial Statements March 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENT GRADE CREDIT FUND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investments in Securities</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $936919 | $— | $— | $936919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills | 174814 |  |  | 174814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 1394482 | 28209 | 1422691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates |  | 15192830 |  | 15192830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 8214434 | 1 | 8214435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 443503 |  | 443503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Swaptions |  | 5355 |  | 5355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 4844561 | 325458 |  | 5170019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Financial Instruments</u><sup>\*</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 177 |  | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 59702 |  |  | 59702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | (34748) |  | (34748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | (59248) |  |  | (59248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5956748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25541491 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31526449 |

---

\*Other financial instruments include foreign currency exchange contracts and futures.

Annual Financial Statements March 2025 / 200

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOW DURATION BOND FUND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investments in Securities</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22396747 | $— | $— | $22396747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 120955002 | 4795600 | 125750602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 9555116 |  | 9555116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates |  | 281708608 |  | 281708608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 644866 |  | 644866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;496732408 |  | 496732408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 11188700 |  | 11188700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Swaptions |  | 182624 |  | 182624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 189461775 |  |  | 189461775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded Commitments Depreciation |  | (66) |  | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Financial Instruments<sup>\*</sup></u>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts<br>Foreign Currency Risk |  | 125272 |  | 125272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<br>Interest Rate Risk | 3872098 |  |  | 3872098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts<br> Foreign Currency Risk |  | (470722) |  | (470722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<br>Interest Rate Risk | (4229951) |  |  | (4229951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $211500669 | $920621808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4795600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136918077 |

---

\*Other financial instruments include foreign currency exchange contracts and futures.

201 / Annual Financial Statements March 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STRATEGIC INCOME FUND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investments in Securities</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7121296 | $168429 | $— | $7289725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 9661489 | 94380 | 9755869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | 43110 |  | 38008 | 81118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates |  | 14848072 |  | 14848072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 34905261 | 230992 | 35136253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 97052 |  | 97052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | 12889 | 12889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 4583950 |  |  | 4583950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Financial Instruments<sup>\*</sup></u>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts<br>Foreign Currency Risk |  | 10021 |  | 10021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<br>Interest Rate Risk | 127429 |  |  | 127429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts<br>Foreign Currency Risk |  | (78288) |  | (78288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<br>Interest Rate Risk | (93170) |  |  | (93170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $11782615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59612036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71770920 |

---

\*Other financial instruments include foreign currency exchange contracts and futures.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUSTAINABLE SECURITIZED FUND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investments in Securities</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $100555 | $— | $— | $100555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 3770384 |  | 3770384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 13463562 |  | 13463562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 1363492 | 171511 |  | 1535003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Financial Instruments<sup>\*</sup></u>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts<br>Foreign Currency Risk |  | 533 |  | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<br>Interest Rate Risk | 84286 |  |  | 84286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts<br>Foreign Currency Risk |  | (7379) |  | (7379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<br>Interest Rate Risk | (785) |  |  | (785) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547548 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17398611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18946159 |

---

\*Other financial instruments include foreign currency exchange contracts and futures.

Annual Financial Statements March 2025 / 202

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL RETURN BOND FUND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investments in Securities</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $1736327625 | $36136726 | $— | $1772464351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 1825377668 | 67302488 | 1892680156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 566659662 |  | 566659662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock |  |  | 37537840 | 37537840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates |  | 5345777351 | 2829949 | 5348607300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 215226639 |  | 215226639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 18630093164 | 221183009 | 18851276173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 144655210 |  | 144655210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Swaptions |  | 7091076 |  | 7091076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | 9338794 | 9338794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 9685293304 | 424503730 |  | 10109797034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded Commitments Depreciation |  | (4885) |  | (4885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Financial Instruments</u><sup>\*</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts<br>Foreign Currency Risk |  | 4691762 |  | 4691762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<br>Interest Rate Risk | 82800412 |  |  | 82800412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts<br>Foreign Currency Risk |  | (48771697) |  | (48771697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<br>Interest Rate Risk | (11562013) |  |  | (11562013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11492859328 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27151436406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338192080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38982487814 |

---

\*Other financial instruments include foreign currency exchange contracts and futures.

203 / Annual Financial Statements March 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ULTRA SHORT BOND FUND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investments in Securities</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $1504931 | $— | $— | $1504931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 5394844 |  | 5394844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates |  | 12089890 |  | 12089890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 19629709 |  | 19629709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 93115 |  | 93115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Swaptions |  | 9190 |  | 9190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 14737279 | 1715540 |  | 16452819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Financial Instruments</u><sup>\*</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts<br>Foreign Currency Risk |  | 136 |  | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<br>Interest Rate Risk | 87650 |  |  | 87650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts<br>Foreign Currency Risk |  | (5723) |  | (5723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<br>Interest Rate Risk | (141042) |  |  | (141042) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16188818 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38926701 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55115519 |

---

\*Other financial instruments include foreign currency exchange contracts and futures.

Annual Financial Statements March 2025 / 204

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNCONSTRAINED BOND FUND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investments in Securities</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $281493086 | $7104479 | $— | $288597565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 303689782 | 28546982 | 332236764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 94991465 |  | 94991465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | 5575560 |  | 2905022 | 8480582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates |  | 479792521 | 103518 | 479896039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 47501728 |  | 47501728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 1630139710 | 4956661 | 1635096371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 8984964 |  | 8984964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | 494705 | 494705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 90800532 |  |  | 90800532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded Commitments Appreciation |  | 1658 |  | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Financial Instruments</u><sup>\*</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 476692 |  | 476692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 6816163 |  |  | 6816163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | (3779409) |  | (3779409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | (5730120) |  |  | (5730120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $378955221 | $2568903590 | $37006888 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984865699 |

---

\*Other financial instruments include foreign currency exchange contracts and futures.

Certain securities held by the Funds are categorized as Level 3 investments. Their prices may be derived by utilizing unobservable prior transaction values or information from third party valuation services. The value of Level 3 investments could be significantly affected by changes in these unobservable inputs.

205 / Annual Financial Statements March 2025

------

For the year ended March 31, 2025, a reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following tables are a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIGH YIELD<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOND FUND | BANK<br>LOANS | COMMON<br>STOCK | CORPORATES | WARRANT | TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Balance as of** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **April 1, 2024** | $— | $2034867 | $1360 | $16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued discounts/premiums | 27260 |  |  |  | 27260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (loss) |  | (121020) | (1384946) |  | (1505966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation)\* | (45530) | 453285 | 1386712 | 64 | 1794531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 207804 |  |  | 207804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales |  | (2123820) | (3126) |  | (2126946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3\*\* | 18270 |  |  |  | 18270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3\*\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Balance as of** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **March 31, 2025** | $— | $451116 | $— | $80 | $451196 |

---

\*The change in unrealized appreciation (depreciation) on securities still held at March 31, 2025 was $453,349 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

\*\*Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of March 31, 2024, the Fund used significant observable inputs in determining the value of certain investments. As of March 31, 2025, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments with an end of period value of $18,270 transferred from level 2 to level 3 in the disclosure hierarchy.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTERMEDIATE<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOND FUND | ASSET-BACKED<br>SECURITIES | COMMON<br>STOCK | RIGHTS | TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Balance as of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **April 1, 2024** | $1694031 | $410704 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued discounts/premiums |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation\* | 67672 | 23382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200453 | 291507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157021 | 7 | 157028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (139662) | (7) |  | (139669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3\*\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3\*\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Balance as of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **March 31, 2025** | $1622041 | $591100 | $200460 | $2413601 |

---

\*The change in unrealized appreciation (depreciation) on securities still held at March 31, 2025 was $291,507 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

\*\*There were no transfers between level 2 and 3 for the year ended March 31, 2025.

Annual Financial Statements March 2025 / 206

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENT GRADE<br> CREDIT FUND | ASSET-BACKED<br>SECURITIES | MORTGAGE-<br>BACKED<br>SECURITIES | TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance as of** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **April 1, 2024** | $29461 | $1738 | $31199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued discounts/premiums |  | (31349) | (31349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation\* | 1177 | 29612 | 30789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (2429) |  | (2429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3\*\* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3\*\* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance as of** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **March 31, 2025** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28210 |

---

\*The change in unrealized appreciation (depreciation) on securities still held at March 31, 2025 was $5,358 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

\*\*There were no transfers between level 2 and 3 for the year ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOW DURATION<br> BOND FUND | ASSET-BACKED<br>SECURITIES | COMMON<br>STOCK | MORTGAGE-<br>BACKED<br>SECURITIES | TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance as of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **April 1, 2024** | $5008441 | $— | $3175417 | $8183858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued discounts/premiums |  |  | (1437148) | (1437148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (loss) |  | (6025409) |  | (6025409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation\* | 200074 | 6078660 | 967971 | 7246705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (412915) | (53251) | (2706240) | (3172406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3\*\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3\*\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance as of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **March 31, 2025** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4795600 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4795600 |

---

\*The change in unrealized appreciation (depreciation) on securities still held at March 31, 2025 was $200,074 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

\*\*There were no transfers between level 2 and 3 for the year ended March 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STRATEGIC<br> INCOME FUND | ASSET-BACKED<br>SECURITIES | COMMON<br>STOCK | CORPORATES | MORTGAGE-<br>BACKED<br>SECURITIES | RIGHTS | TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance as of** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **April 1, 2024** | $98071 | $28004 | $23 | $335654 | $— | $461752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued discounts/premiums | 198 |  |  | 208528 |  | 208726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (loss) |  |  | (23766) | (929597) |  | (953363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation\* | 665 | 1674 | 23795 | 705139 | 12889 | 744162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 8330 |  |  |  | 8330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (4554) |  | (52) | (88732) |  | (93338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3\*\* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3\*\* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance as of** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **March 31, 2025** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38008 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230992 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12889 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376269 |

---

\*The change in unrealized appreciation (depreciation) on securities still held at March 31, 2025 was $(163,241) and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

\*\*There were no transfers between level 2 and 3 for the year ended March 31, 2025.

207 / Annual Financial Statements March 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL RETURN<br> BOND FUND | ASSET-BACKED<br>SECURITIES | COMMON<br>STOCK | CORPORATES | MORTGAGE-<br>BACKED<br>SECURITIES | RIGHTS | TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance as of** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **April 1, 2024** | $53913791 | $64506719 | $3030429 | $370866545 | $— | $492317484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued discounts/premiums | (1525353) |  | (19656) | (1158492) |  | (2703501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) |  | (206860) | (2018) |  | 3316653 | 3107775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation)\* | 69948 | 9700189 | (158713) | 2851546 | 9338474 | 21801444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 18600000 |  |  |  | 437 | 18600437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (3755898) | (36462208) | (20093) | (151376590) | (3316770) | (194931559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3\*\* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3\*\* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance as of** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **March 31, 2025** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67302488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37537840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829949 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221183009 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9338794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338192080 |

---

\*The change in unrealized appreciation (depreciation) on securities still held at March 31, 2025 was $21,752,224 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

\*\*There were no transfers between level 2 and 3 for the year ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ULTRA SHORT<br> BOND FUND | MORTGAGE-<br>BACKED<br>SECURITIES | TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance as of** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **April 1, 2024** | $9388 | $9388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued discounts/premiums | (2344) | (2344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (loss) | (15501) | (15501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation | 14633 | 14633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (6176) | (6176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3\* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3\* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance as of** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **March 31, 2025** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

\*There were no transfers between level 2 and 3 for the year ended March 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNCONSTRAINED<br> BOND FUND | ASSET-BACKED<br>SECURITIES | COMMON<br>STOCK | CORPORATES | MORTGAGE-<br>BACKED<br>SECURITIES | RIGHTS | TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance as of** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **April 1, 2024** | $10251532 | $3799346 | $428202 | $6937647 | $— | $21416727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued discounts/premiums | (1199) | 8259 | 392015 | 36725 |  | 435800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) | (2882) | (3264) | (1412179) | (485280) | 487483 | (1416122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation\* | 363121 | 458623 | 877384 | 688507 | 494688 | 2882323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 19522158 |  | 115027 | 2441817 | 34 | 22079036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (1585748) | (1357942) | (296931) | (4662755) | (487500) | (8390876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3\*\* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3\*\* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance as of** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **March 31, 2025** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28546982 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103518 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4956661 | $494705 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37006888 |

---

\*The change in unrealized appreciation (depreciation) on securities still held at March 31, 2025 was $1,313,084 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

\*\*There were no transfers between level 2 and 3 for the year ended March 31, 2025.

Annual Financial Statements March 2025 / 208

------

Significant unobservable valuations inputs for Level 3 investments as of March 31, 2025, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIGH YIELD BOND FUND | FAIR VALUE AT<br>3/31/25 | VALUATION<br>TECHNIQUE\* | UNOBSERVABLE INPUT | RANGE | WEIGHTED<br>AVERAGE | INPUT TO<br>VALUATION<br>IF INPUT<br>INCREASES |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Loans | $— | Broker Quote | Offered Quote | $— | $— | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $451116 | Third-Party Vendor | Vendor Prices | $28.75 | $28.75 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrant | $— | Broker Quote | Offered Quote | $— | $— | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrant | $80 | Third-Party Vendor | Vendor Prices | $5.00 | $5.00 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTERMEDIATE BOND FUND | FAIR VALUE AT<br>3/31/25 | VALUATION<br>TECHNIQUE\* | UNOBSERVABLE INPUT | RANGE | WEIGHTED<br>AVERAGE | INPUT TO<br>VALUATION<br>IF INPUT<br>INCREASES |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $1622041 | Broker Quote | Offered Quote | $92.32 | $92.32 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $591100 | Third-Party Vendor | Vendor Prices | $28.75 | $28.75 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights | $200460 | Third-Party Vendor | Vendor Prices | $9.75 | $9.75 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INVESTMENT GRADE CREDIT<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FUND | FAIR VALUE AT<br>3/31/25 | VALUATION<br>TECHNIQUE\* | UNOBSERVABLE INPUT | RANGE | WEIGHTED<br>AVERAGE | INPUT TO<br>VALUATION<br>IF INPUT<br>INCREASES |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $28209 | Broker Quote | Offered Quote | $92.32 | $92.32 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities- |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Commercial | $1 | Third-Party Vendor | Vendor Prices | $— | $— | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOW DURATION BOND FUND | FAIR VALUE AT<br> 3/31/25 | VALUATION<br>TECHNIQUE\* | UNOBSERVABLE INPUT | RANGE | WEIGHTED<br>AVERAGE | INPUT TO<br>VALUATION<br>IF INPUT<br>INCREASES |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $4795600 | Broker Quote | Offered Quote | $92.32 | $92.32 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STRATEGIC INCOME FUND | FAIR VALUE AT<br>3/31/25 | VALUATION<br>TECHNIQUE\* | UNOBSERVABLE INPUT | RANGE | WEIGHTED<br>AVERAGE | INPUT TO<br>VALUATION<br>IF INPUT<br>INCREASES |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $52893 | Broker Quote | Offered Quote | $92.32 | $92.32 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $41487 | Third-Party Vendor | Vendor Prices | $9.88 | $9.88 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $38008 | Third-Party Vendor | Vendor Prices | $28.75 | $28.75 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities-Non-Agency | $230992 | Third-Party Vendor | Vendor Prices | $9.64 | $9.64 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights | $12889 | Third-Party Vendor | Vendor Prices | $9.75 | $9.75 | Increase |

---

209 / Annual Financial Statements March 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL RETURN BOND FUND | FAIR VALUE AT<br> 3/31/25 | VALUATION<br>TECHNIQUE\* | UNOBSERVABLE INPUT | RANGE | WEIGHTED<br>AVERAGE | INPUT TO <br>VALUATION <br>IF INPUT <br>INCREASES |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $63826664 | Broker Quote | Offered Quote | $92.32 - $101.25 | $97.74 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $3475824 | Third-Party Vendor | Vendor Prices | $1.32 | $1.32 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $37537840 | Third-Party Vendor | Vendor Prices | $28.75 | $28.75 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Securities | $2829949 | Third-Party Vendor | Vendor Prices | $96.15 | $96.15 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities-Non-Agency | $5426713 | Third-Party Vendor | Vendor Prices | $0.86 - $98.02 | $10.53 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities- |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Commercial | $215756296 | Broker Quote | Offered Quote | $98.73 - $99.89 | $99.42 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights | $9338794 | Third-Party Vendor | Vendor Prices | $9.75 | $9.75 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNCONSTRAINED BOND<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FUND | FAIR VALUE AT<br> 3/31/25 | VALUATION<br>TECHNIQUE\* | UNOBSERVABLE INPUT | RANGE | WEIGHTED<br>AVERAGE | INPUT TO <br>VALUATION <br>IF INPUT <br>INCREASES |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $22136562 | Broker Quote | Offered Quote | $92.32 - $101.25 | $97.63 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $6410420 | Third-Party Vendor | Vendor Prices | $101.86 | $101.86 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $8776 | Broker Quote | Offered Quote | $0.17 | $0.17 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $2896246 | Third-Party Vendor | Vendor Prices | $28.75 | $28.75 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Securities | $103518 | Third-Party Vendor | Vendor Prices | $0.64 - $4.89 | $4.00 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities-Non-Agency | $6398 | Third-Party Vendor | Vendor Prices | $0.49 - $4.97 | $0.81 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities- |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Commercial | $2317003 | Broker Quote | Offered Quote | $98.73 | $98.73 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities- |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Agency | $2633260 | Third-Party Vendor | Vendor Prices | $6.03 | $6.03 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights | $494705 | Third-Party Vendor | Vendor Prices | $9.75 | $9.75 | Increase |

---

\* The valuation technique employed on the Level 3 securities involves the use of vendor prices, broker quotes and benchmark pricing. The Advisor monitors the third-party brokers and vendors as part of its valuation process.

#### Derivative Instruments Categorized by Risk Exposure:
The following is a summary of the location of derivative instruments on the Funds' Statements of Assets and Liabilities as of March 31, 2025:

---

| | | |
|:---|:---|:---|
|  | LOCATION ON THE STATEMENTS OF ASSETS AND LIABILITIES | LOCATION ON THE STATEMENTS OF ASSETS AND LIABILITIES |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DERIVATIVE TYPE | ASSET<br> DERIVATIVES | LIABILITY<br> DERIVATIVES |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts | Unrealized appreciation on swap contracts<br> Premiums paid for swap contracts<br> Receivable for daily variation margin<br> Investments, at value | Unrealized depreciation on swap contracts<br> Premiums received on swap contracts<br> Payable for daily variation margin<br> Options written |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit contracts | Unrealized appreciation on swap contracts<br> Premiums paid for swap contracts | Unrealized depreciation on swap contracts<br> Premiums received for swap contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on swap contracts<br> Premiums paid for swap contracts<br> Receivable for daily variation margin<br> — | Unrealized depreciation on swap contracts<br> Premiums received for swap contracts<br> Payable for daily variation margin<br> Options written |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts | Unrealized appreciation on foreign currency<br> exchange contracts | Unrealized depreciation on foreign currency<br> exchange contracts |

---

Annual Financial Statements March 2025 / 210

------

#### Notes to Financial Statements (Continued)
The following is a summary of the Funds' derivative instrument holdings categorized by primary risk exposure as of March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ASSET DERIVATIVE INVESTMENTS | ASSET DERIVATIVE INVESTMENTS | ASSET DERIVATIVE INVESTMENTS | | |
|  | HIGH YIELD<br>BOND FUND | INTERMEDIATE<br>BOND FUND | INVESTMENT<br>GRADE CREDIT<br>FUND | LOW DURATION<br>BOND FUND | STRATEGIC<br>INCOME FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest contracts:<br>Futures<sup>1</sup>  | $738059 | $1615507 | $59702 | $3872098 | $127429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options and swaptions purchased |  | 134462 | 5355 | 182624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards | 79758 | 172053 | 177 | 125272 | 10021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $817817 | $1922022 | $65234 | $4179994 | $137450 |
|  | ASSET DERIVATIVE INVESTMENTS | ASSET DERIVATIVE INVESTMENTS | ASSET DERIVATIVE INVESTMENTS |  |  |
|  |  | SUSTAINABLE<br>SECURITIZED<br>FUND | TOTAL RETURN<br>BOND FUND | ULTRA SHORT<br>BOND FUND | UNCONSTRAINED<br>BOND FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest contracts:<br>Futures<sup>1</sup>  |  | $84286 | $82800412 | $87650 | $6816163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options and swaptions purchased |  |  | 7091076 | 9190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards |  | 533 | 4691762 | 136 | 476692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $84819 | $94583250 | $96976 | $7292855 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | LIABILITY DERIVATIVE INVESTMENTS | LIABILITY DERIVATIVE INVESTMENTS | LIABILITY DERIVATIVE INVESTMENTS | | |
|  | HIGH YIELD<br>BOND FUND | INTERMEDIATE<br>BOND FUND | INVESTMENT<br>GRADE CREDIT<br>FUND | LOW DURATION<br>BOND FUND | STRATEGIC<br>INCOME FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest contracts:<br>Futures<sup>1</sup>  | $(181726) | $(398442) | $(59248) | $(4229951) | $(93170) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards | (674059) | (1049505) | (34748) | (470722) | (78288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(855785) | $(1447947) | $(93996) | $(4700673) | $(171458) |
|  | LIABILITY DERIVATIVE INVESTMENTS | LIABILITY DERIVATIVE INVESTMENTS | LIABILITY DERIVATIVE INVESTMENTS |  |  |
|  |  | SUSTAINABLE<br>SECURITIZED<br>FUND | TOTAL RETURN<br>BOND FUND | ULTRA SHORT<br>BOND FUND | UNCONSTRAINED<br>BOND FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest contracts:<br>Futures<sup>1</sup>  |  | $(785) | $(11562013) | $(141042) | $(5730120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards |  | (7379) | (48771697) | (5723) | (3779409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(8164) | $(60333710) | $(146765) | $(9509529) |

---

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

211 / Annual Financial Statements March 2025

------

The following is a summary of the Funds' realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized in the Statements of Operations categorized by primary risk exposure for the year ended March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS |  |
|  | HIGH YIELD<br>BOND FUND | INTERMEDIATE<br>BOND FUND | INVESTMENT<br>GRADE<br> CREDIT FUND | LOW DURATION<br>BOND FUND | STRATEGIC<br>INCOME FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest contracts:<br>Futures | $181263 | $(380846) | $71197 | $(2178063) | $140096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  |  | 7704 |  | 17497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards | 1048904 | 1850971 | 51028 | 919661 | 111104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1230167 | $1470125 | $129929 | $(1258402) | $268697 |
| REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS |  |
|  |  | SUSTAINABLE<br>SECURITIZED<br>FUND | TOTAL RETURN<br>BOND FUND | ULTRA SHORT<br>BOND FUND | UNCONSTRAINED<br>BOND FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest contracts:<br>Futures |  | $(58552) | $(123829051) | $(28488) | $3495052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  |  | 58473348 |  | 2368826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards |  |  | 92145026 | 29934 | 5171593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(58552) | $26789323 | $1446 | $11035471 |
| CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS |
|  | HIGH YIELD<br>BOND FUND | INTERMEDIATE<br>BOND FUND | INVESTMENT<br>GRADE<br> CREDIT FUND | LOW DURATION<br>BOND FUND | STRATEGIC<br>INCOME FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest contracts:<br>Futures | $598969 | $1504914 | $15318 | $1688944 | $60931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options and swaptions purchased<sup>1</sup>  |  | (164717) | (6562) | (223718) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  |  | (805) |  | (1830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards | (811555) | (1292274) | (34729) | (635262) | (86677) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(212586) | $47923 | $(26778) | $829964 | $(27576) |
| CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS | CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS |
|  |  | SUSTAINABLE<br>SECURITIZED<br>FUND | TOTAL RETURN<br>BOND FUND | ULTRA SHORT<br>BOND FUND | UNCONSTRAINED<br>BOND FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest contracts:<br>Futures |  | $78693 | $96883902 | $23362 | $3860009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options and swaptions purchased<sup>1</sup>  |  |  | (8717767) | (11258) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  |  | (8510060) |  | (247333) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards |  | (6846) | (66738919) | (18831) | (4617183) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $71847 | $12917156 | $(6727) | $(1004507) |

---

<sup>1</sup>Options purchased are included in net change in unrealized appreciation (depreciation) on investments.

Annual Financial Statements March 2025 / 212

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL INSTRUMENTS<sup>1</sup> | AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL INSTRUMENTS<sup>1</sup> | AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL INSTRUMENTS<sup>1</sup> | AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL INSTRUMENTS<sup>1</sup> | AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL INSTRUMENTS<sup>1</sup> | AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL INSTRUMENTS<sup>1</sup> |
|  | HIGH YIELD<br>BOND FUND | INTERMEDIATE<br>BOND FUND | INVESTMENT<br>GRADE<br> CREDIT FUND | LOW DURATION<br>BOND FUND | STRATEGIC<br>INCOME FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of contracts purchased | 660 | 1609 | 65 | 4181 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of contracts sold | 160 | 270 | 26 | 2529 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average value of contracts purchased | $396683 | $855807 | $28986 | $2139713 | $70952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average value of contracts sold | $124707 | $380398 | $39073 | $1999441 | $68724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of contracts - receives fixed rate |  |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average notional - receives fixed rate | $— | $— | $52 | $— | $118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased swaptions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of contracts |  | 1 | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average notional value | $— | $74795 | $2979 | $101586 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of contracts sold | 6 | 9 | 3 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average value of contracts sold | $446418 | $793918 | $20645 | $284646 | $46470 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL INSTRUMENTS<sup>1</sup> | AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL INSTRUMENTS<sup>1</sup> | AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL INSTRUMENTS<sup>1</sup> | AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL INSTRUMENTS<sup>1</sup> | AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL INSTRUMENTS<sup>1</sup> |
|  | SUSTAINABLE<br>SECURITIZED<br>FUND | TOTAL RETURN<br>BOND FUND | ULTRA SHORT<br>BOND FUND | UNCONSTRAINED<br>BOND FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of contracts purchased | 40 | 77797 | 98 | 6714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of contracts sold | 3 | 8111 | 101 | 3059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average value of contracts purchased | $38897 | $40120575 | $49761 | $3779418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average value of contracts sold | $196 | $11113698 | $72314 | $4041350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of contracts - receives fixed rate |  | 2 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average notional - receives fixed rate | $— | $354901 | $— | $15908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased swaptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of contracts |  | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average notional value | $— | $3952211 | $5112 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of contracts sold | 1 | 14 | 2 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average value of contracts sold | $1712 | $36346085 | $4847 | $2445765 |

---

<sup>1</sup>Amounts disclosed represent the volume of derivative contracts for the period ended March 31, 2025.

#### Counterparty Credit Risk:
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC options purchased, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds to perform, and not the counterparty.

With exchange-traded purchased options and futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk

213 / Annual Financial Statements March 2025

------

#### Notes to Financial Statements (Continued)
exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

In order to better define its contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

#### Collateral requirements:
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of a Fund, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Portfolio Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold typically of $250,000 or $500,000 before a transfer is required, which is determined at the close of business of the Fund, and additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the Funds and counterparties are not permitted to sell, repledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Each Fund attempts to mitigate counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

The Funds have implemented the disclosure requirements pursuant to FASB Accounting Standards update No. 2011-11, Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards. Under this guidance the Funds disclose in the Statements of Assets and Liabilities both gross and net information about instruments and transactions eligible for offset such as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the Funds disclose collateral received and posted in connection with master netting agreements or similar arrangements.

Annual Financial Statements March 2025 / 214

------

#### Notes to Financial Statements (Continued)
The following table presents High Yield Bond Fund's OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | HIGH YIELD BOND FUND | HIGH YIELD BOND FUND | |
| COUNTERPARTY | GROSS DERIVATIVE<br>ASSETS IN THE<br>STATEMENT OF ASSETS<br> AND LIABILITIES | COLLATERAL<br>RECEIVED<sup>1</sup> | DERIVATIVE<br>ASSETS (LIABILITIES)<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br> DERIVATIVE ASSETS<sup>2</sup> |
| Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $7255 | $— | $(7255) | $— |
|  The Bank of New York Mellon |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $72503 | $— | $— | $72503 |
|  Total | $79758 | $— | $(7255) | $72503 |

---

<sup>1</sup>Excess of collateral received for individual counterparty may not be shown for financial reporting purposes. 

<sup>2</sup>Represents the net amount receivable from the counterparty in the event of default.

The following table presents High Yield Bond Fund's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | HIGH YIELD BOND FUND | HIGH YIELD BOND FUND | |
| COUNTERPARTY | GROSS DERIVATIVE<br> LIABILITIES IN THE<br>STATEMENT OF ASSETS<br> AND LIABILITIES | COLLATERAL<br>PLEDGED<sup>1</sup> | DERIVATIVE<br>(ASSETS) LIABILITIES<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br> DERIVATIVE LIABILITIES<sup>2</sup> |
| Bank of America N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $20866 | $— | $— | $20866 |
| Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $581701 | $(574446) | $(7255) | $— |
|  Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $71492 | $— | $— | $71492 |
|  Total | $674059 | $(574446) | $(7255) | $92358 |

---

<sup>1</sup>Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount payable to the counterparty in the event of default.

215 / Annual Financial Statements March 2025

------

The following table presents Intermediate Bond Fund's OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | INTERMEDIATE BOND FUND | INTERMEDIATE BOND FUND | |
| COUNTERPARTY | GROSS DERIVATIVE<br>ASSETS IN THE<br>STATEMENT OF ASSETS<br>AND LIABILITIES | COLLATERAL<br>RECEIVED<sup>1</sup> | DERIVATIVE<br>ASSETS (LIABILITIES)<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br>DERIVATIVE ASSETS<sup>2</sup>  |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $64031 | $— | $(64031) | $— |
|  Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $108022 | $— | $(108022) | $— |
|  JPMorgan Chase |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | $70906 | $— | $— | $70906 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | $63556 | $— | $— | $63556 |
|  Total | $306515 | $— | $(172053) | $134462 |

---

<sup>1</sup>Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount receivable from the counterparty in the event of default.

The following table presents Intermediate Bond Fund's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | INTERMEDIATE BOND FUND | INTERMEDIATE BOND FUND | |
| COUNTERPARTY | GROSS DERIVATIVE<br>LIABILITIES IN THE<br>STATEMENT OF ASSETS<br>AND LIABILITIES | COLLATERAL<br>PLEDGED<sup>1</sup> | DERIVATIVE<br>(ASSETS) LIABILITIES<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br>DERIVATIVE LIABILITIES<sup>2</sup>  |
|  Bank of America N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $1481 | $— | $— | $1481 |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $932699 | $(819813) | $(64031) | $48855 |
|  Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $115325 | $— | $(108022) | $7303 |
|  Total | $1049505 | $(819813) | $(172053) | $57639 |

---

<sup>1</sup>Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount payable to the counterparty in the event of default.

Annual Financial Statements March 2025 / 216

------

The following table presents Investment Grade Credit Fund's OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | INVESTMENT GRADE CREDIT FUND | INVESTMENT GRADE CREDIT FUND | |
| COUNTERPARTY | GROSS DERIVATIVE<br>ASSETS IN THE<br>STATEMENT OF ASSETS<br>AND LIABILITIES | COLLATERAL<br>RECEIVED<sup>1</sup> | DERIVATIVE<br>ASSETS (LIABILITIES)<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br>DERIVATIVE ASSETS<sup>2</sup>  |
|  Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $177 | $— | $(177) | $— |
|  JPMorgan Chase |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | $2817 | $— | $— | $2817 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | $2538 | $— | $— | $2538 |
|  Total | $5532 | $— | $(177) | $5355 |

---

<sup>1</sup>Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount payable to the counterparty in the event of default.

The following table presents Investment Grade Credit Fund's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | INVESTMENT GRADE CREDIT FUND | INVESTMENT GRADE CREDIT FUND | |
| COUNTERPARTY | GROSS DERIVATIVE<br>LIABILITIES IN THE<br>STATEMENT OF ASSETS<br>AND LIABILITIES | COLLATERAL<br>PLEDGED<sup>1</sup> | DERIVATIVE<br>(ASSETS) LIABILITIES<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br>DERIVATIVE LIABILITIES<sup>2</sup>  |
|  Bank of America N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $114 | $— | $— | $114 |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $1143 | $— | $— | $1143 |
|  Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $33491 | $— | $(177) | $33314 |
|  Total | $34748 | $— | $(177) | $34571 |

---

<sup>1</sup>Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount payable to the counterparty in the event of default.

217 / Annual Financial Statements March 2025

------

The following table presents Low Duration Bond Fund's OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | LOW DURATION BOND FUND | LOW DURATION BOND FUND | |
| COUNTERPARTY | GROSS DERIVATIVE<br>ASSETS IN THE<br>STATEMENT OF ASSETS<br>AND LIABILITIES | COLLATERAL<br>RECEIVED<sup>1</sup> | DERIVATIVE<br>ASSETS (LIABILITIES)<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br>DERIVATIVE ASSETS<sup>2</sup>  |
|  Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $111366 | $— | $(81418) | $29948 |
|  JPMorgan Chase |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | $96307 | $— | $— | $96307 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | $86317 | $— | $— | $86317 |
|  The Bank of New York Mellon |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $13906 | $— | $(13906) | $— |
|  Total | $307896 | $— | $(95324) | $212572 |

---

<sup>1</sup>Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount receivable from the counterparty in the event of default.

The following table presents Low Duration Bond Fund's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | LOW DURATION BOND FUND | LOW DURATION BOND FUND | |
| COUNTERPARTY | GROSS DERIVATIVE<br>LIABILITIES IN THE<br>STATEMENT OF ASSETS<br>AND LIABILITIES | COLLATERAL<br>PLEDGED<sup>1</sup> | DERIVATIVE<br>(ASSETS) LIABILITIES<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br> DERIVATIVE LIABILITIES<sup>2</sup>  |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $56749 | $— | $— | $56749 |
|  Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $81418 | $— | $(81418) | $— |
|  The Bank of New York Mellon |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $332555 | $(310000) | $(13906) | $8649 |
|  Total | $470722 | $(310000) | $(95324) | $65398 |

---

<sup>1</sup>Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount payable to the counterparty in the event of default.

Annual Financial Statements March 2025 / 218

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The following table presents Strategic Income Fund's OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | STRATEGIC INCOME FUND | STRATEGIC INCOME FUND | |
| COUNTERPARTY | GROSS DERIVATIVE<br>ASSETS IN THE<br>STATEMENT OF ASSETS<br>AND LIABILITIES | COLLATERAL<br>RECEIVED<sup>1</sup> | DERIVATIVE<br>ASSETS (LIABILITIES)<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br>DERIVATIVE ASSETS<sup>2</sup>  |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $3823 | $— | $(3823) | $— |
|  Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $5092 | $— | $(5092) | $— |
|  The Bank of New York Mellon |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $1106 | $— | $— | $1106 |
|  Total | $10021 | $— | $(8915) | $1106 |

---

<sup>1</sup>Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount receivable from the counterparty in the event of default.

The following table presents Strategic Income Fund's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | STRATEGIC INCOME FUND | STRATEGIC INCOME FUND | |
| COUNTERPARTY | GROSS DERIVATIVE<br>LIABILITIES IN THE<br>STATEMENT OF ASSETS<br>AND LIABILITIES | COLLATERAL<br>PLEDGED<sup>1</sup> | DERIVATIVE<br>(ASSETS) LIABILITIES<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br>DERIVATIVE LIABILITIES<sup>2</sup>  |
|  Bank of America N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $390 | $— | $— | $390 |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $72545 | $— | $(3823) | $68722 |
|  Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $5353 | $— | $(5092) | $261 |
|  Total | $78288 | $— | $(8915) | $69373 |

---

<sup>1</sup>Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount receivable from the counterparty in the event of default.

219 / Annual Financial Statements March 2025

------

The following table presents Sustainable Securitized Fund's OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | SUSTAINABLE SECURITIZED FUND | SUSTAINABLE SECURITIZED FUND | SUSTAINABLE SECURITIZED FUND | SUSTAINABLE SECURITIZED FUND |
| COUNTERPARTY | GROSS DERIVATIVE<br>ASSETS IN THE<br> STATEMENT OF ASSETS<br> AND LIABILITIES | COLLATERAL<br>RECEIVED<sup>1</sup> | DERIVATIVE<br>ASSETS (LIABILITIES)<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br> DERIVATIVE ASSETS<sup>2</sup>  |
|  Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $533 | $— | $(533) | $— |
|  Total | $533 | $— | $(533) | $— |

---

<sup>1</sup>Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount receivable from the counterparty in the event of default.

The following table presents Sustainable Securitized Fund's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | SUSTAINABLE SECURITIZED FUND | SUSTAINABLE SECURITIZED FUND | SUSTAINABLE SECURITIZED FUND | SUSTAINABLE SECURITIZED FUND |
| COUNTERPARTY | GROSS DERIVATIVE<br>LIABILITIES IN THE<br> STATEMENT OF ASSETS<br>AND LIABILITIES | COLLATERAL<br>PLEDGED1 | DERIVATIVE<br>(ASSETS) LIABILITIES<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br> DERIVATIVE LIABILITIES<sup>2</sup>  |
|  Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $7379 | $— | $(533) | $6846 |
|  Total | $7379 | $— | $(533) | $6846 |

---

<sup>1</sup>Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount receivable from the counterparty in the event of default.

Annual Financial Statements March 2025 / 220

------

The following table presents Total Return Bond Fund's OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | TOTAL RETURN BOND FUND | TOTAL RETURN BOND FUND | |
| COUNTERPARTY | GROSS DERIVATIVE<br>ASSETS IN THE<br> STATEMENT OF ASSETS<br>AND LIABILITIES | COLLATERAL<br>RECEIVED<sup>1</sup> | DERIVATIVE<br>ASSETS (LIABILITIES)<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br> DERIVATIVE ASSETS<sup>2</sup>  |
|  Bank of America N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $176440 | $— | $(176440) | $— |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $3399761 | $(246294) | $(3121423) | $32044 |
|  Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $1110780 | $— | $(1110780) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | $927917 | $— | $— | $927917 |
|  | $2038697 | $— | $(1110780) | $927917 |
|  JPMorgan Chase |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | $3732488 | $— | $— | $3732488 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | $2430671 | $— | $— | $2430671 |
|  The Bank of New York Mellon |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $4781 | $— | $— | $4781 |
|  Total | $11782838 | $(246294) | $(4408643) | $7127901 |

---

<sup>1</sup>Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount receivable from the counterparty in the event of default.

The following table presents Total Return Bond Fund's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | TOTAL RETURN BOND FUND | TOTAL RETURN BOND FUND | |
| COUNTERPARTY | GROSS DERIVATIVE<br>LIABILITIES IN THE<br>STATEMENT OF ASSETS<br>AND LIABILITIES | COLLATERAL<br>PLEDGED<sup>1</sup> | DERIVATIVE<br>(ASSETS) LIABILITIES<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br> DERIVATIVE LIABILITIES<sup>2</sup>  |
|  Bank of America N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $41406064 | $(41229624) | $(176440) | $— |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $3121423 | $— | $(3121423) | $— |
|  Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $4161349 | $(1860000) | $(1110780) | $1190569 |
|  State Street Global Markets LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $82861 | $— | $— | $82861 |
|  Total | $48771697 | $(43089624) | $(4408643) | $1273430 |

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<sup>1</sup>Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount payable to the counterparty in the event of default.

221 / Annual Financial Statements March 2025

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The following table presents Ultra Short Bond Fund's OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | ULTRA SHORT BOND FUND | ULTRA SHORT BOND FUND | |
| COUNTERPARTY | GROSS DERIVATIVE<br>ASSETS IN THE<br> STATEMENT OF ASSETS<br>AND LIABILITIES | COLLATERAL<br>RECEIVED<sup>1</sup> | DERIVATIVE<br>ASSETS (LIABILITIES)<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br> DERIVATIVE ASSETS<sup>2</sup>  |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $136 | $— | $(136) | $— |
|  JPMorgan Chase |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | $4846 | $— | $— | $4846 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | $4344 | $— | $— | $4344 |
|  Total | $9326 | $— | $(136) | $9190 |

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<sup>1</sup>Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount payable to the counterparty in the event of default.

The following table presents Ultra Short Bond Fund's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | ULTRA SHORT BOND FUND | ULTRA SHORT BOND FUND | |
| COUNTERPARTY | GROSS DERIVATIVE<br>LIABILITIES IN THE<br>STATEMENT OF ASSETS<br>AND LIABILITIES | COLLATERAL<br>PLEDGED<sup>1</sup> | DERIVATIVE<br>(ASSETS) LIABILITIES<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br> DERIVATIVE LIABILITIES<sup>2</sup>  |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $5723 | $— | $(136) | $5587 |
|  Total | $5723 | $— | $(136) | $5587 |

---

<sup>1</sup>Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount payable to the counterparty in the event of default.

Annual Financial Statements March 2025 / 222

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The following table presents Unconstrained Bond Fund's OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | UNCONSTRAINED BOND FUND | UNCONSTRAINED BOND FUND | |
| COUNTERPARTY | GROSS DERIVATIVE<br>ASSETS IN THE<br> STATEMENT OF ASSETS<br>AND LIABILITIES | COLLATERAL<br>RECEIVED<sup>1</sup> | DERIVATIVE<br>ASSETS (LIABILITIES)<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br> DERIVATIVE ASSETS<sup>2</sup>  |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $204813 | $— | $(204813) | $— |
|  Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $246994 | $— | $(246994) | $— |
|  The Bank of New York Mellon |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $24885 | $— | $(24885) | $— |
|  Total | $476692 | $— | $(476692) | $— |

---

<sup>1</sup>Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount receivable from the counterparty in the event of default.

The following table presents Unconstrained Bond Fund's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | UNCONSTRAINED BOND FUND | UNCONSTRAINED BOND FUND | |
| COUNTERPARTY | GROSS DERIVATIVE<br>LIABILITIES IN THE<br>STATEMENT OF ASSETS<br>AND LIABILITIES | COLLATERAL<br>PLEDGED<sup>1</sup> | DERIVATIVE<br>(ASSETS) LIABILITIES<br>AVAILABLE FOR OFFSET | NET AMOUNT<br> OF<br> DERIVATIVE LIABILITIES<sup>2</sup>  |
|  Bank of America N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $2049 | $— | $— | $2049 |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $2818713 | $(2598243) | $(204813) | $15657 |
|  Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $766889 | $(519895) | $(246994) | $— |
|  The Bank of New York Mellon |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $191758 | $— | $(24885) | $166873 |
|  Total | $3779409 | $(3118138) | $(476692) | $184579 |

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<sup>1</sup>Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

<sup>2</sup>Represents the net amount payable to the counterparty in the event of default.

**3.** **PORTFOLIO INVESTMENTS** 

The Funds may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the MBS market. A dollar roll transaction involves a simultaneous sale of securities by a Fund with an agreement to repurchase substantially similar securities at an agreed upon price and date, but generally will be collateralized at time of delivery by different pools of mortgages with different prepayment histories than those securities sold. These transactions are accounted for as financing transactions as opposed to sales and purchases. The differential between the sale price and the repurchase price is recorded as deferred income and recognized between the settlement dates of the sale and repurchase. During the period between the sale and repurchase, a Fund will not be entitled to receive interest and principal payments on the securities sold. Dollar roll transactions involve risk that the market value of the security sold by a Fund may decline below the repurchase price of the security and the counterparties may potentially be unable to complete the transaction. There were no such transactions by the Funds for the year ended March 31, 2025.

223 / Annual Financial Statements March 2025

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The Funds may invest in mortgage pass-through securities which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect "passing through" monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any fees paid to the issuer or guarantor of the securities). Mortgage pass-through securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates.

The Funds may invest in securities issued by the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corp. ("FHLMC"). These are fixed-income securities that derive their value from or represent interests in a pool of mortgages or mortgage securities. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses to the Funds. The risk of such defaults is generally higher in the case of mortgage pools that include sub-prime mortgages. Sub-prime mortgages refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their mortgages.

Additionally, securities issued by FNMA and FHLMC are not backed by or entitled to the full faith and credit of the United States and are supported by the right to the issuer to borrow from the Treasury.

On September 7, 2008, the Federal Housing Finance Agency was appointed as conservator of FNMA and FHLMC. In addition, the U.S. Department of the Treasury has agreed to provide capital as needed to ensure FNMA and FHLMC continue to provide liquidity to the housing and mortgage markets.

The Funds may also invest in Collateralized Mortgage Obligations ("CMOs"). CMOs are debt obligations collateralized by residential or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass-through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by the Government National Mortgage Association ("GNMA"), FHLMC, or FNMA. The issuer of a series of CMOs may elect to be treated for tax purposes as a Real Estate Mortgage Investment Conduit. CMOs are structured into multiple classes, each bearing a different stated maturity. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal only after shorter classes have been retired. An investor may be partially protected against a sooner than desired return of principal because of the sequential payments.

The Funds may enter into to be announced ("TBA") commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Funds' other assets. Unsettled TBA commitments are valued at the current market value of the underlying securities, according to the procedures described in Note 2 under "Security Valuation".

The Funds may invest in Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other Collateralized Debt Obligations ("CDOs"), which are debt instruments backed solely by a pool of other debt securities. The risks of an investment in a CBO, CLO or other CDO depend largely on the type of the collateral securities and the class of the CBO, CLO or other CDO in which a Fund invests. Some CBOs, CLOs and other CDOs have credit ratings, but are typically issued in various classes with various priorities. Normally, CBOs, CLOs and other CDOs are privately offered and sold (that is, not registered under the securities laws) and may be characterized by the Funds as illiquid securities, but an active dealer market may exist for CBOs, CLOs and other CDOs that qualify for Rule 144A transactions. In addition to the normal interest rate, default and other risks of fixed income securities, CBOs, CLOs and other CDOs carry additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the Funds may invest in CBOs, CLOs and other CDOs that are subordinate to other classes, there may be volatility in value, and the complex structure of the security may not be fully understood at the time of investment and produce disputes with the issuer or unexpected investment results.

The Funds may invest in stripped mortgage-backed securities issued by the U.S. government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). During the year ended March 31, 2025, certain interest-only securities were held as part of the overall mortgage portfolio holdings. The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated

Annual Financial Statements March 2025 / 224

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prepayments of principal, a Fund may not fully recoup its initial investment in IOs. Such securities will be considered liquid only if so determined in accordance with guidelines approved by the Board. The Funds also may invest in stripped mortgage-backed securities that are privately issued. These securities will be considered illiquid for purposes of each Fund's limit on illiquid securities.

The Funds may purchase participations in commercial loans, or may purchase assignments of such loans. Such indebtedness may be secured or unsecured. Loan participations typically represent direct participation in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. The Funds may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing loan participations, a Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. The participation interests in which a Fund intends to invest may not be rated by any nationally recognized rating service. Participations and assignments also involve special types of risk, including interest rate risk, liquidity risk, and the risk of being a lender. If a Fund purchases a participation, it may only be able to enforce its rights through the lender, and may assume the credit risk of the lender in addition to the borrower.

The Funds may also sell a debt or equity security short, that is, without owning it, and borrow the same security from a broker or other institution to complete the sale. The Adviser may use short sales when it believes a security is overvalued or as a partial hedge against a position in a related security of the same issuer held by a Fund. The High Yield Bond Fund, Investment Grade Credit Fund, Strategic Income Fund and Sustainable Securitized Fund may not make short sales of securities or maintain a short position if more than 33 1/3% of the Fund's total assets (taken at current value) are held as collateral for such sales at any one time. The Intermediate Bond Fund, Low Duration Bond Fund, Total Return Bond Fund, Ultra Short Bond Fund and Unconstrained Bond Fund will not make total short sales exceeding 25% of the Fund's total assets. If the value of the security sold short increases, a Fund would lose money because it would need to replace the borrowed security by purchasing it at a higher price. The potential loss is unlimited. (If the short sale was intended as a hedge against another investment, the loss on the short sale may be fully or partially offset by gains in that other investment). At March 31, 2025, the Funds did not hold any short debt or equity.

A lender may request that the borrowed securities be returned on short notice; if that occurs at a time when other short sellers of the subject security are receiving similar requests, a "short squeeze" can occur. This means that the Funds might be compelled, at the most disadvantageous time, to replace borrowed securities previously sold short, with purchases on the open market at prices significantly greater than those at which the securities were sold short. Short selling also may produce higher than normal portfolio turnover and result in increased transaction costs to the Funds. The Funds also may make short sales "against-the-box", in which the Funds sell short securities they own. The Funds will incur transaction costs, including interest expenses, in connection with opening, maintaining and closing short sales against-the-box, which result in a "constructive sale", requiring the Fund to recognize any taxable gain from the transaction.

The Funds may invest in payment-in-kind securities ("PIKs"). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statements of Assets and Liabilities.

For the year ended March 31, 2025, the High Yield Bond Fund, the Intermediate Bond Fund, the Low Duration Bond Fund, the Total Return Bond Fund, and the Unconstrained Bond Fund received in-kind payments with respect to PIK securities of $679,706, $7,590, $10,028, $570,406, and $401,238, respectively.

The Funds may invest in repurchase agreements. In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed repurchase amount. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a segregated account by the Funds' custodian or designated sub-custodians under tri-party repurchase agreements. In the event the counterparty defaults and the fair value of the collateral declines, the Funds could experience losses, delays and costs in liquidating the collateral.

Master Repurchase Agreements ("MRAs") permit each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MRA counterparty's bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price to be received by each Fund upon the maturity of the repurchase transaction. Upon a bankruptcy or insolvency of the MRA counterparty, each Fund recognizes a liability with respect to such excess collateral to reflect each Fund's obligation under bankruptcy law to return the excess to the counterparty. As of March 31, 2025, the Funds did not hold any repurchase agreements.

225 / Annual Financial Statements March 2025

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The Funds may enter into reverse repurchase agreements, whereby a Fund sells securities concurrently with entering into an agreement to repurchase those securities at a later date at a fixed price. During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on those securities. Reverse repurchase agreements are speculative techniques involving leverage and are considered secured borrowings by the Fund for purposes of the percentage limitations applicable to borrowings in accordance with ASC 860, Transfers and Servicing. Securities sold under reverse repurchase agreements are recorded as a liability. Interest payments made are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the market value of the security sold by a Fund may decline below the repurchase price of the security. A Fund will segregate assets determined to be liquid by the manager or otherwise cover its obligations under reverse repurchase agreements.

Reverse repurchase transactions and treasury roll transactions are entered into by a Fund under MRAs. With reverse repurchase transactions and treasury roll transactions, typically the Funds and the counterparties are not permitted to sell, re-pledge, or use the collateral associated with the transaction. Pursuant to the terms of the MRA, a Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by a Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed. As of March 31, 2025, the Funds did not hold any reverse repurchase agreements.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a Fund's use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a Fund's obligation to repurchase the securities.

Each Fund may enter into when-issued, delayed-delivery, or forward commitment transactions in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund's existing portfolio. In when-issued, delayed-delivery, or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although a Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund's counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, or forward commitment basis, there may be a loss, and that Fund may have missed an opportunity to make an alternative investment. Prior to settlement of these transactions, the value of the subject securities will fluctuate, reflecting interest rate changes. In addition, because a Fund is not required to pay for when-issued, delayed-delivery, or forward commitment securities until the delivery date, they may result in a form of leverage to the extent a Fund does not maintain liquid assets equal to the face amount of the contract. The Funds segregate assets (cash and/or securities) to cover the amounts outstanding related to these transactions.

**Derivatives:**

The Funds may engage in various portfolio investment strategies both to increase the return of the Funds and to economically hedge, or protect, their exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform under the contract. The Funds are subject to credit risk, equity price risk and interest rate risk in the normal course of pursuing their investment objectives by investing in various derivative financial instruments, as described below:

Over the reporting period, the Funds engaged in interest rate futures contracts, foreign currency exchange contracts, swap agreements and swaptions as a means of managing interest rate risk and yield curve positioning consistent with the Adviser's current market perspectives. Additionally, credit default swaps were held for the purposes of (1) hedging valuation risks specific to identified market segments, industries and credits and (2) efficiently gaining income-bearing exposures to selected market segments, industries and credits. The market value of these instruments, realized and changes in unrealized gains and losses, and the types of contracts are included in the Schedule of Portfolio Investments and the Notes to Financial Statements.

**Options -** The Funds may purchase and write call and put options on securities, securities indices and on foreign currencies. A Fund may purchase put options on securities to seek to protect holdings in an underlying or related security against a substantial decline in market value. A Fund may purchase call options on securities to seek to protect against substantial increases in prices of securities the Fund intends to purchase pending its ability to invest in such securities in an orderly manner. The Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. A Fund may write a call or put option only if the option is covered by the Fund holding a position in the underlying securities or by other means which would permit immediate satisfaction of the Fund's obligation as writer of the option. When the Fund writes a call or put, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written.

Annual Financial Statements March 2025 / 226

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These liabilities are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). The purchase and writing of options involves certain risks. During the option period, the covered call writer has, in return for the premium on the option, given up the opportunity to profit from a price increase in the underlying securities above the sum of the premium and exercise price, but as long as its obligation as a writer continues, has retained the risk of loss should the price of the underlying securities decline. The writer of an option has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying securities at the exercise price. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price of the underlying security, in the case of a put, remains equal to or greater than the exercise price or, in the case of a call, remains less than or equal to the exercise price, the Fund will lose its entire investment in the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position. Furthermore, if trading restrictions or suspensions are imposed on the options markets, a Fund may be unable to close out a position.

The Funds may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade. Transactions in certain over-the-counter options may expose the Funds to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter option transaction, a Fund's maximum amount of loss is the premium paid (as purchaser) or the unrealized loss of the contract (as writer). As of March 31, 2025, the Funds did not hold any options.

**Futures -** The Funds purchased or sold exchange-traded futures contracts, which are contracts that obligate the Funds to make or take delivery of a financial instrument or the cash value of a security index at a specified future date at a specified price. The Funds may use futures contracts to manage exposure to the stock and bond markets or changes in interest rates and currency values, or for gaining exposure to markets. Risks of entering into futures contracts include the possibility that there may be an illiquid market at the time the Adviser to the Fund may be attempting to sell some or all of the Fund holdings or that a change in the value of the contract may not correlate with changes in the value of the underlying securities. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin). Subsequent payments (variation margin) are made or received by the Fund, generally on a daily basis. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed or expires.

Futures transactions involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade.

**Foreign Currency -** The Funds may hold foreign currency as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies (foreign currency exchange rate risk).

**Foreign Currency Exchange Contracts -** The Funds entered into foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies (foreign currency exchange rate risk). A foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Foreign currency exchange contracts, when used by a Fund, help to manage the overall exposure to the currencies in which some of the investments held by a Fund are denominated. The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of foreign currency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that a counterparty to the contract does not perform its obligations under the agreement.

**Swaps -** The Funds invested in swap agreements. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than a year. In a standard swap transaction, two parties agree to exchange the returns earned on specific assets, such as the return on, or increase in value of, a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a basket of securities representing a particular index. A swap contract may not be assigned without the consent of the counterparty (and in certain circumstances may not be assignable), and may result in losses in the event of a default or bankruptcy of the counterparty.

The Funds entered into credit default swap agreements to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. The buyer in a credit default contract is obligated to pay the seller a periodic stream of payments over the term of the contract provided no event of default has occurred. In the event of default, the seller must pay

227 / Annual Financial Statements March 2025

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the buyer the par value (full notional value) of the reference obligation in exchange for the reference obligation. The Funds may be either the buyer or seller in such transactions. If a Fund is a buyer and no event of default occurs, the Fund loses its investment and recovers nothing. However, if an event of default occurs, the buyer receives full notional value for a reference obligation that may have little or no value. As a seller of a credit default swap, the Fund receives a fixed rate of income throughout the term of the contract, provided there is no default event. If an event of default occurs, the seller may pay the notional value of the reference obligation. The value of the reference obligation received by the seller, coupled with the periodic payments previously received may be less than the full notional value it pays to the buyer, resulting in a loss of value to the Fund. Credit default swaps involve greater risks than if the Fund had invested in the reference obligation directly. In addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk.

The aggregate fair value of credit default swaps in a net liability position is reflected as unrealized depreciation. The collateral posted for swap contracts, net of assets received as collateral, is also disclosed in the Notes to Schedules of Portfolio Investments. The maximum potential amount of future payments (undiscounted) that a portfolio as a seller of protection could be required to make under a credit default swap agreement is an amount equal to the notional amount of the agreement. These potential amounts are partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a portfolio for the same referenced entity or entities. As of March 31, 2025, the Funds did not hold any credit default swaps.

The Funds entered into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. The Funds' maximum risk of loss due to counterparty default is the discounted NAV of the cash flows paid to/received from the counterparty over the interest rate swap's remaining life. The Funds enter into interest rate swaps to manage duration, the yield curve, or interest rate risk by economically hedging the value of the fixed-rate bonds which may decrease when interest rates rise (interest rate risk).

The Funds may write (sell) and purchase put and call swaptions. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a new swap agreement, or to shorten, extend, cancel or modify an existing swap agreement, on a future date on specified terms. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. At March 31, 2025, the Intermediate Bond Fund, Investment Grade Credit Fund, Low Duration Bond Fund, Total Return Bond Fund and Ultra Short Bond Fund held swaptions.

The Funds may enter into total return swap agreements. Total return swap is the generic name for any non-traditional swap where one party agrees to pay the other the "total return" of a defined underlying asset. The total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined portfolios of loans and mortgages. The total return swap is a mechanism for the user to accept the economic benefits of asset ownership without utilizing the balance sheet. The other leg of the swap is spread to reflect the non-balance sheet nature of the product. Total return swaps can be designed with any underlying asset agreed between two parties.

As a result, unrealized gains are reported as an asset and unrealized losses are reported as a liability in the Statements of Assets and Liabilities. The change in the value of the swaps, including periodic amounts of interest paid or received on swaps, is reported as unrealized gains or losses in both the Statements of Assets and Liabilities and the Statements of Operations. A realized gain or loss is recorded upon payment or termination of swap agreements. Swap agreements are stated at fair value. Notional principal amounts are used upon payment or receipt of a periodic payment or termination of swap agreements to express the extent of involvement in these transactions, but the amounts subject to credit risk are much smaller. At March 31, 2025, the Funds had outstanding swap agreements as listed in the Funds' Schedules of Portfolio Investments. Swap transactions present risk of loss in excess of the related amounts in the Statements of Assets and Liabilities.

**4.** **RISK CONSIDERATIONS** 

**Foreign Investing Risk:** The Funds may be exposed to the risk that the Funds' share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates in countries where the Funds invest.

**Market Risk:** Because the values of the Funds' investments will fluctuate with market conditions, so will the value of your investment in the Funds. You could lose money on your investment in the Funds or the Funds could underperform other investments.

Annual Financial Statements March 2025 / 228

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**Liquidity Risk:** The Funds' investments in illiquid securities may reduce the returns of the Funds because they may not be able to sell the illiquid securities at an advantageous time or price. Investments in high-yield securities, foreign securities, derivatives or other securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Certain investments in private placements and Rule 144A securities may be considered illiquid investments. The Funds may invest in private placements and Rule 144A securities.

**Interest Rate Risk:** The values of the Funds' investments fluctuate in response to movements in interest rates. If rates rise, the values of debt securities generally fall. The longer the average duration of a Fund's investment portfolio, the greater the change in value.

**Mortgage-Backed and Other Asset-Backed Securities Risk:** Each Fund may invest in mortgage-backed or other asset-backed securities. The values of some mortgaged-backed or other asset-backed securities may expose a Fund to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of mortgage-related securities generally will decline; however, when interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. If an unanticipated rate of prepayment on underlying mortgages increases the effective maturity of a mortgage-related security, the volatility of the security can be expected to increase. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

**Derivatives Risk:** Use of derivatives, which at times is an important part of the Funds' investment strategy, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investments in derivatives could cause the Funds to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Funds will engage in these transactions to reduce exposure to other risks when that would be beneficial.

**Credit Risk:** The values of any of the Funds' investments may also decline in response to events affecting the issuer or its credit rating. The lower-rated debt securities in which the Fund may invest are considered speculative and are subject to greater volatility and risk of loss than investment-grade securities, particularly in deteriorating economic conditions. The value of some mortgage-related securities in which the Funds invest also may fall because of unanticipated levels of principal prepayments that can occur when interest rates decline.

Certain of the Funds invest a material portion of their assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market's perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain issuers held by the Funds.

Mortgage-backed securities ("MBS") and asset-backed securities ("ABS") are characterized and classified in a variety of different ways. These classifications include a view of the securities' cash flow structure (pass-through, sequential pay, prepayment-protected, interest-only, principal-only, etc.), the security of the claim on the underlying assets (senior, mezzanine and subordinated), as well as types of underlying collateral (prime conforming loans, prime non-conforming loans, Alt-A loans, subprime loans, commercial loans, etc.). In many cases, the classification incorporates a degree of subjectivity: a particular loan might be categorized as "prime" by the underwriting standards of one mortgage issuer while another might classify the loan as "subprime." In addition to other functions, the risk associated with an investment in a mortgage loan must take into account the nature of the collateral, the form and the level of credit enhancement, the vintage of the loan, the geography of the loan, the purpose of the loan (refinance versus purchase versus equity take-out), the borrower's credit quality (e.g. FICO score), and whether the loan is a first trust deed or a second lien.

The mortgage industry lacks a single bright-line as to what separates a subprime loan from an Alt-A loan. Often it is a combination of loan characteristics involving both borrower criteria as well as collateral criteria that determine which category a loan is placed in. However, in order to be both conservative and objective as possible, the Adviser applied the following criteria to the Funds' residential mortgage and asset-backed holdings in coming up with its categorizations:

Sub Prime - Any asset-backed bond whose collateral was residential mortgages which were considered to be subprime, provided that the loans did not belong to the classification of manufactured housing loans.

229 / Annual Financial Statements March 2025

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Alt-A - Any mortgage-backed security whose average borrower FICO score was less than 730 and/or was listed as an Alt-A pool by Bloomberg were considered to be Alt-A bonds.

**Counterparty Risk:** The Funds may be exposed to counterparty risk, or the risk that an entity with which the Funds have unsettled or open transactions may default. Financial assets, which potentially expose the Funds to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Funds' exposure to credit and counterparty risks with respect to these financial assets is approximated by their fair value recorded in the Funds' Statements of Assets and Liabilities.

**Changes to U.S. tariff and import/export regulations may have a negative effect on our portfolio holdings and, in turn, on our performance:** There have been significant changes to United States trade policies, treaties and tariffs, and in the future there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, treaties and tariffs, may have a material adverse effect on global economic conditions, inflation and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict the access by issuers of our portfolio securities to suppliers or customers, increase their supply-chain costs and expenses and could have material adverse effects on our portfolio investments.

**Bank Loan Risk:** There is a risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. The Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities. Bank loans are not registered and otherwise may not be treated as securities under the federal securities laws, meaning investors in loans have less protection against improper practices than investors in securities that are registered under or are otherwise subject to the protections of the securities laws.

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

Investment transactions for the year ended March 31, 2025, including taxable corporate actions, excluding U.S. government and short-term investments, were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PORTFOLIO | PURCHASES | SALES |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield Bond Fund | $269273030 | $286539734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Bond Fund | 75735421 | 186748913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Grade Credit Fund | 7043212 | 3284501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Low Duration Bond Fund | 226883821 | 388990320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategic Income Fund | 10077007 | 15651281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sustainable Securitized Fund | 9369700 | 2096612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080186818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10188734407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Short Bond Fund | 12829111 | 10063796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unconstrained Bond Fund | 618134216 | 745863365 |

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Investment transactions in U.S. government securities including mortgage dollar roll transactions for the year ended March 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PORTFOLIO | PURCHASES | SALES |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield Bond Fund | $35550404 | $34600071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Bond Fund | 5319356685 | 5499315437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Grade Credit Fund | 125456710 | 127137121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Low Duration Bond Fund | 5310696387 | 5543065394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategic Income Fund | 145364187 | 144730223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sustainable Securitized Fund | 43638074 | 41282317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191450648641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206711311188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Short Bond Fund | 284011207 | 288845452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unconstrained Bond Fund | 4356038446 | 4250577073 |

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There were no purchases or sales of securities from affiliated investment accounts for the year ended March 31, 2025. These trades are in accordance with the provisions set forth in Section 17(a)-7 of the 1940 Act.

Annual Financial Statements March 2025 / 230

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Investment transactions in the shares of affiliated issuers for the year ended March 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | VALUE AT<br>BEGINNING<br>OF YEAR | PURCHASES | SALES | DIVIDEND/<br>INTEREST | VALUE AT<br>END<br> OF YEAR | SHARES<br>HELD AT END<br>OF YEAR | REALIZED<br>GAIN<br>(LOSS) | CHANGE IN<br>UNREALIZED<br>APPRECIATION |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Yield Bond Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Homer City Holdings LLC<sup>\*</sup>  | $— | $— | $(251454) | $— | $— |  | $(26920367) | $27171821 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW Central Cash Fund | $— | $252489160 | $(242700000) | $1089160 | $9789160 | 9789160 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermediate Bond Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW Central Cash Fund | $— | $2482313740 | $(2426800000) | $2953740 | $55513740 | 55513740 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW Private Asset Income Fund | $— | $669311 | $— | $— | $669311 | 66931 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Grade Credit Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW Central Cash Fund | $— | $42838687 | $(42027000) | $38687 | $811687 | 811687 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Duration Bond Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW Central Cash Fund | $— | $1581362135 | $(1564000000) | $3222135 | $17362135 | 17362135 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Income Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW Central Cash Fund | $— | $48831188 | $(42091000) | $281188 | $6740188 | 6740188 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW Private Asset Income Fund | $— | $168429 | $— | $— | $168429 | 16843 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sustainable Securitized Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW Central Cash Fund | $— | $14708462 | $(14707290) | $18461 | $1172 | 1172 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Bond Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Homer City Holdings LLC<sup>\*</sup>  | $— | $— | $(590352) | $— | $— |  | $(64597088) | $65187440 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW Central Cash Fund | $— | $31343427625 | $(29607100000) | $67947625 | $1736327625 | 1736327625 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW Private Asset Income Fund | $— | $36136726 | $— | $— | $36136726 | 3613673 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra Short Bond Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW Central Cash Fund | $— | $100977875 | $(99628000) | $137875 | $1349875 | 1349875 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unconstrained Bond Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW Central Cash Fund | $— | $1244763488 | $(970700000) | $8273488 | $274063488 | 274063488 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW Private Asset Income Fund | $— | $7104479 | $— | $— | $7104479 | 710448 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*Affiliates not held at period end. |  |  |  |  |  |  |  |  |

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**6.** **INVESTMENT ADVISORY SERVICES AND OTHER TRANSACTIONS** 

As compensation for advisory services, the Adviser charges the High Yield Bond Fund, the Intermediate Bond Fund, the Investment Grade Credit Fund, the Low Duration Bond Fund, the Strategic Income Fund, the Sustainable Securitized Fund, the Total Return Bond Fund, the Ultra Short Bond Fund and the Unconstrained Bond Fund a fee, computed daily and payable monthly, at an annual rate of 0.50%, 0.35%, 0.35%, 0.30%, 0.65%, 0.40%, 0.35%, 0.25% and 0.65%, respectively, of each Fund's average daily net assets.

The Adviser has agreed in an operating expenses agreement with the Trust to limit each Fund's expenses (excluding interest, taxes, brokerage commissions, short sales dividend expense, acquired fund fees and expenses, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) as described in the table below. The operating

231 / Annual Financial Statements March 2025

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expenses agreement has a one-year term, renewable at the end of each fiscal year. Each Fund has agreed to reimburse the Adviser, for a period of up to three years, for any such payments to the extent that the Fund's operating expenses are otherwise below its expense cap at both the time of the waiver and the recoupment. The Adviser's obligation will not be recorded as a liability on the books of the applicable Fund to the extent that the total operating expenses of the Fund are at or above the expense cap. However, if the total operating expenses of a Fund fall below the expense cap, the reimbursement to the Adviser (up to the cap) will be accrued by the Fund as a liability if the Adviser seeks to recoup those amounts and the independent trustees have approved that reimbursement. The Adviser may not request or receive reimbursement from a Fund for prior reductions or reimbursements before the payment of a Fund's operating expenses for the year.

Investment advisory fees and related contractual expense limitations for the year ended March 31, 2025, were as follows:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PORTFOLIO | INVESTMENT ADVISORY FEE RATE | INVESTMENT ADVISORY FEE RATE | INVESTMENT ADVISORY FEE RATE | INVESTMENT ADVISORY FEE RATE | INVESTMENT ADVISORY FEE RATE | CONTRACTUAL EXPENSE LIMITATION<sup>1</sup> | CONTRACTUAL EXPENSE LIMITATION<sup>1</sup> | CONTRACTUAL EXPENSE LIMITATION<sup>1</sup> | CONTRACTUAL EXPENSE LIMITATION<sup>1</sup> | CONTRACTUAL EXPENSE LIMITATION<sup>1</sup> |
|  | CLASS M | CLASS I | CLASS I-2 | ADMINI-<br>STRATIVE<br>CLASS | PLAN<br>CLASS | CLASS M | CLASS I | CLASS I-2 | ADMINI-<br>STRATIVE<br>CLASS | PLAN<br>CLASS |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield Bond Fund | 0.50% | 0.50% | N/A | N/A | N/A | 0.85% | 0.60% | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Bond Fund | 0.35% | 0.35% | N/A | N/A | N/A | 0.70% | 0.49% | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Grade Credit Fund | 0.35% | 0.35% | N/A | N/A | N/A | 0.70% | 0.49% | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Low Duration Bond Fund | 0.30% | 0.30% | N/A | 0.30% | N/A | 0.63% | 0.44% | N/A | 0.83% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategic Income Fund | 0.65% | 0.65% | N/A | N/A | N/A | 1.04% | 0.80% | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Sustainable Securitized Fund | 0.40% | 0.40% | N/A | N/A | N/A | 0.70% | 0.49% | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Bond Fund | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.70% | 0.49% | 0.54% | 0.90% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Short Bond Fund | 0.25% | 0.25% | N/A | N/A | N/A | 0.50% | 0.34% | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Unconstrained Bond Fund | 0.65% | 0.65% | N/A | N/A | 0.65% | 1.04% | 0.80% | N/A | N/A | 0.70% |

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<sup>1</sup>The Adviser has agreed not to reduce or discontinue this contractual expense limitation until July 31, 2025, unless approved by the Board.

At March 31, 2025, the balance of recoupable expenses with expiration dates for the Funds were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PORTFOLIO | 2026 | 2027 | 2028 | TOTAL |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield Bond Fund | $130452 | $135512 | $197419 | $463383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Bond Fund | 3695 | 1163 | 451 | 5309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Grade Credit Fund | 293818 | 239989 | 303361 | 837168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategic Income Fund | 339161 | 312702 | 319425 | 971288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sustainable Securitized Fund | 262567 | 238549 | 240348 | 741464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Short Bond Fund | 326076 | 259120 | 265578 | 850774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326582 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869386 |

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Certain officers and trustees of the Funds are also officers and directors of the Adviser. Such officers and trustees serve without direct compensation from the Funds. Each of the independent trustees receives an annual retainer of $137,500 and $6,500 for each meeting of the Board attended in person and $1,000 for each meeting attended telephonically. The chairman of the Board receives an annual retainer of $51,000 and the vice chairman of the Board receives an additional annual retainer of $34,000. The respective chairman of the Audit Committee and the Nominating and Governance Committee each receives an additional annual retainer of $8,500. The Trust has an unfunded, nonqualified deferred compensation plan (the "Deferred Compensation Plan") for certain eligible Trustees. The Deferred Compensation Plan allows Trustees to defer some or all of their annual trustees' fees otherwise payable by the Trust for a minimum of three years. The fees deferred are posted to a bookkeeping account maintained by the Trust. The various series of the Trust will use the returns on those Funds selected by the Trustee to determine the income, gains and losses to allocate to the account. At the time for commencing distributions from a Trustee's deferral account, which is no later than when the Trustee ceases to be a member of the Board, deferred fees will be paid out in a single sum in cash or a maximum of 10 annual installments. The expenses related to the annual retainer, meeting fees, and/or any fluctuation in the selected Funds under the Deferred Compensation Plan are recorded in Trustees' fees and expenses in the Statements of Operations.

**7.** **SHARE MARKETING (12b-1) PLAN AND SHAREHOLDER SERVICING PLAN** 

The Trust has a Share Marketing Plan (or the "12b-1 Plan") pursuant to Rule 12b-1 of the 1940 Act with respect to Class M shares of the High Yield Bond Fund, the Intermediate Bond Fund, the Investment Grade Credit Fund, the Low Duration Bond Fund, the Strategic Income Fund, the Sustainable Securitized Fund, the Total Return Bond Fund, the Ultra Short Bond Fund, the Unconstrained Bond Fund, and the Administrative Class shares of the Low Duration Bond Fund and Total Return Bond Fund. Under the 12b-1 Plan, the Trust pays TCW Funds Distributors, Inc., as the Trust's distribution coordinator, an annual fee up to 0.25% of the particular Fund's average daily net assets attributable to Class M shares and Administrative Class shares to reimburse expenses in connection

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with the promotion and distribution of shares of the respective Fund. The Adviser has undertaken to limit the Rule 12b-1 expenses to 0.16% for the Ultra Short Bond Fund, 0.19% for the Low Duration Bond Fund, and 0.21% for the Intermediate Bond Fund and the Total Return Bond Fund, for the year ended March 31, 2025.

The Board of Trustees has adopted a Shareholder Servicing Plan that allows each Fund to pay to broker-dealers and other financial intermediaries a fee for shareholder services provided to Fund shareholders who invest in the Administrative Class shares of a Fund through the intermediary. The fee is payable under the Shareholder Servicing Plan at an annual rate not to exceed 0.25% of the particular Fund's average daily net assets attributable to the Administrative Share class, but the Adviser has undertaken to limit these expenses for the current fiscal year to 0.20% of the Fund's average daily net assets invested through the intermediary.

**8.** **COMMITMENTS AND CONTINGENCIES** 

The High Yield Bond Fund, Intermediate Bond Fund, Low Duration Bond Fund, Total Return Bond Fund and Unconstrained Bond Fund had the following unfunded commitments and unrealized gain by investment as of March 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HIGH YIELD BOND FUND<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNFUNDED COMMITMENTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MATURITY | AMOUNT | UNREALIZED GAIN (LOSS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc., Delayed-Draw<br> Term Loan, 1st Lien | March 2028 | $86297 | $(1127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amer Rock Salt Co. LLC, Delayed-Draw Term Loan | June 2028 | 444679 | 4403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelso Industries LLC, Delayed-Draw Term Loan, 1st Lien | December 2029 | 73612 | (277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Unfunded Commitments |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604588 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INTERMEDIATE BOND FUND<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNFUNDED COMMITMENTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MATURITY | AMOUNT | UNREALIZED (LOSS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelso Industries LLC, Delayed-Draw Term Loan, 1st Lien | December 2029 | $13250 | $(50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amspec Parent LLC, Delayed-Draw Term Loan B, 1st Lien | December 2031 | 2629 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Unfunded Commitments |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15879 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LOW DURATION BOND FUND<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNFUNDED COMMITMENTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MATURITY | AMOUNT | UNREALIZED (LOSS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelso Industries LLC, Delayed-Draw Term Loan, 1st Lien | December 2029 | $17667 | $(66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Unfunded Commitments |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL RETURN BOND FUND<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNFUNDED COMMITMENTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MATURITY | AMOUNT | UNREALIZED (LOSS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelso Industries LLC, Delayed-Draw Term Loan, 1st Lien | December 2029 | $958426 | $(3607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amspec Parent LLC, Delayed-Draw Term Loan B, 1st Lien | December 2031 | 230620 | (1278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Unfunded Commitments |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4885) |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNCONSTRAINED BOND FUND<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNFUNDED COMMITMENTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MATURITY | AMOUNT | UNREALIZED GAIN (LOSS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc., Delayed-Draw<br> Term Loan, 1st Lien | March 2028 | $47288 | $(618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amer Rock Salt Co. LLC, Delayed-Draw Term Loan | June 2028 | 288521 | 2857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelso Industries LLC, Delayed-Draw Term Loan, 1st Lien | December 2029 | 97167 | (366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amspec Parent LLC, Delayed-Draw Term Loan B, 1st<br> Lien | December 2031 | 38691 | (215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Unfunded Commitments |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658 |

---

233 / Annual Financial Statements March 2025

------

In the normal course of business, the Trust enters into contracts which provide a variety of representations and warranties, and that provide general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Trust under these arrangements is unknown as it would involve future claims that may be made against the Trust; however, based on the Trust's experience, the risk of loss is remote and no such claims are expected to occur. As such, the Trust has not accrued any liability in connection with such indemnifications.

**9.** **CAPITAL SHARE TRANSACTIONS** 

Each Fund is authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.01 per share. Transactions in shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | HIGH YIELD BOND FUND | HIGH YIELD BOND FUND | HIGH YIELD BOND FUND | HIGH YIELD BOND FUND |
|  | CLASS M | CLASS M | CLASS I | CLASS I |
|  | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Fund shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at beginning of year | 11997116 | 14711106 | 38392204 | 39596938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 9892114 | 3165323 | 13270854 | 12622005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued through reinvestment of distributions | 692304 | 842006 | 1930144 | 2250448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (12482973) | (6721319) | (18394900) | (16077187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) in fund shares | (1898555) | (2713990) | (3193902) | (1204734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at end of year | 10098561 | 11997116 | 35198302 | 38392204 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | INTERMEDIATE BOND FUND | INTERMEDIATE BOND FUND | INTERMEDIATE BOND FUND | INTERMEDIATE BOND FUND |
|  | CLASS M | CLASS M | CLASS I | CLASS I |
|  | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Fund shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at beginning of year | 1907699 | 2200742 | 101869339 | 91699168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 733362 | 569844 | 13963790 | 32905385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued through reinvestment of distributions | 71038 | 82972 | 3270809 | 3833163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (998629) | (945859) | (52414337) | (26568377) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in fund shares | (194229) | (293043) | (35179738) | 10170171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at end of year | 1713470 | 1907699 | 66689601 | 101869339 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | INVESTMENT GRADE CREDIT FUND | INVESTMENT GRADE CREDIT FUND | INVESTMENT GRADE CREDIT FUND | INVESTMENT GRADE CREDIT FUND |
|  | CLASS M | CLASS M | CLASS I | CLASS I |
|  | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Fund shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at beginning of year | 784171 | 386999 | 2671571 | 933323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 459510 | 604265 | 426426 | 2122752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued through reinvestment of distributions | 39127 | 28184 | 109813 | 65011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (312263) | (235277) | (627478) | (449515) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in fund shares | 186374 | 397172 | (91239) | 1738248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at end of year | 970545 | 784171 | 2580332 | 2671571 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | LOW DURATION BOND FUND | LOW DURATION BOND FUND | LOW DURATION BOND FUND | LOW DURATION BOND FUND |
|  | CLASS M | CLASS M | CLASS I | CLASS I |
|  | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Fund shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at beginning of year | 18460695 | 35993593 | 134377563 | 178166430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1780184 | 2905784 | 19935861 | 27907420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued through reinvestment of distributions | 675175 | 972473 | 4364999 | 5637166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7834637) | (21411155) | (60088718) | (77333453) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) in fund shares | (5379278) | (17532898) | (35787858) | (43788867) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at end of year | 13081417 | 18460695 | 98589705 | 134377563 |

---

Annual Financial Statements March 2025 / 234

------

---

| | | |
|:---|:---|:---|
|  | LOW DURATION BOND FUND | LOW DURATION BOND FUND |
|  | ADMINISTRATIVE<br>CLASS | ADMINISTRATIVE<br>CLASS |
|  | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 |
|  Change in Fund shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at beginning of year | 981 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued through reinvestment of distributions | 43 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  | (67) |
|  Net increase in fund shares | 43 | 909 |
|  Shares outstanding at end of year | 1024 | 981 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | STRATEGIC INCOME FUND | STRATEGIC INCOME FUND | STRATEGIC INCOME FUND | STRATEGIC INCOME FUND |
|  | CLASS M | CLASS M | CLASS I | CLASS I |
|  | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 |
|  Change in Fund shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at beginning of year | 8467294 | 8125761 | 3714442 | 2492168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 954127 | 1097738 | 1188313 | 2098801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued through reinvestment of distributions | 532117 | 616658 | 271291 | 229781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2830093) | (1372863) | (1752969) | (1106308) |
|  Net increase (decrease) in fund shares | (1343849) | 341533 | (293365) | 1222274 |
|  Shares outstanding at end of year | 7123445 | 8467294 | 3421077 | 3714442 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | SUSTAINABLE SECURITIZED FUND | SUSTAINABLE SECURITIZED FUND | SUSTAINABLE SECURITIZED FUND | SUSTAINABLE SECURITIZED FUND |
|  | CLASS M | CLASS M | CLASS I | CLASS I |
|  | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 |
|  Change in Fund shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at beginning of year | 5255 | 5958 | 924112 | 989282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 529937 | 6763 | 660960 | 207789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued through reinvestment of distributions | 7709 | 265 | 81725 | 48921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (183799) | (7731) | (81800) | (321880) |
|  Net increase (decrease) in fund shares | 353847 | (703) | 660885 | (65170) |
|  Shares outstanding at end of year | 359102 | 5255 | 1584997 | 924112 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TOTAL RETURN BOND FUND | TOTAL RETURN BOND FUND | TOTAL RETURN BOND FUND | TOTAL RETURN BOND FUND |
|  | CLASS M | CLASS M | CLASS I | CLASS I |
|  | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 |
|  Change in Fund shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at beginning of year | 424049209 | 694341407 | 3446644876 | 4139805317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 67411786 | 101926092 | 521208590 | 918263351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued through reinvestment of distributions | 14649070 | 22015920 | 113307757 | 151631718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (214061391) | (394234210) | (1676208981) | (1763055510) |
|  Net (decrease) in fund shares | (132000535) | (270292198) | (1041692634) | (693160441) |
|  Shares outstanding at end of year | 292048674 | 424049209 | 2404952242 | 3446644876 |

---

235 / Annual Financial Statements March 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL RETURN BOND FUND  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL RETURN BOND FUND  |
| | | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLASS I-2  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLASS I-2 |
| | | | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Fund shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at beginning of year |  |  | 7505916 | 11005199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  | 1416009 | 3715544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued through reinvestment of distributions |  |  | 256682 | 410856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (4976328) | (7625683) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) in fund shares |  |  | (3303637) | (3499283) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at end of year |  |  | 4202279 | 7505916 |
|  | <br> TOTAL RETURN BOND FUND | <br> TOTAL RETURN BOND FUND | <br> TOTAL RETURN BOND FUND | <br> TOTAL RETURN BOND FUND |
|  | ADMINISTRATIVE<br>CLASS | <br> ADMINISTRATIVE<br>CLASS | PLAN CLASS | PLAN CLASS |
|  | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Fund shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at beginning of year | 131944182 | 166912987 | 1868351523 | 2026068357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 15709647 | 27690579 | 275082988 | 406168066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued through reinvestment of distributions | 3229782 | 5773993 | 59139296 | 81918613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (102475546) | (68433377) | (1027025744) | (645803513) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) in fund shares | (83536117) | (34968805) | (692803460) | (157716834) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at end of year | 48408065 | 131944182 | 1175548063 | 1868351523 |
|  | <br> ULTRA SHORT BOND FUND | <br> ULTRA SHORT BOND FUND | <br> ULTRA SHORT BOND FUND | <br> ULTRA SHORT BOND FUND |
|  | CLASS M | <br> CLASS M | CLASS I | CLASS I |
|  | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Fund shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at beginning of year | 3157713 | 4875363 | 9220091 | 24795459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 384868 | 242055 | 1969773 | 2559728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued through reinvestment of distributions | 120336 | 149246 | 378394 | 700819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (963436) | (2108951) | (3097476) | (18835915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) in fund shares | (458232) | (1717650) | (749309) | (15575368) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at end of year | 2699481 | 3157713 | 8470782 | 9220091 |
|  | <br> UNCONSTRAINED BOND FUND | <br> UNCONSTRAINED BOND FUND | <br> UNCONSTRAINED BOND FUND | <br> UNCONSTRAINED BOND FUND |
|  | <br> CLASS M | CLASS M | CLASS I | CLASS I |
|  | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Fund shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at beginning of year | 13745498 | 15381585 | 197548988 | 226158098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1981364 | 2154982 | 52713287 | 66379966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued through reinvestment of distributions | 807916 | 926172 | 9215976 | 9994952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3517217) | (4717241) | (53916265) | (104984028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in fund shares | (727937) | (1636087) | 8012998 | (28609110) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at end of year | 13017561 | 13745498 | 205561986 | 197548988 |
|  |  |  | <br> UNCONSTRAINED BOND FUND | <br> UNCONSTRAINED BOND FUND |
|  |  |  | <br> PLAN CLASS | PLAN CLASS |
|  |  |  | YEAR ENDED<br>MARCH 31, 2025 | YEAR ENDED<br>MARCH 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Fund shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at beginning of year |  |  | 38620666 | 33873600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  | 7591820 | 2758702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued through reinvestment of distributions |  |  | 2732239 | 2492578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (2979047) | (504214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in fund shares |  |  | 7345012 | 4747066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at end of year |  |  | 45965678 | 38620666 |

---

Annual Financial Statements March 2025 / 236

------

10. FEDERAL TAX INFORMATION

#### Capital Loss Carryforwards:
At March 31, 2025, the following Funds had available for federal income tax purposes unused capital losses as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FUND | AMOUNT UTILIZED IN<br>CURRENT YEAR | SHORT-TERM<br>NON-EXPIRING<br>AMOUNTS<sup>\*</sup> | LONG-TERM<br>NON-EXPIRING<br>AMOUNTS<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield Bond Fund | $— | $30723024 | $100916259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Bond Fund | 8497158 | 62542675 | 24700837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Grade Credit Fund |  | 687729 | 1329745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Low Duration Bond Fund |  | 120497316 | 74210567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategic Income Fund | 906405 | 1376 | 4578580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sustainable Securitized Fund | 196081 | 235588 | 1065981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Bond Fund | 534169558 | 6844825832 | 4370128601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Short Bond Fund | 219660 | 6973337 | 5513989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unconstrained Bond Fund |  | 71369836 | 150322147 |

---

<sup>\*</sup> Under the Modernization Act of 2010, capital losses incurred by the Funds after March 31, 2011 will not be subject to expiration. In addition, these losses must be utilized prior to the losses incurred in the years preceding enactment.

#### Tax Basis of Distributable Income:
As of March 31, 2025, the components of accumulated earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | HIGH YIELD BOND<br>FUND | INTERMEDIATE<br>BOND FUND | INVESTMENT<br>GRADE CREDIT<br>FUND | LOW DURATION<br>BOND FUND | STRATEGIC INCOME<br>FUND | SUSTAINABLE<br>SECURITIZED FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income (inclusive of short-term gains) | $3170147 | $1417410 | $15753 | $1381849 | $252730 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other temporary differences | (342069) | 5870 | (347) | (466475) | (1804) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated capital loss carryforwards and post- October losses | (134642443) | (94810432) | (2285283) | (197818560) | (6001811) | (1335276) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | (7124205) | (2363034) | (671928) | (4178443) | (5901596) | (115350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total accumulated earnings (losses) | $(138938570) | $(95750186) | $(2941805) | $(201081629) | $(11652481) | $(1450626) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | TOTAL RETURN<br>BOND FUND | ULTRA SHORT<br>BOND FUND | UNCONSTRAINED<br>BOND FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income (inclusive of short-term gains) | $54490191 | $108101 | $3380028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term gains |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other temporary differences | (8838136) | (235) | (2926212) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated capital loss carryforwards and post-October losses | (12066557395) | (12546943) | (232411549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | (1666123690) | (188920) | (315029299) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total accumulated earnings (losses) | $(13687029030) | $(12627997) | $(546987032) |

---

237 / Annual Financial Statements March 2025

------

#### Notes to Financial Statements (Continued)
Tax Basis of Distributions to Shareholders:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | HIGH YIELD<br>BOND FUND | HIGH YIELD<br>BOND FUND | INTERMEDIATE<br>BOND FUND | INTERMEDIATE<br>BOND FUND |
|  | MARCH 31, 2025 | MARCH 31, 2024 | MARCH 31, 2025 | MARCH 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income (inclusive of short-term capital gains) | $29582339 | $33524300 | $34916009 | $41555931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $29582339 | $33524300 | $34916009 | $41555931 |
|  | INVESTMENT GRADE<br>CREDIT FUND | INVESTMENT GRADE<br>CREDIT FUND | LOW DURATION<br>BOND FUND | LOW DURATION<br>BOND FUND |
|  | MARCH 31, 2025 | MARCH 31, 2024 | MARCH 31, 2025 | MARCH 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income (inclusive of short-term capital gains) | $1162094 | $720676 | $47668798 | $62279679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $1162094 | $720676 | $47668798 | $62279679 |
|  | STRATEGIC<br>INCOME FUND | STRATEGIC<br>INCOME FUND | SUSTAINABLE SECURITIZED<br>FUND | SUSTAINABLE SECURITIZED<br>FUND |
|  | MARCH 31, 2025 | MARCH 31, 2024 | MARCH 31, 2025 | MARCH 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income (inclusive of short-term capital gains) | $4983092 | $5299041 | $771176 | $365955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  |  |  | 40424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $4983092 | $5299041 | $771176 | $406379 |
|  | TOTAL RETURN<br>BOND FUND | TOTAL RETURN<br>BOND FUND | ULTRA SHORT<br>BOND FUND | ULTRA SHORT<br>BOND FUND |
|  | MARCH 31, 2025 | MARCH 31, 2024 | MARCH 31, 2025 | MARCH 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income (inclusive of short-term capital gains) | $1859073730 | $2515216896 | $2066376 | $3495122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $1859073730 | $2515216896 | $2066376 | $3495122 |

---

---

| | | |
|:---|:---|:---|
|  | UNCONSTRAINED<br>BOND FUND | UNCONSTRAINED<br>BOND FUND |
|  | MARCH 31, 2025 | MARCH 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income (inclusive of short-term capital gains) | $169371054 | $178292972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  | 1643452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $169371054 | $179936424 |

---

#### Tax Cost
As of March 31, 2025, gross unrealized appreciation (depreciation) based on cost for federal income tax purposes were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | HIGH YIELD BOND<br>FUND | INTERMEDIATE<br>BOND FUND | INVESTMENT<br>GRADE CREDIT<br>FUND | LOW DURATION<br>BOND FUND | STRATEGIC<br>INCOME FUND | SUSTAINABLE<br>SECURITIZED<br>FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Cost | $411557618 | $728196005 | $32232345 | $1141793644 | $77706871 | $18984856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation | 5483141 | 6394703 | 366944 | 8320555 | 1584012 | 279109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized (depreciation) | (12616597) | (8760050) | (1038723) | (12492753) | (7485955) | (394461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | $(7133456) | $(2365347) | $(671779) | $(4172198) | $(5901943) | $(115352) |

---

Annual Financial Statements March 2025 / 238

------

#### Notes to Financial Statements (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | TOTAL RETURN<br> BOND FUND | ULTRA SHORT<br>BOND FUND | UNCONSTRAINED<br>BOND FUND |
| &nbsp;&nbsp; Tax Cost | $40621559713 | $55363408 | $3302108881 |
| &nbsp;&nbsp; Gross unrealized appreciation | 319001634 | 358289 | 38862971 |
| &nbsp;&nbsp; Gross unrealized (depreciation) | (1985227112) | (547199) | (353891137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | $(1666225478) | $(188910) | $(315028166) |

---

**11.** **COMMITTED LINE OF CREDIT** 

The Funds have entered into a $250,000,000 committed revolving line of credit agreement with The Bank of New York Mellon (the "Bank") for temporary borrowing purposes with an expiration date of March 31, 2025. The interest rate on borrowing is the higher of the federal funds rate or SOFR plus 0.10%, plus 1.25%. There were no borrowings from the line of credit as of or during the year ended March 31, 2025. The Funds pay the Bank a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount. The commitment fees incurred by the Funds are presented in the Statements of Operations. The commitment fees are allocated to each applicable portfolio in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable portfolio.

**12.** **INDEMNIFICATIONS** 

Under the Funds' organizational documents, its officers and trustees are indemnified against certain liability arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown, as this would involve further claims that may be made against the Funds. However, based on experience, the Funds expect the risk of loss to be remote.

**13.** **SUBSEQUENT EVENT** 

On December 9, 2024, the Board of Trustees of TCW Metropolitan West Funds (the "Trust") approved (i) U.S. Bancorp Fund Services, LLC as each Fund's transfer agent and dividend disbursing agent and (ii) State Street Bank and Trust Company as each Fund's administrator and custodian, both effective May 16, 2025.

Effective April 1, 2025, the Funds, together with the TCW Funds, Inc. and TCW ETF Trust, have entered into a $250,000,000 committed revolving line of credit agreement with State Street Bank and Trust Company (the "Bank") for temporary borrowing purposes with an expiration date of December 18, 2025. The interest rate on borrowing is the higher of the federal funds rate or SOFR plus 0.10%, plus 1.25%. The Funds would pay the Bank a commitment fee equal to 0.25% per annum on the daily unused portion of the committed line amount.

**14.** **SEGMENT REPORTING** 

In the reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. The Funds represents a single operating segment as the operating results of the Funds are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that is executed by the Funds' portfolio management team. A senior executive team comprised of the Funds' Principal Executive Officer and Principal Financial Officer, serves as the Funds' chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the Funds' profits and losses and to make resource allocation decisions. Segment assets are reflected in the Statements of Assets and Liabilities as Net Assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

239 / Annual Financial Statements March 2025

------

#### Report of Independent Registered Public Accounting Firm

#### To the Shareholders and the Board of Trustees of

#### TCW Metropolitan West Funds

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of TCW Metropolitan West Funds (the "Trust") comprising the TCW MetWest Sustainable Securitized Fund, TCW MetWest High Yield Bond Fund, TCW MetWest Intermediate Bond Fund, TCW MetWest Investment Grade Credit Fund, TCW MetWest Low Duration Bond Fund, TCW MetWest Strategic Income Fund, TCW MetWest Total Return Bond Fund, TCW MetWest Ultra Short Bond Fund, and TCW MetWest Unconstrained Bond Fund (the "Funds"), including the schedules of portfolio investments, as of March 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for the Funds, except TCW MetWest Sustainable Securitized Fund; the related statements of operations, changes in net assets, and financial highlights for the periods indicated in the table below for TCW MetWest Sustainable Securitized Fund, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds listed above constituting TCW Metropolitan West Funds as of March 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended (or for the period listed in the table below) in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Individual Fund<br>Comprising the<br>Metropolitan West Funds** | **Statement of<br>Operations** | **Statement of<br>Changes in Net<br>Assets** | **Financial<br>Highlights** |
| &nbsp;&nbsp;&nbsp;TCW MetWest Sustainable Securitized Fund | For the year ended March 31, 2025 | For the years ended March 31, 2025 and 2024 | For the years ended March 31, 2025, 2024 and 2023, and the period from October 1, 2021 (commencement of operations) through March 31, 2022 |

---

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g37096g32t50.jpg)

Los Angeles, California

May 27, 2025

We have served as the auditor of one or more TCW/Metropolitan West Funds investment companies since 1990.

Annual Financial Statements March 2025 / 240

------

#### TCW Metropolitan West Funds

#### Tax Information Notice
(Unaudited)

For shareholders that do not have a March 31, 2025 tax year end, this notice is for informational purposes only. For shareholders with a March 31, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended March 31, 2025, each portfolio is reporting the following items with regard to distributions paid during the year. All information is based on financial information available as of the date of this annual financial statements and, accordingly is subject to change. For each item, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | HIGH YIELD<br>BOND FUND | INTERMEDIATE<br>BOND FUND | INVESTMENT<br>GRADE CREDIT<br>FUND | LOW DURATION<br>BOND FUND | STRATEGIC<br>INCOME FUND |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income Distributions | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Capital Gain Distributions | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-Term Capital Gain Distributions | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Interest | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualifying For Corporate Dividends Rec Deduction (1) | 0.00% | 0.07% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualifying Dividend Income (2) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Interest (3) | 1.61% | 40.86% | 19.24% | 13.17% | 5.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Tax Credit (4) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualified Interest Income (5) | 88.30% | 85.93% | 89.10% | 84.36% | 82.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualified Short-Term Capital Gain (6) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  | SUSTAINABLE<br>SECURITIZED<br>FUND | TOTAL RETURN<br>BOND FUND | ULTRA SHORT<br>BOND FUND | UNCONSTRAINED<br>BOND FUND |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income Distributions | 100.00% | 100.00% | 100.00% | 100.00% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Capital Gain Distributions | 0.00% | 0.00% | 0.00% | 0.00% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-Term Capital Gain Distributions | 0.00% | 0.00% | 0.00% | 0.00% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital | 0.00% | 0.00% | 0.00% | 0.00% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Interest | 0.00% | 0.00% | 0.00% | 0.00% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualifying For Corporate Dividends Rec Deduction (1) | 0.00% | 0.00% | 0.00% | 0.00% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualifying Dividend Income (2) | 0.00% | 0.89% | 0.00% | 0.58% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Interest (3) | 7.40% | 26.40% | 25.34% | 2.36% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Tax Credit (4) | 0.00% | 0.00% | 0.00% | 0.00% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualified Interest Income (5) | 82.97% | 83.79% | 88.45% | 84.55% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualified Short-Term Capital Gain (6) | 0.00% | 0.00% | 0.00% | 0.00% |  |

---

(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short-term capital gain and net investment income distributions).

(3) "U.S. Government Interest" represents the amount of interest that was derived from direct U.S. government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short-term capital gain and net investment income distributions). Generally, interest from direct U.S. government obligations is exempt from state income tax. However, for residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income for this fund.

(4) Foreign Tax Credit represents dividends which qualify for the foreign tax credit pass through and is reflected as a percentage of investment company taxable income (the total of short-term capital gain and net investment income).

241 / Annual Financial Statements March 2025

------

![LOGO](g37096g05d64.jpg)

TCW MetWest Funds 515 South Flower Street <br> Los Angeles, California 90071 800 241 4671 www.TCW.com

---

| |
|:---|
| Board of Trustees |
| **Patrick C. Haden** |
| **Martin Luther King III** |
| **Megan McClellan** |
| **Peter McMillan** |
| **Patrick Moore** |
| **Victoria B. Rogers** |
| **Robert G. Rooney** |
| **Michael Swell** |
| **Andrew Tarica**<br>|
| Officers |
| **Megan McClellan** |
| President and Principal Executive Officer<br>|
| **Drew Bowden** |
| Executive Vice President<br>|
| **Eric Chan** |
| Assistant Treasurer<br>|
| **Peter Davidson** |
| Vice President and Secretary<br>|
| **Lisa Eisen** |
| Tax Officer<br>|
| **Richard Villa** |
| Treasurer, Principal Financial Officer and |
| Principal Accounting Officer<br>|
| **Gladys Xiques** |
| Chief Compliance Officer and |
| Anti-Money Laundering Officer<br>|
| Adviser |
| **Metropolitan West Asset Management, LLC**<br> 515 South Flower Street |
| Los Angeles, CA 90071<br>|
| Custodian |
| **The Bank of New York Mellon** |
| One Wall Street |
| New York, NY 10286<br>|
| Transfer Agent |
| **BNY Mellon Investment Servicing (U.S.) Inc.** |
| P.O. Box 534453 |
| Pittsburgh, PA 15253-4453 |

---

---

| |
|:---|
| Independent Registered Public<br> Accounting Firm |
| **Deloitte & Touche LLP**<br> 555 West 5th Street, Suite 2700 |
| Los Angeles, CA 90013<br>|
| Distributor |
| **TCW Funds Distributors LLC**<br> 515 South Flower Street |
| Los Angeles, CA 90071<br>|
| Legal Counsel |
| **Paul Hastings LLP**<br> 101 California Street, 48th Floor |
| San Francisco, CA 94111<br>|
| For Additional Information about the TCW MetWest Funds call: (213) 244-0000 or (800) 241-4671 (toll-free) www.TCW.com<br>|
| A description of the Funds' proxy voting policies, procedures, and how the Funds voted proxies relating to their portfolios' securities during the most recent 12-month period ending June 30 are available (i) without charge, upon request, by calling (800) 241-4671; (ii) on the Securities and Exchange Commission's website at www.sec.gov.<br>|
| In addition to its annual and semi-annual reports, the Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. Such filings occur no later than 60 days after the end of the Funds' first and third quarters and are available on the SEC's website at www.sec.gov.<br>|
| To reduce expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 241-4671 (or contact your financial institution). We will begin sending you individual copies thirty days after receiving your request.<br>|
| This report is submitted for general information to the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus, which includes details regarding the Funds' objectives, policies, expenses and other information. |

---

FUNDap 5/2025

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

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

The Fund's disclosure of remuneration items is included as part of the Annual Financials and Additional Information filed under Item 7 of this form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, 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") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-

------

15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). <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 (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
[(a)(1)](d37096dex99codeeth.htm) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached herewith.](d37096dex99codeeth.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](d37096dex99cert.htm) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d37096dex99cert.htm)  |

---

(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

[(b)](d37096dex99906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](d37096dex99906cert.htm) 

------

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

---

| |
|:---|
| (Registrant) <u>TCW Metropolitan West Funds</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By (Signature and Title)\* <u>/s/ Megan McClellan</u> <br> Megan McClellan, President and Principal Executive Officer<br> (principal executive officer) |
| Date <u>June 5, 2025</u> |

---

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.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By (Signature and Title)\* <u>/s/ Megan McClellan</u> <br> Megan McClellan, President and Principal Executive Officer<br> (principal executive officer) |
| Date <u>June 5, 2025</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By (Signature and Title)\* <u>/s/ Richard Villa</u> <br> Richard Villa, Treasurer, Principal Financial Officer<br> and Principal Accounting Officer<br> (principal financial officer) |
| Date <u>June 5, 2025</u> |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

Sarbanes-Oxley Act Code of Ethics

This SOX Code for the Funds has been adopted regarding the **Covered Officers** for the purpose of deterring wrongdoing and promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal
and professional relationships,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or
submits to, the **SEC** and in other public communications made by the Funds,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● compliance with applicable laws and governmental rules and regulations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● prompt internal reporting of violations of this **SOX Code** to an appropriate person or persons identified in this **SOX Code**, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● accountability for adherence to this **SOX Code**.

This **SOX Code** shall be the sole code of ethics adopted by the **Funds** for the purposes of section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the **Funds**, **TIMCO**, **MetWest** or **TFD** govern or purport to govern the behavior or activities of the **Covered Officers** who are subject to this **SOX Code**, they are superseded by this **SOX Code** to the extent that they overlap or conflict with the provisions of this **SOX Code**. The **Funds'**, **TIMCO's**, **MetWest's** and **TFD's** codes of ethics under Rule 17j-1 under the **40 Act** and **TIMCO's** and **MetWest's** more detailed policies and procedures set forth in the Code of Ethics are separate requirements that apply to the **Covered Officers** and others and are not part of this **SOX Code**.

Each **Covered Officer** of a **Fund** must, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● upon being named a **Covered Officer** affirm in writing to the board that he or she has received, read and
understands this **SOX Code**,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● avoid situations when a **Covered Officer's** private interest interferes with the interests of, or service to,
a Fund,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund, including where the **Covered Officer** would benefit personally to the detriment of the Fund,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not cause a Fund to take action, or fail to take action, for the individual personal benefit of the **Covered Officer** rather than the benefit of the Fund,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not use material non-public knowledge of portfolio transactions made or
contemplated for a Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● report at least annually any directorships or other affiliations with other public companies,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● obtain approval from (i) their supervisor and (ii) any of the **Fund Chief Compliance Officer**, or **General Counsel** upon the receipt of any entertainment from any company with which

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a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate with regard to time and place, and not so frequent that questions of impropriety arise. Where the CEO of TCW Group is considered a Covered Person under these policies, and therefore has no direct supervisor, the foregoing approval shall require two of the persons named under (ii) above, <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● annually affirm to the relevant board that he or she has complied with the requirements of this **SOX Code**,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not retaliate against any **Covered Officer** or employee of the **Funds** or their **Affiliated Persons** for
reports of potential violations that are made in good faith, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● notify the **General Counsel** promptly if he knows of any violation of this Code. Failure to do so is itself a
violation of this **SOX Code**. The **General Counsel** will promptly notify the **Chief Compliance Officer** of the **Fund** of any reported violations of this **SOX Code**.

Further, each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● should refrain from accepting gifts of more than a de minimis value from providers of goods and services to a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● should be familiar with the disclosure requirements generally applicable to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or
outside the Fund, including to a Fund's board and auditors, or to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of
the **Funds** and **TIMCO** or **MetWest**, applicable, with the goal of promoting full, fair, accurate, timely, and understandable disclosure in the reports and documents that the **Funds** file with, or submit to, the **SEC** and in
other public communications made by the **Funds**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● is responsible for promoting compliance with the standards and restrictions imposed by applicable laws, rules, and
regulations.

The foregoing requirements shall not prevent the participation of the **Covered Officers** in activities inherent in the contractual relationship between each fund and **TIMCO** or **MetWest**, as applicable, such as contract negotiation, and, if addressed in conformity with the provisions of the **40 Act** and the **Advisers Act**, will be deemed to have been handled ethically.

The following conflicts of interest situations involving a **Covered Officer** must be approved by (i) the Chief Operating Officer of the Firm and (ii) one of the **General Counsel** or **Chief Compliance Officer** of the **Fund**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● service as a director on the board of any public company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● service as an executor, trustee, guardian, conservator, general partner or other fiduciary, or any appointment as a
consultant in connection with fiduciary or active money management matters exclusive of appointments involving personal estates or service on

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the board of a charitable, civic, or nonprofit company where the **Covered Officer** does not act as an investment advisor for the entity's assets, <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any ownership interest in, or any consulting or employment relationship with, any service providers of a Fund, as
applicable, other than its investment adviser, principal underwriter, or any **Affiliated Person** thereof, with the exception that nothing herein shall prevent a **Covered Officer** from acquiring publicly traded securities of a service
provider in a market transaction, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a direct or indirect financial interest in commissions, transaction charges, or spreads paid by a Fund for effecting
portfolio transactions or for selling or redeeming shares other than an interest arising from the **Covered Officer's** employment, such as compensation or equity ownership.

Any approvals or waivers sought by a **Covered Officer** that is not covered above will be submitted for consideration by the **Audit Committee** of the relevant Fund. In addition, the **Funds** will follow these procedures in investigating and enforcing this **SOX Code**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The **General Counsel** will take all appropriate action to investigate any reported violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If, after such investigation, the **General Counsel** believes that no violation has occurred, the **General Counsel** is not required to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any matter that the **General Counsel** believes is a violation will be reported to the **Audit Committee a** nd to
the **Chief Compliance Officer**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If the **Audit Committee** concurs that a violation has occurred, it will inform the board, which will consider
appropriate action, which may include (i) review of, and appropriate modifications to, applicable policies and procedures, (ii) notification to appropriate personnel of **TIMCO**, **MetWest** or their board, as applicable, or
(iii) a recommendation to dismiss the **Covered Officer**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The **Audit Committee** will be responsible for granting waivers, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any changes to, or waivers of, this **SOX Code** will, to the extent required, be disclosed as provided by **SEC** rules.

Material amendments to this **SOX Code** must be in written form and specifically approved or ratified by a majority vote of a Fund's board, including a majority of independent directors.

All reports and records prepared or maintained pursuant to this **SOX Code** will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this **SOX Code**, such matters shall not be disclosed to anyone other than the appropriate board, their counsel, counsel to the relevant **Funds**, and such persons at **TCW** who should know in the reasonable course of their duties.

This **SOX Code** is intended solely for the internal use by the funds and does not constitute an admission, by or on behalf of any Fund, with regard to any fact, circumstance, or legal conclusion.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Megan McClellan, certify that:

1. I have reviewed this report on Form N-CSR of TCW Metropolitan West
Funds;

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
|  Date: <u>June 5, 2025</u>  | /s/ Megan McClellan |
|  | Megan McClellan, President and Principal<br> Executive Officer<br> (principal executive officer) |

---

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**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Richard Villa, certify that:

1. I have reviewed this report on Form N-CSR of TCW Metropolitan West
Funds;

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

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

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

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

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

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

------

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

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

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

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

---

| | |
|:---|:---|
|  Date: <u>June 5, 2025</u>  | /s/ Richard Villa |
|  | Richard Villa, Treasurer, Principal Financial<br> Officer and Principal Accounting Officer<br> (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Megan McClellan, President and Principal Executive Officer of TCW Metropolitan West Funds (the "Registrant"), certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The periodic report on Form N-CSR of the Registrant (the
"Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
|  Date: <u>June 5, 2025</u> | /s/ Megan McClellan |
|  | Megan McClellan, President and Principal<br> Executive Officer<br> (principal executive officer) |

---

I, Richard Villa, Treasurer, Principal Financial Officer and Principal Accounting Officer of TCW Metropolitan West Funds (the "Registrant"), certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The periodic report on Form N-CSR of the Registrant (the
"Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
|  Date: <u>June 5, 2025</u>  | /s/ Richard Villa |
|  | Richard Villa, Treasurer, Principal Financial<br> Officer and Principal Accounting Officer<br> (principal financial officer) |

---