N-CSR 1 n-csr.htm

As filed with the Securities and Exchange Commission on January 2, 2020

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03802

NEUBERGER BERMAN INCOME FUNDS

(Exact name of registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Address of principal executive offices – Zip Code)

Joseph V. Amato

Chief Executive Officer and President

Neuberger Berman Income Funds

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

Arthur C. Delibert, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and addresses of agents for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2019

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

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

Item 1. Report to Shareholders.

Following is a copy of the annual report transmitted to shareholders pursuant to Rule 30e-1 under the Act.

Neuberger Berman
Income Funds

Investor Class Shares
Trust Class Shares
Institutional Class Shares

Core Bond Fund

Emerging Markets Debt Fund

Floating Rate Income Fund

High Income Bond Fund

Municipal High Income Fund

Municipal Impact Fund

Class A Shares
Class C Shares
Class R3 Shares
Class R6 Shares

Municipal Intermediate Bond Fund

Short Duration Bond Fund

Short Duration High Income Fund

Strategic Income Fund

Unconstrained Bond Fund

Annual Report

October 31, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund's annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund's website www.nb.com/fundliterature, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 800.877.9700 or by sending an e-mail request to fundinfo@nb.com.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.877.9700 or send an email request to fundinfo@nb.com to inform the Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Contents

THE FUNDS

President's Letter

PORTFOLIO COMMENTARY

Core Bond Fund					2
Emerging Markets Debt Fund					5
Floating Rate Income Fund					9
High Income Bond Fund					12
Municipal High Income Fund					15
Municipal Impact Fund					18
Municipal Intermediate Bond Fund					21
Short Duration Bond Fund					24
Short Duration High Income Fund					27
Strategic Income Fund					30
Unconstrained Bond Fund					33
FUND EXPENSE INFORMATION					42
LEGEND					45

SCHEDULE OF INVESTMENTS

Core Bond Fund					47
Emerging Markets Debt Fund					58
Positions by Industry					74
Floating Rate Income Fund					86
High Income Bond Fund					100
Municipal High Income Fund					115
Municipal Impact Fund					124
Municipal Intermediate Bond Fund					129
Short Duration Bond Fund					138
Short Duration High Income Fund					146

Strategic Income Fund					158
Unconstrained Bond Fund					210
FINANCIAL STATEMENTS					230

FINANCIAL HIGHLIGHTS (ALL CLASSES)/PER SHARE DATA

Core Bond Fund					272
Emerging Markets Debt Fund					274
Floating Rate Income Fund					274
High Income Bond Fund					276
Municipal High Income Fund					278
Municipal Impact Fund					280
Municipal Intermediate Bond Fund					280
Short Duration Bond Fund					282
Short Duration High Income Fund					284
Strategic Income Fund					284
Unconstrained Bond Fund					286
Reports of Independent Registered Public Accounting Firms					292
Directory					294
Trustees and Officers					295
Proxy Voting Policies and Procedures					305
Quarterly Portfolio Schedule					305
Board Consideration of the Management Agreements					305
Notice to Shareholders					312

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA. ^_©2019 Neuberger Berman BD LLC, distributor. All rights reserved.

President's Letter

Dear Shareholder,

I am pleased to present this annual shareholder report for the Neuberger Berman Income Funds.

The slow-but-positive U.S. economic expansion continued over the 12 months ended October 31, 2019 (reporting period), supported largely by resilient personal consumption and a strong labor market. In terms of the latter, the unemployment rate was reported at 3.6% in October 2019, close to its lowest reading in nearly 50 years. However, other areas of the U.S. economy showed signs of softening. For example, in August 2019, measures of manufacturing sector activity slipped into contraction territory, the first such occurrence in three years. Elsewhere, growth outside of the U.S. continued to weaken amid mounting global trade and geopolitical headwinds.

Against this backdrop, key central banks shifted away from a desire to normalize policy to a desire to support growth. The U.S. Federal Reserve Board (Fed), after raising interest rates four times in calendar year 2018, lowered rates three times in 2019. Elsewhere, the European Central Bank cut policy rates and announced a new round of quantitative easing, while the Bank of Japan signaled they were prepared to implement more accommodative policy as needed.

U.S. Treasury yields rallied meaningfully over the reporting period. Both short- and long-dated Treasury yields declined, seemingly fueled by growing fears of moderating global growth. Furthermore, at times investors were drawn to the relative safety of government bonds given uncertainties surrounding the trade negotiations between the U.S. and China, questions regarding Brexit and a number of geopolitical issues.

In this environment, the Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% during the reporting period. Other fixed income subsectors also produced solid absolute returns, including investment-grade and non-investment grade credit, emerging markets debt and select securitized sectors.

Looking ahead, we anticipate the U.S. economy to continue its soft landing trajectory—supported by an accommodative Fed and resilient personal spending—while other regions and countries face more risk.

Thank you for your support and trust. We look forward to continue serving your investment needs in the years to come.

Sincerely,

JOSEPH V. AMATO
PRESIDENT AND CEO
NEUBERGER BERMAN INCOME FUNDS

Core Bond Fund Commentary (Unaudited)

Neuberger Berman Core Bond Fund Institutional Class generated a 11.24% total return for the 12 months ended October 31, 2019 and underperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the Index), which saw a 11.51% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The overall fixed income market generated strong results during the 12 months ended October 31, 2019. Both short- and long-term U.S. Treasury yields moved sharply lower as the U.S. Federal Reserve Board (Fed) had a "dovish pivot" and lowered interest rates three times during the second half of the reporting period. In addition, global growth continued to moderate, partially due to the ongoing trade conflict between the U.S. and China. Investor sentiment was also challenged at times given uncertainties surrounding Brexit, numerous other geopolitical issues and a downturn in manufacturing activity. Against this backdrop, a number of central banks outside the U.S., including the European Central Bank, also introduced accommodative monetary policies, and government yields outside the U.S. also moved lower.

Security selection in investment grade credit was the largest contributor to relative performance versus the Index during the reporting period, primarily due to positive issuer selection in the banking, healthcare and food & beverage subsectors. The Fund was underweight corporate credit during the volatile November/December 2018 period. Given wider spreads and our view that global economic growth would moderate but remain positive, we briefly moved to overweight corporates in the first quarter of 2019. We then reduced our position to a neutral posture in the second quarter of 2019 and ended the period modestly underweight. These adjustments all contributed to relative performance. An overweight exposure to commercial mortgage-backed securities (CMBS) and an allocation to mortgage credit were other primary contributors to performance. Conversely, the Fund's allocation to U.S. Treasury Inflation-Protection Securities detracted the most from results as future inflation expectations remained weak relative to inflation readings during the reporting period. Elsewhere, yield curve positioning, along with security selection in agency mortgage-backed securities, also detracted from results.

The Fund's use of futures contracts detracted from performance during the reporting period.

There were several adjustments made to the portfolio during the reporting period. We moved from overweight to a neutral position in asset-backed securities (ABS), as their valuations became less attractive in our view. However, consumer balance sheets remained quite strong, which bodes well for ABS fundamentals. We increased the Fund's exposure to CMBS and mortgage credit, which we continue to view as attractive in light of still supportive commercial and residential real estate fundamentals. In addition, we opened a modest position in AAA rated collateralized loan obligations due to compelling relative valuations. Finally, we lengthened the Fund's duration modestly, ending the reporting period longer than the Index by roughly one third of a year.

Our main thesis since early 2019 has been that global growth would slow, but we would experience a global soft economic landing, which we believed would ultimately support a range of credit sectors. To date, that has been the case, but as we look forward, we believe we should bifurcate the outlook. For the U.S. in particular, we still believe in slow-but-positive growth: the base of consumption spending and labor trends means that it's difficult to envision a serious slowdown over the coming quarters. But for other regions and countries, we believe the soft landing is transitioning to something riskier. In our view, continental Europe, the U.K. and some major emerging market countries are seeing, and will likely continue to see, weak growth rates that may look and feel like recessions, even if technical definitions of a recession are not met.

Sincerely,

THANOS BARDAS, DAVID M. BROWN, NATHAN KUSH AND BRAD TANK
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Core Bond Fund (Unaudited)

TICKER SYMBOLS

Investor Class				NCRIX
Institutional Class				NCRLX
Class A				NCRAX
Class C				NCRCX
Class R6				NRCRX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)
Asset-Backed Securities	6.9	%
Corporate Bonds	23.7
Mortgage-Backed Securities	48.2
U.S. Government Agency Securities	0.9
U.S. Treasury Obligations	22.4
Short-Term Investments	0.7
Liabilities Less Other Assets	(2.8	)*
Total	100.0	%

* Includes the impact of the Fund's open positions in derivatives, if any.

PERFORMANCE HIGHLIGHTS^2,18

	Inception	Average Annual Total Return Ended 10/31/2019
	Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class³	02/01/1997		10.81	%		2.69	%		3.58	%		4.71	%
Institutional Class³	10/01/1995		11.24	%		3.10	%		4.00	%		5.11	%
Class A⁴	12/20/2007		10.82	%		2.69	%		3.59	%		4.90	%
Class C⁴	12/20/2007		9.99	%		1.93	%		2.82	%		4.51	%
Class R6⁴	01/18/2019		11.33	%		3.12	%		4.01	%		5.11	%
With Sales Charge
Class A⁴			6.14	%		1.80	%		3.14	%		4.71	%
Class C⁴			8.99	%		1.93	%		2.82	%		4.51	%
Index
Bloomberg Barclays U.S. Aggregate Bond Index^1,14			11.51	%		3.24	%		3.73	%		5.23	%

The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For current performance data, please visit www.nb.com/performance.

The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.

For the period ended October 31, 2019, the 30-day SEC yields were 2.60%, 3.00%, 2.60%, 1.85% and 3.11% for Investor Class, Institutional Class, Class A, Class C and Class R6 shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 2.34%, 2.90%, 2.52%, 1.78% and 2.99% for Investor Class, Institutional Class, Class A, Class C and Class R6 shares, respectively.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.12%, 0.55%, 0.92%, and 1.67% for Investor Class, Institutional Class, Class A, and Class C shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2019 is 0.45% for Class R6 (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios for fiscal year 2018 were 0.86%, 0.46%, 0.86%, and 1.61% for Investor Class, Institutional Class, Class A, and Class C shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2019 is 0.36% for Class R6 after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the annual period ended October 31, 2019 can be found in the Financial Highlights section of this report.

Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.

Core Bond Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

This graph shows the change in value of a hypothetical $1,000,000 investment in the Fund over the past 10 fiscal years, or since the Fund's inception if it has not operated for 10 years. The graph is based on the Institutional Class shares only; the performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses (see Performance Highlights chart on previous page). The result is compared with benchmarks, which include a broad-based market index and may include a more narrowly based index. Market indices have not been reduced to reflect any of the fees and costs of investing. The results shown in the graph reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. Results represent past performance and do not indicate future results.

Emerging Markets Debt Fund Commentary (Unaudited)

Neuberger Berman Emerging Markets Debt Fund Institutional Class generated a 13.26% total return for the 12 months ended October 31, 2019 and underperformed its benchmark, a blend consisting of 50% J.P. Morgan Government Bond Index—Emerging Markets Global Diversified, 25% J.P. Morgan Emerging Markets Bond Index—Global Diversified, and 25% J.P. Morgan Corporate Emerging Markets Bond Index—Diversified (the Index), which delivered a 14.65% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

For the 12 months ended October 31, 2019, emerging markets (EM) debt experienced positive tailwinds supporting strong performance. The hard currency sovereign debt index (J.P. Morgan Emerging Markets Bond Index-Global Diversified) delivered a 14.35% return, the corporate debt index (J.P. Morgan Corporate Emerging Markets Bond Index-Diversified) delivered 12.81%, and the local currency index (J.P. Morgan Government Bond Index-Emerging Markets Global Diversified) returned 15.59%.

Following a drawdown in the closing months of 2018 after the U.S. Federal Reserve Board (Fed) rate hike, EM debt posted strong gains in 2019. The recovery was driven by spread compression as risk appetite returned to global markets, while a sharp drop in U.S. Treasury yields drove gains from March onwards as the market started to price in multiple rate cuts by the Fed for 2019. A more dovish monetary policy stance in developed markets also acted as a tailwind for EM assets, especially in local markets where local interest rates moved down. The ongoing trade negotiations between the U.S. and China contributed to market volatility over the reporting period, however, this has abated to the extent investors expect that the countries are moving toward "phase 1" of a trade agreement.

The primary driver of the Fund's underperformance versus the Index came from the overweight risk position in Argentina. Argentine assets grabbed headlines in August 2019, as hard currency sovereigns declined more than 50% in the month and the peso slumped. This occurred after the unexpected results of the presidential primary election mid-month which caused instability in the financial markets and led to extreme measures to stabilize the situation. This included the government's actions to re-profile its short-term local debt and the introduction of capital controls. The stress was compounded by the leading candidate, and ultimate winner, Alberto Fernandez who has blamed the Macri administration and the International Monetary Fund for the crisis, leading to further doubts on policy continuity if and when he would take over.

Aside from Argentina, in hard currency, country allocation detracted from performance due to the overweight exposure to Venezuela. This was somewhat mitigated by the underweight exposure to Lebanon and overweight to Ukraine. Security selection was positive because of instrument selection in Argentina and Venezuela. In the corporate space in addition to Argentina, the overweight exposure to Mexico and underweight to Russia detracted from performance. We added value primarily due to the overweight position and security selection in Brazil. By sector, security selection in the utilities, oil and gas, and real estate was positive while security selection in metals and mining was a drag on performance. The local currency part of the portfolio outperformed the benchmark, with both local rates and foreign currency (FX) positioning contributing positively. In local rates, our duration overweights in Mexico, Russia and Indonesia were the main contributors while in FX, our positions in select frontier market currencies including the Egyptian pound and the Ukrainian hryvnia added most value. Meanwhile positioning in Argentina was also the main detractor in local currency, mostly due to short end credit exposures as well as positions in local floaters and inflation-linked instruments, while our underweight in Asian currencies also detracted over the reporting period.

The Fund's aggregate use of futures, forward foreign currency, and swap contracts, contributed positively to performance during the reporting period.

Over the trailing 12 months, there were a number of changes across the portfolio. Within hard currency sovereigns, we increased the exposure to Indonesia, Ukraine and Russia where we saw fundamental improvements. We also have an underweight exposure to the Gulf countries which entered the J.P. Morgan Emerging Markets Bond Index—Global Diversified over the course of the year. We trimmed exposure to Turkey as policy risks have escalated and valuations became less attractive to us.

In corporate positioning, we actively participated in the new issuance market throughout the reporting period. We were particularly active in the Asian markets as Asia accounts for 65% of the new issuance supply this year. Overall, we added exposure in Mexican metals and mining, financials and telecom services as well as in Brazilian pulp and paper. We reduced exposure in Chile, Peru, and Thailand. By sector, we increased exposure to technology, media, and telecom as well as utilities while taking profits in metals and mining names.

On the local currency side, we reduced the risk profile earlier in the year by trimming the overall exposure to currencies and trimming the duration overweight in rates. However, we reestablished positions as global market conditions improved during the reporting period. On the rates side we reduced exposure to Colombia, where we moved underweight. In central & eastern Europe, the Middle East and Africa, we cut duration to Poland and Romania and neutralized our underweight in the Czech Republic. We also moved to an overweight position in Russia. In Asia we moved to overweight positions in China, Korea, and Indonesia. We were active in FX markets throughout the reporting period due to the volatility. The largest moves came in Russia and Turkey, where we are now overweight the ruble and underweight the lira. We moved from underweight to an overweight in the Chinese yuan and Malaysian ringgit, while removing our exposure to Sri Lanka. In Latin America, we moved from neutral to overweight in the Brazilian real and neutralized the position in the Peruvian sol.

Against the current backdrop of gradually slowing global growth, we are starting to see signs that different drivers of this slowdown are bottoming out, such as the lagged effects of monetary policy tightening in the U.S. and China and a dwindling of inventories. Together with a substantial de-escalation in the U.S.-China trade war, if it occurs, we believe this should raise confidence and improve the outlook for EM assets. We anticipate EM growth to decelerate this year but foresee a modest pickup in growth in 2020. Other cyclical indicators such as fiscal and current account balances have been favorable while inflation has been on a downward trajectory, allowing a continued accommodative monetary policy stance by EM central banks.

Sincerely,

ROB DRIJKONINGEN, GORKY URQUIETA, BART VAN DER MADE, RAOUL LUTTIK,
JENNIFER GORGOLL, VERA KARTSEVA AND NISH POPAT
PORTFOLIO CO-MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Emerging Markets Debt Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NERIX
Class A				NERAX
Class C				NERCX

PERFORMANCE HIGHLIGHTS

	Inception	Average Annual Total Return Ended 10/31/2019
	Date	1 Year			5 Year			Life of Fund
At NAV
Institutional Class	09/27/2013		13.26	%		2.61	%		3.02	%
Class A	09/27/2013		12.85	%		2.21	%		2.63	%
Class C	09/27/2013		12.01	%		1.45	%		1.86	%
With Sales Charge
Class A			8.01	%		1.33	%		1.90	%
Class C			11.01	%		1.45	%		1.86	%
Index
Blended Benchmark*^1,14			14.65	%		3.16	%		3.39	%

* Blended benchmark is composed of 50% J.P. Morgan Government Bond Index (GBI)—Emerging Markets Global Diversified, 25% J.P. Morgan Emerging Markets Bond Index (EMBI)—Global Diversified, and 25% J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI)—Diversified, and is rebalanced monthly.

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended October 31, 2019, the 30-day SEC yields were 5.32%, 4.96% and 4.21% for Institutional Class, Class A and Class C shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 5.20%, 4.81% and 4.07% for Institutional Class, Class A and Class C shares, respectively.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.01%, 1.40% and 2.14% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.79%, 1.16% and 1.91% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended October 31, 2019 can be found in the Financial Highlights section of this report.

Emerging Markets Debt Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Floating Rate Income Fund Commentary (Unaudited)

Neuberger Berman Floating Rate Income Fund Institutional Class generated a 2.12% total return for the 12 months ended October 31, 2019 and underperformed its benchmark, the S&P/LSTA Leveraged Loan Index (the Index), which provided a 2.67% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The senior floating rate bank loan market, as measured by the Index, posted a positive return during the 12 months ended October 31, 2019. The market was supported by a number of factors, including a "dovish pivot" by the U.S. Federal Reserve Board (Fed), as it lowered interest rates three times during the second half of the reporting period. While falling interest rates can create a technically challenging environment for the floating rate loan market, the backdrop of a more accommodative Fed was supportive of issuer fundamentals and investor risk sentiment. Additionally, the U.S. economy was resilient and corporate profits often exceeded lowered expectations. Late in the reporting period, there were also reports of progress in U.S./China trade negotiations. For the reporting period, securities rated BB and B in the Index returned 4.1% and 2.5%, respectively, whereas securities rated CCC returned -4.3%.

The Fund tactically adjusted its position upward in non-floating rate securities towards the end of the reporting period. We have the flexibility to allocate up to 20% of net assets to these securities, usually fixed-rate senior bonds. Relative value between floating rate loans and fixed-rate bonds fluctuated during the reporting period given the increase in volatility. Against this backdrop, the Fund's non-floating rate allocation in long term securities ended the reporting period at approximately 4.1% of net assets, which was modestly additive to performance.

In terms of the Fund's quality biases, an underweight to CCC and below rated issues added the most to performance versus the Index. Conversely, security selection within issues rated BB and an underweight to issues rated BBB detracted from results.

From a sector perspective, security selection within retailers and lodging & casinos, along with an underweight to home furnishings, added the most to performance during the reporting period. In contrast, security selection within electronics and drugs, coupled with an overweight to oil & gas, were the largest detractors from returns.

We continue to believe that yields in the loan market are compensating investors for a relatively benign default environment. While headline risk and market volatility remain potential risks, operating performance of most issuers has been relatively stable: revenue growth has been positive and leverage has risen only modestly. The ability of issuers to cover interest payments also remains relatively constructive. While economic growth has slowed, the Fed and other central banks continue to be supportive of monetary policy actions which would tend to shore up further deterioration in economic activity. While we believe the outlook for most issuer fundamentals remains constructive, risks continue to exist, including uncertainty around global growth expectations, U.S.-China trade policy and political event risk, which could lead to periods of volatility. We believe our portfolio is well-positioned to mitigate the downside as market volatility rises and we will look to tactically take advantage of increased volatility to add to credits with more stable and/or improving fundamentals and valuations.

Sincerely,

THOMAS P. O'REILLY*, JOSEPH P. LYNCH, STEPHEN J. CASEY AND DANIEL DOYLE
PORTFOLIO MANAGERS

* As previously disclosed in a supplement to the Fund's prospectus, Thomas P. O'Reilly will retire on or about December 31, 2019. Joseph P. Lynch, Stephen J. Casey and Daniel Doyle will continue to manage Neuberger Berman Floating Rate Income Fund.

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

The loan ratings noted above represent segments of the S&P/LSTA Leveraged Loan Index, which are determined based on the ratings issued by Standard & Poor's.

Floating Rate Income Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NFIIX
Class A				NFIAX
Class C				NFICX

PORTFOLIO BY MATURITY DISTRIBUTION

*(as a % of Total Investments)**
One to less than Five Years	44.8	%
Five to less than Ten Years	53.5
Ten Years or Greater	1.7
Total	100.0	%

* Does not include Short-Term Investments or the impact of the Fund's open positions in derivatives, if any.

PERFORMANCE HIGHLIGHTS

	Inception	Average Annual Total Return Ended 10/31/2019
	Date	1 Year			5 Years			Life of Fund
At NAV
Institutional Class⁵	12/30/2009		2.12	%		3.14	%		4.12	%
Class A	12/29/2009		1.75	%		2.76	%		3.73	%
Class C⁵	12/30/2009		0.99	%		1.99	%		2.98	%
With Sales Charge
Class A			-2.60	%		1.86	%		3.28	%
Class C⁵			0.02	%		1.99	%		2.98	%
Index
S&P/LSTA Leveraged Loan Index^1,14			2.67	%		3.83	%		4.89	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended October 31, 2019, the 30-day SEC yields were 5.01%, 4.64% and 3.88% for Institutional Class, Class A and Class C shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 4.89%, 4.54% and 3.76% for Institutional Class, Class A and Class C shares, respectively.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 0.86%, 1.24% and 1.98% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.71%, 1.08% and 1.83% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended October 31, 2019 can be found in the Financial Highlights section of this report.

Floating Rate Income Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

High Income Bond Fund Commentary (Unaudited)

Neuberger Berman High Income Bond Fund Investor Class generated a 7.72% total return for the 12 months ended October 31, 2019 and underperformed its benchmark, the ICE BofAML U.S. High Yield Constrained Index (the Index), which provided an 8.32% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The overall high yield market, as measured by the Index, generated strong results during the 12 months ended October 31, 2019. After moving lower over the first two months of the reporting period, the high yield market posted positive returns during nine of the next ten months. The market's turnaround was triggered by a number of factors, including a "dovish pivot" by the U.S. Federal Reserve Board (Fed), as it lowered interest rates three times during the second half of the reporting period. In addition, the U.S. economy was resilient and corporate profits often exceeded lowered expectations. Late in the reporting period there were also reports of progress in U.S.-China trade negotiations.

From a sector perspective, an underweight to banking, and underweight to and security selection within super retail, and security selection within gas distribution detracted the most from performance. In contrast, an underweight to energy, along with security selection within support-services and metals/mining, contributed the most to results.

In terms of the Fund's quality biases, an underweight to CCC and below rated securities and security selection within B rated securities contributed the most to performance. Conversely, security selection within BB rated securities was the primary detractor from performance.

Among the adjustments we made to the portfolio over the reporting period, the Fund's allocations to securities rated B were increased by 15% and securities rated BB decreased 13% over the reporting period. The Fund ended the reporting period with a BB rated allocation below that of the Index and a B rated allocation above that of the Index. From a sector perspective, the Fund increased its allocations to consumer products & services, media—broadcast & diversified and aerospace & defense, while reducing its diversified financial services and energy exposures.

Looking ahead, we continue to believe that spreads are compensating investors for a relatively benign default environment. While headline risk and market volatility remain potential risks, operating performance of most issuers has been relatively stable; revenue growth has been positive and leverage has risen only modestly. We believe the ability of issuers to cover interest payments remains relatively constructive. Furthermore, refinancing activity has significantly reduced the amount of bonds maturing in the near term. While economic growth has slowed, the Fed and other central banks continue to be supportive of monetary policy actions which would tend to shore up further deterioration in economic activity. While we believe the outlook for most issuer fundamentals remains constructive, risks continue to exist, including uncertainty around global growth expectations, U.S.-China trade policy and political event risk, which could lead to periods of volatility. We believe our portfolio is well-positioned to provide downside protection as market volatility rises and we will look to tactically take advantage of increased volatility to add issuers with more stable and/or improving fundamentals and valuations.

Sincerely,

THOMAS P. O'REILLY*, RUSS COVODE, DANIEL DOYLE, JOE LIND AND CHRISTOPHER KOCINSKI
PORTFOLIO CO-MANAGERS

* As previously disclosed in a supplement to the Fund's prospectus, Thomas P. O'Reilly will retire on or about December 31, 2019. Russ Covode, Daniel Doyle, Joe Lind and Christopher Kocinski will continue to manage Neuberger Berman High Income Bond Fund.

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

The performance of certain rated bonds within the benchmark, as noted above, represent issues that are rated B1/B+ through B3/B-, Ba1/BB+ through Ba3/BB- and CCC+/Caa1 or lower, based on an average of Moody's, S&P and Fitch, as calculated by ICE BofAML.

High Income Bond Fund (Unaudited)

TICKER SYMBOLS

Investor Class				NHINX
Institutional Class				NHILX
Class A				NHIAX
Class C				NHICX
Class R3				NHIRX
Class R6				NRHIX

PORTFOLIO BY MATURITY DISTRIBUTION

*(as a % of Total Investments)**
Less than One Year	1.2	%
One to less than Five Years	22.4
Five to less than Ten Years	72.7
Ten Years or Greater	3.7
Total	100.0	%

* Does not include Short-Term Investments or the impact of the Fund's open positions in derivatives, if any.

PERFORMANCE HIGHLIGHTS^6,19

	Inception	Average Annual Total Return Ended 10/31/2019
	Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class⁷	02/01/1992		7.72	%		3.90	%		6.67	%		7.30	%
Institutional Class⁸	05/27/2009		7.89	%		4.05	%		6.81	%		7.37	%
Class A⁸	05/27/2009		7.43	%		3.62	%		6.40	%		7.20	%
Class C⁸	05/27/2009		6.81	%		2.92	%		5.64	%		6.92	%
Class R3⁸	05/27/2009		7.37	%		3.40	%		6.14	%		7.11	%
Class R6⁸	03/15/2013		8.12	%		4.16	%		6.82	%		7.36	%
With Sales Charge
Class A⁸			2.88	%		2.73	%		5.94	%		7.04	%
Class C⁸			5.81	%		2.92	%		5.64	%		6.92	%
Index
ICE BofAML U.S. High Yield Constrained Index^1,14			8.32	%		5.18	%		7.67	%		N/A

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended October 31, 2019, the 30-day SEC yields were 4.44%, 4.60%, 4.18%, 3.47%, 4.01% and 4.70% for Investor Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yield would have been 3.81% for Class A shares.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 0.86%, 0.70%, 1.15%, 1.83%, 1.37% and 0.61% for Investor Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratio was 1.13% for Class A shares after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended October 31, 2019 can be found in the Financial Highlights section of this report.

High Income Bond Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

This graph shows the change in value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years, or since the Fund's inception if it has not operated for 10 years. The graph is based on the Investor Class shares only; the performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses (see Performance Highlights chart on previous page). The result is compared with benchmarks, which include a broad-based market index and may include a more narrowly based index. Market indices have not been reduced to reflect any of the fees and costs of investing. The results shown in the graph reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. Results represent past performance and do not indicate future results.

Municipal High Income Fund Commentary (Unaudited)

Neuberger Berman Municipal High Income Fund Institutional Class generated a 9.62% total return for the 12 months ended October 31, 2019 and underperformed its benchmark, a blend consisting of 65% Bloomberg Barclays Municipal Bond Index and 35% Bloomberg Barclays Municipal High Yield Index (the Index), which provided a 10.20% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

All told, for the reporting period, the Bloomberg Barclays Municipal Bond Index returned 9.42% whereas the overall taxable bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 11.51%. Both short- and long-term U.S. Treasury yields moved sharply lower as the U.S. Federal Reserve Board had a "dovish pivot" and lowered interest rates three times during the second half of the reporting period. Municipal securities were also supported by overall positive fundamentals, as well as strong investor demand at times.

Duration positioning detracted from the Fund's performance during the reporting period. In particular, having a duration that was modestly shorter than the Index was a headwind for results as rates moved lower across the yield curve. On the upside, security selection was additive for returns, led by our allocations to tobacco securitization bonds, Puerto Rico-issued bonds and Illinois state general obligation bonds. The Fund's credit biases were also beneficial for results. In particular, an overweight to securities rated below investment-grade and an underweight to securities rated AAA versus the Index contributed to results, as lower rated issues outperformed their higher rated counterparts.

A number of changes were made to the Fund during the reporting period. Despite recently increasing duration, the Fund's overall duration was shortened during the reporting period. In addition, we upgraded the overall credit quality of the portfolio.

Our main thesis since early 2019 has been that global growth would slow, but we would experience a global soft economic landing, which we believed would ultimately provide support for fixed income assets. Despite periods of volatility, we believe the outlook for the muni market continues to look promising for the balance of 2019. We anticipate that demand from retail and institutional investors will likely mitigate the larger than expected supply that may be present during the fourth quarter of 2019. While we anticipate economic growth to moderate, we do not anticipate any systemic deterioration in overall municipal credit quality. We continue to seek out attractive trading opportunities for our investors.

Sincerely,

JAMES L. ISELIN, S. BLAKE MILLER AND ERIC J. PELIO
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

The bond ratings noted above represent segments of the Bloomberg Barclays Municipal Bond Index and Bloomberg Barclays Municipal High Yield Index, which are determined based on the average ratings issued by Standard & Poor's, Moody's and Fitch.

Municipal High Income Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NMHIX
Class A				NMHAX
Class C				NMHCX

PORTFOLIO BY STATE AND TERRITORY

(as a % of Total Net Assets)
Alabama	0.4	%
Arizona	4.3
California	10.8
Colorado	4.4
Connecticut	0.1
Florida	4.7
Georgia	1.5
Hawaii	1.2
Illinois	10.2
Indiana	0.6
Iowa	0.3
Kansas	0.4
Kentucky	2.1
Louisiana	2.5
Maine	0.6
Maryland	2.1
Michigan	2.0
Minnesota	3.9
Missouri	0.9
Nevada	0.4
New Jersey	5.2
New Mexico	0.4
New York	6.0
North Carolina	1.9
North Dakota	0.4
Ohio	6.8
Oklahoma	0.3
Oregon	0.4
Pennsylvania	2.7
Puerto Rico	4.3
Rhode Island	2.6
South Carolina	1.6
Tennessee	3.5
Texas	6.0
Utah	0.9
Vermont	1.2
Virginia	0.5
Washington	0.9
West Virginia	1.3
Wisconsin	2.2
Other Assets Less Liabilities	(2.5	)*
Total	100.0	%

* Includes the impact of the Fund's open positions in derivatives, if any.

PERFORMANCE HIGHLIGHTS¹⁰

	Inception	Average Annual Total Return Ended 10/31/2019
	Date	1 Year			Life of Fund
At NAV
Institutional Class	06/22/2015		9.62	%		5.11	%
Class A	06/22/2015		9.13	%		4.70	%
Class C	06/22/2015		8.41	%		3.94	%
With Sales Charge
Class A			4.53	%		3.67	%
Class C			7.41	%		3.94	%
Index
Blended Benchmark*^1,14			10.20	%		4.77	%

* Blended benchmark is composed of 65% Bloomberg Barclays Municipal Bond Index and 35% Bloomberg Barclays Municipal High Yield Index and is rebalanced monthly.

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended October 31, 2019, the 30-day SEC yields were 2.62%, 2.25% and 1.50% for Institutional Class, Class A and Class C shares, respectively. The tax-equivalent yields were 4.43%, 3.80% and 2.53% for Institutional Class, Class A and Class C shares, respectively, for a shareholder in the highest federal income tax bracket (37% plus 3.8% Medicare contribution tax).⁹ Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 2.33%, 1.92% and 1.21% for Institutional Class, Class A and Class C shares, respectively.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 0.88%, 1.35% and 2.01% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.51%, 0.88% and 1.63% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended October 31, 2019 can be found in the Financial Highlights section of this report.

Municipal High Income Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

* Blended benchmark is composed of 65% Bloomberg Barclays Municipal Bond Index and 35% Bloomberg Barclays Municipal High Yield Index and is rebalanced monthly.

Municipal Impact Fund Commentary (Unaudited)

Neuberger Berman Municipal Impact Fund Institutional Class generated an 8.93% total return for the 12 months ended October 31, 2019. Over the same period the Fund's benchmark, the Bloomberg Barclays Municipal Bond Index (the Index), returned 9.42%. (Performance for all share classes is provided in the table immediately following this letter.)

The investment grade municipal bond market generated a strong absolute return, but lagged the taxable bond market on a relative basis during 12 months ended October 31, 2019. All told, for the reporting period, the Index returned 9.42% whereas the overall taxable bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 11.51%. Both short- and long-term U.S. Treasury yields moved sharply lower as the U.S. Federal Reserve Board had a "dovish pivot" and lowered interest rates three times during the second half of the reporting period. Municipal securities were also supported by overall positive fundamentals, as well as strong investor demand at times.

Duration positioning was a headwind for the Fund's performance during the reporting period. In particular, having a duration that was shorter than the Index detracted from results versus the Index as rates moved lower across the yield curve. On the upside, security selection, overall, was additive for returns, led by our longer-term hospital revenue bonds. The Fund's credit biases were also beneficial for results. Having an overweight versus the Index to below investment-grade securities and an underweight to securities rated AAA contributed to results, as lower rated issues outperformed their higher rated counterparts.

A number of changes were made to the Fund during the reporting period. We modestly shortened the Fund's overall duration during the reporting period. We also opportunistically added to the Fund's exposure to non-investment grade securities.

Sincerely,

JAMES L. ISELIN, S. BLAKE MILLER, JAMES LYMAN AND JEFFREY HUNN
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

The bond ratings noted above represent segments of the Bloomberg Barclays Municipal Bond Index, which are determined based on the average ratings issued by Standard & Poor's, Moody's and Fitch.

Municipal Impact Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NMIIX
Class A				NIMAX
Class C				NIMCX

PORTFOLIO BY STATE AND TERRITORY

(as a % of Total Net Assets)
Alabama	1.2	%
Arkansas	1.8
California	1.2
District of Columbia	3.2
Florida	3.9
Georgia	2.0
Illinois	3.7
Indiana	3.5
Kansas	1.1
Kentucky	3.7
Louisiana	5.8
Michigan	10.3
Minnesota	3.8
Mississippi	3.8
Missouri	4.5
New Jersey	1.2
New York	7.2
North Carolina	1.2
North Dakota	0.4
Ohio	3.5
Oklahoma	3.9
Pennsylvania	8.5
Rhode Island	0.9
South Carolina	2.7
Texas	7.6
Utah	1.7
West Virginia	5.3
Wisconsin	0.7
Other Assets Less Liabilities	1.7	*
Total	100.0	%

* Includes the impact of the Fund's open positions in derivatives, if any.

PERFORMANCE HIGHLIGHTS^10,20

	Inception	Average Annual Total Return Ended 10/31/2019
	Date	1 Year			5 Years			Life of Fund
At NAV
Institutional Class	03/11/2013¹⁶		8.93	%		2.65	%		2.65	%
Class A²¹	06/19/2018		8.58	%		2.55	%		2.58	%
Class C²¹	06/19/2018		7.75	%		2.34	%		2.42	%
With Sales Charge
Class A²¹			3.94	%		1.66	%		1.91	%
Class C²¹			6.75	%		2.34	%		2.42	%
Index
Bloomberg Barclays Municipal Bond Index^1,14			9.42	%		3.55	%		3.48	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended October 31, 2019, the 30-day SEC yields were 1.32%, 0.96% and 0.22% for Institutional Class, Class A and Class C shares, respectively. The tax-equivalent yields were 2.23%, 1.62% and 0.37% for Institutional Class, Class A and Class C shares, respectively, for a shareholder in the highest federal income tax bracket (37% plus 3.8% Medicare contribution tax).⁹ Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 0.91%, 0.51% and -0.47% for Institutional Class, Class A and Class C shares, respectively. A negative 30-day SEC yield results when a fund's accrued expenses exceed its income for the relevant period. Please note, in such instances the 30-day SEC yield may not equal the Fund's actual rate of income earned and distributed by the Fund and, therefore, a per share distribution may still be paid to shareholders.

As stated in the Fund's most recent prospectus, the total annual operating expense ratio for fiscal year 2018 was 0.91% for Institutional Class, and the estimated total annual operating expense ratios for fiscal year 2019 are 1.18% and 1.93% for Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Institutional Class shares). The expense ratio for fiscal year 2018 was 0.43% for Institutional Class and the estimated total annual operating expense ratios for fiscal year 2019 are 0.80% and 1.55% for Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The restated Institutional Class expense ratio for the fiscal year ended 2018 does not include the portion of extraordinary proxy-related expenses borne by the Institutional Class. The expense ratios for the annual period ended October 31, 2019 can be found in the Financial Highlights section of this report.

Municipal Impact Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Municipal Intermediate Bond Fund Commentary (Unaudited)

Neuberger Berman Municipal Intermediate Bond Fund Investor Class generated an 8.46% total return for the 12 months ended October 31, 2019 and underperformed its benchmark, the Bloomberg Barclays 7-Year General Obligation (G.O.) Index (the Index), which provided an 8.63% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The investment grade municipal bond market generated a strong absolute return, but lagged the taxable bond market on a relative basis during the 12 months ended October 31, 2019. All told, the Bloomberg Barclays Municipal Bond Index returned 9.42% for the 12 months ended October 31, 2019, whereas the overall taxable bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 11.51%. Both short- and long-term U.S. Treasury yields moved sharply lower as the U.S. Federal Reserve Board had a "dovish pivot" and lowered interest rates three times during the second half of the reporting period. Municipal securities were also supported by overall positive fundamentals, as well as strong investor demand at times.

From a security selection perspective, certain of our longer-term holdings that we added later in the reporting period detracted from performance versus the Index as rates moved higher in October 2019. On the upside, the Fund's allocations to Illinois, Connecticut and New Jersey state G.O. bonds were additive for results. The Fund's credit biases contributed to returns during the reporting period. In particular, having overweights to securities rated BBB and A versus the Index benefited results as lower rated investment grade issues outperformed their higher rated AAA counterparts. Having a modestly longer duration than the Index contributed to returns, as did our yield curve positioning.

In terms of changes to the portfolio, we slightly shortened the Fund's overall duration during the reporting period. Meanwhile, we maintained a barbell approach (investing in shorter and longer maturities) versus the Index.

Our main thesis since early 2019 has been that global growth would slow, but we would experience a global soft economic landing, which we believed would ultimately provide support for fixed income assets. Despite periods of volatility, we believe the outlook for the muni market continues to look promising for the balance of 2019. We anticipate that demand from retail and institutional investors will likely mitigate the larger than expected supply that may be present during the fourth quarter of 2019. While we anticipated economic growth to moderate, we do not anticipate any systemic deterioration in overall municipal credit quality. We continue to seek out attractive trading opportunities for our investors.

Sincerely,

JAMES L. ISELIN AND S. BLAKE MILLER
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

The bond ratings noted above represent segments of the Bloomberg Barclays 7-Year General Obligation (G.O.) Index, which are determined based on the average ratings issued by Standard & Poor's, Moody's and Fitch.

Municipal Intermediate Bond Fund (Unaudited)

TICKER SYMBOLS

Investor Class				NMUIX
Institutional Class				NMNLX
Class A				NMNAX
Class C				NMNCX

PORTFOLIO BY STATE AND TERRITORY

(as a % of Total Net Assets)
Alaska	1.2	%
Arizona	0.8
California	5.1
Colorado	2.4
Connecticut	4.0
Delaware	0.7
District of Columbia	0.4
Florida	4.4
Georgia	2.9
Illinois	7.6
Indiana	0.3
Iowa	0.3
Kansas	1.7
Kentucky	0.8
Louisiana	0.1
Maryland	4.7
Massachusetts	2.4
Michigan	1.5
Minnesota	0.9
Mississippi	3.3
Missouri	2.0
New Jersey	4.1
New York	11.4
Ohio	1.3
Oklahoma	2.4
Oregon	0.8
Pennsylvania	9.1
Rhode Island	3.1
South Carolina	1.2
Tennessee	2.2
Texas	8.1
Utah	1.7
Vermont	0.4
Virginia	1.2
Washington	3.4
West Virginia	0.4
Wisconsin	2.4
Liabilities Less Other Assets	(0.7	)*
Total	100.0	%

* Includes the impact of the Fund's open positions in derivatives, if any.

PERFORMANCE HIGHLIGHTS¹⁰

	Inception	Average Annual Total Return Ended 10/31/2019
	Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	07/09/1987		8.46	%		2.66	%		3.53	%		4.67	%
Institutional Class¹¹	06/21/2010		8.63	%		2.82	%		3.67	%		4.71	%
Class A¹¹	06/21/2010		8.24	%		2.42	%		3.30	%		4.60	%
Class C¹¹	06/21/2010		7.43	%		1.66	%		2.58	%		4.37	%
With Sales Charge
Class A¹¹			3.68	%		1.53	%		2.85	%		4.46	%
Class C¹¹			6.43	%		1.66	%		2.58	%		4.37	%
Index
Bloomberg Barclays 7-Year G.O. Index^1,14			8.63	%		2.90	%		3.86	%		5.44	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended October 31, 2019, the 30-day SEC yields were 1.35%, 1.50%, 1.13% and 0.38% for Investor Class, Institutional Class, Class A and Class C shares, respectively. The tax-equivalent yields were 2.28%, 2.53%, 1.91% and 0.64% for Investor Class, Institutional Class, Class A and Class C shares, respectively, for a shareholder in the highest federal income tax bracket (37% plus 3.8% Medicare contribution tax).⁹ Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 1.14%, 1.31%, 0.94% and 0.20% for Investor Class, Institutional Class, Class A and Class C shares, respectively.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 0.65%, 0.46%, 0.83% and 1.58% for Investor Class, Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement). The expense ratios were 0.45%, 0.30%, 0.67% and 1.42% for Investor Class, Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the annual period ended October 31, 2019 can be found in the Financial Highlights section of this report.

Municipal Intermediate Bond Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Short Duration Bond Fund Commentary (Unaudited)

Neuberger Berman Short Duration Bond Fund Investor Class generated a 4.40% total return for the 12 months ended October 31, 2019 and underperformed its benchmark, the Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index (the Index), which provided a 4.89% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The overall fixed income market generated strong results during the 12 months ended October 31, 2019. Both short- and long-term U.S. Treasury yields moved sharply lower as the U.S. Federal Reserve Board (Fed) had a "dovish pivot" and lowered interest rates three times during the second half of the reporting period. In addition, global growth continued to moderate, partially due to the ongoing trade conflict between the U.S. and China. Investor sentiment was also challenged at times given uncertainties surrounding Brexit and a number of geopolitical issues. Against this backdrop, a number of central banks outside the U.S., including the European Central Bank, also introduced accommodative monetary policies, and government yields outside the U.S. also moved lower.

The primary detractor from the Fund's relative performance versus the Index during the reporting period was its duration positioning. We began the reporting period with a neutral posture and then moved to a more defensive duration position as economic growth in the U.S. remained solid. This was a headwind for results as the market priced in what we felt were aggressive Fed rate cuts as 2019 progressed, whereas our estimation was that the Fed would remain on hold. We then moved back to a neutral duration position in September 2019. Elsewhere, the Fund's allocation to asset-backed securities (ABS) was a modest detractor from returns. On the upside, the Fund's overweight allocation to investment-grade corporate bonds was beneficial as their spreads tightened. Elsewhere, the Fund's exposure to commercial mortgage-backed securities (CMBS) contributed to performance as their spreads also narrowed.

The Fund's use of futures contracts contributed positively to performance during the reporting period.

We maintained the Fund's overall positioning over the reporting period, with an overweight to non-Treasury securities and underweights to Treasuries, agency debt and non-corporate securities. That being said, we pared further the Fund's exposures to Treasuries and cash. Those proceeds were redeployed into corporate bonds, ABS and CMBS. Meanwhile, we actively participated in the primary and secondary credit markets when we found individual securities that we believed were attractively valued.

Looking ahead, we anticipate the U.S. economy to experience a soft landing, followed by continued expansion. Supporting the economy, in our view, will be a healthy labor market and wage growth which, in turn, should lead to solid consumer spending. Against this backdrop, we believe the Fed will remain on hold for the time being while it analyzes incoming economic data. As we move into 2020 we anticipate periods of market volatility. This may be triggered by any number of factors, including uncertainties regarding the November 2020 elections, ongoing trade negotiations between the U.S. and China and potential geopolitical factors. We view market volatility as potential opportunities to purchase securities at attractive valuations.

Sincerely,

THOMAS SONTAG, MICHAEL FOSTER AND MATTHEW MCGINNIS
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Short Duration Bond Fund (Unaudited)

TICKER SYMBOLS

Investor Class				NSBIX
Trust Class				NSBTX
Institutional Class				NSHLX
Class A				NSHAX
Class C				NSHCX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)
Asset-Backed Securities	7.3	%
Corporate Bonds	56.7
Mortgage-Backed Securities	36.7
U.S. Treasury Obligations	0.7
Short-Term Investments	2.2
Liabilities Less Other Assets	(3.6	)*
Total	100.0	%

* Includes the impact of the Fund's open positions in derivatives, if any.

PERFORMANCE HIGHLIGHTS¹⁵

	Inception	Average Annual Total Return Ended 10/31/2019
	Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	06/09/1986		4.40	%		1.28	%		1.91	%		4.00	%
Trust Class¹²	08/30/1993		4.25	%		1.16	%		1.81	%		3.92	%
Institutional Class¹²	06/21/2010		4.62	%		1.46	%		2.09	%		4.05	%
Class A¹²	06/21/2010		4.18	%		1.09	%		1.74	%		3.95	%
Class C¹²	06/21/2010		3.55	%		0.34	%		1.03	%		3.73	%
With Sales Charge
Class A¹²			1.53	%		0.59	%		1.49	%		3.87	%
Class C¹²			2.55	%		0.34	%		1.03	%		3.73	%
Index
Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index^1,14			4.89	%		1.60	%		1.52	%		4.74	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended October 31, 2019, the 30-day SEC yields were 2.80%, 2.70%, 3.00%, 2.63% and 1.88% for Investor Class, Trust Class, Institutional Class, Class A and Class C shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 2.41%, 2.32%, 2.66%, 2.27% and 1.53% for Investor Class, Trust Class, Institutional Class, Class A and Class C shares, respectively.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.08%, 1.20%, 0.83%, 1.22% and 1.97% for Investor Class, Trust Class, Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement).The expense ratios were 0.60%, 0.70%, 0.40%, 0.77% and 1.52% for Investor Class, Trust Class, Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the annual period ended October 31, 2019 can be found in the Financial Highlights section of this report.

Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 2.50% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.

Short Duration Bond Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Short Duration High Income Fund Commentary (Unaudited)

Neuberger Berman Short Duration High Income Fund Institutional Class generated a 6.06% total return for the 12 months ended October 31, 2019 and underperformed its benchmark, the ICE BofAML 0-5 Year BB-B U.S. High Yield Constrained Index (the Index), which provided a 6.89% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The overall high yield market, as measured by the ICE BofAML U.S. High Yield Constrained Index, generated strong results during the 12 months ended October 31, 2019. After moving lower over the first two months of the reporting period, the high yield market posted positive returns during nine of the next ten months. The market's turnaround was triggered by a number of factors, including a "dovish pivot" by the U.S. Federal Reserve Board (Fed), as it lowered interest rates three times during the second half of the reporting period. In addition, the U.S. economy was resilient and corporate profits often exceeded lowered expectations. Late in the reporting period there were also reports of progress in U.S./China trade negotiations.

For the Fund, the sectors that contributed the most to absolute performance were health care, metals/mining, media-cable and diversified financial services. The sectors that detracted or contributed the least to absolute performance during the reporting period were energy, technology & electronics and real estate & homebuilders. From a quality perspective, approximately 97% of the portfolio was held in securities rated B and higher and cash. This positioning was accretive to the Fund's absolute performance.

During the reporting period, the Fund increased its allocations to consumer products & services and capital goods, while reducing its allocation to media—cable, diversified financial services and health care.

Sincerely,

THOMAS P. O'REILLY*, RUSS COVODE, DANIEL DOYLE, JOE LIND AND CHRISTOPHER KOCINSKI
PORTFOLIO CO-MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Short Duration High Income Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NHSIX
Class A				NHSAX
Class C				NHSCX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)
Corporate Bonds	86.8	%
Loan Assignments	8.9
Short-Term Investments	3.2
Other Assets Less Liabilities	1.1	*
Total	100.0	%

* Includes the impact of the Fund's open positions in derivatives, if any.

PERFORMANCE HIGHLIGHTS

	Inception	Average Annual Total Return Ended 10/31/2019
	Date	1 Year			5 Years			Life of Fund
At NAV
Institutional Class	09/28/2012		6.06	%		3.31	%		3.69	%
Class A	09/28/2012		5.78	%		2.95	%		3.33	%
Class C	09/28/2012		5.00	%		2.16	%		2.55	%
With Sales Charge
Class A			1.27	%		2.05	%		2.70	%
Class C			4.00	%		2.16	%		2.55	%
Index
ICE BofAML 0-5 Year BB-B U.S. High Yield Constrained Index^1,14			6.89	%		4.37	%		4.90	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended October 31, 2019, the 30-day SEC yields were 3.59%, 3.22% and 2.47% for Institutional Class, Class A and Class C shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 2.88%, 2.44% and 1.74% for Institutional Class, Class A and Class C shares, respectively.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.05%, 1.47% and 2.21% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.76%, 1.13% and 1.88% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended October 31, 2019 can be found in the Financial Highlights section of this report.

Short Duration High Income Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Strategic Income Fund Commentary (Unaudited)

Neuberger Berman Strategic Income Fund Institutional Class generated a 7.87% total return for the 12 months ended October 31, 2019, but underperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the Index), which provided a 11.51% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The overall fixed income market generated strong results during the 12 months ended October 31, 2019. Both short- and long-term U.S. Treasury yields moved sharply lower as the U.S. Federal Reserve Board had a "dovish pivot" and lowered interest rates three times during the second half of the reporting period. In addition, global growth continued to moderate, partially due to the ongoing trade conflict between the U.S. and China. Investor sentiment was also challenged at times given uncertainties surrounding Brexit, numerous other geopolitical issues and a downturn in manufacturing activity. Against this backdrop, a number of central banks outside the U.S., including the European Central Bank, also introduced accommodative monetary policies, and government yields outside the U.S. also moved lower.

The Fund's duration underweight versus the Index was the primary detractor from relative performance versus the Index, as U.S. Treasuries rallied over the reporting period. To a lesser degree, security selection in agency mortgage-backed securities and an allocation to U.S. Treasury Inflation-Protection Securities also weighed on results. The Fund's exposure to emerging markets debt helped partially offset these headwinds, as the sector benefited from dovish central bank policy and easing financial conditions in developed markets. Security selection in investment-grade credit was another notable contributor, with issuer selection in the banking and food & beverage subsectors adding the most value. Elsewhere, exposure to high-yield credit (both U.S. dollar and euro-denominated) contributed to performance during the reporting period.

The Fund's aggregate use of futures, swaps and forward currency and bond forward contracts detracted from performance during the reporting period.

There were several adjustments made to the portfolio during the reporting period. We reduced the Fund's exposure to emerging markets debt and European corporate credit following strong performance in the first half of 2019. In addition, we saw heightened growth risks associated with global trade and manufacturing. We have increased our allocations to senior floating rate loans, collateralized loan obligations and floating-rate investment-grade corporates. We believe there are compelling risk-adjusted opportunities in these sectors as recent underperformance has been primarily due to technical reasons rather than fundamentals. Within high-yield credit, we have been focusing exposure in domestic and services-oriented issuers, which we believe are more insulated from trade-related volatility.

Our main thesis since early 2019 has been that global growth would slow, but we would experience a global soft economic landing, which we believed would ultimately support a range of credit sectors. To date, that has been the case but, as we look forward, we believe we should bifurcate the outlook. For the U.S. in particular, we still believe in slow-but-positive growth: the base of consumption spending and labor trends means that it's difficult to envision a serious slowdown over the coming quarters. But for other regions and countries, we believe the soft landing is transitioning to something riskier. In our view, continental Europe, the U.K. and some major emerging market countries are seeing, and will likely continue to see, weak growth rates that may look and feel like recessions, even if technical definitions of a recession are not met.

Sincerely,

THANOS BARDAS, ASHOK BHATIA, DAVID M. BROWN AND BRAD TANK
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Strategic Income Fund (Unaudited)

TICKER SYMBOLS

Trust Class				NSTTX
Institutional Class				NSTLX
Class A				NSTAX
Class C				NSTCX
Class R6				NRSIX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)
Asset-Backed Securities	7.0	%
Corporate Bonds	45.7
Developed Markets Ex- U.S.	0.1
Foreign Government Securities	2.3
Loan Assignments	6.9
Mortgage-Backed Securities	25.7
Municipal Notes	1.7
U.S. Government Agency Securities	0.1
U.S. Treasury Obligations	27.8
Short-Term Investments	0.4
Liabilities Less Other Assets	(17.7	)*
Total	100.0	%

* Includes the impact of the Fund's open positions in derivatives, if any.

PERFORMANCE HIGHLIGHTS¹⁷

	Inception	Average Annual Total Return Ended 10/31/2019
	Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Trust Class¹³	04/02/2007		7.60	%		3.00	%		4.82	%		6.12	%
Institutional Class	07/11/2003		7.87	%		3.36	%		5.19	%		6.40	%
Class A¹³	12/20/2007		7.44	%		2.95	%		4.77	%		6.09	%
Class C¹³	12/20/2007		6.70	%		2.23	%		4.04	%		5.55	%
Class R6¹³	03/15/2013		7.98	%		3.42	%		5.23	%		6.43	%
With Sales Charge
Class A¹³			2.89	%		2.06	%		4.31	%		5.81	%
Class C¹³			5.70	%		2.23	%		4.04	%		5.55	%
Index
Bloomberg Barclays U.S. Aggregate Bond Index^1,14			11.51	%		3.24	%		3.73	%		4.12	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended October 31, 2019, the 30-day SEC yields were 2.99%, 3.35%, 2.95%, 2.25% and 3.45% for Trust Class, Institutional Class, Class A, Class C and Class R6 shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 2.92%, 3.33%, 2.95%, 2.21% and 3.43% for Trust Class, Institutional Class, Class A, Class C and Class R6 shares, respectively.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.00%, 0.62%, 1.01%, 1.74% and 0.52% for Trust Class, Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios were 0.95%, 0.60%, 1.00%, 1.70% and 0.50% for Trust Class, Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the annual period ended October 31, 2019 can be found in the Financial Highlights section of this report.

Strategic Income Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Unconstrained Bond Fund Commentary (Unaudited)

Neuberger Berman Unconstrained Bond Fund Institutional Class generated a -1.66% total return for the 12 months ended October 31, 2019. In contrast, its benchmark, the ICE BofAML 3-Month U.S. Treasury Bill Index (the Index), provided a 2.40% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund's short exposures to U.S. and core European rates were the primary detractors from performance versus the Index, due to the rally in developed markets government bond yields. Elsewhere, the Fund's allocation to U.S. Treasury Inflation-Protection Securities (TIPS) and global inflation-linked bonds modestly weighed on results, as future inflation expectations remained weak relative to inflation readings during the reporting period. On the upside, the Fund's exposure to emerging markets (EM) debt, both hard and local currency, contributed the most to results over the reporting period. EM assets in particular benefited from dovish central bank policy and easing financial conditions in developed markets. The Fund's exposure to global investment-grade credit—both U.S. dollar and euro-denominated—was another notable contributor to returns given spreads tightening over the reporting period. The Fund's currency positioning also aided performance.

The Fund's aggregate use of futures (including options on futures), forward foreign currency, and swap contracts detracted from performance during the reporting period.

There were several adjustments made to the portfolio during the reporting period. We further reduced our negative duration by roughly half a year (moving it closer to zero), with shorts focused in U.S. and core European rates. We maintained exposure to TIPS, as we believe the Fed has a strong desire to see inflation move modestly higher. In addition, in our view, TIPS still appear attractively priced relative to fundamentals. In corporate credit, we have realized some profits in European investment-grade and high-yield following solid performance. We also believe relative value in corporate credit has shifted to the U.S. Elsewhere, we remain overweight EM sovereign bonds in hard and local currency, and favor countries where we see sound fundamentals and which are supported by fiscal reforms and strong international support.

Sincerely,

THANOS BARDAS, ASHOK BHATIA, DAVID M. BROWN, JON JONSSON, UGO LANCIONI, NATHAN KUSH AND BRAD TANK
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Unconstrained Bond Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NUBIX
Class A				NUBAX
Class C				NUBCX
Class R6				NRUBX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)
Asset-Backed Securities	7.8	%
Corporate Bonds	47.2
Exchange-Traded Funds	6.7
Foreign Government Securities	10.0
Mortgage-Backed Securities	9.2
U.S. Treasury Obligations	13.6
Short-Term Investments	0.6
Other Assets Less Liabilities	4.9	*
Total	100.0	%

* Includes the impact of the Fund's open positions in derivatives, if any.

PERFORMANCE HIGHLIGHTS

	Inception	Average Annual Total Return Ended 10/31/2019
	Date	1 Year			5 Years			Life of Fund
At NAV
Institutional Class	02/13/2014		-1.66	%		0.40	%		0.50	%
Class A	02/13/2014		-1.70	%		0.05	%		0.16	%
Class C	02/13/2014		-2.75	%		-0.69	%		-0.59	%
Class R6	02/13/2014		-1.56	%		0.50	%		0.60	%
With Sales Charge
Class A			-5.86	%		-0.81	%		-0.60	%
Class C			-3.70	%		-0.69	%		-0.59	%
Index
ICE BofAML 3-Month U.S. Treasury Bill Index^1,14			2.40	%		1.02	%		0.90	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended October 31, 2019, the 30-day SEC yields were 3.22%, 2.84%, 2.10% and 3.26% for Institutional Class, Class A, Class C and Class R6 shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 2.34%, 1.76%, 1.17% and 2.37% for Institutional Class, Class A, Class C and Class R6 shares, respectively.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.08%, 1.52%, 2.28% and 0.98% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios were 0.69%, 1.06%, 1.80% and 0.59% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the annual period ended October 31, 2019 can be found in the Financial Highlights section of this report.

Unconstrained Bond Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Endnotes

1 Please see "Glossary of Indices" on page 39 for a description of indices. Please note that individuals cannot invest directly in any index. The indices described in this report do not take into account any fees, expenses or tax consequences of investing in the individual securities that they track. Data about the performance of an index are prepared or obtained by Neuberger Berman Investment Advisers LLC ("Management") and reflect the reinvestment of income dividends and other distributions, if any. The Fund may invest in securities not included in a described index and generally does not invest in all securities included in a described index.

2 The performance information for periods prior to June 13, 2005, is that of the Fund's predecessor, Ariel Premier Bond Fund ("Ariel Fund"). The investment policies, guidelines and restrictions of the Fund are in all material respects equivalent to those of Ariel Fund. Returns would have been lower if Ariel Fund's manager had not waived certain of its fees during these periods.

3 The performance information for Institutional Class is that of Ariel Fund Institutional Class for the period October 1, 1995 (inception date) through June 10, 2005. The performance information for Investor Class is that of Ariel Fund Institutional Class for the period October 1, 1995 through January 31, 1997 (the period prior to the Investor Class' inception date), and that of Ariel Fund Investor Class for the period February 1, 1997 through June 10, 2005. Ariel Fund Institutional Class had lower expenses and typically higher returns than Ariel Fund Investor Class.

4 The performance information for Class A, Class C and Class R6 prior to the classes' inception date is that of the Institutional Class of Neuberger Berman Core Bond Fund (please see Endnote 3). The performance information for the Institutional Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as 12b-1 fees). The Institutional Class has lower expenses and typically higher returns than Class A and Class C. The Institutional Class has higher expenses and typically lower returns than Class R6.

5 The performance information for Institutional Class and Class C prior to the classes' inception date is that of Class A of Neuberger Berman Floating Rate Income Fund. The performance information (at NAV) of Class A has been adjusted to reflect the appropriate sales charge applicable to Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as 12b-1 fees). Class A has higher expenses and typically lower returns (at NAV) than Institutional Class. Class A has lower expenses and typically higher returns (at NAV) than Class C.

6 The performance information for the period April 1, 1996 through September 6, 2002, is that of the Fund's predecessor, Lipper High Income Bond Fund ("Lipper Fund"), and the performance information for the period February 1, 1992 through March 31, 1996, is that of Lipper Fund's predecessor partnership. The investment policies, objectives, guidelines and restrictions of the Fund are in all material respects equivalent to those of Lipper Fund, and the investment policies, objectives, guidelines and restrictions of Lipper Fund were in all material respects equivalent to those of its predecessor partnership. As mutual funds registered under the Investment Company Act of 1940, as amended ("1940 Act"), the Fund is, and Lipper Fund was, subject to certain restrictions under the 1940 Act and the Internal Revenue Code of 1986, as amended ("Code"), to which Lipper Fund's predecessor partnership was not subject. Had Lipper Fund's predecessor partnership been registered under the 1940 Act and been subject to the provisions of the 1940 Act and the Code, its investment performance may have been adversely affected. Returns would have been lower if Lipper Fund's manager had not waived certain of its fees during these periods.

7 The performance information for Investor Class is that of Lipper Fund Premier Class for the period April 1, 1996 through September 6, 2002, and that of Lipper Fund's predecessor partnership for the period February 1, 1992 (inception date) through March 31, 1996 (please see Endnote 6).

8 The performance information for Institutional Class, Class A, Class C, Class R3 and Class R6 prior to the classes' respective inception dates is that of the Investor Class of Neuberger Berman High Income Bond Fund (please see Endnote 7). The performance information of the Investor Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as 12b-1 fees). The Investor Class has lower expenses and typically higher returns than Class A, Class C and Class R3. The Investor Class has higher expenses and typically lower returns than Institutional Class and Class R6.

9 Tax-equivalent effective yield is the taxable effective yield that a shareholder would have had to receive in order to realize the same level of yield after federal income taxes at the highest federal tax rate, currently 37% plus the 3.8% Medicare contribution tax, assuming that all of the Fund's income is exempt from federal income taxes.

10 A portion of the Fund's income may be a tax preference item for purposes of the federal alternative minimum tax for certain shareholders.

11 The performance information for Institutional Class, Class A and Class C prior to the classes' inception date is that of the Investor Class of Neuberger Berman Municipal Intermediate Bond Fund. The performance information of the Investor Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as 12b-1 fees). The Investor Class has lower expenses and typically higher returns than Class A and Class C. The Investor Class has higher expenses and typically lower returns than Institutional Class.

12 The performance information for Trust Class, Institutional Class, Class A and Class C prior to the classes' respective inception dates is that of the Investor Class of Neuberger Berman Short Duration Bond Fund. The performance information of the Investor Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as 12b-1 fees). The Investor Class has lower expenses and typically higher returns than Trust Class, Class A and Class C. The Investor Class has higher expenses and typically lower returns than Institutional Class.

13 The performance information for Trust Class, Class A, Class C and Class R6 prior to the classes' respective inception dates is that of the Institutional Class of Neuberger Berman Strategic Income Fund. The performance information of the Institutional Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as 12b-1 fees). The Institutional Class has lower expenses and typically higher returns than Trust Class, Class A and Class C. The Institutional Class has higher expenses and typically lower returns than Class R6.

14 The date used to calculate Life of Fund performance for the index is the inception date of the oldest share class.

15 The investments for the Fund are managed by the same portfolio manager(s) who manage(s) one or more other registered funds that have names, investment objectives and investment styles that are similar to those of the Fund. You should be aware that the Fund is likely to differ from the other mutual fund(s) in size, cash flow pattern and tax matters. Accordingly, the holdings and performance of the Fund can be expected to vary from those of the other mutual fund(s).

16 This date reflects when Management first became the investment manager to the Fund.

17 The Fund had a different goal, to maximize income without undue risk to principal, and investment strategy, which included managing assets by an asset allocation committee, prior to February 28, 2008. Its performance prior to that date might have been different if the current goal and investment strategy had been in effect.

18 The Fund had a different goal, to maximize total return through a combination of income and capital appreciation, and investment strategy, which did not include investments in derivatives and non-U.S. dollar denominated securities, prior to February 28, 2008. Its performance prior to that date might have been different if the current goal and investment strategy had been in effect.

19 The Fund's policies limited its ability to invest in bonds rated below "B" prior to July 6, 2006. Its performance prior to that date might have been different if current policies had been in effect.

20 Effective June 16, 2018, New York Municipal Income Fund changed its name to Municipal Impact Fund in connection with changes to the Fund's principal investment strategies and risks. Prior to June 16, 2018, the Fund had a different goal and different principal investment strategies, which included a policy to invest 80% of its net assets in securities of municipal issuers that provide interest income that is exempt from New York State and New York City personal income taxes and invest in only investment grade securities. Its performance prior to that date might have been different if the current goal and investment strategy had been in effect.

21 The performance information for Class A and Class C prior to the classes' inception date is that of the Institutional Class of Neuberger Berman Municipal Impact Fund (formerly, Neuberger Berman New York Municipal Income Fund). The performance information for the Institutional Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as 12b-1 fees). The Institutional Class has lower expenses and typically higher returns than Class A and Class C.

For more complete information on any of the Neuberger Berman Income Funds, call us at (800) 877-9700, or visit our website at www.nb.com.

Glossary of Indices

Bloomberg Barclays 7-Year General Obligation (G.O.) Index:				The index is the 7-year (6-8 years to maturity) component of the Bloomberg Barclays G.O. Index. The Bloomberg Barclays G.O. Index measures the investment grade, U.S. dollar-denominated, long-term, tax-exempt state and local general obligation bond market.
Bloomberg Barclays U.S. Aggregate Bond Index:				The index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable bond market and includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid adjustable rate mortgage (ARM) pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) (agency and nonagency).
Bloomberg Barclays Municipal Bond Index:				The index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated date after December 31, 1990, and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark.
Bloomberg Barclays Municipal High Yield Index:				The index measures the performance of the high yield municipal bond market. To be included in the index, bonds must be rated non-investment-grade (Ba1/BB+ or lower) by at least two of the following ratings agencies: Moody's, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be non-investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated date after December 31, 1990, and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark.
65% Bloomberg Barclays Municipal Bond Index and 35% Bloomberg Barclays Municipal High Yield Index:				The blended index is composed of 65% Bloomberg Barclays Municipal Bond Index and 35% Bloomberg Barclays Municipal High Yield Index (both described above) and is rebalanced monthly.
Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index:				The index is the 1-3 year component of the Bloomberg Barclays U.S. Government/Credit Index. The Bloomberg Barclays U.S. Government/Credit Index is the non-securitized component of the Bloomberg Barclays U.S. Aggregate Bond Index and includes Treasuries and government-related (agency, sovereign, supranational, and local authority debt guaranteed by the U.S. government) and investment grade corporate securities.

ICE BofAML U.S. High Yield Constrained Index:				The index tracks the performance of U.S. dollar-denominated below investment grade corporate debt publicly issued in the U.S. domestic market. In addition to meeting other criteria, qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch ratings), and have risk exposure to countries that are members of the FX-G10, Western Europe or territories of the U.S. and Western Europe. Securities in legal default are excluded from the index. Index constituents are capitalization-weighted, provided the total allocation to an individual issuer does not exceed 2%.
ICE BofAML 3-Month U.S. Treasury Bill Index:				The index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.
ICE BofAML 0-5 Year BB-B U.S. High Yield Constrained Index:				The index tracks the performance of short-term U.S. dollar-denominated below investment grade corporate debt publicly issued in the U.S. domestic market. In addition to meeting other criteria, qualifying securities must have less than five years remaining term to final maturity, be rated BB1 through B3, inclusive (based on an average of Moody's, S&P and Fitch ratings), and have risk exposure to countries that are members of the FX-G10, Western Europe or territories of the U.S. and Western Europe. Index constituents are capitalization-weighted, provided the total allocation to an individual issuer does not exceed 2%.
J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI)—Diversified:				The index tracks the performance of U.S. dollar-denominated corporate emerging market bonds, including emerging market countries from Asia, Europe, Latin America and the Middle East/Africa. The Diversified version of the index is market capitalization-weighted and limits the weights of those index countries with larger corporate debt stocks by including only specified portions of those countries' eligible current face amounts of debt outstanding.
J.P. Morgan Emerging Markets Bond Index (EMBI)—Global Diversified:				The index tracks the performance of U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities (Brady bonds, loans and Eurobonds), including emerging market countries from Asia, Europe, Latin America and the Middle East/Africa. The Global version of the index captures a broad, comprehensive universe of emerging market issues. The Diversified version of the index is market capitalization-weighted and limits the weights of those index countries with larger debt stocks by including only specified portions of those countries' eligible current face amounts of debt outstanding.
J.P. Morgan Government Bond Index (GBI)—Emerging Markets Global Diversified:				The index tracks the performance of local currency denominated bonds issued by emerging market governments, including emerging market countries from Asia, Europe, Latin America and the Middle East/Africa. The Global version of the index includes only countries that are accessible by most of the international investor base, while countries with explicit capital controls are excluded. The Diversified version of the index is market capitalization-weighted, with a maximum weight to a country capped at 10%.

50% J.P. Morgan GBI—Emerging Markets Global Diversified, 25% J.P. Morgan EMBI—Global Diversified, and 25% J.P. Morgan CEMBI—Diversified:				The blended index is composed of 50% J.P. Morgan GBI—Emerging Markets Global Diversified, 25% J.P. Morgan EMBI—Global Diversified, and 25% J.P. Morgan CEMBI—Diversified (all described above) and is rebalanced monthly.
S&P/LSTA Leveraged Loan Index:				A market value-weighted index that measures the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments. Eligible loans must be senior secured and US dollar denominated, with a minimum initial term of one year, a minimum initial spread of LIBOR + 125 basis points, and a $50 million initial funding. Defaulted loans remain in the index until removal upon exit from bankruptcy or restructuring. LSTA (Loan Syndications and Trading Association) / Thomson Reuters LPC Mark-to-Market Pricing is used to price each loan in the index. (Note, LIBOR is expected to stop being published at the end of 2021.)

Information About Your Fund's Expenses (Unaudited)

As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds (if applicable); and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees (if applicable), and other Fund expenses. This example is intended to help you understand your ongoing costs (in U.S. dollars) of investing in a Fund and compare these costs with the ongoing costs of investing in other mutual funds.

This table is designed to provide information regarding costs related to your investments. The following examples are based on an investment of $1,000 made at the beginning of the six month period ended October 31, 2019 and held for the entire period. The table illustrates the Fund's costs in two ways:

Actual Expenses and Performance:				The first section of the table provides information about actual account values and actual expenses in dollars, based on the Fund's actual performance during the period indicated. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section of the table under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid over the period.
Hypothetical Example for Comparison Purposes:				The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return at 5% per year before expenses. This return is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund versus other funds. To do so, compare the expenses shown in this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses in the table are meant to highlight your ongoing costs only and do not include any transaction costs, such as sales charges (loads) (if applicable). Therefore, the information under the heading "Hypothetical (5% annual return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Expense Example (Unaudited)

Neuberger Berman Income Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 5/1/19		Ending Account Value 10/31/19		Expenses Paid During the Period⁽¹⁾5/1/19 - 10/31/19		Expense Ratio			Beginning Account Value 5/1/19		Ending Account Value 10/31/19		Expenses Paid During the Period⁽²⁾5/1/19 - 10/31/19		Expense Ratio
Core Bond Fund
Investor Class	$	1,000.00	$	1,049.80	$	4.44		0.86	%	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Institutional Class	$	1,000.00	$	1,051.90	$	2.38		0.46	%	$	1,000.00	$	1,022.89	$	2.35		0.46	%
Class A	$	1,000.00	$	1,050.90	$	4.45		0.86	%	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Class C	$	1,000.00	$	1,045.90	$	8.30		1.61	%	$	1,000.00	$	1,017.09	$	8.19		1.61	%
Class R6	$	1,000.00	$	1,052.50	$	1.86		0.36	%	$	1,000.00	$	1,023.39	$	1.84		0.36	%
Emerging Markets Debt Fund
Institutional Class	$	1,000.00	$	1,060.80	$	4.10		0.79	%	$	1,000.00	$	1,021.22	$	4.02		0.79	%
Class A	$	1,000.00	$	1,058.90	$	6.02		1.16	%	$	1,000.00	$	1,019.36	$	5.90		1.16	%
Class C	$	1,000.00	$	1,054.90	$	9.89		1.91	%	$	1,000.00	$	1,015.58	$	9.70		1.91	%
Floating Rate Income Fund
Institutional Class	$	1,000.00	$	1,001.10	$	3.63		0.72	%	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Class A	$	1,000.00	$	999.30	$	5.49		1.09	%	$	1,000.00	$	1,019.71	$	5.55		1.09	%
Class C	$	1,000.00	$	995.50	$	9.31		1.85	%	$	1,000.00	$	1,015.88	$	9.40		1.85	%
High Income Bond Fund
Investor Class	$	1,000.00	$	1,028.10	$	4.40		0.86	%	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Institutional Class	$	1,000.00	$	1,029.00	$	3.58		0.70	%	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Class A	$	1,000.00	$	1,026.80	$	5.72		1.12	%	$	1,000.00	$	1,019.56	$	5.70		1.12	%
Class C	$	1,000.00	$	1,024.30	$	9.34		1.83	%	$	1,000.00	$	1,015.98	$	9.30		1.83	%
Class R3	$	1,000.00	$	1,025.90	$	6.64		1.30	%	$	1,000.00	$	1,018.65	$	6.61		1.30	%
Class R6	$	1,000.00	$	1,030.70	$	3.07		0.60	%	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Municipal High Income Fund
Institutional Class	$	1,000.00	$	1,042.30	$	2.57		0.50	%	$	1,000.00	$	1,022.68	$	2.55		0.50	%
Class A	$	1,000.00	$	1,039.40	$	4.47		0.87	%	$	1,000.00	$	1,020.82	$	4.43		0.87	%
Class C	$	1,000.00	$	1,035.40	$	8.31		1.62	%	$	1,000.00	$	1,017.04	$	8.24		1.62	%
Municipal Impact Fund
Institutional Class	$	1,000.00	$	1,032.00	$	2.25		0.44	%	$	1,000.00	$	1,022.99	$	2.24		0.44	%
Class A	$	1,000.00	$	1,030.10	$	4.14		0.81	%	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Class C	$	1,000.00	$	1,026.20	$	7.97		1.56	%	$	1,000.00	$	1,017.34	$	7.93		1.56	%
Municipal Intermediate Bond Fund
Investor Class	$	1,000.00	$	1,031.20	$	2.82		0.55	%	$	1,000.00	$	1,022.43	$	2.80		0.55	%
Institutional Class	$	1,000.00	$	1,032.00	$	2.05		0.40	%	$	1,000.00	$	1,023.19	$	2.04		0.40	%
Class A	$	1,000.00	$	1,029.20	$	3.99		0.78	%	$	1,000.00	$	1,021.27	$	3.97		0.78	%
Class C	$	1,000.00	$	1,025.30	$	7.76		1.52	%	$	1,000.00	$	1,017.54	$	7.73		1.52	%
Short Duration Bond Fund
Investor Class	$	1,000.00	$	1,020.00	$	3.00		0.59	%	$	1,000.00	$	1,022.23	$	3.01		0.59	%
Trust Class	$	1,000.00	$	1,019.80	$	3.51		0.69	%	$	1,000.00	$	1,021.73	$	3.52		0.69	%
Institutional Class	$	1,000.00	$	1,021.00	$	1.99		0.39	%	$	1,000.00	$	1,023.24	$	1.99		0.39	%
Class A	$	1,000.00	$	1,019.40	$	3.87		0.76	%	$	1,000.00	$	1,021.37	$	3.87		0.76	%
Class C	$	1,000.00	$	1,015.60	$	7.67		1.51	%	$	1,000.00	$	1,017.59	$	7.68		1.51	%
Short Duration High Income Fund
Institutional Class	$	1,000.00	$	1,018.90	$	3.87		0.76	%	$	1,000.00	$	1,021.37	$	3.87		0.76	%
Class A	$	1,000.00	$	1,017.00	$	5.74		1.13	%	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Class C	$	1,000.00	$	1,013.20	$	9.54		1.88	%	$	1,000.00	$	1,015.73	$	9.55		1.88	%

Expense Example (Unaudited) (cont'd)

Neuberger Berman Income Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 5/1/19		Ending Account Value 10/31/19		Expenses Paid During the Period⁽¹⁾5/1/19 - 10/31/19		Expense Ratio			Beginning Account Value 5/1/19		Ending Account Value 10/31/19		Expenses Paid During the Period⁽²⁾5/1/19 - 10/31/19		Expense Ratio
Strategic Income Fund
Trust Class	$	1,000.00	$	1,027.10	$	4.85		0.95	%	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class	$	1,000.00	$	1,028.90	$	3.07		0.60	%	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Class A	$	1,000.00	$	1,026.80	$	5.11		1.00	%	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Class C	$	1,000.00	$	1,023.20	$	8.67		1.70	%	$	1,000.00	$	1,016.64	$	8.64		1.70	%
Class R6	$	1,000.00	$	1,029.40	$	2.56		0.50	%	$	1,000.00	$	1,022.68	$	2.55		0.50	%
Unconstrained Bond Fund
Institutional Class	$	1,000.00	$	978.10	$	3.29		0.66	%	$	1,000.00	$	1,021.88	$	3.36		0.66	%
Class A	$	1,000.00	$	977.40	$	5.13		1.03	%	$	1,000.00	$	1,020.01	$	5.24		1.03	%
Class C	$	1,000.00	$	973.80	$	8.86		1.78	%	$	1,000.00	$	1,016.23	$	9.05		1.78	%
Class R6	$	1,000.00	$	978.70	$	2.79		0.56	%	$	1,000.00	$	1,022.38	$	2.85		0.56	%

(1) For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown), unless otherwise indicated.

(2) Hypothetical expenses are equal to the annualized expense ratios for each class, multiplied by the average account value over the period (assuming a 5% annual return), multiplied by 184/365 (to reflect the one-half year period shown).

Legend October 31, 2019 (Unaudited)

Neuberger Berman Income Funds

Benchmarks:

ARLLMONP = Argentina Blended Historical Policy Rate

BADDLARPP = Argentina Deposit Rates Badlar Private Banks

BUBOR = Budapest Interbank Offer Rate

CETIP = Overnight Brazil

CLICP = Sinacofi Chile Interbank Rate Average

CNRR007 = China Fixing Rate Repo Rates 7 Day

EURIBOR = Euro Interbank Offered Rate

IBRCOL = Colombia Overnight Interbank Reference Rate

JIBAR = Johannesburg International Interbank Agreed Rate

LIBOR = London Interbank Offered Rate

MOSPRIME = Moscow Prime Offered Rate

PRIBOR = Prague Interbank Offer Rate

TIIE = Mexican Interbank Equilibrium Interest Rate

WIBOR = Poland Warsaw Interbank Offer Rate

Currency Abbreviations:

ARS = Argentine Peso

AUD = Australian Dollar

BRL = Brazilian Real

CAD = Canadian Dollar

CHF = Swiss Franc

CLP = Chilean Peso

CNH^(a) = Chinese Yuan Renminbi

CNY^(a) = Chinese Yuan Renminbi

COP = Colombian Peso

CZK = Czech Koruna

DKK = Danish Krone

DOP = Dominican Peso

EGP = Egyptian Pound

EUR = Euro

GBP = Pound Sterling

GHS = Ghanaian Cedi

HUF = Hungarian Forint

IDR = Indonesian Rupiah

ILS = Israeli Shekel

INR = Indian Rupee

JPY = Japanese Yen

KRW = South Korean Won

KZT = Kazakhstani Tenge

MXN = Mexican Peso

MYR = Malaysian Ringgit

NGN = Nigeria Naira

NOK = Norwegian Krone

Currency Abbreviations (cont'd):

NZD = New Zealand Dollar

PEN = Peruvian Nuevo Sol

PHP = Philippine Peso

PLN = Polish Zloty

RON = New Romanian Leu

RUB = Russian Ruble

SEK = Swedish Krona

SGD = Singapore Dollar

THB = Thai Baht

TRY = Turkish Lira

TWD = New Taiwan Dollar

UAH = Ukraine Hryvna

USD = United States Dollar

UYU = Uruguayan Peso

ZAR = South African Rand

Non-Deliverable Forward Contracts:

ARS = Argentine Peso

BRL = Brazilian Real

CLP = Chilean Peso

COP = Colombian Peso

EGP = Egyptian Pound

IDR = Indonesian Rupiah

INR = Indian Rupee

KRW = South Korean Won

KZT = Kazakhstani Tenge

MYR = Malaysian Ringgit

PEN = Peruvian Nuevo Sol

PHP = Philippine Peso

RUB = Russian Ruble

TWD = New Taiwan Dollar

Counterparties:

CITI = Citibank, N.A.

GSI = Goldman Sachs International

HSBC = HSBC Bank plc

JPM = JPMorgan Chase Bank N.A.

MS = Morgan Stanley Capital Services LLC

RBC = Royal Bank of Canada

SCB = Standard Chartered Bank

SG = Societe Generale

SSB = State Street Bank and Trust Company

Clearinghouses:

CME = CME Group, Inc.

ICE CC = ICE Clear Credit LLC

LCH = LCH Clearnet Limited

Legend (Unaudited) (cont'd)

Neuberger Berman Income Funds

Index Periods/Payment Frequencies:

28D = 28 Days

1M = 1 Month

2M = 2 Months

3M = 3 Months

6M = 6 Months

1W = 1 Week

1Y = 1 Year

T = Termination

(a) There is one official currency held in China, the Chinese Yuan Renminbi. CNY is traded onshore, in mainland China and CNH is traded offshore, mainly in the Hong Kong market. Both at two different exchange rates.

Schedule of Investments Core Bond Fund^ October 31, 2019

PRINCIPAL AMOUNT			VALUE
U.S. Treasury Obligations 22.4%
$	490,000	U.S. Treasury Bill, 2.35%, due 1/2/2020	$	488,692	^(a)(b)
		U.S. Treasury Bonds
	1,215,000	4.50%, due 2/15/2036		1,663,506
	19,680,000	2.75%, due 8/15/2042		21,813,281
		U.S. Treasury Inflation-Indexed Bonds^(c)
	13,223,798	0.13%, due 4/15/2022		13,117,478
	2,243,430	2.13%, due 2/15/2040		2,950,715
	2,163,131	1.38%, due 2/15/2044		2,569,970
		U.S. Treasury Notes
	8,635,000	2.00%, due 1/15/2021		8,676,826
	3,575,000	2.88%, due 5/31/2025		3,823,574
	975,000	3.00%, due 10/31/2025		1,053,609
	12,945,000	2.75%, due 2/15/2028		14,051,393
	5,540,000	3.13%, due 11/15/2028		6,212,807
	5,645,000	2.38%, due 5/15/2029		5,985,685
		Total U.S. Treasury Obligations (Cost $80,154,395)		82,407,536
U.S. Government Agency Securities 0.9%
	1,160,000	Federal Home Loan Bank, 5.50%, due 7/15/2036		1,674,160
	455,000	Federal National Mortgage Association, 5.63%, due 7/15/2037		676,306
	700,000	Tennessee Valley Authority, 5.25%, due 9/15/2039		981,648
		Total U.S. Government Agency Securities (Cost $2,888,296)		3,332,114
Mortgage-Backed Securities 48.2%
Collateralized Mortgage Obligations 8.4%
	3,413,323	Angel Oak Mortgage Trust I LLC, Ser. 2019-1, Class A1, 3.92%, due 11/25/2048		3,462,553	^(d)(e)
	851,018	Bear Stearns ALT-A Trust, Ser. 2004-8, Class 2A, (1M USD LIBOR + 0.68%), 2.50%, due 9/25/2034		852,647	^(f)
	2,437,705	Bunker Hill Loan Depositary Trust, Ser. 2019-1, Class A1, 3.61%, due 10/26/2048		2,468,746	^(d)
	2,095,319	Connecticut Avenue Securities Trust, Ser. 2019-R01, Class 2M1, (1M USD LIBOR + 0.85%), 2.67%, due 7/25/2031		2,096,774	^(d)(f)
	3,633,867	Deephaven Residential Mortgage Trust, Ser. 2019-1A, Class A1, 3.74%, due 1/25/2059		3,671,268	^(d)(e)
		Fannie Mae Connecticut Avenue Securities
	643,969	Ser. 2019-R04, Class 2M1, (1M USD LIBOR + 0.75%), 2.77%, due 6/25/2039		644,249	^(d)(f)
	848,344	Ser. 2019-R06, Class 2M1, (1M USD LIBOR + 0.75%), 2.57%, due 9/25/2039		848,661	^(d)(f)
	2,490,000	Ser. 2019-R07, Class 1M1, (1M USD LIBOR + 0.77%), 2.59%, due 10/25/2039		2,489,892	^(d)(f)(g)
		Fannie Mae REMICS
	2,144,132	Ser. 2012-70, Class HS, (6.00% – 1M USD LIBOR), 4.18%, due 7/25/2042		417,786	^(f)(h)
	2,281,702	Ser. 2012-140, Class PI, 3.50%, due 12/25/2042		251,450	^(h)
	2,281,232	Ser. 2017-100, Class S, (6.15% – 1M USD LIBOR), 4.33%, due 12/25/2042		403,059	^(f)(h)
	1,660,775	Ser. 2012-130, Class AS, (6.70% – 1M USD LIBOR), 4.88%, due 12/25/2042		290,145	^(f)(h)
	1,400,446	Ser. 2013-6, Class SB, (6.10% – 1M USD LIBOR), 4.28%, due 2/25/2043		273,039	^(f)(h)
	2,284,863	Ser. 2016-32, Class LI, 3.50%, due 6/25/2046		344,294	^(h)
	1,001,019	Ser. 2016-40, Class SA, (5.85% – 1M USD LIBOR), 4.03%, due 7/25/2046		166,704	^(f)(h)
	2,992,262	Ser. 2016-95, Class US, (6.00% – 1M USD LIBOR), 4.18%, due 12/25/2046		543,651	^(f)(h)
	10,817	Fannie Mae Whole Loan, Ser. 2003-W5, Class A, (1M USD LIBOR + 0.11%), 2.24%, due 4/25/2033		10,584	^(f)
		Freddie Mac REMICS
	796,889	Ser. 4018, Class HS, (6.45% – 1M USD LIBOR), 4.42%, due 3/15/2042		164,473	^(f)(h)
	1,929,791	Ser. 4120, Class SV, (6.15% – 1M USD LIBOR), 4.12%, due 10/15/2042		361,619	^(f)(h)
	1,668,315	Ser. 4385, Class IA, 4.50%, due 9/15/2044		298,564	^(h)
	2,762,980	Ser. 4572, Class SA, (6.05% – 1M USD LIBOR), 4.13%, due 4/15/2046		577,982	^(f)(h)

See Notes to Financial Statements

Schedule of Investments Core Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
		Freddie Mac Strips
$	2,937,442	Ser. 303, Class C10, 3.50%, due 1/15/2033	$	327,731	^(h)
	1,823,798	Ser. 132, Class S1, (5.95% - 1M USD LIBOR), 4.03%, due 9/15/2043		323,793	^(f)(h)
		Freddie Mac Structured Agency Credit Risk Debt Notes
	730,000	Ser. 2017-HQA3, Class M2, (1M USD LIBOR + 2.35%), 4.37%, due 4/25/2030		739,671	^(f)
	1,900,275	Ser. 2019-DNA1, Class M1, (1M USD LIBOR + 0.90%), 2.72%, due 1/25/2049		1,901,439	^(d)(f)
	1,073,922	Ser. 2019-HQA1, Class M1, (1M USD LIBOR + 0.90%), 2.72%, due 2/25/2049		1,074,718	^(d)(f)
	492,716	Ser. 2019-DNA2, Class M1, (1M USD LIBOR + 0.80%), 2.62%, due 3/25/2049		492,822	^(d)(f)
	2,250,000	Ser. 2019-HQA3, Class M1, (1M USD LIBOR + 0.75%), 2.57%, due 9/25/2049		2,251,133	^(d)(f)
		Government National Mortgage Association
	2,083,671	Ser. 2013-5, Class BI, 3.50%, due 1/20/2043		344,884	^(h)
	2,064,193	Ser. 2019-22, Class SA, (5.60% - 1M USD LIBOR), 3.75%, due 2/20/2045		369,925	^(f)(h)
	1,575,231	Ser. 2016-91, Class NS, (6.08% - 1M USD LIBOR), 4.04%, due 7/20/2046		350,805	^(f)(h)
	250,000	Permanent Master Issuer PLC, Ser. 2018-1A, Class 1A1, (3M USD LIBOR + 0.38%), 2.37%, due 7/15/2058		249,947	^(d)(f)
	1,130,724	Starwood Mortgage Residential Trust, Ser. 2019-INV1, Class A1, 2.61%, due 8/25/2049		1,128,633	^(d)(e)
	830,000	Verus Securitization Trust Verus, Ser. 2019-4, Class A1, 2.64%, due 11/25/2059		830,558	^(d)
				31,024,199
Commercial Mortgage-Backed 13.9%
		Bank
	580,000	Ser. 2018-BN10, Class A5, 3.69%, due 2/15/2061		633,853
	2,332,277	Ser. 2018-BN13, Class A1, 3.22%, due 8/15/2061		2,380,220
	800,000	BBCMS Mortgage Trust, Ser. 2019-C4, Class A5, 2.92%, due 8/15/2052		827,357
	3,494,490	BX Commercial Mortgage Trust, Ser. 2018-IND, Class A, (1M USD LIBOR + 0.75%), 2.66%, due 11/15/2035		3,491,214	^(d)(f)
	602,085	CD Mortgage Trust, Ser. 2018-CD7, Class A1, 3.28%, due 8/15/2051		617,078
		Citigroup Commercial Mortgage Trust
	965,000	Ser. 2013-GC11, Class B, 3.73%, due 4/10/2046		995,342	^(e)
	330,000	Ser. 2013-GC17, Class B, 5.10%, due 11/10/2046		361,078	^(e)
	793,442	Ser. 2014-GC23, Class AAB, 3.34%, due 7/10/2047		816,685
	745,000	Ser. 2014-GC23, Class B, 4.18%, due 7/10/2047		791,751	^(e)
	4,681,651	Ser. 2014-GC25, Class XA, 1.00%, due 10/10/2047		196,809	^(e)(h)
	2,481,100	Ser. 2015-GC27, Class XA, 1.36%, due 2/10/2048		137,873	^(e)(h)
	550,000	Ser. 2015-P1, Class A5, 3.72%, due 9/15/2048		591,724
	1,048,403	Ser. 2018-C6, Class A1, 3.30%, due 11/10/2051		1,073,503
		Commercial Mortgage Trust
	1,000,000	Ser. 2012 -CR4, Class AM, 3.25%, due 10/15/2045		1,004,598
	1,000,000	Ser. 2013-LC6, Class B, 3.74%, due 1/10/2046		1,036,637
	5,425,017	Ser. 2014-CR16, Class XA, 0.98%, due 4/10/2047		201,388	^(e)(h)
	3,402,368	Ser. 2014-LC15, Class XA, 1.10%, due 4/10/2047		138,045	^(e)(h)
	5,408,932	Ser. 2014-CR17, Class XA, 0.98%, due 5/10/2047		203,337	^(e)(h)
	3,138,615	Ser. 2014-UBS3, Class XA, 1.09%, due 6/10/2047		132,658	^(e)(h)
	485,000	Ser. 2014-CR21, Class AM, 3.99%, due 12/10/2047		521,123
	4,318,474	Ser. 2014-UBS6, Class XA, 0.92%, due 12/10/2047		156,746	^(e)(h)
	335,000	Ser. 2015-LC21, Class A4, 3.71%, due 7/10/2048		359,897
	740,000	Ser. 2015-CR25, Class A4, 3.76%, due 8/10/2048		798,199
	410,709	Ser. 2017-COR2, Class A1, 2.11%, due 9/10/2050		410,496
		CSAIL Commercial Mortgage Trust
	353,000	Ser. 2016-C7, Class A5, 3.50%, due 11/15/2049		376,416
	1,185,000	Ser. 2015-C1, Class B, 4.04%, due 4/15/2050		1,259,602	^(e)
	405,111	Ser. 2017-CX9, Class A1, 2.02%, due 9/15/2050		404,335
	1,280,000	Ser. 2017-CX9, Class A5, 3.45%, due 9/15/2050		1,366,731
	420,000	Ser. 2019-C17, Class A5, 3.02%, due 9/15/2052		436,827

See Notes to Financial Statements

Schedule of Investments Core Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	1,970,000	Freddie Mac Multifamily Aggregation Risk Transfer Trust, Ser. 2017-KT01, Class A, (1M USD LIBOR + 0.32%), 2.14%, due 2/25/2020	$	1,969,744	^(f)
		Freddie Mac Multifamily Structured Pass Through Certificates
	25,579,645	Ser. KW03, Class X1, 0.84%, due 6/25/2027		1,265,110	^(e)(h)
	63,186,000	Ser. K088, Class XAM, 0.42%, due 1/25/2029		2,407,636	^(e)(h)
	22,992,162	Ser. K090, Class X1, 0.71%, due 2/25/2029		1,361,005	^(e)(h)
	10,000,000	Ser. K098, Class XAM, 1.52%, due 8/25/2029		1,201,259	^(e)(h)
		GS Mortgage Securities Trust
	770,000	Ser. 2012-GCJ9, Class B, 3.75%, due 11/10/2045		793,470	^(d)
	9,720,423	Ser. 2014-GC18, Class XA, 1.02%, due 1/10/2047		349,657	^(e)(h)
	335,000	Ser. 2015-GC32, Class A4, 3.76%, due 7/10/2048		361,235
	785,000	Ser. 2015-GC34, Class A4, 3.51%, due 10/10/2048		837,356
	900,000	Ser. 2015-GS1, Class C, 4.42%, due 11/10/2048		928,208	^(e)
	790,000	Ser. 2019-GC42, Class A4, 3.00%, due 9/1/2052		825,734
		JP Morgan Chase Commercial Mortgage Securities Trust
	800,000	Ser. 2013-LC11, Class B, 3.50%, due 4/15/2046		819,828
	660,000	Ser. 2011-C5, Class B, 5.40%, due 8/15/2046		691,087	^(d)(e)
		JPMBB Commercial Mortgage Securities Trust
	765,000	Ser. 2015-C33, Class AS, 4.02%, due 12/15/2048		824,881
	355,000	Ser. 2016-C1, Class A5, 3.58%, due 3/15/2049		380,808
		Morgan Stanley Bank of America Merrill Lynch Trust
	3,766,327	Ser. 2014-C16, Class XA, 1.01%, due 6/15/2047		132,915	^(e)(h)
	710,000	Ser. 2015-C24, Class A4, 3.73%, due 5/15/2048		765,209
	392,174	Ser. 2017-C34, Class A1, 2.11%, due 11/15/2052		391,952
		Morgan Stanley Capital I Trust
	1,000,000	Ser. 2017-H1, Class A5, 3.53%, due 6/15/2050		1,076,903
	1,000,000	Ser. 2019-L2, Class C, 4.98%, due 3/15/2052		1,131,380	^(e)
		UBS Commercial Mortgage Trust
	500,000	Ser. 2017-C2, Class A4, 3.49%, due 8/15/2050		535,469
	541,400	Ser. 2017-C4, Class A1, 2.13%, due 10/15/2050		541,055
	1,538,488	Ser. 2018-C14, Class A1, 3.38%, due 12/15/2051		1,578,965
		Wells Fargo Commercial Mortgage Trust
	725,000	Ser. 2012-LC5, Class B, 4.14%, due 10/15/2045		758,357
	500,000	Ser. 2015-C29, Class A4, 3.64%, due 6/15/2048		535,525
	685,000	Ser. 2016-C35, Class B, 3.44%, due 7/15/2048		714,839
	225,000	Ser. 2016-LC24, Class A4, 2.94%, due 10/15/2049		232,491
	950,000	Ser. 2016-NXS6, Class A4, 2.92%, due 11/15/2049		982,939
	712,500	Ser. 2015-LC20, Class C, 4.06%, due 4/15/2050		737,006	^(e)
	546,954	Ser. 2017-C39, Class A1, 1.98%, due 9/15/2050		546,041
	580,000	Ser. 2017-C39, Class A5, 3.42%, due 9/15/2050		620,008
	526,284	Ser. 2018-C46, Class A1, 3.16%, due 8/15/2051		536,408
	445,000	Ser. 2016-LC25, Class A4, 3.64%, due 12/15/2059		481,236
		WF-RBS Commercial Mortgage Trust
	1,000,000	Ser. 2012-C8, Class B, 4.31%, due 8/15/2045		1,046,674
	5,989,358	Ser. 2014-C25, Class XA, 0.83%, due 11/15/2047		200,929	^(e)(h)
	13,793,605	Ser. 2014-C22, Class XA, 0.81%, due 9/15/2057		438,924	^(e)(h)
	560,000	Ser. 2014-C22, Class AS, 4.07%, due 9/15/2057		598,126	^(e)
				51,321,891
Fannie Mae 14.3%
		Pass-Through Certificates
	5,755,404	3.00%, due 7/1/2046 – 11/1/2049		5,866,109	⁽ⁱ⁾
	17,927,649	3.50%, due 12/1/2041 – 8/1/2049		18,659,494
	21,581,826	4.00%, due 1/1/2041 – 9/1/2048		22,741,150
	2,693,731	4.50%, due 4/1/2034 – 1/1/2047		2,897,844

See Notes to Financial Statements

Schedule of Investments Core Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	1,464,481	5.00%, due 4/1/2023 – 9/1/2041	$	1,596,745
	361,682	5.50%, due 5/1/2038 – 3/1/2041		404,123
	363,258	6.00%, due 4/1/2037 – 11/1/2038		408,365
				52,573,830
Freddie Mac 8.5%
		Pass-Through Certificates
	3,586,814	3.00%, due 5/1/2049 – 11/1/2049		3,647,211	⁽ⁱ⁾
	11,226,565	3.50%, due 7/1/2042 – 7/1/2048		11,703,001
	12,595,547	4.00%, due 11/1/2040 – 12/1/2048		13,283,444
	1,878,608	4.50%, due 6/1/2039 – 7/1/2047		2,013,487
	682,123	5.00%, due 5/1/2023 – 5/1/2041		732,338
	88,825	5.50%, due 5/1/2035 – 11/1/2038		99,995
	8,974	6.00%, due 12/1/2037		10,333
	2,450	6.50%, due 11/1/2025		2,730
				31,492,539
Ginnie Mae 2.8%
		Pass-Through Certificates
	220,000	3.00%, due 10/20/2049		226,497	⁽ⁱ⁾
	5,210,125	3.50%, due 1/20/2043 – 9/20/2049		5,432,561
	1,102,125	4.00%, due 11/20/2044 – 7/20/2047		1,159,298
	2,470,000	3.00%, TBA, 30 Year Maturity		2,542,035	^(j)
	790,000	3.50%, TBA, 30 Year Maturity		819,748	^(j)
				10,180,139
Uniform Mortgage-Backed Securities 0.3%
	1,110,000	Pass-Through Certificates, 3.00%, TBA, 30 Year Maturity		1,127,951	^(j)
		Total Mortgage-Backed Securities (Cost $177,361,346)		177,720,549
Corporate Bonds 23.7%
Agriculture 0.2%
	775,000	BAT Capital Corp., 4.54%, due 8/15/2047		748,908
Auto Manufacturers 0.5%
	1,620,000	Volkswagen Group of America Finance LLC, 2.70%, due 9/26/2022		1,635,574	^(d)
Banks 5.9%
	695,000	Banco Santander SA, 3.80%, due 2/23/2028		733,009
		Bank of America Corp.
	1,020,000	2.74%, due 1/23/2022		1,028,074	^(k)
	1,005,000	4.45%, due 3/3/2026		1,101,582
	1,410,000	3.97%, due 3/5/2029		1,535,661	^(k)
	760,000	Barclays PLC, 4.38%, due 1/12/2026		816,672
		Citigroup, Inc.
	1,990,000	3.89%, due 1/10/2028		2,141,843	^(k)(l)
	695,000	3.52%, due 10/27/2028		732,378	^(k)
	1,580,000	Commonwealth Bank of Australia, 3.74%, due 9/12/2039		1,583,567	^(d)

See Notes to Financial Statements

Schedule of Investments Core Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
		Goldman Sachs Group, Inc.
$	1,310,000	3.69%, due 6/5/2028	$	1,384,124	^(k)
	2,075,000	3.81%, due 4/23/2029		2,204,229	^(k)(l)
	810,000	4.22%, due 5/1/2029		886,258	^(k)
	465,000	4.02%, due 10/31/2038		503,038	^(k)
	550,000	5.15%, due 5/22/2045		660,266
	1,345,000	HSBC Holdings PLC, 6.00%, due 5/22/2027		1,396,110	^(k)(m)
		JPMorgan Chase & Co.
	1,545,000	3.22%, due 3/1/2025		1,603,661	^(k)
	975,000	3.88%, due 7/24/2038		1,070,100	^(k)
	2,355,000	Morgan Stanley, 3.59%, due 7/22/2028		2,489,224	^(k)(l)
				21,869,796
Beverages 1.0%
		Anheuser-Busch InBev Worldwide, Inc.
	865,000	4.60%, due 4/15/2048		992,567
	1,260,000	4.75%, due 4/15/2058		1,473,053
	970,000	5.80%, due 1/23/2059		1,316,980
				3,782,600
Biotechnology 0.4%
	1,195,000	Celgene Corp., 3.90%, due 2/20/2028		1,312,917
Computers 2.1%
		Apple, Inc.
	1,130,000	3.00%, due 2/9/2024		1,178,946
	1,155,000	4.65%, due 2/23/2046		1,446,263
	1,805,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 5.45%, due 6/15/2023		1,962,372	^(d)
	920,000	HP Enterprise Co., 3.60%, due 10/15/2020		932,341
		IBM Corp.
	665,000	4.15%, due 5/15/2039		749,559
	1,405,000	4.25%, due 5/15/2049		1,596,507
				7,865,988
Diversified Financial Services 1.4%
	1,700,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, due 10/1/2025		1,844,482
	1,160,000	Avolon Holdings Funding Ltd., 3.95%, due 7/1/2024		1,204,312	^(d)
	2,165,000	Synchrony Financial, 2.85%, due 7/25/2022		2,190,155
				5,238,949
Electric 1.1%
		DTE Energy Co.
	880,000	2.25%, due 11/1/2022		885,526	^(g)
	1,565,000	Ser. C, 3.40%, due 6/15/2029		1,638,486
	1,430,000	Evergy, Inc., 2.90%, due 9/15/2029		1,437,913
				3,961,925

See Notes to Financial Statements

Schedule of Investments Core Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Food 0.8%
$	1,415,000	Grupo Bimbo SAB de CV, 4.70%, due 11/10/2047	$	1,513,569	^(d)
	1,170,000	Kraft Heinz Foods Co., 3.75%, due 4/1/2030		1,195,820	^(d)
	310,000	Kroger Co., 5.40%, due 1/15/2049		367,625
				3,077,014
Healthcare - Products 0.4%
	1,425,000	DH Europe Finance II S.a.r.l., 3.40%, due 11/15/2049		1,463,446	^(g)
Healthcare - Services 0.6%
	1,290,000	HCA, Inc., 5.25%, due 6/15/2049		1,428,417
	880,000	UnitedHealth Group, Inc., 3.88%, due 8/15/2059		933,346
				2,361,763
Insurance 0.3%
	1,015,000	AXA Equitable Holdings, Inc., 5.00%, due 4/20/2048		1,088,183
Media 1.4%
		Comcast Corp.
	1,225,000	3.70%, due 4/15/2024		1,312,742
	690,000	4.00%, due 8/15/2047		762,624
	1,370,000	4.95%, due 10/15/2058		1,767,855	^(l)
	1,005,000	Fox Corp., 5.58%, due 1/25/2049		1,261,151	^(d)
				5,104,372
Mining 0.5%
		Anglo American Capital PLC
	805,000	3.63%, due 9/11/2024		835,314	^(d)
	850,000	4.00%, due 9/11/2027		880,463	^(d)
				1,715,777
Miscellaneous Manufacturer 0.3%
	1,010,000	General Electric Co., Ser. D, 5.00%, due 1/21/2021		974,105	^(k)(m)
Oil & Gas 1.3%
	905,000	Concho Resources, Inc., 4.88%, due 10/1/2047		1,021,548
	1,175,000	Marathon Oil Corp., 4.40%, due 7/15/2027		1,262,570
		Occidental Petroleum Corp.
	1,280,000	3.20%, due 8/15/2026		1,295,816
	1,305,000	3.50%, due 8/15/2029		1,321,939
				4,901,873

See Notes to Financial Statements

Schedule of Investments Core Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Pharmaceuticals 1.0%
$	1,110,000	AbbVie, Inc., 4.70%, due 5/14/2045	$	1,186,555
	965,000	Cigna Corp., 4.80%, due 8/15/2038		1,095,535
	1,195,000	CVS Health Corp., 5.05%, due 3/25/2048		1,368,888
				3,650,978
Pipelines 1.7%
	835,000	Energy Transfer Operating L.P., 6.25%, due 4/15/2049		1,003,274
	1,535,000	Kinder Morgan Energy Partners L.P., 4.15%, due 2/1/2024		1,634,694
	1,320,000	Kinder Morgan, Inc., 5.55%, due 6/1/2045		1,547,435
	1,170,000	MPLX L.P., 4.70%, due 4/15/2048		1,181,913
	965,000	Plains All American Pipeline L.P./PAA Finance Corp., 3.55%, due 12/15/2029		919,205
				6,286,521
Real Estate Investment Trusts 0.4%
	1,300,000	Healthcare Trust of America Holdings L.P., 3.10%, due 2/15/2030		1,298,953
Retail 1.0%
		Walmart, Inc.
	2,240,000	3.40%, due 6/26/2023		2,364,118	^(l)
	1,160,000	3.25%, due 7/8/2029		1,255,212
				3,619,330
Semiconductors 0.4%
	1,515,000	Microchip Technology, Inc., 4.33%, due 6/1/2023		1,603,100
Software 0.1%
	370,000	Oracle Corp., 4.00%, due 7/15/2046		409,791
Telecommunications 0.9%
		AT&T, Inc.
	410,000	4.35%, due 6/15/2045		431,271
	1,450,000	5.45%, due 3/1/2047		1,750,664
	1,200,000	4.50%, due 3/9/2048		1,282,124
				3,464,059
		Total Corporate Bonds (Cost $81,093,441)		87,435,922
Asset-Backed Securities 6.9%
	1,140,000	AM Capital Funding LLC, Ser. 2018-1, Class A, 4.98%, due 12/15/2023		1,196,940	^(d)
		Asset Backed Funding Certificates
	186,935	Ser. 2003-OPT1, Class A3, (1M USD LIBOR + 0.68%), 2.50%, due 4/25/2033		185,489	^(f)
	1,135,129	Ser. 2004-OPT3, Class A4, (1M USD LIBOR + 0.78%), 2.60%, due 11/25/2033		1,119,406	^(f)
	1,074,730	Centex Home Equity Loan Trust, Ser. 2005-D, Class M3, (1M USD LIBOR + 0.48%), 2.30%, due 10/25/2035		1,075,551	^(f)
	14,966	Chase Funding Mortgage Loan Asset-Backed Certificates, Ser. 2004-1, Class 2A2, (1M USD LIBOR + 0.46%), 2.28%, due 12/25/2033		14,662	^(f)

See Notes to Financial Statements

Schedule of Investments Core Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	1,550,000	CIFC Funding Ltd., Ser. 2019-5A, Class A1, (3M USD LIBOR + 1.34%), 0.00%, due 10/15/2032	$	1,545,152	^(d)(f)
	577,157	Corevest American Finance Trust, Ser. 2019-1, Class A, 3.32%, due 3/15/2052		599,659	^(d)
	194,052	Countrywide Asset-Backed Certificates, Ser. 2004-5, Class 1A, (1M USD LIBOR + 0.50%), 2.32%, due 10/25/2034		193,508	^(f)
	2,999,442	Credit Suisse First Boston Mortgage Securities Corp., Ser. 2004-AA1, Class M2, (1M USD LIBOR + 1.05%), 2.87%, due 2/25/2035		3,006,623	^(f)
	1,900,000	Elmwood CLO III Ltd., Ser. 2019-3A, Class A1, (3M USD LIBOR + 1.37%), 0.00%, due 10/15/2032		1,900,000	^(d)(f)(g)(n)
	4,429	Fannie Mae Grantor Trust, Ser. 2002-T5, Class A1, (1M USD LIBOR + 0.24%), 2.06%, due 5/25/2032		4,385	^(f)
	2,083,620	Home Equity Asset Trust, Ser. 2003-5, Class A1, (1M USD LIBOR + 0.58%), 2.40%, due 12/25/2033		2,047,988	^(f)
	1,500,000	Kayne CLO 5 Ltd., Ser. 2019-5A, Class A, (3M USD LIBOR + 1.35%), 3.53%, due 7/24/2032		1,496,295	^(d)(f)
		Navient Student Loan Trust
	102,907	Ser. 2017-3A, Class A1, (1M USD LIBOR + 0.30%), 2.12%, due 7/26/2066		102,915	^(d)(f)
	166,353	Ser. 2017-4A, Class A1, (1M USD LIBOR + 0.24%), 2.06%, due 9/27/2066		166,303	^(d)(f)
	102,961	Ser. 2018-3A, Class A1, (1M USD LIBOR + 0.27%), 2.09%, due 3/25/2067		102,932	^(d)(f)
	2,200,000	Octagon Investment Partners 44 Ltd., Ser. 2019-1A, Class A, (3M USD LIBOR + 1.30%), 3.27%, due 7/20/2032		2,194,655	^(d)(f)
	202,281	Popular ABS Mortgage Pass-Through Trust, Ser. 2005-2, Class AV1B, (1M USD LIBOR + 0.26%), 2.08%, due 4/25/2035		202,096	^(f)
	32,499	Residential Asset Mortgage Products, Inc., Ser. 2005-RS4, Class M3, (1M USD LIBOR + 0.48%), 2.30%, due 4/25/2035		32,501	^(f)
	1,350,000	Residential Asset Securities Corp., Ser. 2005-KS12, Class M2, (1M USD LIBOR + 0.46%), 2.28%, due 1/25/2036		1,348,112	^(f)
	8,946	Saxon Asset Securities Trust, Ser. 2004-1, Class A, (1M USD LIBOR + 0.54%), 2.36%, due 3/25/2035		8,515	^(f)
	2,200,000	Southwick Park CLO LLC, Ser. 2019-4A, Class A1, (3M USD LIBOR + 1.30%), 3.47%, due 7/20/2032		2,197,459	^(d)(f)
	239,508	Verizon Owner Trust, Ser. 2016-2A, Class A, 1.68%, due 5/20/2021		239,438	^(d)
	3,050,000	Voya CLO Ltd., Ser. 2019-2A, Class A, (3M USD LIBOR + 1.27%), 3.52%, due 7/20/2032		3,040,539	^(d)(f)
	1,297,961	Wells Fargo Home Equity Asset-Backed Securities Trust, Ser. 2004-2, Class M1, (1M USD LIBOR + 0.90%), 2.72%, due 10/25/2034		1,286,866	^(f)
	9,411	World Omni Auto Receivables Trust, Ser. 2018-A, Class A2, 2.19%, due 5/17/2021		9,411
		Total Asset-Backed Securities (Cost $24,790,709)		25,317,400
NUMBER OF SHARES
Short-Term Investments 0.7%
Investment Companies 0.7%
	2,695,183	State Street Institutional U.S. Government Money Market Fund Premier Class, 1.75%^(o) (Cost $2,695,183)		2,695,183	^(l)
		Total Investments 102.8% (Cost $368,983,370)		378,908,704
		Liabilities Less Other Assets (2.8)%		(10,341,581	)^(p)
		Net Assets 100.0%	$	368,567,123

(a) Rate shown was the discount rate at the date of purchase.

(b) All or a portion of the security is pledged as collateral for futures.

See Notes to Financial Statements

Schedule of Investments Core Bond Fund^ (cont'd)

(d) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At October 31, 2019, these securities amounted to $55,441,593, which represents 15.0% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(e) Variable or floating rate security where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of October 31, 2019.

(f) Variable or floating rate security. The interest rate shown was the current rate as of October 31, 2019 and changes periodically.

(g) When-issued security. Total value of all such securities at October 31, 2019, amounted to $6,738,864, which represents 1.8% of net assets of the Fund.

(h) Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.

(i) All or a portion of this security was purchased on a delayed delivery basis.

(j) TBA (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal amount and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total value of all such securities (excluding forward sales contracts, if any) at October 31, 2019 amounted to $4,489,734, which represents 1.2% of net assets of the Fund.

(k) Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

(l) All or a portion of this security is segregated in connection with obligations for to be announced securities, when-issued securities, futures and/or delayed delivery securities with a total value of $13,662,452.

(m) Perpetual Bond Security. The rate reflected was the rate in effect on October 31, 2019. The maturity date reflects the next call date.

(n) Security fair valued as of October 31, 2019 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at October 31, 2019 amounted to $1,900,000, which represents 0.5% of net assets of the Fund.

(o) Represents 7-day effective yield as of October 31, 2019.

(p) Includes the impact of the Fund's open positions in derivatives at October 31, 2019.

See Notes to Financial Statements

Schedule of Investments Core Bond Fund^ (cont'd)

Derivative Instruments

Futures contracts ("futures")

At October 31, 2019, open positions in futures for the Fund were as follows:

Long Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
12/2019		1	Australian Dollar	$	68,960	$	215
12/2019		10	Euro		1,397,063		11,139
12/2019		21	U.S. Treasury Long Bond		3,388,875		(70,976	)
12/2019		68	U.S. Treasury Note, 2 Year		14,660,906		(25,131	)
12/2019		113	U.S. Treasury Note, 5 Year		13,469,953		(16,387	)
12/2019		92	U.S. Treasury Note, 10 Year		11,987,313		(59,641	)
12/2019		1	U.S. Treasury Note, Ultra 10 Year		142,109		52
Total Long Positions				$	45,115,179	$	(160,729	)

Short Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
12/2019		2	South African Rand	$	(65,900	)	$	2,163
12/2019		39	U.S. Treasury Ultra Long Bond		(7,400,250	)		33,375
2/2020		1	Federal Funds, 30 day		(410,762	)		(3,125	)
Total Short Positions				$	(7,876,912	)	$	32,413
Total Futures							$	(128,316	)

At October 31, 2019, the Fund had $196,708 deposited in a segregated account to cover margin requirements on open futures. At October 31, 2019, the Fund had securities pledged in the amount of $274,266 to cover collateral requirements on open futures.

For the year ended October 31, 2019, the average notional value of futures for the Fund was $51,056,408 for long positions and $(28,573,404) for short positions.

See Notes to Financial Statements

Schedule of Investments Core Bond Fund^ (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2019:

Asset Valuation Inputs

	Level 1		Level 2		Level 3		Total
Investments:
U.S. Treasury Obligations	$	—	$	82,407,536	$	—	$	82,407,536
U.S. Government Agency Securities		—		3,332,114		—		3,332,114
Mortgage-Backed Securities^(a)		—		177,720,549		—		177,720,549
Corporate Bonds^(a)		—		87,435,922		—		87,435,922
Asset-Backed Securities		—		25,317,400		—		25,317,400
Short-Term Investments		—		2,695,183		—		2,695,183
Total Investments	$	—	$	378,908,704	$	—	$	378,908,704

(a) The Schedule of Investments provides information on the industry or sector categorization for the portfolio.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of October 31, 2019:

Other Financial Instruments

	Level 1			Level 2		Level 3		Total
Futures^(a)
Assets	$	46,944		$	—	$	—	$	46,944
Liabilities		(175,260	)		—		—		(175,260	)
Total	$	(128,316	)	$	—	$	—	$	(128,316	)

(a) Futures are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ October 31, 2019

PRINCIPAL AMOUNT^(a)			VALUE
Corporate Bonds 29.8%
Argentina 0.7%
$	300,000	Agua y Saneamientos Argentinos SA, 6.63%, due 2/1/2023	$	117,750	^(b)(c)
	86,000	Genneia SA, 8.75%, due 1/20/2022		58,050	^(d)
	200,000	Pampa Energia SA, 7.38%, due 7/21/2023		174,000	^(b)
	234,000	Rio Energy SA/UGEN SA/UENSA SA, 6.88%, due 2/1/2025		135,723	^(d)
	44,000	Tecpetrol SA, 4.88%, due 12/12/2022		40,260	^(b)
	200,000	Telecom Argentina SA, 8.00%, due 7/18/2026		179,500	^(d)
	225,000	YPF Energia Electrica SA, 10.00%, due 7/25/2026		170,190	^(d)
		YPF SA
	83,000	(BADLARPP + 4.00%, 18.00% Floor), 63.35%, due 7/7/2020		17,853	^(b)(e)
	200,000	8.50%, due 7/28/2025		158,400	^(b)
	206,000	7.00%, due 12/15/2047		146,262	^(d)
				1,197,988
Azerbaijan 1.2%
		Southern Gas Corridor CJSC
	1,500,000	6.88%, due 3/24/2026		1,747,500	^(b)(c)
	200,000	6.88%, due 3/24/2026		233,000	^(b)(c)
				1,980,500
Bahrain 0.1%
	219,000	Oil & Gas Holding Co., 7.63%, due 11/7/2024		248,018	^(c)(d)
Brazil 2.5%
	200,000	Banco do Brasil SA, 9.00%, due 6/18/2024		227,940	^(b)(c)(f)(g)
	316,000	Banco Votorantim SA, 4.50%, due 9/24/2024		325,843	^(d)
	200,000	BRF SA, 4.88%, due 1/24/2030		199,480	^(d)
	200,000	Cemig Geracao e Transmissao SA, 9.25%, due 12/5/2024		233,202	^(c)(d)
	200,000	Cosan Ltd., 5.50%, due 9/20/2029		208,000	^(d)
	327,000	CSN Resources SA, 7.63%, due 4/17/2026		331,905	^(c)(d)
	365,000	Itau Unibanco Holding SA, 6.50%, due 3/19/2023		380,056	^(c)(d)(f)(g)
	200,000	JBS Investments II GmbH, 5.75%, due 1/15/2028		208,400	^(d)
	200,000	Light Servicos de Eletricidade SA/Light Energia SA, 7.25%, due 5/3/2023		215,502	^(d)
	276,000	MARB BondCo PLC, 6.88%, due 1/19/2025		287,509	^(c)(d)
	313,000	MV24 Capital BV, 6.75%, due 6/1/2034		327,241	^(c)(d)
		Petrobras Global Finance BV
	38,000	5.09%, due 1/15/2030		40,299	^(d)
	166,000	6.90%, due 3/19/2049		192,942
	200,000	Rumo Luxembourg Sarl, 7.38%, due 2/9/2024		215,760	^(b)(c)
		Suzano Austria GmbH
	213,000	5.00%, due 1/15/2030		219,284	^(c)
	200,000	7.00%, due 3/16/2047		233,125	^(c)(d)
	117,000	Vale Overseas Ltd., 8.25%, due 1/17/2034		159,998
				4,006,486
Chile 0.8%
		AES Gener SA
	200,000	7.13%, due 3/26/2079		207,690	^(d)(g)
	207,000	6.35%, due 10/7/2079		207,890	^(d)(g)

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
		Codelco, Inc.
$	238,000	3.00%, due 9/30/2029	$	237,182	^(d)
	204,000	4.38%, due 2/5/2049		225,257	^(c)(d)
	200,000	Empresa Electrica Guacolda SA, 4.56%, due 4/30/2025		172,346	^(b)
	179,000	VTR Finance BV, 6.88%, due 1/15/2024		183,475	^(b)
				1,233,840
China 3.4%
	212,000	Alibaba Group Holding Ltd., 4.20%, due 12/6/2047		239,579	^(c)
	200,000	CDBL Funding 1, 3.00%, due 4/24/2023		200,831	^(b)
	200,000	CFLD Cayman Investment Ltd., 8.60%, due 4/8/2024		203,266	^(b)(c)
	200,000	Champion Sincerity Holdings Ltd., 8.13%, due 2/8/2022		210,770	^(b)(c)(f)(g)
	200,000	Charming Light Investments Ltd., 4.38%, due 12/21/2027		215,094	^(b)(c)
	200,000	China Construction Bank Corp., 4.25%, due 2/27/2029		209,988	^(b)(g)
	300,000	China Evergrande Group, 8.25%, due 3/23/2022		278,433	^(b)(c)
		China Minmetals Corp.
	210,000	4.45%, due 5/13/2021		213,470	^(b)(c)(f)(g)
	416,000	3.75%, due 11/13/2022		419,063	^(b)(c)(f)(g)
	200,000	China Overseas Finance Cayman VI Ltd., 5.95%, due 5/8/2024		226,635	^(b)(c)
	200,000	China Reinsurance Finance Corp. Ltd., 3.38%, due 3/9/2022		200,665	^(b)
	200,000	China Resources Land Ltd., 4.13%, due 2/26/2029		217,214	^(b)(c)
	200,000	CNAC HK Finbridge Co. Ltd., 3.38%, due 6/19/2024		202,720	^(b)
	200,000	CNOOC Finance 2015 USA LLC, 3.50%, due 5/5/2025		208,259
	201,000	Dianjian Int'l Finance Ltd., 4.60%, due 3/13/2023		208,081	^(b)(f)(g)
	200,000	Easy Tactic Ltd., 8.13%, due 2/27/2023		198,994	^(b)
	200,000	Greenland Global Investment Ltd., 6.75%, due 6/25/2022		206,101	^(b)
	200,000	Huarong Finance 2017 Co. Ltd., 4.00%, due 11/7/2022		201,493	^(b)(f)(g)
	20,000	Nexen, Inc., 5.88%, due 3/10/2035		25,862
	200,000	Proven Glory Capital Ltd., 3.25%, due 2/21/2022		200,220	^(b)
	200,000	Sino-Ocean Land Treasure IV Ltd., 4.75%, due 8/5/2029		197,877	^(b)
	312,000	Sinopec Group Overseas Development 2017 Ltd., 3.25%, due 9/13/2027		319,198	^(c)(d)
	228,000	Sinopec Group Overseas Development 2018 Ltd., 2.50%, due 8/8/2024		227,262	^(c)(d)
	250,000	Sunac China Holdings Ltd., 8.35%, due 4/19/2023		257,340	^(b)(c)
	200,000	Tencent Holdings Ltd., 3.60%, due 1/19/2028		208,393	^(b)(c)
				5,496,808
Colombia 1.3%
	100,000	Bancolombia SA, 5.13%, due 9/11/2022		105,240
		Ecopetrol SA
	300,000	7.38%, due 9/18/2043		398,253	^(c)
	200,000	5.88%, due 5/28/2045		230,940	^(c)
		Empresas Publicas de Medellin ESP
COP	807,000,000	7.63%, due 9/10/2024		251,016	^(c)(d)
COP	1,600,000,000	8.38%, due 11/8/2027		510,785	^(c)(d)
$	201,000	4.25%, due 7/18/2029		210,407	^(d)
COP	437,000,000	Financiera de Desarrollo Territorial SA Findeter, 7.88%, due 8/12/2024		137,669	^(d)
$	300,000	Millicom Int'l Cellular SA, 6.25%, due 3/25/2029		327,369	^(b)(c)
				2,171,679
Ghana 0.3%
	200,000	Kosmos Energy Ltd., 7.13%, due 4/4/2026		208,500	^(d)
	210,000	Tullow Oil PLC, 7.00%, due 3/1/2025		216,562	^(d)
				425,062

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Guatemala 0.2%
$	250,000	Central American Bottling Corp., 5.75%, due 1/31/2027	$	263,752	^(c)(d)
Hong Kong 1.0%
	309,000	Celestial Miles Ltd., 5.75%, due 1/31/2024		326,661	^(b)(c)(f)(g)
	200,000	Li & Fung Ltd., 4.38%, due 10/4/2024		202,683	^(b)
		Melco Resorts Finance Ltd.
	200,000	4.88%, due 6/6/2025		204,408	^(d)
	200,000	5.63%, due 7/17/2027		208,594	^(d)
	400,000	Metropolitan Light Co. Ltd., 5.50%, due 11/21/2022		414,040	^(b)(c)
	200,000	NWD MTN Ltd., 4.13%, due 7/18/2029		199,485	^(b)
				1,555,871
India 0.8%
	200,000	ABJA Investment Co. Pte Ltd., 5.45%, due 1/24/2028		195,602	^(b)
	300,000	Greenko Dutch BV, 5.25%, due 7/24/2024		302,178	^(b)(c)
	200,000	Greenko Solar Mauritius Ltd., 5.55%, due 1/29/2025		200,358	^(d)
	228,000	Network i2i Ltd., 5.65%, due 1/15/2025		214,776	^(d)(f)(g)
	200,000	Oil India Ltd., 5.13%, due 2/4/2029		225,528	^(b)(c)
	200,000	Vedanta Resources PLC, 6.38%, due 7/30/2022		197,800	^(b)
				1,336,242
Indonesia 1.5%
	200,000	Indika Energy Capital III Pte Ltd., 5.88%, due 11/9/2024		193,880	^(b)
	400,000	Indonesia Asahan Aluminium Persero PT, 6.76%, due 11/15/2048		513,539	^(b)(c)
	400,000	Medco Oak Tree Pte Ltd., 7.38%, due 5/14/2026		407,243	^(b)(c)
	210,000	Pertamina Persero PT, 3.65%, due 7/30/2029		215,533	^(c)(d)
		Perusahaan Listrik Negara PT
EUR	200,000	1.88%, due 11/5/2031		221,882	^(d)(h)
$	200,000	6.15%, due 5/21/2048		251,340	^(c)(d)
	207,000	4.38%, due 2/5/2050		207,210	^(d)(h)
	400,000	Saka Energi Indonesia PT, 4.45%, due 5/5/2024		404,016	^(b)(c)
				2,414,643
Israel 0.5%
	400,000	Altice Financing SA, 7.50%, due 5/15/2026		425,000	^(b)(c)
	200,000	Israel Electric Corp. Ltd., 5.00%, due 11/12/2024		219,900	^(b)(c)
	250,000	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/1/2026		188,125
				833,025
Kazakhstan 0.8%
		KazMunayGas National Co. JSC
	299,000	5.38%, due 4/24/2030		343,856	^(c)(d)
	560,000	5.75%, due 4/19/2047		654,350	^(b)(c)
	225,000	6.38%, due 10/24/2048		283,005	^(c)(d)
				1,281,211

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Korea 0.8%
$	316,000	Hanwha Life Insurance Co. Ltd., 4.70%, due 4/23/2023	$	319,175	^(c)(d)(f)(g)
	200,000	Hyundai Capital America, 2.75%, due 9/27/2026		195,333	^(b)
	200,000	Kyobo Life Insurance Co. Ltd., 3.95%, due 7/24/2022		200,000	^(b)(f)(g)
	200,000	SK Hynix, Inc., 3.00%, due 9/17/2024		199,777	^(b)
	300,000	Woori Bank, 4.75%, due 4/30/2024		321,413	^(b)(c)
				1,235,698
Kuwait 0.1%
	200,000	NBK Tier 1 Financing Ltd., 5.75%, due 4/9/2021		205,800	^(b)(f)(g)
Macau 0.7%
	200,000	MGM China Holdings Ltd., 5.88%, due 5/15/2026		211,500	^(b)
	400,000	Sands China Ltd., 5.40%, due 8/8/2028		452,556	^(c)
	200,000	Studio City Finance Ltd., 7.25%, due 2/11/2024		212,500	^(b)
	200,000	Studio City Finance Ltd., 7.25%, due 2/11/2024		212,500	^(d)
				1,089,056
Malaysia 0.1%
	200,000	TNB Global Ventures Capital Bhd, 4.85%, due 11/1/2028		228,079	^(b)(c)
Mexico 4.6%
	200,000	Alfa SAB de CV, 6.88%, due 3/25/2044		238,304	^(b)(c)
	275,000	America Movil SAB de CV, 3.63%, due 4/22/2029		293,070	^(c)
	200,000	Banco Mercantil del Norte SA, 7.63%, due 1/10/2028		209,002	^(b)(f)(g)
	200,000	BBVA Bancomer SA, 5.13%, due 1/18/2033		194,860	^(b)(g)
	358,530	Cometa Energia SA de CV, 6.38%, due 4/24/2035		388,109	^(c)(d)
MXN	6,480,000	Comision Federal de Electricidad, Ser. 14-2, 7.35%, due 11/25/2025		311,644
$	300,000	Elementia SAB de CV, 5.50%, due 1/15/2025		300,750	^(b)(c)
	209,000	Industrias Penoles SAB de CV, 5.65%, due 9/12/2049		215,009	^(d)
	200,000	Infraestructura Energetica Nova SAB de CV, 4.88%, due 1/14/2048		190,500	^(d)
	400,000	Mexichem SAB de CV, 5.88%, due 9/17/2044		422,496	^(b)(c)
	242,000	Mexico City Airport Trust, 5.50%, due 7/31/2047		241,806	^(c)(d)
	258,000	Minera Mexico SA de CV, 4.50%, due 1/26/2050		253,021	^(d)
		Petroleos Mexicanos
MXN	13,180,000	7.19%, due 9/12/2024		609,789	^(b)
$	41,000	6.88%, due 8/4/2026		44,854
MXN	41,442,700	Ser. 14-2, 7.47%, due 11/12/2026		1,820,450
$	79,000	6.84%, due 1/23/2030		84,364	^(d)
	419,000	6.35%, due 2/12/2048		400,669	^(c)
	604,000	7.69%, due 1/23/2050		658,601	^(d)
	200,000	Sigma Alimentos SA de CV, 4.13%, due 5/2/2026		208,502	^(b)
		Trust F/1401
	200,000	6.95%, due 1/30/2044		231,252	^(b)(c)
	200,000	6.39%, due 1/15/2050		213,500	^(d)
				7,530,552
Mongolia 0.1%
	200,000	Trade & Development Bank of Mongolia LLC, 9.38%, due 5/19/2020		205,000	^(b)

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Nigeria 0.3%
$	200,000	IHS Netherlands Holdco BV, 8.00%, due 9/18/2027	$	209,040	^(d)
	200,000	United Bank for Africa PLC, 7.75%, due 6/8/2022		211,844	^(b)
				420,884
Oman 0.1%
	242,000	Oztel Holdings SPC Ltd., 6.63%, due 4/24/2028		249,187	^(c)(d)
Panama 0.4%
	200,000	C&W Senior Financing Designated Activity Co., 6.88%, due 9/15/2027		210,500	^(d)
	206,000	Cable Onda SA, 4.50%, due 1/30/2030		208,734	^(d)(h)
	200,000	Empresa de Transmision Electrica SA, 5.13%, due 5/2/2049		228,750	^(c)(d)
				647,984
Peru 1.1%
PEN	843,000	Fondo MIVIVIENDA SA, 7.00%, due 2/14/2024		280,395	^(d)
$	200,000	Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, due 6/1/2028		218,750	^(c)(d)
	205,000	Inkia Energy Ltd., 5.88%, due 11/9/2027		212,433	^(d)
		Orazul Energy Egenor S en C por A
	200,000	5.63%, due 4/28/2027		205,000	^(d)
	200,000	5.63%, due 4/28/2027		205,000	^(b)
	200,000	Petroleos del Peru SA, 4.75%, due 6/19/2032		215,252	^(c)(d)
	250,000	Southern Copper Corp., 6.75%, due 4/16/2040		322,606	^(c)
	165,000	Volcan Cia Minera SAA, 5.38%, due 2/2/2022		170,983	^(b)
				1,830,419
Qatar 0.1%
	100,000	Nakilat, Inc., 6.07%, due 12/31/2033		121,130	^(b)
Russia 1.7%
	300,000	Evraz Group SA, 5.38%, due 3/20/2023		320,157	^(b)(c)
		Gazprom OAO Via Gaz Capital SA
	391,000	5.15%, due 2/11/2026		427,385	^(c)(d)
	200,000	5.15%, due 2/11/2026		218,612	^(b)(c)
	200,000	GTH Finance BV, 7.25%, due 4/26/2023		223,344	^(b)(c)
	273,000	GTLK Europe Capital DAC, 4.95%, due 2/18/2026		278,225	^(b)
	200,000	GTLK Europe DAC, 5.95%, due 7/19/2021		208,838	^(b)
	200,000	Sberbank of Russia Via SB Capital SA, 5.13%, due 10/29/2022		210,768	^(b)
	205,000	SCF Capital Ltd., 5.38%, due 6/16/2023		217,220	^(c)(d)
	239,000	Veon Holdings BV, 4.00%, due 4/9/2025		245,527	^(d)
	300,000	Vnesheconombank Via VEB Finance PLC, 6.80%, due 11/22/2025		349,168	^(b)(c)
				2,699,244
Saudi Arabia 0.1%
	200,000	Saudi Electricity Global Sukuk Co. 4, 4.22%, due 1/27/2024		211,514	^(b)

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Singapore 0.6%
$	300,000	BOC Aviation Ltd., 3.50%, due 10/10/2024	$	308,445	^(b)(c)
	200,000	DBS Group Holdings Ltd., 4.52%, due 12/11/2028		212,242	^(c)(d)(g)
	200,000	Oversea-Chinese Banking Corp. Ltd., 4.25%, due 6/19/2024		212,074	^(b)
	200,000	Parkway Pantai Ltd., 4.25%, due 7/27/2022		198,686	^(b)(f)(g)
				931,447
South Africa 0.8%
		Eskom Holdings SOC Ltd.
	260,000	6.75%, due 8/6/2023		266,772	^(b)(c)
	206,000	6.35%, due 8/10/2028		217,898	^(c)(d)
	318,000	Liquid Telecommunications Financing PLC, 8.50%, due 7/13/2022		316,601	^(c)(d)
		SASOL Financing USA LLC
	200,000	5.88%, due 3/27/2024		215,695	^(c)
	200,000	6.50%, due 9/27/2028		223,616	^(c)
				1,240,582
Supranational 0.2%
		Banque Ouest Africaine de Developpement
	205,000	5.00%, due 7/27/2027		216,921	^(c)(d)
	200,000	4.70%, due 10/22/2031		201,264	^(d)
				418,185
Thailand 0.4%
	400,000	PTT PCL, 4.50%, due 10/25/2042		453,540	^(b)(c)
	200,000	PTTEP Treasury Center Co. Ltd., 4.60%, due 7/17/2022		205,191	^(b)(f)(g)
				658,731
Turkey 1.0%
	200,000	Akbank TAS, 5.13%, due 3/31/2025		191,028	^(d)
	200,000	SISECAM, 6.95%, due 3/14/2026		208,000	^(d)
	200,000	Turkcell Iletisim Hizmetleri AS, 5.80%, due 4/11/2028		194,008	^(d)
		Turkiye Garanti Bankasi AS
	200,000	5.25%, due 9/13/2022		200,500	^(b)
	200,000	5.88%, due 3/16/2023		202,811	^(b)
	200,000	Turkiye Is Bankasi AS, 6.13%, due 4/25/2024		194,656	^(b)
		Yapi ve Kredi Bankasi AS
	200,000	5.75%, due 2/24/2022		200,225	^(b)
	200,000	5.85%, due 6/21/2024		192,910	^(d)
				1,584,138
Ukraine 0.3%
	200,000	MHP Lux SA, 6.95%, due 4/3/2026		206,336	^(b)
EUR	260,000	NAK Naftogaz Ukraine via Kondor Finance PLC, 7.13%, due 7/19/2024		303,120	^(b)
				509,456

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
United Arab Emirates 1.0%
		Abu Dhabi Crude Oil Pipeline LLC
$	285,000	3.65%, due 11/2/2029	$	306,050	^(c)(d)
	200,000	3.65%, due 11/2/2029		214,772	^(b)(c)
	200,000	ADCB Finance Cayman Ltd., 4.00%, due 3/29/2023		209,000	^(d)
	200,000	DP World Ltd., 6.85%, due 7/2/2037		262,693	^(b)(c)
	200,000	Emirates NBD PJSC, 6.13%, due 3/20/2025		207,975	^(b)(f)(g)
		MDGH-GMTN BV
	200,000	4.50%, due 11/7/2028		225,250	^(c)(d)
	200,000	3.70%, due 11/7/2049		200,808	^(d)(h)
				1,626,548
Venezuela 0.2%
		Petroleos de Venezuela SA
	1,347,609	6.00%, due 5/16/2024		80,857	^(b)(i)(j)
	1,631,452	6.00%, due 11/15/2026		97,887	^(b)(i)(j)
	650,000	5.38%, due 4/12/2027		39,000	^(b)(i)(j)
	784,800	5.38%, due 4/12/2027		47,088	^(b)(i)(j)
				264,832
		Total Corporate Bonds (Cost $48,399,452)		48,353,591
Foreign Government Securities 61.9%
Albania 0.1%
EUR	101,000	Republic of Albania, 3.50%, due 10/9/2025		122,022	^(b)
Angola 0.4%
		Angolan Government International Bond
$	458,000	9.38%, due 5/8/2048		484,704	^(b)
	200,000	9.38%, due 5/8/2048		211,661	^(b)
				696,365
Argentina 1.7%
ARS	3,000,000	Argentina POM Politica Monteria, (ARLLMONP), 72.61%, due 6/21/2020		16,345	^(e)
ARS	500,000	Argentina Treasury Bond BONCER, 2.50%, due 7/22/2021		6,245
ARS	1,467,546	Argentine Bonos del Tesoro, 18.20%, due 10/3/2021		6,650
		Argentine Republic Government International Bond
EUR	350,000	3.38%, due 1/15/2023		147,558
EUR	1,824,610	7.82%, due 12/31/2033		971,910	^(c)
EUR	255,953	3.38%, due 12/31/2038		110,086	^(k)
EUR	2,194,047	3.38%, due 12/31/2038		957,470	^(c)(k)
ARS	5,078,000	Bonos de la Nacion Argentina con Ajuste por CER, 4.00%, due 3/6/2020		37,730
$	536,000	Bonos de la Nacion Argentina en Moneda Dua, 4.50%, due 2/13/2020		150,884
		City of Buenos Aires Argentina
ARS	19,249,831	(BADLARPP + 3.25%), 58.06%, due 3/29/2024		155,739	^(e)
ARS	13,270,000	(BADLARPP + 3.75%), 61.07%, due 2/22/2028		105,755	^(e)
EUR	130,000	Provincia de Buenos Aires, 5.38%, due 1/20/2023		47,702	^(b)
				2,714,074

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Armenia 0.1%
$	200,000	Republic of Armenia International Bond, 3.95%, due 9/26/2029	$	194,844	^(b)
Azerbaijan 0.9%
		State Oil Co. of the Azerbaijan Republic
	810,000	4.75%, due 3/13/2023		843,259	^(b)(c)
	200,000	6.95%, due 3/18/2030		240,164	^(b)(c)
	310,000	6.95%, due 3/18/2030		372,255	^(b)(c)
				1,455,678
Belize 0.1%
	311,000	Belize Government International Bond, 4.94%, due 2/20/2034		189,710	^(b)
Bermuda 0.5%
		Bermuda Government International Bond
	200,000	3.72%, due 1/25/2027		209,502	^(b)
	490,000	4.75%, due 2/15/2029		553,700	^(b)
				763,202
Brazil 0.8%
	540,000	Brazil Minas SPE via State of Minas Gerais, 5.33%, due 2/15/2028		573,755	^(b)(c)
	670,000	Brazilian Government International Bond, 5.00%, due 1/27/2045		696,472
				1,270,227
Chile 0.8%
		Bonos de la Tesoreria de la Republica en pesos
CLP	260,000,000	4.70%, due 9/1/2030		396,632	^(b)
CLP	205,000,000	5.00%, due 3/1/2035		329,049
CLP	220,000,000	6.00%, due 1/1/2043		412,753
CLP	95,000,000	5.10%, due 7/15/2050		160,289
				1,298,723
China 0.9%
CNY	10,000,000	China Government Bond, 3.19%, due 4/11/2024		1,428,299	^(c)
Colombia 2.6%
		Colombia Government International Bond
COP	423,000,000	4.38%, due 3/21/2023		122,742
$	130,000	6.13%, due 1/18/2041		168,350
	310,000	5.63%, due 2/26/2044		384,868
	230,000	5.00%, due 6/15/2045		267,607
	201,000	5.20%, due 5/15/2049		241,504
		Colombian TES
COP	2,359,500,000	Ser. B, 6.25%, due 11/26/2025		725,477	^(c)
COP	157,500,000	Ser. B, 7.50%, due 8/26/2026		51,590
COP	2,179,400,000	Ser. B, 7.75%, due 9/18/2030		731,716

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
COP	2,636,400,000	Ser. B, 7.00%, due 6/30/2032	$	836,651
COP	2,315,000,000	Ser. B, 7.25%, due 10/18/2034		753,552
				4,284,057
Costa Rica 0.4%
$	720,000	Costa Rica Government International Bond, 7.00%, due 4/4/2044		710,107	^(b)
Cote D'Ivoire 1.2%
		Ivory Coast Government International Bond
EUR	165,000	5.88%, due 10/17/2031		186,191	^(b)
$	875,600	5.75%, due 12/31/2032		863,985	^(b)(k)
	52,800	5.75%, due 12/31/2032		52,161	^(b)(k)
EUR	207,000	6.88%, due 10/17/2040		235,371	^(b)
EUR	490,000	6.63%, due 3/22/2048		539,416	^(b)
				1,877,124
Croatia 0.6%
		Croatia Government International Bond
EUR	100,000	3.00%, due 3/20/2027		132,240	^(b)
EUR	360,000	1.13%, due 6/19/2029		421,260	^(b)
EUR	322,000	2.75%, due 1/27/2030		434,471	^(b)
				987,971
Czech Republic 1.9%
		Czech Republic Government Bond
CZK	28,570,000	2.40%, due 9/17/2025		1,326,868	^(b)
CZK	22,550,000	2.75%, due 7/23/2029		1,105,267
CZK	17,080,000	0.95%, due 5/15/2030		711,920	^(b)
				3,144,055
Dominican Republic 0.8%
DOP	4,900,000	Dominican Republic Bond, 11.25%, due 2/5/2027		99,020	^(b)
		Dominican Republic International Bond
DOP	22,500,000	8.90%, due 2/15/2023		424,780	^(d)
DOP	8,650,000	9.75%, due 6/5/2026		166,530	^(d)
$	442,000	6.85%, due 1/27/2045		498,359	^(b)
	150,000	6.40%, due 6/5/2049		162,377	^(b)
				1,351,066
Ecuador 0.7%
		Ecuador Government International Bond
	300,000	7.95%, due 6/20/2024		288,378	^(b)
	240,000	8.88%, due 10/23/2027		223,560	^(b)
	320,000	7.88%, due 1/23/2028		286,720	^(b)
	200,000	10.75%, due 1/31/2029		203,002	^(b)
	200,000	9.50%, due 3/27/2030		192,500	^(b)
				1,194,160

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Egypt 1.7%
EGP	24,222,000	Egypt Government Bond, 15.90%, due 7/2/2024	$	1,579,375	^(c)
		Egypt Government International Bond
EUR	200,000	5.63%, due 4/16/2030		223,676	^(b)
EUR	101,000	6.38%, due 4/11/2031		117,010	^(b)
$	600,000	8.50%, due 1/31/2047		631,867	^(b)
	200,000	8.70%, due 3/1/2049		214,074	^(b)
				2,766,002
El Salvador 0.3%
		El Salvador Government International Bond
	150,000	7.75%, due 1/24/2023		163,877	^(b)
	100,000	7.65%, due 6/15/2035		108,751	^(b)
	152,000	7.12%, due 1/20/2050		154,204	^(b)
				426,832
Ghana 0.5%
GHS	556	Ghana Government Bond, 24.75%, due 7/19/2021		108
		Ghana Government International Bond
$	400,000	10.75%, due 10/14/2030		505,174	^(b)
	316,000	8.63%, due 6/16/2049		315,766	^(b)
				821,048
Hungary 1.5%
		Hungary Government Bond
HUF	396,330,000	3.00%, due 6/26/2024		1,476,709	^(c)
HUF	46,000,000	5.50%, due 6/24/2025		193,926
HUF	159,870,000	3.00%, due 10/27/2027		601,742	^(c)
HUF	48,050,000	6.75%, due 10/22/2028		231,035
				2,503,412
Indonesia 5.8%
		Indonesia Government International Bond
$	200,000	5.25%, due 1/17/2042		238,589	^(b)
	370,000	5.13%, due 1/15/2045		439,441	^(b)
		Indonesia Treasury Bond
IDR	2,732,000,000	7.00%, due 5/15/2022		197,914
IDR	10,400,000,000	8.38%, due 3/15/2024		794,540
IDR	15,264,000,000	8.13%, due 5/15/2024		1,160,185
IDR	1,000,000,000	6.50%, due 6/15/2025		71,311
IDR	17,500,000,000	7.00%, due 5/15/2027		1,263,536
IDR	13,304,000,000	6.13%, due 5/15/2028		903,843
IDR	9,975,000,000	9.00%, due 3/15/2029		803,068
IDR	11,204,000,000	8.75%, due 5/15/2031		888,901
IDR	3,500,000,000	7.50%, due 8/15/2032		252,022
IDR	12,377,000,000	6.63%, due 5/15/2033		829,145
IDR	5,344,000,000	8.38%, due 3/15/2034		411,592
IDR	3,683,000,000	8.25%, due 5/15/2036		277,808
IDR	1,205,000,000	7.50%, due 5/15/2038		85,448
IDR	10,700,000,000	8.38%, due 4/15/2039		817,246
				9,434,589

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Kazakhstan 0.1%
EUR	100,000	Kazakhstan Government International Bond, 2.38%, due 11/9/2028	$	125,639	^(b)
Kenya 0.1%
$	200,000	Kenya Government International Bond, 8.00%, due 5/22/2032		213,038	^(b)
Malaysia 4.3%
	1,000,000	1MDB Global Investments Ltd., 4.40%, due 3/9/2023		966,993	^(b)(c)
		Malaysia Government Bond
MYR	6,399,000	3.49%, due 3/31/2020		1,534,298	^(c)
MYR	400,000	4.05%, due 9/30/2021		97,376
MYR	1,500,000	3.76%, due 4/20/2023		364,575
MYR	2,500,000	3.80%, due 8/17/2023		609,365
MYR	700,000	4.18%, due 7/15/2024		173,563
MYR	1,800,000	4.06%, due 9/30/2024		444,653
MYR	1,500,000	3.96%, due 9/15/2025		369,619
MYR	700,000	3.91%, due 7/15/2026		172,549
MYR	1,700,000	3.90%, due 11/16/2027		418,957
MYR	1,150,000	3.73%, due 6/15/2028		279,916
MYR	950,000	3.89%, due 8/15/2029		235,782
MYR	435,000	4.23%, due 6/30/2031		109,874
MYR	300,000	4.64%, due 11/7/2033		78,731
MYR	375,000	3.83%, due 7/5/2034		91,408
MYR	1,200,000	4.89%, due 6/8/2038		327,318
MYR	350,000	4.94%, due 9/30/2043		96,503
		Malaysia Government Investment Issue
MYR	2,000,000	4.07%, due 9/30/2026		497,143
MYR	500,000	4.37%, due 10/31/2028		128,199
				6,996,822
Mexico 2.9%
		Mexican Bonos
MXN	8,810,000	Ser. M20, 7.50%, due 6/3/2027		478,565
MXN	16,480,000	Ser. M20, 8.50%, due 5/31/2029		959,997
MXN	16,490,000	Ser. M, 7.75%, due 5/29/2031		916,742
MXN	25,940,000	Ser. M, 7.75%, due 11/13/2042		1,440,431
$	800,000	Mexico Government International Bond, 5.75%, due 10/12/2110		929,008
				4,724,743
Mongolia 0.6%
	200,000	Development Bank of Mongolia LLC, 7.25%, due 10/23/2023		209,692	^(d)
		Mongolia Government International Bond
	500,000	5.63%, due 5/1/2023		511,485	^(b)
	200,000	8.75%, due 3/9/2024		225,932	^(b)
	42,000	8.75%, due 3/9/2024		47,437	^(b)
				994,546
Nigeria 1.2%
NGN	304,378,000	Nigeria Government Bond, 13.98%, due 2/23/2028		866,206

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
		Nigeria Government International Bond
$	200,000	8.75%, due 1/21/2031	$	220,418	^(b)
	400,000	7.88%, due 2/16/2032		413,262	^(b)
	380,000	9.25%, due 1/21/2049		421,693	^(b)
NGN	397,000	Nigeria Treasury Bill, 13.56%, due 2/27/2020		1,055	^(l)
				1,922,634
Oman 0.2%
$	415,000	Oman Government International Bond, 6.75%, due 1/17/2048		389,867	^(b)
Paraguay 0.2%
	230,000	Paraguay Government International Bond, 6.10%, due 8/11/2044		279,740	^(b)
Peru 2.0%
		Peru Government Bond
PEN	2,717,000	5.94%, due 2/12/2029		920,540	^(b)
PEN	1,347,000	6.15%, due 8/12/2032		462,470	^(b)
PEN	192,000	5.40%, due 8/12/2034		61,639	^(b)
		Peruvian Government International Bond
PEN	489,000	5.70%, due 8/12/2024		162,790	^(d)
PEN	1,156,000	5.70%, due 8/12/2024		384,836	^(b)
PEN	2,032,000	8.20%, due 8/12/2026		769,448	^(b)
EUR	334,000	3.75%, due 3/1/2030		483,362
				3,245,085
Philippines 0.2%
PHP	12,000,000	Philippine Government International Bond, 3.90%, due 11/26/2022		235,469
Poland 2.8%
		Poland Government Bond
PLN	4,647,000	2.50%, due 1/25/2023		1,249,637	^(c)
PLN	3,708,000	3.25%, due 7/25/2025		1,045,344
PLN	902,000	2.50%, due 7/25/2026		245,146
PLN	6,179,000	2.50%, due 7/25/2027		1,683,264	^(c)
PLN	900,000	2.75%, due 4/25/2028		250,240
				4,473,631
Qatar 0.6%
		Qatar Government International Bond
$	275,000	4.50%, due 4/23/2028		314,864	^(b)
	213,000	5.10%, due 4/23/2048		271,043	^(b)
	336,000	4.82%, due 3/14/2049		412,440	^(b)
				998,347

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Romania 0.4%
		Romania Government Bond
RON	10,000	4.25%, due 6/28/2023	$	2,392
RON	1,520,000	5.80%, due 7/26/2027		395,883
		Romanian Government International Bond
EUR	198,000	2.12%, due 7/16/2031		228,559	^(b)
EUR	14,000	3.88%, due 10/29/2035		18,621	^(b)
				645,455
Russia 3.7%
		Russian Federal Bond - Obligatsyi Federal'novo Zaima
RUB	91,470,000	7.10%, due 10/16/2024		1,485,146	^(c)
RUB	89,070,000	7.95%, due 10/7/2026		1,518,951	^(c)
RUB	56,114,000	6.90%, due 5/23/2029		907,581
RUB	24,452,000	7.25%, due 5/10/2034		404,594
		Russian Foreign Bond - Eurobond
$	600,000	4.25%, due 6/23/2027		644,024	^(b)
	1,000,000	4.38%, due 3/21/2029		1,081,496	^(b)
	14,085	7.50%, due 3/31/2030		16,100	^(b)
				6,057,892
Senegal 0.1%
	210,000	Senegal Government International Bond, 6.25%, due 5/23/2033		214,362	^(b)
Serbia 0.5%
		Serbia International Bond
	70,000	7.25%, due 9/28/2021		76,370	^(b)
	200,000	7.25%, due 9/28/2021		218,200	^(b)
EUR	404,000	1.50%, due 6/26/2029		464,017	^(b)
				758,587
South Africa 3.7%
		Republic of South Africa Government Bond
ZAR	17,581,329	8.25%, due 3/31/2032		1,053,493	^(c)
ZAR	15,779,129	8.88%, due 2/28/2035		969,143
ZAR	26,488,797	9.00%, due 1/31/2040		1,595,285	^(c)
ZAR	27,722,052	8.75%, due 1/31/2044		1,608,185	^(c)
		Republic of South Africa Government International Bond
$	277,000	5.88%, due 6/22/2030		294,465
	273,000	5.65%, due 9/27/2047		267,540
	200,000	5.75%, due 9/30/2049		193,524
				5,981,635
Sri Lanka 1.0%
		Sri Lanka Government International Bond
	350,000	6.20%, due 5/11/2027		336,305	^(b)
	844,000	6.75%, due 4/18/2028		824,849	^(b)
	203,000	7.85%, due 3/14/2029		208,553	^(b)
	200,000	7.55%, due 3/28/2030		202,274	^(b)
				1,571,981

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Thailand 4.0%
		Thailand Government Bond
THB	45,000,000	2.40%, due 12/17/2023	$	1,549,386	^(c)
THB	2,457,000	3.85%, due 12/12/2025		92,895
THB	26,500,000	2.13%, due 12/17/2026		913,813
THB	27,231,000	2.88%, due 12/17/2028		1,003,826	^(c)
THB	4,400,000	4.88%, due 6/22/2029		188,926
THB	27,500,000	3.65%, due 6/20/2031		1,110,969	^(c)
THB	5,000,000	3.78%, due 6/25/2032		206,943
THB	17,350,000	3.40%, due 6/17/2036		720,538
THB	13,650,000	3.30%, due 6/17/2038		570,387
THB	1,248,000	2.88%, due 6/17/2046		50,928
				6,408,611
Tunisia 0.4%
		Banque Centrale de Tunisie International Bond
EUR	460,000	5.63%, due 2/17/2024		501,403	^(b)
EUR	104,000	6.38%, due 7/15/2026		113,166	^(b)
				614,569
Turkey 5.1%
		Export Credit Bank of Turkey
$	420,000	5.38%, due 10/24/2023		407,400	^(c)(d)
	200,000	8.25%, due 1/24/2024		213,320	^(d)
	200,000	6.13%, due 5/3/2024		197,524	^(d)
		Turkey Government Bond
TRY	1,488,963	7.40%, due 2/5/2020		257,308
TRY	600,000	10.70%, due 2/17/2021		103,424
TRY	1,908,749	9.20%, due 9/22/2021		318,333
TRY	1,788,824	9.50%, due 1/12/2022		295,986
TRY	6,608,000	11.00%, due 3/2/2022		1,124,016
TRY	11,523,000	10.70%, due 8/17/2022		1,928,814	^(c)
TRY	1,335,677	8.50%, due 9/14/2022		213,064
TRY	9,367,000	12.20%, due 1/18/2023		1,635,098	^(c)
		Turkey Government International Bond
EUR	357,000	5.20%, due 2/16/2026		417,509
$	250,000	4.88%, due 10/9/2026		234,091
	620,000	6.00%, due 3/25/2027		613,428
	381,000	6.13%, due 10/24/2028		375,508
				8,334,823
Ukraine 2.8%
		Ukraine Government International Bond
UAH	17,500,000	15.70%, due 1/20/2021		699,824	^(d)(j)
$	504,000	7.75%, due 9/1/2025		540,540	^(b)
	200,000	7.75%, due 9/1/2027		214,980	^(b)
	1,870,000	9.75%, due 11/1/2028		2,226,445	^(b)(c)
	206,000	7.38%, due 9/25/2032		215,873	^(b)
	170,000	0.00%, due 5/31/2040		159,379	^(b)(m)
	286,000	0.00%, due 5/31/2040		268,132	^(d)(m)
	129,167	Ukreximbank Via Biz Finance PLC, 9.63%, due 4/27/2022		134,333	^(c)(d)
				4,459,506

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
United Arab Emirates 0.1%
$	203,000	Abu Dhabi Government International Bond, 3.13%, due 9/30/2049	$	195,963	^(b)
Uruguay 0.2%
		Uruguay Government International Bond
	93,000	4.38%, due 1/23/2031		103,742
	165,000	5.10%, due 6/18/2050		197,588
				301,330
Uzbekistan 0.3%
		Republic of Uzbekistan Bond
	210,000	4.75%, due 2/20/2024		220,481	^(b)
	200,000	5.38%, due 2/20/2029		219,419	^(b)
				439,900
Venezuela 0.1%
	916,200	Venezuela Government International Bond, 8.25%, due 10/13/2024		95,056	^(b)(i)(j)
		Total Foreign Government Securities (Cost $101,093,983)		100,312,798
NUMBER OF SHARES
Short-Term Investments 4.4%
Investment Companies 4.4%
	7,038,328	State Street Institutional U.S. Government Money Market Fund Premier Class, 1.75%⁽ⁿ⁾ (Cost $7,038,328)		7,038,328	^(c)
		Total Investments 96.1% (Cost $156,531,763)		155,704,717
		Other Assets Less Liabilities 3.9%		6,384,615	^(o)
		Net Assets 100.0%	$	162,089,332

(a) Principal amount is stated in the currency in which the security is denominated.

(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at October 31, 2019 amounted to $55,770,238, which represents 34.4% of net assets of the Fund.

(c) All or a portion of this security is segregated in connection with obligations for when-issued securities, futures, forward foreign currency contracts and/or swaps with a total value of $64,075,075.

(d) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At October 31, 2019, these securities amounted to $21,183,500, which represents 13.1% of net assets of the Fund. Securities denoted with (d) but without (j), if any, have been deemed by the investment manager to be liquid.

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

(e) Variable or floating rate security. The interest rate shown was the current rate as of October 31, 2019 and changes periodically.

(f) Perpetual Bond Security. The rate reflected was the rate in effect on October 31, 2019. The maturity date reflects the next call date.

(g) Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

(h) When-issued security. Total value of all such securities at October 31, 2019, amounted to $838,634, which represents 0.5% of net assets of the Fund.

(i) Defaulted security.

(j) Illiquid security.

(k) Step Bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown was the current rate as of October 31, 2019.

(l) Rate shown was the discount rate at the date of purchase.

(m) Currently a zero coupon security; will convert to variable in 2021 where it will be linked to the IMF Ukraine GDP Index.

(n) Represents 7-day effective yield as of October 31, 2019.

(o) Includes the impact of the Fund's open positions in derivatives at October 31, 2019.

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

POSITIONS BY INDUSTRY

Industry	Investments at Value		Percentage of Net Assets
Foreign Government*	$	97,359,600		60.1	%
Oil & Gas		12,593,488		7.8	%
Banks		5,932,581		3.7	%
Electric		5,806,919		3.6	%
Telecommunications		3,068,142		1.9	%
Pipelines		2,501,322		1.5	%
Real Estate		2,196,115		1.3	%
Mining		2,135,397		1.3	%
Diversified Financial Services		1,693,321		1.0	%
Engineering & Construction		1,618,121		1.0	%
Lodging		1,502,058		0.9	%
Chemicals		1,064,527		0.7	%
Iron—Steel		1,007,662		0.6	%
Food		903,491		0.5	%
Media		817,209		0.5	%
Energy—Alternate Sources		808,449		0.5	%
Transportation		760,221		0.5	%
Insurance		719,840		0.4	%
Regional (state/province)		621,457		0.4	%
Forest Products & Paper		452,409		0.3	%
Internet		447,972		0.3	%
Real Estate Investment Trusts		444,752		0.3	%
Investment Companies		426,058		0.3	%
Multi-National		418,185		0.3	%
Agriculture		414,736		0.2	%
Metal Fabricate—Hardware		300,750		0.2	%
Beverages		263,752		0.2	%
Commercial Services		262,693		0.2	%
Municipal		261,494		0.2	%
Holding Companies—Diversified		238,304		0.1	%
Housewares		208,000		0.1	%
Distribution—Wholesale		202,683		0.1	%
Semiconductors		199,777		0.1	%
Healthcare—Services		198,686		0.1	%
Auto Manufacturers		195,333		0.1	%
Coal		193,880		0.1	%
Pharmaceuticals		188,125		0.1	%
Gas		121,130		0.1	%
Water		117,750		0.1	%
Short-Term Investments and Other Assets—Net		13,422,943		8.3	%
	$	162,089,332		100.0	%

*Foreign Governments do not constitute an industry.

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

Derivative Instruments

Futures contracts ("futures")

At October 31, 2019, open positions in futures for the Fund were as follows:

Long Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
12/2019		44	Korea Bond, 3 year	$	4,164,958	$	(26,554	)
12/2019		12	U.S. Treasury Note, 10 Year		1,563,563		(20,683	)
12/2019		5	U.S. Treasury Ultra Long Bond		948,750		(44,570	)
Total Long Positions				$	6,677,271	$	(91,807	)

Short Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
12/2019		44	Euro-Bund	$	(8,428,810	)	$	196,269
12/2019		3	Euro-Buxl Bond, 30 Year		(702,505	)		45,370
12/2019		8	Korea Bond, 10 year		(892,449	)		19,019
12/2019		20	U.S. Treasury Long Bond		(3,227,500	)		56,269
12/2019		18	U.S. Treasury Note, 10 Year		(2,345,344	)		(3,942	)
Total Short Positions				$	(15,596,608	)	$	312,985
Total Futures							$	221,178

At October 31, 2019, the Fund had $136,568 deposited in a segregated account to cover margin requirements on open futures.

For the year ended October 31, 2019, the average notional value of futures for the Fund was $8,644,038 for long positions and $(13,143,110) for short positions.

Forward foreign currency contracts ("forward contracts")

At October 31, 2019, open forward contracts for the Fund were as follows:

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	9,086,274	ARS		152,191	USD	GSI	11/1/2019	$	335
	4,783,943	BRL		1,154,254	USD	SCB	11/4/2019		38,602
	554,556	BRL		132,806	USD	CITI	11/4/2019		5,472
	3,300,000	BRL		790,609	USD	GSI	11/4/2019		32,232
	1,171,567	BRL		284,444	USD	GSI	11/4/2019		7,681
	2,955,782	BRL		708,918	USD	JPM	11/4/2019		28,093
	2,000,000	BRL		486,431	USD	JPM	11/4/2019		12,260
	1,637,433	BRL		401,676	USD	JPM	11/4/2019		6,610
	11,454,805	BRL		2,808,927	USD	SCB	12/11/2019		40,883

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	5,532,214	BRL		1,327,976	USD	GSI	12/18/2019	$	47,908
	4,453,616	BRL		1,079,795	USD	CITI	12/20/2019		27,731
	2,446,727	BRL		596,704	USD	CITI	12/20/2019		11,748
	4,441,666	BRL		1,069,572	USD	MS	1/15/2020		33,531
	1,194,761	USD		4,783,943	BRL	SCB	11/4/2019		1,907
	138,497	USD		554,556	BRL	CITI	11/4/2019		221
	824,155	USD		3,300,000	BRL	GSI	11/4/2019		1,315
	292,592	USD		1,171,567	BRL	GSI	11/4/2019		467
	738,189	USD		2,955,782	BRL	JPM	11/4/2019		1,178
	499,488	USD		2,000,000	BRL	JPM	11/4/2019		797
	408,939	USD		1,637,433	BRL	JPM	11/4/2019		653
	3,108,466	USD		12,376,047	BRL	MS	11/4/2019		22,555
	101,687	USD		72,663,575	CLP	JPM	12/18/2019		3,599
	742,994	USD		534,063,794	CLP	CITI	12/18/2019		22,067
	369,400	USD		264,157,681	CLP	CITI	12/18/2019		12,816
	2,250,966,829	COP		654,351	USD	JPM	12/17/2019		10,605
	2,342,498,559	COP		690,188	USD	JPM	12/17/2019		1,807
	1,124,818,127	COP		330,732	USD	JPM	12/17/2019		1,550
	1,634,920,579	COP		481,851	USD	JPM	12/17/2019		1,119
	252,152	USD		850,243,617	COP	CITI	12/17/2019		982
	243,753	USD		821,838,849	COP	JPM	12/17/2019		975
	319,945	EUR		349,841	USD	SSB	11/5/2019		7,017
	900,000	EUR		989,967	USD	JPM	11/5/2019		13,868
	200,000	EUR		219,872	USD	HSBC	11/5/2019		3,202
	319,180	EUR		348,319	USD	CITI	11/5/2019		7,685
	400,745	EUR		443,297	USD	SCB	11/5/2019		3,683
	332,254	EUR		369,864	USD	HSBC	11/5/2019		723
	318,793	EUR		351,794	USD	JPM	11/5/2019		3,779
	318,794	EUR		351,108	USD	SCB	11/5/2019		4,466
	270,501	EUR		300,059	USD	SCB	11/5/2019		1,650
	70,923	EUR		77,754	USD	SCB	11/5/2019		1,352
	3,325,911	EUR		3,660,909	USD	SSB	11/5/2019		48,719
	494,125	EUR		546,391	USD	CITI	12/4/2019		5,773
	480,000	EUR		529,972	USD	CITI	12/4/2019		6,409
	989,545	EUR		1,101,605	USD	SCB	12/4/2019		4,172
	165,216	EUR		706,687	PLN	JPM	1/14/2020		134
	222,483	USD		199,280	EUR	HSBC	11/5/2019		212
	221,241,652	HUF		666,158	EUR	GSI	12/18/2019		7,492
	300,000,000	HUF		897,989	EUR	GSI	1/8/2020		15,893
	13,009,514,548	IDR		917,455	USD	GSI	11/20/2019		4,568
	8,419,508,800	IDR		594,095	USD	SCB	11/20/2019		2,621
	2,735,050,623	IDR		192,122	USD	SCB	11/26/2019		1,609
	3,308,493,000	IDR		232,208	USD	JPM	11/26/2019		2,142
	1,430,833,300	IDR		100,423	USD	JPM	11/26/2019		926
	2,702,691	ILS		766,721	USD	CITI	12/10/2019		1,491
	53,313,530	INR		740,311	USD	SCB	1/17/2020		3,366

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	813,160,820	KRW		687,314	USD	GSI	11/18/2019	$	7,666
	1,294,033,373	KRW		1,097,662	USD	JPM	12/20/2019		9,076
	602,065,433	KRW		506,546	USD	CITI	12/20/2019		8,378
	260,000,000	KZT		661,578	USD	GSI	12/6/2019		1,955
	8,500,000	MXN		427,784	USD	GSI	11/1/2019		14,085
	4,350,000	MXN		221,471	USD	SSB	11/1/2019		4,662
	3,905,238	MXN		198,665	USD	CITI	11/1/2019		4,347
	5,000,000	MXN		255,897	USD	CITI	11/1/2019		4,025
	3,818,453	MXN		194,817	USD	CITI	11/1/2019		3,684
	86,840,076	MXN		4,442,048	USD	GSI	11/1/2019		72,291
	10,400,000	MXN		514,667	USD	GSI	11/1/2019		25,972
	4,337,395	MXN		222,213	USD	GSI	11/1/2019		3,264
	4,303,981	MXN		222,358	USD	SSB	11/1/2019		1,383
	21,452,704	MXN		1,099,615	USD	CITI	12/20/2019		7,814
	11,749,102	MXN		598,153	USD	CITI	12/20/2019		8,358
	858,663	USD		16,486,097	MXN	SSB	11/1/2019		1,641
	207,777	USD		4,039,978	MXN	CITI	2/5/2020		660
	722,862	MYR		172,797	USD	SCB	11/27/2019		705
	307,799	MYR		73,487	USD	SCB	11/27/2019		392
	758,667	MYR		180,937	USD	SCB	12/9/2019		1,131
	1,161,587	PEN		343,502	USD	CITI	12/18/2019		3,330
	1,061,634	PEN		315,822	USD	CITI	12/18/2019		1,166
	1,126,860	PEN		336,376	USD	GSI	12/18/2019		87
	564,845	USD		1,874,155	PEN	CITI	12/18/2019		5,250
	7,184,889	PHP		140,695	USD	SCB	11/4/2019		893
	40,049,961	PHP		777,066	USD	CITI	11/4/2019		12,174
	47,234,850	PHP		930,186	USD	CITI	11/4/2019		642
	2,204,947	PHP		42,070	USD	GSI	11/5/2019		1,381
	1,781,910	PHP		33,999	USD	GSI	11/5/2019		1,116
	84,507,648	PHP		1,616,819	USD	SSB	11/5/2019		48,521
	3,797,409	PHP		74,122	USD	SCB	1/30/2020		424
	1,000,000	PLN		230,539	EUR	MS	11/7/2019		4,568
	2,100,000	PLN		482,255	EUR	CITI	11/7/2019		11,686
	1,109,483	PLN		257,547	EUR	CITI	11/7/2019		3,096
	3,647,322	PLN		831,783	EUR	GSI	11/7/2019		26,776
	16,960,813	PLN		3,929,662	EUR	JPM	11/7/2019		55,689
	1,300,000	PLN		295,339	EUR	SSB	11/7/2019		10,804
	5,613,733	PLN		1,443,098	USD	CITI	12/16/2019		26,645
	7,321,122	RON		1,532,965	EUR	GSI	12/17/2019		1,867
	673,233	RON		140,737	EUR	JPM	12/17/2019		429
	431,108	RON		89,447	EUR	JPM	4/2/2020		41
	1,851,186	RUB		28,552	USD	GSI	12/4/2019		195
	92,315,760	RUB		1,374,385	USD	SCB	12/4/2019		59,188
	28,759,069	RUB		425,417	USD	SCB	12/4/2019		21,183
	4,731,867	RUB		72,944	USD	SCB	12/4/2019		537
	56,805,512	RUB		847,663	USD	GSI	12/4/2019		34,471

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	22,689,435	RUB		335,469	USD	JPM	12/4/2019	$	16,876
	1,009,714	SGD		732,643	USD	SCB	11/4/2019		9,548
	1,017,807	SGD		742,735	USD	CITI	11/12/2019		5,449
	23,852,953	THB		780,529	USD	GSI	11/4/2019		9,435
	3,749,639	THB		122,580	USD	GSI	11/4/2019		1,601
	9,197,655	THB		301,988	USD	SCB	12/16/2019		2,749
	3,544,963	THB		117,312	USD	JPM	12/16/2019		140
	1,022,786	TRY		169,264	USD	JPM	12/9/2019		7,847
	694,519	TRY		117,065	USD	MS	12/9/2019		3,202
	3,000,000	TRY		510,318	USD	MS	12/18/2019		7,979
	355,259	USD		5,342,897	ZAR	JPM	11/6/2019		1,766
	398,955	USD		5,819,377	ZAR	CITI	11/6/2019		13,937
	775,859	USD		11,512,209	ZAR	GSI	11/6/2019		14,195
	370,054	USD		5,446,511	ZAR	JPM	11/6/2019		9,705
	656,649	USD		9,869,530	ZAR	JPM	11/6/2019		3,667
	459,848	USD		6,686,798	ZAR	MS	11/6/2019		17,440
	112,778	USD		1,647,321	ZAR	SSB	11/6/2019		3,788
	3,500,000	ZAR		230,908	USD	SSB	11/6/2019		657
	3,147,864	ZAR		205,667	USD	CITI	11/6/2019		2,600
	2,168,486	ZAR		142,376	USD	GSI	11/6/2019		1,094
	34,667,131	ZAR		2,248,923	USD	SCB	11/6/2019		44,703
Total unrealized appreciation								$	1,222,677
	136,226	USD		9,086,274	ARS	GSI	11/1/2019		(16,298	)
	1,559,530	BRL		389,483	USD	CITI	11/4/2019		(622	)
	2,467,704	BRL		616,294	USD	GSI	11/4/2019		(983	)
	12,376,047	BRL		3,090,844	USD	MS	11/4/2019		(4,932	)
	12,376,047	BRL		3,095,947	USD	MS	1/22/2020		(23,508	)
	383,554	USD		1,559,530	BRL	CITI	11/4/2019		(5,308	)
	590,911	USD		2,467,704	BRL	GSI	11/4/2019		(24,400	)
	277,455	USD		1,135,764	BRL	GSI	12/18/2019		(5,014	)
	277,620	USD		1,150,150	BRL	GSI	12/18/2019		(8,427	)
	312,533	USD		1,260,600	BRL	SSB	1/22/2020		(421	)
	390,722,435	CLP		537,149	USD	SCB	12/18/2019		(9,717	)
	218,233,302	CLP		302,346	USD	CITI	12/18/2019		(7,755	)
	248,388,782	CLP		344,410	USD	CITI	12/18/2019		(9,113	)
	256,352,528	CLP		356,045	USD	CITI	12/18/2019		(9,998	)
	695,089,657	CLP		980,173	USD	CITI	12/18/2019		(41,879	)
	1,518,351	USD		10,743,760	CNH	SCB	1/31/2020		(2,298	)
	150,765	USD		518,755,228	COP	CITI	12/17/2019		(2,480	)
	162,137	USD		566,205,637	COP	CITI	12/17/2019		(5,125	)
	390,165	USD		1,322,660,530	COP	CITI	12/17/2019		(561	)
	354,239	USD		6,100,000	EGP	CITI	3/23/2020		(10,240	)
	93,604	EUR		2,424,685	CZK	JPM	12/17/2019		(1,323	)
	76,393	EUR		1,973,698	CZK	HSBC	12/17/2019		(854	)

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	533,101	EUR		13,863,322	CZK	JPM	12/17/2019	$	(9,896	)
	59,379	EUR		19,928,435	HUF	GSI	12/18/2019		(1,375	)
	118,693	EUR		39,591,541	HUF	GSI	12/18/2019		(1,919	)
	669,940	EUR		223,148,944	HUF	HSBC	12/18/2019		(9,750	)
	83,270	EUR		27,683,668	HUF	CITI	12/18/2019		(1,033	)
	673,603	EUR		221,696,079	HUF	HSBC	12/18/2019		(708	)
	669,925	EUR		223,211,553	HUF	GSI	1/8/2020		(9,823	)
	117,761	EUR		514,679	PLN	SSB	11/7/2019		(3,346	)
	184,871	EUR		801,743	PLN	SSB	11/7/2019		(3,619	)
	584,806	EUR		2,563,486	PLN	SCB	11/7/2019		(18,601	)
	81,038	EUR		355,741	PLN	JPM	11/7/2019		(2,712	)
	139,917	EUR		608,643	PLN	CITI	11/7/2019		(3,226	)
	899,333	EUR		3,880,418	PLN	CITI	11/7/2019		(12,433	)
	449,725	EUR		1,978,614	PLN	CITI	11/7/2019		(16,202	)
	896,917	EUR		3,880,421	PLN	GSI	11/7/2019		(15,129	)
	739,990	EUR		3,215,283	PLN	GSI	11/7/2019		(16,092	)
	209,567	EUR		1,000,000	RON	SCB	12/17/2019		(57	)
	709,220	EUR		3,409,410	RON	JPM	2/3/2020		(2,607	)
	709,718	EUR		3,427,485	RON	GSI	4/2/2020		(1,922	)
	226,919	USD		206,583	EUR	GSI	11/5/2019		(3,498	)
	3,585,710	USD		3,280,000	EUR	GSI	11/5/2019		(72,710	)
	148,393	USD		134,886	EUR	JPM	11/5/2019		(2,055	)
	220,689	USD		200,550	EUR	JPM	11/5/2019		(2,999	)
	232,335	USD		211,677	EUR	JPM	11/5/2019		(3,764	)
	590,812	USD		535,026	EUR	JPM	11/5/2019		(5,942	)
	739,905	USD		669,325	EUR	JPM	11/5/2019		(6,641	)
	92,375	USD		83,444	EUR	HSBC	11/5/2019		(696	)
	148,679	USD		134,996	EUR	MS	11/5/2019		(1,892	)
	295,199	USD		267,021	EUR	MS	11/5/2019		(2,628	)
	303,228	USD		274,799	EUR	MS	11/5/2019		(3,275	)
	73,689	USD		66,789	EUR	SCB	11/5/2019		(806	)
	376,229	USD		342,514	EUR	SCB	11/5/2019		(5,801	)
	336,712	USD		302,990	EUR	HSBC	11/5/2019		(1,234	)
	337,165	USD		303,509	EUR	JPM	11/5/2019		(1,360	)
	299,298	USD		269,767	EUR	JPM	11/5/2019		(1,592	)
	299,195	USD		269,768	EUR	JPM	11/5/2019		(1,697	)
	310,560	USD		283,237	EUR	JPM	11/5/2019		(5,355	)
	318,034	USD		286,649	EUR	SCB	11/5/2019		(1,686	)
	410,718	USD		370,004	EUR	JPM	12/4/2019		(2,746	)
	285,485	USD		260,000	EUR	JPM	12/4/2019		(5,054	)
	4,589,050	USD		4,166,041	EUR	SSB	12/4/2019		(66,333	)
	22,068	USD		313,314,820	IDR	JPM	11/26/2019		(125	)
	293,979	USD		4,198,018,130	IDR	JPM	11/26/2019		(3,378	)
	206,487	USD		2,933,002,607	IDR	CITI	11/26/2019		(1,266	)
	1,486,623	USD		21,115,993,297	IDR	JPM	11/26/2019		(9,081	)
	1,290,084	ILS		368,838	USD	CITI	12/10/2019		(2,145	)

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	1,279,085	ILS		366,395	USD	CITI	12/10/2019	$	(2,828	)
	748,834	USD		81,455,769	JPY	JPM	11/29/2019		(6,492	)
	739,546	USD		869,114,612	KRW	GSI	11/18/2019		(3,255	)
	227,031	USD		90,074,350	KZT	GSI	12/6/2019		(2,844	)
	16,486,097	MXN		846,150	USD	SSB	2/5/2020		(962	)
	159,335	USD		3,161,876	MXN	SSB	11/1/2019		(5,034	)
	215,667	USD		4,246,175	MXN	SSB	11/1/2019		(5,068	)
	373,972	USD		7,250,000	MXN	CITI	11/1/2019		(2,915	)
	175,180	USD		3,438,442	MXN	CITI	11/1/2019		(3,566	)
	480,902	USD		9,476,826	MXN	CITI	11/1/2019		(11,746	)
	646,667	USD		12,863,410	MXN	CITI	11/1/2019		(22,031	)
	162,102	USD		3,216,939	MXN	GSI	11/1/2019		(5,129	)
	724,907	USD		14,308,830	MXN	GSI	11/1/2019		(18,931	)
	632,452	USD		12,615,853	MXN	JPM	11/1/2019		(23,377	)
	661,589	USD		12,879,500	MXN	SSB	11/1/2019		(7,945	)
	249,627	USD		4,962,322	MXN	SSB	11/1/2019		(8,337	)
	574,189	USD		11,488,818	MXN	SSB	11/1/2019		(23,052	)
	745,205	USD		15,060,054	MXN	SSB	11/1/2019		(37,685	)
	147,527	USD		616,912	MYR	SCB	11/27/2019		(546	)
	186,792	USD		784,338	MYR	SCB	11/27/2019		(1,466	)
	2,298,087	USD		9,692,643	MYR	SCB	11/27/2019		(28,356	)
	263,411	USD		1,105,010	MYR	SCB	12/9/2019		(1,772	)
	1,072,236	USD		4,506,717	MYR	SCB	12/9/2019		(9,299	)
	469,789	PEN		140,584	USD	CITI	12/18/2019		(312	)
	839,210	PEN		251,939	USD	JPM	12/18/2019		(1,364	)
	155,671	USD		526,770	PEN	GSI	12/18/2019		(1,614	)
	355,347	USD		1,209,422	PEN	GSI	12/18/2019		(5,768	)
	200,349	USD		680,406	PEN	MS	12/18/2019		(2,810	)
	141,491	USD		7,184,889	PHP	SCB	11/4/2019		(98	)
	910,762	USD		47,234,850	PHP	CITI	11/4/2019		(20,066	)
	788,696	USD		40,049,961	PHP	CITI	11/4/2019		(544	)
	74,369	USD		3,797,409	PHP	SCB	11/5/2019		(465	)
	1,622,954	USD		84,697,096	PHP	GSI	11/5/2019		(46,119	)
	48,033,859	RUB		751,468	USD	CITI	12/4/2019		(5,550	)
	45,337,858	RUB		707,741	USD	GSI	12/4/2019		(3,688	)
	47,582,401	RUB		743,243	USD	GSI	12/4/2019		(4,335	)
	48,065,110	RUB		752,900	USD	JPM	12/4/2019		(6,496	)
	774,481	USD		50,844,699	RUB	GSI	12/4/2019		(15,087	)
	776,111	USD		50,435,585	RUB	SCB	12/4/2019		(7,104	)
	160,518	USD		10,571,273	RUB	CITI	12/4/2019		(3,644	)
	791,742	USD		51,384,040	RUB	GSI	12/4/2019		(6,202	)
	733,110	USD		47,663,135	RUB	JPM	12/4/2019		(7,052	)
	728,176	USD		1,005,829	SGD	JPM	11/4/2019		(11,160	)
	732,808	USD		1,011,510	SGD	JPM	11/12/2019		(10,747	)
	791,109	USD		24,057,629	THB	SCB	11/4/2019		(5,633	)
	117,284	USD		3,544,963	THB	JPM	11/4/2019		(119	)

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	1,290,434	USD		7,459,999	TRY	JPM	11/6/2019	$	(12,715	)
	387,758	USD		2,257,789	TRY	CITI	12/9/2019		(3,212	)
	217,132	USD		1,258,900	TRY	CITI	12/9/2019		(866	)
	309,025	USD		1,795,104	TRY	CITI	12/9/2019		(1,824	)
	205,747	USD		1,227,931	TRY	CITI	12/9/2019		(6,888	)
	179,211	USD		1,092,572	TRY	CITI	12/9/2019		(9,984	)
	292,461	USD		1,689,516	TRY	GSI	12/9/2019		(104	)
	111,535	USD		674,169	TRY	GSI	12/9/2019		(5,207	)
	1,721,485	USD		10,063,072	TRY	GSI	12/18/2019		(17,067	)
	7,676,855	UYU		205,318	USD	JPM	12/12/2019		(8,715	)
	184,693	USD		2,813,061	ZAR	SSB	11/6/2019		(1,423	)
	211,827	USD		3,233,612	ZAR	JPM	11/6/2019		(2,114	)
	91,109	USD		1,407,156	ZAR	CITI	11/6/2019		(1,990	)
	10,294,991	ZAR		691,517	USD	SCB	11/6/2019		(10,386	)
	9,124,915	ZAR		609,913	USD	CITI	12/20/2019		(9,740	)
	16,356,350	ZAR		1,104,953	USD	SCB	12/20/2019		(29,146	)
	3,984,283	ZAR		261,242	USD	CITI	2/6/2020		(855	)
	9,869,530	ZAR		648,642	USD	JPM	2/6/2020		(3,634	)
Total unrealized depreciation								$	(1,061,948	)
Total net unrealized appreciation								$	160,729

For the year ended October 31, 2019, the Fund's investments in forward contracts had an average notional value of $202,110,798.

Credit default swap contracts ("credit default swaps")

At October 31, 2019, the Fund had outstanding credit default swaps as follows:

Over-the-counter credit default swaps—Sell Protection

Counterparty				Reference Entity				Notional Amount				Financing Rate Received by the Fund				Payment Frequency				Maturity Date				Upfront Payments/ (Receipts)				Unrealized Appreciation/ (Depreciation)				Accrued Net Interest Receivable/ (Payable)				Value
JPM				Republic of Argentina, Senior Securities				USD	719,399				5.00	%			3M			6/20/2023				$	39,875			$	(477,697	)		$	4,196			$	(433,626	)

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

For the year ended October 31, 2019, the average notional value of credit default swaps for the Fund was $4,449,990 for buy protection and $559,372 for sell protection.

Cross currency swap contracts ("cross currency swaps")

At October 31, 2019, the Fund had outstanding cross currency swaps as follows:

Over-the-counter cross currency swaps

	Counterparty	Notional Amount		Fund Receives/ Pays Floating Rate	Floating Rate Index	Annual Fixed- Rate			Frequency of Fund Receipt/ Payment	Maturity Date	Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)		Value
	GSI	TRY	4,000,000	Receive	3M USD LIBOR		18.23	%	3M/1Y	12/9/2024	$	(181,765	)	$	—	$	(181,765	)
	JPM	TRY	5,200,000	Receive	3M USD LIBOR		12.90	%	3M/1Y	10/7/2025		(55,196	)		—		(55,196	)
Total											$	(236,961	)	$	—	$	(236,961	)

Interest rate swap contracts ("interest rate swaps")

At October 31, 2019, the Fund had outstanding interest rate swaps as follows:

Centrally cleared interest rate swaps

Clearinghouse	Notional Amount		Fund Receives/ Pays Floating Rate	Floating Rate Index	Annual Fixed- Rate			Frequency of Fund Receipt/ Payment	Maturity Date	Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Value
CME	BRL	33,030,903	Receive	1D CETIP		7.45	%	T/T	1/2/2020	$	(35,556	)	$	(99,711	)	$	(135,267	)
CME	BRL	8,248,167	Pay	1D CETIP		5.89	%	T/T	1/3/2022		42,256			1,094			43,350
CME	BRL	3,601,775	Pay	1D CETIP		6.07	%	T/T	1/3/2022		21,703			723			22,426
CME	BRL	3,015,415	Pay	1D CETIP		6.23	%	T/T	1/3/2022		21,060			886			21,946
CME	BRL	5,079,021	Pay	1D CETIP		6.24	%	T/T	1/3/2022		35,675			1,525			37,200
CME	BRL	5,584,084	Pay	1D CETIP		6.48	%	T/T	1/2/2023		48,828			2,784			51,612
CME	BRL	588,077	Pay	1D CETIP		9.26	%	T/T	1/2/2023		20,392			6,439			26,831
CME	BRL	1,568,375	Pay	1D CETIP		11.45	%	T/T	1/2/2025		141,060			28,196			169,256
CME	BRL	1,836,954	Pay	1D CETIP		12.34	%	T/T	1/2/2025		197,083			38,996			236,079
LCH	CNY	7,200,000	Pay	7D CNRR007		2.86	%	3M/3M	7/3/2024		(10,696	)		25			(10,671	)
LCH	CNY	7,200,000	Pay	7D CNRR007		2.75	%	3M/3M	7/5/2024		(15,854	)		6			(15,848	)
CME	COP	1,742,073,468	Receive	1D IBRCOL		5.81	%	3M/3M	4/3/2029		(18,338	)		(680	)		(19,018	)
CME	COP	1,300,000,000	Receive	1D IBRCOL		5.92	%	3M/3M	5/15/2029		(16,576	)		(1,469	)		(18,045	)
LCH	CZK	40,000,000	Pay	6M PRIBOR		2.07	%	1Y/6M	9/30/2021		143			(155	)		(12	)
LCH	CZK	46,655,139	Pay	6M PRIBOR		2.10	%	1Y/6M	9/30/2021		1,318			(127	)		1,191
LCH	CZK	22,000,000	Pay	6M PRIBOR		2.10	%	1Y/6M	10/3/2021		588			(75	)		513
LCH	CZK	17,000,000	Receive	6M PRIBOR		1.58	%	6M/1Y	1/11/2023		7,677			(4,424	)		3,253
LCH	CZK	44,000,000	Receive	6M PRIBOR		1.70	%	6M/1Y	6/18/2024		5,709			3,777			9,486
LCH	CZK	4,700,000	Receive	6M PRIBOR		1.64	%	6M/1Y	6/21/2024		1,153			440			1,593
LCH	CZK	7,070,223	Receive	6M PRIBOR		1.68	%	6M/1Y	7/17/2024		1,171			500			1,671

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

Clearinghouse	Notional Amount		Fund Receives/ Pays Floating Rate	Floating Rate Index	Annual Fixed- Rate			Frequency of Fund Receipt/ Payment	Maturity Date	Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Value
LCH	HUF	25,000,000	Pay	6M BUBOR		0.81	%	1Y/6M	9/12/2024	$	504		$	64		$	568
LCH	HUF	135,000,000	Pay	6M BUBOR		1.88	%	1Y/6M	9/13/2029		888			—			888
CME	MXN	55,942,028	Receive	28D TIIE		8.09	%	28D/28D	1/28/2021		(45,190	)		—			(45,190	)
CME	MXN	57,243,005	Receive	28D TIIE		8.15	%	28D/28D	1/28/2021		(47,812	)		—			(47,812	)
CME	MXN	3,500,000	Pay	28D TIIE		7.71	%	28D/28D	1/21/2022		5,029			(43	)		4,986
CME	MXN	12,211,377	Pay	28D TIIE		6.75	%	28D/28D	6/23/2022		6,431			(331	)		6,100
CME	MXN	19,000,000	Pay	28D TIIE		7.35	%	28D/28D	3/20/2024		40,680			(411	)		40,269
CME	MXN	20,933,047	Pay	28D TIIE		6.75	%	28D/28D	8/26/2024		20,523			(149	)		20,374
CME	MXN	1,800,000	Pay	28D TIIE		7.72	%	28D/28D	12/3/2026		7,031			(11	)		7,020
CME	MXN	3,300,000	Pay	28D TIIE		8.16	%	28D/28D	12/28/2026		17,350			13			17,363
CME	MXN	6,685,611	Pay	28D TIIE		7.51	%	28D/28D	4/20/2027		22,223			(80	)		22,143
CME	MXN	12,369,618	Receive	28D TIIE		6.94	%	28D/28D	8/20/2029		(15,961	)		75			(15,886	)
CME	MXN	16,120,878	Receive	28D TIIE		6.92	%	28D/28D	8/31/2029		(19,638	)		529			(19,109	)
CME	MXN	10,567,193	Receive	28D TIIE		6.82	%	28D/28D	9/10/2029		(8,581	)		197			(8,384	)
LCH	PLN	2,655,221	Pay	6M WIBOR		2.21	%	1Y/6M	11/16/2021		6,545			8,954			15,499
LCH	PLN	1,250,000	Pay	6M WIBOR		2.33	%	1Y/6M	4/6/2022		4,639			3,922			8,561
LCH	PLN	8,300,000	Receive	6M WIBOR		1.99	%	6M/1Y	3/25/2024		(22,826	)		(20,296	)		(43,122	)
LCH	PLN	1,200,000	Pay	6M WIBOR		1.62	%	1Y/6M	8/16/2029		(4,921	)		(116	)		(5,037	)
LCH	ZAR	3,042,152	Receive	3M JIBAR		7.29	%	3M/3M	1/7/2021		(1,364	)		(71	)		(1,435	)
LCH	ZAR	23,000,000	Pay	3M JIBAR		8.49	%	3M/3M	7/18/2029		(11,553	)		—			(11,553	)
Total										$	402,793		$	(29,004	)	$	373,789

Over-the-counter interest rate swaps

Counterparty	Notional Amount		Fund Receives/ Pays Floating Rate	Floating Rate Index	Annual Fixed- Rate			Frequency of Fund Receipt/ Payment	Maturity Date	Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Value
GSI	BRL	1,152,498	Pay	1D CETIP		9.73	%	T/T	1/2/2020	$	2,676		$	21,071		$	23,747
GSI	BRL	1,000,000	Pay	1D CETIP		11.99	%	T/T	1/2/2023		86,524			31,264			117,788
JPM	BRL	1,984,200	Pay	1D CETIP		9.07	%	T/T	1/2/2020		3,919			27,651			31,570
JPM	BRL	930,916	Pay	1D CETIP		9.61	%	T/T	1/2/2020		2,111			16,068			18,179
JPM	BRL	1,063,932	Pay	1D CETIP		11.46	%	T/T	1/2/2020		3,579			32,376			35,955
JPM	BRL	7,778,457	Pay	1D CETIP		8.87	%	T/T	1/4/2021		112,536			102,097			214,633
JPM	BRL	2,071,383	Pay	1D CETIP		9.20	%	T/T	1/4/2021		32,717			31,329			64,046
JPM	BRL	1,614,106	Pay	1D CETIP		9.28	%	T/T	1/4/2021		25,854			25,047			50,901
JPM	BRL	489,151	Pay	1D CETIP		10.04	%	T/T	1/4/2021		9,362			9,980			19,342
JPM	BRL	31,354	Pay	1D CETIP		10.23	%	T/T	1/4/2021		627			683			1,310
JPM	CLP	231,188,535	Pay	1D CLICP		3.43	%	6M/6M	5/10/2022		14,150			1,558			15,708
GSI	HUF	359,014,464	Receive	6M BUBOR		1.27	%	6M/1Y	1/10/2022		(23,202	)		(11,301	)		(34,503	)
GSI	HUF	500,000,000	Pay	6M BUBOR		0.84	%	1Y/6M	9/21/2022		18,141			1,061			19,202
JPM	HUF	382,000,000	Receive	6M BUBOR		0.69	%	6M/1Y	4/20/2020		(2,682	)		(4,624	)		(7,306	)
JPM	HUF	128,246,450	Receive	6M BUBOR		1.38	%	6M/1Y	6/17/2021		(7,359	)		(1,787	)		(9,146	)

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

Counterparty	Notional Amount		Fund Receives/ Pays Floating Rate	Floating Rate Index	Annual Fixed- Rate			Frequency of Fund Receipt/ Payment	Maturity Date	Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Value
JPM	HUF	45,000,000	Receive	6M BUBOR		1.30	%	6M/1Y	4/6/2022	$	(3,275	)	$	(1,100	)	$	(4,375	)
GSI	MXN	9,000,000	Pay	28D TIIE		5.37	%	28D/28D	3/17/2021		(7,966	)		(68	)		(8,034	)
GSI	MXN	28,033,731	Pay	28D TIIE		5.90	%	28D/28D	9/12/2022		(16,453	)		(1,532	)		(17,985	)
GSI	MXN	10,713,184	Pay	28D TIIE		6.21	%	28D/28D	12/8/2025		(5,355	)		(305	)		(5,660	)
GSI	MXN	9,462,643	Pay	28D TIIE		6.17	%	28D/28D	3/5/2026		(6,369	)		(200	)		(6,569	)
GSI	MXN	5,000,000	Pay	28D TIIE		6.38	%	28D/28D	9/16/2026		(956	)		(105	)		(1,061	)
JPM	MXN	7,500,000	Pay	28D TIIE		6.13	%	28D/28D	6/18/2026		(6,421	)		(303	)		(6,724	)
GSI	RUB	337,196,904	Pay	3M MOSPRIME		9.01	%	1Y/3M	2/21/2021		120,249			—			120,249
GSI	RUB	350,542,739	Pay	3M MOSPRIME		7.52	%	1Y/3M	6/10/2021		49,336			—			49,336
GSI	RUB	223,218,139	Pay	3M MOSPRIME		8.11	%	1Y/3M	3/23/2022		97,202			—			97,202
Total										$	498,945		$	278,860		$	777,805

For the year ended October 31, 2019, the average notional value of cross currency swaps and interest rate swaps for the Fund was $32,771,200 when the Fund paid the fixed rate and $47,954,579 when the Fund received the fixed rate.

At October 31, 2019, the Fund received cash collateral of $270,000 from Goldman Sachs International to cover collateral requirements on over-the-counter derivatives.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2019:

Asset Valuation Inputs

	Level 1		Level 2		Level 3		Total
Investments:
Corporate Bonds^(a)	$	—	$	48,353,591	$	—	$	48,353,591
Foreign Government Securities^(a)		—		100,312,798		—		100,312,798
Short-Term Investments		—		7,038,328		—		7,038,328
Total Investments	$	—	$	155,704,717	$	—	$	155,704,717

(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.

See Notes to Financial Statements

Schedule of Investments Emerging Markets Debt Fund^ (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of October 31, 2019:

Other Financial Instruments

	Level 1			Level 2			Level 3		Total
Futures^(a)
Assets	$	316,927		$	—		$	—	$	316,927
Liabilities		(95,749	)		—			—		(95,749	)
Forward Contracts^(a)
Assets		—			1,222,677			—		1,222,677
Liabilities		—			(1,061,948	)		—		(1,061,948	)
Swaps
Assets		—			1,649,346			—		1,649,346
Liabilities		—			(1,168,339	)		—		(1,168,339	)
Total	$	221,178		$	641,736		$	—	$	862,914

(a) Futures and forward contracts are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Schedule of Investments Floating Rate Income Fund^ October 31, 2019

NUMBER OF SHARES			VALUE
Common Stocks 0.6%
Business Equipment & Services 0.2%
	21,820	Brock Holdings III, Inc.	$	436,400	*^(a)(b)(c)
Media 0.3%
	81,399	Clear Channel Outdoor Holdings, Inc.		189,660	*
	34,616	iHeartMedia, Inc.		496,393	*
				686,053
Media - Broadcast 0.1%
	16,445	Cumulus Media, Inc., Class A		225,132	*
		Total Common Stocks (Cost $1,500,472)		1,347,585
PRINCIPAL AMOUNT
Loan Assignments^(d) 89.9%
Aerospace & Defense 1.0%
$	746,050	Atlantic Aviation FBO Inc., Term Loan B, (1M USD LIBOR + 3.75%), 5.54%, due 12/6/2025		748,848	^(a)
	270,000	MHI Holdings, LLC, Term Loan B, (1M USD LIBOR + 5.00%), 6.79%, due 9/21/2026		267,300	^(a)
	1,310,743	TransDigm, Inc., Term Loan F, (1M USD LIBOR + 2.50%), 4.29%, due 6/9/2023		1,304,019
				2,320,167
Air Transport 0.0%^(e)
	77	American Airlines, Inc., Term Loan B, (1M USD LIBOR + 1.75%), 3.55%, due 6/27/2025		76
Automotive 1.4%
	597,139	Belron Finance US LLC, Term Loan B, (3M USD LIBOR + 2.25%), 4.46%, due 11/7/2024		596,393
	1,190,000	Panther BF Aggregator 2 LP, Term Loan B, (1M USD LIBOR + 3.50%), 5.30%, due 4/30/2026		1,172,650
	1,326,675	Wand NewCo 3, Inc., First Lien Term Loan, (1M USD LIBOR + 3.50%), 5.29%, due 2/5/2026		1,330,986
				3,100,029
Building & Development 4.1%
		Capital Automotive L.P.
	300,385	First Lien Term Loan, (1M USD LIBOR + 2.50%), 4.29%, due 3/24/2024		299,956
	739,911	Second Lien Term Loan, (1M USD LIBOR + 6.00%), 7.79%, due 3/24/2025		739,911
	797,306	Core & Main LP, Term Loan B, (USD LIBOR + 2.75%), 4.81%, due 8/1/2024		778,370	^(f)
	726,523	CPG International Inc., Term Loan, (3M USD LIBOR + 3.75%), 5.93%, due 5/5/2024		714,717
	1,542,904	DTZ U.S. Borrower LLC, Term Loan B, (1M USD LIBOR + 3.25%), 5.04%, due 8/21/2025		1,544,184
	1,343,790	Forterra Finance, LLC, Term Loan B, (1M USD LIBOR + 3.00%), 4.79%, due 10/25/2023		1,265,689	^(g)(h)
	810,842	NCI Building Systems, Inc., Term Loan, (1M USD LIBOR + 3.75%), 5.66%, due 4/12/2025		783,136
	642,692	Quikrete Holdings, Inc., First Lien Term Loan, (1M USD LIBOR + 2.75%), 4.54%, due 11/15/2023		639,678

See Notes to Financial Statements

Schedule of Investments Floating Rate Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	895,816	Realogy Group LLC, Term Loan B, (1M USD LIBOR + 2.25%), 4.07%, due 2/8/2025	$	847,666
	1,658,812	Wilsonart LLC, Term Loan B, (3M USD LIBOR + 3.25%), 5.36%, due 12/19/2023		1,621,489
				9,234,796
Business Equipment & Services 11.3%
	626,316	Advantage Sales & Marketing, Inc., Term Loan B2, (1M USD LIBOR + 3.25%), 5.04%, due 7/25/2021		578,334
	602,232	AlixPartners, LLP, Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 4/4/2024		601,226
	354,185	BrightView Landscapes, LLC, First Lien Term Loan B, (USD LIBOR + 2.50%), 4.38%, due 8/15/2025		354,738	^(f)
	597,590	Carbonite, Inc, Term Loan B, (3M USD LIBOR + 3.75%), 5.68%, due 3/26/2026		595,947
	920,375	Cast and Crew Payroll, LLC, First Lien Term Loan, (1M USD LIBOR + 4.00%), 5.79%, due 2/9/2026		924,213
	977,713	Ceridian HCM Holding Inc., Term Loan B, (1M USD LIBOR + 3.00%), 4.80%, due 4/30/2025		978,935
	956,560	Change Healthcare Holdings LLC, Term Loan B, (1M USD LIBOR + 2.50%), 4.29%, due 3/1/2024		950,361
	455,000	Clear Channel Outdoor Holdings, Inc., Term Loan B, (1M USD LIBOR + 3.50%), 5.29%, due 8/21/2026		455,733
	601,975	ConvergeOne Holdings, Inc., Term Loan, (1M USD LIBOR + 5.00%), 6.79%, due 1/4/2026		534,506
	1,120,000	Cortes NP Acquisition Corporation, Term Loan B, (3M USD LIBOR + 4.00%), 5.93%, due 11/30/2023		1,052,520
	699,810	Cypress Intermediate Holdings III, Inc., First Lien Term Loan, (1M USD LIBOR + 2.75%), 4.54%, due 4/29/2024		687,185
	1,319,900	Deerfield Dakota Holding, LLC, Term Loan B, (1M USD LIBOR + 3.25%), 5.04%, due 2/13/2025		1,271,116
		DiscoverOrg, LLC
	626,850	First Lien Term Loan, (1M USD LIBOR + 4.50%), 6.29%, due 2/2/2026		616,664
	95,000	Second Lien Term Loan, (1M USD LIBOR + 8.50%), 10.53%, due 2/1/2027		94,050
	1,255,767	EIG Investors Corp., First Lien Term Loan, (3M USD LIBOR + 3.75%), 5.88%, due 2/9/2023		1,191,408
	620,313	Financial & Risk US Holdings, Inc., Term Loan, (1M USD LIBOR + 3.75%), 5.54%, due 10/1/2025		623,259
	379,038	Flexera Software LLC, First Lien Term Loan, (1M USD LIBOR + 3.50%), 5.29%, due 2/26/2025		379,106
	1,740,000	Garda World Security Corporation, First Lien Term Loan B, (USD LIBOR + 4.75%), due 10/17/2026		1,729,125	^(g)(h)
	444,974	Iron Mountain, Inc., Term Loan B, (1M USD LIBOR + 1.75%), 3.54%, due 1/2/2026		438,113
		Kronos Incorporated
	1,439,306	Term Loan B, (3M USD LIBOR + 3.00%), 5.25%, due 11/1/2023		1,435,578
	230,000	Second Lien Term Loan, (3M USD LIBOR + 8.25%), 10.50%, due 11/1/2024		230,904
	840,732	Learning Care Group, Inc., First Lien Term Loan, (USD LIBOR + 3.25%), 5.34%, due 3/13/2025		826,280	^(f)
	1,301,839	MX Holdings US, Inc., Term Loan B1C, (1M USD LIBOR + 3.00%), 4.80%, due 7/31/2025		1,305,914
	1,450,000	Prime Security Services Borrower, LLC, Term Loan B1, (1M USD LIBOR + 3.25%), 5.25%, due 9/23/2026		1,398,728
	581,772	ServiceMaster Company, Term Loan B, (1M USD LIBOR + 2.50%), 4.29%, due 11/8/2023		580,801
	948,058	Solera, LLC, Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 3/3/2023		938,748
	373,548	Switch, Ltd., Term Loan B, (1M USD LIBOR + 2.25%), 4.05%, due 6/27/2024		374,482
	1,245,668	Tempo Acquisition LLC, Term Loan, (1M USD LIBOR + 3.00%), 4.79%, due 5/1/2024		1,245,406
	1,049,014	West Corporation, Term Loan, (USD LIBOR + 4.00%), 5.93%, due 10/10/2024		870,304	^(f)
	636,800	WEX Inc., Term Loan B3, (1M USD LIBOR + 2.25%), 4.04%, due 5/15/2026		638,736
	1,694,874	William Morris Endeavor Entertainment, LLC, First Lien Term Loan, (USD LIBOR + 2.75%), 4.60%, due 5/18/2025		1,635,909	^(f)
				25,538,329

See Notes to Financial Statements

Schedule of Investments Floating Rate Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Cable & Satellite Television 4.0%
$	363,476	Altice Financing SA, Term Loan B, (1M USD LIBOR + 2.75%), 4.66%, due 7/15/2025	$	350,558
		Altice France S.A.
	1,102,188	Term Loan B12, (1M USD LIBOR + 3.69%), 5.61%, due 1/31/2026		1,074,237
	2,030,244	Term Loan B13, (1M USD LIBOR + 4.00%), 5.92%, due 8/14/2026		1,995,446
	525,000	Charter Communications Operating, LLC, Term Loan B2, (USD LIBOR + 1.75%), due 2/1/2027		526,685	^(g)(h)
	728,175	CSC Holdings, LLC, Term Loan B5, (3M USD LIBOR + 2.50%), 4.33%, due 4/15/2027		726,871
	369,632	Lions Gate Capital Holdings LLC, Term Loan B, (1M USD LIBOR + 2.25%), 4.04%, due 3/24/2025		357,619
	1,672,367	Radiate Holdco, LLC, First Lien Term Loan, (1M USD LIBOR + 3.00%), 4.79%, due 2/1/2024		1,654,021
	540,000	Telenet Financing USD LLC, Term Loan AN, (1M USD LIBOR + 2.25%), 4.17%, due 8/15/2026		539,023
	785,000	Virgin Media Bristol LLC, Term Loan N, (3M USD LIBOR + 2.50%), 4.42%, due 1/31/2028		781,405
	1,095,970	WideOpenWest Finance LLC, Term Loan B, (1M USD LIBOR + 3.25%), 5.05%, due 8/18/2023		1,050,422
				9,056,287
Chemicals & Plastics 2.9%
	862,838	Charter NEX US, Inc., Term Loan, (1M USD LIBOR + 3.50%), 5.29%, due 5/16/2024		852,863
	816,022	Diamond (BC) B.V., Term Loan, (USD LIBOR + 3.00%), 4.93%, due 9/6/2024		758,493	^(f)
	379,050	Hexion Inc, Term Loan, (3M USD LIBOR + 3.50%), 5.60%, due 7/1/2026		377,155
	671,625	Messer Industries GmbH, Term Loan, (3M USD LIBOR + 2.50%), 4.60%, due 3/1/2026		665,480
	713,213	Momentive Performance Materials Inc., Term Loan B, (1M USD LIBOR + 3.25%), 5.04%, due 5/15/2024		699,397
	548,870	PQ Corporation, Term Loan B, (3M USD LIBOR + 2.50%), 4.43%, due 2/8/2025		548,030
		Solenis Holdings LLC
	775,188	First Lien Term Loan, (3M USD LIBOR + 4.00%), 6.12%, due 6/26/2025		735,653
	45,000	Second Lien Term Loan, (3M USD LIBOR + 8.50%), 10.62%, due 6/26/2026		41,625
	1,299,337	Starfruit Finco B.V., Term Loan B, (1M USD LIBOR + 3.25%), 5.19%, due 10/1/2025		1,265,515
	543,505	Univar Inc., Term Loan B, (1M USD LIBOR + 2.25%), 4.04%, due 7/1/2024		544,863
				6,489,074
Containers & Glass Products 3.3%
	551,254	Albea Beauty Holdings S.A, Term Loan B2, (6M USD LIBOR + 3.00%), 5.52%, due 4/22/2024		528,746
	1,184,601	Berlin Packaging LLC, First Lien Term Loan, (USD LIBOR + 3.00%), 5.00%, due 11/7/2025		1,149,063	^(f)(g)(h)
		Berry Global, Inc.
	650,000	Term Loan W, (USD LIBOR + 2.00%), due 10/1/2022		651,625	^(g)(h)
	185,000	Term Loan X, (USD LIBOR + 2.00%), due 1/19/2024		185,355	^(g)(h)
	1,333,791	BWAY Holding Company, Term Loan B, (3M USD LIBOR + 3.25%), 5.23%, due 4/3/2024		1,296,659
	696,101	Consolidated Container Company LLC, First Lien Term Loan, (1M USD LIBOR + 2.75%), 4.54%, due 5/22/2024		683,627
	1,202,611	Reynolds Group Holdings Inc., Term Loan, (1M USD LIBOR + 2.75%), 4.54%, due 2/5/2023		1,201,950
	847,994	TricorBraun Holdings, Inc., First Lien Term Loan, (USD LIBOR + 2.75%), 5.86%, due 11/30/2023		826,794	^(f)
	1,008,158	Trident TPI Holdings, Inc., Term Loan B1, (1M USD LIBOR + 3.25%), 5.04%, due 10/17/2024		946,409
				7,470,228

See Notes to Financial Statements

Schedule of Investments Floating Rate Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Cosmetics - Toiletries 0.7%
$	280,000	Edgewell Personal Care Company, Term Loan B, (USD LIBOR + 3.00%), due 9/19/2026	$	279,827	^(g)(h)
	1,315,000	Sunshine Luxembourg VII SARL, First Lien Term Loan, (2M USD LIBOR + 4.25%), 6.35%, due 10/1/2026		1,315,552
				1,595,379
Diversified Insurance 1.4%
	1,323,342	Hub International Limited, Term Loan B, (USD LIBOR + 3.00%), 4.94%, due 4/25/2025		1,293,329	^(f)
		Sedgwick Claims Management Services, Inc.
	1,075,644	Term Loan B, (1M USD LIBOR + 3.25%), 5.04%, due 12/31/2025		1,042,535
	753,113	Term Loan B, (1M USD LIBOR + 4.00%), 5.79%, due 9/3/2026		746,681
				3,082,545
Drugs 3.3%
	732,696	Akorn, Inc., Term Loan B, (USD LIBOR + 0.75%), 8.81%, due 4/16/2021		676,645	^(f)
	1,211,732	Amneal Pharmaceuticals LLC, Term Loan B, (1M USD LIBOR + 3.50%), 5.31%, due 5/4/2025		922,734
	1,270,684	Bausch Health Companies Inc., Term Loan B, (1M USD LIBOR + 3.00%), 4.92%, due 6/2/2025		1,274,788
	1,655,536	Endo Luxembourg Finance Company I S.a.r.l., Term Loan B, (1M USD LIBOR + 4.25%), 6.06%, due 4/29/2024		1,519,782
	1,428,126	Jaguar Holding Company II, Term Loan, (1M USD LIBOR + 2.50%), 4.29%, due 8/18/2022		1,424,555
		Mallinckrodt International Finance S.A.
	785,498	Term Loan B, (3M USD LIBOR + 2.75%), 4.85%, due 9/24/2024		613,812
	137,199	Term Loan B, (3M USD LIBOR + 3.00%), 5.18%, due 2/24/2025		106,587
	868,568	Parexel International Corporation, Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 9/27/2024		828,397
				7,367,300
Electronics - Electrical 8.9%
		Applied Systems, Inc.
	1,195,600	First Lien Term Loan, (3M USD LIBOR + 3.00%), 5.10%, due 9/19/2024		1,187,697
	500,000	Second Lien Term Loan, (3M USD LIBOR + 7.00%), 9.10%, due 9/19/2025		504,585
	872,125	Barracuda Networks, Inc., First Lien Term Loan, (3M USD LIBOR + 3.25%), 5.40%, due 2/12/2025		867,494
	1,115,000	CommScope, Inc., Term Loan B, (1M USD LIBOR + 3.25%), 5.04%, due 4/6/2026		1,092,354
	375,000	Dell International LLC, Term Loan B, (1M USD LIBOR + 2.00%), 3.79%, due 9/19/2025		376,346
	760,823	Dynatrace LLC, First Lien Term Loan, (1M USD LIBOR + 2.75%), 4.54%, due 8/22/2025		762,725
	1,099,141	Epicor Software Corporation, First Lien Term Loan, (1M USD LIBOR + 3.25%), 5.04%, due 6/1/2022		1,095,019
	490,000	Go Daddy Operating Company, LLC, Term Loan, (1M USD LIBOR + 1.75%), 3.54%, due 2/15/2024		490,279
		Hyland Software, Inc.
	846,412	First Lien Term Loan, (1M USD LIBOR + 3.25%), 5.04%, due 7/1/2024		840,064
	460,578	Second Lien Term Loan, (1M USD LIBOR + 7.00%), 8.79%, due 7/7/2025		461,154
	905,809	Infor (US), Inc., Term Loan B6, (3M USD LIBOR + 2.75%), 4.85%, due 2/1/2022		905,809
	575,594	Informatica LLC, Term Loan, (1M USD LIBOR + 3.25%), 5.04%, due 8/5/2022		576,417
	554,000	Lumentum Holdings, First Lien Term Loan, (1M USD LIBOR + 2.50%), 4.29%, due 12/10/2025		554,000	^(a)
		McAfee, LLC
	1,430,383	Term Loan B, (1M USD LIBOR + 3.75%), 5.55%, due 9/30/2024		1,429,239
	272,045	Second Lien Term Loan, (1M USD LIBOR + 8.50%), 10.30%, due 9/29/2025		272,998

See Notes to Financial Statements

Schedule of Investments Floating Rate Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	200,000	ON Semiconductor Corporation, Term Loan B, (1M USD LIBOR + 2.00%), 3.79%, due 9/19/2026	$	200,772
		Optiv Security, Inc.
	901,817	First Lien Term Loan, (1M USD LIBOR + 3.25%), 5.04%, due 2/1/2024		726,414
	425,000	Second Lien Term Loan, (1M USD LIBOR + 7.25%), 9.04%, due 2/1/2025		212,500
		Project Alpha Intermediate Holding, Inc.
	457,659	Term Loan B, (3M USD LIBOR + 3.50%), 5.49%, due 4/26/2024		446,790
	249,375	Term Loan B, (3M USD LIBOR + 4.25%), 6.24%, due 4/26/2024		248,597
	2,117,466	Rackspace Hosting, Inc., First Lien Term Loan, (3M USD LIBOR + 3.00%), 5.29%, due 11/3/2023		1,879,907
	356,237	Riverbed Technology, Inc., Term Loan, (1M USD LIBOR + 3.25%), 5.04%, due 4/24/2022		273,736
	200,000	S2P Acquisition Borrower, Inc., Term Loan, (1M USD LIBOR + 4.00%), 5.79%, due 8/14/2026		199,166
	568,575	Sirius Computer Solutions, Inc., Term Loan B, (3M USD LIBOR + 4.25%), 6.35%, due 7/1/2026		569,365
	1,574,507	Sophia, L.P., Term Loan B, (3M USD LIBOR + 3.25%), 5.35%, due 9/30/2022		1,572,539
	218,661	SS&C Technologies Holdings Europe S.A.R.L., Term Loan B4, (1M USD LIBOR + 2.25%), 4.04%, due 4/16/2025		219,026
		SS&C Technologies Inc.
	334,970	Term Loan B3, (1M USD LIBOR + 2.25%), 4.04%, due 4/16/2025		335,530
	582,040	Term Loan B5, (1M USD LIBOR + 2.25%), 4.04%, due 4/16/2025		583,425
	670,000	Tibco Software Inc., Term Loan B, (1M USD LIBOR + 4.00%), 6.00%, due 6/30/2026		665,812
	407,641	Vertafore, Inc., First Lien Term Loan, (1M USD LIBOR + 3.25%), 5.04%, due 7/2/2025		394,103
				19,943,862
Financial Intermediaries 2.1%
	668,937	Citco Funding LLC, Term Loan, (1M USD LIBOR + 2.50%), 4.29%, due 9/28/2023		664,756	^(a)
		Edelman Financial Center, LLC
	1,052,771	First Lien Term Loan, (1M USD LIBOR + 3.25%), 5.10%, due 7/21/2025		1,042,907
	240,000	Second Lien Term Loan, (1M USD LIBOR + 6.75%), 8.60%, due 7/20/2026		228,600	^(a)
	525,446	Grosvenor Capital Management Holdings, LLP, Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 3/31/2025		524,952
	525,681	Guggenheim Partners, LLC, Term Loan, (1M USD LIBOR + 2.75%), 4.54%, due 7/21/2023		518,453
	611,149	LPL Holdings, Inc., First Lien Term Loan B, (1M USD LIBOR + 2.25%), 4.05%, due 9/23/2024		610,770
	354,101	PI US MergerCo, Inc., First Lien Term Loan, (1M USD LIBOR + 3.25%), 5.04%, due 1/3/2025		351,622
	729,623	Victory Capital Holdings, Inc., Term Loan B, (3M USD LIBOR + 3.25%), 5.35%, due 7/1/2026		731,812
				4,673,872
Food & Drug Retailers 0.4%
	792,669	Albertsons, LLC, Term Loan B8, (1M USD LIBOR + 2.75%), 4.54%, due 8/17/2026		796,482
Food Products 0.7%
	662,983	CHG PPC Parent LLC, Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 3/31/2025		659,668	^(a)
	351,282	Del Monte Foods, Inc., First Lien Term Loan, (3M USD LIBOR + 3.25%), 5.39%, due 2/18/2021		302,103
	579,990	Nomad Foods Europe Midco Limited, Term Loan B4, (1M USD LIBOR + 2.25%), 4.16%, due 5/15/2024		577,456
				1,539,227

See Notes to Financial Statements

Schedule of Investments Floating Rate Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Food Service 0.7%
$	710,862	1011778 B.C. Unlimited Liability Company, Term Loan B3, (1M USD LIBOR + 2.25%), 4.04%, due 2/16/2024	$	711,395
	798,000	Welbilt, Inc., Term Loan B, (1M USD LIBOR + 2.50%), 4.29%, due 10/23/2025		791,018
				1,502,413
Health Care 8.7%
		Acadia Healthcare Company, Inc.
	483,759	Term Loan B3, (1M USD LIBOR + 2.50%), 4.29%, due 2/11/2022		484,136
	609,810	Term Loan B4, (1M USD LIBOR + 2.50%), 4.29%, due 2/16/2023		610,286
	288,550	Agiliti Health, Inc., Term Loan, (1M USD LIBOR + 3.00%), 5.06%, due 1/4/2026		287,468	^(a)
	1,671,600	Athenahealth, Inc., Term Loan B, (3M USD LIBOR + 4.50%), 6.68%, due 2/11/2026		1,656,455
	905,450	Auris Luxembourg III S.a.r.l., Term Loan B2, (1M USD LIBOR + 3.75%), 5.54%, due 2/27/2026		887,568
	674,862	Concentra Inc., First Lien Term Loan, (3M USD LIBOR + 2.50%), 4.54%, due 6/1/2022		674,579
	530,000	DaVita, Inc., Term Loan B, (1M USD LIBOR + 2.25%), 4.04%, due 8/12/2026		531,182
	835,000	Emerald TopCo Inc, Term Loan, (1M USD LIBOR + 3.50%), 5.29%, due 7/24/2026		821,223	^(g)(h)
	1,548,300	Envision Healthcare Corporation, First Lien Term Loan, (1M USD LIBOR + 3.75%), 5.54%, due 10/10/2025		1,247,589
	628,413	Gentiva Health Services, Inc., First Lien Term Loan, (1M USD LIBOR + 3.75%), 5.56%, due 7/2/2025		626,842	^(a)
	384,023	Global Medical Response, Inc., Term Loan B1, (1M USD LIBOR + 3.25%), 5.10%, due 4/28/2022		344,061
	970,000	HCA Inc., Term Loan B12, (1M USD LIBOR + 1.75%), 3.54%, due 3/13/2025		973,938
	1,491,217	MPH Acquisition Holdings LLC, Term Loan B, (3M USD LIBOR + 2.75%), 4.85%, due 6/7/2023		1,395,138
	340,000	Navicure, Inc., Term Loan B, (USD LIBOR + 4.00%), due 10/22/2026		338,725	^(g)(h)
	1,159,150	Ortho-Clinical Diagnostics SA, Term Loan B, (3M USD LIBOR + 3.25%), 5.31%, due 6/30/2025		1,106,026
		Pearl Intermediate Parent LLC
	829,015	First Lien Term Loan, (1M USD LIBOR + 2.75%), 4.54%, due 2/14/2025		804,832
	232,727	Second Lien Term Loan, (1M USD LIBOR + 6.25%), 8.04%, due 2/13/2026		226,909
	942,137	Project Ruby Ultimate Parent Corp., Term Loan B, (1M USD LIBOR + 3.50%), 5.29%, due 2/9/2024		925,649
	529,279	Select Medical Corporation, Term Loan B, (USD LIBOR + 2.50%), 4.58%, due 3/6/2025		525,971	^(f)
		Sound Inpatient Physicians
	819,625	First Lien Term Loan, (1M USD LIBOR + 2.75%), 4.54%, due 6/27/2025		816,043
	215,000	Second Lien Term Loan, (1M USD LIBOR + 6.75%), 8.54%, due 6/26/2026		213,925
	1,399,945	Team Health Holdings, Inc., First Lien Term Loan, (1M USD LIBOR + 2.75%), 4.54%, due 2/6/2024		1,074,458
		Tivity Health Inc.
	297,000	Term Loan A, (1M USD LIBOR + 4.25%), 6.04%, due 3/8/2024		295,886
	961,499	Term Loan B, (1M USD LIBOR + 5.25%), 7.04%, due 3/6/2026		961,499	^(a)
	1,666,668	Verscend Holding Corp., Term Loan B, (1M USD LIBOR + 4.50%), 6.29%, due 8/27/2025		1,666,668
				19,497,056
Industrial Equipment 2.5%
	1,270,400	Brookfield WEC Holdings Inc., First Lien Term Loan, (1M USD LIBOR + 3.50%), 5.29%, due 8/1/2025		1,261,405
	819,879	Circor International, Inc., First Lien Term Loan, (1M USD LIBOR + 3.50%), 5.42%, due 12/11/2024		811,885
	603,488	Crosby US Acquisition Corp., Term Loan B, (3M USD LIBOR + 4.75%), 6.60%, due 6/26/2026		572,559

See Notes to Financial Statements

Schedule of Investments Floating Rate Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	617,567	Filtration Group Corporation, First Lien Term Loan, (1M USD LIBOR + 3.00%), 4.79%, due 3/29/2025	$	616,505
	592,518	Gardner Denver, Inc., Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 7/30/2024		593,383
	559,221	Gates Global LLC, Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 4/1/2024		547,013
	675,000	Granite Holdings US Acquisition Co., Term Loan B, (USD LIBOR + 5.25%), due 9/25/2026		637,875	^(a)(g)(h)
	399,375	Hyster-Yale Group, Inc., Term Loan B, (1M USD LIBOR + 3.25%), 5.04%, due 5/30/2023		393,883
	183,848	Sundyne US Purchaser, Inc., Term Loan, (1M USD LIBOR + 4.00%), 5.79%, due 5/15/2026		181,091	^(a)
				5,615,599
Leisure Goods - Activities - Movies 4.2%
	1,368,125	AMC Entertainment Holdings, Inc., Term Loan B, (6M USD LIBOR + 3.00%), 5.23%, due 4/22/2026		1,366,798
	658,766	CityCenter Holdings, LLC, Term Loan B, (1M USD LIBOR + 2.25%), 4.04%, due 4/18/2024		658,561
	907,351	Crown Finance US, Inc., Term Loan, (1M USD LIBOR + 2.25%), 4.04%, due 2/28/2025		894,467
	1,065,000	Delta 2 (LUX) S.a.r.l., Term Loan, (1M USD LIBOR + 2.50%), 4.29%, due 2/1/2024		1,047,694
	1,194,467	Emerald Expositions Holding, Inc., Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 5/22/2024		1,128,772	^(a)
	785,000	Match Group Inc., Term Loan B, (3M USD LIBOR + 2.50%), 4.44%, due 11/16/2022		786,962	^(a)
	406,566	Merlin Entertainments PLC, Term Loan B, (USD LIBOR + 3.25%), due 10/17/2026		407,920	^(g)(h)
	555,000	NASCAR Holdings, Inc, Term Loan B, (1M USD LIBOR + 2.75%), 4.63%, due 10/19/2026		557,514
	1,353,242	SeaWorld Parks & Entertainment, Inc., Term Loan B5, (1M USD LIBOR + 3.00%), 4.79%, due 3/31/2024		1,347,207
	608,475	Twin River Worldwide Holdings, Inc., Term Loan B, (1M USD LIBOR + 2.75%), 4.79%, due 5/10/2026		608,475
	550,000	WMG Acquisition Corp., Term Loan F, (1M USD LIBOR + 2.13%), 3.91%, due 11/1/2023		549,648
				9,354,018
Lodging & Casinos 3.4%
	693,034	Alterra Mountain Company, Term Loan B1, (1M USD LIBOR + 3.00%), 4.79%, due 7/31/2024		693,609
	610,441	Caesars Resort Collection, LLC, First Lien Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 12/23/2024		600,967
	971,085	Golden Entertainment, Inc., First Lien Term Loan, (1M USD LIBOR + 3.00%), 4.81%, due 10/21/2024		971,697
	384,150	GVC Holdings PLC, Term Loan B2, (6M USD LIBOR + 2.25%), 4.45%, due 3/29/2024		383,912
	1,417,908	Mohegan Tribal Gaming Authority, Term Loan B, (1M USD LIBOR + 4.00%), 5.79%, due 10/13/2023		1,309,353
	565,745	PCI Gaming Authority, Term Loan, (1M USD LIBOR + 3.00%), 4.79%, due 5/29/2026		568,930
	461,513	Penn National Gaming, Inc., First Lien Term Loan B, (1M USD LIBOR + 2.25%), 4.04%, due 10/15/2025		462,897
	1,213,392	Scientific Games International, Inc., Term Loan B5, (1M USD LIBOR + 2.75%), 4.54%, due 8/14/2024		1,198,601
	874,853	Stars Group Holdings B.V. (The), Term Loan, (3M USD LIBOR + 3.50%), 5.60%, due 7/10/2025		878,064
	605,053	Station Casinos LLC, Term Loan B, (1M USD LIBOR + 2.50%), 4.29%, due 6/8/2023		605,307
				7,673,337
Nonferrous Metals - Minerals 0.4%
	795,081	Covia Holdings Corporation, Term Loan, (3M USD LIBOR + 4.00%), 6.04%, due 6/1/2025		552,582
	398,979	U.S. Silica Company, Term Loan B, (1M USD LIBOR + 4.00%), 5.81%, due 5/1/2025		329,014
				881,596

See Notes to Financial Statements

Schedule of Investments Floating Rate Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Oil & Gas 5.2%
$	1,316,700	BCP Raptor II, LLC, First Lien Term Loan, (1M USD LIBOR + 4.75%), 6.54%, due 11/3/2025	$	1,153,758
	1,617,864	BCP Raptor, LLC, Term Loan B, (1M USD LIBOR + 4.25%), 6.04%, due 6/24/2024		1,417,654
	1,486,188	BCP Renaissance Parent LLC, Term Loan B, (2M USD LIBOR + 3.50%), 5.36%, due 10/31/2024		1,340,363
	675,450	Brazos Delaware II, LLC, Term Loan B, (1M USD LIBOR + 4.00%), 5.85%, due 5/21/2025		577,510
	630,000	Buckeye Partners, L.P., Term Loan B, (USD LIBOR + 2.75%), due 11/15/2026		632,760	^(g)(h)
	735,000	Gavilan Resources, LLC, Second Lien Term Loan, (1M USD LIBOR + 6.00%), 7.79%, due 3/1/2024		309,310
	887,775	Lower Cadence Holdings LLC, Term Loan B, (1M USD LIBOR + 4.00%), 5.80%, due 5/22/2026		823,411
	1,630,792	Lucid Energy Group II Borrower, LLC, First Lien Term Loan, (1M USD LIBOR + 3.00%), 4.79%, due 2/17/2025		1,426,943
	1,358,303	Medallion Midland Acquisition, LLC, First Lien Term Loan, (1M USD LIBOR + 3.25%), 5.04%, due 10/30/2024		1,273,409
	861,300	NorthRiver Midstream Finance LP, Term Loan B, (3M USD LIBOR + 3.25%), 5.35%, due 10/1/2025		846,537
	824,352	Prairie ECI Acquiror LP, Term Loan B, (3M USD LIBOR + 4.75%), 6.85%, due 3/11/2026		802,366
	1,287,000	Traverse Midstream Partners LLC, Term Loan, (1M USD LIBOR + 4.00%), 5.80%, due 9/27/2024		1,126,125
				11,730,146
Property & Casualty Insurance 1.4%
	937,288	AssuredPartners, Inc., First Lien Term Loan, (1M USD LIBOR + 3.50%), 5.29%, due 10/22/2024		919,911
		Asurion LLC
	1,539,722	Term Loan B7, (1M USD LIBOR + 3.00%), 4.79%, due 11/3/2024		1,540,692
	705,000	Second Lien Term Loan, (1M USD LIBOR + 6.50%), 8.29%, due 8/4/2025		707,820
				3,168,423
Publishing 0.1%
	269,875	Harland Clarke Holdings Corp., Term Loan B7, (3M USD LIBOR + 4.75%), 6.85%, due 11/3/2023		209,490
Radio & Television 2.1%
	525,000	Cumulus Media New Holdings Inc., Term Loan B, (1M USD LIBOR + 3.75%), 5.54%, due 3/31/2026		527,079
	910,000	Diamond Sports Group, LLC, Term Loan, (1M USD LIBOR + 3.25%), 5.08%, due 8/24/2026		913,412
	1,279,138	iHeartCommunications, Inc., Term Loan, (1M USD LIBOR + 4.00%), 6.03%, due 5/1/2026		1,282,733
	125,382	Mission Broadcasting, Inc., Term Loan B3, (1M USD LIBOR + 2.25%), 4.28%, due 1/17/2024		125,500
	630,994	Nexstar Broadcasting, Inc., Term Loan B3, (1M USD LIBOR + 2.25%), 4.05%, due 1/17/2024		631,587
	1,316,908	Univision Communications Inc., Term Loan C5, (1M USD LIBOR + 2.75%), 4.54%, due 3/15/2024		1,268,669	^(a)
				4,748,980
Retailers (except food & drug) 3.2%
	2,373,041	Bass Pro Group, LLC, Term Loan B, (1M USD LIBOR + 5.00%), 6.79%, due 9/25/2024		2,286,164
	1,379,972	BJ's Wholesale Club, Inc., First Lien Term Loan, (1M USD LIBOR + 2.75%), 4.67%, due 2/3/2024		1,379,737
		EG America LLC
	1,222,892	Term Loan, (3M USD LIBOR + 4.00%), 6.10%, due 2/7/2025		1,177,951
	100,494	Second Lien Term Loan, (3M USD LIBOR + 8.00%), 10.10%, due 4/20/2026		94,590

See Notes to Financial Statements

Schedule of Investments Floating Rate Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	630,400	EG Group Limited, Term Loan B, (3M USD LIBOR + 4.00%), 6.10%, due 2/7/2025	$	607,233
	1,684,304	Staples, Inc., Term Loan, (3M USD LIBOR + 5.00%), 7.12%, due 4/16/2026		1,658,551
				7,204,226
Steel 1.2%
	1,295,666	Big River Steel LLC, Term Loan B, (3M USD LIBOR + 5.00%), 7.10%, due 8/23/2023		1,283,526
	656,124	MRC Global (US) Inc., First Lien Term Loan B, (1M USD LIBOR + 3.00%), 4.79%, due 9/20/2024		646,283	^(a)
	916,258	TMS International Corp., Term Loan B2, (USD LIBOR + 2.75%), 4.62%, due 8/14/2024		868,154	^(a)(f)
				2,797,963
Surface Transport 0.4%
	924,844	Hertz Corporation, (The), Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 6/30/2023		924,558
Telecommunications 6.5%
	1,856,734	CenturyLink, Inc., Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 1/31/2025		1,836,552
	1,535,000	Connect Finco Sarl, Term Loan B, (USD LIBOR + 4.50%), due 9/23/2026		1,510,532	^(g)(h)
	721,671	Consolidated Communications, Inc., Term Loan B, (1M USD LIBOR + 3.00%), 4.79%, due 10/4/2023		668,224
	1,281,251	Frontier Communications Corp., Term Loan B1, (1M USD LIBOR + 3.75%), 5.54%, due 6/15/2024		1,275,165
	1,659,087	GTT Communications, Inc., Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 5/31/2025		1,226,696
		Intelsat Jackson Holdings S.A.
	2,070,000	Term Loan B3, (6M USD LIBOR + 3.75%), 5.68%, due 11/27/2023		2,066,129
	145,000	Term Loan B4, (6M USD LIBOR + 4.50%), 6.43%, due 1/2/2024		146,450
	240,000	Iridium Satellite LLC, Term Loan, (USD LIBOR + 3.75%), due 10/17/2026		241,275	^(g)(h)
	865,000	Level 3 Financing Inc., Term Loan B, (1M USD LIBOR + 2.25%), 4.04%, due 2/22/2024		865,649
	1,212,632	MTN Infrastructure TopCo Inc, First Lien Term Loan B, (1M USD LIBOR + 3.00%), 4.79%, due 11/15/2024		1,196,964
	2,212,274	Sprint Communications, Inc., Term Loan B, (1M USD LIBOR + 3.00%), 4.81%, due 2/2/2024		2,197,518
		Syniverse Holdings, Inc.
	738,301	First Lien Term Loan, (3M USD LIBOR + 5.00%), 6.92%, due 3/9/2023		662,994
	265,000	Second Lien Term Loan, (1M USD LIBOR + 9.00%), 10.92%, due 3/11/2024		200,340
	600,501	Telesat Canada, Term Loan B4, (3M USD LIBOR + 2.50%), 4.61%, due 11/17/2023		600,051
				14,694,539
Utilities 4.4%
	1,296,750	Blackstone CQP Holdco LP, Term Loan B, (3M USD LIBOR + 3.50%), 5.66%, due 9/30/2024		1,289,462
	847,875	Calpine Corporation, Term Loan B9, (3M USD LIBOR + 2.75%), 4.86%, due 4/5/2026		848,197
	473,059	Carroll County Energy, LLC, Term Loan B, (3M USD LIBOR + 3.50%), 5.60%, due 2/15/2026		473,849
	767,889	Compass Power Generation LLC, Term Loan B, (1M USD LIBOR + 3.50%), 5.29%, due 12/20/2024		768,611
	976,511	Eastern Power, LLC, Term Loan B, (1M USD LIBOR + 3.75%), 5.54%, due 10/2/2023		973,464
	1,178,706	Edgewater Generation, L.L.C., Term Loan, (1M USD LIBOR + 3.75%), 5.54%, due 12/13/2025		1,127,432	^(g)(h)
	1,006,792	Kestrel Acquisition, LLC, Term Loan B, (1M USD LIBOR + 4.25%), 6.04%, due 6/2/2025		926,248
		Lonestar II Generation Holdings LLC
	289,453	Term Loan B, (1M USD LIBOR + 5.00%), 6.79%, due 4/20/2026		289,453	^(a)
	34,821	Term Loan C, (1M USD LIBOR + 5.00%), 6.79%, due 4/20/2026		34,821	^(a)

See Notes to Financial Statements

Schedule of Investments Floating Rate Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	1,261,463	Nautilus Power, LLC, Term Loan B, (1M USD LIBOR + 4.25%), 6.04%, due 5/16/2024 Revere Power, LLC	$	1,239,388	^(a)
	82,450	Term Loan C, (3M USD LIBOR + 4.25%), 6.35%, due 3/29/2026		80,870
	529,085	Term Loan B, (3M USD LIBOR + 4.25%), 6.35%, due 3/29/2026		518,943
	985,000	Talen Energy Supply, LLC, Term Loan B, (1M USD LIBOR + 3.75%), 5.69%, due 7/8/2026		972,688	^(a)
	355,000	West Deptford Energy Holdings, LLC, Term Loan B, (1M USD LIBOR + 3.75%), 5.54%, due 7/29/2026		353,225	^(a)
				9,896,651
		Total Loan Assignments (Cost $208,084,373)		202,106,648
Corporate Bonds 3.5%
Business Equipment & Services 0.2%
	333,427	Brock Holdings Notes 2022, 15.00%, due 4/24/2022		333,427	^(a)(b)(c)
Electric - Integrated 0.1%
	325,000	Talen Energy Supply LLC, 6.63%, due 1/15/2028		313,625	⁽ⁱ⁾
Media Content 0.6%
	510,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, due 8/15/2026		532,312	⁽ⁱ⁾
	195,762	iHeartCommunications, Inc., 6.38%, due 5/1/2026		210,689
	720,000	Univision Communications, Inc., 5.13%, due 2/15/2025		702,900	⁽ⁱ⁾
				1,445,901
Medical Products 0.2%
	565,000	Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 6.63%, due 5/15/2022		545,931	⁽ⁱ⁾
Packaging 0.7%
	1,190,000	Berry Global Escrow Corp., 4.88%, due 7/15/2026		1,250,987	⁽ⁱ⁾
	305,000	Trivium Packaging Finance BV, 5.50%, due 8/15/2026		319,869	⁽ⁱ⁾
				1,570,856
Pharmaceuticals 0.3%
	530,000	Bausch Health Cos., Inc., 5.75%, due 8/15/2027		575,547	⁽ⁱ⁾
Specialty Retail 0.2%
	415,000	eG Global Finance PLC, 8.50%, due 10/30/2025		435,750	⁽ⁱ⁾
Support - Services 0.4%
	121,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, due 5/15/2023		127,292	⁽ⁱ⁾
	655,000	Staples, Inc., 7.50%, due 4/15/2026		682,838	⁽ⁱ⁾
				810,130

See Notes to Financial Statements

Schedule of Investments Floating Rate Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Technology Hardware & Equipment 0.2%
		CommScope Finance LLC
$	235,000	5.50%, due 3/1/2024	$	238,172	⁽ⁱ⁾
	175,000	6.00%, due 3/1/2026		179,813	⁽ⁱ⁾
				417,985
Telecom - Wireline Integrated & Services 0.6%
	535,000	Altice Financing SA, 6.63%, due 2/15/2023		549,552	⁽ⁱ⁾
	830,000	Altice France SA, 5.50%, due 1/15/2028		845,563	⁽ⁱ⁾
				1,395,115
		Total Corporate Bonds (Cost $7,605,455)		7,844,267
Asset-Backed Securities 2.7%
	390,000	Apidos CLO, Ser. 2015-22A, Class D, (3M USD LIBOR + 6.00%), 7.97%, due 10/20/2027		361,333	^(d)(i)
	500,000	Ares XLIII CLO Ltd., Ser. 2017-43A, Class E, (3M USD LIBOR + 6.47%), 8.47%, due 10/15/2029		450,761	^(d)(i)
	400,000	BlueMountain CLO Ltd., Ser. 2018-2A, Class E, (3M USD LIBOR + 6.05%), 8.21%, due 8/15/2031		341,290	^(d)(i)
		Magnetite CLO Ltd.
	500,000	Ser. 2014-8A, Class ER2, (3M USD LIBOR + 5.65%), 7.65%, due 4/15/2031		457,904	^(d)(i)
	385,000	Ser. 2015-15A, Class ER, (3M USD LIBOR + 5.20%), 7.14%, due 7/25/2031		319,621	^(d)(i)
	700,000	Ser. 2015-12A, Class ER, (3M USD LIBOR + 5.68%), 7.68%, due 10/15/2031		622,886	^(d)(i)
	1,000,000	Palmer Square CLO Ltd., Ser. 2015-1A, Class DR2, (3M USD LIBOR + 6.25%), 8.40%, due 5/21/2029		921,738	^(d)(i)
	600,000	Parallel Ltd., Ser. 2018-1A, Class C, (3M USD LIBOR + 2.80%), 4.77%, due 4/20/2031		532,825	^(d)(i)
	1,250,000	TCI-Flatiron CLO Ltd., Ser. 2016-1A, Class ER, (3M USD LIBOR + 6.90%), 8.90%, due 7/17/2028		1,178,315	^(d)(i)
	1,000,000	TRESTLES CLO Ltd., Ser. 2017-1A, Class D, (3M USD LIBOR + 6.68%), 8.62%, due 7/25/2029		949,258	^(d)(i)
		Total Asset-Backed Securities (Cost $6,651,666)		6,135,931
NUMBER OF SHARES
Short-Term Investments 6.0%
Investment Companies 6.0%
	13,497,766	State Street Institutional U.S. Government Money Market Fund Premier Class, 1.75%^(j) (Cost $13,497,766)		13,497,766	^(k)
		Total Investments 102.7% (Cost $237,339,732)		230,932,197
		Liabilities Less Other Assets (2.7)%		(5,989,801	)^(l)
		Net Assets 100.0%	$	224,942,396

* Non-income producing security.

(a) Value determined using significant unobservable inputs.

(b) Illiquid security.

(c) Security fair valued as of October 31, 2019 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at October 31, 2019 amounted to $769,827, which represents 0.3% of net assets of the Fund.

See Notes to Financial Statements

Schedule of Investments Floating Rate Income Fund^ (cont'd)

(d) Variable or floating rate security. The interest rate shown was the current rate as of October 31, 2019 and changes periodically.

(e) Represents less than 0.05% of net assets of the Fund.

(f) The stated interest rate represents the weighted average interest rate at October 31, 2019 of the underlying contracts within the Loan Assignment. Interest rates on the underlying contracts are primarily determined by reference to the indicated base lending rate and spread, which are indicated in the security description, and the reset period, which is generally weekly, monthly or quarterly.

(g) All or a portion of this security was purchased on a delayed delivery basis.

(h) All or a portion of this security has not settled as of October 31, 2019 and thus may not have an interest rate in effect. Interest rates do not take effect until settlement.

(i) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At October 31, 2019, these securities amounted to $13,436,082, which represents 6.0% of net assets of the Fund. Securities denoted with (i) but without (b), if any, have been deemed by the investment manager to be liquid.

(j) Represents 7-day effective yield as of October 31, 2019.

(k) All or a portion of this security is segregated in connection with obligations for delayed delivery securities with a total value of $13,497,766.

(l) As of October 31, 2019, the value of unfunded loan commitments was $53,612 of the Fund (see Note A of Notes to Financial Statements).

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2019:

Asset Valuation Inputs

	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks
Business Equipment & Services	$	—	$	—	$	436,400	$	436,400
Other Common Stocks^(a)		911,185		—		—		911,185
Total Common Stocks		911,185		—		436,400		1,347,585
Loan Assignments
Aerospace & Defense		—		1,304,019		1,016,148		2,320,167
Electronics—Electrical		—		19,389,862		554,000		19,943,862
Financial Intermediaries		—		3,780,516		893,356		4,673,872
Food Products		—		879,559		659,668		1,539,227
Health Care		—		17,621,247		1,875,809		19,497,056
Industrial Equipment		—		4,796,633		818,966		5,615,599
Leisure Goods—Activities—Movies		—		7,438,284		1,915,734		9,354,018
Radio & Television		—		3,480,311		1,268,669		4,748,980

See Notes to Financial Statements

Schedule of Investments Floating Rate Income Fund^ (cont'd)

Asset Valuation Inputs

	Level 1		Level 2		Level 3^(b)		Total
Steel	$	—	$	1,283,526	$	1,514,437	$	2,797,963
Utilities		—		7,007,076		2,889,575		9,896,651
Other Loan Assignments^(a)		—		121,719,253		—		121,719,253
Total Loan Assignments		—		188,700,286		13,406,362		202,106,648
Corporate Bonds
Business Equipment & Services		—		—		333,427		333,427
Other Corporate Bonds^(a)		—		7,510,840		—		7,510,840
Total Corporate Bonds		—		7,510,840		333,427		7,844,267
Asset-Backed Securities		—		6,135,931		—		6,135,931
Short-Term Investments		—		13,497,766		—		13,497,766
Total Investments	$	911,185	$	215,844,823	$	14,176,189	$	230,932,197

(a) The Schedule of Investments provides information on the industry or sector categorization for the portfolio.

(b) The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

(000's omitted)	Beginning balance, as of 11/1/2018		Accrued discounts/ (premiums)		Realized gain/ (loss)			Change in unrealized appreciation/ (depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance, as of 10/31/2019		Net change in unrealized appreciation/ (depreciation) from investments still held at 10/31/2019
Investments in Securities:
Common Stocks^(c)
Business Equipment & Services	$	436	$	—	$	—		$	—		$	—	$	—		$	—	$	—		$	436	$	—
Loan Assignments^(d)
Aerospace & Defense		—		—		—			5			1,017		(6	)		—		—			1,016		5
Building & Development		1,762		—		(3	)		(2	)		—		(658	)		—		(1,099	)		—		—
Business Equipment & Services		1,026		—		—			—			—		—			—		(1,026	)		—		—
Chemicals & Plastics		149		—		(11	)		—			—		(138	)		—		—			—		—
Electronics Electrical		802		—		(2	)		—			—		(246	)		—		—			554		—

See Notes to Financial Statements

Schedule of Investments Floating Rate Income Fund^ (cont'd)

(000's omitted)	Beginning balance, as of 11/1/2018		Accrued discounts/ (premiums)		Realized gain/ (loss)			Change in unrealized appreciation/ (depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance, as of 10/31/2019		Net change in unrealized appreciation/ (depreciation) from investments still held at 10/31/2019
Financial Intermediaries	$	560	$	—	$	(28	)	$	(14	)	$	238	$	(868	)	$	1,005	$	—		$	893	$	(14	)
Food Products		882		—		—			(1	)		—		(221	)		—		—			660		(1	)
Food Service		1,137		—		—			—			—		—			—		(1,137	)		—		—
Health Care		233		2		2			16			1,913		(57	)		—		(233	)		1,876		16
Industrial Equipment		1,000		—		(27	)		(21	)		1,331		(1,464	)		—		—			819		(22	)
Leisure Goods— Activities— Movies		789		1		(43	)		(60	)		546		(1,888	)		2,571		—			1,916		(60	)
Lodging & Casinos		2,074		—		(4	)		(108	)		—		(1,962	)		—		—			—		—
Oil & Gas		1,310		—		—			—			—		—			—		(1,310	)		—		—
Radio & Television		—		4		(109	)		74			—		(1,808	)		3,108		—			1,269		74
Retailers (except food & drug)		241		—		(12	)		2			—		(231	)		—		—			—		—
Steel		2,389		—		(6	)		(58	)		—		(811	)		—		—			1,514		(58	)
Utilities		652		3		(33	)		(36	)		2,657		(1,851	)		1,498		—			2,890		(36	)
Corporate Bonds^(c)
Business Equipment & Services		288		—		—			—			355		(310	)		—		—			333		—
Total	$	15,730	$	10	$	(276	)	$	(203	)	$	8,057	$	(12,519	)	$	8,182	$	(4,805	)	$	14,176	$	(96	)

(c) As of the year ended October 31, 2019, these investments were valued in accordance with procedures approved by the Board of Trustees. These investments did not have a material impact on the Fund's net assets and, therefore, disclosure of unobservable inputs used in formulating valuations is not presented.

(d) Securities categorized as Level 3 were valued based on a single quotation obtained from a dealer. The Fund does not have access to unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Schedule of Investments High Income Bond Fund^ October 31, 2019

PRINCIPAL AMOUNT			VALUE
Loan Assignments^(a) 4.8%
Building & Development 0.2%
$	5,740,002	Forterra Finance, LLC, Term Loan B, (1M USD LIBOR + 3.00%), 4.79%, due 10/25/2023	$	5,406,393	^(b)(c)
Cable & Satellite Television 0.3%
	7,897,731	Altice France S.A., Term Loan B13, (1M USD LIBOR + 4.00%), 5.92%, due 8/14/2026		7,762,364
Chemicals & Plastics 0.1%
	2,118,590	Starfruit Finco B.V., Term Loan B, (1M USD LIBOR + 3.25%), 5.19%, due 10/1/2025		2,063,443
Containers & Glass Products 0.2%
	559,677	Berlin Packaging LLC, First Lien Term Loan, (USD LIBOR + 3.00%), 5.00%, due 11/7/2025		542,886	^(d)
	3,971,034	BWAY Holding Company, Term Loan B, (3M USD LIBOR + 3.25%), 5.23%, due 4/3/2024		3,860,481
				4,403,367
Cosmetics - Toiletries 0.3%
	7,205,000	Sunshine Luxembourg VII SARL, First Lien Term Loan, (2M USD LIBOR + 4.25%), 6.35%, due 10/1/2026		7,208,026	^(b)(c)
Diversified Insurance 0.2%
		Sedgwick Claims Management Services, Inc.
	3,850,900	Term Loan B, (1M USD LIBOR + 3.25%), 5.04%, due 12/31/2025		3,732,369
	1,596,000	Term Loan B, (1M USD LIBOR + 4.00%), 5.79%, due 9/3/2026		1,582,370
				5,314,739
Health Care 0.8%
	5,310,692	MPH Acquisition Holdings LLC, Term Loan B, (3M USD LIBOR + 2.75%), 4.85%, due 6/7/2023		4,968,525
	6,512,994	Team Health Holdings, Inc., First Lien Term Loan, (1M USD LIBOR + 2.75%), 4.54%, due 2/6/2024		4,998,723
		Tivity Health Inc.
	3,471,482	Term Loan A, (1M USD LIBOR + 4.25%), 6.04%, due 3/8/2024		3,458,464
	4,518,569	Term Loan B, (1M USD LIBOR + 5.25%), 7.04%, due 3/6/2026		4,518,569	^(e)
				17,944,281
Industrial Equipment 0.2%
	4,360,000	Granite Holdings US Acquisition Co., Term Loan B, (USD LIBOR + 5.25%), due 9/25/2026		4,120,200	^(b)(c)(e)
Leisure Goods - Activities - Movies 0.3%
	7,624,624	SeaWorld Parks & Entertainment, Inc., Term Loan B5, (1M USD LIBOR + 3.00%), 4.79%, due 3/31/2024		7,590,618
Lodging & Casinos 0.2%
	4,856,401	Mohegan Tribal Gaming Authority, Term Loan B, (1M USD LIBOR + 4.00%), 5.79%, due 10/13/2023		4,484,595

See Notes to Financial Statements

100

Schedule of Investments High Income Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Oil & Gas 0.3%
$	3,887,929	BCP Raptor, LLC, Term Loan B, (1M USD LIBOR + 4.25%), 6.04%, due 6/24/2024	$	3,406,797
	3,895,132	Brazos Delaware II, LLC, Term Loan B, (1M USD LIBOR + 4.00%), 5.85%, due 5/21/2025		3,330,338
	1,117,200	Lower Cadence Holdings LLC, Term Loan B, (1M USD LIBOR + 4.00%), 5.80%, due 5/22/2026		1,036,203
				7,773,338
Property & Casualty Insurance 0.3%
		Asurion LLC
	845,566	Term Loan B6, (1M USD LIBOR + 3.00%), 4.79%, due 11/3/2023		846,471
	2,622,253	Term Loan B7, (1M USD LIBOR + 3.00%), 4.79%, due 11/3/2024		2,623,905
	2,084,044	Second Lien Term Loan, (1M USD LIBOR + 6.50%), 8.29%, due 8/4/2025		2,092,380
				5,562,756
Retailers (except food & drug) 0.8%
	9,850,993	Bass Pro Group, LLC, Term Loan B, (1M USD LIBOR + 5.00%), 6.79%, due 9/25/2024		9,490,349
	10,038,110	Staples, Inc., Term Loan, (3M USD LIBOR + 5.00%), 7.12%, due 4/16/2026		9,884,627
				19,374,976
Telecommunications 0.6%
	8,154,145	Frontier Communications Corp., Term Loan B1, (1M USD LIBOR + 3.75%), 5.54%, due 6/15/2024		8,115,413
	3,195,000	Intelsat Jackson Holdings S.A., Term Loan B3, (6M USD LIBOR + 3.75%), 5.68%, due 11/27/2023		3,189,025
	3,191,960	Sprint Communications, Inc., Term Loan B, (1M USD LIBOR + 3.00%), 4.81%, due 2/2/2024		3,170,670
				14,475,108
		Total Loan Assignments (Cost $116,534,842)		113,484,204
Corporate Bonds 91.9%
Advertising 2.7%
		Clear Channel Worldwide Holdings, Inc.
	5,418,000	9.25%, due 2/15/2024		5,959,800	^(f)
	10,377,000	5.13%, due 8/15/2027		10,801,730	^(f)
		Lamar Media Corp.
	2,375,000	5.00%, due 5/1/2023		2,418,047
	780,000	5.75%, due 2/1/2026		825,825
	7,405,000	Nielsen Co. Luxembourg S.a.r.l., 5.00%, due 2/1/2025		7,377,231	^(f)
		Nielsen Finance LLC/Nielsen Finance Co.
	6,755,000	4.50%, due 10/1/2020		6,767,666
	11,485,000	5.00%, due 4/15/2022		11,542,655	^(f)
		Outfront Media Capital LLC/Outfront Media Capital Corp.
	2,150,000	5.63%, due 2/15/2024		2,206,437
	5,860,000	5.88%, due 3/15/2025		6,050,450
	8,243,000	5.00%, due 8/15/2027		8,634,790	^(f)
				62,584,631

See Notes to Financial Statements

101

Schedule of Investments High Income Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Aerospace & Defense 2.1%
$	3,715,000	BBA U.S. Holdings, Inc., 5.38%, due 5/1/2026	$	3,882,175	^(f)
	4,800,000	TransDigm UK Holdings PLC, 6.88%, due 5/15/2026		5,124,000
		TransDigm, Inc.
	14,390,000	6.25%, due 3/15/2026		15,415,287	^(f)
	5,595,000	6.38%, due 6/15/2026		5,853,769
	10,055,000	7.50%, due 3/15/2027		10,859,400
	7,850,000	5.50%, due 11/15/2027		7,824,017	^(f)(g)
				48,958,648
Brokerage 0.7%
	16,470,000	LPL Holdings, Inc., 5.75%, due 9/15/2025		17,087,625	^(f)
Building & Construction 1.0%
	1,585,000	Lennar Corp., 5.38%, due 10/1/2022		1,695,950
	3,210,000	Shea Homes L.P./Shea Homes Funding Corp., 6.13%, due 4/1/2025		3,322,350	^(f)
		Taylor Morrison Communities, Inc.
	3,210,000	5.88%, due 6/15/2027		3,584,607	^(f)
	3,225,000	5.75%, due 1/15/2028		3,567,656	^(f)
	3,473,000	Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, due 3/1/2024		3,746,499	^(f)
		Toll Brothers Finance Corp.
	2,535,000	4.88%, due 3/15/2027		2,753,644
	4,585,000	4.35%, due 2/15/2028		4,766,967
				23,437,673
Building Materials 1.4%
	9,415,000	Beacon Roofing Supply, Inc., 4.88%, due 11/1/2025		9,250,708	^(f)
	6,105,000	CD&R Waterworks Merger Sub LLC, 6.13%, due 8/15/2025		6,204,206	^(f)
		Jeld-Wen, Inc.
	1,675,000	4.63%, due 12/15/2025		1,658,250	^(f)
	7,330,000	4.88%, due 12/15/2027		7,183,400	^(f)
		Masonite Int'l Corp.
	3,535,000	5.75%, due 9/15/2026		3,751,519	^(f)
	4,110,000	5.38%, due 2/1/2028		4,346,325	^(f)
				32,394,408
Cable & Satellite Television 6.7%
		CCO Holdings LLC/CCO Holdings Capital Corp.
	3,810,000	5.25%, due 9/30/2022		3,862,387
	5,660,000	5.13%, due 5/1/2023		5,794,425	^(f)
	3,205,000	5.88%, due 4/1/2024		3,341,213	^(f)
	11,045,000	5.75%, due 2/15/2026		11,663,520	^(f)
	22,955,000	5.00%, due 2/1/2028		24,016,669	^(f)
	2,565,000	4.75%, due 3/1/2030		2,613,094	^(f)
		CSC Holdings LLC
	4,450,000	5.38%, due 7/15/2023		4,561,161	^(f)
	7,395,000	7.75%, due 7/15/2025		7,931,137	^(f)
	4,995,000	6.63%, due 10/15/2025		5,319,675	^(f)
	6,623,000	10.88%, due 10/15/2025		7,473,791	^(f)
	3,250,000	5.50%, due 5/15/2026		3,424,688	^(f)
	11,465,000	5.50%, due 4/15/2027		12,153,015	^(f)
	7,830,000	7.50%, due 4/1/2028		8,808,750	^(f)

See Notes to Financial Statements

102

Schedule of Investments High Income Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	1,645,000	6.50%, due 2/1/2029	$	1,842,400	^(f)
	9,145,000	5.75%, due 1/15/2030		9,625,112	^(f)
		DISH DBS Corp.
	2,245,000	6.75%, due 6/1/2021		2,362,863
	11,225,000	5.88%, due 11/15/2024		11,253,062
	4,230,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, due 2/15/2025		4,272,300	^(f)
	9,400,000	Telenet Finance Luxembourg Notes S.a.r.l., 5.50%, due 3/1/2028		9,999,529	^(f)
	3,465,000	UPCB Finance IV Ltd., 5.38%, due 1/15/2025		3,573,281	^(f)
	3,860,000	Virgin Media Finance PLC, 6.00%, due 10/15/2024		3,980,625	^(f)
	8,550,000	Virgin Media Secured Finance PLC, 5.50%, due 8/15/2026		8,988,187	^(f)
				156,860,884
Chemicals 2.1%
	340,000	Alpha 3 BV/Alpha U.S. Bidco, Inc., 6.25%, due 2/1/2025		341,700	^(f)
	1,727,000	H.B. Fuller Co., 4.00%, due 2/15/2027		1,692,460
	6,850,000	INEOS Group Holdings SA, 5.63%, due 8/1/2024		7,004,125	^(f)
	7,380,000	NOVA Chemicals Corp., 4.88%, due 6/1/2024		7,490,700	^(f)
	7,940,000	Olin Corp., 5.63%, due 8/1/2029		8,243,864
	6,710,000	Platform Specialty Products Corp., 5.88%, due 12/1/2025		7,004,619	^(f)
	4,865,000	PQ Corp., 6.75%, due 11/15/2022		5,023,112	^(f)
	3,825,000	Starfruit Finco BV/Starfruit U.S. Holdco LLC, 8.00%, due 10/1/2026		3,805,875	^(f)
	1,340,000	Tronox Finance PLC, 5.75%, due 10/1/2025		1,262,950	^(f)
	2,535,000	Tronox, Inc., 6.50%, due 4/15/2026		2,433,600	^(f)
	4,495,000	WR Grace & Co-Conn, 5.13%, due 10/1/2021		4,663,563	^(f)
				48,966,568
Consumer - Commercial Lease Financing 0.8%
	6,166,000	AerCap Global Aviation Trust, 6.50%, due 6/15/2045		6,759,477	^(f)(h)
	5,830,000	Global Aircraft Leasing Co. Ltd., 6.50% Cash/7.25% PIK, due 9/15/2024		5,966,714	^(f)(i)
		Springleaf Finance Corp.
	3,135,000	8.25%, due 12/15/2020		3,334,856
	3,510,000	6.13%, due 5/15/2022		3,777,638
				19,838,685
Diversified Capital Goods 0.2%
	4,505,000	Resideo Funding, Inc., 6.13%, due 11/1/2026		4,538,788	^(f)
Electric - Generation 3.7%
		Calpine Corp.
	13,390,000	5.38%, due 1/15/2023		13,606,918
	19,380,000	5.75%, due 1/15/2025		19,864,500
	3,665,000	Drax Finco PLC, 6.63%, due 11/1/2025		3,880,319	^(f)
	2,145,000	NextEra Energy Operating Partners L.P., 4.25%, due 7/15/2024		2,203,344	^(f)
		NRG Energy, Inc.
	9,165,000	7.25%, due 5/15/2026		10,035,950
	13,340,000	6.63%, due 1/15/2027		14,457,225
		Vistra Operations Co. LLC
	4,275,000	5.50%, due 9/1/2026		4,517,478	^(f)
	8,085,000	5.63%, due 2/15/2027		8,570,100	^(f)
	10,300,000	5.00%, due 7/31/2027		10,660,500	^(f)
				87,796,334

See Notes to Financial Statements

103

Schedule of Investments High Income Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Electric - Integrated 1.0%
		Talen Energy Supply LLC
$	14,415,000	10.50%, due 1/15/2026	$	12,396,900	^(f)
	7,155,000	7.25%, due 5/15/2027		7,137,113	^(f)
	3,315,000	6.63%, due 1/15/2028		3,198,975	^(f)
				22,732,988
Electronics 0.8%
	6,810,000	Amkor Technology, Inc., 6.63%, due 9/15/2027		7,456,950	^(f)
	5,595,000	Sensata Technologies UK Financing Co. PLC, 6.25%, due 2/15/2026		5,986,650	^(f)
	6,135,000	Sensata Technologies, Inc., 4.38%, due 2/15/2030		6,177,178	^(f)
				19,620,778
Energy - Exploration & Production 3.1%
		Ascent Resources Utica Holdings LLC/ARU Finance Corp.
	2,095,000	10.00%, due 4/1/2022		1,982,498	^(f)
	13,110,000	7.00%, due 11/1/2026		10,029,150	^(f)
	4,055,000	Bruin E&P Partners LLC, 8.88%, due 8/1/2023		2,676,300	^(f)
	5,510,000	Centennial Resource Production LLC, 6.88%, due 4/1/2027		5,399,800	^(f)
	5,041,000	Chesapeake Energy Corp., 8.00%, due 3/15/2026		3,201,035	^(f)
	13,875,000	CrownRock L.P./CrownRock Finance, Inc., 5.63%, due 10/15/2025		13,563,090	^(f)
	5,825,000	Extraction Oil & Gas, Inc., 5.63%, due 2/1/2026		2,475,625	^(f)
	6,415,000	Matador Resources Co., 5.88%, due 9/15/2026		6,158,400
	2,745,000	Oasis Petroleum, Inc., 6.25%, due 5/1/2026		1,867,973	^(f)
	8,410,000	PDC Energy, Inc., 5.75%, due 5/15/2026		7,863,350
		Range Resources Corp.
	4,450,000	5.00%, due 3/15/2023		3,849,250
	4,115,000	4.88%, due 5/15/2025		3,302,287
	4,985,000	SM Energy Co., 6.63%, due 1/15/2027		4,187,400
		WPX Energy, Inc.
	3,890,000	5.25%, due 9/15/2024		3,928,900
	2,135,000	5.75%, due 6/1/2026		2,145,675
				72,630,733
Food - Wholesale 1.1%
	8,710,000	Performance Food Group, Inc., 5.50%, due 10/15/2027		9,210,825	^(f)
		Post Holdings, Inc.
	5,115,000	5.50%, due 3/1/2025		5,358,474	^(f)
	4,380,000	5.75%, due 3/1/2027		4,663,079	^(f)
	5,350,000	5.63%, due 1/15/2028		5,724,500	^(f)
				24,956,878
Gaming 3.3%
		Boyd Gaming Corp.
	4,350,000	6.88%, due 5/15/2023		4,513,125
	11,895,000	6.38%, due 4/1/2026		12,638,438
	2,975,000	Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, due 10/15/2025		3,045,656	^(f)
	15,210,000	Churchill Downs, Inc., 5.50%, due 4/1/2027		16,122,600	^(f)
	5,935,000	Eldorado Resorts, Inc., 6.00%, due 9/15/2026		6,506,244
	2,915,000	MGM Resorts Int'l, 6.63%, due 12/15/2021		3,159,131
	8,505,000	Station Casinos LLC, 5.00%, due 10/1/2025		8,621,944	^(f)

See Notes to Financial Statements

104

Schedule of Investments High Income Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	1,750,000	Twin River Worldwide Holdings, Inc., 6.75%, due 6/1/2027	$	1,842,400	^(f)
	2,369,913	VICI Properties 1 LLC/VICI FC, Inc., 8.00%, due 10/15/2023		2,580,243
	17,073,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, due 3/1/2025		18,140,062	^(f)
				77,169,843
Gas Distribution 6.1%
	7,955,000	Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, due 9/15/2024		6,443,550
		Buckeye Partners L.P.
	12,130,000	3.95%, due 12/1/2026		11,204,646
	4,760,000	4.13%, due 12/1/2027		4,393,500
		Cheniere Energy Partners L.P.
	11,810,000	5.25%, due 10/1/2025		12,223,350
	5,500,000	5.63%, due 10/1/2026		5,809,375
	3,175,000	4.50%, due 10/1/2029		3,242,469	^(f)
		Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.
	2,950,000	6.25%, due 4/1/2023		3,000,740
	5,865,000	5.75%, due 4/1/2025		6,055,612
	10,425,000	DCP Midstream LLC, 5.85%, due 5/21/2043		9,330,375	^(f)(h)
		DCP Midstream Operating L.P.
	2,360,000	5.38%, due 7/15/2025		2,483,900
	4,850,000	5.60%, due 4/1/2044		4,584,705
		Genesis Energy L.P./Genesis Energy Finance Corp.
	6,565,000	6.50%, due 10/1/2025		6,236,750
	5,200,000	6.25%, due 5/15/2026		4,810,000
	3,630,000	Global Partners L.P./GLP Finance Corp., 7.00%, due 8/1/2027		3,775,817	^(f)
		NuStar Logistics L.P.
	4,445,000	4.80%, due 9/1/2020		4,479,538
	1,100,000	6.75%, due 2/1/2021		1,139,798
	1,680,000	4.75%, due 2/1/2022		1,705,200
	3,820,000	6.00%, due 6/1/2026		4,082,434
	4,035,000	5.63%, due 4/28/2027		4,196,400
		Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
	2,405,000	5.50%, due 8/15/2022		2,152,475
	12,975,000	5.75%, due 4/15/2025		10,055,625
	10,095,000	Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 5.50%, due 1/15/2028		9,464,062	^(f)
		Targa Resources Partners L.P./Targa Resources Partners Finance Corp.
	4,105,000	4.25%, due 11/15/2023		4,124,293
	5,827,000	6.75%, due 3/15/2024		6,043,284
	4,395,000	5.13%, due 2/1/2025		4,504,963
	3,397,000	5.38%, due 2/1/2027		3,477,679
	3,465,000	6.50%, due 7/15/2027		3,707,619	^(f)
				142,728,159
Health Facilities 2.4%
	4,900,000	Columbia/HCA Corp., 7.69%, due 6/15/2025		5,916,750
		HCA, Inc.
	9,370,000	5.38%, due 9/1/2026		10,213,300
	5,430,000	5.63%, due 9/1/2028		6,101,962
	6,695,000	MEDNAX, Inc., 6.25%, due 1/15/2027		6,624,033	^(f)
	9,935,000	Select Medical Corp., 6.25%, due 8/15/2026		10,580,775	^(f)
		Tenet Healthcare Corp.
	9,470,000	8.13%, due 4/1/2022		10,251,275
	7,125,000	6.75%, due 6/15/2023		7,552,500
				57,240,595

See Notes to Financial Statements

105

Schedule of Investments High Income Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Health Services 1.4%
$	6,735,000	Eagle Holding Co. II LLC, 7.75% Cash/8.50% PIK, due 5/15/2022	$	6,836,025	^(f)(i)
	5,785,000	IQVIA, Inc., 5.00%, due 10/15/2026		6,103,175	^(f)
	8,775,000	Service Corp. Int'l, 5.38%, due 5/15/2024		9,049,219
	2,935,000	Team Health Holdings, Inc., 6.38%, due 2/1/2025		1,893,075	^(f)
	4,982,000	Vizient, Inc., 6.25%, due 5/15/2027		5,372,738	^(f)
	4,525,000	West Street Merger Sub, Inc., 6.38%, due 9/1/2025		4,298,750	^(f)
				33,552,982
Hotels 0.2%
	4,340,000	Hilton Domestic Operating Co., Inc., 5.13%, due 5/1/2026		4,557,000
Insurance Brokerage 1.6%
	8,200,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, due 10/15/2027		8,528,902	^(f)
	7,800,000	AssuredPartners, Inc., 7.00%, due 8/15/2025		7,770,750	^(f)
	5,205,000	GTCR AP Finance, Inc., 8.00%, due 5/15/2027		5,322,112	^(f)
	16,350,000	HUB Int'l Ltd., 7.00%, due 5/1/2026		16,840,500	^(f)
				38,462,264
Machinery 1.7%
		CFX Escrow Corp.
	4,060,000	6.00%, due 2/15/2024		4,313,750	^(f)
	3,190,000	6.38%, due 2/15/2026		3,457,162	^(f)
	2,735,000	Granite Holdings U.S. Acquisition Co., 11.00%, due 10/1/2027		2,536,713	^(f)
	10,675,000	Harsco Corp., 5.75%, due 7/31/2027		11,088,870	^(f)
	7,235,000	RBS Global, Inc./Rexnord LLC, 4.88%, due 12/15/2025		7,461,094	^(f)
	11,535,000	Terex Corp., 5.63%, due 2/1/2025		11,621,512	^(f)
				40,479,101
Managed Care 0.8%
		Centene Corp.
	3,130,000	4.75%, due 5/15/2022		3,196,513
	2,095,000	6.13%, due 2/15/2024		2,178,151
	14,465,000	MPH Acquisition Holdings LLC, 7.13%, due 6/1/2024		13,488,612	^(f)
				18,863,276
Media Content 7.2%
		AMC Networks, Inc.
	945,000	5.00%, due 4/1/2024		962,539
	2,390,000	4.75%, due 8/1/2025		2,413,900
	4,345,000	Cumulus Media New Holdings, Inc., 6.75%, due 7/1/2026		4,605,700	^(f)
		Diamond Sports Group LLC/Diamond Sports Finance Co.
	5,475,000	5.38%, due 8/15/2026		5,714,531	^(f)
	7,905,000	6.63%, due 8/15/2027		8,142,150	^(f)
	7,110,000	Gray Television, Inc., 7.00%, due 5/15/2027		7,780,260	^(f)
		iHeartCommunications, Inc.
	6,680,000	6.38%, due 5/1/2026		7,189,350
	5,370,000	8.38%, due 5/1/2027		5,759,325
	3,185,000	5.25%, due 8/15/2027		3,285,965	^(f)
	4,600,000	Lions Gate Capital Holdings LLC, 5.88%, due 11/1/2024		4,335,500	^(f)

See Notes to Financial Statements

106

Schedule of Investments High Income Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
		Netflix, Inc.
$	2,230,000	5.38%, due 2/1/2021	$	2,308,050
	3,135,000	5.50%, due 2/15/2022		3,323,100
	11,090,000	4.88%, due 4/15/2028		11,459,186
	5,585,000	5.88%, due 11/15/2028		6,150,481
	12,030,000	6.38%, due 5/15/2029		13,503,675	^(f)
	7,365,000	5.38%, due 11/15/2029		7,760,869	^(f)
	9,265,000	4.88%, due 6/15/2030		9,366,915	^(f)
	10,335,000	Nexstar Escrow, Inc., 5.63%, due 7/15/2027		10,900,324	^(f)
		Sinclair Television Group, Inc.
	2,125,000	5.88%, due 3/15/2026		2,217,969	^(f)
	4,015,000	5.13%, due 2/15/2027		4,045,113	^(f)
		Sirius XM Radio, Inc.
	1,725,000	3.88%, due 8/1/2022		1,761,656	^(f)
	3,740,000	4.63%, due 5/15/2023		3,798,344	^(f)
	6,915,000	4.63%, due 7/15/2024		7,226,175	^(f)
	7,735,000	5.38%, due 7/15/2026		8,160,425	^(f)
	4,645,000	5.00%, due 8/1/2027		4,883,056	^(f)
	12,195,000	5.50%, due 7/1/2029		13,178,222	^(f)
	8,300,000	TEGNA, Inc., 5.00%, due 9/15/2029		8,414,125	^(f)
				168,646,905
Medical Products 1.0%
	8,810,000	Avantor, Inc., 9.00%, due 10/1/2025		9,842,532	^(f)
	15,040,000	Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 6.63%, due 5/15/2022		14,532,400	^(f)
				24,374,932
Metals - Mining Excluding Steel 2.1%
	6,250,000	Cleveland Cliffs, Inc., 5.88%, due 6/1/2027		5,960,938	^(f)
	6,044,000	Constellium NV, 6.63%, due 3/1/2025		6,325,348	^(f)
	3,745,000	First Quantum Minerals Ltd., 6.88%, due 3/1/2026		3,665,419	^(f)
		Freeport-McMoRan, Inc.
	3,105,000	5.00%, due 9/1/2027		3,170,981
	2,435,000	5.25%, due 9/1/2029		2,478,343
	2,545,000	5.40%, due 11/14/2034		2,484,556
	10,480,000	5.45%, due 3/15/2043		9,746,400
	4,629,000	Hudbay Minerals, Inc., 7.63%, due 1/15/2025		4,712,901	^(f)
		Novelis Corp.
	2,310,000	6.25%, due 8/15/2024		2,419,725	^(f)
	6,985,000	5.88%, due 9/30/2026		7,334,948	^(f)
				48,299,559
Oil Field Equipment & Services 1.0%
		Precision Drilling Corp.
	3,995,000	7.75%, due 12/15/2023		3,775,275
	11,915,000	5.25%, due 11/15/2024		10,038,387
	2,230,000	7.13%, due 1/15/2026		1,928,950	^(f)
	8,655,000	USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, due 9/1/2027		8,655,000	^(f)
				24,397,612

See Notes to Financial Statements

107

Schedule of Investments High Income Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Packaging 2.7%
$	7,005,000	Berry Global Escrow Corp., 5.63%, due 7/15/2027	$	7,434,056	^(f)
	5,620,000	Berry Global, Inc., 4.50%, due 2/15/2026		5,655,125	^(f)
	5,440,000	Berry Plastics Corp., 5.13%, due 7/15/2023		5,576,000
		BWAY Holding Co.
	6,990,000	5.50%, due 4/15/2024		7,190,963	^(f)
	9,645,000	7.25%, due 4/15/2025		9,223,031	^(f)
	7,240,000	Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, due 2/1/2026		7,602,000
		Reynolds Group Issuer, Inc.
	9,022,393	5.75%, due 10/15/2020		9,053,520
	6,750,000	5.13%, due 7/15/2023		6,925,163	^(f)
	5,185,000	Trident TPI Holdings, Inc., 9.25%, due 8/1/2024		5,029,450	^(f)
				63,689,308
Personal & Household Products 2.0%
		Energizer Holdings, Inc.
	7,215,000	4.70%, due 5/24/2022		7,449,487
	5,595,000	6.38%, due 7/15/2026		5,965,948	^(f)
	12,215,000	7.75%, due 1/15/2027		13,528,112	^(f)
	2,085,000	Energizer SpinCo, Inc., 5.50%, due 6/15/2025		2,163,188	^(f)
	4,290,000	Prestige Brands, Inc., 6.38%, due 3/1/2024		4,477,688	^(f)
		Spectrum Brands, Inc.
	1,190,000	6.13%, due 12/15/2024		1,230,163
	9,050,000	5.75%, due 7/15/2025		9,434,625
	1,950,000	5.00%, due 10/1/2029		1,993,875	^(f)
				46,243,086
Pharmaceuticals 1.9%
	2,380,000	Bausch Health Americas, Inc., 8.50%, due 1/31/2027		2,677,500	^(f)
	1,335,000	Bausch Health Cos., Inc., 5.75%, due 8/15/2027		1,449,727	^(f)
	3,645,000	Endo Ltd./Endo Finance LLC/Endo Finco, Inc., 6.00%, due 7/15/2023		2,410,256	^(f)
		Valeant Pharmaceuticals Int'l, Inc.
	676,000	5.50%, due 3/1/2023		681,915	^(f)
	817,000	5.88%, due 5/15/2023		828,847	^(f)
	4,540,000	7.00%, due 3/15/2024		4,749,635	^(f)
	23,140,000	6.13%, due 4/15/2025		24,022,212	^(f)
	6,840,000	5.50%, due 11/1/2025		7,147,868	^(f)
				43,967,960
Real Estate Development & Management 0.8%
		Realogy Group LLC/Realogy Co-Issuer Corp.
	6,040,000	4.88%, due 6/1/2023		5,874,504	^(f)
	12,395,000	9.38%, due 4/1/2027		12,178,088	^(f)
				18,052,592
Real Estate Investment Trusts 2.2%
		ESH Hospitality, Inc.
	9,888,000	5.25%, due 5/1/2025		10,197,000	^(f)
	7,110,000	4.63%, due 10/1/2027		7,128,486	^(f)

See Notes to Financial Statements

108

Schedule of Investments High Income Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
		MPT Operating Partnership L.P./MPT Finance Corp.
$	6,945,000	6.38%, due 3/1/2024	$	7,248,844
	5,165,000	5.50%, due 5/1/2024		5,300,581
	3,555,000	5.25%, due 8/1/2026		3,732,750
	8,590,000	Ryman Hospitality Properties, Inc., 4.75%, due 10/15/2027		8,880,772	^(f)
		Starwood Property Trust, Inc.
	6,270,000	3.63%, due 2/1/2021		6,317,025
	2,625,000	4.75%, due 3/15/2025		2,725,898
				51,531,356
Recreation & Travel 1.2%
	8,225,000	Cedar Fair L.P., 5.25%, due 7/15/2029		8,821,312	^(f)
	3,960,000	Cedar Fair L.P./Canada's Wonderland Co./Magnum Management Corp., 5.38%, due 4/15/2027		4,217,400
	6,378,000	NCL Corp. Ltd., 4.75%, due 12/15/2021		6,465,697	^(f)
		Six Flags Entertainment Corp.
	3,755,000	4.88%, due 7/31/2024		3,877,038	^(f)
	5,420,000	5.50%, due 4/15/2027		5,677,450	^(f)
				29,058,897
Restaurants 1.2%
		1011778 BC ULC/New Red Finance, Inc.
	5,465,000	4.25%, due 5/15/2024		5,608,456	^(f)
	8,515,000	5.00%, due 10/15/2025		8,770,450	^(f)
	8,330,000	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.25%, due 6/1/2026		8,808,975	^(f)
	3,820,000	Yum! Brands, Inc., 4.75%, due 1/15/2030		4,006,225	^(f)
				27,194,106
Software - Services 2.7%
	8,600,000	CDK Global, Inc., 4.88%, due 6/1/2027		9,062,250
	5,915,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, due 12/1/2027		6,269,900	^(f)
	7,355,000	j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., 6.00%, due 7/15/2025		7,814,687	^(f)
	4,810,000	Match Group, Inc., 5.63%, due 2/15/2029		5,152,713	^(f)
	5,270,000	Open Text Corp., 5.88%, due 6/1/2026		5,619,138	^(f)
	13,835,000	Rackspace Hosting, Inc., 8.63%, due 11/15/2024		12,659,025	^(f)
	16,460,000	SS&C Technologies, Inc., 5.50%, due 9/30/2027		17,560,762	^(f)
				64,138,475
Specialty Retail 1.6%
	10,005,000	L Brands, Inc., 5.25%, due 2/1/2028		9,279,638
	4,090,000	Liberty Media Corp., 8.50%, due 7/15/2029		4,222,925
		Penske Automotive Group, Inc.
	8,715,000	3.75%, due 8/15/2020		8,758,575
	9,260,000	5.50%, due 5/15/2026		9,676,700
	815,000	QVC, Inc., 5.45%, due 8/15/2034		820,689
	5,245,000	William Carter Co., 5.63%, due 3/15/2027		5,592,481	^(f)
				38,351,008

See Notes to Financial Statements

109

Schedule of Investments High Income Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Steel Producers - Products 0.5%
$	10,571,000	Big River Steel LLC/BRS Finance Corp., 7.25%, due 9/1/2025	$	10,861,703	^(f)
Support - Services 8.9%
	3,685,000	ADT Corp., 4.88%, due 7/15/2032		3,188,631	^(f)
		Aramark Services, Inc.
	8,555,000	5.13%, due 1/15/2024		8,822,344
	5,365,000	5.00%, due 2/1/2028		5,613,131	^(f)
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
	370,000	5.50%, due 4/1/2023		377,289
	5,245,000	5.25%, due 3/15/2025		5,349,900	^(f)
	10,385,000	5.75%, due 7/15/2027		10,592,700	^(f)
	5,905,000	frontdoor, Inc., 6.75%, due 8/15/2026		6,465,975	^(f)
	12,895,000	Garda World Security Corp., 8.75%, due 5/15/2025		12,895,000	^(f)
	4,535,000	GW B-CR Security Corp., 9.50%, due 11/1/2027		4,659,713	^(f)
		Hertz Corp.
	12,825,000	5.50%, due 10/15/2024		12,723,682	^(f)
	8,175,000	7.13%, due 8/1/2026		8,440,687	^(f)
	6,380,000	IAA Spinco, Inc., 5.50%, due 6/15/2027		6,835,532	^(f)
	3,790,000	Iron Mountain U.S. Holdings, Inc., 5.38%, due 6/1/2026		3,932,125	^(f)
		Iron Mountain, Inc.
	1,725,000	6.00%, due 8/15/2023		1,761,656
	8,921,000	4.88%, due 9/15/2027		9,188,630	^(f)
	19,319,000	5.25%, due 3/15/2028		20,284,950	^(f)
	8,930,000	4.88%, due 9/15/2029		9,142,087	^(f)
	14,660,000	KAR Auction Services, Inc., 5.13%, due 6/1/2025		15,301,375	^(f)
		Prime Security Services Borrower LLC/Prime Finance, Inc.
	3,372,000	9.25%, due 5/15/2023		3,547,344	^(f)
	20,680,000	5.75%, due 4/15/2026		21,209,925	^(f)
	5,645,000	Ritchie Bros Auctioneers, Inc., 5.38%, due 1/15/2025		5,884,913	^(f)
	7,795,000	ServiceMaster Co. LLC, 5.13%, due 11/15/2024		8,077,569	^(f)
		Staples, Inc.
	16,900,000	7.50%, due 4/15/2026		17,618,250	^(f)
	2,255,000	10.75%, due 4/15/2027		2,345,200	^(f)
	3,190,000	United Rentals N.A., Inc., 5.50%, due 5/15/2027		3,363,456
				207,622,064
Technology Hardware & Equipment 2.0%
	2,940,000	CDW LLC/CDW Finance Corp., 5.00%, due 9/1/2025		3,072,300
		CommScope Finance LLC
	3,260,000	6.00%, due 3/1/2026		3,349,650	^(f)
	4,895,000	8.25%, due 3/1/2027		4,636,691	^(f)
		CommScope Technologies LLC
	13,366,000	6.00%, due 6/15/2025		11,982,619	^(f)
	12,945,000	5.00%, due 3/15/2027		10,582,537	^(f)
	13,845,000	Western Digital Corp., 4.75%, due 2/15/2026		14,104,594
				47,728,391
Telecom - Satellite 1.2%
	9,320,000	Connect Finco S.a.r.l./Connect U.S. Finco LLC, 6.75%, due 10/1/2026		9,657,850	^(f)
	19,580,000	Intelsat Jackson Holdings SA, 5.50%, due 8/1/2023		18,307,300
				27,965,150

See Notes to Financial Statements

110

Schedule of Investments High Income Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Telecom - Wireless 2.5%
$	1,610,000	Sprint Capital Corp., 8.75%, due 3/15/2032	$	1,963,202
		Sprint Corp.
	7,730,000	7.88%, due 9/15/2023		8,531,987
	30,621,000	7.13%, due 6/15/2024		33,223,785
	6,570,000	7.63%, due 3/1/2026		7,268,063
		T-Mobile USA, Inc.
	1,760,000	6.00%, due 4/15/2024		1,826,000
	2,320,000	6.50%, due 1/15/2026		2,482,632
	3,160,000	4.50%, due 2/1/2026		3,258,750
				58,554,419
Telecom - Wireline Integrated & Services 3.1%
		Altice France SA
	7,515,000	8.13%, due 2/1/2027		8,332,256	^(f)
	5,585,000	5.50%, due 1/15/2028		5,689,719	^(f)
		Altice Luxembourg SA
	3,070,000	7.63%, due 2/15/2025		3,165,938	^(f)
	1,175,000	10.50%, due 5/15/2027		1,329,219	^(f)
	15,835,000	Frontier Communications Corp., 8.00%, due 4/1/2027		16,626,750	^(f)
		Level 3 Financing, Inc.
	4,910,000	5.13%, due 5/1/2023		4,971,375
	9,360,000	4.63%, due 9/15/2027		9,512,100	^(f)
	15,565,000	Numericable-SFR SA, 7.38%, due 5/1/2026		16,667,702	^(f)
		Zayo Group LLC/Zayo Capital, Inc.
	2,465,000	6.00%, due 4/1/2023		2,535,277
	105,000	6.38%, due 5/15/2025		107,940
	2,985,000	5.75%, due 1/15/2027		3,033,894	^(f)
				71,972,170
Theaters & Entertainment 1.2%
		AMC Entertainment Holdings, Inc.
	12,477,000	5.75%, due 6/15/2025		11,854,398
	2,910,000	5.88%, due 11/15/2026		2,651,737
		Live Nation Entertainment, Inc.
	4,395,000	4.88%, due 11/1/2024		4,548,825	^(f)
	9,790,000	4.75%, due 10/15/2027		10,207,054	^(f)
				29,262,014
		Total Corporate Bonds (Cost $2,105,059,690)		2,157,370,548
Convertible Bonds 0.1%
Energy - Exploration & Production 0.1%
	2,415,000	Chesapeake Energy Corp., 5.50%, due 9/15/2026 (Cost $2,335,181)		1,332,778
Asset-Backed Securities 0.9%
	1,100,000	Annisa CLO Ltd., Ser. 2016-2A, Class ER, (3M USD LIBOR + 6.00%), 7.97%, due 7/20/2031		962,838	^(a)(f)
	350,000	Apidos CLO XXIV, Ser. 2016-24A, Class DR, (3M USD LIBOR + 5.80%), 7.77%, due 10/20/2030		303,526	^(a)(f)
	1,250,000	Ares XLV CLO Ltd., Ser. 2017-45A, Class E, (3M USD LIBOR + 6.10%), 8.10%, due 10/15/2030		1,126,392	^(a)(f)

See Notes to Financial Statements

111

Schedule of Investments High Income Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	1,000,000	Assurant CLO I Ltd., Ser. 2017-1A, Class E, (3M USD LIBOR + 6.46%), 8.43%, due 10/20/2029	$	958,849	^(a)(f)
	500,000	BlueMountain CLO Ltd., Ser. 2018-2A, Class E, (3M USD LIBOR + 6.05%), 8.21%, due 8/15/2031		426,613	^(a)(f)
	250,000	Canyon Capital CLO Ltd., Ser. 2018-1A, Class E, (3M USD LIBOR + 5.75%), 7.75%, due 7/15/2031		212,092	^(a)(f)
	1,000,000	Carbone CLO Ltd., Ser. 2017-1A, Class D, (3M USD LIBOR + 5.90%), 7.87%, due 1/20/2031		905,215	^(a)(f)
	250,000	Dryden 65 CLO Ltd., Ser. 2018-65A, Class E, (3M USD LIBOR + 5.75%), 7.75%, due 7/18/2030		218,155	^(a)(f)
	600,000	Eaton Vance CLO Ltd., Ser. 2015-1A, Class ER, (3M USD LIBOR + 5.60%), 7.57%, due 1/20/2030		511,318	^(a)(f)
	250,000	Galaxy XVIII CLO Ltd., Ser. 2018-28A, Class E, (3M USD LIBOR + 6.00%), 8.00%, due 7/15/2031		205,438	^(a)(f)
	1,500,000	Galaxy XXV CLO Ltd., Ser. 2018-25A, Class E, (3M USD LIBOR + 5.95%), 7.89%, due 10/25/2031		1,290,185	^(a)(f)
	1,000,000	HPS Investment Partners, Ser. 2013-2A, Class DR, (3M USD LIBOR + 6.60%), 8.57%, due 10/20/2029		932,308	^(a)(f)
	1,250,000	Jay Park CLO Ltd., Ser. 2016-1A, Class DR, (3M USD LIBOR + 5.20%), 7.17%, due 10/20/2027		1,165,940	^(a)(f)
	2,000,000	KKR CLO 16 Ltd., Ser. 2016, Class DR, (3M USD LIBOR + 6.75%), 8.72%, due 1/20/2029		1,860,978	^(a)(f)
		Magnetite CLO Ltd.
	900,000	Ser. 2014-8A, Class ER2, (3M USD LIBOR + 5.65%), 7.65%, due 4/15/2031		824,227	^(a)(f)
	2,000,000	Ser. 2015-12A, Class ER, (3M USD LIBOR + 5.68%), 7.68%, due 10/15/2031		1,779,673	^(a)(f)
	1,000,000	Milos CLO Ltd., Ser. 2017-1A, Class E, (3M USD LIBOR + 6.30%), 8.27%, due 10/20/2030		904,453	^(a)(f)
	1,200,000	OCP CLO Ltd., Ser. 2017-14A, Class D, (3M USD LIBOR + 5.80%), 7.94%, due 11/20/2030		1,052,755	^(a)(f)
	825,000	Octagon Investment Partners 27 Ltd., Ser. 2016-1A, Class ER, (3M USD LIBOR + 5.95%), 7.95%, due 7/15/2030		748,066	^(a)(f)
	710,000	Octagon Investment Partners 39 Ltd., Ser. 2018-3A, Class E, (3M USD LIBOR + 5.75%), 7.72%, due 10/20/2030		618,109	^(a)(f)
	700,000	Octagon Loan Funding Ltd., Ser. 2014-1A, Class ERR, (3M USD LIBOR + 6.00%), 8.12%, due 11/18/2031		605,404	^(a)(f)
	450,000	Palmer Square CLO Ltd., Ser. 2014-1A, Class DR2, (3M USD LIBOR + 5.70%), 7.70%, due 1/17/2031		389,634	^(a)(f)
	1,000,000	Post CLO Ltd., Ser. 2018-1A, Class E, (3M USD LIBOR + 5.87%), 7.87%, due 4/16/2031		871,612	^(a)(f)
	300,000	TICP CLO XI Ltd., Ser. 2018-11A, Class E, (3M USD LIBOR + 6.00%), 7.97%, due 10/20/2031		273,564	^(a)(f)
	1,100,000	TICP CLO XIII Ltd., Ser. 2019-13A, Class E, (3M USD LIBOR + 6.75%), 9.12%, due 7/15/2032		1,047,446	^(a)(f)
	650,000	Voya CLO Ltd., Ser. 2016-3A, Class DR, (3M USD LIBOR + 6.08%), 8.08%, due 10/18/2031		554,685	^(a)(f)
		Total Asset-Backed Securities (Cost $22,953,390)		20,749,475
NUMBER OF SHARES
Short-Term Investments 0.8%
Investment Companies 0.8%
	18,935,190	State Street Institutional U.S. Government Money Market Fund Premier Class, 1.75%^(j) (Cost $18,935,190)		18,935,190	^(k)
		Total Investments 98.5% (Cost $2,265,818,293)		2,311,872,195
		Other Assets Less Liabilities 1.5%		34,620,995
		Net Assets 100.0%	$	2,346,493,190

See Notes to Financial Statements

112

Schedule of Investments High Income Bond Fund^ (cont'd)

(a) Variable or floating rate security. The interest rate shown was the current rate as of October 31, 2019 and changes periodically.

(b) All or a portion of this security was purchased on a delayed delivery basis.

(c) All or a portion of this security had not settled as of October 31, 2019 and thus may not have an interest rate in effect. Interest rates do not take effect until settlement.

(d) The stated interest rate represents the weighted average interest rate at October 31, 2019 of the underlying contracts within the Loan Assignment. Interest rates on the underlying contracts are primarily determined by reference to the indicated base lending rate and spread, which are indicated in the security description, and the reset period, which is generally weekly, monthly or quarterly.

(e) Value determined using significant unobservable inputs.

(f) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At October 31, 2019, these securities amounted to $1,489,796,187, which represents 63.5% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(g) When-issued security. Total value of all such securities at October 31, 2019, amounted to $7,824,017, which represents 0.3% of net assets of the Fund.

(h) Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

(i) Payment-in-kind (PIK) security.

(j) Represents 7-day effective yield as of October 31, 2019.

(k) All or a portion of this security is segregated in connection with obligations for when-issued securities and/or delayed delivery securities with a total value of $18,935,190.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2019:

Asset Valuation Inputs

	Level 1		Level 2		Level 3^(b)		Total
Investments:
Loan Assignments
Health Care	$	—	$	13,425,712	$	4,518,569	$	17,944,281
Industrial Equipment		—		—		4,120,200		4,120,200
Other Loan Assignments^(a)		—		91,419,723		—		91,419,723
Total Loan Assignments		—		104,845,435		8,638,769		113,484,204
Corporate Bonds^(a)		—		2,157,370,548		—		2,157,370,548
Convertible Bonds^(a)		—		1,332,778		—		1,332,778
Asset-Backed Securities		—		20,749,475		—		20,749,475
Short-Term Investments		—		18,935,190		—		18,935,190
Total Investments	$	—	$	2,303,233,426	$	8,638,769	$	2,311,872,195

See Notes to Financial Statements

113

Schedule of Investments High Income Bond Fund^ (cont'd)

(a) The Schedule of Investments provides information on the industry or sector categorization for the portfolio.

(b) The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

(000's omitted)	Beginning balance, as of 11/1/2018		Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ (depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance, as of 10/31/2019		Net change in unrealized appreciation/ (depreciation) from investments still held as of 10/31/2019
Investments in Securities:
Loan Assignments^(c)
Health Care	$	—	$	8	$	6	$	105		$	4,651	$	(251	)	$	—	$	—	$	4,519	$	105
Industrial Equipment		—		—		—		(109	)		4,229		—			—		—		4,120		(109	)
Lodging & Casinos		7,404		7		293		(703	)		—		(7,001	)		—		—		—		—
Total	$	7,404	$	15	$	299	$	(707	)	$	8,880	$	(7,252	)	$	—	$	—	$	8,639	$	(4	)

(c) Securities categorized as Level 3 were valued based on a single quotation obtained from a dealer. The Fund does not have access to unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

114

Schedule of Investments Municipal High Income Fund^ October 31, 2019

PRINCIPAL AMOUNT			VALUE
Municipal Notes 102.5%
Alabama 0.4%
$	300,000	Birmingham Spec. Care Facs. Fin. Au. Rev. (Methodist Home for The Aging), Ser. 2016-2015-1, 5.75%, due 6/1/2045	$	335,409
	100,000	Taylor-Ryan Imp. Dist. Rev. Ref., Ser. 2005, (LOC: Synovus Bank), 1.27%, due 11/1/2035		100,000	^(a)
				435,409
Arizona 4.3%
	500,000	Maricopa Co. Ind. Dev. Au. Ed. Ref. Rev. (Paradise Sch. Proj. Paragon Management, Inc.), Ser. 2016, 5.00%, due 7/1/2036		546,665	^(b)
	800,000	Maricopa Co. Ind. Dev. Au. Solid Waste Disp. Rev. (Waste Management, Inc. Proj.), Ser. 2001, 3.38%, due 12/1/2031 Putable 6/3/2024		817,304
	1,230,000	Maricopa Co. Ind. Dev. Au. Sr. Living Fac. Ref. Rev. (Christian Care Retirement Apts. Inc. Proj.), Ser. 2016-A, 5.00%, due 1/1/2025		1,450,170
	500,000	Maricopa Co. Ind. Dev. Au. Sr. Living Fac. Rev. (Christian Care Surprise, Inc. Proj.), Ser. 2016, 5.00%, due 1/1/2026		511,500	^(b)
	250,000	Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/2025		279,282	^(b)
	500,000	Phoenix Ind. Dev. Au. Ed. Ref. Rev. (Great Hearts Academies), Ser. 2016-A, 5.00%, due 7/1/2046		548,105
	600,000	Phoenix Ind. Dev. Au. Rev. (Deer Valley Veterans Assisted Living Proj.), Ser. 2016-A, 5.13%, due 7/1/2036		607,788
	500,000	Pima Co. Ind. Dev. Au. Ed. Ref. Rev. (American Leadership Academy Proj.), Ser. 2015, 5.38%, due 6/15/2035		548,190	^(b)
				5,309,004
California 10.8%
	997,796	California Hsg. Fin. Agcy. Muni. Cert., Ser. 2019-A, 4.25%, due 1/15/2035		1,170,913
	250,000	California Muni. Fin. Au. Charter Sch. Lease Rev. (Santa Rosa Academy Proj.), Ser. 2015, 5.13%, due 7/1/2035		274,310	^(b)
	500,000	California Muni. Fin. Au. Charter Sch. Rev. (John Adams Academics Proj.), Ser. 2015-A, 4.50%, due 10/1/2025		519,840
	500,000	California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%, due 7/1/2031		562,500	^(b)
	400,000	California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/2030		457,960	^(b)
	500,000	California Muni. Fin. Au. Spec. Fac. Rev. (United Airlines, Inc., Proj.), Ser. 2019, 4.00%, due 7/15/2029		567,145	^(c)
	830,000	California St. Dept. of Veterans Affairs Home Purchase Ref. Rev., Ser. 2016-A, 2.85%, due 12/1/2027		861,416
	470,000	California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerge Redpak Svcs. So. California LLC Proj.), Ser. 2016, 7.00%, due 12/1/2027		235,000	^(b)(d)(e)
	250,000	California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Calplant I Green Bond Proj.), Ser. 2019, 7.50%, due 12/1/2039		242,430	^(b)
	250,000	California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Green Bond-Rialto Bioenergy Fac. LLC, Proj.), Ser. 2019, 7.50%, due 12/1/2040		260,145	^(b)
	500,000	California St. Sch. Fin. Au. Charter Sch. Rev. (Downtown College Prep-Oblig. Group), Ser. 2016, 4.75%, due 6/1/2036		536,715	^(b)
	600,000	California St. Sch. Fin. Au. Charter Sch. Rev. (Rocketship Ed.), Ser. 2016-A, 5.00%, due 6/1/2031		646,470	^(b)
	300,000	California Statewide CDA College Hsg. Rev. (NCCD-Hooper Street LLC-College of the Arts Proj.), Ser. 2019, 5.25%, due 7/1/2052		343,755	^(b)
	400,000	California Statewide CDA Rev. Ref. (Lancer Ed. Std. Hsg. Proj.), Ser. 2016-A, 5.00%, due 6/1/2036		450,200	^(b)

See Notes to Financial Statements

115

Schedule of Investments Municipal High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	135,000	California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. Number 2007-01 Orinda Wilder Proj.), Ser. 2015, 4.50%, due 9/1/2025	$	153,706
	400,000	Del Mar Race Track Au. Ref. Rev., Ser. 2015, 5.00%, due 10/1/2038		400,800
		Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev. Ref.
	500,000	Ser. 2018-A-1, 5.00%, due 6/1/2047		513,955
	4,500,000	Ser. 2018-A-2, 5.00%, due 6/1/2047		4,625,595
	500,000	Tobacco Securitization Au. Southern California Tobacco Settlement Rev. Ref. (San Diego Co. Asset Securitization Corp.), Ser. 2019-A, Class 1, 5.00%, due 6/1/2048		595,440	^(c)
				13,418,295
Colorado 4.4%
	750,000	Colorado St. Hlth. Facs. Au. Hosp. Rev. Ref. (Commonspirit Hlth.), Ser. 2019-A-2, 4.00%, due 8/1/2049		801,870
	471,000	Crystal Crossing Metro. Dist. Ref. G.O., Ser. 2016, 4.50%, due 12/1/2026		490,660
	1,000,000	Denver Convention Ctr. Hotel Au. Ref. Rev., Ser. 2016, 5.00%, due 12/1/2027		1,188,440
	1,250,000	Denver Hlth. & Hosp. Au. Healthcare Rev. Ref., Ser. 2019-A, 4.00%, due 12/1/2040		1,374,450
	500,000	Littleton Village Metro. Dist. Number 2 Ref. G.O., Ser. 2015, 5.38%, due 12/1/2045		520,125
		Park Creek Metro. Dist. Ref. Tax Allocation Rev. (Sr. Ltd. Prop. Tax Supported)
	250,000	Ser. 2015-A, 5.00%, due 12/1/2034		289,897
	250,000	Ser. 2015-A, 5.00%, due 12/1/2035		289,300
	500,000	Ser. 2015-A, 5.00%, due 12/1/2045		563,470
				5,518,212
Connecticut 0.1%
	145,000	Mohegan Tribe of Indians Gaming Au. Ref. Rev. (Priority Dist.), Ser. 2015-C, 4.75%, due 2/1/2020		145,740	^(b)
Florida 4.7%
	300,000	Broward Co. IDR (Florida Pwr. & Lt. Co. Proj.), Ser. 2018-A, 1.40%, due 12/1/2048		300,000	^(a)
	200,000	Cap. Trust Agcy. Sr. Living Rev. (H-Bay Ministries, Inc. Superior Residences-Third Tier), Ser. 2018-C, 7.50%, due 7/1/2053		209,358	^(b)
	650,000	Florida Dev. Fin. Corp. Ed. Facs. Rev. Ref. (Pepin Academies, Inc.), Ser. 2016-A, 5.00%, due 7/1/2036		655,817
	450,000	Florida St. Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc. Proj.), Ser. 2015-A, 6.00%, due 6/15/2035		497,453	^(b)
	350,000	Florida St. Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), Ser. 2016-A, 6.38%, due 6/1/2046		266,000	^(b)(d)
	430,000	Florida St. Hsg. Fin. Corp. Rev., Ser. 2015-1, 3.75%, due 7/1/2035		454,497
	400,000	Greater Orlando Aviation Au. Arpt. Facs. Spec. Purp. Rev. (JetBlue Airways Corp. Proj.), Ser. 2013, 5.00%, due 11/15/2036		426,820
	525,000	Lee Co. Ind. Dev. Au. Rev. (Cypress Cove Hlth. Park, Inc. Memory Care Proj.), Ser. 2014, 4.50%, due 10/1/2032		558,065
	2,500,000	St. Lucie Co. Solid Waste Disp. Rev. Ref. (Florida Pwr. & Lt. Co. Proj.), Ser. 2003, 1.40%, due 5/1/2024		2,500,000	^(a)
				5,868,010
Georgia 1.5%
	250,000	Cobb Co. Dev. Au. Sr. Living Ref. Rev. (Provident Village Creekside Proj.), Ser. 2016-A, 6.00%, due 7/1/2036		248,415	^(b)(e)
	500,000	DeKalb Co. Hsg. Au. Sr. Living Rev. Ref. (Baptist Retirement Comm. of Georgia Proj.), Ser. 2019-A, 5.13%, due 1/1/2049		483,445	^(b)

See Notes to Financial Statements

116

Schedule of Investments Municipal High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	1,000,000	Muni. Elec. Au. of Georgia (Plant Vogtle units 3&4 Proj. M Bonds), Ser. 2019-A, 5.00%, due 1/1/2056	$	1,152,770
				1,884,630
Hawaii 1.2%
	750,000	Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaiian Elec. Co., Inc. - Subsidiary), Ser. 2019, 3.50%, due 10/1/2049		753,638
		Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. Ref.
	250,000	Ser. 2015, 5.00%, due 1/1/2035		258,940	^(b)
	500,000	Ser. 2015, 5.00%, due 1/1/2045		511,135	^(b)
				1,523,713
Illinois 10.2%
		Chicago G.O.
	2,000,000	Ser. 2019-A, 5.00%, due 1/1/2044		2,249,940
	500,000	Ser. 2019-A, 5.50%, due 1/1/2049		581,660
	200,000	Chicago O'Hare Int'l Arpt. Rev. Ref., Ser. 2015-A, 5.00%, due 1/1/2028		230,728
	500,000	Chicago O'Hare Int'l Arpt. Spec. Fac. Rev. (Trips Obligated Group), Ser. 2018, 5.00%, due 7/1/2048		582,265
		Chicago Ref. G.O.
	1,000,000	Ser. 2012-C, 5.00%, due 1/1/2020		1,004,670
	500,000	Ser. 2012-C, 5.00%, due 1/1/2024		527,380
	155,000	Chicago Wastewater Rev. (Second Lien Proj.), Ser. 2014, 5.00%, due 11/1/2027		176,562
	500,000	Chicago Wastewater Transmission Rev. Ref. (Second Lien), Ser. 2008-C, 5.00%, due 1/1/2039		555,160
	400,000	Illinois Fin. Au. Charter Sch. Rev. (Intrinsic Sch.-Belmont Sch. Proj.), Ser. 2015-A, 5.75%, due 12/1/2035		424,560	^(b)
	425,000	Illinois Fin. Au. Rev. Ref. (Rosalind Franklin Univ. of Medicine & Science), Ser. 2017-A, 5.00%, due 8/1/2047		479,842
	2,000,000	Illinois St. G.O., Ser. 2017-D, 5.00%, due 11/1/2028		2,287,840
		Illinois St. G.O. Ref.
	860,000	Ser. 2016, 5.00%, due 2/1/2024		946,516
	1,055,000	Ser. 2016, 5.00%, due 2/1/2025		1,179,173
	485,000	Ser. 2016, 5.00%, due 2/1/2026		550,970
	395,000	Illinois St. Sales Tax Rev., Ser. 1992-P, 6.50%, due 6/15/2022		408,225
	500,000	Upper Illinois River Valley Dev. Au. Rev. Ref. (Cambridge Lakes Learning Ctr.), Ser. 2017-A, 5.25%, due 12/1/2047		530,000	^(b)
				12,715,491
Indiana 0.6%
	700,000	Indianapolis Econ. Dev. Rev. Ref. (Brookhaven Co. Line Apts. Proj.), Ser. 2013-A, 6.25%, due 7/1/2043 Pre-Refunded 7/1/23		804,048
Iowa 0.3%
	400,000	Iowa Higher Ed. Loan Au. Ref. Rev. (Wartburg College Proj.), Ser. 2015, 5.00%, due 10/1/2032		421,064
Kansas 0.4%
	500,000	Goddard Kansas Sales Tax Spec. Oblig. Rev. Ref. (Olympic Park Star Bond Proj.), Ser. 2019, 3.60%, due 6/1/2030		494,380	^(c)

See Notes to Financial Statements

117

Schedule of Investments Municipal High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Kentucky 2.1%
$	405,000	Kentucky Econ. Dev. Fin. Au. (Sr. Next Generation Information Hwy. Proj.), Ser. 2015-A, 4.00%, due 7/1/2029	$	434,909
	435,000	Kentucky Econ. Dev. Fin. Au. Rev. Ref. (Owensboro Hlth., Inc. Obligated Group), Ser. 2017-A, (AGM Insured), 4.00%, due 6/1/2037		472,136
	1,000,000	Kentucky Muni. Pwr. Agcy. Pwr. Sys. Rev. Ref. (Prairie St. Proj.), Ser. 2019-A, 4.00%, due 9/1/2045		1,063,110
	200,000	Kentucky St. Pub. Energy Au. Gas Supply Rev., Ser. 2018-A, 4.00%, due 4/1/2048 Putable 4/1/2024		218,014
	475,000	Ohio Co. PCR Ref. (Big Rivers Elec. Corp. Proj.), Ser. 2010-A, 6.00%, due 7/15/2031		484,044
				2,672,213
Louisiana 2.5%
		Greater Ouachita Wtr. Co., Inc. Waterworks & Swr. Sys. Rev. Ref.
	1,000,000	Ser. 2019, (BAM Insured), 3.00%, due 9/1/2049		992,150
	250,000	Ser. 2019, (BAM Insured), 4.00%, due 9/1/2037		281,385
	400,000	Louisiana Local Gov't Env. Facs. & Comm. Dev. Au. Rev. Ref. (Westside Habilitation Ctr. Proj.), Ser. 2017-A, 5.75%, due 2/1/2032		425,244	^(b)
	300,000	Louisiana St. Local Gov't Env. Facs. & Comm. Dev. Au. Rev. (Lafourche Parish Gomesa Proj.), Ser. 2019, 3.95%, due 11/1/2043		299,847	^(b)(c)
	500,000	New Orleans Aviation Board Rev. (Gen. Arpt. Terminal), Ser. 2017-B, 5.00%, due 1/1/2026		591,690
	500,000	St. John the Baptist Parish LA Rev. Ref. (Marathon Oil Corp. Proj.), Ser. 2017-A-1, 2.00%, due 6/1/2037 Putable 4/1/2023		499,935
				3,090,251
Maine 0.6%
	445,000	Maine St. Ed. Loan Au. Std. Loan Rev. (Supplemental Ed. Loan), Ser. 2014-A-1, (AGM Insured), 4.00%, due 12/1/2020		455,475
	200,000	Maine St. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys. Proj.), Ser. 2015, 5.13%, due 8/1/2035 Putable 8/1/2025		227,452	^(b)
				682,927
Maryland 2.1%
	250,000	Baltimore Spec. Oblig. Ref. Rev. Sr. Lien (Harbor Point Proj.), Ser. 2019-A, 3.63%, due 6/1/2046		251,202	^(b)
	2,000,000	Prince Georges Co. G.O. (Cons. Pub. Imp.), Ser. 2018-A, 4.00%, due 7/15/2032		2,336,720
				2,587,922
Michigan 2.0%
	1,000,000	Michigan St. Fin. Au. Rev. Ref. (Std. Loan), Ser. 2014-25-A, 5.00%, due 11/1/2020		1,032,610
	1,000,000	Michigan St. Hsg. Dev. Au. Rev., Ser. 2016-C, 2.15%, due 6/1/2023		1,012,000
	400,000	Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/2035		400,312
				2,444,922
Minnesota 3.9%
	4,000,000	JP Morgan Chase Putters/Drivers Trust Var. Sts. (Putters), Ser. 2019-5027, 1.47%, due 6/1/2021		4,000,000	^(a)(b)
	500,000	St. Paul Hsg. & Redev. Au. Charter Sch. Lease Rev. (Academia Cesar Chavez Sch. Proj.), Ser. 2015-A, 5.25%, due 7/1/2050		526,680

See Notes to Financial Statements

118

Schedule of Investments Municipal High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	300,000	St. Paul Hsg. & Redev. Au. Charter Sch. Lease Rev. (Twin Cities Academy Proj.), Ser. 2015-A, 5.00%, due 7/1/2035	$	320,205
				4,846,885
Missouri 0.9%
		St. Louis Co. Ind. Dev. Au. Ref. Rev. (Nazareth Living Ctr. Proj.)
	255,000	Ser. 2015-A, 5.00%, due 8/15/2030		277,073
	390,000	Ser. 2015-A, 5.00%, due 8/15/2035		416,773
	355,000	Ser. 2015-A, 5.13%, due 8/15/2045		376,726
				1,070,572
Nevada 0.4%
	500,000	Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy), Ser. 2015-A, 5.13%, due 12/15/2045		541,775	^(b)
New Jersey 5.2%
		Atlantic City G.O. Ref.
	200,000	Ser. 2017-A, (BAM Insured), 5.00%, due 3/1/2026		239,038
	200,000	Ser. 2017-A, (BAM Insured), 5.00%, due 3/1/2032		238,220
	200,000	Ser. 2017-A, (BAM Insured), 5.00%, due 3/1/2042		232,934
	200,000	Essex Co. Imp. Au. Solid Waste Disp. Rev. (Covanta Energy Proj.), Ser. 2015, 5.25%, due 7/1/2045		204,624	^(b)
	350,000	New Jersey Econ. Dev. Au. Spec. Fac. Rev. Ref. (Port Newark Container Term. LLC Proj.), Ser. 2017, 5.00%, due 10/1/2047		399,963
	250,000	New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2017-1A, 5.00%, due 12/1/2025		295,510
	750,000	New Jersey Higher Ed. Assist. Au. Rev. Ref. (Std. Loan Rev.), Ser. 2018-B, 5.00%, due 12/1/2027		914,017
		New Jersey Hlth. Care Facs. Fin. Au. Contract Rev. Ref. (Hosp. Asset Trans. Prog.)
	1,265,000	Ser. 2017, 5.00%, due 10/1/2026		1,492,599
	1,000,000	Ser. 2017, 5.00%, due 10/1/2028		1,189,350
	1,250,000	New Jersey St. Trans. Trust Fund Au., Ser. 2019-BB, 4.00%, due 6/15/2050		1,298,487
				6,504,742
New Mexico 0.4%
	500,000	Winrock Town Ctr. Tax Increment Dev. Dist. Number 1 Tax Allocation Sr., Lien Rev. (Gross Receipts Tax Increment Bonds), Ser. 2015, 5.25%, due 5/1/2025		509,725	^(b)(e)
New York 6.0%
	200,000	Build NYC Res. Corp. Rev., Ser. 2014, 5.25%, due 11/1/2034		215,522
	750,000	New York Liberty Dev. Corp. Rev. Ref. (Bank of American Tower at One Bryant Park Proj.), Ser. 2019, Class 3, 2.80%, due 9/15/2069		764,782
	400,000	New York St. Dorm. Au. Rev. Non St. Supported Debt (St. Josephs College), Ser. 2010, 5.25%, due 7/1/2025		400,804
	300,000	New York St. Dorm. Au. Rev. Ref. Non St. Supported Debt (Montefiore Obligated Group), Ser. 2018-A, 4.00%, due 8/1/2037		332,820
	900,000	New York St. Dorm. Au. Rev. Ref. Non St. Supported Debt (Orange Reg. Med. Ctr.), Ser. 2017, 5.00%, due 12/1/2022		988,776	^(b)
	100,000	New York St. HFA Rev. (Clinton Green North LLC), Ser. 2005-A, 1.16%, due 11/1/2038		100,000	^(a)
	200,000	New York St. HFA Rev. (Prospect Plaza Apts.), Ser. 2007-A, (LOC: Citibank N.A.), 1.16%, due 11/1/2039		200,000	^(a)

See Notes to Financial Statements

119

Schedule of Investments Municipal High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	200,000	New York St. HFA Rev. (Tribeca Pointe LLC), Ser. 1997-A, (FNMA Insured), 1.16%, due 5/15/2029	$	200,000	^(a)
	500,000	New York St. Trans. Dev. Corp. Spec. Fac. Rev. (American Airlines, Inc., John F Kennedy Int'l Arpt. Proj.), Ser. 2016, 5.00%, due 8/1/2031		523,255
	1,000,000	New York St. Trans. Dev. Corp. Spec. Fac. Rev. (Delta Airlines, Inc.-LaGuardia Arpt. Term. C&D Redev.), Ser. 2018, 5.00%, due 1/1/2028		1,219,560
	40,000	New York St. Trans. Dev. Corp. Spec. Fac. Rev. (LaGuardia Arpt. Term. B Redev. Proj.), Ser. 2016-A, 4.00%, due 7/1/2041		42,038
		Oneida Co. Local Dev. Corp. Rev. Ref. (Mohawk Valley Hlth. Sys. Proj.)
	1,500,000	Ser. 2019-A, (AGM Insured), 3.00%, due 12/1/2044		1,461,060	^(c)
	500,000	Ser. 2019-A, (AGM Insured), 4.00%, due 12/1/2049		548,015	^(c)
	400,000	Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/2030		417,160	^(b)
				7,413,792
North Carolina 1.9%
	1,750,000	Columbus Co. Ind. Facs. & Poll. Ctrl. Fin. Au. Rev. Ref. (AMT Int'l Paper Co. Proj.), Ser. 2019-C, 2.10%, due 3/1/2027 Putable 10/1/2024		1,772,470
	250,000	North Carolina Med. Care Commission Hlth. Care Fac. First Mtge. Rev. (Lutheran Svcs. for Aging, Inc.), Ser. 2012-A, 5.00%, due 3/1/2037		261,655
	300,000	North Carolina Med. Care Commission Retirement Facs. Rev. (Twin Lakes Comm.), Ser. 2019-A, 5.00%, due 1/1/2049		342,273
				2,376,398
North Dakota 0.4%
	500,000	Grand Forks Co. Solid Waste Disp. Rev. (Green Bond-Red River Biorefinery, LLC Proj.), Ser. 2018, 5.38%, due 9/15/2038		484,665	^(b)
Ohio 6.8%
	4,530,000	Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/2030		4,542,412
	500,000	Ohio St. Air Quality Dev. Au. Exempt Facs. Rev. (AMG Vanadium LLC), Ser. 2019-D, 5.00%, due 7/1/2049		551,930	^(b)
	1,000,000	Ohio St. Air Quality Dev. Au. Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2017, 4.50%, due 1/15/2048		1,080,300	^(b)
	1,500,000	Ohio St. Air Quality Dev. Au. Rev. (Ohio Valley Elec. Corp. Proj.), Ser. 2014-B, 2.60%, due 6/1/2041 Putable 10/1/2029		1,515,060	^(f)
	750,000	Ohio St. Air Quality Dev. Au. Rev. Ref. (Ohio Valley Elec. Corp. Proj.), Ser. 2019-A, 3.25%, due 9/1/2029		771,990
				8,461,692
Oklahoma 0.3%
	325,000	Oklahoma St. Dev. Fin. Au. Hlth. Sys. Rev. (OU Medicine Proj.), Ser. 2018-B, 5.50%, due 8/15/2057		387,283
Oregon 0.4%
	490,000	Western Generation Agcy. Rev. (Wauna Cogeneration Proj.), Ser. 2006-A, 5.00%, due 1/1/2021		490,054

See Notes to Financial Statements

120

Schedule of Investments Municipal High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Pennsylvania 2.7%
$	500,000	Commonwealth Fin. Au. Tobacco Master Settlement Payment Rev. (Tobacco Master Settlement Payment Bonds), Ser. 2018, 5.00%, due 6/1/2020	$	510,240
		Lancaster Co. Hosp. Au. Rev. (Brethren Village Proj.)
	250,000	Ser. 2015, 5.25%, due 7/1/2035		271,200
	150,000	Ser. 2015, 5.50%, due 7/1/2045		163,662
	200,000	Luzerne Co. G.O. Ref, Ser. 2017-B, (AGM Insured), 5.00%, due 12/15/2027		242,564
	750,000	Pennsylvania Econ. Dev. Fin. Au. Rev. (Bridges Finco LP), Ser. 2016-C, 5.00%, due 12/31/2038		854,212
	400,000	Pennsylvania Econ. Dev. Fin. Au. Rev. Ref. (Tapestry Moon Sr. Hsg. Proj.), Ser. 2018-A, 6.75%, due 12/1/2053		404,020	^(b)
	300,000	Pennsylvania St. Econ. Dev. Fin. Au. Solid Waste Disp. Rev. (CarbonLite P LLC Proj.), Ser. 2019, 5.75%, due 6/1/2036		319,527	^(b)
	500,000	Pennsylvania St. Turnpike Commission Turnpike Rev., Subser. 2017-B-1, 5.25%, due 6/1/2047		590,935
				3,356,360
Puerto Rico 4.3%
	5,045,000	Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2018-A-1, 5.00%, due 7/1/2058		5,296,241	^(f)
Rhode Island 2.6%
		Rhode Island St. Hsg. & Mtge. Fin. Corp. Ref. Rev.
	255,000	Ser. 2016-1-C, 2.75%, due 4/1/2025		264,644
	275,000	Ser. 2016-1-C, 2.85%, due 10/1/2025		286,028
	280,000	Ser. 2016-1-C, 2.95%, due 4/1/2026		290,150
	185,000	Ser. 2016-1-C, 3.00%, due 10/1/2026		192,792
	750,000	Rhode Island St. Hsg. & Mtge. Fin. Corp. Ref. Rev. (Home Funding), Ser. 2012-5, (GNMA/FNMA/FHLMC Insured), 3.35%, due 10/1/2033		768,668
		Rhode Island St. Std. Loan Au. Std. Loan Rev. (Sr. Prog.)
	665,000	Ser. 2013-A, 3.25%, due 12/1/2022		675,899
	675,000	Ser. 2017-A, 5.00%, due 12/1/2024		777,573
				3,255,754
South Carolina 1.6%
	500,000	Lancaster Co. Assessment Rev. Ref. (Walnut Creek Imp. Dist.), Ser. 2016-A-1, 5.00%, due 12/1/2031		524,945
	550,000	South Carolina Jobs Econ. Dev. Au. Econ. Dev. Rev. (River Park Sr. Living Proj.), Ser. 2017-A, 7.75%, due 10/1/2057		565,752
	325,000	South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (Green Bond-Jasper Pellets LLC, Proj.), Ser. 2018-A, 7.00%, due 11/1/2038		339,076	^(b)
	500,000	South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (Repower South Berkeley LLC Proj.), Ser. 2017, 6.25%, due 2/1/2045		533,765	^(b)(e)
				1,963,538
Tennessee 3.5%
	3,500,000	Tennessee St. G.O., Ser. 2019-A, 5.00%, due 9/1/2035		4,342,835
Texas 6.0%
	750,000	Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%, due 8/15/2045		833,445
	400,000	Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-A, 4.75%, due 5/1/2038		421,852
	400,000	Houston Arpt. Sys. Rev., Ser. 2015-B-1, 5.00%, due 7/15/2030		449,412

See Notes to Financial Statements

121

Schedule of Investments Municipal High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	300,000	Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015, 7.75%, due 1/1/2045	$	270,000	^(b)(d)(e)
	500,000	New Hope Cultural Ed. Facs. Fin. Corp. Rev. (Beta Academy), Ser. 2019, 5.00%, due 8/15/2049		525,305	^(b)
	250,000	New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Bridgemoor Plano Proj.), Ser. 2018-A, 7.25%, due 12/1/2053		264,440
	500,000	New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Cardinal Bay, Inc. Village On The Park Carriage), Ser. 2016-C, 5.75%, due 7/1/2051		527,930
	500,000	New Hope Cultural Ed. Facs. Fin. Corp. Std. Hsg. Rev. (NCCD-College Sta. Properties LLC), Ser. 2015-A, 5.00%, due 7/1/2047		462,105
	2,000,000	Texas St. Private Activity Bond Surface Trans. Corp. Rev. (Segment 3C Proj.), Ser. 2019, 5.00%, due 6/30/2058		2,329,440
	500,000	Texas St. Private Activity Bond Surface Trans. Corp. Rev. (Sr. Lien-Blueridge Trans. Group LLC), Ser. 2016, 5.00%, due 12/31/2040		560,355
	750,000	Texas St. Trans. Commission Turnpike Sys. Rev. Ref., Ser. 2015-C, 5.00%, due 8/15/2034		848,400
				7,492,684
Utah 0.9%
	500,000	Utah Charter Sch. Fin. Au. Rev. (Spectrum Academy Proj.), Ser. 2015, 6.00%, due 4/15/2045		504,410	^(b)
	600,000	Utah Infrastructure Agcy. Telecommunication Rev., Ser. 2019, 4.00%, due 10/15/2036		633,198	^(c)
				1,137,608
Vermont 1.2%
	500,000	Vermont Econ. Dev. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2013, 4.63%, due 4/1/2036 Putable 4/3/2028		567,170	^(b)
		Vermont Std. Assist. Corp. Ed. Loan Rev.
	620,000	Ser. 2013-A, 3.90%, due 6/15/2022		650,448
	290,000	Ser. 2015-A, 4.13%, due 6/15/2028		311,463
				1,529,081
Virginia 0.5%
	400,000	Embrey Mill Comm. Dev Au. Spec. Assessment Rev., Ser. 2015, 5.30%, due 3/1/2035		416,132	^(b)
	200,000	Virginia College Bldg. Au. Ed. Facs. Rev. (Green Bonds-Marymount Univ. Proj.), Ser. 2015-B, 5.25%, due 7/1/2035		219,538	^(b)
				635,670
Washington 0.9%
	500,000	Washington St. Hlth. Care Fac. Au. Rev. Ref. (Virginia Mason Med. Ctr.), Ser. 2017, 5.00%, due 8/15/2026		586,310
	500,000	Washington St. Hsg. Fin. Commission Rev. Ref. (Bayview Manor Homes), Ser. 2016-A, 5.00%, due 7/1/2046		538,670	^(b)
				1,124,980
West Virginia 1.3%
	735,000	West Virginia Econ. Dev. Au. Energy Rev. Ref. (Morgantown Energy Assoc. Proj.), Ser. 2016, 2.88%, due 12/15/2026		742,637
		West Virginia Hosp. Fin. Au. Rev. Ref. (Cabell Huntington Hosp. Obligated Group)
	400,000	Ser. 2018-A, 5.00%, due 1/1/2043		469,480
	425,000	Ser. 2018-A, 4.13%, due 1/1/2047		453,611
				1,665,728

See Notes to Financial Statements

122

Schedule of Investments Municipal High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Wisconsin 2.2%
$	400,000	Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory), Ser. 2015, 4.95%, due 3/1/2030	$	433,596	^(b)
	300,000	Pub. Fin. Au. Ed. Rev. (Research Triangle High Sch. Proj.), Ser. 2015, 5.38%, due 7/1/2035		314,340	^(b)
	750,000	Pub. Fin. Au. Exempt Facs. Ref. Rev. (Celanese Proj.), Ser. 2016-C, 4.30%, due 11/1/2030		818,212
	200,000	Pub. Fin. Au. Retirement Fac. Rev. Ref. (Friends Homes), Ser. 2019, 5.00%, due 9/1/2054		218,430	^(b)
	411,673	Pub. Fin. Au. Rev. (Goodwill Industries of So. Nevada Proj.), Ser. 2015-A, 5.50%, due 12/1/2038		362,919	^(e)
	500,000	Pub. Fin. Au. Rev. (Sr.-Maryland Proton Treatment Ctr. LLC), Ser. 2018-A-1, 6.38%, due 1/1/2048		527,575	^(b)
				2,675,072
		Total Investments 102.5% (Cost $124,127,723)		127,579,365
		Liabilities Less Other Assets (2.5)%		(3,101,666	)
		Net Assets 100.0%	$	124,477,699

(a) Variable rate demand obligation where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate generally resets daily or weekly and is determined by the remarketing agent. The rate shown represents the rate in effect at October 31, 2019.

(b) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At October 31, 2019, these securities amounted to $25,584,422, which represents 20.6% of net assets of the Fund. Securities denoted with (b) but without (e), if any, have been deemed by the investment manager to be liquid.

(c) When-issued security. Total value of all such securities at October 31, 2019 amounted to $4,599,085, which represents 3.7% of net assets of the Fund.

(d) Defaulted security.

(e) Illiquid security.

(f) All or a portion of this security is segregated in connection with obligations for when-issued securities with a total value of $5,499,051.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2019:

Asset Valuation Inputs

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Notes^(a)	$	—	$	127,579,365	$	—	$	127,579,365
Total Investments	$	—	$	127,579,365	$	—	$	127,579,365

(a) The Schedule of Investments provides a categorization by state/territory for the portfolio.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

123

Schedule of Investments Municipal Impact Fund^ October 31, 2019

PRINCIPAL AMOUNT			VALUE
Municipal Notes 98.3%
Alabama 1.2%
$	565,000	Fort Payne City G.O. (Sch. Warrants), Ser. 2018-B, (AGM Insured), 5.00%, due 5/1/2027	$	699,899
Arkansas 1.8%
		Russellville City Wtr. & Swr. Rev.
	315,000	Ser. 2018, (AGM Insured), 4.00%, due 7/1/2028		352,526
	660,000	Ser. 2018, (AGM Insured), 4.00%, due 7/1/2030		732,290
				1,084,816
California 1.2%
	200,000	San Diego Assoc. of Gov't Cap. Grant Receipts Rev. (Green Bond Mid-Coast Corridor Transit Proj.), Ser. 2019-A, 5.00%, due 11/15/2024		229,918
	500,000	Univ. of California Regents Med. Ctr. Pooled Rev., Ser. 2013-K, 0.93%, due 5/15/2047		500,000	^(a)
				729,918
District of Columbia 3.2%
	1,000,000	Dist. of Columbia Hsg. Fin. Agcy. Rev., Ser. 2018-B-1, (FHA Insured), 2.55%, due 9/1/2023 Putable 3/1/2022		1,022,850
	725,000	Washington Metro. Area Transit Au. Gross Rev., Ser. 2017-B, 5.00%, due 7/1/2024		847,032
				1,869,882
Florida 3.9%
	700,000	Florida St. Dept. Env. Port Preservation Rev. Ref., Ser. 2016-A, 5.00%, due 7/1/2022		770,854
	1,225,000	Miami-Dade Co. (Bldg. Better Comm. Prog.), Ser. 2015-D-REMK, 5.00%, due 7/1/2026		1,510,339
				2,281,193
Georgia 2.0%
	1,000,000	Metropolitan Atlanta Rapid Transit Au. Sales Tax Rev. Ref., Ser. 2016-B, 5.00%, due 7/1/2035		1,202,470
Illinois 3.7%
	1,000,000	Cook Co. Comm. Cons. Sch. Dist. # 21 G.O. (Wheeling Sch. Bldg.), Ser. 2019-A, (AGM Insured), 4.00%, due 12/1/2035		1,122,010	^(b)
	1,000,000	Illinois Fin. Au. Rev. (Clean Wtr. Initiative), Ser. 2017, 5.00%, due 1/1/2022		1,081,360
				2,203,370
Indiana 3.5%
		Anderson Sch. Bldg. Corp. (First Mtge.)
	850,000	Ser. 2018, 5.00%, due 1/15/2024		976,387
	895,000	Ser. 2018, 5.00%, due 1/15/2026		1,081,491
				2,057,878
Kansas 1.1%
	500,000	Wyandotte Co. Unified Sch. Dist. # 203 G.O. Impt., Ser. 2018-A, 5.00%, due 9/1/2035		620,790

See Notes to Financial Statements

124

Schedule of Investments Municipal Impact Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Kentucky 3.7%
$	500,000	Kentucky Rural Wtr. Fin. Corp. Pub. Proj. Rev. (Construction Notes), Ser. 2018-E-1, 2.25%, due 3/1/2020	$	500,215
	500,000	Lewis Co. Sch. Dist. Fin. Corp. Rev., Ser. 2017-B, 2.00%, due 9/1/2022		504,970
	1,000,000	Logan-Todd Reg. Wtr. Commission Rev. Ref., Ser. 2016-A, (AGM Insured), 5.00%, due 7/1/2028		1,207,090
				2,212,275
Louisiana 5.8%
	250,000	Greater Ouachita Wtr. Co., Inc. Waterworks & Swr. Sys. Rev. Ref., Ser. 2019, (BAM Insured), 4.00%, due 9/1/2037		281,385
	845,000	Louisiana Pub. Facs. Au. Rev. Ref. (Hurricane Rec. Prog.), Ser. 2014, 5.00%, due 6/1/2024		976,710
	530,000	Louisiana St. Local Gov't Env. Facs. & Comm. Dev. Au. Rev. (Sub. Lien-East Baton Rouge Swr.), Ser. 2014-A, 5.00%, due 2/1/2044		591,422
		Natchitoches Parish Sch. Dist. G.O. # 9
	505,000	Ser. 2018, (AGM Insured), 5.00%, due 3/1/2027		620,276
	755,000	Ser. 2018, (AGM Insured), 5.00%, due 3/1/2028		942,957
				3,412,750
Michigan 10.3%
	1,000,000	Dearborn G.O. (Swr.), Ser. 2018, 4.00%, due 4/1/2033		1,136,920
	500,000	Livonia Pub. Sch. Dist. G.O., Ser. 2016, (AGM Insured), 5.00%, due 5/1/2028		600,030
	750,000	Michigan St. Hsg. Dev. Au. Rev. (Non Ace), Ser. 2016-B, 2.50%, due 12/1/2026		776,235
	290,000	Michigan St. Hsg. Dev. Au. Rev. Ref., Ser. 2018-B, 3.15%, due 4/1/2028		311,976
	1,000,000	Michigan St. Hsg. Dev. Au. Single Family Mtge. Rev. (Non Ace), Ser. 2018-C, 2.90%, due 12/1/2024		1,059,150
		Trenton Pub. Sch. Dist. G.O. (Sch. Bldg. & Site)
	1,025,000	Ser. 2018, 5.00%, due 5/1/2039		1,239,584
	785,000	Ser. 2018, 5.00%, due 5/1/2036		958,179
				6,082,074
Minnesota 3.8%
	1,000,000	Minnesota Hsg. Fin. Agcy. (Rental Hsg.), Ser. 2019-A, (HUD SECT 8 Insured), 2.00%, due 8/1/2020		1,001,480
	1,000,000	Minnesota Rural Wtr. Fin. Au. (Pub. Proj. Construction Notes), Ser. 2019, 2.00%, due 8/1/2020		1,001,910
	210,000	St. Paul Hsg. & Redev. Au. Charter Sch. Lease Rev. (Metro Deaf Sch. Proj.), Ser. 2018-A, 5.00%, due 6/15/2038		222,188	^(c)
				2,225,578
Mississippi 3.8%
	500,000	Mississippi St. G.O., Ser. 2019-B, 4.00%, due 10/1/2039		570,725
		West Rankin Utils. Au. Rev.
	440,000	Ser. 2018, (AGM Insured), 5.00%, due 1/1/2043		516,001
	1,000,000	Ser. 2018, (AGM Insured), 5.00%, due 1/1/2048		1,166,200
				2,252,926

See Notes to Financial Statements

125

Schedule of Investments Municipal Impact Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Missouri 4.5%
$	1,000,000	Bi- St. Dev. Agcy. of the Missouri-Illinois Metro. Dist. Rev. Ref. (Combined Lien Mass Transit Sales Tax Appropriation), Ser. 2019, 4.00%, due 10/1/2036	$	1,157,580
		Missouri St. Env. Imp. & Energy Res. Au. Wtr. PCR
	660,000	Ser. 2018-A, 5.00%, due 7/1/2029		849,843
	510,000	Ser. 2018-A, 5.00%, due 1/1/2030		653,993
				2,661,416
New Jersey 1.2%
	650,000	New Jersey St. Hsg. & Mtge. Fin. Agcy. Multi-Family Rev. Ref., Ser. 2017-A, 2.60%, due 11/1/2024		677,671
New York 7.2%
	200,000	Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Charter Sch. for Applied Technologies Proj.), Ser. 2017-A, 4.00%, due 6/1/2022		207,458
	200,000	Build NYC Res. Corp. Rev. (New Dawn Charter Sch. Proj.), Ser. 2019, 5.75%, due 2/1/2049		212,340	^(c)
		Dutchess Co. Local Dev. Corp. Rev.
	225,000	Ser. 2014-A, 5.00%, due 7/1/2021		238,916
	150,000	Ser. 2014-A, 5.00%, due 7/1/2022		164,784
	135,000	Ser. 2014-A, 4.00%, due 7/1/2023		148,335
	115,000	Ser. 2014-A, 5.00%, due 7/1/2025		134,171
	450,000	Monroe Co. Ind. Dev. Corp. Rev. Ref. (Highland Hosp. Rochester Proj.), Ser. 2015, 5.00%, due 7/1/2022		493,807
	150,000	Nassau Co. Local Econ. Assist. Corp. Rev. (Catholic Hlth. Svcs. of Long Island Obligated Group Proj.), Ser. 2014, 5.00%, due 7/1/2027		171,249
	420,000	New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev. (Second Gen. Resolution Rev. Bonds), Ser. 2013-AA-2, (LOC: JP Morgan Chase Bank N.A.), 1.35%, due 6/15/2050		420,000	^(a)
	200,000	New York St. Dorm. Au. Rev. Non St. Supported Debt (North Shore-Long Island Jewish Oblig. Group), Ser. 2011-A, 5.00%, due 5/1/2022 Pre-Refunded 5/1/2021		211,448
	1,000,000	New York St. HFA Rev. (Affordable Hsg.), (SONYMA, FNMA/FHLMC Insured), Ser. 2019-O, 1.45%, due 5/1/2023		1,000,290	^(d)
	500,000	New York St. Hsg. Fin. Agcy. Rev. (Green Bond), Ser. 2018-F, (SONYMA Insured), 2.15%, due 5/1/2021		500,255
	350,000	Rockland Co. G.O. (Pub. Imp.), Ser. 2014-C, (AGM Insured), 4.00%, due 5/1/2021		364,711	^(b)
				4,267,764
North Carolina 1.2%
		Scotland Co. Rev.
	350,000	Ser. 2018, 5.00%, due 12/1/2024		411,534
	250,000	Ser. 2018, 5.00%, due 12/1/2026		307,000
				718,534
North Dakota 0.4%
	250,000	Grand Forks Co. Solid Waste Disp. Rev. (Green Bond-Red River Biorefinery, LLC Proj.), Ser. 2018, 5.38%, due 9/15/2038		242,333	^(c)
Ohio 3.5%
	750,000	American Muni. Pwr. Ohio, Inc. Rev. (Comb. Hydroelectric Proj.), Ser. 2018-A, 2.25%, due 2/15/2048 Putable 8/15/2021		756,337

See Notes to Financial Statements

126

Schedule of Investments Municipal Impact Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
		American Muni. Pwr. Ohio, Inc. Rev. Solar Elec. Pre-Payment (Green Bond)
$	305,000	Ser. 2019-A, 5.00%, due 2/15/2020	$	308,142
	200,000	Ser. 2019-A, 5.00%, due 2/15/2021		209,364
	300,000	Ser. 2019-A, 5.00%, due 2/15/2022		325,254
	175,000	Ser. 2019-A, 5.00%, due 2/15/2023		195,622
	250,000	Ohio St. Air Quality Dev. Au. Exempt Facs. Rev. (AMG Vanadium LLC), Ser. 2019-D, 5.00%, due 7/1/2049		275,965	^(c)
				2,070,684
Oklahoma 3.9%
	935,000	Delaware Co. Ed. Facs. Au. Ed. Facs. Lease Rev. (Grove Pub. Sch. Proj.), Ser. 2015, 5.00%, due 9/1/2022		1,024,947
	555,000	Lincoln Co. Ed. Facs. Au. Ed. Facs. Lease Rev. (Stroud Pub. Sch. Proj.), Ser. 2016, 5.00%, due 9/1/2027		667,226
	535,000	Tulsa Co. Ind. Au. Ed. Facs. Lease Rev. (Glenpool Pub. Sch. Proj.), Ser. 2017-A, 5.00%, due 9/1/2023		604,652
				2,296,825
Pennsylvania 8.5%
		Allegheny Co. Sanitary Au. Rev.
	290,000	Ser. 2018, 5.00%, due 6/1/2030		362,390
	565,000	Ser. 2018, 5.00%, due 6/1/2032		701,182
	100,000	Pennsylvania St. Econ. Dev. Fin. Au. Solid Waste Disp. Rev. (CarbonLite P LLC Proj.), Ser. 2019, 5.75%, due 6/1/2036		106,509	^(c)
	1,000,000	Pennsylvania St. Hsg. Fin. Agcy. Single Family Mtge. Rev., Ser. 2018-127B, 2.85%, due 4/1/2026		1,066,120
	1,000,000	Philadelphia Au. For Ind. Dev. City Svc. Agreement Rev., Ser. 2018, 5.00%, due 5/1/2030		1,239,070
	850,000	Philadelphia Sch. Dist. G.O. (Green Bond), Ser. 2019-B, 5.00%, due 9/1/2024		985,371	^(d)
	500,000	Philadelphia Wtr. & Wastewater Rev. Ref., Ser. 2016, 5.00%, due 10/1/2023		572,185
				5,032,827
Rhode Island 0.9%
	500,000	Rhode Island St. Providence Plantation Lease Ref. Cert. of Participation (Sch. Deaf Proj.), Ser. 2017-D, 5.00%, due 4/1/2022		543,505
South Carolina 2.7%
	500,000	Allendale Co. Sch. Dist. Energy Savings Spec. Oblig. Rev. Ref. (Impt.), Ser. 2014, 3.00%, due 12/1/2020		507,265
	800,000	Newberry Investing in Children's Ed. Installment Purchase Rev. Ref. (Newberry Co. Sch. Dist.), Ser. 2014, 5.00%, due 12/1/2023		915,024
	175,000	South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (Green Bond-Jasper Pellets LLC, Proj.), Ser. 2018-A, 7.00%, due 11/1/2038		182,579	^(c)
				1,604,868
Texas 7.6%
	910,000	El Paso Wtr. & Swr. Rev. Ref., Ser. 2014, 5.00%, due 3/1/2024		1,052,069
	850,000	Laredo Independent Sch. Dist. G.O. (Sch. Bldg.), Ser. 2013, 5.00%, due 8/1/2024		959,676
	1,015,000	Weslaco G.O. Ref., Ser. 2017, (AGM Insured), 5.00%, due 8/15/2027		1,265,532
	1,000,000	Ysleta Independent Sch. Dist. G.O. (Sch. Bldg.), Ser. 2017, (PSF-GTD Insured), 5.00%, due 8/15/2041		1,187,320
				4,464,597

See Notes to Financial Statements

127

Schedule of Investments Municipal Impact Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Utah 1.7%
$	915,000	Grand Co. Sch. Dist. Local Bldg. Au. Rev., Ser. 2019, (AGM Insured), 5.00%, due 12/15/2022	$	1,018,139
West Virginia 5.3%
	500,000	West Virginia Hosp. Fin. Au. Rev. (Impt. West Virginia Univ. Hlth. Sys. Obligated Group), Ser. 2018-A, 5.00%, due 6/1/2052		584,225
	700,000	West Virginia Hosp. Fin. Au. Rev. (West Virginia Univ. Hlth. Sys.), Ser. 2017-A, 5.00%, due 6/1/2035		834,435
		West Virginia Hsg. Dev. Fund Rev. (Hsg. Fin.)
	220,000	Ser. 2018-A, (HUD SECT 8 Insured), 1.88%, due 11/1/2020		221,199
	275,000	Ser. 2018-A, (HUD SECT 8 Insured), 2.65%, due 11/1/2024		288,035
	990,000	West Virginia Wtr. Dev. Au. Rev. Ref. (Loan Prog.), Ser. 2018-A-IV, 5.00%, due 11/1/2036		1,217,997
				3,145,891
Wisconsin 0.7%
	395,000	Oregon Sch. Dist. G.O. (Green Bond-Sch. Bldg. & Impt.), Ser. 2019, 5.00%, due 3/1/2022		429,258
		Total Investments 98.3% (Cost $55,510,118)		58,110,131
		Other Assets Less Liabilities 1.7%		992,138
		Net Assets 100.0%	$	59,102,269

(b) All or a portion of this security is segregated in connection with obligations for when-issued securities with a total value of $1,486,721.

(c) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At October 31, 2019, these securities amounted to $1,241,914, which represents 2.1% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(d) When-issued security. Total value of all such securities at October 31, 2019 amounted to $1,985,661, which represents 3.4% of net assets of the Fund.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2019:

Asset Valuation Inputs

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Notes^(a)	$	—	$	58,110,131	$	—	$	58,110,131
Total Investments	$	—	$	58,110,131	$	—	$	58,110,131

(a) The Schedule of Investments provides a categorization by state/territory for the portfolio.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

128

Schedule of Investments Municipal Intermediate Bond Fund^
October 31, 2019

PRINCIPAL AMOUNT			VALUE
Municipal Notes 100.7%
Alaska 1.2%
$	2,000,000	Alaska St. Hsg. Fin. Corp. Ref. Rev. (Cap. Proj. Bonds II), Ser. 2014-D, 5.00%, due 12/1/2025	$	2,345,000
Arizona 0.8%
	500,000	Maricopa Co. Ind. Dev. Au. Rev. (Banner Hlth. Obligated Group), Ser. 2017-C, 5.00%, due 1/1/2048 Putable 10/18/2024		583,385
	950,000	Maricopa Co. Ind. Dev. Au. Sr. Living Fac. Rev. Ref. (Christian Care Retirement Apts., Inc. Proj.), Ser. 2016-A, 5.00%, due 1/1/2024		1,091,693
				1,675,078
California 5.1%
	2,000,000	California Pub. Works Board Lease Rev. Ref., Ser. 2017-B, 5.00%, due 10/1/2026		2,476,940
	1,000,000	California St. G.O. Ref., Ser. 2019, 5.00%, due 4/1/2032		1,355,980
	250,000	California Statewide Communities Dev. Au. Rev. (Henry Mayo Newhall Mem. Hosp.), Ser. 2014-A, (AGM Insured), 5.00%, due 10/1/2028		287,672
	1,665,000	Contra Costa Co. Redev. Agcy. Successor Agcy. Tax Allocation Ref., Ser. 2017-A, (BAM Insured), 5.00%, due 8/1/2032		2,064,234
		Fresno Joint Pwr. Fin. Au. Lease Rev. Ref. (Master Lease Proj.)
	1,300,000	Ser. 2017-A, (AGM Insured), 5.00%, due 4/1/2027		1,608,633
	400,000	Ser. 2017-A, (AGM Insured), 5.00%, due 4/1/2032		484,440
	560,000	Placer Co. Wtr. Agcy. Cert. of Participation Ref. Rev., Ser. 2016, 4.00%, due 7/1/2030		646,240
		San Marcos Unified Sch. Dist. G.O. Cap. Appreciation (Election 2010)
	740,000	Ser. 2012-B, 0.00%, due 8/1/2026		657,623
	645,000	Ser. 2012-B, 0.00%, due 8/1/2027		558,054
				10,139,816
Colorado 2.4%
	1,250,000	Colorado Springs Utils. Rev. Ref. (Unrefunded), Ser. 2011-A, 5.00%, due 11/15/2026		1,343,238
	945,000	Colorado St. Ed. & Cultural Facs. Au. Rev. Ref. (Alexander Dawson Sch. Proj.), Ser. 2016, 5.00%, due 5/15/2025		1,113,210
	750,000	Colorado St. Hlth. Facs. Au. Hosp. Rev. Ref. (Commonspirit Hlth.), Ser. 2019-A-2, 4.00%, due 8/1/2049		801,870
	1,000,000	Denver Hlth. & Hosp. Au. Healthcare Rev. Ref., Ser. 2019-A, 4.00%, due 12/1/2037		1,111,290
	300,000	Westminster Cert. of Participation Ref., Ser. 2013, 4.00%, due 12/1/2025		330,654
				4,700,262
Connecticut 4.0%
	1,990,000	Connecticut HFA Hsg. Fin. Mtg. Prog. Rev. Ref., Subser. 2017-A-4, 3.65%, due 11/15/2032		2,085,062
	3,000,000	Connecticut St. G.O., Ser. 2018-C, 4.00%, due 6/15/2024		3,320,940
	400,000	Connecticut St. G.O. Ref., Ser. 2019-B, 5.00%, due 2/15/2029		505,992
	2,000,000	Connecticut St. Hlth. & Ed. Facs. Au. Rev. (Yale Univ.), Ser. 1997-T-2, 1.65%, due 7/1/2029 Putable 2/3/2020		2,001,700
				7,913,694
Delaware 0.7%
		Delaware St. Hlth. Facs. Au. Rev. (Beebe Med. Ctr.)
	610,000	Ser. 2018, 5.00%, due 6/1/2027		731,884
	500,000	Ser. 2018, 5.00%, due 6/1/2028		608,285
				1,340,169

See Notes to Financial Statements

129

Schedule of Investments Municipal Intermediate Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
District of Columbia 0.4%
		Dist. of Columbia Rev. (Assoc. of American Med. College)
$	460,000	Ser. 2011-A, 5.00%, due 10/1/2021	$	492,513
	350,000	Ser. 2011-A, 5.00%, due 10/1/2022		385,252
				877,765
Florida 4.4%
	700,000	Cape Coral Spec. Obligation Ref. Rev., Ser. 2015, 4.00%, due 10/1/2030		782,418
	1,000,000	CityPlace Comm. Dev. Dist. Spec. Assessment Ref. Rev., Ser. 2012, 5.00%, due 5/1/2026		1,140,430
	825,000	Escambia Co. Florida Env. Imp. Rev. Ref. (Int'l Paper Co. Proj.), Ser. 2019-B, 2.00%, due 11/1/2033 Putable 10/1/2024		834,900
	340,000	JEA Elec. Sys. Rev., Ser. 2013-A, 5.00%, due 10/1/2029 Pre-Refunded 10/1/2022		377,124
	2,000,000	Miami-Dade Co. G.O. Ref., Ser. 2015-B, 4.00%, due 7/1/2032		2,186,400
	1,155,000	Port St. Lucie Research Facs. Rev. (Oregon Hlth. and Science Univ. Vaccine and Gene Therapy Institute Florida Corp. Proj.), Ser. 2010, 5.00%, due 5/1/2022 Pre-Refunded 5/1/2020		1,176,506
	2,040,000	Seminole Co. Sales Tax Rev. Ref., Ser. 2006-B, (National Public Finance Guarantee Corp. Insured), 5.25%, due 10/1/2023		2,358,995
				8,856,773
Georgia 2.9%
	1,645,000	Bulloch Co. Dev. Au. Std. Hsg. Rev. Ref. (Georgia So. Univ. Hsg. Foundation One LLC), Ser. 2012, (AGM Insured), 5.00%, due 8/1/2022		1,802,953
	1,000,000	Forsyth Co. G.O. Ref., Ser. 2015-B, 5.00%, due 3/1/2027		1,193,380
		Muni. Elec. Au. of Georgia (Plant Vogtle units 3&4 Proj. M Bonds)
	500,000	Ser. 2019-A, 5.00%, due 1/1/2032		602,945
	400,000	Ser. 2019-A, 5.00%, due 1/1/2033		480,532
		Private Colleges & Univ. Au. Rev. (Savannah College of Art & Design, Inc.)
	290,000	Ser. 2014, 5.00%, due 4/1/2022		315,882
	540,000	Ser. 2014, 5.00%, due 4/1/2025		625,369
	850,000	Savannah Econ. Dev. Au. Rev. Ref. (Int'l Paper Co. Proj.), Ser. 2019-A, 2.00%, due 11/1/2033 Putable 10/1/2024		860,200
				5,881,261
Illinois 7.6%
	470,000	Bureau Co. Township High Sch. Dist. No. 502 G.O., Ser. 2017-A, (BAM Insured), 5.00%, due 12/1/2033		559,342
	1,400,000	Cook Co. Sch. Dist. No. 144 Prairie Hills G.O. (Ltd. Sch.), Ser. 2010-A, (AGM Insured), 5.25%, due 12/1/2027 Pre-Refunded 12/1/2020		1,460,214
	1,000,000	Cook Co. Sch. Dist. No. 83 G.O. (Ref. Sch.), Ser. 2011-D, 5.13%, due 12/1/2030 Pre-Refunded 12/1/2021		1,079,760
	750,000	Dekalb Kane LaSalle Cos. Comm. College Dist. No. 523 G.O., Ser. 2011-B, 0.00%, due 2/1/2025		579,180
	1,085,000	Illinois Fin. Au. Rev. (LOC Gov't Prog.-Brookfield Lagrange Park Sch. Dist. No. 95 Proj.), Ser. 2018, 4.00%, due 12/1/2038		1,186,578
		Illinois Fin. Au. Rev. (LOC Gov't Prog.-E Prairie Sch. Dist. No. 73 Proj.)
	1,065,000	Ser. 2018, (BAM Insured), 5.00%, due 12/1/2029		1,313,507
	485,000	Ser. 2018, (BAM Insured), 4.00%, due 12/1/2042		527,859
		Illinois St. Fin. Au. Rev. (Downers Grove Comm. High Sch. Dist. No. 99 Proj.)
	1,000,000	Ser. 2019, 4.00%, due 12/15/2030		1,171,730
	1,000,000	Ser. 2019, 4.00%, due 12/15/2031		1,159,100

See Notes to Financial Statements

130

Schedule of Investments Municipal Intermediate Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
		Illinois St. G.O.
$	250,000	Ser. 2017-D, 5.00%, due 11/1/2026	$	284,090
	2,000,000	Ser. 2017-D, 5.00%, due 11/1/2028		2,287,840
	125,000	Illinois St. G.O. Ref., Ser. 2010, 5.00%, due 1/1/2020		125,595
	500,000	Sales Tax Securitization Corp. Rev. Ref., Ser. 2017-A, 5.00%, due 1/1/2028		600,490
		So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.)
	500,000	Ser. 2014-A1, (BAM Insured), 4.00%, due 2/15/2026		540,050
	500,000	Ser. 2014-A1, (BAM Insured), 5.00%, due 2/15/2027		559,200
		Springfield G.O.
	950,000	Ser. 2014, 4.25%, due 12/1/2027		1,039,310
	665,000	Ser. 2014, 5.00%, due 12/1/2028		764,271
				15,238,116
Indiana 0.3%
	500,000	Indiana St. Muni. Pwr. Agcy. Ref. Rev., Ser. 2016-C, 5.00%, due 1/1/2027		609,580
Iowa 0.3%
	640,000	Iowa St. Fin. Au. Single Family Mtge. Rev. (Non Ace-Mtge.-Backed Sec. Prog.), Ser. 2017-C, (GNMA/FNMA/FHLMC Insured), 2.30%, due 1/1/2026		663,622
Kansas 1.7%
	500,000	Goddard Kansas Sales Tax Spec. Oblig. Rev. Ref. (Olympic Park Star Bond Proj.), Ser. 2019, 3.60%, due 6/1/2030		494,380	^(a)
		Wichita City Sales Tax. Spec. Oblig. Rev. (River Dist. Stadium Star Bond Proj.)
	305,000	Ser. 2018, 5.00%, due 9/1/2025		364,701
	1,000,000	Ser. 2018, 5.00%, due 9/1/2027		1,248,780
	1,245,000	Wyandotte Co. - Kansas City Unified Gov't Utils. Sys. Rev. (Impt.), Ser. 2012-B, 5.00%, due 9/1/2032		1,358,295
				3,466,156
Kentucky 0.8%
	1,470,000	Laurel Co. Judicial Ctr. Pub. Properties Corp. Ref. Rev. (Justice Center Proj.), Ser. 2015, 4.00%, due 3/1/2024		1,610,517
Louisiana 0.1%
	145,000	Monroe Sales & Use Tax Ref. Rev., Ser. 2012, 4.00%, due 7/1/2023		151,028
Maryland 4.7%
	2,645,000	Anne Arundel Co. G.O., Ser. 2018, 5.00%, due 10/1/2023		3,032,307
	250,000	Baltimore Spec. Oblig. Ref. Rev. Sr. Lien (Harbor Point Proj.), Ser. 2019-A, 3.63%, due 6/1/2046		251,203	^(b)
	2,500,000	Maryland St. Dept. of Trans. Ref. Rev. Ref., Ser. 2016, 4.00%, due 9/1/2025		2,877,450
	3,060,000	Maryland St. G.O. (Local Fac. Loan), Ser. 2013-A, 4.00%, due 8/1/2025		3,209,389
				9,370,349
Massachusetts 2.4%
	230,000	Boston Wtr. & Swr. Commission Rev., Ser. 1993-A, (National Public Finance Guarantee Corp. Insured), 5.25%, due 11/1/2019		230,000
	775,000	Massachusetts Dev. Fin. Agcy. Rev. Ref., Ser. 2019-A, 5.00%, due 7/1/2031		950,018

See Notes to Financial Statements

131

Schedule of Investments Municipal Intermediate Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	400,000	Massachusetts St. Dev. Fin. Agcy. Rev. (CareGroup Obligated Group), Ser. 2018-J2, 5.00%, due 7/1/2053	$	469,944
	2,890,000	Massachusetts St. Sch. Bldg. Au. Sales Tax Rev., Ser. 2011-B, 5.00%, due 10/15/2035		3,093,370
				4,743,332
Michigan 1.5%
	1,000,000	Detroit Downtown Dev. Au. Tax Increment Rev. Ref. (Catalyst Dev. Proj.), Ser. 2018-A, (AGM Insured), 5.00%, due 7/1/2029		1,133,140
	1,830,000	Michigan St. Hsg. Dev. Au. Rev., Ser. 2016-B, 2.30%, due 6/1/2025		1,898,753
				3,031,893
Minnesota 0.9%
	550,000	Minnesota St. G.O., Ser. 2015-A, 5.00%, due 8/1/2029		658,240
	1,000,000	St. Paul Hsg. & Redev. Au. Hlth. Care Rev. Ref. (Fairview Hlth. Svcs. Obligated Group), Ser. 2017-A, 4.00%, due 11/15/2043		1,094,500
				1,752,740
Mississippi 3.3%
	1,250,000	Mississippi Dev. Bank Spec. Oblig. (Madison Co. Hwy. Proj.), Ser. 2013-C, 5.00%, due 1/1/2027		1,534,862
	1,325,000	Mississippi St. G.O. Ref., Ser. 2015-C, 5.00%, due 10/1/2026		1,597,049
	2,100,000	Warren Co. Gulf Opportunity Zone Rev. Ref. (Int'l Paper Co. Proj.), Ser. 2018, 2.90%, due 9/1/2032 Putable 9/1/2023		2,189,964
	1,000,000	West Rankin Utils. Au. Rev., Ser. 2018, (AGM Insured), 5.00%, due 1/1/2043		1,172,730
				6,494,605
Missouri 2.0%
	2,000,000	Missouri St. Hlth. & Ed. Facs. Au. Hlth. Fac. Rev. Ref. (SSM Hlth. Care Oblig.), Ser. 2018-C, 5.00%, due 6/1/2036 Putable 6/1/2023		2,194,120
		Missouri St. Hsg. Dev. Commission Single Family Mtge. Rev. (Non-AMT Spec. Homeownership Loan Prog.)
	770,000	Ser. 2014-A,(GNMA/FNMA/FHLMC Insured), 3.80%, due 11/1/2034		814,044
	895,000	Ser. 2014-A,(GNMA/FNMA/FHLMC Insured), 4.00%, due 11/1/2039		941,549
				3,949,713
New Jersey 4.1%
	1,000,000	New Jersey Econ. Dev. Au. Rev., Ser. 2017-DDD, 5.00%, due 6/15/2042		1,125,780
	1,130,000	New Jersey Hlth. Care Fac. Fin. Au. Rev. (Inspira Hlth. Obligated Group), Ser. 2017-A, 5.00%, due 7/1/2029		1,384,646
	1,500,000	New Jersey Hlth. Care Facs. Fin. Au. Contract Rev. Ref. (Hosp. Asset Trans. Prog.), Ser. 2017, 5.00%, due 10/1/2028		1,784,025
	1,000,000	New Jersey Hlth. Care Facs. Fin. Au. Contract Rev. Ref. (Princeton Hlth. Care Sys.), Ser. 2017, 5.00%, due 10/1/2026		1,179,920
		New Jersey St. Trans. Trust Fund Au.
	600,000	Ser. 2019-BB, 5.00%, due 6/15/2029		717,810
	500,000	Ser. 2019-BB, 4.00%, due 6/15/2050		519,395
	1,000,000	New Jersey St. Trans. Trust Fund Au. Trans. Sys. Rev. Ref, Ser. 2018-A, 5.00%, due 12/15/2032		1,173,390
	295,000	Union Co. Imp. Au. Rev. (Correctional Fac. Proj.), Ser. 2013, 4.00%, due 6/15/2023		322,234
				8,207,200

See Notes to Financial Statements

132

Schedule of Investments Municipal Intermediate Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
New York 11.4%
$	390,000	Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy & Hlth. Sciences), Ser. 2014-A, 5.00%, due 12/1/2026	$	451,682
	650,000	Albany Co. G.O., Ser. 2012-B, 4.00%, due 11/1/2022 Pre-Refunded 11/1/2020		669,000
	1,140,000	Hempstead Town Local Dev. Corp. Rev. Ref. (Molloy College Proj.), Ser. 2017, 5.00%, due 7/1/2029		1,376,083
		Long Beach, G.O.
	335,000	Ser. 2014-A, (BAM Insured), 4.00%, due 11/15/2021		352,929
	520,000	Ser. 2014-A, (BAM Insured), 4.00%, due 11/15/2023		571,953
	1,000,000	Monroe Co. G.O. (Pub. Imp.), Ser. 2019-A, (BAM Insured), 4.00%, due 6/1/2028		1,156,440
	505,000	MTA Hudson Rail Yards Trust Oblig. Rev., Ser. 2016-A, 5.00%, due 11/15/2046		505,838
	500,000	New Paltz Central Sch. Dist. G.O., Ser. 2019, 4.00%, due 2/15/2029		589,470
	4,000,000	New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev. Ref., Ser. 2011-AA, 5.00%, due 6/15/2033		4,230,080	^(c)
		New York City Transitional Fin. Au. Rev. (Future Tax Secured)
	1,850,000	Subser. 2016-A-1, 4.00%, due 5/1/2031		2,101,951
	3,300,000	Subser. 2018-B-4, (LOC: JP Morgan Chase Bank N.A.), 1.35%, due 8/1/2042		3,300,000	^(d)
		New York City Trust for Cultural Res. Rev. Ref. (Carnegie Hall)
	310,000	Ser. 2019, 5.00%, due 12/1/2037		396,788
	600,000	Ser. 2019, 5.00%, due 12/1/2038		765,924
	300,000	Ser. 2019, 5.00%, due 12/1/2039		381,954
	800,000	New York St. Dorm. Au. Personal Income Tax Rev., Ser. 2014-C, 5.00%, due 3/15/2025		928,528
	125,000	New York St. Dorm. Au. Personal Income Tax Rev. Ref., Ser. 2015-E, 5.00%, due 3/15/2026		150,783
	900,000	New York St. Dorm. Au. Sales Tax Rev., Ser. 2013-A, 5.00%, due 3/15/2028		1,012,779
		Oneida Co. Local Dev. Corp. Rev. Ref. (Mohawk Valley Hlth. Sys. Proj.)
	2,250,000	Ser. 2019-A, (AGM Insured), 3.00%, due 12/1/2044		2,191,590	^(a)
	500,000	Ser. 2019-A, (AGM Insured), 4.00%, due 12/1/2049		548,015	^(a)
	1,000,000	Utils. Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/2028		1,152,000
				22,833,787
Ohio 1.3%
	1,515,000	Dayton Metro Library G.O. (Library Impt.), Ser. 2013-A, 5.00%, due 12/1/2028		1,629,746
	1,000,000	Ohio St. Air Quality Dev. Au. Rev. (American Elec. Pwr. Co. Proj.), Ser. 2014-A, 2.40%, due 12/1/2038 Putable 10/1/2029		1,012,910
				2,642,656
Oklahoma 2.4%
	2,000,000	Carter Co. Pub. Fac. Au. Ed. Fac. Lease Rev., Ser. 2018, 5.00%, due 9/1/2029		2,467,760
	455,000	Cleveland Co. Ed. Facs. Au. Lease Rev. Ref. (Noble Pub. Sch. Proj.), Ser. 2017, 5.00%, due 9/1/2031		544,203
	1,500,000	Weatherford Ind. Trust Ed. Fac. Lease Rev. (Weatherford Pub. Sch. Proj.), Ser. 2019, 5.00%, due 3/1/2033		1,840,350
				4,852,313
Oregon 0.8%
	1,485,000	Multnomah Co. Sch. Dist. # 3 Park Rose G.O., Ser. 2011-A, 5.00%, due 6/30/2031 Pre-Refunded 6/30/2021		1,576,699
Pennsylvania 9.1%
	2,675,000	Allegheny Co. Hosp. Dev. Au. Rev. Ref. (Univ. Pittsburgh Med. Ctr.), Ser. 2019-A, 5.00%, due 7/15/2029		3,423,813

See Notes to Financial Statements

133

Schedule of Investments Municipal Intermediate Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
		Lackawanna Co. Ind. Dev. Au. Rev. Ref. (Univ. of Scranton)
$	940,000	Ser. 2017, 5.00%, due 11/1/2028	$	1,143,125
	600,000	Ser. 2017, 5.00%, due 11/1/2029		727,080
	500,000	Ser. 2017, 5.00%, due 11/1/2030		602,470
		Luzerne Co. G.O. Ref
	500,000	Ser. 2017-A, (AGM Insured), 5.00%, due 12/15/2025		588,630
	500,000	Ser. 2017-A, (AGM Insured), 5.00%, due 12/15/2026		598,880
	400,000	Ser. 2017-A, (AGM Insured), 5.00%, due 12/15/2027		485,128
	300,000	Ser. 2017-B, (AGM Insured), 5.00%, due 12/15/2025		353,178
	170,000	Ser. 2017-B, (AGM Insured), 5.00%, due 12/15/2026		203,619
		Luzerne Co. Ind. Dev. Au. Lease Rev. Ref. Gtd.
	550,000	Ser. 2017, (AGM Insured), 5.00%, due 12/15/2025		641,619
	525,000	Ser. 2017, (AGM Insured), 5.00%, due 12/15/2026		608,548
	250,000	Ser. 2017, (AGM Insured), 5.00%, due 12/15/2027		288,445
	1,000,000	Pennsylvania St. G.O., Ser. 2015, 5.00%, due 3/15/2029		1,170,650
	225,000	Pennsylvania St. Ref. G.O., Ser. 2016, 5.00%, due 9/15/2026		275,074
	2,065,000	Pennsylvania St. Turnpike Commission Rev. Ref., Ser. 2016, 5.00%, due 6/1/2027		2,460,716
		Pennsylvania St. Turnpike Commission Turnpike Rev.
	400,000	Subser. 2019-A, 5.00%, due 12/1/2033		500,028
	1,000,000	Subser. 2019-A, 4.00%, due 12/1/2049		1,092,430
	2,100,000	Philadelphia Hosp. & Higher Ed. Facs. Au. Rev. Ref. (Children's Hosp.), Ser. 2005-A, (LOC: Wells Fargo Bank N.A.), 1.30%, due 2/15/2021		2,100,000	^(d)
	750,000	Southeastern Trans. Au. Rev. Ref., Ser. 2017, 5.00%, due 3/1/2028		943,717
				18,207,150
Rhode Island 3.1%
	500,000	Providence Redev. Agcy. Ref. Rev., Ser. 2015-A, 5.00%, due 4/1/2022		535,610
		Rhode Island Commerce Corp. Spec. Fac. Rev. Ref. (1st Lien - Rhode Island Arpt. Corp. Int'l Fac. Proj.)
	1,170,000	Ser. 2018, 5.00%, due 7/1/2028		1,437,591
	645,000	Ser. 2018, (BAM-TCRS Insured), 5.00%, due 7/1/2034		775,600
		Rhode Island St. Hlth. & Ed. Bldg. Corp. Pub. Sch. Rev. Ref.
	500,000	Ser. 2017-A, (AGM Insured), 5.00%, due 5/15/2024		578,185
	400,000	Ser. 2017-A, (AGM Insured), 5.00%, due 5/15/2025		472,828
	625,000	Rhode Island St. Hlth. & Ed. Bldg. Corp. Rev. (Providence Pub. Sch. Prog.), Ser. 2013-A, 5.00%, due 5/15/2022		679,431
	1,505,000	Rhode Island St. Hsg. & Mtge. Fin. Corp. Ref. Rev. (Home Funding), Ser. 2012-5, (GNMA/FNMA/FHLMC Insured), 3.35%, due 10/1/2033		1,542,459
	200,000	Rhode Island St. Std. Loan Au. Std. Loan Rev. (Sr. Prog.), Ser. 2010-A, 4.40%, due 12/1/2019		200,600
				6,222,304
South Carolina 1.2%
	100,000	South Carolina Jobs Econ. Dev. Au. Econ. Dev. Rev. (River Park Sr. Living Proj.), Ser. 2017-A, 7.75%, due 10/1/2057		102,864
	2,000,000	South Carolina St. Pub. Svc. Au. Oblig. Rev. Ref., Ser. 2014-C, 5.00%, due 12/1/2028		2,320,620
				2,423,484
Tennessee 2.2%
	700,000	Greeneville Hlth. & Ed. Facs. Board Hosp. Rev. Ref. (Ballad Hlth. Obligated Group), Ser. 2018-A, 5.00%, due 7/1/2032		778,603
	1,500,000	Tennessee St. Energy Acquisition Corp. Gas Rev., Ser. 2018, 4.00%, due 11/1/2049 Putable 11/1/2025		1,654,395

See Notes to Financial Statements

134

Schedule of Investments Municipal Intermediate Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	1,505,000	Tennessee St. G.O., Ser. 2019-A, 5.00%, due 9/1/2035	$	1,867,419
				4,300,417
Texas 8.1%
	1,650,000	Bexar Co. G.O. (Cert. Oblig.), Ser. 2013-B, 5.00%, due 6/15/2022		1,811,172
	2,700,000	Dallas Co. G.O. (Cert. Oblig.), Ser. 2016, 5.00%, due 8/15/2023		3,076,461
	400,000	Gulf Coast Waste Disp. Au. Rev. (Bayport Area Sys.), Ser. 2013, (AGM Insured), 3.00%, due 10/1/2026		415,036
	600,000	Houston Wtr. & Swr. Sys. Jr. Lien Ref. Rev., Ser. 2001-B, (National Public Finance Guarantee Corp. Insured), 5.50%, due 12/1/2024		694,812
	1,250,000	La Joya Independent Sch. Dist. Ref. G.O., Ser. 2013, (PSF-GTD Insured), 5.00%, due 2/15/2033		1,548,475
	1,250,000	Laredo Independent Sch. Dist. G.O. (Sch. Bldg.), Ser. 2013, 5.00%, due 8/1/2027		1,407,400
		New Hope Cultural Ed. Facs. Fin. Corp. Std. Hsg. Rev. (Collegiate Hsg. College Sta. I LLC)
	160,000	Ser. 2014-A, (AGM Insured), 4.00%, due 4/1/2020		161,429
	200,000	Ser. 2014-A, (AGM Insured), 4.00%, due 4/1/2021		206,174
	200,000	Ser. 2014-A, (AGM Insured), 4.00%, due 4/1/2022		210,578
	125,000	Ser. 2014-A, (AGM Insured), 4.00%, due 4/1/2023		134,183
	220,000	Ser. 2014-A, (AGM Insured), 4.00%, due 4/1/2024		240,517
	1,900,000	North Tollway Au. First Tier Rev. Ref., Ser. 2017-A, 5.00%, due 1/1/2043		2,275,991
	1,290,000	Pampa Independent Sch. Dist. G.O. Ref., Ser. 2016, (PSF-GTD Insured), 5.00%, due 8/15/2032		1,520,665
	700,000	Prosper Independent Sch. Dist. G.O. (Sch. Bldg.), Ser. 2019, (PSF-GTD Insured), 5.00%, due 2/15/2030		903,203
	1,420,000	Southwest Independent Sch. Dist. G.O. (Sch. Bldg.), Ser. 2013, (PSF-GTD Insured), 5.00%, due 2/1/2026		1,534,267
	50,000	Texas Pub. Fin. Au. Rev. (So. Univ. Fin. Sys.), Ser. 2013, (BAM Insured), 5.00%, due 11/1/2020		51,646
				16,192,009
Utah 1.7%
		Midvale Redev. Agcy. Tax Increment & Sales Tax Rev.
	660,000	Ser. 2018, 5.00%, due 5/1/2032		810,922
	695,000	Ser. 2018, 5.00%, due 5/1/2033		851,667
	380,000	Ser. 2018, 5.00%, due 5/1/2034		464,619
	200,000	Utah Infrastructure Agcy. Telecommunication Rev., Ser. 2019, 4.00%, due 10/15/2036		211,066	^(a)
	990,000	Weber Co. Spec. Assessment (Summit Mountain Assessment Area), Ser. 2013, 5.50%, due 1/15/2028		1,117,591
				3,455,865
Vermont 0.4%
	685,000	Burlington Elec. Sys. Rev., Ser. 2014-A, (AGM Insured), 3.63%, due 7/1/2029		736,402
Virginia 1.2%
	2,000,000	Henrico Co. Wtr. & Swr. Ref. Rev., Ser. 2016, 5.00%, due 5/1/2027		2,461,360
Washington 3.4%
		Kent Ref. G.O.
	900,000	Ser. 2016, 4.00%, due 12/1/2029		1,030,491
	1,000,000	Ser. 2016, 4.00%, due 12/1/2030		1,133,590

See Notes to Financial Statements

135

Schedule of Investments Municipal Intermediate Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
		North Thurston Pub. Sch. G.O.
$	215,000	Ser. 2016, 4.00%, due 12/1/2028	$	247,366
	250,000	Ser. 2016, 4.00%, due 12/1/2029		285,580
	375,000	Ser. 2016, 4.00%, due 12/1/2030		425,344
		Washington St. Hlth. Care Fac. Au. Rev. Ref. (Virginia Mason Med. Ctr.)
	15,000	Ser. 2017, 5.00%, due 8/15/2025		17,330
	1,045,000	Ser. 2017, 5.00%, due 8/15/2026		1,225,388
	320,000	Washington St. Ref. G.O., Ser. 2016-B, 5.00%, due 7/1/2026		389,165
		Whitman Co. Sch. Dist. No. 267 Pullman G.O.
	800,000	Ser. 2016, 4.00%, due 12/1/2029		907,992
	975,000	Ser. 2016, 4.00%, due 12/1/2030		1,102,023
				6,764,269
West Virginia 0.4%
	700,000	West Virginia Hosp. Fin. Au. Rev. Ref. (Cabell Huntington Hosp. Obligated Group), Ser. 2018-A, 5.00%, due 1/1/2029		869,218
Wisconsin 2.4%
	2,650,000	Cedarburg Sch. Dist. G.O., Ser. 2019, 4.00%, due 3/1/2032		3,014,349
	470,000	Pub. Fin. Au. Lease Dev. Rev. (Central Dist. Dev. Proj.), Ser. 2016, 5.00%, due 3/1/2032		556,917
	200,000	Pub. Fin. Au. Retirement Fac. Rev. Ref. (Friends Homes), Ser. 2019, 5.00%, due 9/1/2054		218,430	^(b)
	1,000,000	Wisconsin St. Hlth. & Ed. Facs. Au. Rev. Ref. (Ascension Health Credit Group), Ser. 2016-A, 4.00%, due 11/15/2039		1,092,240
				4,881,936
		Total Investments 100.7% (Cost $194,295,897)		201,438,538
		Liabilities Less Other Assets (0.7)%		(1,440,919	)
		Net Assets 100.0%	$	199,997,619

(a) When-issued security. Total value of all such securities at October 31, 2019, amounted to $3,445,051, which represents 1.7% of net assets of the Fund.

(b) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At October 31, 2019, these securities amounted to $469,633, which represents 0.2% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(c) All or a portion of this security is segregated in connection with obligations for when-issued securities with a total value of $4,230,080.

See Notes to Financial Statements

136

Schedule of Investments Municipal Intermediate Bond Fund^ (cont'd)

(d) Variable rate demand obligation where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate generally resets daily or weekly and is determined by the remarketing agent. The rate shown represents the rate in effect at October 31, 2019.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2019:

Asset Valuation Inputs

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Notes^(a)	$	—	$	201,438,538	$	—	$	201,438,538
Total Investments	$	—	$	201,438,538	$	—	$	201,438,538

(a) The Schedule of Investments provides a categorization by state/territory for the portfolio.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

137

Schedule of Investments Short Duration Bond Fund^ October 31, 2019

PRINCIPAL AMOUNT			VALUE
U.S. Treasury Obligations 0.7%
$	565,000	U.S. Treasury Notes, 1.38%, due 10/15/2022 (Cost $562,552)	$	562,727
Mortgage-Backed Securities 36.7%
Collateralized Mortgage Obligations 8.3%
	716,798	Angel Oak Mortgage Trust I LLC, Ser. 2019-1, Class A1, 3.92%, due 11/25/2048		727,136	^(a)(b)
		Fannie Mae Connecticut Avenue Securities
	975,711	Ser. 2019-R04, Class 2M1, (1M USD LIBOR + 0.75%), 2.57%, due 6/25/2039		976,135	^(a)(c)
	982,468	Ser. 2019-R05, Class 1M1, (1M USD LIBOR + 0.75%), 2.57%, due 7/25/2039		982,754	^(a)(c)
		Freddie Mac Structured Agency Credit Risk Debt Notes
	350,000	Ser. 2017-HQA3, Class M2, (1M USD LIBOR + 2.35%), 4.17%, due 4/25/2030		354,637	^(c)
	801,668	Ser. 2018-HQA2, Class M1, (1M USD LIBOR + 0.75%), 2.57%, due 10/25/2048		802,407	^(a)(c)
	1,000,000	Ser. 2019-HQA3, Class M1, (1M USD LIBOR + 0.75%), 2.57%, due 9/25/2049		1,000,503	^(a)(c)
	978,522	GCAT Trust, Ser. 2019-NQM2, Class A1, 2.86%, due 9/25/2059		981,534	^(a)(d)
	47,278	Harborview Mortgage Loan Trust, Ser. 2004-4, Class 3A, (1M USD LIBOR + 1.13%), 3.16%, due 6/19/2034		46,996	^(c)
	991,863	Starwood Mortgage Residential Trust, Ser. 2019-INV1, Class A1, 2.61%, due 8/25/2049		990,029	^(a)(b)
				6,862,131
Commercial Mortgage-Backed 26.4%
	387,231	BBCMS Mortgage Trust, Ser. 2017-C1, Class A1, 2.01%, due 2/15/2050		386,210
	981,598	BX Commercial Mortgage Trust, Ser. 2018-IND, Class A, (1M USD LIBOR + 0.75%), 2.66%, due 11/15/2035		980,678	^(a)(c)
		CD Mortgage Trust
	439,753	Ser. 2016-CD1, Class A1, 1.44%, due 8/10/2049		437,061
	262,129	Ser. 2017-CD3, Class A1, 1.97%, due 2/10/2050		261,896
	585,515	Ser. 2017-CD5, Class A1, 2.03%, due 8/15/2050		585,205
		Citigroup Commercial Mortgage Trust
	423,768	Ser. 2016-C2, Class A1, 1.50%, due 8/10/2049		421,170
	904,845	Ser. 2018-C5, Class A1, 3.13%, due 6/10/2051		921,503
		Commercial Mortgage Trust
	417,487	Ser. 2012-CR3, Class ASB, 2.37%, due 10/15/2045		418,905
	45,389	Ser. 2015-CR25, Class A1, 1.74%, due 8/10/2048		45,329
	247,569	Ser. 2016-CR28, Class A1, 1.77%, due 2/10/2049		246,883
	5,707,628	Ser. 2014-UBS6, Class XA, 0.92%, due 12/10/2047		207,168	^(b)(e)
	1,000,000	Ser. 2012 -CR4, Class AM, 3.25%, due 10/15/2045		1,004,598
	1,000,000	Ser. 2013-LC6, Class B, 3.74%, due 1/10/2046		1,036,636
	1,446,186	Ser. 2014-UBS3, Class XA, 1.09%, due 6/10/2047		61,125	^(b)(e)
	692,403	CSAIL Commercial Mortgage Trust, Ser. 2017-CX10, Class A1, 2.23%, due 11/15/2050		693,329
	362,072	DBJPM Mortgage Trust, Ser. 2016-C3, Class A1, 1.50%, due 8/10/2049		360,032
	1,460,849	DBUBS Mortgage Trust, Ser. 2011-LC1A, Class A3, 5.00%, due 11/10/2046		1,489,396	^(a)
	1,024,989	Four Times Square Trust Commercial Mortgage Pass-Through Certificates, Ser. 2006-4TS, Class A, 5.40%, due 12/13/2028		1,055,098	^(a)
		Freddie Mac Multifamily Structured Pass Through Certificates
	5,962,656	Ser. KW03, Class X1, 0.84%, due 6/25/2027		294,899	^(b)(e)
	3,432,360	Ser. K095, Class X1, 0.95%, due 6/25/2029		260,049	^(b)(e)
	5,299,341	Ser. K096, Class X1, 1.26%, due 7/25/2029		491,088	^(b)(e)
	4,100,000	Ser. K098, Class XAM, 1.52%, due 8/25/2029		492,516	^(b)(e)
	100,000	Great Wolf Trust, Ser. 2017, Class A, (1M USD LIBOR + 0.85%), 2.76%, due 9/15/2034		99,968	^(a)(c)

See Notes to Financial Statements

138

Schedule of Investments Short Duration Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
		GS Mortgage Securities Trust
$	730,000	Ser. 2010-C1, Class B, 5.15%, due 8/10/2043	$	739,500	^(a)
	500,000	Ser. 2012-GCJ7, Class B, 4.74%, due 5/10/2045		522,546
	100,000	Ser. 2014-GC18, Class AS, 4.38%, due 1/10/2047		106,132
	100,440	Ser. 2015-GS1, Class A1, 1.94%, due 11/10/2048		100,180
	1,017,672	Ladder Capital Commercial Mortgage Securities LLC, Ser. 2017-LC26, Class A1, 1.98%, due 7/12/2050		1,015,529	^(a)
	588,134	Morgan Stanley Bank of America Merrill Lynch Trust, Ser. 2017-C33, Class A1, 2.03%, due 5/15/2050		587,697
	253,383	SG Commercial Mortgage Securities Trust, Ser. 2016-C5, Class A1, 1.35%, due 10/10/2048		251,761
		Wells Fargo Commercial Mortgage Trust
	1,000,000	Ser. 2012-LC5, Class C, 4.69%, due 10/15/2045		1,051,192	^(b)
	100,696	Ser. 2015-P2, Class A1, 1.97%, due 12/15/2048		100,545
	559,476	Ser. 2016-NXS6, Class A1, 1.42%, due 11/15/2049		555,991
	692,347	Ser. 2017-C39, Class A1, 1.98%, due 9/15/2050		691,192
	1,450,609	Ser. 2018-C45, Class A1, 3.13%, due 6/15/2051		1,478,373
	4,099,650	Ser. 2019-C52, Class XA, 1.62%, due 8/15/2052		490,093	^(b)(e)
	156,093	Ser. 2015-LC22, Class A1, 1.64%, due 9/15/2058		155,719
	236,515	Ser. 2016-NXS5, Class A1, 1.56%, due 1/15/2059		235,826
	319,405	Ser. 2016-C32, Class A1, 1.58%, due 1/15/2059		318,273
	1,000,000	WF-RBS Commercial Mortgage Trust, Ser. 2011-C2, Class C, 5.39%, due 2/15/2044		1,025,733	^(a)(b)
				21,677,024
Fannie Mae 1.1%
		Pass-Through Certificates
	180,448	3.50%, due 10/1/2025		186,829
	432,707	3.00%, due 9/1/2027		444,411
	271,266	4.50%, due 4/1/2039 – 5/1/2044		291,391
				922,631
Freddie Mac 0.9%
		Pass-Through Certificates
	215,688	3.50%, due 5/1/2026		223,447
	300,813	3.00%, due 1/1/2027		309,575
	198,228	4.50%, due 11/1/2039		214,910
				747,932
		Total Mortgage-Backed Securities (Cost $30,129,205)		30,209,718
Corporate Bonds 56.7%
Aerospace & Defense 2.2%
	650,000	General Dynamics Corp., (3M USD LIBOR + 0.38%), 2.56%, due 5/11/2021		653,080	^(c)
	150,000	TransDigm, Inc., 6.25%, due 3/15/2026		160,688	^(a)
	1,000,000	United Technologies Corp., (3M USD LIBOR + 0.35%), 2.60%, due 11/1/2019		1,000,000	^(c)
				1,813,768
Agriculture 2.6%
	850,000	BAT Capital Corp., (3M USD LIBOR + 0.88%), 3.04%, due 8/15/2022		854,220	^(c)
	1,250,000	Imperial Tobacco Finance, 3.75%, due 7/21/2022		1,289,305	^(a)
				2,143,525

See Notes to Financial Statements

139

Schedule of Investments Short Duration Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Auto Manufacturers 1.8%
$	705,000	Daimler Finance N.A. LLC, (3M USD LIBOR + 0.90%), 3.06%, due 2/15/2022	$	709,519	^(a)(c)
	810,000	Harley-Davidson Financial Services, Inc., (3M USD LIBOR + 0.50%), 2.65%, due 5/21/2020		810,483	^(a)(c)
				1,520,002
Banks 16.3%
	1,675,000	Bank of America Corp., (3M USD LIBOR + 0.65%), 2.76%, due 6/25/2022		1,683,146	^(c)
	2,150,000	Citigroup, Inc., (3M USD LIBOR + 0.96%), 2.90%, due 4/25/2022		2,176,581	^(c)
		Goldman Sachs Group, Inc.
	700,000	(3M USD LIBOR + 0.78%), 2.71%, due 10/31/2022		703,374	^(c)
	1,115,000	(3M USD LIBOR + 1.11%), 3.05%, due 4/26/2022		1,126,502	^(c)
	850,000	HSBC Holdings PLC, (3M USD LIBOR + 0.60%), 2.72%, due 5/18/2021		850,842	^(c)
	1,820,000	JPMorgan Chase & Co., (3M USD LIBOR + 0.61%), 2.76%, due 6/18/2022		1,826,024	^(c)
	2,000,000	Morgan Stanley, (3M USD LIBOR + 0.93%), 2.88%, due 7/22/2022		2,018,090	^(c)
	1,235,000	Santander UK PLC, 2.50%, due 1/5/2021		1,242,069
	795,000	Sumitomo Mitsui Banking Corp., 2.51%, due 1/17/2020		795,874
	195,000	Wells Fargo & Co., (3M USD LIBOR + 0.93%), 3.11%, due 2/11/2022		196,280	^(c)
	805,000	Wells Fargo Bank N.A., (3M USD LIBOR + 0.66%), 2.80%, due 9/9/2022		807,913	^(c)
				13,426,695
Beverages 2.5%
	1,023,000	Anheuser-Busch InBev Worldwide, Inc., 4.38%, due 2/15/2021		1,052,088
	1,000,000	Diageo Capital PLC, (3M USD LIBOR + 0.24%), 2.36%, due 5/18/2020		1,000,728	^(c)
				2,052,816
Commercial Services 1.2%
	230,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25%, due 3/15/2025		234,600	^(a)
	735,000	ERAC USA Finance LLC, 5.25%, due 10/1/2020		757,201	^(a)
				991,801
Diversified Financial Services 5.2%
	1,525,000	American Express Co., (3M USD LIBOR + 0.62%), 2.76%, due 5/20/2022		1,532,141	^(c)
	895,000	Avolon Holdings Funding Ltd., 3.63%, due 5/1/2022		913,616	^(a)
	1,400,000	Capital One Financial Corp., (3M USD LIBOR + 0.95%), 3.05%, due 3/9/2022		1,411,253	^(c)
	370,000	LPL Holdings, Inc., 5.75%, due 9/15/2025		383,875	^(a)
				4,240,885
Electric 1.7%
	1,060,000	Pennsylvania Electric Co., 5.20%, due 4/1/2020		1,073,141
	340,000	Talen Energy Supply LLC, 10.50%, due 1/15/2026		292,400	^(a)
				1,365,541
Electronics 0.1%
	80,000	ADT Corp., 4.13%, due 6/15/2023		81,200

See Notes to Financial Statements

140

Schedule of Investments Short Duration Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Entertainment 0.2%
$	80,000	Scientific Games Int'l, Inc., 5.00%, due 10/15/2025	$	82,400	^(a)
	80,000	Six Flags Entertainment Corp., 4.88%, due 7/31/2024		82,600	^(a)
				165,000
Healthcare - Services 0.5%
	390,000	Tenet Healthcare Corp., 4.63%, due 7/15/2024		401,700
Internet 0.4%
	310,000	Zayo Group LLC/Zayo Capital, Inc., 6.38%, due 5/15/2025		318,680
Lodging 0.1%
	80,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, due 5/30/2023		82,808	^(a)
Media 3.3%
	580,000	Comcast Corp., (3M USD LIBOR + 0.44%), 2.54%, due 10/1/2021		583,091	^(c)
	380,000	CSC Holdings LLC, 5.50%, due 5/15/2026		400,425	^(a)
	310,000	Cumulus Media New Holdings, Inc., 6.75%, due 7/1/2026		328,600	^(a)
	385,000	Fox Corp., 3.67%, due 1/25/2022		398,575	^(a)
	380,000	Gray Television, Inc., 5.13%, due 10/15/2024		393,775	^(a)
	70,000	iHeartCommunications, Inc., 6.38%, due 5/1/2026		75,338
	150,000	Sinclair Television Group, Inc., 5.88%, due 3/15/2026		156,562	^(a)
	380,000	Sirius XM Radio, Inc., 5.38%, due 7/15/2026		400,900	^(a)
				2,737,266
Miscellaneous Manufacturer 1.2%
	1,000,000	General Electric Capital Corp., (3M USD LIBOR + 0.62%), 2.63%, due 1/9/2020		999,736	^(c)
Oil & Gas 2.6%
	1,090,000	BP Capital Markets America, Inc., (3M USD LIBOR + 0.65%), 2.81%, due 9/19/2022		1,096,042	^(c)
	1,005,000	Occidental Petroleum Corp., (3M USD LIBOR + 1.25%), 3.44%, due 8/13/2021		1,011,362	^(c)
				2,107,404
Packaging & Containers 0.9%
	380,000	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 6.00%, due 2/15/2025		399,000	^(a)
	310,000	BWAY Holding Co., 5.50%, due 4/15/2024		318,912	^(a)
				717,912
Pharmaceuticals 3.2%
	1,235,000	AbbVie, Inc., 2.50%, due 5/14/2020		1,238,589
	1,000,000	Cigna Corp., (3M USD LIBOR + 0.65%), 2.79%, due 9/17/2021		1,000,160	^(c)
	380,000	Valeant Pharmaceuticals Int'l, Inc., 5.50%, due 11/1/2025		397,104	^(a)
				2,635,853

See Notes to Financial Statements

141

Schedule of Investments Short Duration Bond Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Pipelines 2.7%
$	230,000	Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, due 4/1/2025	$	237,475
	310,000	Genesis Energy L.P./Genesis Energy Finance Corp., 6.00%, due 5/15/2023		300,700
	1,435,000	MPLX L.P., (3M USD LIBOR + 0.90%), 3.00%, due 9/9/2021		1,440,496	^(c)
	320,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.50%, due 8/15/2022		286,400
				2,265,071
Real Estate 0.5%
	460,000	Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, due 6/1/2023		447,396	^(a)
Real Estate Investment Trusts 0.1%
	80,000	Iron Mountain U.S. Holdings, Inc., 5.38%, due 6/1/2026		83,000	^(a)
Retail 0.6%
	150,000	L Brands, Inc., 5.63%, due 10/15/2023		159,188
	310,000	Staples, Inc., 7.50%, due 4/15/2026		323,175	^(a)
				482,363
Semiconductors 2.1%
	1,725,000	Broadcom, Inc., 3.13%, due 4/15/2021		1,745,597	^(a)
Telecommunications 4.7%
	1,700,000	AT&T, Inc., (3M USD LIBOR + 0.95%), 2.95%, due 7/15/2021		1,717,340	^(c)
	340,000	CommScope, Inc., 5.50%, due 6/15/2024		321,725	^(a)
	70,000	Intelsat Jackson Holdings SA, 9.50%, due 9/30/2022		80,762	^(a)
	370,000	Numericable-SFR SA, 7.38%, due 5/1/2026		396,213	^(a)
	280,000	Sprint Corp., 7.88%, due 9/15/2023		309,050
	1,000,000	Verizon Communications, Inc., (3M USD LIBOR + 1.00%), 3.12%, due 3/16/2022		1,016,113	^(c)
				3,841,203
		Total Corporate Bonds (Cost $46,623,059)		46,667,222
Asset-Backed Securities 7.3%
	500,000	CIFC Funding Ltd., Ser. 2019-2A, Class D, (3M USD LIBOR + 3.60%), 5.60%, due 4/17/2030		488,181	^(a)(c)(f)
	38,632	Colony American Finance Ltd., Ser. 2016-1, Class A, 2.54%, due 6/15/2048		38,579	^(a)
		CoreVest American Finance Trust
	174,349	Ser. 2017-1, Class A, 2.97%, due 10/15/2049		175,790	^(a)
	100,000	Ser. 2017-1, Class B, 3.36%, due 10/15/2049		100,922	^(a)
	1,000,000	Dryden Senior Loan Fund, Ser. 2018-64A, Class D, (3M USD LIBOR + 2.65%), 4.65%, due 4/18/2031		917,744	^(a)(c)(f)
	82,254	Nissan Auto Receivables Owner Trust, Ser. 2016-C, Class A3, 1.18%, due 1/15/2021		82,164
	1,000,000	Octagon Investment Partners 43 Ltd., Ser. 2019-1A, Class D, (3M USD LIBOR + 3.90%), 5.99%, due 10/25/2032		975,306	^(a)(c)(f)
	1,000,000	PFS Financing Corp., Ser. 2019-B, Class A, (1M USD LIBOR + 0.55%), 2.47%, due 9/15/2023		1,000,108	^(a)(c)
	1,000,000	Prosper Marketplace Issuance Trust, Ser. 2019-4A, Class A, 2.48%, due 2/17/2026		999,920	^(a)(g)
	215,000	Verizon Owner Trust, Ser. 2019-A, Class A1A, 2.93%, due 9/20/2023		219,079
	1,000,000	Voya CLO Ltd., Ser. 2016-2A, Class CR, (3M USD LIBOR + 4.00%), 5.97%, due 7/19/2028		970,359	^(a)(c)(f)
		Total Asset-Backed Securities (Cost $6,063,170)		5,968,152

See Notes to Financial Statements

142

Schedule of Investments Short Duration Bond Fund^ (cont'd)

NUMBER OF SHARES			VALUE
Short-Term Investments 2.2%
Investment Companies 2.2%
	1,829,408	State Street Institutional U.S. Government Money Market Fund Premier Class, 1.75%^(h) (Cost $1,829,408)	$	1,829,408	⁽ⁱ⁾
		Total Investments 103.6% (Cost $85,207,394)		85,237,227
		Liabilities Less Other Assets (3.6)%		(2,959,359	)^(j)
		Net Assets 100.0%	$	82,277,868

(a) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At October 31, 2019, these securities amounted to $30,924,525, which represents 37.6% of net assets of the Fund. Securities denoted with (a) but without (f), if any, have been deemed by the investment manager to be liquid.

(b) Variable or floating rate security where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of October 31, 2019.

(c) Variable or floating rate security. The interest rate shown was the current rate as of October 31, 2019 and changes periodically.

(d) Step Bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown was the current rate as of October 31, 2019.

(e) Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.

(f) Illiquid security.

(g) When-issued security. Total value of all such securities at October 31, 2019, amounted to $999,920, which represents 1.2% of net assets of the Fund.

(h) Represents 7-day effective yield as of October 31, 2019.

(i) All or a portion of this security is segregated in connection with obligations for futures and when-issued securities with a total value of $1,829,408.

(j) Includes the impact of the Fund's open positions in derivatives at October 31, 2019.

See Notes to Financial Statements

143

Schedule of Investments Short Duration Bond Fund^ (cont'd)

Derivative Instruments

Futures contracts ("futures")

At October 31, 2019, open positions in futures for the Fund were as follows:

Long Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
12/2019		187	U.S. Treasury Note, 2 Year	$	40,317,492	$	(55,219	)
Total Long Positions				$	40,317,492	$	(55,219	)

Short Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
12/2019		9	U.S. Treasury Note, 10 Year	$	(1,172,672	)	$	13,078
Total Short Positions				$	(1,172,672	)	$	13,078
Total Futures							$	(42,141	)

At October 31, 2019, the Fund had $240,272 deposited in a segregated account to cover margin requirements on open futures.

For the year ended October 31, 2019, the average notional value of futures for the Fund was $22,922,630 for long positions and $(1,172,672) for short positions.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2019:

Asset Valuation Inputs

	Level 1		Level 2		Level 3		Total
Investments:
U.S. Treasury Obligations	$	—	$	562,727	$	—	$	562,727
Mortgage-Backed Securities^(a)		—		30,209,718		—		30,209,718
Corporate Bonds^(a)		—		46,667,222		—		46,667,222
Asset-Backed Securities		—		5,968,152		—		5,968,152
Short-Term Investments		—		1,829,408		—		1,829,408
Total Investments	$	—	$	85,237,227	$	—	$	85,237,227

(a) The Schedule of Investments provides information on the industry or sector categorization for the portfolio.

See Notes to Financial Statements

144

Schedule of Investments Short Duration Bond Fund^ (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of October 31, 2019:

Other Financial Instruments

	Level 1			Level 2		Level 3		Total
Futures^(a)
Assets	$	13,078		$	—	$	—	$	13,078
Liabilities		(55,219	)		—		—		(55,219	)
Total	$	(42,141	)	$	—	$	—	$	(42,141	)

(a) Futures are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

145

Schedule of Investments Short Duration High Income Fund^ October 31, 2019

PRINCIPAL AMOUNT			VALUE
Loan Assignments^(a) 8.9%
Aerospace & Defense 0.2%
$	55,000	MHI Holdings, LLC, Term Loan B, (1M USD LIBOR + 5.00%), 6.79%, due 9/21/2026	$	54,450	^(b)
Building & Development 0.8%
	84,778	Forterra Finance, LLC, Term Loan B, (1M USD LIBOR + 3.00%), 4.79%, due 10/25/2023		79,851	^(c)(d)
	103,366	Jeld-Wen Inc., First Lien Term Loan, (3M USD LIBOR + 2.00%), 4.10%, due 12/14/2024		103,081
	64,747	Realogy Group LLC, Term Loan B, (1M USD LIBOR + 2.25%), 4.07%, due 2/8/2025		61,267
				244,199
Business Equipment & Services 0.7%
	195,000	Prime Security Services Borrower, LLC, Term Loan B1, (1M USD LIBOR + 3.25%), 5.25%, due 9/23/2026		188,105
	36,970	West Corporation, Term Loan, (USD LIBOR + 4.00%), 5.93%, due 10/10/2024		30,671	^(e)
				218,776
Chemicals & Plastics 0.2%
	56,801	Starfruit Finco B.V., Term Loan B, (1M USD LIBOR + 3.25%), 5.19%, due 10/1/2025		55,323
Containers & Glass Products 0.7%
	78,775	Berlin Packaging LLC, First Lien Term Loan, (USD LIBOR + 3.00%), 5.00%, due 11/7/2025		76,412	^(e)
	157,423	BWAY Holding Company, Term Loan B, (3M USD LIBOR + 3.25%), 5.23%, due 4/3/2024		153,040
				229,452
Cosmetics - Toiletries 0.3%
	95,000	Sunshine Luxembourg VII S.a.r.l., First Lien Term Loan, (2M USD LIBOR + 4.25%), 6.35%, due 10/1/2026		95,040
Diversified Insurance 0.7%
		Hub International Limited
	35,000	Term Loan B, (USD LIBOR + 4.00%), due 4/25/2025		34,930	^(c)(d)
	99,572	Term Loan B, (3M USD LIBOR + 3.00%), 4.94%, due 4/25/2025		97,313	^(e)
due 12/31/2025 69,288		Sedgwick Claims Management Services, Inc., Term Loan B, (1M USD LIBOR + 3.25%), 5.04%,		67,156
				199,399
Drugs 1.0%
		Bausch Health Companies Inc.
	34,452	Term Loan B, (1M USD LIBOR + 3.00%), 4.92%, due 6/2/2025		34,564
	60,667	Term Loan B, (1M USD LIBOR + 2.75%), 4.67%, due 11/27/2025		60,717
	98,408	Endo Luxembourg Finance Company I S.a.r.l., Term Loan B, (1M USD LIBOR + 4.25%), 6.06%, due 4/29/2024		90,338
	39,792	Jaguar Holding Company II, Term Loan, (1M USD LIBOR + 2.50%), 4.29%, due 8/18/2022		39,693
	70,793	Parexel International Corporation, Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 9/27/2024		67,518
				292,830

See Notes to Financial Statements

146

Schedule of Investments Short Duration High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Electronics - Electrical 0.5%
$	39,808	Epicor Software Corporation, First Lien Term Loan, (1M USD LIBOR + 3.25%), 5.04%, due 6/1/2022	$	39,659
	85,426	Rackspace Hosting, Inc., First Lien Term Loan, (3M USD LIBOR + 3.00%), 5.29%, due 11/3/2023		75,842
	39,778	Sophia, L.P., Term Loan B, (3M USD LIBOR + 3.25%), 5.35%, due 9/30/2022		39,728
				155,229
Health Care 0.3%
	109,096	Team Health Holdings, Inc., First Lien Term Loan, (1M USD LIBOR + 2.75%), 4.54%, due 2/6/2024		83,731
Leisure Goods - Activities - Movies 0.3%
	93,480	SeaWorld Parks & Entertainment, Inc., Term Loan B5, (1M USD LIBOR + 3.00%), 4.79%, due 3/31/2024		93,063
Lodging & Casinos 1.4%
	53,923	Boyd Gaming Corporation, Term Loan B3, (1W USD LIBOR + 2.25%), 3.96%, due 9/15/2023		53,940
	98,391	Caesars Resort Collection, LLC, First Lien Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 12/23/2024		96,864
	91,638	Eldorado Resorts LLC, Term Loan B, (USD LIBOR + 2.25%), 4.21%, due 4/17/2024		91,485	^(e)
		Mohegan Tribal Gaming Authority
	27,888	Term Loan A, (1M USD LIBOR + 3.75%), 5.54%, due 10/13/2021		26,912
	39,129	Term Loan B, (1M USD LIBOR + 4.00%), 5.79%, due 10/13/2023		36,133
	128,130	Station Casinos LLC, Term Loan B, (1M USD LIBOR + 2.50%), 4.29%, due 6/8/2023		128,184
				433,518
Oil & Gas 0.3%
	29,793	BCP Raptor, LLC, Term Loan B, (1M USD LIBOR + 4.25%), 6.04%, due 6/24/2024		26,106
	29,848	Brazos Delaware II, LLC, Term Loan B, (1M USD LIBOR + 4.00%), 5.85%, due 5/21/2025		25,520
	24,937	Lower Cadence Holdings LLC, Term Loan B, (1M USD LIBOR + 4.00%), 5.80%, due 5/22/2026		23,130
	29,825	Lucid Energy Group II Borrower, LLC, First Lien Term Loan, (1M USD LIBOR + 3.00%), 4.79%, due 2/17/2025		26,097
				100,853
Retailers (except food & drug) 0.9%
	138,602	Bass Pro Group, LLC, Term Loan B, (1M USD LIBOR + 5.00%), 6.79%, due 9/25/2024		133,528
	147,105	Staples, Inc., Term Loan, (3M USD LIBOR + 5.00%), 7.12%, due 4/16/2026		144,856
				278,384
Telecommunications 0.1%
	29,202	Syniverse Holdings, Inc., First Lien Term Loan, (3M USD LIBOR + 5.00%), 6.92%, due 3/9/2023		26,223
Utilities 0.5%
	29,925	Blackstone CQP Holdco LP, Term Loan B, (3M USD LIBOR + 3.50%), 5.66%, due 9/30/2024		29,757
	130,000	Talen Energy Supply, LLC, Term Loan B, (1M USD LIBOR + 3.75%), 5.69%, due 7/8/2026		128,375	^(b)
				158,132
		Total Loan Assignments (Cost $2,781,148)		2,718,602

See Notes to Financial Statements

147

Schedule of Investments Short Duration High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Corporate Bonds 86.8%
Advertising 2.7%
$	30,000	Clear Channel Worldwide Holdings, Inc., 9.25%, due 2/15/2024	$	33,000	^(f)
	150,000	Nielsen Co. Luxembourg S.a.r.l., 5.50%, due 10/1/2021		150,375	^(f)
		Nielsen Finance LLC/Nielsen Finance Co.
	220,000	4.50%, due 10/1/2020		220,412
	330,000	5.00%, due 4/15/2022		331,657	^(f)
	85,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.63%, due 2/15/2024		87,231
				822,675
Aerospace & Defense 0.9%
		TransDigm, Inc.
	60,000	6.00%, due 7/15/2022		61,020
	207,000	6.50%, due 7/15/2024		213,727
				274,747
Auto Parts & Equipment 0.5%
	140,000	LKQ Corp., 4.75%, due 5/15/2023		142,755
Banking 1.0%
		Ally Financial, Inc.
	90,000	8.00%, due 3/15/2020		91,649
	85,000	7.50%, due 9/15/2020		88,613
	70,000	4.25%, due 4/15/2021		71,770
	55,000	4.13%, due 2/13/2022		56,856
				308,888
Brokerage 0.3%
	95,000	LPL Holdings, Inc., 5.75%, due 9/15/2025		98,562	^(f)
Building & Construction 3.3%
		Lennar Corp.
	85,000	4.75%, due 4/1/2021		87,023
	30,000	4.13%, due 1/15/2022		30,825
	20,000	5.38%, due 10/1/2022		21,400
		Meritage Homes Corp.
	65,000	7.15%, due 4/15/2020		66,219
	160,000	7.00%, due 4/1/2022		174,800
	156,000	Shea Homes L.P./Shea Homes Funding Corp., 5.88%, due 4/1/2023		159,510	^(f)
		Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.
	45,000	5.88%, due 4/15/2023		48,600	^(f)
	95,000	5.63%, due 3/1/2024		102,481	^(f)
	120,000	Toll Brothers Finance Corp., 5.88%, due 2/15/2022		127,650
	175,000	TRI Pointe Group, Inc., 4.88%, due 7/1/2021		179,812
				998,320

See Notes to Financial Statements

148

Schedule of Investments Short Duration High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Building Materials 0.3%
$	75,000	Masonite Int'l Corp., 5.75%, due 9/15/2026	$	79,594	^(f)
Cable & Satellite Television 5.4%
		CCO Holdings LLC/CCO Holdings Capital Corp.
	325,000	5.13%, due 2/15/2023		331,906
	165,000	4.00%, due 3/1/2023		167,887	^(f)
	13,000	5.75%, due 1/15/2024		13,321
	110,000	5.88%, due 4/1/2024		114,675	^(f)
		CSC Holdings LLC
	135,000	6.75%, due 11/15/2021		145,463
	200,000	5.38%, due 7/15/2023		204,996	^(f)
	70,000	5.25%, due 6/1/2024		75,425
		DISH DBS Corp.
	225,000	6.75%, due 6/1/2021		236,812
	215,000	5.88%, due 7/15/2022		224,849
	50,000	5.00%, due 3/15/2023		50,375
	87,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.88%, due 2/15/2023		88,958	^(f)
				1,654,667
Chemicals 3.2%
	40,000	CF Industries, Inc., 3.45%, due 6/1/2023		40,600
	293,000	INEOS Group Holdings SA, 5.63%, due 8/1/2024		299,592	^(f)
	135,000	NOVA Chemicals Corp., 5.25%, due 8/1/2023		136,266	^(f)
	200,000	PQ Corp., 6.75%, due 11/15/2022		206,500	^(f)
	50,000	Tronox Finance PLC, 5.75%, due 10/1/2025		47,125	^(f)
	235,000	WR Grace & Co-Conn, 5.13%, due 10/1/2021		243,813	^(f)
				973,896
Consumer - Commercial Lease Financing 2.9%
	50,000	Avolon Holdings Funding Ltd., 5.13%, due 10/1/2023		53,950	^(f)
	95,000	Global Aircraft Leasing Co. Ltd., 6.50% Cash/7.25% PIK, due 9/15/2024		97,228	^(f)(g)
	125,000	Navient Corp., 6.50%, due 6/15/2022		133,750
		Park Aerospace Holdings Ltd.
	65,000	4.50%, due 3/15/2023		68,283	^(f)
	140,000	5.50%, due 2/15/2024		153,916	^(f)
	95,000	SLM Corp., 7.25%, due 1/25/2022		103,046
	270,000	Springleaf Finance Corp., 7.75%, due 10/1/2021		294,305
				904,478
Diversified Capital Goods 0.6%
	90,000	Anixter, Inc., 5.13%, due 10/1/2021		92,925
	75,000	SPX FLOW, Inc., 5.63%, due 8/15/2024		78,094	^(f)
				171,019
Electric - Generation 2.5%
		Calpine Corp.
	265,000	6.00%, due 1/15/2022		265,371	^(f)
	125,000	5.38%, due 1/15/2023		127,025
	140,000	5.88%, due 1/15/2024		143,080	^(f)

See Notes to Financial Statements

149

Schedule of Investments Short Duration High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	95,000	Dynegy, Inc., 5.88%, due 6/1/2023	$	97,019
	125,000	NextEra Energy Operating Partners L.P., 4.25%, due 7/15/2024		128,400	^(f)
				760,895
Electronics 0.2%
	70,000	Sensata Technologies BV, 5.63%, due 11/1/2024		76,825	^(f)
Energy - Exploration & Production 2.0%
	162,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, due 4/1/2022		153,300	^(f)
	20,000	Bruin E&P Partners LLC, 8.88%, due 8/1/2023		13,200	^(f)
		Chesapeake Energy Corp.
	80,000	5.75%, due 3/15/2023		58,400
	50,000	7.00%, due 10/1/2024		33,625
	20,000	Extraction Oil & Gas, Inc., 7.38%, due 5/15/2024		8,200	^(f)
	105,000	Oasis Petroleum, Inc., 6.88%, due 1/15/2023		90,825
	64,000	Parsley Energy LLC/Parsley Finance Corp., 6.25%, due 6/1/2024		66,640	^(f)
	75,000	PDC Energy, Inc., 6.13%, due 9/15/2024		72,797
		Range Resources Corp.
	55,000	5.88%, due 7/1/2022		52,250
	45,000	5.00%, due 8/15/2022		42,525
	30,000	WPX Energy, Inc., 8.25%, due 8/1/2023		33,450
				625,212
Food - Wholesale 0.1%
	35,000	Post Holdings, Inc., 5.50%, due 3/1/2025		36,666	^(f)
Gaming 3.8%
	135,000	Boyd Gaming Corp., 6.88%, due 5/15/2023		140,062
	45,000	Eldorado Resorts, Inc., 6.00%, due 4/1/2025		47,306
	200,000	Int'l Game Technology PLC, 6.25%, due 2/15/2022		210,500	^(f)
	52,000	Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., 6.75%, due 11/15/2021		53,105	^(f)
		MGM Resorts Int'l
	205,000	6.63%, due 12/15/2021		222,169
	70,000	7.75%, due 3/15/2022		78,400
	80,000	6.00%, due 3/15/2023		88,226
	70,000	VICI Properties 1 LLC/VICI FC, Inc., 8.00%, due 10/15/2023		76,213
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
	210,000	4.25%, due 5/30/2023		217,371	^(f)
	30,000	5.50%, due 3/1/2025		31,875	^(f)
				1,165,227
Gas Distribution 5.8%
	60,000	Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, due 9/15/2024		48,600
	155,000	Buckeye Partners L.P., 4.35%, due 10/15/2024		155,431
	125,000	Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 6.25%, due 4/1/2023		127,150
		DCP Midstream LLC
	96,000	5.35%, due 3/15/2020		96,720	^(f)
	155,000	4.75%, due 9/30/2021		158,100	^(f)
	30,000	DCP Midstream Operating L.P., 4.95%, due 4/1/2022		30,978
	150,000	Genesis Energy L.P./Genesis Energy Finance Corp., 6.00%, due 5/15/2023		145,500

See Notes to Financial Statements

150

Schedule of Investments Short Duration High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
$	60,000	Global Partners L.P./GLP Finance Corp., 7.00%, due 6/15/2023	$	61,994
		NuStar Logistics L.P.
	180,000	6.75%, due 2/1/2021		186,512
	125,000	4.75%, due 2/1/2022		126,875
	160,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.50%, due 8/15/2022		143,200
	185,000	Tallgrass Energy Partners L.P./ Tallgrass Energy Finance Corp., 5.50%, due 9/15/2024		179,913	^(f)
		Targa Resources Partners L.P./Targa Resources Partners Finance Corp.
	220,000	5.25%, due 5/1/2023		220,825
	100,000	4.25%, due 11/15/2023		100,470
				1,782,268
Health Facilities 3.3%
		Acadia Healthcare Co., Inc.
	145,000	5.13%, due 7/1/2022		146,269
	50,000	5.63%, due 2/15/2023		50,750
	50,000	6.50%, due 3/1/2024		51,750
		HCA, Inc.
	90,000	7.50%, due 2/15/2022		99,855
	105,000	5.88%, due 5/1/2023		115,206
	150,000	MEDNAX, Inc., 5.25%, due 12/1/2023		151,875	^(f)
		Tenet Healthcare Corp.
	270,000	8.13%, due 4/1/2022		292,275
	35,000	6.75%, due 6/15/2023		37,100
	75,000	5.13%, due 5/1/2025		76,781
				1,021,861
Health Services 0.5%
	45,000	Eagle Holding Co. II LLC, 7.75% Cash/8.50% PIK, due 5/15/2022		45,675	^(f)(g)
	110,000	Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, due 8/1/2023		113,850	^(f)
				159,525
Insurance Brokerage 0.5%
	75,000	AssuredPartners, Inc., 7.00%, due 8/15/2025		74,719	^(f)
	75,000	HUB Int'l Ltd., 7.00%, due 5/1/2026		77,250	^(f)
				151,969
Machinery 1.5%
	315,000	CFX Escrow Corp., 6.00%, due 2/15/2024		334,687	^(f)
	120,000	Terex Corp., 5.63%, due 2/1/2025		120,900	^(f)
				455,587
Managed Care 0.6%
	50,000	Centene Corp., 4.75%, due 5/15/2022		51,062
	130,000	MPH Acquisition Holdings LLC, 7.13%, due 6/1/2024		121,225	^(f)
				172,287

See Notes to Financial Statements

151

Schedule of Investments Short Duration High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Media Content 4.6%
$	35,000	AMC Networks, Inc., 5.00%, due 4/1/2024	$	35,650
	40,000	Cumulus Media New Holdings, Inc., 6.75%, due 7/1/2026		42,400	^(f)
	265,000	Gray Television, Inc., 5.13%, due 10/15/2024		274,606	^(f)
	45,000	Lions Gate Capital Holdings LLC, 5.88%, due 11/1/2024		42,412	^(f)
	140,000	Netflix, Inc., 5.75%, due 3/1/2024		154,110
		Nexstar Broadcasting, Inc.
	40,000	6.13%, due 2/15/2022		40,550	^(f)
	35,000	5.88%, due 11/15/2022		35,525
	105,000	Nexstar Escrow Corp., 5.63%, due 8/1/2024		109,555	^(f)
		Sirius XM Radio, Inc.
	195,000	3.88%, due 8/1/2022		199,144	^(f)
	85,000	4.63%, due 5/15/2023		86,326	^(f)
	130,000	4.63%, due 7/15/2024		135,850	^(f)
	75,000	5.38%, due 7/15/2026		79,125	^(f)
	170,000	WMG Acquisition Corp., 5.00%, due 8/1/2023		174,250	^(f)
				1,409,503
Medical Products 1.3%
	240,000	Avantor, Inc., 6.00%, due 10/1/2024		256,531	^(f)
	144,000	Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 6.63%, due 5/15/2022		139,140	^(f)
				395,671
Metals - Mining Excluding Steel 4.7%
	70,000	Arconic, Inc., 5.40%, due 4/15/2021		72,216
	125,000	Cleveland-Cliffs, Inc., 4.88%, due 1/15/2024		128,438	^(f)
	250,000	Constellium NV, 5.75%, due 5/15/2024		257,212	^(f)
	78,000	First Quantum Minerals Ltd., 7.25%, due 4/1/2023		78,244	^(f)
	65,000	FMG Resources (August 2006) Pty Ltd., 4.75%, due 5/15/2022		66,950	^(f)
		Freeport-McMoRan, Inc.
	420,000	3.55%, due 3/1/2022		424,725
	75,000	4.55%, due 11/14/2024		78,000
	178,000	Hudbay Minerals, Inc., 7.25%, due 1/15/2023		183,990	^(f)
	130,000	Novelis Corp., 6.25%, due 8/15/2024		136,175	^(f)
				1,425,950
Oil Field Equipment & Services 1.2%
	110,000	Exterran Partners L.P., 6.00%, due 10/1/2022		110,825
	229,000	Precision Drilling Corp., 7.75%, due 12/15/2023		216,405
	24,500	Transocean Phoenix 2 Ltd., 7.75%, due 10/15/2024		25,419	^(f)
	26,250	Transocean Proteus Ltd., 6.25%, due 12/1/2024		26,315	^(f)
				378,964
Packaging 4.1%
		Berry Plastics Corp.
	120,000	5.50%, due 5/15/2022		121,650
	60,000	6.00%, due 10/15/2022		61,050
	210,000	5.13%, due 7/15/2023		215,250
	150,000	BWAY Holding Co., 5.50%, due 4/15/2024		154,312	^(f)
	25,000	Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, due 1/15/2023		26,125

See Notes to Financial Statements

152

Schedule of Investments Short Duration High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
		Graphic Packaging Int'l LLC
$	90,000	4.75%, due 4/15/2021	$	92,616
	79,000	4.88%, due 11/15/2022		82,950
	65,000	Owens-Brockway Glass Container, Inc., 5.00%, due 1/15/2022		67,113	^(f)
		Reynolds Group Issuer, Inc.
	35,000	(3M USD LIBOR + 3.50%), 5.50%, due 7/15/2021		35,088	^(a)(f)
	250,000	5.13%, due 7/15/2023		256,487	^(f)
	80,000	Sealed Air Corp., 5.25%, due 4/1/2023		85,400	^(f)
	75,000	Trident TPI Holdings, Inc., 9.25%, due 8/1/2024		72,750	^(f)
				1,270,791
Personal & Household Products 2.3%
		Energizer Holdings, Inc.
	101,000	4.70%, due 5/19/2021		103,399
	140,000	4.70%, due 5/24/2022		144,550
	295,000	Energizer SpinCo, Inc., 5.50%, due 6/15/2025		306,062	^(f)
	112,000	Prestige Brands, Inc., 5.38%, due 12/15/2021		112,140	^(f)
	30,000	Spectrum Brands, Inc., 6.13%, due 12/15/2024		31,013
				697,164
Pharmaceuticals 1.3%
		Valeant Pharmaceuticals Int'l, Inc.
	35,000	6.50%, due 3/15/2022		36,057	^(f)
	30,000	5.50%, due 3/1/2023		30,263	^(f)
	26,000	5.88%, due 5/15/2023		26,377	^(f)
	225,000	7.00%, due 3/15/2024		235,389	^(f)
	75,000	6.13%, due 4/15/2025		77,859	^(f)
				405,945
Real Estate Development & Management 0.8%
		Realogy Group LLC/Realogy Co-Issuer Corp.
	170,000	5.25%, due 12/1/2021		170,000	^(f)
	85,000	4.88%, due 6/1/2023		82,671	^(f)
				252,671
Real Estate Investment Trusts 1.9%
		MPT Operating Partnership L.P./MPT Finance Corp.
	110,000	6.38%, due 3/1/2024		114,812
	90,000	5.50%, due 5/1/2024		92,363
	70,000	RHP Hotel Properties L.P./RHP Finance Corp., 5.00%, due 4/15/2023		71,400
		Starwood Property Trust, Inc.
	70,000	3.63%, due 2/1/2021		70,525
	240,000	5.00%, due 12/15/2021		248,400
				597,500

See Notes to Financial Statements

153

Schedule of Investments Short Duration High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Recreation & Travel 2.7%
$	170,000	Cedar Fair L.P./Canada's Wonderland Co./Magnum Management Corp., 5.38%, due 6/1/2024	$	174,675
	403,000	NCL Corp. Ltd., 4.75%, due 12/15/2021		408,541	^(f)
	225,000	Six Flags Entertainment Corp., 4.88%, due 7/31/2024		232,313	^(f)
				815,529
Restaurants 0.7%
	85,000	1011778 BC ULC/New Red Finance, Inc., 4.25%, due 5/15/2024		87,231	^(f)
	45,000	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.00%, due 6/1/2024		46,688	^(f)
	70,000	Yum! Brands, Inc., 3.88%, due 11/1/2020		70,700
				204,619
Software - Services 1.6%
	55,000	CDK Global, Inc., 5.00%, due 10/15/2024		59,483
	215,000	Open Text Corp., 5.63%, due 1/15/2023		219,031	^(f)
	110,000	Rackspace Hosting, Inc., 8.63%, due 11/15/2024		100,650	^(f)
	103,000	WEX, Inc., 4.75%, due 2/1/2023		104,031	^(f)
				483,195
Specialty Retail 1.5%
	175,000	L Brands, Inc., 5.63%, due 10/15/2023		185,719
		Penske Automotive Group, Inc.
	125,000	3.75%, due 8/15/2020		125,625
	45,000	5.75%, due 10/1/2022		45,562
	40,000	5.38%, due 12/1/2024		41,100
	70,000	QVC, Inc., 5.13%, due 7/2/2022		73,844
				471,850
Steel Producers/Products 0.8%
	240,000	Big River Steel LLC/BRS Finance Corp., 7.25%, due 9/1/2025		246,600	^(f)
Support - Services 5.3%
	355,000	ADT Corp., 4.13%, due 6/15/2023		360,325
	105,000	Aramark Services, Inc., 5.00%, due 4/1/2025		109,331	^(f)
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
	25,000	5.50%, due 4/1/2023		25,493
	75,000	5.25%, due 3/15/2025		76,500	^(f)
	75,000	Garda World Security Corp., 8.75%, due 5/15/2025		75,000	^(f)
		Hertz Corp.
	115,000	7.63%, due 6/1/2022		119,456	^(f)
	230,000	5.50%, due 10/15/2024		228,183	^(f)
		Iron Mountain, Inc.
	170,000	4.38%, due 6/1/2021		171,913	^(f)
	85,000	6.00%, due 8/15/2023		86,806
	50,000	5.75%, due 8/15/2024		50,438
	87,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, due 5/15/2023		91,524	^(f)
	165,000	Staples, Inc., 7.50%, due 4/15/2026		172,012	^(f)
	60,000	United Rentals N.A., Inc., 4.63%, due 10/15/2025		61,275
				1,628,256

See Notes to Financial Statements

154

Schedule of Investments Short Duration High Income Fund^ (cont'd)

PRINCIPAL AMOUNT			VALUE
Technology Hardware & Equipment 2.0%
$	240,000	CommScope Finance LLC, 5.50%, due 3/1/2024	$	243,240	^(f)
		CommScope, Inc.
	48,000	5.00%, due 6/15/2021		48,000	^(f)
	165,000	5.50%, due 6/15/2024		156,131	^(f)
		Diamond 1 Finance Corp./Diamond 2 Finance Corp.
	89,000	5.88%, due 6/15/2021		90,369	^(f)
	70,000	7.13%, due 6/15/2024		74,218	^(f)
				611,958
Telecom - Satellite 0.7%
	180,000	Intelsat Jackson Holdings SA, 9.50%, due 9/30/2022		207,675	^(f)
Telecom - Wireless 2.7%
		Sprint Corp.
	440,000	7.25%, due 9/15/2021		469,506
	70,000	7.88%, due 9/15/2023		77,263
	85,000	7.13%, due 6/15/2024		92,225
	75,000	Sprint Nextel Corp., 6.00%, due 11/15/2022		79,312
		T-Mobile USA, Inc.
	65,000	4.00%, due 4/15/2022		67,094
	35,000	6.00%, due 4/15/2024		36,313
				821,713
Telecom - Wireline Integrated & Services 3.8%
		CenturyLink, Inc.
	70,000	Ser. V, 5.63%, due 4/1/2020		70,875
	130,000	Ser. T, 5.80%, due 3/15/2022		137,475
	65,000	Equinix, Inc., 5.38%, due 1/1/2022		66,281
		Level 3 Financing, Inc.
	85,000	5.63%, due 2/1/2023		85,850
	115,000	5.13%, due 5/1/2023		116,437
	45,000	5.38%, due 1/15/2024		45,844
	331,000	Numericable-SFR SA, 7.38%, due 5/1/2026		354,450	^(f)
	25,000	Qwest Corp., 6.75%, due 12/1/2021		26,982
	250,000	Zayo Group LLC/Zayo Capital, Inc., 6.00%, due 4/1/2023		257,127
				1,161,321
Theaters & Entertainment 0.9%
	65,000	AMC Entertainment Holdings, Inc., 5.75%, due 6/15/2025		61,757
		Live Nation Entertainment, Inc.
	110,000	5.38%, due 6/15/2022		111,477	^(f)
	85,000	4.88%, due 11/1/2024		87,975	^(f)
				261,209
		Total Corporate Bonds (Cost $26,292,581)		26,586,007

See Notes to Financial Statements

155

Schedule of Investments Short Duration High Income Fund^ (cont'd)

NUMBER OF SHARES			VALUE
Short-Term Investments 3.2%
Investment Companies 3.2%
	981,626	State Street Institutional U.S. Government Money Market Fund Premier Class, 1.75%^(h) (Cost $981,626)	$	981,626	⁽ⁱ⁾
		Total Investments 98.9% (Cost $30,055,355)		30,286,235
		Other Assets Less Liabilities 1.1%		350,190
		Net Assets 100.0%	$	30,636,425

(a) Variable or floating rate security. The interest rate shown was the current rate as of October 31, 2019 and changes periodically.

(b) Value determined using significant unobservable inputs.

(d) All or a portion of this security had not settled as of October 31, 2019 and thus may not have an interest rate in effect. Interest rates do not take effect until settlement.

(e) The stated interest rate represents the weighted average interest rate at October 31, 2019 of the underlying contracts within the Loan Assignment. Interest rates on the underlying contracts are primarily determined by reference to the indicated base lending rate and spread, which are indicated in the security description, and the reset period, which is generally weekly, monthly or quarterly.

(f) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At October 31, 2019, these securities amounted to $13,937,648, which represents 45.5% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(g) Payment-in-kind (PIK) security.

(h) Represents 7-day effective yield as of October 31, 2019.

(i) All or a portion of this security is segregated in connection with obligations for delayed delivery securities with a total value of $981,626.

See Notes to Financial Statements

156

Schedule of Investments Short Duration High Income Fund^ (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2019:

Asset Valuation Inputs

	Level 1		Level 2		Level 3^(b)		Total
Investments:
Loan Assignments
Aerospace & Defense	$	—	$	—	$	54,450	$	54,450
Utilities		—		29,757		128,375		158,132
Other Loan Assignments^(a)		—		2,506,020		—		2,506,020
Total Loan Assignments		—		2,535,777		182,825		2,718,602
Corporate Bonds^(a)		—		26,586,007		—		26,586,007
Short-Term Investments		—		981,626		—		981,626
Total Investments	$	—	$	30,103,410	$	182,825	$	30,286,235

(a) The Schedule of Investments provides information on the industry or sector categorization for the portfolio.

(b) The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

(000's omitted)	Beginning balance, as of 11/1/2018		Accrued discounts/ (premiums)		Realized gain/ (loss)			Change in unrealized appreciation/ (depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance, as of 10/31/2019		Net change in unrealized appreciation/ (depreciation) from investments still held as of 10/31/2019
Investments in Securities:
Loan Assignments^(c)
Aerospace & Defense	$	—	$	—	$	—		$	—	$	54	$	—		$	—	$	—	$	54	$	—
Food Service		40		—		—			—		—		(40	)		—		—		—		—
Lodging & Casinos		205		—		(12	)		1		—		(194	)		—		—		—		—
Utilities		—		—		—			—		128		—			—		—		128		—
Total	$	245	$	—	$	(12	)	$	1	$	182	$	(234	)	$	—	$	—	$	182	$	—

(c) Securities categorized as Level 3 are valued based on single quotation obtained from a dealer. The Fund does not have access to unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

157

Schedule of Investments Strategic Income Fund^ October 31, 2019

PRINCIPAL AMOUNT^(a)			VALUE
Loan Assignments^(b) 6.9%
Aerospace & Defense 0.1%
$	930,000	MHI Holdings, LLC, Term Loan B, (1M USD LIBOR + 5.00%), 6.79%, due 9/21/2026	$	920,700	^(c)
	1,328,258	TransDigm, Inc., Term Loan F, (1M USD LIBOR + 2.50%), 4.29%, due 6/9/2023		1,321,444
				2,242,144
Automotive 0.0%^(d)
	1,395,000	Panther BF Aggregator 2 LP, Term Loan B, (1M USD LIBOR + 3.50%), 5.30%, due 4/30/2026		1,374,661
Building & Development 0.3%
		Capital Automotive L.P.
	1,391,062	First Lien Term Loan, (1M USD LIBOR + 2.50%), 4.29%, due 3/24/2024		1,389,072
	229,875	Second Lien Term Loan, (1M USD LIBOR + 6.00%), 7.79%, due 3/24/2025		229,875
	525,000	CPG International Inc., Term Loan, (3M USD LIBOR + 3.75%), due 5/5/2024		516,469	^(e)(f)
	1,313,367	DTZ U.S. Borrower LLC, Term Loan B, (1M USD LIBOR + 3.25%), 5.04%, due 8/21/2025		1,314,457
	1,651,351	Forterra Finance, LLC, Term Loan B, (1M USD LIBOR + 3.00%), due 10/25/2023		1,555,375	^(e)(f)
	1,836,883	Realogy Group LLC, Term Loan B, (1M USD LIBOR + 2.25%), 4.07%, due 2/8/2025		1,738,150
	1,071,260	Wilsonart LLC, Term Loan B, (3M USD LIBOR + 3.25%), 5.36%, due 12/19/2023		1,047,157
				7,790,555
Business Equipment & Services 0.7%
	198,090	Advantage Sales & Marketing, Inc., First Lien Term Loan, (1M USD LIBOR + 3.25%), 5.04%, due 7/23/2021		184,372
	520,000	AlixPartners, LLP, Term Loan B, (1M USD LIBOR + 2.75%), due 4/4/2024		519,132	^(e)(f)
	499,455	Carbonite, Inc., Term Loan B, (3M USD LIBOR + 3.75%), due 3/26/2026		498,082	^(e)(f)
	1,315,257	Ceridian HCM Holding Inc., Term Loan B, (1M USD LIBOR + 3.00%), 4.80%, due 4/30/2025		1,316,901
	1,525,662	Change Healthcare Holdings LLC, Term Loan B, (1M USD LIBOR + 2.50%), 4.29%, due 3/1/2024		1,515,776
	1,390,000	Clear Channel Outdoor Holdings, Inc., Term Loan B, (1M USD LIBOR + 3.50%), 5.29%, due 8/21/2026		1,392,238
	560,000	Cortes NP Acquisition Corporation, Term Loan B, (3M USD LIBOR + 4.00%), 5.93%, due 11/30/2023		526,260
	1,335,969	Deerfield Dakota Holding, LLC, Term Loan B, (1M USD LIBOR + 3.25%), 5.04%, due 2/13/2025		1,286,591
	1,050,000	DiscoverOrg, LLC, First Lien Term Loan, (1M USD LIBOR + 4.50%), due 2/2/2026		1,032,938	^(e)(f)
	1,525,000	Fleet U.S. Bidco Inc., Term Loan B, (3M USD LIBOR + 3.25%), 5.24%, due 10/7/2026		1,525,000	^(c)
	1,595,000	Garda World Security Corporation, First Lien Term Loan B, (USD LIBOR + 4.75%), due 10/17/2026		1,585,031	^(e)(f)
	1,387,187	Kronos Incorporated, Term Loan B, (3M USD LIBOR + 3.00%), 5.25%, due 11/1/2023		1,383,594
	525,000	Learning Care Group, Inc., First Lien Term Loan, (3M USD LIBOR + 3.25%), due 3/13/2025		515,975	^(e)(f)
	821,693	MX Holdings US, Inc., Term Loan B1C, (1M USD LIBOR + 3.00%), 4.80%, due 7/31/2025		824,265
	1,150,000	Prime Security Services Borrower, LLC, Term Loan B1, (1M USD LIBOR + 3.25%), 5.25%, due 9/23/2026		1,109,336
	1,076,195	ServiceMaster Company, Term Loan B, (1M USD LIBOR + 2.50%), 4.29%, due 11/8/2023		1,074,398

See Notes to Financial Statements

158

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
$	1,321,007	Solera, LLC, Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 3/3/2023	$	1,308,034
	1,320,260	Tempo Acquisition LLC, Term Loan, (1M USD LIBOR + 3.00%), 4.79%, due 5/1/2024		1,319,982
	864,846	West Corporation, Term Loan, (USD LIBOR + 4.00%), 5.93%, due 10/10/2024		717,511	^(g)
	885,326	William Morris Endeavor Entertainment, LLC, First Lien Term Loan, (USD LIBOR + 2.75%), 4.60%, due 5/18/2025		854,526	^(g)
				20,489,942
Cable & Satellite Television 0.5%
		Altice France S.A.
	478,779	Term Loan B12, (1M USD LIBOR + 3.69%), 5.61%, due 1/31/2026		466,637
	1,857,112	Term Loan B13, (1M USD LIBOR + 4.00%), 5.92%, due 8/14/2026		1,825,281
	2,585,000	Charter Communications Operating, LLC, Term Loan B2, (USD LIBOR + 1.75%), due 2/1/2027		2,593,298	^(e)(f)
		CSC Holdings, LLC
	345,000	Term Loan DD, (1M USD LIBOR + 2.50%), 4.33%, due 4/15/2027		344,138	^(c)
	2,769,513	Term Loan B5, (3M USD LIBOR + 2.50%), 4.33%, due 4/15/2027		2,764,555
	1,322,494	Lions Gate Capital Holdings LLC, Term Loan B, (1M USD LIBOR + 2.25%), 4.04%, due 3/24/2025		1,279,513
	525,000	Radiate Holdco, LLC, First Lien Term Loan, (1M USD LIBOR + 3.00%), due 2/1/2024		519,241	^(e)(f)
	1,395,000	Telenet Financing USD LLC, Term Loan AN, (1M USD LIBOR + 2.25%), 4.17%, due 8/15/2026		1,392,475
	710,000	Virgin Media Bristol LLC, Term Loan N, (3M USD LIBOR + 2.50%), 4.42%, due 1/31/2028		706,748
	890,457	WideOpenWest Finance LLC, Term Loan B, (1M USD LIBOR + 3.25%), 5.05%, due 8/18/2023		853,449
	1,345,000	Ziggo Secured Finance Partnership, Term Loan E, (1M USD LIBOR + 2.50%), 4.42%, due 4/15/2025		1,327,690
				14,073,025
Chemicals & Plastics 0.2%
	525,000	Momentive Performance Materials Inc., Term Loan B, (1M USD LIBOR + 3.25%), due 5/15/2024		514,831	^(e)(f)
	1,028,251	Platform Specialty Products Corporation, Term Loan, (1M USD LIBOR + 2.25%), 4.04%, due 1/30/2026		1,031,140
	1,210,529	PQ Corporation, Term Loan B, (3M USD LIBOR + 2.50%), 4.43%, due 2/8/2025		1,208,677
	1,318,325	Solenis Holdings LLC, First Lien Term Loan, (3M USD LIBOR + 4.00%), 6.12%, due 6/26/2025		1,251,090
	1,401,442	Starfruit Finco B.V., Term Loan B, (1M USD LIBOR + 3.25%), 5.19%, due 10/1/2025		1,364,963
	1,320,000	Univar Inc., Term Loan B, (1M USD LIBOR + 2.25%), 4.04%, due 7/1/2024		1,323,300
				6,694,001
Conglomerates 0.0%^(d)
	1,194,531	Penn Engineering & Manufacturing Corp., Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 6/27/2024		1,175,120	^(c)
Containers & Glass Products 0.3%
	1,052,336	Berlin Packaging LLC, First Lien Term Loan, (1M USD LIBOR + 3.00%), due 11/7/2025		1,020,766	^(e)(f)
		Berry Global, Inc.
	2,410,000	Term Loan W, (USD LIBOR + 2.00%), due 10/1/2022		2,416,025	^(e)(f)
	685,000	Term Loan X, (USD LIBOR + 2.00%), due 1/19/2024		686,315	^(e)(f)

See Notes to Financial Statements

159

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
$	1,344,038	BWAY Holding Company, Term Loan B, (3M USD LIBOR + 3.25%), 5.23%, due 4/3/2024	$	1,306,620
	2,068,248	Reynolds Group Holdings Inc., Term Loan, (1M USD LIBOR + 2.75%), 4.54%, due 2/5/2023		2,067,110	^(e)(f)
	1,436,048	Trident TPI Holdings, Inc., Term Loan B1, (1M USD LIBOR + 3.25%), 5.04%, due 10/17/2024		1,348,091
				8,844,927
Cosmetics - Toiletries 0.1%
	930,000	Edgewell Personal Care Company, Term Loan B, (USD LIBOR + 3.00%), due 9/19/2026		929,424	^(e)(f)
	920,000	Sunshine Luxembourg VII SARL, First Lien Term Loan, (2M USD LIBOR + 4.25%), 6.35%, due 10/1/2026		920,386
				1,849,810
Diversified Insurance 0.2%
		Hub International Limited
	1,047,349	Term Loan B, (3M USD LIBOR + 3.00%), due 4/25/2025		1,023,595	^(e)(f)
	1,575,000	Term Loan B, (USD LIBOR + 4.00%), due 4/25/2025		1,571,850	^(e)(f)
		Sedgwick Claims Management Services, Inc.
	1,321,368	Term Loan B, (1M USD LIBOR + 3.25%), 5.04%, due 12/31/2025		1,280,696
	548,625	Term Loan B, (1M USD LIBOR + 4.00%), 5.79%, due 9/3/2026		543,940
				4,420,081
Drugs 0.3%
	1,308,374	Amneal Pharmaceuticals LLC, Term Loan B, (1M USD LIBOR + 3.50%), 5.31%, due 5/4/2025		996,327
		Bausch Health Companies Inc.
	622,721	Term Loan B, (1M USD LIBOR + 3.00%), 4.92%, due 6/2/2025		624,732
	2,030,921	Term Loan B, (1M USD LIBOR + 2.75%), 4.67%, due 11/27/2025		2,032,607
	1,240,475	Endo Luxembourg Finance Company I S.a.r.l., Term Loan B, (1M USD LIBOR + 4.25%), 6.06%, due 4/29/2024		1,138,756
	2,315,506	Jaguar Holding Company II, Term Loan, (1M USD LIBOR + 2.50%), 4.29%, due 8/18/2022		2,309,717
	1,105,000	Parexel International Corporation, Term Loan B, (1M USD LIBOR + 2.75%), due 9/27/2024		1,053,894	^(e)(f)
				8,156,033
Electronics - Electrical 0.8%
	1,555,000	Applied Systems, Inc., First Lien Term Loan, (3M USD LIBOR + 3.00%), due 9/19/2024		1,544,721	^(e)(f)
	2,185,000	CommScope, Inc., Term Loan B, (1M USD LIBOR + 3.25%), 5.04%, due 4/6/2026		2,140,623
	2,785,000	Dell International LLC, Term Loan B, (1M USD LIBOR + 2.00%), 3.79%, due 9/19/2025		2,794,998
	1,557,578	Epicor Software Corporation, First Lien Term Loan, (1M USD LIBOR + 3.25%), 5.04%, due 6/1/2022		1,551,737
	2,075,000	Go Daddy Operating Company, LLC, Term Loan, (1M USD LIBOR + 1.75%), 3.54%, due 2/15/2024		2,076,183
		Hyland Software, Inc.
	773,048	First Lien Term Loan, (1M USD LIBOR + 3.25%), 5.04%, due 7/1/2024		767,250
	160,420	Second Lien Term Loan, (1M USD LIBOR + 7.00%), 8.79%, due 7/7/2025		160,621

See Notes to Financial Statements

160

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
$	200,000	IGT Holding IV AB, Term Loan B2, (3M USD LIBOR + 3.75%), 5.60%, due 7/31/2024	$	197,250
	774,198	Infor (US), Inc., Term Loan B6, (3M USD LIBOR + 2.75%), 4.85%, due 2/1/2022		774,198
	922,646	Informatica LLC, Term Loan, (1M USD LIBOR + 3.25%), 5.04%, due 8/5/2022		923,965
	1,550,000	McAfee, LLC, Term Loan B, (1M USD LIBOR + 3.75%), 5.55%, due 9/30/2024		1,548,760
	1,327,740	MKS Instruments, Inc., Term Loan B6, (1M USD LIBOR + 1.75%), 3.54%, due 2/2/2026		1,328,071
	525,000	Project Alpha Intermediate Holding, Inc., Term Loan B, (3M USD LIBOR + 3.50%), 5.49%, due 4/26/2024		512,531
	1,382,628	Rackspace Hosting, Inc., First Lien Term Loan, (3M USD LIBOR + 3.00%), 5.29%, due 11/3/2023		1,227,511
	629,173	Riverbed Technology, Inc., Term Loan, (1M USD LIBOR + 3.25%), 5.04%, due 4/24/2022		483,463
	2,305,807	Sophia, L.P., Term Loan B, (3M USD LIBOR + 3.25%), 5.35%, due 9/30/2022		2,302,925
	613,144	SS&C Technologies Holdings Europe S.A.R.L., Term Loan B4, (1M USD LIBOR + 2.25%), 4.04%, due 4/16/2025		614,168
	1,073,882	SS&C Technologies Inc., Term Loan B3, (1M USD LIBOR + 2.25%), 4.04%, due 4/16/2025		1,075,675
	587,219	Vertafore, Inc., First Lien Term Loan, (1M USD LIBOR + 3.25%), 5.04%, due 7/2/2025		567,718
				22,592,368
Financial Intermediaries 0.1%
	1,035,000	Edelman Financial Center, LLC, First Lien Term Loan, (1M USD LIBOR + 3.25%), 5.10%, due 7/21/2025		1,025,302
	2,189,719	LPL Holdings, Inc., First Lien Term Loan B, (1M USD LIBOR + 2.25%), 4.05%, due 9/23/2024		2,188,362
	525,000	PI US MergerCo, Inc., First Lien Term Loan, (1M USD LIBOR + 3.25%), due 1/3/2025		521,325	^(e)(f)
				3,734,989
Food Products 0.0%^(d)
	1,301,074	Nomad Foods Europe Midco Limited, Term Loan B4, (1M USD LIBOR + 2.25%), 4.16%, due 5/15/2024		1,295,388
Food Service 0.2%
	2,544,727	1011778 B.C. Unlimited Liability Company, Term Loan B3, (1M USD LIBOR + 2.25%), 4.04%, due 2/16/2024		2,546,636
		US Foods, Inc.
	1,323,162	Term Loan B, (1M USD LIBOR + 2.00%), 3.79%, due 6/27/2023		1,326,642
	60,000	Term Loan B, (1M USD LIBOR + 2.00%), 3.79%, due 9/13/2026		60,158
	880,000	Welbilt, Inc., Term Loan B, (1M USD LIBOR + 2.50%), 4.29%, due 10/23/2025		872,300
				4,805,736
Food/Drug Retailers 0.0%^(d)
	823,390	Albertsons, LLC, Term Loan B8, (1M USD LIBOR + 2.75%), 4.54%, due 8/17/2026		827,351
Health Care 0.5%
	922,632	Acadia Healthcare Company, Inc., Term Loan B4, (1M USD LIBOR + 2.50%), 4.29%, due 2/16/2023		923,352
	1,045,600	Athenahealth, Inc., Term Loan B, (3M USD LIBOR + 4.50%), 6.68%, due 2/11/2026		1,036,127

See Notes to Financial Statements

161

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
$	1,228,825	Auris Luxembourg III S.a.r.l., Term Loan B2, (1M USD LIBOR + 3.75%), 5.54%, due 2/27/2026	$	1,204,556
	1,324,652	Concentra Inc., First Lien Term Loan, (3M USD LIBOR + 2.50%), 4.54%, due 6/1/2022		1,324,096
	1,045,000	Emerald TopCo Inc., Term Loan, (1M USD LIBOR + 3.50%), due 7/24/2026		1,027,757	^(e)(f)
	918,747	Envision Healthcare Corporation, First Lien Term Loan, (1M USD LIBOR + 3.75%), 5.54%, due 10/10/2025		740,308
	2,188,776	Grifols Worldwide Operations USA, Inc., Term Loan, (1W USD LIBOR + 2.25%), 4.09%, due 1/31/2025		2,190,658
	875,000	HCA Inc., Term Loan B12, (1M USD LIBOR + 1.75%), 3.54%, due 3/13/2025		878,553
	1,443,915	MPH Acquisition Holdings LLC, Term Loan B, (3M USD LIBOR + 2.75%), 4.85%, due 6/7/2023		1,350,883
	930,000	Navicure, Inc., Term Loan B, (USD LIBOR + 4.00%), due 10/22/2026		926,513	^(e)(f)
	1,090,000	Ortho-Clinical Diagnostics SA, Term Loan B, (3M USD LIBOR + 3.25%), 5.31%, due 6/30/2025		1,040,045	^(e)(f)
	1,320,000	Select Medical Corporation, Term Loan B, (USD LIBOR + 2.50%), 4.58%, due 3/6/2025		1,311,750	^(g)
	143,845	Sound Inpatient Physicians, First Lien Term Loan, (1M USD LIBOR + 2.75%), 4.54%, due 6/27/2025		143,217
	1,034,428	Verscend Holding Corp., Term Loan B, (1M USD LIBOR + 4.50%), 6.29%, due 8/27/2025		1,034,428
				15,132,243
Industrial Equipment 0.2%
	765,422	Brookfield WEC Holdings Inc., First Lien Term Loan, (1M USD LIBOR + 3.50%), 5.29%, due 8/1/2025		760,003
	520,000	Circor International, Inc., First Lien Term Loan, (1M USD LIBOR + 3.50%), due 12/11/2024		514,930	^(e)(f)
	932,663	Crosby US Acquisition Corp., Term Loan B, (3M USD LIBOR + 4.75%), 6.60%, due 6/26/2026		884,863
	1,262,384	Filtration Group Corporation, First Lien Term Loan, (1M USD LIBOR + 3.00%), 4.79%, due 3/29/2025		1,260,213
	1,391,450	Gates Global LLC, Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 4/1/2024		1,361,075
				4,781,084
Leisure Goods - Activities - Movies 0.4%
	2,189,000	AMC Entertainment Holdings, Inc., Term Loan B, (6M USD LIBOR + 3.00%), 5.23%, due 4/22/2026		2,186,877
	1,323,231	CityCenter Holdings, LLC, Term Loan B, (1M USD LIBOR + 2.25%), 4.04%, due 4/18/2024		1,322,821
	1,617,216	Crown Finance US, Inc., Term Loan, (1M USD LIBOR + 2.25%), 4.04%, due 2/28/2025		1,594,251
	1,350,000	Delta 2 (LUX) S.a.r.l., Term Loan, (1M USD LIBOR + 2.50%), 4.29%, due 2/1/2024		1,328,063
	1,332,926	Emerald Expositions Holding, Inc., Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 5/22/2024		1,259,615	^(c)
	1,318,240	SeaWorld Parks & Entertainment, Inc., Term Loan B5, (1M USD LIBOR + 3.00%), 4.79%, due 3/31/2024		1,312,360
	1,395,000	WMG Acquisition Corp., Term Loan F, (1M USD LIBOR + 2.13%), 3.91%, due 11/1/2023		1,394,107
				10,398,094

See Notes to Financial Statements

162

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Lodging & Casinos 0.2%
$	1,292,418	Caesars Resort Collection, LLC, First Lien Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 12/23/2024	$	1,272,360
	278,737	Golden Entertainment, Inc., First Lien Term Loan, (1M USD LIBOR + 3.00%), 4.81%, due 10/21/2024		278,912
		Mohegan Tribal Gaming Authority
	162,724	Term Loan A, (1M USD LIBOR + 3.75%), 5.54%, due 10/13/2021		157,029
	1,173,791	Term Loan B, (1M USD LIBOR + 4.00%), 5.79%, due 10/13/2023		1,083,926
	1,323,283	Scientific Games International, Inc., Term Loan B5, (1M USD LIBOR + 2.75%), 4.54%, due 8/14/2024		1,307,152
	1,313,154	Station Casinos LLC, Term Loan B, (1M USD LIBOR + 2.50%), 4.29%, due 6/8/2023		1,313,705
				5,413,084
Nonferrous Metals - Minerals 0.0%^(d)
	208,874	Covia Holdings Corporation, Term Loan, (3M USD LIBOR + 4.00%), 6.04%, due 6/1/2025		145,167
Oil & Gas 0.2%
	1,394,254	BCP Renaissance Parent LLC, Term Loan B, (2M USD LIBOR + 3.50%), 5.36%, due 10/31/2024		1,257,449
	575,000	Buckeye Partners, L.P., Term Loan B, (USD LIBOR + 2.75%), due 11/15/2026		577,519	^(e)(f)
	465,000	Gavilan Resources, LLC, Second Lien Term Loan, (1M USD LIBOR + 6.00%), 7.79%, due 3/1/2024		195,686
	1,339,700	Lucid Energy Group II Borrower, LLC, First Lien Term Loan, (1M USD LIBOR + 3.00%), 4.79%, due 2/17/2025		1,172,237
	1,320,623	Medallion Midland Acquisition, LLC, First Lien Term Loan, (1M USD LIBOR + 3.25%), 5.04%, due 10/30/2024		1,238,084
	933,459	Prairie ECI Acquiror LP, Term Loan B, (3M USD LIBOR + 4.75%), 6.85%, due 3/11/2026		908,564
				5,349,539
Property & Casualty Insurance 0.1%
	1,390,975	AssuredPartners, Inc., First Lien Term Loan, (1M USD LIBOR + 3.50%), 5.29%, due 10/22/2024		1,365,187
	2,180,286	Asurion LLC, Term Loan B7, (1M USD LIBOR + 3.00%), 4.79%, due 11/3/2024		2,181,659
				3,546,846
Publishing 0.1%
	514,090	Harland Clarke Holdings Corp., Term Loan B7, (3M USD LIBOR + 4.75%), 6.85%, due 11/3/2023		399,062
	2,208,673	Nielsen Finance LLC, Term Loan B4, (1M USD LIBOR + 2.00%), 3.94%, due 10/4/2023		2,200,391
				2,599,453
Radio & Television 0.2%
	1,555,000	Cumulus Media New Holdings Inc., Term Loan B, (1M USD LIBOR + 3.75%), 5.54%, due 3/31/2026		1,561,158
	1,036,810	iHeartCommunications, Inc., Term Loan, (1M USD LIBOR + 4.00%), 6.03%, due 5/1/2026		1,039,723

See Notes to Financial Statements

163

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
$	1,898,027	Univision Communications Inc., Term Loan C5, (1M USD LIBOR + 2.75%), 4.54%, due 3/15/2024	$	1,828,503	^(c)
				4,429,384
Retailers (except food & drug) 0.3%
	1,819,027	Bass Pro Group, LLC, Term Loan B, (1M USD LIBOR + 5.00%), 6.79%, due 9/25/2024		1,752,433
	1,309,619	BJ's Wholesale Club, Inc., First Lien Term Loan, (1M USD LIBOR + 2.75%), 4.67%, due 2/3/2024		1,309,396
	1,380,000	CDW LLC, Term Loan B, (1M USD LIBOR + 1.75%), 3.54%, due 10/13/2026		1,384,195
		EG America LLC
	824,412	Term Loan, (3M USD LIBOR + 4.00%), 6.10%, due 2/7/2025		794,115
	61,593	Second Lien Term Loan, (3M USD LIBOR + 8.00%), 10.10%, due 4/20/2026		57,974
	1,899,743	Staples, Inc., Term Loan, (3M USD LIBOR + 5.00%), 7.12%, due 4/16/2026		1,870,696
				7,168,809
Steel 0.1%
	1,040,000	Big River Steel LLC, Term Loan B, (3M USD LIBOR + 5.00%), due 8/23/2023		1,030,255	^(e)(f)
	1,301,859	MRC Global (US) Inc., First Lien Term Loan B, (1M USD LIBOR + 3.00%), 4.79%, due 9/20/2024		1,282,331	^(c)
	1,374,708	TMS International Corp., Term Loan B2, (USD LIBOR + 2.75%), 4.62%, due 8/14/2024		1,302,536	^(c)(g)
				3,615,122
Surface Transport 0.0%^(d)
	1,321,057	Hertz Corporation, (The), Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 6/30/2023		1,320,648
Telecommunications 0.5%
	1,787,692	CenturyLink, Inc., Term Loan B, (1M USD LIBOR+ 2.75%), 4.54%, due 1/31/2025		1,768,259
	1,365,000	Connect Finco Sarl, Term Loan B, (USD LIBOR + 4.50%), due 9/23/2026		1,343,242	^(e)(f)
	1,339,738	Frontier Communications Corp., Term Loan B1, (1M USD LIBOR + 3.75%), 5.54%, due 6/15/2024		1,333,374
	1,365,819	GTT Communications, Inc., Term Loan B, (1M USD LIBOR + 2.75%), 4.54%, due 5/31/2025		1,009,859
		Intelsat Jackson Holdings S.A.
	2,707,500	Term Loan B3, (6M USD LIBOR + 3.75%), 5.68%, due 11/27/2023		2,702,437
	62,500	Term Loan B4, (6M USD LIBOR + 4.50%), 6.43%, due 1/2/2024		63,125
	2,645,000	Level 3 Financing Inc., Term Loan B, (1M USD LIBOR + 2.25%), 4.04%, due 2/22/2024		2,646,984
	658,329	MTN Infrastructure TopCo Inc., First Lien Term Loan B, (1M USD LIBOR + 3.00%), 4.79%, due 11/15/2024		649,824
	2,775,414	Sprint Communications, Inc., Term Loan B, (1M USD LIBOR + 3.00%), 4.81%, due 2/2/2024		2,756,903
	120,000	Syniverse Holdings, Inc., Second Lien Term Loan, (1M USD LIBOR + 9.00%), 10.92%, due 3/11/2024		90,720
	1,323,283	Telesat Canada, Term Loan B4, (3M USD LIBOR + 2.50%), 4.61%, due 11/17/2023		1,322,290
				15,687,017

See Notes to Financial Statements

164

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Utilities 0.3%
$	1,097,250	Blackstone CQP Holdco LP, Term Loan B, (3M USD LIBOR + 3.50%), 5.66%, due 9/30/2024	$	1,091,083
		Calpine Corporation
	1,321,687	Term Loan B9, (3M USD LIBOR + 2.75%), 4.86%, due 4/5/2026		1,322,190
	990,000	Term Loan B10, (1M USD LIBOR + 2.50%), 4.29%, due 8/12/2026		987,832
	1,252,754	Eastern Power, LLC, Term Loan B, (1M USD LIBOR + 3.75%), 5.54%, due 10/2/2023		1,248,845
	1,311,696	Edgewater Generation, L.L.C., Term Loan, (1M USD LIBOR + 3.75%), 5.54%, due 12/13/2025		1,254,637
	559,222	Kestrel Acquisition, LLC, Term Loan B, (1M USD LIBOR + 4.25%), due 6/2/2025		514,484	^(e)(f)
	1,029,331	Nautilus Power, LLC, Term Loan B, (1M USD LIBOR + 4.25%), 6.04%, due 5/16/2024		1,011,318	^(c)
	730,000	Talen Energy Supply, LLC, Term Loan B, (1M USD LIBOR + 3.75%), due 7/8/2026		720,875	^(c)(e)(f)
				8,151,264
		Total Loan Assignments (Cost $201,570,670)		198,103,885
U.S. Treasury Obligations 27.8%
		U.S. Treasury Bill
	348,200	1.86%, due 12/12/2019		347,607	^(h)(i)
	15,100,000	2.34%, due 1/2/2020		15,059,687	^(h)(j)
		U.S. Treasury Bonds
	5,000	4.50%, due 2/15/2036		6,846
	125,000	3.88%, due 8/15/2040		163,247
	75,940,000	2.75%, due 8/15/2042		84,171,777
		U.S. Treasury Inflation-Indexed Bonds^(k)
	137,920,051	0.13%, due 4/15/2021		136,836,177
	523,459	3.63%, due 4/15/2028		671,169
	29,341,620	3.38%, due 4/15/2032		40,439,160
	58,411,037	1.00%, due 2/15/2046 – 2/15/2048		64,740,034
		U.S. Treasury Notes
	16,355,000	1.38%, due 1/15/2020		16,347,972
	304,170,000	2.00%, due 1/31/2020 – 1/15/2021		304,523,946
	39,030,000	2.88%, due 5/31/2025		41,743,805
	67,975,000	2.25%, due 11/15/2027		71,129,465
	21,770,000	2.75%, due 2/15/2028		23,630,655
		Total U.S. Treasury Obligations (Cost $782,680,378)		799,811,547
U.S. Government Agency Securities 0.1%
	2,030,000	Federal National Mortgage Association, 5.63%, due 7/15/2037 (Cost $2,835,428)		3,017,368
Mortgage-Backed Securities 25.7%
Collateralized Mortgage Obligations 7.4%
	308,273	Angel Oak Mortgage Trust LLC, Ser. 2017-3, Class A1, 2.71%, due 11/25/2047		307,658	^(l)(m)
		Fannie Mae Connecticut Avenue Securities
	19,918,000	Ser. 2017-C02, Class 2M2, (1M USD LIBOR + 3.65%), 5.47%, due 9/25/2029		20,881,862	^(b)(i)
	16,585,000	Ser. 2017-C03, Class 1M2, (1M USD LIBOR + 3.00%), 4.82%, due 10/25/2029		17,259,434	^(b)
	6,598,000	Ser. 2017-C04, Class 2M2, (1M USD LIBOR + 2.85%), 4.67%, due 11/25/2029		6,785,563	^(b)
	8,950,000	Ser. 2017-C06, Class 1M2, (1M USD LIBOR + 2.65%), 4.47%, due 2/25/2030		9,139,340	^(b)
	10,770,000	Ser. 2017-C06, Class 2M2, (1M USD LIBOR + 2.80%), 4.62%, due 2/25/2030		10,984,969	^(b)
	2,670,000	Ser. 2017-C07, Class 1M2, (1M USD LIBOR + 2.40%), 4.22%, due 5/25/2030		2,709,938	^(b)
	16,691,000	Ser. 2017-C07, Class 2M2, (1M USD LIBOR + 2.50%), 4.32%, due 5/25/2030		16,895,037	^(b)(i)
	12,430,000	Ser. 2018-C01, Class 1M2, (1M USD LIBOR + 2.25%), 4.07%, due 7/25/2030		12,550,665	^(b)
	10,400,000	Ser. 2018-C02, Class 2M2, (1M USD LIBOR + 2.20%), 4.02%, due 8/25/2030		10,480,277	^(b)

See Notes to Financial Statements

165

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
$	21,268,168	Fannie Mae REMICS, Ser. 2018-18, Class ST, (6.10% - 1M USD LIBOR), 4.28%, due 12/25/2044	$	3,908,753	^(b)(n)
		Freddie Mac Multifamily Structured Pass Through Certificates
	70,984,000	Ser. K083, Class XAM, 0.05%, due 10/25/2028		567,277	^(m)(n)
	77,922,000	Ser. K085, Class XAM, 0.06%, due 10/25/2028		691,114	^(m)(n)
	14,105,387	Freddie Mac REMICS, Ser. 4150, Class SP, (6.15% - 1M USD LIBOR), 4.23%, due 1/15/2043		2,491,016	^(b)(n)
		Freddie Mac Structured Agency Credit Risk Debt Notes
	9,610,000	Ser. 2017-DNA1, Class M2, (1M USD LIBOR + 3.25%), 5.07%, due 7/25/2029		10,073,760	^(b)
	19,826,000	Ser. 2017-DNA2, Class M2, (1M USD LIBOR + 3.45%), 5.27%, due 10/25/2029		21,051,227	^(b)
	9,935,000	Ser. 2017-HQA2, Class M2, (1M USD LIBOR + 2.65%), 4.47%, due 12/25/2029		10,197,611	^(b)(i)
	16,454,000	Ser. 2017-DNA3, Class M2, (1M USD LIBOR + 2.50%), 4.32%, due 3/25/2030		16,783,393	^(b)
	3,250,000	Ser. 2017-HQA3, Class M2, (1M USD LIBOR + 2.35%), 4.17%, due 4/25/2030		3,293,054	^(b)
	5,680,000	Ser. 2018-DNA1, Class M2, (1M USD LIBOR + 1.80%), 3.62%, due 7/25/2030		5,677,564	^(b)(i)
	15,275,000	Ser. 2018-HQA1, Class M2, (1M USD LIBOR + 2.30%), 4.12%, due 9/25/2030		15,386,908	^(b)
	410,590	JP Morgan Alternative Loan Trust, Ser. 2006-A5, Class 1A1, (1M USD LIBOR + 0.16%), 1.98%, due 10/25/2036		409,439	^(b)
		OBX Trust
	8,365,298	Ser. 2019-EXP2, Class 2A1A, (1M USD LIBOR + 0.90%), 2.72%, due 6/25/2059		8,365,511	^(b)(l)
	6,575,000	Ser. 2019-EXP3, Class 2A1A, (1M USD LIBOR + 0.90%), 2.78%, due 10/25/2059		6,574,029	^(b)(l)
	1,000,000	Permanent Master Issuer PLC, Ser. 2018-1A, Class 1A1, (3M USD LIBOR + 0.38%), 2.37%, due 7/15/2058		999,786	^(b)(l)
				214,465,185
Commercial Mortgage-Backed 1.7%
		BX Commercial Mortgage Trust
	7,449,939	Ser. 2018-IND, Class A, (1M USD LIBOR + 0.75%), 2.66%, due 11/15/2035		7,442,954	^(b)(l)
	1,751,171	Ser. 2018-IND, Class B, (1M USD LIBOR + 0.90%), 2.81%, due 11/15/2035		1,748,981	^(b)(l)
		Citigroup Commercial Mortgage Trust
	5,256,703	Ser. 2012-GC8, Class XA, 1.77%, due 9/10/2045		215,799	^(l)(m)(n)
	1,720,944	Ser. 2012-GC8, Class AAB, 2.61%, due 9/10/2045		1,733,793
	1,000,000	Ser. 2012-GC8, Class B, 4.29%, due 9/10/2045		1,041,864	^(l)
	53,388,611	Ser. 2014-GC25, Class XA, 1.00%, due 10/10/2047		2,244,366	^(m)(n)
	30,971,623	Ser. 2015-GC27, Class XA, 1.36%, due 2/10/2048		1,721,071	^(m)(n)
		Commercial Mortgage Trust
	35,068,491	Ser. 2012-CR2, Class XA, 1.64%, due 8/15/2045		1,268,476	^(m)(n)
	164,498	Ser. 2012-CR3, Class XA, 1.86%, due 10/15/2045		7,323	^(m)(n)
	32,175,960	Ser. 2014-CR16, Class XA, 0.98%, due 4/10/2047		1,194,439	^(m)(n)
	29,524,235	Ser. 2014-CR17, Class XA, 0.98%, due 5/10/2047		1,109,902	^(m)(n)
	40,982,566	Ser. 2014-UBS3, Class XA, 1.09%, due 6/10/2047		1,732,181	^(m)(n)
	48,656,430	Ser. 2014-UBS6, Class XA, 0.92%, due 12/10/2047		1,766,068	^(m)(n)
		CSAIL Commercial Mortgage Trust
	7,735,583	Ser. 2018-CX11, Class A1, 2.89%, due 4/15/2051		7,821,684
	34,965,857	Ser. 2015-C2, Class XA, 0.77%, due 6/15/2057		1,202,049	^(m)(n)
		FRESB Mortgage Trust
	2,515,072	Ser. 2017-SB29, Class B, 3.42%, due 3/25/2037		2,065,209	^(m)
	7,011,114	Ser. 2017-SB38, Class B, 3.80%, due 8/25/2037		5,764,180	^(l)(m)
		GS Mortgage Securities Trust
	262,561	Ser. 2011-GC5, Class XA, 1.33%, due 8/10/2044		4,604	^(l)(m)(n)
	60,705,220	Ser. 2014-GC18, Class XA, 1.02%, due 1/10/2047		2,183,652	^(m)(n)
	53,069,234	Ser. 2015-GC30, Class XA, 0.82%, due 5/10/2050		1,645,024	^(m)(n)
	495,101	Morgan Stanley Capital I Trust, Ser. 2011-C3, Class XA, 0.63%, due 7/15/2049		3,791	^(l)(m)(n)
		WF-RBS Commercial Mortgage Trust
	8,535,131	Ser. 2011-C2, Class XA, 0.78%, due 2/15/2044		62,347	^(l)(m)(n)
	218,157	Ser. 2012-C6, Class XA, 2.07%, due 4/15/2045		7,442	^(l)(m)(n)

See Notes to Financial Statements

166

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
$	102,868,000	Ser. 2013-C14, Class XB, 0.14%, due 6/15/2046	$	735,722	^(m)(n)
	34,758,025	Ser. 2014-C21, Class XA, 1.04%, due 8/15/2047		1,393,759	^(m)(n)
	58,602,141	Ser. 2014-C25, Class XA, 0.83%, due 11/15/2047		1,965,967	^(m)(n)
	16,976,206	Ser. 2014-C22, Class XA, 0.81%, due 9/15/2057		540,197	^(m)(n)
				48,622,844
Fannie Mae 0.1%
		Pass-Through Certificates
	9,713,769	3.98%, due 6/25/2046		1,709,409
	5,820	5.00%, due 6/1/2040 – 7/1/2040		6,410
	75,911	6.00%, due 9/1/2033 – 9/1/2040		85,423
	445	6.50%, due 9/1/2032		495
	388	7.50%, due 12/1/2032		441
				1,802,178
Freddie Mac 0.0%^(d)
	5,656	Pass-Through Certificates, 5.00%, due 12/1/2028		6,050
Ginnie Mae 5.8%
		Pass-Through Certificates
	404	6.50%, due 7/15/2032		455
	707	7.00%, due 8/15/2032		839
	18,905,000	3.00%, TBA, 30 Year Maturity		19,456,347	^(o)
	50,070,000	3.50%, TBA, 30 Year Maturity		51,955,449	^(o)
	91,960,000	4.00%, TBA, 30 Year Maturity		95,596,461	^(o)
				167,009,551
Uniform Mortgage-Backed Securities 10.7%
		Pass-Through Certificates
	13,610,000	2.50%, TBA, 15 Year Maturity		13,756,733	^(o)
	104,790,000	3.00%, TBA, 30 Year Maturity		106,484,651	^(o)
	107,530,000	3.50%, TBA, 30 Year Maturity		110,411,468	^(o)
	74,470,000	4.00%, TBA, 30 Year Maturity		77,269,388	^(o)
				307,922,240
		Total Mortgage-Backed Securities (Cost $756,518,901)		739,828,048
Corporate Bonds 45.7%
Advertising 0.6%
		Clear Channel Worldwide Holdings, Inc.
	1,311,000	9.25%, due 2/15/2024		1,442,100	^(l)
	2,129,000	5.13%, due 8/15/2027		2,216,140	^(l)
		Lamar Media Corp.
	60,000	5.38%, due 1/15/2024		61,489
	1,085,000	5.75%, due 2/1/2026		1,148,744
		Nielsen Co. Luxembourg S.a.r.l.
	390,000	5.50%, due 10/1/2021		390,975	^(l)
	1,420,000	5.00%, due 2/1/2025		1,414,675	^(l)

See Notes to Financial Statements

167

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
		Nielsen Finance LLC/Nielsen Finance Co.
$	1,115,000	4.50%, due 10/1/2020	$	1,117,091
	3,830,000	5.00%, due 4/15/2022		3,849,227	^(i)(l)
		Outfront Media Capital LLC/Outfront Media Capital Corp.
	590,000	5.63%, due 2/15/2024		605,487
	1,930,000	5.88%, due 3/15/2025		1,992,725
	1,416,000	5.00%, due 8/15/2027		1,483,302	^(l)
				15,721,955
Aerospace & Defense 0.5%
	1,225,000	BBA U.S. Holdings, Inc., 5.38%, due 5/1/2026		1,280,125	^(l)
		TransDigm, Inc.
	165,000	6.00%, due 7/15/2022		167,805
	471,000	6.50%, due 7/15/2024		486,308
	3,850,000	6.25%, due 3/15/2026		4,124,312	^(l)
	1,935,000	6.38%, due 6/15/2026		2,024,494
	2,570,000	7.50%, due 3/15/2027		2,775,600
	1,710,000	5.50%, due 11/15/2027		1,704,340	^(l)(p)
	624,000	United Technologies Corp., (3M USD LIBOR + 0.65%), 2.82%, due 8/16/2021		624,120	^(b)
				13,187,104
Agriculture 0.3%
		BAT Capital Corp.
	1,190,000	(3M USD LIBOR + 0.59%), 2.77%, due 8/14/2020		1,192,380	^(b)
	6,365,000	4.54%, due 8/15/2047		6,150,706
	1,225,000	Darling Ingredients, Inc., 5.25%, due 4/15/2027		1,286,250	^(l)
	200,000	JBS Investments II GmbH, 7.00%, due 1/15/2026		216,800	^(q)
				8,846,136
Airlines 0.0%^(d)
	650,000	Unity 1 Sukuk Ltd., 3.86%, due 11/30/2021		662,663	^(q)
Apparel 0.0%^(d)
EUR	265,000	Levi Strauss & Co., 3.38%, due 3/15/2027		315,858
Auto Manufacturers 0.9%
		BMW U.S. Capital LLC
$	350,000	(3M USD LIBOR + 0.38%), 2.42%, due 4/6/2020		350,422	^(b)(l)
	750,000	(3M USD LIBOR + 0.50%), 2.68%, due 8/13/2021		751,411	^(b)(l)
		Daimler Finance N.A. LLC
	500,000	(3M USD LIBOR + 0.43%), 2.61%, due 2/12/2021		499,916	^(b)(l)
	6,500,000	(3M USD LIBOR + 0.90%), 3.06%, due 2/15/2022		6,541,665	^(b)(l)
	4,075,000	General Motors Financial Co., Inc., 5.10%, due 1/17/2024		4,401,701	⁽ⁱ⁾
EUR	204,000	Jaguar Land Rover Automotive PLC, 4.50%, due 1/15/2026		214,451	^(q)
$	12,585,000	Volkswagen Group of America Finance LLC, 2.70%, due 9/26/2022		12,705,990	^(l)
				25,465,556

See Notes to Financial Statements

168

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Auto Parts & Equipment 0.1%
EUR	290,000	Goodyear Europe BV, 3.75%, due 12/15/2023	$	326,267	^(q)
$	85,000	Goodyear Tire & Rubber Co., 5.13%, due 11/15/2023		86,264
EUR	419,000	Grupo Antolin-Irausa SA, 3.38%, due 4/30/2026		396,660	^(q)
EUR	392,000	IHO Verwaltungs GmbH, 3.75% Cash/4.50% PIK, due 9/15/2026		442,745	^(q)(r)
$	1,705,000	LKQ Corp., 4.75%, due 5/15/2023		1,738,554
EUR	443,000	LKQ Italia Bondco SpA, 3.88%, due 4/1/2024		552,848	^(q)
EUR	173,000	Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 4.38%, due 5/15/2026		193,638	^(q)
				3,736,976
Banking 0.1%
		Ally Financial, Inc.
$	380,000	8.00%, due 3/15/2020		386,962
	400,000	7.50%, due 9/15/2020		417,000
	170,000	4.25%, due 4/15/2021		174,299
	120,000	4.13%, due 2/13/2022		124,050
		CIT Group, Inc.
	95,000	4.13%, due 3/9/2021		97,138
	160,000	5.00%, due 8/15/2022		170,091
				1,369,540
Banks 6.9%
	500,000	ABN AMRO Bank NV, (3M USD LIBOR + 0.57%), 2.70%, due 8/27/2021		501,846	^(b)(l)
	200,000	Banco Davivienda SA, 5.88%, due 7/9/2022		213,002	^(q)
	90,000	Banco de Credito del Peru, 2.70%, due 1/11/2025		89,550	^(l)
	200,000	Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa,		207,250	^(q)
		4.13%, due 6/6/2024
	150,000	Banco Int'l del Peru SAA Interbank, 3.38%, due 1/18/2023		151,800	^(q)
	5,895,000	Banco Santander SA, 3.80%, due 2/23/2028		6,217,398	⁽ⁱ⁾
	211,000	Banco Votorantim SA, 4.50%, due 9/24/2024		217,573	^(l)
		Bancolombia SA
	122,000	5.95%, due 6/3/2021		128,222
	200,000	5.13%, due 9/11/2022		210,480
		Bank of America Corp.
	6,095,000	2.74%, due 1/23/2022		6,143,247	^(i)(s)
	1,375,000	(3M USD LIBOR + 0.65%), 2.76%, due 6/25/2022		1,381,687	^(b)
	9,400,000	3.71%, due 4/24/2028		10,057,534	^(i)(s)
	7,380,000	3.97%, due 3/5/2029		8,037,715	^(i)(s)
	725,000	Bank of New York Mellon, (3M USD LIBOR + 0.28%), 2.41%, due 6/4/2021		725,964	^(b)
	5,920,000	Barclays PLC, 4.38%, due 1/12/2026		6,361,447	⁽ⁱ⁾
		BBVA Bancomer SA
	101,000	7.25%, due 4/22/2020		103,223	^(q)
	200,000	6.75%, due 9/30/2022		219,740	^(q)
		Citigroup, Inc.
	7,900,000	(3M USD LIBOR + 0.96%), 2.90%, due 4/25/2022		7,997,668	^(b)
	12,720,000	3.89%, due 1/10/2028		13,690,576	^(i)(s)
	5,165,000	3.52%, due 10/27/2028		5,442,783	^(i)(s)
	12,055,000	Commonwealth Bank of Australia, 3.74%, due 9/12/2039		12,082,215	^(l)
		DIB Sukuk Ltd.
	400,000	2.92%, due 6/3/2020		400,273	^(q)
	200,000	3.60%, due 3/30/2021		202,173	^(q)
	200,000	3.63%, due 2/6/2023		204,976	^(q)
	200,000	Emirates Development Bank PJSC, 3.52%, due 3/6/2024		206,401	^(q)
		Goldman Sachs Group, Inc.

See Notes to Financial Statements

169

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
$	705,000	(3M USD LIBOR + 1.11%), 3.05%, due 4/26/2022	$	712,273	^(b)
	10,760,000	(3M USD LIBOR + 0.78%), 2.71%, due 10/31/2022		10,811,863	^(b)
	8,765,000	3.69%, due 6/5/2028		9,260,951	^(s)
	16,540,000	3.81%, due 4/23/2029		17,570,093	^(i)(s)
	3,550,000	4.02%, due 10/31/2038		3,840,396	^(i)(s)
	4,325,000	5.15%, due 5/22/2045		5,192,088	⁽ⁱ⁾
	200,000	Grupo Aval Ltd., 4.75%, due 9/26/2022		207,460	^(q)
	289,000	Gulf Int'l Bank BSC, 3.50%, due 3/25/2022		291,774	^(q)
		HSBC Holdings PLC
	500,000	(3M USD LIBOR + 0.60%), 2.72%, due 5/18/2021		500,495	^(b)
	10,535,000	6.00%, due 5/22/2027		10,935,330	^(i)(s)(t)
		JPMorgan Chase & Co.
	1,150,000	(3M USD LIBOR + 0.55%), 2.65%, due 3/9/2021		1,151,541	^(b)
	6,335,000	(3M USD LIBOR + 0.61%), 2.76%, due 6/18/2022		6,355,969	^(b)
	6,740,000	3.88%, due 7/24/2038		7,397,407	^(i)(s)
		Morgan Stanley
	4,915,000	Ser. H, 5.61%, due 1/15/2020		4,944,490	^(i)(s)(t)
	8,695,000	(3M USD LIBOR + 0.93%), 2.88%, due 7/22/2022		8,773,646	^(b)
	16,475,000	3.59%, due 7/22/2028		17,414,002	^(i)(s)
	600,000	National Australia Bank Ltd., (3M USD LIBOR + 0.35%), 2.35%, due 1/12/2021		601,282	^(b)(l)
	200,000	Philippine National Bank, 3.28%, due 9/27/2024		202,134	^(q)
	200,000	QIB Sukuk Ltd., 3.25%, due 5/23/2022		202,374	^(q)
	200,000	QNB Finance Ltd., (3M USD LIBOR + 1.35%), 3.47%, due 5/31/2021		201,371	^(b)(q)
	595,000	QNB Finansbank A/S, 6.88%, due 9/7/2024		626,164	^(l)
	950,000	Royal Bank of Canada, (3M USD LIBOR + 0.47%), 2.40%, due 4/29/2022		951,385	^(b)
	500,000	Santander UK PLC, (3M USD LIBOR + 0.62%), 2.76%, due 6/1/2021		501,545	^(b)
	200,000	Shinhan Bank Co. Ltd., 3.88%, due 12/7/2026		204,465	^(q)(s)
	200,000	Trade & Development Bank of Mongolia LLC, 9.38%, due 5/19/2020		205,000	^(q)
	200,000	Turkiye Vakiflar Bankasi TAO, 5.50%, due 10/27/2021		198,478	^(q)
	280,000	U.S. Bank N.A., (3M USD LIBOR + 0.29%), 2.44%, due 5/21/2021		280,280	^(b)
	200,000	United Bank for Africa PLC, 7.75%, due 6/8/2022		211,843	^(q)
	7,365,000	Wells Fargo & Co., (3M USD LIBOR + 0.93%), 3.11%, due 2/11/2022		7,413,344	^(b)
	495,000	Wells Fargo Bank N.A., (3M USD LIBOR + 0.66%), 2.80%, due 9/9/2022		496,791	^(b)
	1,000,000	Westpac Banking Corp., (3M USD LIBOR + 0.85%), 2.97%, due 8/19/2021		1,010,983	^(b)
				199,861,960
Beverages 1.1%
	605,000	Anheuser-Busch InBev Finance, Inc., (3M USD LIBOR + 1.26%), 3.16%, due 2/1/2021		612,768	^(b)
		Anheuser-Busch InBev Worldwide, Inc.
	6,175,000	4.60%, due 4/15/2048		7,085,670	⁽ⁱ⁾
	9,870,000	4.75%, due 4/15/2058		11,538,916	⁽ⁱ⁾
	7,315,000	5.80%, due 1/23/2059		9,931,657	⁽ⁱ⁾
	675,000	Diageo Capital PLC, (3M USD LIBOR + 0.24%), 2.36%, due 5/18/2020		675,491	^(b)
EUR	576,000	Sunshine Mid BV, 6.50%, due 5/15/2026		658,968	^(q)
				30,503,470
Brokerage 0.1%
$	3,705,000	LPL Holdings, Inc., 5.75%, due 9/15/2025		3,843,938	^(i)(l)
Building & Construction 0.5%
		Lennar Corp.
	415,000	4.75%, due 4/1/2021		424,877
	45,000	4.13%, due 1/15/2022		46,238

See Notes to Financial Statements

170

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
		Meritage Homes Corp.
$	240,000	7.15%, due 4/15/2020	$	244,500
	760,000	7.00%, due 4/1/2022		830,300
	565,000	5.13%, due 6/6/2027		608,787
		Shea Homes L.P./Shea Homes Funding Corp.
	524,000	5.88%, due 4/1/2023		535,790	^(l)
	1,250,000	6.13%, due 4/1/2025		1,293,750	^(l)
		Taylor Morrison Communities, Inc.
	1,410,000	5.88%, due 6/15/2027		1,574,547	^(l)
	1,520,000	5.75%, due 1/15/2028		1,681,500	^(l)
		Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.
	235,000	5.88%, due 4/15/2023		253,800	^(l)
	1,005,000	5.63%, due 3/1/2024		1,084,144	^(l)
		Toll Brothers Finance Corp.
	390,000	5.88%, due 2/15/2022		414,863
	560,000	4.38%, due 4/15/2023		588,000
	650,000	5.63%, due 1/15/2024		710,125
	465,000	4.88%, due 3/15/2027		505,106
	1,665,000	4.35%, due 2/15/2028		1,731,080
	835,000	TRI Pointe Group, Inc., 4.88%, due 7/1/2021		857,962
				13,385,369
Building Materials 0.4%
	2,950,000	Beacon Roofing Supply, Inc., 4.88%, due 11/1/2025		2,898,522	^(l)
	975,000	CD&R Waterworks Merger Sub LLC, 6.13%, due 8/15/2025		990,844	^(l)
		Jeld-Wen, Inc.
	1,260,000	4.63%, due 12/15/2025		1,247,400	^(l)
	2,825,000	4.88%, due 12/15/2027		2,768,500	^(l)
		Masonite Int'l Corp.
	2,845,000	5.75%, due 9/15/2026		3,019,256	^(l)
	1,500,000	5.38%, due 2/1/2028		1,586,250	^(l)
	200,000	Votorantim Cimentos Int'l SA, 7.25%, due 4/5/2041		253,002	^(q)
				12,763,774
Cable & Satellite Television 1.0%
		CCO Holdings LLC/CCO Holdings Capital Corp.
	850,000	5.25%, due 9/30/2022		861,687	⁽ⁱ⁾
	1,215,000	5.13%, due 2/15/2023		1,240,819	⁽ⁱ⁾
	525,000	4.00%, due 3/1/2023		534,188	^(l)
	595,000	5.13%, due 5/1/2023		609,131	^(i)(l)
	27,000	5.75%, due 1/15/2024		27,667
	705,000	5.88%, due 4/1/2024		734,963	^(l)
	2,365,000	5.75%, due 2/15/2026		2,497,440	^(i)(l)
	3,945,000	5.00%, due 2/1/2028		4,127,456	^(i)(l)
	345,000	4.75%, due 3/1/2030		351,469	^(l)
		CSC Holdings LLC
	670,000	6.75%, due 11/15/2021		721,925
	980,000	5.38%, due 7/15/2023		1,004,480	^(i)(l)
	255,000	5.25%, due 6/1/2024		274,763
	770,000	7.75%, due 7/15/2025		825,825	^(l)
	365,000	6.63%, due 10/15/2025		388,725	^(l)
	1,051,000	10.88%, due 10/15/2025		1,186,011	^(i)(l)
	1,095,000	5.50%, due 5/15/2026		1,153,856	^(l)
	470,000	5.50%, due 4/15/2027		498,205	^(l)

See Notes to Financial Statements

171

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
$	870,000	7.50%, due 4/1/2028	$	978,750	^(l)
	515,000	6.50%, due 2/1/2029		576,800	^(l)
	2,550,000	5.75%, due 1/15/2030		2,683,875	^(l)
		DISH DBS Corp.
	1,185,000	6.75%, due 6/1/2021		1,247,212	⁽ⁱ⁾
	660,000	5.88%, due 7/15/2022		690,235
	130,000	5.00%, due 3/15/2023		130,975
	1,530,000	5.88%, due 11/15/2024		1,533,825	⁽ⁱ⁾
		Radiate Holdco LLC/Radiate Finance, Inc.
	208,000	6.88%, due 2/15/2023		212,680	^(l)
	995,000	6.63%, due 2/15/2025		1,004,950	^(l)
		Virgin Media Finance PLC
	530,000	5.25%, due 2/15/2022		543,250
	480,000	6.00%, due 10/15/2024		495,000	^(l)
	1,250,000	Virgin Media Secured Finance PLC, 5.50%, due 8/15/2026		1,314,062	^(i)(l)
				28,450,224
Chemicals 0.6%
EUR	500,000	Arkema SA, 2.75%, due 6/17/2024		584,836	^(q)(s)(t)
$	315,000	Ashland LLC, 4.75%, due 8/15/2022		329,963
EUR	390,000	Axalta Coating Systems LLC, 4.25%, due 8/15/2024		446,928	^(q)
$	200,000	Bluestar Finance Holdings Ltd., 3.50%, due 9/30/2021		202,193	^(q)
	200,000	Braskem Finance Ltd., 5.75%, due 4/15/2021		209,000	^(q)
	200,000	Braskem Netherlands Finance BV, 3.50%, due 1/10/2023		203,002	^(q)
EUR	510,000	CeramTec BondCo GmbH, 5.25%, due 12/15/2025		586,448	^(q)
		CF Industries, Inc.
$	210,000	3.45%, due 6/1/2023		213,150
	1,395,000	5.38%, due 3/15/2044		1,429,875
	400,000	CNAC HK Finbridge Co. Ltd., 3.38%, due 6/19/2024		405,440	^(q)
	205,000	H.B. Fuller Co., 4.00%, due 2/15/2027		200,900
EUR	421,000	INEOS Finance PLC, 2.13%, due 11/15/2025		454,770	^(q)
$	2,416,000	INEOS Group Holdings SA, 5.63%, due 8/1/2024		2,470,360	^(l)
EUR	422,000	Kronos Int'l, Inc., 3.75%, due 9/15/2025		463,597	^(q)
$	311,000	Mexichem SAB de CV, 4.88%, due 9/19/2022		326,164	^(q)
		NOVA Chemicals Corp.
	680,000	5.25%, due 8/1/2023		686,375	^(i)(l)
	905,000	4.88%, due 6/1/2024		918,575	^(l)
	2,320,000	Platform Specialty Products Corp., 5.88%, due 12/1/2025		2,421,865	^(l)
	610,000	PQ Corp., 6.75%, due 11/15/2022		629,825	^(l)
	200,000	SASOL Financing USA LLC, 5.88%, due 3/27/2024		215,695
EUR	453,000	SGL Carbon SE, 4.63%, due 9/30/2024		457,333	^(q)
EUR	300,000	Solvay SA, 4.25%, due 12/4/2023		368,450	^(q)(s)(t)
		Starfruit Finco BV/Starfruit U.S. Holdco LLC
EUR	392,000	6.50%, due 10/1/2026		441,045	^(q)
$	495,000	8.00%, due 10/1/2026		492,525	^(l)
	400,000	Tronox Finance PLC, 5.75%, due 10/1/2025		377,000	^(l)
	455,000	Tronox, Inc., 6.50%, due 4/15/2026		436,800	^(l)
	945,000	WR Grace & Co-Conn, 5.13%, due 10/1/2021		980,437	^(l)
				16,952,551
Coal 0.0%^(d)
	126,540	Indo Energy Finance II BV, 6.38%, due 1/24/2023		126,720	^(q)
	200,000	Shandong Energy Australia Pty Ltd., 4.55%, due 7/26/2020		199,379	^(q)
				326,099

See Notes to Financial Statements

172

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Commercial Services 0.2%
EUR	336,000	Avis Budget Finance PLC, 4.50%, due 5/15/2025	$	386,492	^(q)
$	200,000	DP World Crescent Ltd., 3.91%, due 5/31/2023		207,061	^(q)
EUR	334,000	Europcar Mobility Group, 4.13%, due 11/15/2024		351,705	^(q)
$	1,240,000	Gartner, Inc., 5.13%, due 4/1/2025		1,300,388	^(l)
EUR	437,000	Intertrust Group BV, 3.38%, due 11/15/2025		508,823	^(q)
EUR	200,000	La Financiere Atalian SAS, 4.00%, due 5/15/2024		148,493	^(q)
EUR	344,000	Loxam SAS, 6.00%, due 4/15/2025		384,354	^(q)
EUR	520,000	Techem Verwaltungsgesellschaft 674 mbH, 6.00%, due 7/30/2026		629,153	^(q)
$	1,115,000	United Rentals N.A., Inc., 5.25%, due 1/15/2030		1,172,144
				5,088,613
Computers 1.7%
	8,220,000	Apple, Inc., 4.65%, due 2/23/2046		10,292,887	⁽ⁱ⁾
EUR	408,000	Banff Merger Sub, Inc., 8.38%, due 9/1/2026		426,538	^(q)
$	13,970,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 5.45%, due 6/15/2023		15,188,001	^(i)(l)
	4,375,000	HP Enterprise Co., 3.60%, due 10/15/2020		4,433,684	⁽ⁱ⁾
		IBM Corp.
	970,000	(3M USD LIBOR + 0.40%), 2.58%, due 5/13/2021		974,455	^(b)
	4,270,000	4.15%, due 5/15/2039		4,812,960	⁽ⁱ⁾
	10,030,000	4.25%, due 5/15/2049		11,397,129	⁽ⁱ⁾
				47,525,654
Consumer - Commercial Lease Financing 0.2%
	777,000	AerCap Global Aviation Trust, 6.50%, due 6/15/2045		851,786	^(l)(s)
	110,000	Avolon Holdings Funding Ltd., 5.13%, due 10/1/2023		118,690	^(l)
	1,200,000	Global Aircraft Leasing Co. Ltd., 6.50% Cash/7.25% PIK, due 9/15/2024		1,228,140	^(l)(r)
		Navient Corp.
	740,000	8.00%, due 3/25/2020		755,725
	375,000	5.88%, due 3/25/2021		389,070
	300,000	6.63%, due 7/26/2021		317,250
	295,000	6.50%, due 6/15/2022		315,650
		Park Aerospace Holdings Ltd.
	140,000	4.50%, due 3/15/2023		147,070	^(l)
	560,000	5.50%, due 2/15/2024		615,664	^(i)(l)
	340,000	SLM Corp., 7.25%, due 1/25/2022		368,798
		Springleaf Finance Corp.
	880,000	7.75%, due 10/1/2021		959,218	⁽ⁱ⁾
	645,000	6.13%, due 5/15/2022		694,181
				6,761,242
Distribution - Wholesale 0.0%^(d)
	175,000	Anixter, Inc., 5.50%, due 3/1/2023		179,480
	1,075,000	HD Supply, Inc., 5.38%, due 10/15/2026		1,134,125	^(l)
				1,313,605
Diversified Capital Goods 0.2%
	220,000	Anixter, Inc., 5.13%, due 10/1/2021		227,150
	1,820,000	Resideo Funding, Inc., 6.13%, due 11/1/2026		1,833,650	^(l)

See Notes to Financial Statements

173

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
		SPX FLOW, Inc.
$	405,000	5.63%, due 8/15/2024	$	421,706	^(l)
	1,710,000	5.88%, due 8/15/2026		1,791,225	^(l)
				4,273,731
Diversified Financial Services 1.9%
	10,915,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, due 10/1/2025		11,842,660	⁽ⁱ⁾
		American Express Co.
	1,300,000	(3M USD LIBOR + 0.53%), 2.65%, due 5/17/2021		1,304,579	^(b)
	3,618,000	(3M USD LIBOR + 0.62%), 2.76%, due 5/20/2022		3,634,942	^(b)
	9,160,000	Avolon Holdings Funding Ltd., 3.95%, due 7/1/2024		9,509,912	^(i)(l)
		Capital One Financial Corp.
	535,000	(3M USD LIBOR + 0.76%), 2.94%, due 5/12/2020		536,268	^(b)
	7,765,000	(3M USD LIBOR + 0.95%), 3.05%, due 3/9/2022		7,827,413	^(b)
	200,000	CCBL Cayman Corp. Ltd., 3.25%, due 7/28/2020		200,737	^(q)
	200,000	CDBL Funding 2, 2.63%, due 8/1/2020		199,678	^(q)
	273,000	GTLK Europe Capital DAC, 4.95%, due 2/18/2026		278,225	^(q)
	200,000	GTLK Europe DAC, 5.95%, due 7/19/2021		208,838	^(q)
		Huarong Finance 2017 Co. Ltd.
	200,000	(3M USD LIBOR + 1.65%), 3.59%, due 4/27/2020		200,452	^(b)(q)
	267,000	4.50%, due 1/24/2022		271,660	^(q)(s)(t)
	267,000	(3M USD LIBOR + 1.85%), 3.79%, due 4/27/2022		270,556	^(b)(q)
	420,000	4.00%, due 11/7/2022		423,135	^(q)(s)(t)
		ICBCIL Finance Co. Ltd.
	355,000	3.20%, due 11/10/2020		356,889	^(q)
	200,000	2.50%, due 9/29/2021		198,980	^(q)
EUR	364,000	Lincoln Financing S.a.r.l., (3M EURIBOR + 3.88%, Floor 3.88%), 3.88%, due 4/1/2024		404,792	^(b)(q)
$	50,000	Mestenio Ltd., 8.50%, due 1/2/2020		50,313	^(q)
	200,000	Rural Electrification Corp. Ltd., 3.07%, due 12/18/2020		201,015	^(q)
	16,620,000	Synchrony Financial, 2.85%, due 7/25/2022		16,813,103
				54,734,147
Electric 1.3%
	1,500,000	1MDB Energy Ltd., 5.99%, due 5/11/2022		1,582,554	^(q)
GBP	180,000	Drax Finco PLC, 4.25%, due 5/1/2022		237,197	^(q)
		DTE Energy Co.
$	6,920,000	2.25%, due 11/1/2022		6,963,457	^(p)
	11,950,000	Ser. C, 3.40%, due 6/15/2029		12,511,119	⁽ⁱ⁾
	405,000	Empresa de Transmision Electrica SA, 5.13%, due 5/2/2049		463,219	^(l)
		Eskom Holdings SOC Ltd.
	200,000	5.75%, due 1/26/2021		201,292	^(q)
	650,000	6.75%, due 8/6/2023		666,930	^(q)
	10,905,000	Evergy, Inc., 2.90%, due 9/15/2029		10,965,344
	1,200,000	Florida Power & Light Co., (3M USD LIBOR + 0.40%), 2.64%, due 5/6/2022		1,200,060	^(b)
	178,000	Genneia SA, 8.75%, due 1/20/2022		120,150	^(q)
	605,000	NRG Energy, Inc., 5.25%, due 6/15/2029		648,863	^(l)
GBP	285,000	NWEN Finance PLC, 5.88%, due 6/21/2021		383,019	^(q)
EUR	300,000	Orano SA, 4.88%, due 9/23/2024		390,212
$	300,000	Pampa Energia SA, 7.38%, due 7/21/2023		261,000	^(q)
				36,594,416

See Notes to Financial Statements

174

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Electric - Generation 0.5%
		Calpine Corp.
$	780,000	6.00%, due 1/15/2022	$	781,092	^(i)(l)
	1,590,000	5.38%, due 1/15/2023		1,615,758	⁽ⁱ⁾
	1,400,000	5.88%, due 1/15/2024		1,430,800	^(l)
	300,000	5.50%, due 2/1/2024		300,750
	1,875,000	5.75%, due 1/15/2025		1,921,875
	1,355,000	Dynegy, Inc., 5.88%, due 6/1/2023		1,383,794	⁽ⁱ⁾
	975,000	NextEra Energy Operating Partners L.P., 4.25%, due 7/15/2024		1,001,520	^(l)
		NRG Energy, Inc.
	580,000	7.25%, due 5/15/2026		635,117	⁽ⁱ⁾
	1,565,000	6.63%, due 1/15/2027		1,696,069	⁽ⁱ⁾
		Vistra Operations Co. LLC
	655,000	5.50%, due 9/1/2026		692,151	^(l)
	1,095,000	5.63%, due 2/15/2027		1,160,700	^(l)
	1,315,000	5.00%, due 7/31/2027		1,361,025	^(l)
				13,980,651
Electric - Integrated 0.1%
		Talen Energy Supply LLC
	525,000	6.50%, due 6/1/2025		393,761
	1,875,000	10.50%, due 1/15/2026		1,612,500	^(l)
	960,000	7.25%, due 5/15/2027		957,600	^(l)
	275,000	6.63%, due 1/15/2028		265,375	^(l)
				3,229,236
Electrical Components & Equipment 0.0%^(d)
EUR	378,000	Belden, Inc., 3.38%, due 7/15/2027		428,691	^(q)
EUR	327,000	Energizer Gamma Acquisition BV, 4.63%, due 7/15/2026		384,535	^(q)
				813,226
Electronics 0.2%
$	1,880,000	Amkor Technology, Inc., 6.63%, due 9/15/2027		2,058,600	^(l)
	450,000	Honeywell Int'l, Inc., (3M USD LIBOR + 0.37%), 2.56%, due 8/8/2022		451,980	^(b)
		Sensata Technologies BV
	25,000	4.88%, due 10/15/2023		26,407	^(l)
	230,000	5.63%, due 11/1/2024		252,425	^(l)
	1,200,000	Sensata Technologies UK Financing Co. PLC, 6.25%, due 2/15/2026		1,284,000	^(l)
	660,000	Sensata Technologies, Inc., 4.38%, due 2/15/2030		664,537	^(l)
				4,737,949
Energy - Alternate Sources 0.0%^(d)
	311,000	Azure Power Energy Ltd., 5.50%, due 11/3/2022		314,514	^(q)
	200,000	Greenko Dutch BV, 4.88%, due 7/24/2022		201,252	^(q)
	274,000	Rio Energy SA/UGEN SA/UENSA SA, 6.88%, due 2/1/2025		158,923	^(l)
				674,689

See Notes to Financial Statements

175

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Energy - Exploration & Production 0.6%
		Ascent Resources Utica Holdings LLC/ARU Finance Corp.
$	992,000	10.00%, due 4/1/2022	$	938,730	^(i)(l)
	1,240,000	7.00%, due 11/1/2026		948,600	^(i)(l)
	1,100,000	Bruin E&P Partners LLC, 8.88%, due 8/1/2023		726,000	^(l)
	1,145,000	Centennial Resource Production LLC, 6.88%, due 4/1/2027		1,122,100	^(l)
		Chesapeake Energy Corp.
	210,000	5.75%, due 3/15/2023		153,300
	185,000	7.00%, due 10/1/2024		124,412
	564,000	8.00%, due 3/15/2026		358,140	^(l)
	460,000	8.00%, due 6/15/2027		287,500
	3,250,000	CrownRock L.P./CrownRock Finance, Inc., 5.63%, due 10/15/2025		3,176,940	^(l)
		Extraction Oil & Gas, Inc.
	90,000	7.38%, due 5/15/2024		36,900	^(l)
	665,000	5.63%, due 2/1/2026		282,625	^(l)
	2,855,000	Matador Resources Co., 5.88%, due 9/15/2026		2,740,800
		Oasis Petroleum, Inc.
	285,000	6.88%, due 1/15/2023		246,525
	365,000	6.25%, due 5/1/2026		248,382	^(l)
	331,000	Parsley Energy LLC/Parsley Finance Corp., 6.25%, due 6/1/2024		344,654	^(l)
		PDC Energy, Inc.
	245,000	6.13%, due 9/15/2024		237,803
	2,280,000	5.75%, due 5/15/2026		2,131,800
		Range Resources Corp.
	180,000	5.88%, due 7/1/2022		171,000
	90,000	5.00%, due 8/15/2022		85,050
	990,000	5.00%, due 3/15/2023		856,350
	800,000	4.88%, due 5/15/2025		642,000
	565,000	SM Energy Co., 6.63%, due 1/15/2027		474,600
		WPX Energy, Inc.
	130,000	8.25%, due 8/1/2023		144,950
	885,000	5.25%, due 9/15/2024		893,850
	945,000	5.75%, due 6/1/2026		949,725
				18,322,736
Engineering & Construction 0.1%
	289,000	Aeropuerto Int'l de Tocumen SA, 6.00%, due 11/18/2048		359,805	^(l)
	200,000	Chang Development Int'l Ltd., 3.63%, due 1/20/2020		199,790	^(q)
		China Minmetals Corp.
	200,000	4.45%, due 5/13/2021		203,305	^(q)(s)(t)
	1,370,000	3.75%, due 11/13/2022		1,380,087	^(q)(s)(t)
	200,000	IHS Netherlands Holdco BV, 8.00%, due 9/18/2027		209,040	^(l)
EUR	200,000	Swissport Financing S.a.r.l., 9.00%, due 2/15/2025		228,742	^(q)
				2,580,769
Entertainment 0.1%
GBP	424,000	AMC Entertainment Holdings, Inc., 6.38%, due 11/15/2024		525,132
EUR	450,000	Cirsa Finance Int'l S.a.r.l., 4.75%, due 5/22/2025		520,583	^(q)
EUR	343,000	lnt'l Game Technology PLC, 3.50%, due 6/15/2026		405,895	^(q)
GBP	382,000	Ladbrokes Group Finance PLC, 5.13%, due 9/8/2023		532,004	^(q)
EUR	169,000	Scientific Games Int'l, Inc., 5.50%, due 2/15/2026		183,753	^(q)
GBP	450,000	William Hill PLC, 4.75%, due 5/1/2026		611,154	^(q)
				2,778,521

See Notes to Financial Statements

176

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Environmental Control 0.0%^(d)
GBP	283,000	Kelda Finance No. 3 PLC, 5.75%, due 2/17/2020	$	368,595	^(q)
EUR	514,000	Paprec Holding SA, 4.00%, due 3/31/2025		515,943	^(q)
				884,538
Food 0.9%
EUR	700,000	Casino Guichard Perrachon SA, 4.05%, due 8/5/2026		620,895	^(q)
GBP	349,000	Co-operative Group Holdings 2011 Ltd., 7.50%, due 7/8/2026		514,978	^(q)
$	11,320,000	Grupo Bimbo SAB de CV, 4.70%, due 11/10/2047		12,108,551	^(i)(l)
	9,165,000	Kraft Heinz Foods Co., 3.75%, due 4/1/2030		9,367,253	^(l)
	2,070,000	Kroger Co., 5.40%, due 1/15/2049		2,454,788	⁽ⁱ⁾
GBP	349,000	Premier Foods Finance PLC, 6.25%, due 10/15/2023		467,320	^(q)
				25,533,785
Food - Wholesale 0.2%
$	1,195,000	Performance Food Group, Inc., 5.50%, due 10/15/2027		1,263,712	^(l)
		Post Holdings, Inc.
	1,185,000	5.50%, due 3/1/2025		1,241,406	^(l)
	565,000	5.75%, due 3/1/2027		601,516	^(l)
	1,710,000	5.63%, due 1/15/2028		1,829,700	^(l)
				4,936,334
Forest Products & Paper 0.0%^(d)
	213,000	Suzano Austria GmbH, 5.00%, due 1/15/2030		219,284
Gaming 0.7%
		Boyd Gaming Corp.
	1,615,000	6.88%, due 5/15/2023		1,675,563	⁽ⁱ⁾
	2,475,000	6.38%, due 4/1/2026		2,629,687	⁽ⁱ⁾
	1,690,000	Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, due 10/15/2025		1,730,138	^(l)
	2,745,000	Churchill Downs, Inc., 5.50%, due 4/1/2027		2,909,700	^(l)
		Eldorado Resorts, Inc.
	105,000	6.00%, due 4/1/2025		110,381
	585,000	6.00%, due 9/15/2026		641,306
	370,000	Int'l Game Technology PLC, 6.25%, due 2/15/2022		389,425	^(l)
	321,000	Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., 6.75%, due 11/15/2021		327,821	^(l)
		MGM Resorts Int'l
	730,000	5.25%, due 3/31/2020		736,388
	505,000	6.63%, due 12/15/2021		547,294
	365,000	7.75%, due 3/15/2022		408,800
	570,000	6.00%, due 3/15/2023		628,607
	251,000	Scientific Games Int'l, Inc., 10.00%, due 12/1/2022		258,216
	2,295,000	Station Casinos LLC, 5.00%, due 10/1/2025		2,326,556	^(l)
	190,000	Twin River Worldwide Holdings, Inc., 6.75%, due 6/1/2027		200,032	^(l)
	265,000	VICI Properties 1 LLC/VICI FC, Inc., 8.00%, due 10/15/2023		288,519
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
	715,000	4.25%, due 5/30/2023		740,097	^(l)
	3,160,000	5.50%, due 3/1/2025		3,357,500	^(l)
				19,906,030

See Notes to Financial Statements

177

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Gas 0.0%^(d)
$	200,000	Binhai Investment Co. Ltd., 4.45%, due 11/30/2020	$	190,126	^(q)
	1,000,000	Dominion Energy Gas Holdings LLC, Ser. A, (3M USD LIBOR + 0.60%), 2.72%, due 6/15/2021		1,004,850	^(b)
				1,194,976
Gas Distribution 1.0%
	1,975,000	Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, due 9/15/2024		1,599,750	⁽ⁱ⁾
		Buckeye Partners L.P.
	500,000	4.35%, due 10/15/2024		501,391
	1,585,000	3.95%, due 12/1/2026		1,464,086
	630,000	4.13%, due 12/1/2027		581,493
	100,000	Cheniere Corpus Christi Holdings LLC, 7.00%, due 6/30/2024		115,008
		Cheniere Energy Partners L.P.
	1,555,000	5.25%, due 10/1/2025		1,609,425	⁽ⁱ⁾
	490,000	5.63%, due 10/1/2026		517,563
		Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.
	1,140,000	6.25%, due 4/1/2023		1,159,608
	1,205,000	5.75%, due 4/1/2025		1,244,162
	425,000	5.63%, due 5/1/2027		427,665	^(l)
		DCP Midstream LLC
	390,000	5.35%, due 3/15/2020		392,925	^(l)
	495,000	4.75%, due 9/30/2021		504,900	^(l)
	1,530,000	5.85%, due 5/21/2043		1,369,350	^(l)(s)
		DCP Midstream Operating L.P.
	180,000	4.95%, due 4/1/2022		185,868
	175,000	3.88%, due 3/15/2023		176,750
	255,000	5.38%, due 7/15/2025		268,388
	1,415,000	5.60%, due 4/1/2044		1,337,599
		Genesis Energy L.P./Genesis Energy Finance Corp.
	490,000	6.00%, due 5/15/2023		475,300
	1,185,000	6.50%, due 10/1/2025		1,125,750
	755,000	6.25%, due 5/15/2026		698,375
		Global Partners L.P./GLP Finance Corp.
	325,000	7.00%, due 6/15/2023		335,801
	480,000	7.00%, due 8/1/2027		499,282	^(l)
		NuStar Logistics L.P.
	520,000	4.80%, due 9/1/2020		524,040
	970,000	6.75%, due 2/1/2021		1,005,095
	740,000	4.75%, due 2/1/2022		751,100
	430,000	6.00%, due 6/1/2026		459,541
	440,000	5.63%, due 4/28/2027		457,600
		Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
	755,000	5.50%, due 8/15/2022		675,725
	1,440,000	5.75%, due 4/15/2025		1,116,000	⁽ⁱ⁾
		Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.
	595,000	5.50%, due 9/15/2024		578,637	^(l)
	1,110,000	5.50%, due 1/15/2028		1,040,625	^(l)
		Targa Resources Partners L.P./Targa Resources Partners Finance Corp.
	575,000	5.25%, due 5/1/2023		577,156
	1,200,000	4.25%, due 11/15/2023		1,205,640
	735,000	6.75%, due 3/15/2024		762,281	⁽ⁱ⁾
	680,000	5.13%, due 2/1/2025		697,014
	334,000	5.38%, due 2/1/2027		341,933

See Notes to Financial Statements

178

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
$	825,000	6.50%, due 7/15/2027	$	882,766	^(l)
	185,000	5.00%, due 1/15/2028		183,613
	165,000	6.88%, due 1/15/2029		178,406	^(l)
				28,027,611
Health Facilities 0.5%
		Acadia Healthcare Co., Inc.
	345,000	5.13%, due 7/1/2022		348,019
	450,000	5.63%, due 2/15/2023		456,750
	235,000	6.50%, due 3/1/2024		243,225
	705,000	Columbia/HCA Corp., 7.69%, due 6/15/2025		851,287	⁽ⁱ⁾
		HCA, Inc.
	320,000	7.50%, due 2/15/2022		355,040
	270,000	5.88%, due 5/1/2023		296,244
	1,145,000	5.38%, due 9/1/2026		1,248,050	⁽ⁱ⁾
	1,140,000	5.63%, due 9/1/2028		1,281,075	⁽ⁱ⁾
	1,565,000	5.88%, due 2/1/2029		1,774,319
		MEDNAX, Inc.
	480,000	5.25%, due 12/1/2023		486,000	^(l)
	1,245,000	6.25%, due 1/15/2027		1,231,803	^(l)
	875,000	Select Medical Corp., 6.25%, due 8/15/2026		931,875	^(l)
		Tenet Healthcare Corp.
	3,165,000	8.13%, due 4/1/2022		3,426,112
	980,000	6.75%, due 6/15/2023		1,038,800
	210,000	5.13%, due 5/1/2025		214,988
	540,000	THC Escrow Corp., 7.00%, due 8/1/2025		557,550
	195,000	Universal Health Services, Inc., 4.75%, due 8/1/2022		197,194	^(l)
				14,938,331
Health Services 0.1%
	895,000	Eagle Holding Co. II LLC, 7.75% Cash/8.50% PIK, due 5/15/2022		908,425	^(l)(r)
	325,000	Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, due 8/1/2023		336,375	^(l)
	320,000	Team Health Holdings, Inc., 6.38%, due 2/1/2025		206,400	^(l)
	530,000	Vizient, Inc., 6.25%, due 5/15/2027		571,568	^(l)
	1,005,000	West Street Merger Sub, Inc., 6.38%, due 9/1/2025		954,750	^(l)
				2,977,518
Healthcare - Products 0.4%
EUR	441,000	Avantor, Inc., 4.75%, due 10/1/2024		522,765	^(q)
$	11,210,000	DH Europe Finance II S.a.r.l., 3.40%, due 11/15/2049		11,512,440	^(p)
				12,035,205
Healthcare - Services 0.9%
EUR	479,000	Catalent Pharma Solutions, Inc., 4.75%, due 12/15/2024		548,922	^(q)
		HCA, Inc.
$	6,715,000	4.13%, due 6/15/2029		7,117,510
	9,815,000	5.25%, due 6/15/2049		10,868,151	⁽ⁱ⁾
		UnitedHealth Group, Inc.
	1,000,000	(3M USD LIBOR + 0.26%), 2.38%, due 6/15/2021		998,892	^(b)
	6,940,000	3.88%, due 8/15/2059		7,360,705
				26,894,180

See Notes to Financial Statements

179

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Home Builders 0.0%^(d)
GBP	413,000	Miller Homes Group Holdings PLC, 5.50%, due 10/15/2024	$	552,958	^(q)
Hotels 0.0%^(d)
$	1,230,000	Hilton Domestic Operating Co., Inc., 5.13%, due 5/1/2026		1,291,500
Household Products - Wares 0.0%^(d)
EUR	280,000	Spectrum Brands, Inc., 4.00%, due 10/1/2026		328,868	^(q)
Housewares 0.0%^(d)
$	500,000	SISECAM, 6.95%, due 3/14/2026		520,000	^(l)
Insurance 0.3%
	7,915,000	AXA Equitable Holdings, Inc., 5.00%, due 4/20/2048		8,485,684	⁽ⁱ⁾
	615,000	Marsh & McLennan Cos., Inc., (3M USD LIBOR + 1.20%), 3.30%, due 12/29/2021		615,758	^(b)
	500,000	New York Life Global Funding, (3M USD LIBOR + 0.44%), 2.44%, due 7/12/2022		501,061	^(b)(l)
				9,602,503
Insurance Brokerage 0.3%
	910,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, due 10/15/2027		946,500	^(l)
	1,865,000	AssuredPartners, Inc., 7.00%, due 8/15/2025		1,858,006	^(l)
	1,715,000	GTCR AP Finance, Inc., 8.00%, due 5/15/2027		1,753,588	^(l)
	4,315,000	HUB Int'l Ltd., 7.00%, due 5/1/2026		4,444,450	^(l)
				9,002,544
Internet 0.1%
		Netflix, Inc.
EUR	547,000	3.63%, due 5/15/2027		642,005
$	1,955,000	6.38%, due 5/15/2029		2,194,487	^(l)
	1,245,000	Symantec Corp., 5.00%, due 4/15/2025		1,276,125	^(l)
				4,112,617
Investment Companies 0.0%^(d)
	200,000	MDGH - GMTN BV, 3.70%, due 11/7/2049		200,808	^(l)(p)
Iron - Steel 0.1%
	200,000	Baosteel Financing 2015 Pty Ltd., 3.88%, due 1/28/2020		200,519	^(q)
		CSN Resources SA
	347,000	7.63%, due 2/13/2023		358,972	^(l)
	200,000	7.63%, due 2/13/2023		206,900	^(q)
	200,000	Severstal OAO Via Steel Capital SA, 5.90%, due 10/17/2022		216,470	^(q)
	400,000	Shougang Group Co. Ltd., 3.38%, due 12/9/2019		400,279	^(q)
				1,383,140

See Notes to Financial Statements

180

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Leisure Time 0.0%^(d)
EUR	350,000	Piaggio & C SpA, 3.63%, due 4/30/2025	$	409,139	^(q)
Lodging 0.0%^(d)
GBP	345,000	TVL Finance PLC, (3M GBP LIBOR + 5.38%), 6.16%, due 7/15/2025		431,254	^(b)(q)
Machinery 0.2%
		CFX Escrow Corp.
$	1,410,000	6.00%, due 2/15/2024		1,498,125	^(l)
	350,000	6.38%, due 2/15/2026		379,313	^(l)
	365,000	Granite Holdings U.S. Acquisition Co., 11.00%, due 10/1/2027		338,538	^(l)
	1,500,000	Harsco Corp., 5.75%, due 7/31/2027		1,558,155	^(l)
	120,000	Oshkosh Corp., 5.38%, due 3/1/2025		124,260
	180,000	RBS Global, Inc./Rexnord LLC, 4.88%, due 12/15/2025		185,625	^(l)
	2,925,000	Terex Corp., 5.63%, due 2/1/2025		2,946,937	^(l)
				7,030,953
Machinery - Construction & Mining 0.0%^(d)
	1,250,000	Caterpillar Financial Services Corp., (3M USD LIBOR + 0.28%), 2.38%, due 9/7/2021		1,250,363	^(b)
Machinery - Diversified 0.0%^(d)
	715,000	John Deere Capital Corp., (3M USD LIBOR + 0.40%), 2.50%, due 6/7/2021		717,457	^(b)
EUR	513,000	Platin 1426 GmbH, 5.38%, due 6/15/2023		537,499	^(q)
				1,254,956
Managed Care 0.2%
$	325,000	Centene Corp., 4.75%, due 5/15/2022		331,906
	3,560,000	MPH Acquisition Holdings LLC, 7.13%, due 6/1/2024		3,319,700	^(l)
		WellCare Health Plans, Inc.
	715,000	5.25%, due 4/1/2025		748,292
	605,000	5.38%, due 8/15/2026		643,569	^(l)
				5,043,467
Media 0.9%
EUR	299,000	Altice Finco SA, 4.75%, due 1/15/2028		323,686	^(q)
		Altice Luxembourg SA
EUR	368,000	6.25%, due 2/15/2025		426,334	^(q)
EUR	200,000	8.00%, due 5/15/2027		243,406	^(q)
		Comcast Corp.
$	5,265,000	4.00%, due 8/15/2047		5,819,154	⁽ⁱ⁾
	11,035,000	4.95%, due 10/15/2058		14,239,623	⁽ⁱ⁾
	1,300,000	NBCUniversal Enterprise, Inc., (3M USD LIBOR + 0.40%), 2.50%, due 4/1/2021		1,304,368	^(b)(l)
	410,000	Sirius XM Radio, Inc., 5.38%, due 4/15/2025		426,400	^(l)
EUR	369,000	Summer BidCo BV, 9.00% Cash/9.75% PIK, due 11/15/2025		428,303	^(q)(r)
$	1,000,000	Telenet Finance Luxembourg Notes S.a.r.l., 5.50%, due 3/1/2028		1,063,780	^(l)
EUR	337,500	UPCB Finance IV Ltd., 4.00%, due 1/15/2027		395,234	^(q)
GBP	637,200	Virgin Media Secured Finance PLC, 6.25%, due 3/28/2029		878,016	^(q)
EUR	334,000	Ziggo BV, 4.25%, due 1/15/2027		401,274	^(q)
				25,949,578

See Notes to Financial Statements

181

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Media Content 1.3%
		AMC Networks, Inc.
$	220,000	5.00%, due 4/1/2024	$	224,083
	1,175,000	4.75%, due 8/1/2025		1,186,750
	2,540,000	Cumulus Media New Holdings, Inc., 6.75%, due 7/1/2026		2,692,400	^(l)
		Diamond Sports Group LLC/Diamond Sports Finance Co.
	780,000	5.38%, due 8/15/2026		814,125	^(l)
	960,000	6.63%, due 8/15/2027		988,800	^(l)
	142,000	Gannett Co., Inc., 5.13%, due 7/15/2020		142,355
		Gray Television, Inc.
	895,000	5.13%, due 10/15/2024		927,444	^(l)
	1,790,000	7.00%, due 5/15/2027		1,958,743	^(l)
		iHeartCommunications, Inc.
	1,150,000	6.38%, due 5/1/2026		1,237,688
	1,430,000	8.38%, due 5/1/2027		1,533,675
	1,540,000	5.25%, due 8/15/2027		1,588,818	^(l)
	1,465,000	Lions Gate Capital Holdings LLC, 5.88%, due 11/1/2024		1,380,763	^(l)
		Netflix, Inc.
	810,000	5.38%, due 2/1/2021		838,350
	35,000	5.50%, due 2/15/2022		37,100
	470,000	5.75%, due 3/1/2024		517,370
	975,000	4.88%, due 4/15/2028		1,007,458
	1,135,000	5.88%, due 11/15/2028		1,249,919
	2,375,000	5.38%, due 11/15/2029		2,502,656	^(l)
	920,000	4.88%, due 6/15/2030		930,120	^(l)
		Nexstar Broadcasting, Inc.
	60,000	6.13%, due 2/15/2022		60,825	^(l)
	120,000	5.88%, due 11/15/2022		121,800
	225,000	5.63%, due 8/1/2024		234,761	^(l)
	2,775,000	Nexstar Escrow, Inc., 5.63%, due 7/15/2027		2,926,792	^(l)
		Sinclair Television Group, Inc.
	205,000	5.63%, due 8/1/2024		211,150	^(l)
	240,000	5.88%, due 3/15/2026		250,500	^(l)
	1,510,000	5.13%, due 2/15/2027		1,521,325	^(l)
		Sirius XM Radio, Inc.
	1,105,000	3.88%, due 8/1/2022		1,128,481	^(l)
	275,000	4.63%, due 5/15/2023		279,290	^(l)
	1,360,000	4.63%, due 7/15/2024		1,421,200	^(l)
	1,725,000	5.38%, due 7/15/2026		1,819,875	^(l)
	1,325,000	5.00%, due 8/1/2027		1,392,906	^(l)
	3,085,000	5.50%, due 7/1/2029		3,333,728	^(l)
	1,095,000	TEGNA, Inc., 5.00%, due 9/15/2029		1,110,056	^(l)
	390,000	WMG Acquisition Corp., 5.00%, due 8/1/2023		399,750	^(l)
				37,971,056
Medical Products 0.2%
		Avantor, Inc.
	860,000	6.00%, due 10/1/2024		919,237	^(l)
	2,280,000	9.00%, due 10/1/2025		2,547,216	^(l)
	2,433,000	Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 6.63%, due 5/15/2022		2,350,886	^(l)
				5,817,339

See Notes to Financial Statements

182

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Metals - Mining Excluding Steel 0.5%
		Arconic, Inc.
$	60,000	6.15%, due 8/15/2020	$	61,657
	140,000	5.40%, due 4/15/2021		144,432
	120,000	5.87%, due 2/23/2022		128,317
		Cleveland Cliffs, Inc.
	530,000	4.88%, due 1/15/2024		544,575	^(l)
	1,730,000	5.88%, due 6/1/2027		1,649,988	^(l)
		Constellium NV
	411,000	5.75%, due 5/15/2024		422,857	^(l)
	707,000	6.63%, due 3/1/2025		739,911	^(l)
	241,000	First Quantum Minerals Ltd., 7.25%, due 4/1/2023		241,753	^(l)
		FMG Resources (August 2006) Pty Ltd.
	525,000	4.75%, due 5/15/2022		540,750	^(l)
	45,000	5.13%, due 3/15/2023		46,856	^(l)
	1,235,000	5.13%, due 5/15/2024		1,296,750	^(l)
		Freeport-McMoRan, Inc.
	1,325,000	3.55%, due 3/1/2022		1,339,906	⁽ⁱ⁾
	245,000	4.55%, due 11/14/2024		254,800
	550,000	5.00%, due 9/1/2027		561,688
	915,000	5.25%, due 9/1/2029		931,287
	295,000	5.40%, due 11/14/2034		287,994
	1,135,000	5.45%, due 3/15/2043		1,055,550	⁽ⁱ⁾
		Hudbay Minerals, Inc.
	665,000	7.25%, due 1/15/2023		687,377	^(l)
	544,000	7.63%, due 1/15/2025		553,860	^(l)
		Novelis Corp.
	735,000	6.25%, due 8/15/2024		769,913	^(l)
	830,000	5.88%, due 9/30/2026		871,583	^(l)
				13,131,804
Mining 0.4%
	6,660,000	Anglo American Capital PLC, 4.00%, due 9/11/2027		6,898,685	^(l)
	238,000	Codelco, Inc., 3.00%, due 9/30/2029		237,182	^(l)
EUR	461,000	Constellium NV, 4.25%, due 2/15/2026		532,406	^(q)
		Indonesia Asahan Aluminium Persero PT
$	211,000	5.23%, due 11/15/2021		220,917	^(l)
	200,000	5.71%, due 11/15/2023		219,691	^(l)
	1,330,000	6.76%, due 11/15/2048		1,707,517	^(q)
	200,000	Minera Mexico SA de CV, 4.50%, due 1/26/2050		196,140	^(l)
	200,000	Minsur SA, 6.25%, due 2/7/2024		220,750	^(q)
		Vedanta Resources PLC
	400,000	8.25%, due 6/7/2021		416,200	^(q)
	300,000	6.38%, due 7/30/2022		296,700	^(q)
	550,000	VM Holding SA, 5.38%, due 5/4/2027		583,693	^(q)
	200,000	Volcan Cia Minera SAA, 5.38%, due 2/2/2022		207,252	^(q)
				11,737,133
Miscellaneous Manufacturer 0.2%
	750,000	General Electric Capital Corp., (3M USD LIBOR + 0.62%), 2.63%, due 1/9/2020		749,802	^(b)
	5,525,000	General Electric Co., Ser. D, 5.00%, due 1/21/2021		5,328,642	^(i)(s)(t)
				6,078,444

See Notes to Financial Statements

183

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Multi-National 0.0%^(d)
$	200,000	African Export-Import Bank, 3.99%, due 9/21/2029	$	200,064	^(l)
	200,000	Banque Ouest Africaine de Developpement, 4.70%, due 10/22/2031		201,264	^(l)
				401,328
Oil & Gas 2.1%
	300,000	BP Capital Markets PLC, (3M USD LIBOR + 0.25%), 2.38%, due 11/24/2020		300,552	^(b)
	4,530,000	Canadian Natural Resources Ltd., 4.95%, due 6/1/2047		5,306,629	⁽ⁱ⁾
	6,310,000	Concho Resources, Inc., 4.88%, due 10/1/2047		7,122,618	⁽ⁱ⁾
	89,000	Ecopetrol SA, 5.88%, due 9/18/2023		98,652
		Gazprom OAO Via Gaz Capital SA
	200,000	4.95%, due 7/19/2022		211,538	^(q)
	661,000	5.15%, due 2/11/2026		722,511	^(l)
		KazMunayGas National Co. JSC
	508,000	5.38%, due 4/24/2030		584,210	^(l)
	1,089,000	6.38%, due 10/24/2048		1,369,744	^(i)(l)
	9,115,000	Marathon Oil Corp., 4.40%, due 7/15/2027		9,794,322	⁽ⁱ⁾
		Occidental Petroleum Corp.
	770,000	(3M USD LIBOR + 1.25%), 3.44%, due 8/13/2021		774,874	^(b)
	7,350,000	(3M USD LIBOR + 1.45%), 3.64%, due 8/15/2022		7,395,465	^(b)
	9,930,000	3.20%, due 8/15/2026		10,052,696
	9,950,000	3.50%, due 8/15/2029		10,079,150
	1,260,000	Parsley Energy LLC/Parsley Finance Corp., 5.25%, due 8/15/2025		1,291,525	^(l)
	211,000	Pertamina Persero PT, 3.65%, due 7/30/2029		216,560	^(l)
		Petrobras Global Finance BV
EUR	416,000	4.75%, due 1/14/2025		539,359
$	310,000	6.90%, due 3/19/2049		360,313
		Petroleos Mexicanos
	83,000	6.84%, due 1/23/2030		88,636	^(l)
	1,231,000	7.69%, due 1/23/2050		1,342,282	^(l)
EUR	329,000	Repsol Int'l Finance BV, 4.50%, due 3/25/2075		421,108	^(q)(s)
$	1,033,000	Saudi Arabian Oil Co., 4.25%, due 4/16/2039		1,106,481	^(l)
	456,000	Sinopec Group Overseas Development 2018 Ltd., 2.50%, due 8/8/2024		454,524	^(l)
	244,000	Tecpetrol SA, 4.88%, due 12/12/2022		223,260	^(q)
	178,000	YPF SA, 8.50%, due 3/23/2021		162,425	^(q)
				60,019,434
Oil Field Equipment & Services 0.1%
	330,000	Exterran Partners L.P., 6.00%, due 10/1/2022		332,475
		Precision Drilling Corp.
	1,221,000	7.75%, due 12/15/2023		1,153,845
	800,000	5.25%, due 11/15/2024		674,000	⁽ⁱ⁾
	285,000	7.13%, due 1/15/2026		246,525	^(l)
	73,500	Transocean Phoenix 2 Ltd., 7.75%, due 10/15/2024		76,256	^(l)
	82,500	Transocean Proteus Ltd., 6.25%, due 12/1/2024		82,707	^(l)
	1,515,000	USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, due 9/1/2027		1,515,000	^(l)
				4,080,808
Packaging 0.6%
		ARD Finance SA
EUR	340,000	6.63% Cash/7.38% PIK, due 9/15/2023		392,474	^(r)
$	465,000	7.13% Cash/7.88% PIK, due 9/15/2023		483,019	^(r)

See Notes to Financial Statements

184

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
		Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
$	390,000	4.63%, due 5/15/2023	$	398,580	^(l)
	1,100,000	6.00%, due 2/15/2025		1,155,000	^(i)(l)
	1,135,000	Berry Global Escrow Corp., 5.63%, due 7/15/2027		1,204,519	^(l)
	465,000	Berry Global, Inc., 4.50%, due 2/15/2026		467,906	^(l)
		Berry Plastics Corp.
	630,000	5.50%, due 5/15/2022		638,662
	100,000	6.00%, due 10/15/2022		101,750
	1,270,000	5.13%, due 7/15/2023		1,301,750	⁽ⁱ⁾
		BWAY Holding Co.
	2,150,000	5.50%, due 4/15/2024		2,211,812	^(i)(l)
	1,545,000	7.25%, due 4/15/2025		1,477,406	^(l)
	420,000	Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, due 1/15/2023		438,900
		Graphic Packaging Int'l, Inc.
	325,000	4.75%, due 4/15/2021		334,445
	352,000	4.88%, due 11/15/2022		369,600
	285,000	Owens-Brockway Glass Container, Inc., 5.00%, due 1/15/2022		294,263	^(l)
		Reynolds Group Issuer, Inc.
	1,875,223	5.75%, due 10/15/2020		1,881,693	⁽ⁱ⁾
	216,586	6.88%, due 2/15/2021		216,857
	1,860,000	5.13%, due 7/15/2023		1,908,267	^(i)(l)
		Sealed Air Corp.
	220,000	4.88%, due 12/1/2022		232,925	^(l)
	335,000	5.25%, due 4/1/2023		357,613	^(l)
	1,310,000	Trident TPI Holdings, Inc., 9.25%, due 8/1/2024		1,270,700	^(l)
				17,138,141
Packaging & Containers 0.2%
GBP	350,000	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.75%, due 7/15/2027		466,867	^(q)
EUR	610,000	BWAY Holding Co., 4.75%, due 4/15/2024		701,385	^(q)
EUR	385,000	Guala Closures SpA, (3M EURIBOR + 3.50%, 3.50% Floor), 3.50%, due 4/15/2024		434,303	^(b)(q)
$	1,215,000	Sealed Air Corp., 5.50%, due 9/15/2025		1,324,350	^(l)
	1,260,000	Silgan Holdings, Inc., 4.75%, due 3/15/2025		1,288,350
				4,215,255
Personal & Household Products 0.4%
		Energizer Holdings, Inc.
	425,000	4.70%, due 5/19/2021		435,094
	1,655,000	4.70%, due 5/24/2022		1,708,787	⁽ⁱ⁾
	1,315,000	6.38%, due 7/15/2026		1,402,185	^(l)
	3,445,000	7.75%, due 1/15/2027		3,815,337	^(l)
	1,505,000	Energizer SpinCo, Inc., 5.50%, due 6/15/2025		1,561,437	^(l)
	340,000	Prestige Brands, Inc., 5.38%, due 12/15/2021		340,425	^(l)
		Spectrum Brands, Inc.
	1,075,000	6.13%, due 12/15/2024		1,111,281
	2,080,000	5.75%, due 7/15/2025		2,168,400
	165,000	5.00%, due 10/1/2029		168,713	^(l)
				12,711,659
Pharmaceuticals 1.4%
	8,010,000	AbbVie, Inc., 4.70%, due 5/14/2045		8,562,434	⁽ⁱ⁾
	655,000	Bausch Health Americas, Inc., 8.50%, due 1/31/2027		736,875	^(l)
	290,000	Bausch Health Cos., Inc., 5.75%, due 8/15/2027		314,922	^(l)

See Notes to Financial Statements

185

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
$	750,000	Bristol-Myers Squibb Co., (3M USD LIBOR + 0.38%), 2.55%, due 5/16/2022 Cigna Corp.	$	750,750	^(b)(l)
	625,000	(3M USD LIBOR + 0.65%), 2.79%, due 9/17/2021		625,100	^(b)
	7,655,000	4.80%, due 8/15/2038		8,690,491
		CVS Health Corp.
	1,125,000	(3M USD LIBOR + 0.72%), 2.82%, due 3/9/2021		1,131,210	^(b)
	9,470,000	5.05%, due 3/25/2048		10,848,007	⁽ⁱ⁾
	561,000	Endo Ltd./Endo Finance LLC/Endo Finco, Inc., 6.00%, due 7/15/2023		370,961	^(l)
	850,000	GlaxoSmithKline Capital PLC, (3M USD LIBOR + 0.35%), 2.53%, due 5/14/2021		851,925	^(b)
EUR	448,000	Nidda BondCo GmbH, 5.00%, due 9/30/2025		509,777	^(q)
EUR	439,000	Rossini S.a.r.l., 6.75%, due 10/30/2025		541,169	^(q)
EUR	393,000	Teva Pharmaceutical Finance Netherlands II BV, 1.88%, due 3/31/2027		330,507	^(q)
		Valeant Pharmaceuticals Int'l, Inc.
$	785,000	6.50%, due 3/15/2022		808,707	^(l)
	39,000	5.50%, due 3/1/2023		39,341	^(l)
EUR	401,000	4.50%, due 5/15/2023		452,416	^(q)
$	204,000	5.88%, due 5/15/2023		206,958	^(l)
	1,050,000	7.00%, due 3/15/2024		1,098,484	^(l)
	2,860,000	6.13%, due 4/15/2025		2,969,037	^(l)
	865,000	5.50%, due 11/1/2025		903,934	^(l)
	50,000	9.00%, due 12/15/2025		56,302	^(l)
				40,799,307
Pipelines 2.5%
	1,000,000	Abu Dhabi Crude Oil Pipeline LLC, 4.60%, due 11/2/2047		1,154,100	^(q)
		Energy Transfer Operating L.P.
	11,110,000	Ser. B, 6.63%, due 2/15/2028		10,596,162	^(i)(s)(t)
	6,720,000	Ser. 20Y, 6.25%, due 4/15/2049		8,074,256	⁽ⁱ⁾
	1,004,000	Enterprise Products Operating LLC, 5.25%, due 1/31/2020		1,011,692
	10,105,000	Kinder Morgan Energy Partners L.P., 4.15%, due 2/1/2024		10,761,292	⁽ⁱ⁾
	10,665,000	Kinder Morgan, Inc., 5.55%, due 6/1/2045		12,502,569	⁽ⁱ⁾
		MPLX L.P.
	8,995,000	(3M USD LIBOR + 0.90%), 3.00%, due 9/9/2021		9,029,451	^(b)
	9,120,000	4.70%, due 4/15/2048		9,212,856	⁽ⁱ⁾
	7,500,000	Plains All American Pipeline L.P./PAA Finance Corp., 3.55%, due 12/15/2029		7,144,083
	2,430,000	Southern Gas Corridor CJSC, 6.88%, due 3/24/2026		2,830,950	^(q)
	175,000	Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.88%, due 4/15/2026		182,674
				72,500,085
Real Estate 0.1%
	200,000	CIFI Holdings Group Co. Ltd., 6.38%, due 5/2/2020		201,630	^(q)
	200,000	Greenland Global Investment Ltd., 6.75%, due 9/26/2023		204,456	^(q)
	200,000	NWD MTN Ltd., 4.13%, due 7/18/2029		199,485	^(q)
	250,000	Qatari Diar Finance Co., 5.00%, due 7/21/2020		254,447	^(q)
	200,000	Sino-Ocean Land Treasure IV Ltd., (3M USD LIBOR + 2.30%), 4.23%, due 7/31/2021		200,899	^(b)(q)
EUR	386,000	Summit Properties Ltd., 2.00%, due 1/31/2025		411,590	^(q)
		Sunac China Holdings Ltd.
$	200,000	8.63%, due 7/27/2020		204,607	^(q)
	200,000	7.50%, due 2/1/2024		198,060	^(q)
	200,000	Wisdom Glory Group Ltd., 5.25%, due 7/19/2020		200,593	^(q)(s)(t)
				2,075,767

See Notes to Financial Statements

186

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Real Estate Development & Management 0.2%
		Realogy Group LLC/Realogy Co-Issuer Corp.
$	835,000	5.25%, due 12/1/2021	$	835,000	^(l)
	2,645,000	4.88%, due 6/1/2023		2,572,527	^(l)
	1,120,000	9.38%, due 4/1/2027		1,100,400	^(l)
				4,507,927
Real Estate Investment Trusts 0.7%
	1,080,000	Equinix, Inc., 5.88%, due 1/15/2026		1,147,176
	2,290,000	ESH Hospitality, Inc., 5.25%, due 5/1/2025		2,361,562	^(i)(l)
	9,940,000	Healthcare Trust of America Holdings L.P., 3.10%, due 2/15/2030		9,931,994
GBP	336,000	Iron Mountain UK PLC, 3.88%, due 11/15/2025		434,607	^(q)
		MPT Operating Partnership L.P./MPT Finance Corp.
$	1,135,000	6.38%, due 3/1/2024		1,184,656
	1,035,000	5.50%, due 5/1/2024		1,062,169	⁽ⁱ⁾
EUR	328,000	3.33%, due 3/24/2025		405,769
$	535,000	5.25%, due 8/1/2026		561,750
	160,000	RHP Hotel Properties L.P./RHP Finance Corp., 5.00%, due 4/15/2023		163,200
		Starwood Property Trust, Inc.
	940,000	3.63%, due 2/1/2021		947,050
	945,000	5.00%, due 12/15/2021		978,075
	255,000	4.75%, due 3/15/2025		264,802
	200,000	Trust F/1401, 5.25%, due 12/15/2024		214,750	^(q)
				19,657,560
Recreation & Travel 0.4%
	1,900,000	Cedar Fair L.P., 5.25%, due 7/15/2029		2,037,750	^(l)
		Cedar Fair L.P./Canada's Wonderland Co./Magnum Management Corp.
	480,000	5.38%, due 6/1/2024		493,200
	1,780,000	5.38%, due 4/15/2027		1,895,700
	1,160,000	NCL Corp. Ltd., 4.75%, due 12/15/2021		1,175,950	^(i)(l)
		Six Flags Entertainment Corp.
	3,480,000	4.88%, due 7/31/2024		3,593,100	^(l)
	1,020,000	5.50%, due 4/15/2027		1,068,450	^(l)
				10,264,150
Restaurants 0.2%
		1011778 BC ULC/New Red Finance, Inc.
	1,480,000	4.25%, due 5/15/2024		1,518,850	^(l)
	2,250,000	5.00%, due 10/15/2025		2,317,500	^(l)
		KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
	160,000	5.00%, due 6/1/2024		166,000	^(l)
	2,295,000	5.25%, due 6/1/2026		2,426,963	^(i)(l)
		Yum! Brands, Inc.
	90,000	3.88%, due 11/1/2020		90,900
	515,000	4.75%, due 1/15/2030		540,106	^(l)
				7,060,319
Retail 0.4%
EUR	364,000	eG Global Finance PLC, 3.63%, due 2/7/2024		396,960	^(q)
GBP	221,000	Enterprise Inns PLC, 6.00%, due 10/6/2023		289,303	^(q)

See Notes to Financial Statements

187

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
GBP	309,000	Stonegate Pub Co. Financing PLC, 4.88%, due 3/15/2022	$	408,703	^(q)
EUR	300,000	Tasty Bondco 1 SA, 6.25%, due 5/15/2026		346,541	^(q)
$	8,305,000	Walmart, Inc., 3.25%, due 7/8/2029		8,986,665	⁽ⁱ⁾
				10,428,172
Semiconductors 0.4%
	9,725,000	Microchip Technology, Inc., 4.33%, due 6/1/2023		10,290,527	⁽ⁱ⁾
Software 0.2%
	600,000	CDK Global, Inc., 5.88%, due 6/15/2026		642,000
EUR	297,000	InterXion Holding NV, 4.75%, due 6/15/2025		360,211	^(q)
EUR	638,000	IQVIA, Inc., 2.88%, due 9/15/2025		731,044	^(q)
$	2,960,000	Oracle Corp., 4.00%, due 7/15/2046		3,278,325
EUR	333,000	Playtech PLC, 4.25%, due 3/7/2026		394,413	^(q)
				5,405,993
Software - Services 0.5%
		CDK Global, Inc.
$	190,000	5.00%, due 10/15/2024		205,485
	630,000	4.88%, due 6/1/2027		663,863
	1,240,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, due 12/1/2027		1,314,400	^(l)
	2,915,000	j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., 6.00%, due 7/15/2025		3,097,188	^(l)
		Open Text Corp.
	740,000	5.63%, due 1/15/2023		753,875	^(l)
	2,220,000	5.88%, due 6/1/2026		2,367,075	^(i)(l)
	2,435,000	Rackspace Hosting, Inc., 8.63%, due 11/15/2024		2,228,025	^(i)(l)
	2,110,000	SS&C Technologies, Inc., 5.50%, due 9/30/2027		2,251,106	^(l)
	232,000	WEX, Inc., 4.75%, due 2/1/2023		234,322	^(l)
				13,115,339
Specialty Retail 0.4%
		L Brands, Inc.
	740,000	5.63%, due 10/15/2023		785,325
	1,605,000	5.25%, due 2/1/2028		1,488,637
	635,000	Liberty Media Corp., 8.50%, due 7/15/2029		655,638
		Penske Automotive Group, Inc.
	1,435,000	3.75%, due 8/15/2020		1,442,175	⁽ⁱ⁾
	360,000	5.75%, due 10/1/2022		364,500
	120,000	5.38%, due 12/1/2024		123,300
	2,065,000	5.50%, due 5/15/2026		2,157,925
	215,000	QVC, Inc., 5.13%, due 7/2/2022		226,806
	3,560,000	William Carter Co., 5.63%, due 3/15/2027		3,795,850	^(l)
				11,040,156
Steel Producers - Products 0.1%
	1,945,000	Big River Steel LLC/BRS Finance Corp., 7.25%, due 9/1/2025		1,998,488	^(i)(l)

See Notes to Financial Statements

188

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Support - Services 1.7%
		ADT Corp.
$	385,000	6.25%, due 10/15/2021	$	411,469
	865,000	4.13%, due 6/15/2023		877,975
	430,000	4.88%, due 7/15/2032		372,079	^(l)
		Aramark Services, Inc.
	360,000	5.00%, due 4/1/2025		374,850	^(l)
	1,090,000	5.00%, due 2/1/2028		1,140,412	^(l)
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
	76,000	5.50%, due 4/1/2023		77,497
	890,000	5.25%, due 3/15/2025		907,800	^(l)
	3,290,000	5.75%, due 7/15/2027		3,355,800	^(l)
	1,030,000	frontdoor, Inc., 6.75%, due 8/15/2026		1,127,850	^(l)
	1,725,000	Garda World Security Corp., 8.75%, due 5/15/2025		1,725,000	^(l)
	600,000	GW B-CR Security Corp., 9.50%, due 11/1/2027		616,500	^(l)
		Hertz Corp.
	190,000	7.63%, due 6/1/2022		197,363	^(l)
	1,980,000	5.50%, due 10/15/2024		1,964,358	^(i)(l)
	2,420,000	7.13%, due 8/1/2026		2,498,650	^(l)
	3,035,000	IAA Spinco, Inc., 5.50%, due 6/15/2027		3,251,699	^(l)
	320,000	Iron Mountain U.S. Holdings, Inc., 5.38%, due 6/1/2026		332,000	^(l)
		Iron Mountain, Inc.
	750,000	4.38%, due 6/1/2021		758,438	^(l)
	345,000	6.00%, due 8/15/2023		352,331
	95,000	5.75%, due 8/15/2024		95,831
	860,000	4.88%, due 9/15/2027		885,800	^(l)
	5,220,000	5.25%, due 3/15/2028		5,481,000	^(l)
	1,260,000	4.88%, due 9/15/2029		1,289,925	^(l)
	3,270,000	KAR Auction Services, Inc., 5.13%, due 6/1/2025		3,413,062	^(l)
		Prime Security Services Borrower LLC/Prime Finance, Inc.
	722,000	9.25%, due 5/15/2023		759,544	^(l)
	5,765,000	5.75%, due 4/15/2026		5,912,728	^(l)
	2,070,000	Ritchie Bros Auctioneers, Inc., 5.38%, due 1/15/2025		2,157,975	^(l)
	2,115,000	ServiceMaster Co. LLC, 5.13%, due 11/15/2024		2,191,669	^(l)
		Staples, Inc.
	4,955,000	7.50%, due 4/15/2026		5,165,587	^(l)
	280,000	10.75%, due 4/15/2027		291,200	^(l)
		United Rentals N.A., Inc.
	270,000	4.63%, due 10/15/2025		275,738
	850,000	5.50%, due 5/15/2027		896,219
				49,158,349
Technology Hardware & Equipment 0.4%
	1,230,000	CDW LLC/CDW Finance Corp., 5.00%, due 9/1/2025		1,285,350
		CommScope Finance LLC
	960,000	5.50%, due 3/1/2024		972,960	^(l)
	325,000	6.00%, due 3/1/2026		333,938	^(l)
	1,340,000	8.25%, due 3/1/2027		1,269,288	^(l)
		CommScope Technologies LLC
	1,408,000	6.00%, due 6/15/2025		1,262,272	^(i)(l)
	1,970,000	5.00%, due 3/15/2027		1,610,475	^(l)
		CommScope, Inc.
	139,000	5.00%, due 6/15/2021		139,000	^(l)
	525,000	5.50%, due 6/15/2024		496,781	^(l)
		Diamond 1 Finance Corp./Diamond 2 Finance Corp.
	268,000	5.88%, due 6/15/2021		272,122	^(l)

See Notes to Financial Statements

189

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
$	490,000	7.13%, due 6/15/2024	$	519,522	^(l)
	1,860,000	Western Digital Corp., 4.75%, due 2/15/2026		1,894,875
				10,056,583
Telecom - Satellite 0.1%
	940,000	Connect Finco S.a.r.l./Connect U.S. Finco LLC, 6.75%, due 10/1/2026		974,075	^(l)
		Intelsat Jackson Holdings SA
	625,000	9.50%, due 9/30/2022		721,094	^(l)
	2,605,000	5.50%, due 8/1/2023		2,435,675	⁽ⁱ⁾
				4,130,844
Telecom - Wireless 0.4%
	220,000	Sprint Capital Corp., 8.75%, due 3/15/2032		268,264
		Sprint Corp.
	1,040,000	7.25%, due 9/15/2021		1,109,742
	1,300,000	7.88%, due 9/15/2023		1,434,875
	4,860,000	7.13%, due 6/15/2024		5,273,100	⁽ⁱ⁾
	920,000	7.63%, due 3/1/2026		1,017,750
	465,000	Sprint Nextel Corp., 6.00%, due 11/15/2022		491,738
		T-Mobile USA, Inc.
	360,000	6.00%, due 4/15/2024		373,500
	190,000	6.50%, due 1/15/2026		203,319
	445,000	4.50%, due 2/1/2026		458,906
				10,631,194
Telecom - Wireline Integrated & Services 0.7%
		Altice France SA
	1,845,000	8.13%, due 2/1/2027		2,045,644	^(l)
	690,000	5.50%, due 1/15/2028		702,937	^(l)
		Altice Luxembourg SA
	410,000	7.63%, due 2/15/2025		422,812	^(i)(l)
	365,000	10.50%, due 5/15/2027		412,906	^(l)
		CenturyLink, Inc.
	210,000	Ser. V, 5.63%, due 4/1/2020		212,625
	650,000	Ser. T, 5.80%, due 3/15/2022		687,375
		Equinix, Inc.
	140,000	5.38%, due 1/1/2022		142,758
	1,215,000	5.75%, due 1/1/2025		1,256,043
	3,265,000	Frontier Communications Corp., 8.00%, due 4/1/2027		3,428,250	^(l)
		Level 3 Financing, Inc.
	38,000	5.38%, due 8/15/2022		38,143
	350,000	5.63%, due 2/1/2023		353,500
	1,085,000	5.13%, due 5/1/2023		1,098,562
	1,180,000	5.38%, due 1/15/2024		1,202,125
	915,000	4.63%, due 9/15/2027		929,869	^(l)
	2,877,000	Numericable-SFR SA, 7.38%, due 5/1/2026		3,080,821	^(i)(l)
	140,000	Qwest Corp., 6.75%, due 12/1/2021		151,098
		Zayo Group LLC/Zayo Capital, Inc.
	1,225,000	6.00%, due 4/1/2023		1,259,925
	1,750,000	6.38%, due 5/15/2025		1,799,000
	1,100,000	5.75%, due 1/15/2027		1,118,018	^(l)
				20,342,411

See Notes to Financial Statements

190

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Telecommunications 1.6%
EUR	567,000	Altice France SA, 5.88%, due 2/1/2027	$	697,105	^(q)
		AT&T, Inc.
$	1,300,000	(3M USD LIBOR + 0.95%), 2.95%, due 7/15/2021		1,313,260	^(b)
	2,929,000	4.35%, due 6/15/2045		3,080,957
	11,385,000	5.45%, due 3/1/2047		13,745,735	⁽ⁱ⁾
	8,800,000	4.50%, due 3/9/2048		9,402,243	⁽ⁱ⁾
	200,000	Batelco Int'l Finance No. 1 Ltd., 4.25%, due 5/1/2020		199,999	^(q)
	200,000	Comunicaciones Celulares SA via Comcel Trust, 6.88%, due 2/6/2024		206,000	^(q)
EUR	272,000	DKT Finance ApS, 7.00%, due 6/17/2023		320,801	^(q)
$	1,182,000	Liquid Telecommunications Financing PLC, 8.50%, due 7/13/2022		1,176,799	^(i)(l)
EUR	401,000	SoftBank Group Corp., 5.00%, due 4/15/2028		490,860	^(q)
EUR	506,000	Telecom Italia SpA, 3.63%, due 5/25/2026		626,006	^(q)
EUR	400,000	Telefonica Europe BV, 3.88%, due 6/22/2026		474,966	^(q)(s)(t)
$	239,000	VEON Holdings BV, 4.00%, due 4/9/2025		245,527	^(l)
		Verizon Communications, Inc.
	1,300,000	(3M USD LIBOR + 1.00%), 3.12%, due 3/16/2022		1,320,946	^(b)
	9,570,000	4.52%, due 9/15/2048		11,387,505	⁽ⁱ⁾
GBP	399,000	Vodafone Group PLC, 4.88%, due 10/3/2078		549,799	^(q)(s)
				45,238,508
Theaters & Entertainment 0.3%
		AMC Entertainment Holdings, Inc.
$	1,725,000	5.75%, due 6/15/2025		1,638,922	⁽ⁱ⁾
	1,175,000	5.88%, due 11/15/2026		1,070,719
	1,245,000	6.13%, due 5/15/2027		1,125,947
		Live Nation Entertainment, Inc.
	425,000	5.38%, due 6/15/2022		430,708	^(l)
	2,495,000	4.88%, due 11/1/2024		2,582,325	^(l)
	1,310,000	4.75%, due 10/15/2027		1,365,806	^(l)
				8,214,427
Transportation 0.0%^(d)
	200,000	Rumo Luxembourg S.a.r.l., 7.38%, due 2/9/2024		215,760	^(q)
Water 0.0%^(d)
	1,130,000	Agua y Saneamientos Argentinos SA, 6.63%, due 2/1/2023		443,525	^(q)
GBP	220,000	Anglian Water Osprey Financing PLC, 4.00%, due 3/8/2026		266,210	^(q)
				709,735
		Total Corporate Bonds (Cost $1,259,386,663)		1,315,858,800
Municipal Notes 1.7%
California 0.2%
$	3,525,000	California St. G.O. Ref., Ser. 2019, 5.00%, due 10/1/2029		4,634,000
	710,000	Sacramento Co. Arpt. Sys. Rev. Ref., Ser. 2018-C, 5.00%, due 7/1/2033		871,326
				5,505,326

See Notes to Financial Statements

191

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Colorado 0.0%^(d)
$	705,000	Colorado St. Hlth. Facs. Au. Hosp. Rev. Ref. (CommonSpirit Hlth.), Ser. 2019-A-2, 4.00%, due 8/1/2049	$	753,758
Delaware 0.0%^(d)
	720,000	Delaware St. Hlth. Fac. Au. Rev. (Beebe Med. Ctr. Inc.), Ser. 2018, 5.00%, due 6/1/2048		843,559
Illinois 0.1%
	675,000	Chicago O'Hare Int'l Arpt. Spec. Fac. Rev. (Trips Obligated Group), Ser. 2018, 5.00%, due 7/1/2048		786,058
	880,000	Illinois Fin. Au. Rev. (Local Gov't Prog.-East Prairie Sch. Dist. # 73 Proj.), (BAM Insured), Ser. 2018, 4.00%, due 12/1/2042		957,765
				1,743,823
Maryland 0.6%
	7,050,000	Maryland St. G.O., Ser. 2019-A, 5.00%, due 8/1/2031		9,174,799
	6,350,000	Prince Georges Co. G.O. (Cons. Pub. Imp.), Ser. 2019-A, 4.00%, due 7/15/2032		7,531,164
				16,705,963
Massachusetts 0.1%
	1,055,000	Massachusetts St. Dev. Fin. Agcy. Rev. (CareGroup Obligated Group), Ser. 2018-J2, 5.00%, due 7/1/2053		1,239,477
	1,060,000	Massachusetts St. Ed. Fin. Au. Rev. Ref., Ser. 2018-A, 4.08%, due 7/1/2027		1,171,003
				2,410,480
Michigan 0.1%
	720,000	Detroit Downtown Dev. Au. Tax Increment Rev. Ref. (Catalyst Dev. Proj.), Ser. 2018-A, (AGM Insured), 5.00%, due 7/1/2048		799,251
	910,000	Michigan St. Strategic Fund Ltd. Oblig. Rev. (I-75 Improvement Proj.), Ser. 2018, 5.00%, due 6/30/2048		1,075,356
				1,874,607
New Jersey 0.2%
	695,000	Atlantic City G.O. Ref., Ser. 2018, 4.29%, due 9/1/2026		756,688
	1,095,000	New Jersey Econ. Dev. Au. Spec. Fac. Rev. Ref. (Port Newark Container Term. LLC Proj.), Ser. 2017, 5.00%, due 10/1/2047		1,251,311
	700,000	New Jersey Higher Ed. Assist. Au. Rev. Ref. (Std. Loan Rev.), Ser. 2018-B, 5.00%, due 12/1/2026		840,406
	675,000	New Jersey St. Hsg. & Mtge. Fin. Agcy. Rev. Ref. (Single Family Hsg.), Ser. 2018-B, 3.80%, due 10/1/2032		731,005
	880,000	New Jersey St. Trans. Trust Fund Au. Trans. Sys. Rev. Ref., Ser. 2018-A, 5.00%, due 12/15/2036		1,021,002
	695,000	South Jersey Port Corp. Rev. (Sub-Marine Term), Ser. 2017-B, 5.00%, due 1/1/2048		797,360
				5,397,772

See Notes to Financial Statements

192

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Oklahoma 0.0%^(d)
$	715,000	Oklahoma St. Dev. Fin. Au. Hlth. Sys. Rev. (OU Medicine Proj.), Ser. 2018-B, 5.50%, due 8/15/2057	$	852,023
Pennsylvania 0.1%
	355,000	Commonwealth of Pennsylvania Cert. of Participation Ref., Ser. 2018, 5.00%, due 7/1/2043		421,712
	1,060,000	Pennsylvania St. Turnpike Commission Oil Franchise Tax Rev., Subser. 2018-B, 5.00%, due 12/1/2048		1,272,148
				1,693,860
Rhode Island 0.1%
	1,035,000	Rhode Island Commerce Corp. Spec. Fac. Rev. Ref. (1st Lien - R I Arpt. Corp. Int'l Fac. Proj.), Ser. 2018, 5.00%, due 7/1/2034		1,244,567
	770,000	Rhode Island St. Std. Loan Au. Std. Loan Rev. (Sr. Prog.), Ser. 2018, 5.00%, due 12/1/2025		904,850
				2,149,417
Tennessee 0.0%^(d)
	530,000	Greeneville Hlth. & Ed. Facs. Board Hosp. Rev. Ref. (Ballad Hlth. Obligated Group), Ser. 2018-A, 5.00%, due 7/1/2029		650,973
Texas 0.1%
	1,070,000	Austin Comm. College Dist. Pub. Fac. Corp. Lease Rev., Ser. 2018-C, 4.00%, due 8/1/2042		1,194,034
	705,000	Texas St. Private Activity Bond Surface Trans. Corp. Rev. (Segment 3C Proj.), Ser. 2019, 5.00%, due 6/30/2058		821,128
				2,015,162
Utah 0.0%^(d)
	1,060,000	Salt Lake City Corp. Arpt. Rev., Ser. 2018-A, 5.00%, due 7/1/2043		1,261,941
Virginia 0.1%
	3,705,000	Henrico Co. G.O., Ser. 2019, 5.00%, due 8/1/2030		4,863,516
West Virginia 0.0%^(d)
	705,000	West Virginia Hosp. Fin. Au. Rev. (Imp. West Virginia Univ. Hlth. Sys. Obligated Group), Ser. 2018-A, 5.00%, due 6/1/2052		823,757
		Total Municipal Notes (Cost $48,297,670)		49,545,937
Asset-Backed Securities 7.0%
	1,100,000	AIMCO CLO, Ser. 2018-AA, Class E, (3M USD LIBOR + 5.15%), 7.15%, due 4/17/2031		900,625	^(b)(l)
		AIMCO CLO 10 Ltd.
	1,050,000	Ser. 2019-10A, Class D, (3M USD LIBOR + 3.55%), 5.85%, due 7/22/2032		992,073	^(b)(l)
	2,000,000	Ser. 2019-10A, Class E, (3M USD LIBOR + 6.55%), 8.85%, due 7/22/2032		1,796,480	^(b)(l)
	550,000	Alinea CLO Ltd., Ser. 2018-1A, Class E, (3M USD LIBOR + 6.00%), 7.97%, due 7/20/2031		469,143	^(b)(l)

See Notes to Financial Statements

193

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
$	7,960,000	AM Capital Funding LLC, Ser. 2018-1, Class A, 4.98%, due 12/15/2023	$	8,357,584	^(l)
	1,000,000	American Express Credit Account Master Trust, Ser. 2017-2, Class A, (1M USD LIBOR + 0.45%), 2.36%, due 9/16/2024		1,004,501	^(b)
		Apidos CLO XXVIII
	500,000	Ser. 2017-28A, Class C, (3M USD LIBOR + 2.50%), 4.47%, due 1/20/2031		449,645	^(b)(l)
	500,000	Ser. 2017-28A, Class D, (3M USD LIBOR + 5.50%), 7.47%, due 1/20/2031		424,747	^(b)(l)
	5,000,000	Apidos CLO XXXI, Ser. 2019-31A, Class D, (3M USD LIBOR + 3.65%), 5.65%, due 4/15/2031		4,776,575	^(b)(l)
		Ares LIII CLO Ltd.
	4,750,000	Ser. 2019-53A, Class D, (3M USD LIBOR + 3.75%), 6.27%, due 4/24/2031		4,579,754	^(b)(l)
	1,700,000	Ser. 2019-53A, Class E, (3M USD LIBOR + 6.85%), 9.37%, due 4/24/2031		1,625,899	^(b)(l)
	2,000,000	Ares XLV CLO Ltd., Ser. 2017-45A, Class E, (3M USD LIBOR + 6.10%), 8.10%, due 10/15/2030		1,802,228	^(b)(l)
		Asset Backed Securities Corp. Home Equity
	374,671	Ser. 2004-HE5, Class M2, (1M USD LIBOR + 1.88%), 3.70%, due 8/25/2034		374,264	^(b)
	315,830	Ser. 2006-HE1, Class A3, (1M USD LIBOR + 0.20%), 2.02%, due 1/25/2036		315,063	^(b)
	3,300,000	Assurant CLO I Ltd., Ser. 2017-1A, Class E, (3M USD LIBOR + 6.46%), 8.43%, due 10/20/2029		3,164,200	^(b)(l)
		Assurant CLO II Ltd.
	250,000	Ser. 2018-1A, Class D, (3M USD LIBOR + 2.85%), 4.82%, due 4/20/2031		231,353	^(b)(l)
	1,500,000	Ser. 2018-1A, Class E, (3M USD LIBOR + 5.60%), 7.57%, due 4/20/2031		1,285,249	^(b)(l)
	2,797,000	Bear Stearns Asset-Backed Securities I Trust, Ser. 2006-HE1, Class 1M3, (1M USD LIBOR + 0.46%), 2.28%, due 12/25/2035		2,784,592	^(b)
		Bear Stearns Asset-Backed Securities Trust
	1,332,927	Ser. 2004-SD3, Class M2, (1M USD LIBOR + 1.88%), 3.70%, due 9/25/2034		1,350,435	^(b)
	7,265,000	Ser. 2006-SD2, Class M2, (1M USD LIBOR + 0.80%), 2.62%, due 6/25/2036		7,302,418	^(b)
	3,000,000	Benefit Street Partners CLO XII Ltd., Ser. 2017-12A, Class D, (3M USD LIBOR + 6.41%), 8.41%, due 10/15/2030		2,663,902	^(b)(l)
	700,000	BlueMountain CLO XXV Ltd., Ser. 2019-25A, Class D, (3M USD LIBOR + 3.55%), 5.84%, due 7/15/2032		665,214	^(b)(l)
	650,000	Canyon Capital CLO Ltd., Ser. 2014-1A, Class DR, (3M USD LIBOR + 5.50%), 7.44%, due 1/30/2031		544,850	^(b)(l)
	1,005,000	Capital One Multi-Asset Execution Trust, Ser. 2016-A7, Class A7, (1M LIBOR + 0.51%), 2.43%, due 9/16/2024		1,010,080	^(b)
		Carbone CLO Ltd.
	1,000,000	Ser. 2017-1A, Class C, (3M USD LIBOR + 2.60%), 4.57%, due 1/20/2031		909,080	^(b)(l)
	1,000,000	Ser. 2017-1A, Class D, (3M USD LIBOR + 5.90%), 7.87%, due 1/20/2031		905,215	^(b)(l)
	1,120,000	Carlye U.S. CLO Ltd., Ser. 2017-5A, Class D, (3M USD LIBOR + 5.30%), 7.27%, due 1/20/2030		939,060	^(b)(l)
	8,971,719	Carrington Mortgage Loan Trust, Ser. 2006-RFC1, Class A4, (1M USD LIBOR + 0.24%), 2.06%, due 3/25/2036		8,942,809	^(b)(i)
	1,000,000	Chase Issuance Trust, Ser. 2016-A3, Class A3, (1M LIBOR + 0.55%), 2.47%, due 6/15/2023		1,005,617	^(b)
	2,350,000	CIFC Funding III Ltd., Ser. 2019-3A, Class D, (3M USD LIBOR + 6.80%), 8.80%, due 7/16/2032		2,229,590	^(b)(l)
	2,500,000	Citibank Credit Card Issuance Trust, Ser. 2017-A7, Class A7, (1M LIBOR + 0.37%), 2.35%, due 8/8/2024		2,500,502	^(b)
	521,375	Citigroup Mortgage Loan Trust, Inc., Ser. 2006-AMC1, Class A2B, (1M USD LIBOR + 0.16%), 1.98%, due 9/25/2036		461,438	^(b)
	236,427	Colony American Finance Ltd., Ser. 2016-1, Class A, 2.54%, due 6/15/2048		236,102	^(l)
	3,650,000	Dryden 36 Senior Loan Fund, Ser. 2014-36A, Class ER2, (3M USD LIBOR + 6.88%), 8.88%, due 4/15/2029		3,322,253	^(b)(l)
	250,000	Dryden 45 Senior Loan Fund, Ser. 2016-45A, Class ER, (3M USD LIBOR + 5.85%), 7.85%, due 10/15/2030		219,391	^(b)(l)
		Dryden 53 CLO Ltd.
	300,000	Ser. 2017-53A, Class D, (3M USD LIBOR + 2.40%), 4.40%, due 1/15/2031		265,454	^(b)(l)
	750,000	Ser. 2017-53A, Class E, (3M USD LIBOR + 5.30%), 7.30%, due 1/15/2031		627,096	^(b)(l)(u)

See Notes to Financial Statements

194

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
$	2,350,000	Dryden 54 Senior Loan Fund, Ser. 2017-54A, Class E, (3M USD LIBOR + 6.20%), 8.17%, due 10/19/2029	$	2,069,090	^(b)(l)
		Eaton Vance CLO Ltd.
	850,000	Ser. 2015-1A, Class DR, (3M USD LIBOR + 2.50%), 4.47%, due 1/20/2030		757,973	^(b)(l)
	900,000	Ser. 2015-1A, Class ER, (3M USD LIBOR + 5.60%), 7.57%, due 1/20/2030		766,977	^(b)(l)
	750,000	Ser. 2018-1A, Class E, (3M USD LIBOR + 6.00%), 8.00%, due 10/15/2030		663,412	^(b)(l)
		Elmwood CLO II Ltd.
	2,400,000	Ser. 2019-2A, Class D, (3M USD LIBOR + 3.95%), 5.92%, due 4/20/2031		2,396,640	^(b)(l)
	2,700,000	Ser. 2019-2A, Class E, (3M USD LIBOR + 6.80%), 8.77%, due 4/20/2031		2,543,569	^(b)(l)
	2,250,480	EquiFirst Mortgage Loan Trust, Ser. 2003-2, Class 1A1, (1M USD LIBOR + 1.13%), 3.04%, due 9/25/2033		2,244,039	^(b)
	920,000	Evergreen Credit Card Trust, Ser. 2019-1, Class A, (1M USD LIBOR + 0.48%), 2.39%, due 1/15/2023		921,816	^(b)(l)
	161,324	First Franklin Mortgage Loan Asset Backed Certificates, Ser. 2005-FF5, Class M2, (1M USD LIBOR + 0.74%), 2.56%, due 5/25/2035		161,454	^(b)
	700,000	Flatiron CLO 17 Ltd., Ser. 2017-1A, Class E, (3M USD LIBOR + 6.00%), 8.16%, due 5/15/2030		622,237	^(b)(l)
	2,150,000	Flatiron CLO 18 Ltd., Ser. 2018-1A, Class E, (3M USD LIBOR + 5.15%), 7.15%, due 4/17/2031		1,800,280	^(b)(i)(l)
	1,617,039	Foundation Finance Trust, Ser. 2019-1A, Class A , 3.86%, due 11/15/2034		1,644,947	^(l)
	352,180	Freedom Financial Trust, Ser. 2018-1, Class A, 3.61%, due 7/18/2024		354,035	^(l)
	1,600,000	Galaxy XVIII CLO Ltd., Ser. 2018-28A, Class E, (3M USD LIBOR + 6.00%), 8.00%, due 7/15/2031		1,314,802	^(b)(l)
	250,000	Galaxy XXVII CLO Ltd., Ser. 2018-27A, Class E, (3M USD LIBOR + 5.78%), 7.95%, due 5/16/2031		205,370	^(b)(l)
	1,600,000	Gilbert Park CLO Ltd., Ser. 2017-1A, Class E, (3M USD LIBOR + 6.40%), 8.70%, due 10/15/2030		1,483,958	^(b)(l)
	1,813,864	Global SC Finance IV Ltd., Ser. 2018-1A, Class A, 4.29%, due 5/17/2038		1,881,892	^(l)
	500,000	Golden Credit Card Trust, Ser. 2019-2A, Class A, (1M USD LIBOR + 0.35%), 2.24%, due 10/15/2023		500,000	^(b)(l)
	199,194	Home Equity Mortgage Trust, Ser. 2004-5, Class M2, (1M USD LIBOR + 1.60%), 3.42%, due 2/25/2035		199,211	^(b)
		Invitation Homes Trust
	1,408,392	Ser. 2017-SFR2, Class A, (1M USD LIBOR + 0.85%), 2.74%, due 12/17/2036		1,406,412	^(b)(l)
	1,886,098	Ser. 2018-SFR1, Class A, (1M USD LIBOR + 0.70%), 2.59%, due 3/17/2037		1,869,812	^(b)(l)
	1,250,000	Jay Park CLO Ltd., Ser. 2019-1A, Class DR, (3M USD LIBOR + 5.20%), 7.17%, due 10/20/2027		1,165,940	^(b)(l)
		JP Morgan Mortgage Acquisition Trust
	3,497,000	Ser. 2006-CH1, Class M1, (1M USD LIBOR + 0.22%), 2.04%, due 7/25/2036		3,487,999	^(b)
	5,260,000	Ser. 2007-CH1, Class MV2, (1M USD LIBOR + 0.28%), 2.10%, due 11/25/2036		5,247,336	^(b)
	2,000,000	KKR CLO 16 Ltd., Ser. 2016, Class DR, (3M USD LIBOR + 6.75%), 8.72%, due 1/20/2029		1,860,978	^(b)(l)
	5,500,000	KKR CLO 25 Ltd., Ser. 2025, Class D, (3M USD LIBOR + 3.85%), 5.85%, due 4/15/2032		5,355,623	^(b)(l)
	2,750,000	Madison Park Funding XXXIV Ltd., Ser. 2019-34A, Class E, (3M USD LIBOR + 6.75%), 8.69%, due 4/25/2031		2,608,087	^(b)(l)
	3,000,000	Madison Park Funding XXXV Ltd., Ser. 2019-35A, Class E, (3M USD LIBOR + 6.75%), 8.72%, due 4/20/2031		2,856,626	^(b)(l)
		Magnetite CLO Ltd.
	3,000,000	Ser. 2019-22A, Class D, (3M USD LIBOR + 3.65%), 6.03%, due 4/15/2031		2,871,868	^(b)(l)
	250,000	Ser. 2018-20A, Class D, (3M USD LIBOR + 2.50%), 4.47%, due 4/20/2031		229,602	^(b)(l)
	250,000	Ser. 2018-20A, Class E, (3M USD LIBOR + 5.35%), 7.32%, due 4/20/2031		215,820	^(b)(l)
	1,000,000	Ser. 2015-12A, Class ER, (3M USD LIBOR + 5.68%), 7.68%, due 10/15/2031		889,837	^(b)(l)
	500,000	Marble Point CLO XI Ltd., Ser. 2017-2A, Class D, (3M USD LIBOR + 2.80%), 4.80%, due 12/18/2030		445,262	^(b)(l)
	3,250,000	Mariner CLO LLC, Ser. 2019-1A, Class D, (3M USD LIBOR + 3.85%), 6.39%, due 4/30/2032		3,137,563	^(b)(l)

See Notes to Financial Statements

195

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
$	2,250,000	Marlette Funding Trust, Ser. 2019-4A, Class A, 2.39%, due 12/17/2029	$	2,251,500	^(l)
		Navient Student Loan Trust
	65,860	Ser. 2017-3A, Class A1, (1M USD LIBOR + 0.30%), 2.12%, due 7/26/2066		65,866	^(b)(l)
	704,773	Ser. 2018-3A, Class A1, (1M USD LIBOR + 0.27%), 2.09%, due 3/25/2067		704,580	^(b)(l)
	327,304	Ser. 2019-1A, Class A1, (1M USD LIBOR + 0.33%), 2.15%, due 12/27/2067		327,304	^(b)(l)
	9,476,000	Newcastle Mortgage Securities Trust, Ser. 2006-1, Class M2, (1M USD LIBOR + 0.37%), 2.19%, due 3/25/2036		9,489,463	^(b)(i)
	750,000	Niagara Park CLO Ltd., Ser. 2019-1A, Class D, (3M USD LIBOR + 3.55%), 5.55%, due 7/17/2032		711,205	^(b)(l)
		OCP CLO Ltd.
	3,000,000	Ser. 2015-8A, Class CR, (3M USD LIBOR + 2.80%), 4.80%, due 4/17/2027		2,959,699	^(b)(l)
	2,800,000	Ser. 2015-10A, Class CR, (3M USD LIBOR + 2.60%), 4.54%, due 10/26/2027		2,765,356	^(b)(l)
	3,800,000	Ser. 2017-14A, Class C, (3M USD LIBOR + 2.60%), 4.74%, due 11/20/2030		3,552,644	^(b)(l)
	1,800,000	Ser. 2017-14A, Class D, (3M USD LIBOR + 5.80%), 7.94%, due 11/20/2030		1,579,132	^(b)(l)
	1,000,000	Ser. 2018-15A, Class D, (3M USD LIBOR + 5.85%), 7.82%, due 7/20/2031		864,991	^(b)(l)
	3,200,000	Octagon Investment Partners 41 Ltd., Ser. 2019-2A, Class E, (3M USD LIBOR + 6.90%), 8.90%, due 4/15/2031		3,003,660	^(b)(l)
	1,000,000	OHA Credit Funding 3 Ltd., Ser. 2019-3A, Class D, (3M USD LIBOR + 3.55%), 6.18%, due 7/20/2032		949,584	^(b)(l)
	750,000	OHA Credit Partners XV Ltd., Ser. 2017-15A, Class D, (3M USD LIBOR + 2.45%), 4.42%, due 1/20/2030		674,730	^(b)(l)
		Palmer Square CLO Ltd.
	2,500,000	Ser. 2015-1A, Class DR2, (3M USD LIBOR + 6.25%), 8.40%, due 5/21/2029		2,304,345	^(b)(l)
	700,000	Ser. 2014-1A, Class DR2, (3M USD LIBOR + 5.70%), 7.70%, due 1/17/2031		606,098	^(b)(l)
	1,600,000	Ser. 2018-1A, Class D, (3M USD LIBOR + 5.15%), 7.45%, due 4/18/2031		1,353,706	^(b)(l)
	300,000	PPM CLO 3 Ltd., Ser. 2019-3A, Class D, (3M USD LIBOR + 3.70%), 5.70%, due 7/17/2030		294,098	^(b)(l)
	97,498	Residential Asset Mortgage Products, Inc., Ser. 2005-RS4, Class M3, (1M USD LIBOR + 0.48%), 2.30%, due 4/25/2035		97,502	^(b)
	1,000,000	Riserva CLO Ltd., Ser. 2016-3A, Class ER, (3M USD LIBOR + 6.35%), 8.35%, due 10/18/2028		920,709	^(b)(l)
	1,151,369	Saxon Asset Securities Trust, Ser. 2004-2, Class MV1, (1M USD LIBOR + 0.87%), 2.69%, due 8/25/2035		1,151,255	^(b)
	326,317	Securitized Asset Backed Receivables LLC Trust, Ser. 2004-DO1, Class M1, (1M USD LIBOR + 0.98%), 2.80%, due 7/25/2034		328,350	^(b)
	64,418	SoFi Consumer Loan Program Trust, Ser. 2018-1, Class A1, 2.55%, due 2/25/2027		64,430	^(l)
	650,827	SoFi Professional Loan Program LLC, Ser. 2017-E, Class A1, (1M USD LIBOR + 0.50%), 2.32%, due 11/26/2040		650,827	^(b)(l)
		Structured Asset Securities Corp.
	152,495	Ser. 2005-NC2, Class M3, (1M USD LIBOR + 0.43%), 2.25%, due 5/25/2035		152,540	^(b)
	64,399	Ser. 2006-AM1, Class A4, (1M USD LIBOR + 0.16%), 1.98%, due 4/25/2036		64,363	^(b)
	186,900	Ser. 2006-NC1, Class A4, (1M USD LIBOR + 0.15%), 1.97%, due 5/25/2036		186,717	^(b)
	1,000,000	Symphony CLO XXI Ltd., Ser. 2019-21A, Class D, (3M USD LIBOR + 3.65%), 6.01%, due 7/15/2032		957,483	^(b)(l)
	1,150,000	TICP CLO V Ltd., Ser. 2016-5A, Class ER, (3M USD LIBOR + 5.75%), 7.75%, due 7/17/2031		1,007,084	^(b)(l)
	3,500,000	TICP CLO VIII Ltd., Ser. 2017-8A, Class D, (3M USD LIBOR + 6.55%), 8.52%, due 10/20/2030		3,284,670	^(b)(l)
	1,000,000	TICP CLO X Ltd., Ser. 2018-10A, Class E, (3M USD LIBOR + 5.50%), 7.47%, due 4/20/2031		869,958	^(b)(l)
	1,150,000	TICP CLO XIII Ltd., Ser. 2019-13E, Class E, (3M USD LIBOR + 6.75%), 9.12%, due 7/15/2032		1,095,057	^(b)(l)
	1,300,000	TRESTLES CLO II Ltd., Ser. 2018-2A, Class D, (3M USD LIBOR + 5.75%), 7.69%, due 7/25/2031		1,112,252	^(b)(l)
	1,200,000	TRESTLES CLO Ltd., Ser. 2017-1A, Class D, (3M USD LIBOR + 6.68%), 8.62%, due 7/25/2029		1,139,109	^(b)(l)
	4,000,000	VERDE CLO, Ser. 2019-1A, Class D, (3M USD LIBOR + 3.80%), 5.80%, due 4/15/2032		3,940,855	^(b)(l)

See Notes to Financial Statements

196

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
		Verizon Owner Trust
$	3,734,328	Ser. 2017-1A, Class A, 2.06%, due 9/20/2021	$	3,734,283	^(l)
	590,000	Ser. 2019-A, Class A1B, (1M USD LIBOR + 0.33%), 2.18%, due 9/20/2023		589,886	^(b)
	1,000,000	Ser. 2019-B, Class A1B, (1M USD LIBOR + 0.45%), 2.30%, due 12/20/2023		1,001,315	^(b)
		Voya CLO Ltd.
	250,000	Ser. 2018-3A, Class E, (3M USD LIBOR + 5.75%), 7.75%, due 10/15/2031		215,661	^(b)(l)
	350,000	Ser. 2016-3A, Class DR, (3M USD LIBOR + 6.08%), 8.08%, due 10/18/2031		298,677	^(b)(l)
	3,325,000	Westcott Park CLO Ltd., Ser. 2016-1A, Class ER, (3M USD LIBOR + 6.40%), 8.37%, due 7/20/2028		3,123,724	^(b)(l)
	13,000,000	World Omni Auto Receivables Trust, Ser. 2019-A, Class A3, 3.04%, due 5/15/2024		13,273,074	⁽ⁱ⁾
	1,550,000	York CLO-2 Ltd., Ser. 2015-1A, Class DR, (3M USD LIBOR + 2.60%), 4.55%, due 1/22/2031		1,398,419	^(b)(l)
		Total Asset-Backed Securities (Cost $202,779,537)		202,731,109
Foreign Government Securities 2.3%
	2,300,000	1MDB Global Investments Ltd., 4.40%, due 3/9/2023		2,224,083	^(q)
	221,000	Abu Dhabi Government International Bond, 3.13%, due 9/30/2049		213,339	^(q)
		Angolan Government International Bond
	400,000	9.50%, due 11/12/2025		451,989	^(q)
	424,000	9.38%, due 5/8/2048		448,721	^(q)
	180,000	9.38%, due 5/8/2048		190,495	^(q)
		Argentine Republic Government International Bond
EUR	610,000	3.88%, due 1/15/2022		267,031	^(q)
$	202,000	4.63%, due 1/11/2023		81,002
	250,000	6.88%, due 1/26/2027		98,128
EUR	3,500,000	3.38%, due 12/31/2038		1,527,381	^(v)
		Banque Centrale de Tunisie International Bond
EUR	1,040,000	5.63%, due 2/17/2024		1,133,606	^(q)
EUR	100,000	6.38%, due 7/15/2026		108,814	^(q)
		Brazil Notas do Tesouro Nacional
BRL	4,042,000	Ser. F, 10.00%, due 1/1/2023		1,138,270
BRL	8,170,000	Ser. F, 10.00%, due 1/1/2029		2,519,090
$	290,000	Brazilian Government International Bond, 5.63%, due 2/21/2047		326,108
		Colombian TES
COP	4,036,000,000	Ser. B, 7.00%, due 5/4/2022		1,251,886
COP	4,880,700,000	Ser. B, 6.00%, due 4/28/2028		1,462,059
COP	4,336,300,000	Ser. B, 7.25%, due 10/18/2034		1,411,503
$	1,261,000	Costa Rica Government International Bond, 7.16%, due 3/12/2045		1,254,708	^(q)
		Croatia Government International Bond
EUR	210,000	1.13%, due 6/19/2029		245,735	^(q)
EUR	694,000	2.75%, due 1/27/2030		936,406	^(q)
$	756,000	Development Bank of Mongolia LLC, 7.25%, due 10/23/2023		792,636	^(l)
		Dominican Republic International Bond
	750,000	6.88%, due 1/29/2026		856,882	^(l)
	150,000	6.40%, due 6/5/2049		162,377	^(q)
		Ecuador Government International Bond
	850,000	7.88%, due 1/23/2028		761,600	^(q)
	262,000	10.75%, due 1/31/2029		264,623	^(q)
	200,000	9.50%, due 3/27/2030		192,500	^(q)
		Egypt Government International Bond
	200,000	5.58%, due 2/21/2023		205,132	^(q)
EUR	257,000	5.63%, due 4/16/2030		287,424	^(q)
$	1,110,000	8.50%, due 1/31/2047		1,168,953	^(q)
	418,000	7.90%, due 2/21/2048		419,086	^(q)
	152,000	El Salvador Government International Bond, 7.12%, due 1/20/2050		154,204	^(q)

See Notes to Financial Statements

197

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
		Export Credit Bank of Turkey
$	360,000	5.38%, due 10/24/2023	$	349,200	^(q)
	604,000	8.25%, due 1/24/2024		644,226	^(l)
	950,000	Ghana Government International Bond, 10.75%, due 10/14/2030		1,199,789	^(q)
	200,000	Indonesia Government International Bond, 5.25%, due 1/17/2042		238,589	^(q)
IDR	85,253,000,000	Indonesia Treasury Bond, 6.13%, due 5/15/2028		5,791,892
		Ivory Coast Government International Bond
$	1,873,520	5.75%, due 12/31/2032		1,850,850	^(q)
EUR	774,000	6.63%, due 3/22/2048		852,057	^(q)
$	266,000	Kenya Government International Bond, 8.00%, due 5/22/2032		283,341	^(q)
	291,000	Korea Development Bank, (3M USD LIBOR + 0.48%), 2.57%, due 10/1/2022		291,403	^(b)
		Mexican Bonos
MXN	55,976,700	Ser. M20, 7.50%, due 6/3/2027		3,040,693
MXN	25,070,000	Ser. M, 7.75%, due 11/13/2042		1,392,120
$	880,000	Mexico Government International Bond, 5.75%, due 10/12/2110		1,021,909
	470,000	Mongolia Government International Bond, 8.75%, due 3/9/2024		530,846	^(q)
	730,000	Namibia International Bonds, 5.25%, due 10/29/2025		740,673	^(l)
	1,780,000	Nigeria Government International Bond, 7.88%, due 2/16/2032		1,835,532	^(q)
		Oman Government International Bond
	206,000	4.13%, due 1/17/2023		206,859	^(q)
	326,000	6.75%, due 1/17/2048		306,257	^(q)
	30,000	6.75%, due 1/17/2048		28,125	^(q)
	206,000	Papua New Guinea Government International Bond, 8.38%, due 10/4/2028		220,935	^(q)
	320,000	Paraguay Government International Bond, 6.10%, due 8/11/2044		389,203	^(q)
		Qatar Government International Bond
	370,000	3.88%, due 4/23/2023		390,615	^(q)
	764,000	4.82%, due 3/14/2049		937,810	^(q)
	200,000	Republic of Armenia International Bond, 3.95%, due 9/26/2029		194,844	^(q)
		Republic of South Africa Government Bond
ZAR	14,264,866	Ser. R186, 10.50%, due 12/21/2026		1,035,731
ZAR	20,567,125	8.25%, due 3/31/2032		1,232,405
ZAR	6,594,921	9.00%, due 1/31/2040		397,178
		Republic of South Africa Government International Bond
$	200,000	4.85%, due 9/30/2029		198,210
	1,253,000	5.88%, due 6/22/2030		1,332,002
	200,000	5.75%, due 9/30/2049		193,524
	203,000	Republic of Uzbekistan Bond, 5.38%, due 2/20/2029		222,710	^(q)
EUR	98,000	Romanian Government International Bond, 4.63%, due 4/3/2049		142,198	^(q)
		Russian Federal Bond - OFZ
RUB	120,000,000	7.95%, due 10/7/2026		2,046,414
RUB	103,364,000	7.05%, due 1/19/2028		1,687,740
RUB	44,181,000	7.70%, due 3/23/2033		758,599
$	740,000	Senegal Government International Bond, 6.25%, due 5/23/2033		755,371	^(q)
EUR	479,000	Serbia International Bond, 1.50%, due 6/26/2029		550,159	^(q)
		Sri Lanka Government International Bond
$	302,000	6.85%, due 3/14/2024		311,036	^(q)
	200,000	6.35%, due 6/28/2024		202,693	^(q)
	2,323,000	6.75%, due 4/18/2028		2,270,290	^(q)
	200,000	7.55%, due 3/28/2030		202,274	^(q)
	590,000	Trinidad & Tobago Government International Bond, 4.50%, due 8/4/2026		611,393	^(l)
		Turkey Government Bond
TRY	8,990,133	10.70%, due 8/17/2022		1,504,842
TRY	7,925,205	12.40%, due 3/8/2028		1,382,033
		Turkey Government International Bond
$	400,000	5.75%, due 3/22/2024		402,986
EUR	698,000	5.20%, due 2/16/2026		816,307
$	458,000	6.13%, due 10/24/2028		451,398
	200,000	7.63%, due 4/26/2029		214,500

See Notes to Financial Statements

198

Schedule of Investments Strategic Income Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
		Ukraine Government International Bond
$	220,000	7.75%, due 9/1/2020	$	225,830	^(q)
EUR	134,000	6.75%, due 6/20/2026		165,131	^(q)
$	360,000	7.75%, due 9/1/2026		386,550	^(q)
	1,290,000	7.75%, due 9/1/2027		1,386,621	^(q)
	630,000	9.75%, due 11/1/2028		750,086	^(q)
	166,667	Ukreximbank Via Biz Finance PLC, 9.63%, due 4/27/2022		173,333	^(q)
	1,295,300	Venezuela Government International Bond, 8.25%, due 10/13/2024		134,387	^(q)(u)(w)
		Total Foreign Government Securities (Cost $67,412,119)		67,437,470
Developed Markets Ex- U.S. 0.1%
Regional (state/province) 0.1%
	1,409,007	Brazil Loan Trust 1, 5.48%, due 7/24/2023		1,463,621	^(q)
	200,000	Provincia de Cordoba, 7.13%, due 6/10/2021		149,002	^(q)
		Total Developed Markets Ex- U.S. (Cost $1,690,026)		1,612,623
NUMBER OF SHARES
Short-Term Investments 0.4%
Investment Companies 0.4%
	13,057,103	State Street Institutional U.S. Government Money Market Fund Premier Class, 1.75%^(x) (Cost $13,057,103)		13,057,103	⁽ⁱ⁾
		Total Investments 117.7% (Cost $3,336,228,495)		3,391,003,890
		Liabilities Less Other Assets (17.7)%		(509,440,307	)^(y)
		Net Assets 100.0%	$	2,881,563,583

(a) Principal amount is stated in the currency in which the security is denominated.

(b) Variable or floating rate security. The interest rate shown was the current rate as of October 31, 2019 and changes periodically.

(d) Represents less than 0.05% of net assets of the Fund.

(e) All or a portion of this security was purchased on a delayed delivery basis.

(f) All or a portion of this security had not settled as of October 31, 2019 and thus may not have an interest rate in effect. Interest rates do not take effect until settlement.

(g) The stated interest rate represents the weighted average interest rate at October 31, 2019 of the underlying contracts within the Loan Assignment. Interest rates on the underlying contracts are primarily determined by reference to the indicated base lending rate and spread, which are indicated in the security description, and the reset period, which is generally weekly, monthly or quarterly.

(h) Rate shown was the discount rate at the date of purchase.

See Notes to Financial Statements

199

Schedule of Investments Strategic Income Fund^ (cont'd)

(i) All or a portion of this security is segregated in connection with obligations for to be announced securities, when-issued securities, futures, forward foreign currency contracts, bond forward contracts and/or delayed delivery securities with a total value of $598,062,261.

(j) All or a portion of the security is pledged as collateral for futures.

(k) Index-linked bond whose principal amount adjusts according to a government retail price index.

(l) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At October 31, 2019, these securities amounted to $618,858,219, which represents 21.5% of net assets of the Fund. Securities denoted with (l) but without (u), if any, have been deemed by the investment manager to be liquid.

(m) Variable or floating rate security where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of October 31, 2019.

(n) Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.

(o) TBA (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total value of all such securities (excluding forward sales contracts, if any) at October 31, 2019, amounted to $474,930,497, which represents 16.5% of net assets of the Fund.

(p) When-issued security. Total value of all such securities at October 31, 2019, amounted to $20,381,045, which represents 0.7% of net assets of the Fund.

(q) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at October 31, 2019 amounted to $91,655,726, which represents 3.2% of net assets of the Fund.

(r) Payment-in-kind (PIK) security.

(s) Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

(t) Perpetual Bond Security. The rate reflected was the rate in effect on October 31, 2019. The maturity date reflects the next call date.

(u) Illiquid security.

(v) Step Bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown was the current rate as of October 31, 2019.

(w) Defaulted security.

(x) Represents 7-day effective yield as of October 31, 2019.

(y) Includes the impact of the Fund's open positions in derivatives at October 31, 2019.

See Notes to Financial Statements

200

Schedule of Investments Strategic Income Fund^ (cont'd)

Derivative Instruments

Futures contracts ("futures")

At October 31, 2019, open positions in futures for the Fund were as follows:

Long Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
12/2019		4	Australian Dollar	$	275,840	$	700
12/2019		25	Canadian Dollar		1,899,375		3,000
12/2019		483	Euro-Bobl		72,518,414		(366,512	)
12/2019		5	Euro-Buxl Bond, 30 Year		1,170,842		(65,795	)
12/2019		21	Pound Sterling		1,700,606		77,175
12/2019		132	United Kingdom Long Gilt Bond		22,713,810		(36,404	)
12/2019		728	U.S. Treasury Note, 2 Year		156,957,937		(269,047	)
12/2019		334	U.S. Treasury Note, 5 Year		39,813,844		(148,981	)
12/2019		284	U.S. Treasury Note, 10 Year		37,004,312		(306,339	)
12/2019		73	U.S. Treasury Long Bond		11,780,375		(161,781	)
12/2019		4	U.S. Treasury Ultra Long Bond		759,000		(8,379	)
Total Long Positions				$	346,594,355	$	(1,282,363	)

Short Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
12/2019		563	Euro-Bobl	$	(84,529,745	)	$	1,267,042
12/2019		60	Euro-Bund		(11,493,832	)		301,820
12/2019		4	Euro-Buxl Bond, 30 Year		(936,673	)		52,634
12/2019		23	Euro		(3,213,244	)		(25,587	)
12/2019		147	United Kingdom Long Gilt Bond		(25,294,925	)		138,581
12/2019		1,143	U.S. Treasury Note, Ultra 10 Year		(162,431,016	)		2,380,512
12/2019		1,221	U.S. Treasury Ultra Long Bond		(231,684,750	)		2,654,154
Total Short Positions				$	(519,584,185	)	$	6,769,156
Total Futures							$	5,486,793

The Fund had securities pledged in the amount of $8,143,202 to cover collateral requirements on open futures. For the year ended October 31, 2019, the average notional value of futures for the Fund was $631,922,852 for long positions and $(809,090,116) for short positions.

See Notes to Financial Statements

201

Schedule of Investments Strategic Income Fund^ (cont'd)

Forward foreign currency contracts ("forward contracts")

At October 31, 2019, open forward contracts for the Fund were as follows:

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	1,908,950	BRL		463,472	USD	GSI	11/4/2019	$	12,516
	252,211	BRL		62,374	USD	JPM	11/4/2019		514
	425,658	BRL		102,701	USD	SCB	11/4/2019		3,435
	909,059	BRL		223,328	USD	SCB	11/4/2019		3,342
	51,781,647	BRL		12,368,129	USD	GSI	11/5/2019		542,645
	51,781,647	BRL		12,847,769	USD	GSI	12/3/2019		40,014
	932,528	BRL		228,673	USD	SCB	12/11/2019		3,328
	476,749	USD		1,908,950	BRL	GSI	11/4/2019		761
	62,988	USD		252,211	BRL	JPM	11/4/2019		101
	875,524	USD		3,495,878	BRL	MS	11/4/2019		3,842
	227,032	USD		909,059	BRL	SCB	11/4/2019		362
	106,306	USD		425,658	BRL	SCB	11/4/2019		170
	12,124,623	USD		8,899,473,162	CLP	GSI	11/5/2019		124,255
	12,107,303	USD		8,899,473,162	CLP	GSI	11/5/2019		106,935
	724,175	USD		520,247,282	CLP	JPM	12/18/2019		21,899
	287,536	USD		205,424,527	CLP	SCB	12/18/2019		10,236
	43,505,066,972	COP		12,595,196	USD	GSI	11/5/2019		276,125
	43,505,066,972	COP		12,858,805	USD	GSI	11/5/2019		12,516
	43,505,066,972	COP		12,809,171	USD	GSI	12/3/2019		49,727
	1,497,365,369	COP		435,759	USD	GSI	12/17/2019		6,576
	538,991,008	COP		153,749	USD	SCB	12/17/2019		5,474
	146,614	CZK		5,639	EUR	MS	12/17/2019		103
	6,331,176	DKK		939,926	USD	GSI	1/22/2020		11,116
	285,534	EUR		315,089	USD	JPM	11/5/2019		3,388
	364,132	EUR		402,866	USD	JPM	11/5/2019		3,276
	286,917	EUR		319,381	USD	JPM	11/5/2019		638
	295,409	EUR		327,679	USD	MS	11/5/2019		1,812
	462,330	EUR		508,893	USD	SCB	11/5/2019		6,777
	285,535	EUR		314,501	USD	SCB	11/5/2019		3,977
	117,582	EUR		128,317	USD	SCB	11/5/2019		2,831
	181,953	EUR		200,230	USD	SCB	11/5/2019		2,716
	117,691	EUR		128,688	USD	SCB	11/5/2019		2,581
	52,112	EUR		57,421	USD	SCB	11/5/2019		703
	26,134	EUR		28,651	USD	SCB	11/5/2019		498
	240,000	EUR		264,974	USD	SCB	12/4/2019		3,216
	42,542	EUR		47,597	USD	CITI	1/22/2020		114
	40,237,520	EUR		44,583,172	USD	GSI	1/22/2020		543,519
	4,808,232	EUR		5,327,896	USD	GSI	1/22/2020		64,573
	13,298,942	EUR		14,885,506	USD	GSI	1/22/2020		29,361
	791,117	EUR		876,620	USD	GSI	1/22/2020		10,625
	329,493	EUR		364,823	USD	GSI	1/22/2020		4,706

See Notes to Financial Statements

202

Schedule of Investments Strategic Income Fund^ (cont'd)

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	200,033	EUR		221,115	USD	GSI	1/22/2020	$	3,224
	1,164,628	EUR		1,304,597	USD	GSI	1/22/2020		1,543
	198,024	USD		177,375	EUR	JPM	11/5/2019		185
	1,454,492	USD		1,300,318	EUR	GSI	12/4/2019		1,439
	3,405,986	GBP		4,214,676	USD	GSI	1/22/2020		208,949
	129,627,956	HUF		390,702	EUR	GSI	12/18/2019		3,949
	9,679,364,178	IDR		675,462	USD	SCB	1/23/2020		5,835
	1,682,608	ILS		477,112	USD	SCB	12/10/2019		1,152
	52,091,761	INR		722,393	USD	GSI	1/17/2020		4,242
	15,739,693,383	KRW		13,130,636	USD	GSI	11/5/2019		388,004
	858,441,827	KRW		725,286	USD	SCB	12/5/2019		8,684
	500,951,525	KRW		421,000	USD	SCB	12/5/2019		7,316
	848,103,104	KRW		721,471	USD	SCB	12/5/2019		3,660
	8,419,591	MXN		430,890	USD	GSI	11/1/2019		6,798
	11,135	USD		216,596	MXN	GSI	2/5/2020		31
	1,308,029	PEN		386,808	USD	CITI	12/18/2019		3,750
	21,604,991	PHP		415,305	USD	GSI	11/5/2019		10,451
	37,586,317	PHP		729,732	USD	SCB	11/5/2019		10,958
	2,750,920	PLN		627,477	EUR	GSI	11/7/2019		20,060
	4,343,818	PLN		1,006,422	EUR	JPM	11/7/2019		14,263
	57,996	PLN		13,600	EUR	JPM	11/7/2019		9
	1,933	RON		405	EUR	GSI	12/17/2019		1
	28,623,866	RUB		427,131	USD	GSI	12/4/2019		17,370
	421,650	RUB		6,272	USD	GSI	12/4/2019		275
	39,864,643	RUB		589,378	USD	SCB	12/4/2019		29,681
	577,366	SGD		419,000	USD	MS	11/4/2019		5,394
	989,666	SGD		722,759	USD	SCB	11/4/2019		4,696
	21,865,323	THB		718,266	USD	MS	12/18/2019		6,198
	5,813,742	TRY		1,012,847	USD	JPM	11/6/2019		2,726
	1,373,144	TRY		229,907	USD	SCB	11/6/2019		9,960
	292,213	TRY		49,917	USD	SCB	11/6/2019		1,128
	3,758,758	TRY		643,009	USD	GSI	12/18/2019		6,375
	954,614	TRY		156,843	USD	SCB	12/18/2019		8,081
	22,346,045	TWD		722,518	USD	SCB	11/21/2019		12,015
	412,565	USD		6,064,156	ZAR	GSI	11/6/2019		11,352
	189,835	USD		2,852,939	ZAR	JPM	11/6/2019		1,081
	64,356	USD		948,049	ZAR	MS	11/6/2019		1,631
	357,206	USD		5,210,963	ZAR	SCB	11/6/2019		12,442
	686,068	USD		10,190,893	ZAR	SCB	11/6/2019		11,823
	12,216,903	ZAR		792,534	USD	SCB	11/6/2019		15,754
	1,429,956	ZAR		93,130	USD	SCB	11/6/2019		1,478
Total unrealized appreciation								$	2,785,266
	3,495,878	BRL		873,075	USD	MS	11/4/2019		(1,395	)
	3,495,878	BRL		871,834	USD	MS	1/22/2020		(3,959	)

See Notes to Financial Statements

203

Schedule of Investments Strategic Income Fund^ (cont'd)

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	12,868,203	USD		51,781,647	BRL	GSI	11/5/2019	$	(42,572	)
	8,899,473,162	CLP		12,107,303	USD	GSI	11/5/2019		(106,936	)
	8,899,473,162	CLP		12,241,029	USD	GSI	11/5/2019		(240,661	)
	8,899,473,162	CLP		12,132,888	USD	GSI	12/3/2019		(123,835	)
	300,686,082	CLP		414,781	USD	GSI	12/18/2019		(8,888	)
	309,703,598	CLP		428,211	USD	GSI	12/18/2019		(10,145	)
	217,091,574	CLP		300,914	USD	MS	12/18/2019		(7,865	)
	207,894,153	CLP		288,926	USD	MS	12/18/2019		(8,292	)
	5,888,316,386	COP		1,746,917	USD	GSI	12/17/2019		(7,455	)
	478,399,316	COP		141,790	USD	SCB	12/17/2019		(466	)
	12,858,805	USD		43,505,066,972	COP	GSI	11/5/2019		(12,516	)
	12,817,851	USD		43,505,066,972	COP	GSI	11/5/2019		(53,471	)
	1,446,258	USD		4,969,662,061	COP	GSI	12/17/2019		(21,825	)
	432,926	USD		1,467,186,959	COP	SCB	12/17/2019		(494	)
	7,840	USD		52,806	DKK	GSI	1/22/2020		(92	)
	1,300,318	EUR		1,451,768	USD	GSI	11/5/2019		(1,429	)
	35,464	EUR		11,901,279	HUF	GSI	12/18/2019		(818	)
	650,092	EUR		216,519,537	HUF	MS	12/18/2019		(9,398	)
	400,447	EUR		131,740,478	HUF	MS	12/18/2019		(235	)
	389,049	EUR		129,698,710	HUF	GSI	1/8/2020		(5,949	)
	361,726	EUR		1,561,724	PLN	GSI	11/7/2019		(5,251	)
	642,569	EUR		2,782,597	PLN	GSI	11/7/2019		(11,516	)
	646,349	EUR		2,808,413	PLN	GSI	11/7/2019		(14,055	)
	13,542	EUR		57,996	PLN	JPM	1/14/2020		(9	)
	390,428	EUR		1,876,893	RON	JPM	2/3/2020		(1,435	)
	651,256	EUR		3,145,025	RON	GSI	4/2/2020		(1,733	)
	144,467	USD		131,323	EUR	GSI	11/5/2019		(2,007	)
	100,982	USD		91,219	EUR	JPM	11/5/2019		(761	)
	177,818	USD		160,329	EUR	JPM	11/5/2019		(1,009	)
	115,701	USD		105,056	EUR	JPM	11/5/2019		(1,476	)
	143,780	USD		130,302	EUR	JPM	11/5/2019		(1,556	)
	288,140	USD		260,628	EUR	JPM	11/5/2019		(2,557	)
	227,565	USD		207,333	EUR	JPM	11/5/2019		(3,689	)
	722,226	USD		653,374	EUR	JPM	11/5/2019		(6,529	)
	1,672,580	USD		1,530,000	EUR	JPM	11/5/2019		(33,939	)
	28,864	USD		26,162	EUR	MS	11/5/2019		(316	)
	133,736	USD		120,343	EUR	MS	11/5/2019		(491	)
	356,237	USD		320,678	EUR	MS	11/5/2019		(1,438	)
	213,340	USD		194,219	EUR	MS	11/5/2019		(3,286	)
	163,055	USD		146,968	EUR	SCB	11/5/2019		(869	)
	326,153	USD		293,970	EUR	SCB	11/5/2019		(1,732	)
	256,096	USD		233,563	EUR	SCB	11/5/2019		(4,414	)
	577,319	USD		522,805	EUR	SCB	11/5/2019		(5,803	)
	120,746	USD		110,000	EUR	SCB	12/4/2019		(2,175	)

See Notes to Financial Statements

204

Schedule of Investments Strategic Income Fund^ (cont'd)

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	3,620,478	USD		3,287,268	EUR	SCB	12/4/2019	$	(52,911	)
	244,545	USD		218,134	EUR	GSI	1/22/2020		(94	)
	235,748	USD		210,473	EUR	GSI	1/22/2020		(299	)
	338,249	USD		303,354	EUR	GSI	1/22/2020		(1,964	)
	421,051	USD		378,814	EUR	GSI	1/22/2020		(3,792	)
	1,528,654	USD		1,367,697	EUR	GSI	1/22/2020		(5,228	)
	3,868,818	USD		3,491,713	EUR	GSI	1/22/2020		(47,165	)
	11,560,935	USD		10,433,322	EUR	GSI	1/22/2020		(140,117	)
	28,090,808	USD		25,352,715	EUR	GSI	1/22/2020		(342,458	)
	393,074	USD		305,469	GBP	GSI	1/22/2020		(3,663	)
	258,459	USD		205,124	GBP	GSI	1/22/2020		(7,952	)
	288,063	USD		228,619	GBP	GSI	1/22/2020		(8,863	)
	1,440,741	USD		1,164,770	GBP	GSI	1/22/2020		(72,038	)
	2,146,039	USD		1,734,969	GBP	GSI	1/22/2020		(107,304	)
	4,815,289	USD		3,891,357	GBP	GSI	1/22/2020		(238,726	)
	669,132	USD		9,638,843,689	IDR	SCB	1/23/2020		(9,313	)
	1,105,142	ILS		316,456	USD	MS	12/10/2019		(2,331	)
	1,405,565	ILS		401,933	USD	SCB	12/10/2019		(2,416	)
	15,739,693,383	KRW		13,479,804	USD	GSI	12/3/2019		(22,905	)
	13,469,999	USD		15,739,693,383	KRW	GSI	11/5/2019		(48,641	)
	733,059	USD		858,201,229	KRW	GSI	12/5/2019		(706	)
	1,114,219	USD		1,349,054,629	KRW	MS	12/5/2019		(39,227	)
	216,596	MXN		11,300	USD	GSI	11/1/2019		(41	)
	3,620,979	MXN		188,362	USD	GSI	11/1/2019		(127	)
	52,914	USD		1,052,823	MXN	GSI	11/1/2019		(1,816	)
	471,595	USD		9,295,272	MXN	GSI	11/1/2019		(11,615	)
	97,648	USD		1,909,071	MXN	JPM	11/1/2019		(1,594	)
	1,135,746	USD		59,237,108	PHP	GSI	11/5/2019		(31,603	)
	25,910,052	RUB		404,508	USD	SCB	12/4/2019		(2,151	)
	28,648,110	RUB		448,220	USD	SCB	12/4/2019		(3,343	)
	46,922,903	RUB		733,614	USD	SCB	12/4/2019		(4,947	)
	47,778,240	RUB		748,112	USD	SCB	12/4/2019		(6,163	)
	285,593	USD		18,549,993	RUB	GSI	12/4/2019		(2,470	)
	514,807	USD		33,462,110	RUB	GSI	12/4/2019		(4,826	)
	406,195	USD		26,519,908	RUB	GSI	12/4/2019		(5,633	)
	739,637	USD		47,987,768	RUB	MS	12/4/2019		(5,566	)
	424,306	USD		27,840,855	RUB	MS	12/4/2019		(8,035	)
	427,872	USD		591,405	SGD	MS	11/4/2019		(6,841	)
	706,045	USD		975,656	SGD	SCB	11/4/2019		(11,111	)
	718,876	USD		21,865,323	THB	GSI	12/18/2019		(5,589	)
	737,066	USD		4,234,249	TRY	GSI	11/6/2019		(2,593	)
	190,168	USD		1,090,590	TRY	JPM	11/6/2019		(341	)
	270,442	USD		1,563,427	TRY	JPM	11/6/2019		(2,665	)
	101,747	USD		590,833	TRY	SCB	11/6/2019		(1,463	)

See Notes to Financial Statements

205

Schedule of Investments Strategic Income Fund^ (cont'd)

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	356,004	USD		2,071,528	TRY	SCB	12/9/2019	$	(2,712	)
	989,093	USD		5,813,742	TRY	JPM	2/6/2020		(2,793	)
	717,254	USD		22,346,045	TWD	GSI	11/21/2019		(17,280	)
	11,620,141	ZAR		780,761	USD	MS	11/6/2019		(11,956	)
	2,852,939	ZAR		187,520	USD	JPM	2/6/2020		(1,071	)
Total unrealized depreciation								$	(2,091,200	)
Total net unrealized appreciation								$	694,066

For the year ended October 31, 2019, the Fund's investments in forward contracts had an average notional value of $499,743,032.

Bond forward contracts ("bond forwards")

At October 31, 2019, open bond forwards for the Fund were as follows:

Counterparty	Reference Entity	Notional Amount		Expiration Date	Unrealized Appreciation/ (Depreciation)
GSI	U.S. Treasury Inflation-Indexed Bonds, 0.88%, due 2/15/2047	USD	2,756,289	11/20/2019	$	6,289
Total unrealized appreciation					$	6,289
GSI	U.S. Treasury Inflation-Indexed Bonds, 0.13%, due 4/15/2022	USD	6,743,532	11/20/2019	$	(6,468	)
GSI	U.S. Treasury Inflation-Indexed Bonds, 0.63%, due 4/15/2023	USD	5,740,518	11/20/2019		(9,482	)
GSI	U.S. Treasury Inflation-Indexed Bonds, 0.63%, due 1/15/2024	USD	4,487,210	11/20/2019		(12,791	)
GSI	U.S. Treasury Inflation-Indexed Bonds, 0.25%, due 1/15/2025	USD	5,819,441	11/20/2019		(5,559	)
GSI	U.S. Treasury Inflation-Indexed Bonds, 0.38%, due 4/15/2027	USD	4,724,279	11/20/2019		(5,721	)
GSI	U.S. Treasury Inflation-Indexed Bonds, 3.63%, due 4/15/2028	USD	4,687,656	11/20/2019		(12,344	)
GSI	U.S. Treasury Inflation-Indexed Bonds, 2.13%, due 2/15/2040	USD	1,071,115	11/20/2019		(3,885	)
GSI	U.S. Treasury Inflation-Indexed Bonds, 1.38%, due 2/15/2044	USD	2,298,656	11/20/2019		(1,344	)
Total unrealized depreciation					$	(57,594	)
Total net unrealized depreciation					$	(51,305	)

For the year ended October 31, 2019, the Fund's investments in bond forward contracts had an average notional value of $37,277,420.

At October 31, 2019, the Fund had cash collateral of $50,000 deposited in a segregated account for JPMorgan Chase Bank N.A. and received cash collateral of $660,000 from Goldman Sachs International to cover collateral requirements on over-the-counter derivatives.

Credit default swap contracts ("credit default swaps")

At October 31, 2019, the Fund did not have any outstanding credit default swap contracts.

For the year ended October 31, 2019, the average notional value of credit default swaps for the Fund was $24,888,049 for buy protection and $14,196,360 for sell protection.

See Notes to Financial Statements

206

Schedule of Investments Strategic Income Fund^ (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2019:

Asset Valuation Inputs

	Level 1		Level 2		Level 3^(b)		Total
Investments:
Loan Assignments
Aerospace & Defense	$	—	$	1,321,444	$	920,700	$	2,242,144
Business Equipment & Services		—		18,964,942		1,525,000		20,489,942
Cable & Satellite Television		—		13,728,887		344,138		14,073,025
Conglomerates		—		—		1,175,120		1,175,120
Leisure Goods—Activities—Movies		—		9,138,479		1,259,615		10,398,094
Radio & Television		—		2,600,881		1,828,503		4,429,384
Steel		—		1,030,255		2,584,867		3,615,122
Utilities		—		6,419,071		1,732,193		8,151,264
Other Loan Assignments^(a)		—		133,529,790		—		133,529,790
Total Loan Assignments		—		186,733,749		11,370,136		198,103,885
U.S. Treasury Obligations		—		799,811,547		—		799,811,547
U.S. Government Agency Securities		—		3,017,368		—		3,017,368
Mortgage-Backed Securities^(a)		—		739,828,048		—		739,828,048
Corporate Bonds^(a)		—		1,315,858,800		—		1,315,858,800
Municipal Notes^(a)		—		49,545,937		—		49,545,937
Asset-Backed Securities		—		202,731,109		—		202,731,109
Foreign Government Securities		—		67,437,470		—		67,437,470
Developed Markets Ex- U.S.^(a)		—		1,612,623		—		1,612,623
Short-Term Investments		—		13,057,103		—		13,057,103
Total Investments	$	—	$	3,379,633,754	$	11,370,136	$	3,391,003,890

(a) The Schedule of Investments provides information on the industry, state/territory or sector categorization for the portfolio.

See Notes to Financial Statements

207

Schedule of Investments Strategic Income Fund^ (cont'd)

(b) The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

(000's omitted)	Beginning balance, as of 11/1/2018		Accrued discounts/ (premiums)		Realized gain/ (loss)			Change in unrealized appreciation/ (depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance, as of 10/31/2019		Net change in unrealized appreciation/ (depreciation) from investments still held as of 10/31/2019
Investments in Securities:
Loan Assignments^(c)
Aerospace & Defense	$	—	$	—	$	—		$	—		$	921	$	—		$	—	$	—		$	921	$	—
Building & Development		434		—		(11	)		—			—		(423	)		—		—			—		—
Business Equipment & Services		621		—		—			4			1,521		—			—		(621	)		1,525		4
Cable & Satellite Television		—		—		—			(1	)		345		—			—		—			344		(1	)
Chemicals & Plastics		70		—		—			—			—		(70	)		—		—			—		—
Conglomerates		—		—		(16	)		(13	)		1,282		(1,378	)		1,300		—			1,175		(13	)
Electronics— Electrical		175		—		(1	)		(1	)		—		(173	)		—		—			—		—
Food Products		209		—		—			—			—		(209	)		—		—			—		—
Food Service		459		—		—			—			—		—			—		(459	)		—		—
Health Care		103		—		(6	)		1			—		(98	)		—		—			—		—
Leisure Goods— Activities— Movies		—		1		(16	)		(66	)		1,330		(969	)		980		—			1,260		(66	)
Oil & Gas		511		—		(24	)		1			—		(488	)		—		—			—		—
Radio & Television		—		4		(95	)		49			1,349		(1,332	)		1,854		—			1,829		49
Steel		1,195		—		(15	)		(93	)		2,095		(597	)		—		—			2,585		(93	)
Utilities		—		1		—			(24	)		1,023		(43	)		775		—			1,732		(24	)
Total	$	3,777	$	6	$	(184	)	$	(143	)	$	9,866	$	(5,780	)	$	4,909	$	(1,080	)	$	11,371	$	(144	)

(c) Securities categorized as Level 3 are valued based on a single quotation obtained from a dealer. The Fund does not have access to unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.

See Notes to Financial Statements

208

Schedule of Investments Strategic Income Fund^ (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of October 31, 2019:

Other Financial Instruments

	Level 1			Level 2			Level 3		Total
Futures^(a)
Assets	$	6,875,618		$	—		$	—	$	6,875,618
Liabilities		(1,388,825	)		—			—		(1,388,825	)
Forward Contracts^(a)
Assets		—			2,785,266			—		2,785,266
Liabilities		—			(2,091,200	)		—		(2,091,200	)
Bond Forwards^(a)
Assets		—			6,289			—		6,289
Liabilities		—			(57,594	)		—		(57,594	)
Total	$	5,486,793		$	642,761		$	—	$	6,129,554

(a) Futures, forward contracts and bond forwards are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

209

Schedule of Investments Unconstrained Bond Fund^ October 31, 2019

PRINCIPAL AMOUNT^(a)			VALUE
U.S. Treasury Obligations 13.6%
$	1,245,000	U.S. Treasury Bill, 2.34%, due 1/2/2020	$	1,241,676	^(b)(c)
		U.S. Treasury Inflation-Indexed Bonds^(q)
	3,328,367	0.13%, due 4/15/2022		3,301,607
	1,210,740	2.13%, due 2/15/2040		1,592,450
	897,177	1.38%, due 2/15/2044		1,065,916
		Total U.S. Treasury Obligations (Cost $7,253,030)		7,201,649
Mortgage-Backed Securities 9.2%
Collateralized Mortgage Obligations 6.5%
		Fannie Mae Connecticut Avenue Securities
	575,000	Ser. 2017-C02, Class 2M2, (1M USD LIBOR + 3.65%), 5.47%, due 9/25/2029		602,825	^(d)
	635,000	Ser. 2017-C03, Class 1M2, (1M USD LIBOR + 3.00%), 4.82%, due 10/25/2029		660,822	^(d)
	631,000	Ser. 2017-C04, Class 2M2, (1M USD LIBOR + 2.85%), 4.67%, due 11/25/2029		648,938	^(d)
		Freddie Mac Structured Agency Credit Risk Debt Notes
	850,000	Ser. 2017-DNA2, Class M2, (1M USD LIBOR + 3.45%), 5.27%, due 10/25/2029		902,529	^(d)
	600,000	Ser. 2017-HQA2, Class M2, (1M USD LIBOR + 2.65%), 4.47%, due 12/25/2029		615,860	^(d)
				3,430,974
Commercial Mortgage-Backed 0.6%
	936,264	Citigroup Commercial Mortgage Trust, Ser. 2015-GC27, Class XA, 1.36%, due 2/10/2048		52,027	^(e)(f)
		Commercial Mortgage Trust
	651,002	Ser. 2014-CR16, Class XA, 0.98%, due 4/10/2047		24,167	^(e)(f)
	738,041	Ser. 2014-LC15, Class XA, 1.10%, due 4/10/2047		29,945	^(e)(f)
	682,647	Morgan Stanley Bank of America Merrill Lynch Trust, Ser. 2014-C16, Class XA, 1.01%, due 6/15/2047		24,091	^(e)(f)
		WF-RBS Commercial Mortgage Trust
	876,569	Ser. 2014-LC14, Class XA, 1.22%, due 3/15/2047		35,375	^(e)(f)
	3,487,321	Ser. 2014-C21, Class XA, 1.04%, due 8/15/2047		139,838	^(e)(f)
				305,443
Uniform Mortgage-Backed Securities 2.1%
		Pass-Through Certificates
	660,000	3.00%, TBA, 30 Year Maturity		670,673	^(g)
	450,000	3.50%, TBA, 30 Year Maturity		462,059	^(g)
				1,132,732
		Total Mortgage-Backed Securities (Cost $4,990,794)		4,869,149
Corporate Bonds 47.2%
Airlines 0.3%
	147,784	American Airlines, Inc., 4.38%, due 10/1/2022		152,088
Apparel 0.2%
EUR	100,000	Levi Strauss & Co., 3.38%, due 3/15/2027		119,192

See Notes to Financial Statements

210

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Auto Manufacturers 2.1%
EUR	107,000	Jaguar Land Rover Automotive PLC, 4.50%, due 1/15/2026	$	112,482	^(h)
EUR	455,000	Volkswagen Bank GmbH, 1.25%, due 12/15/2025		522,971	^(h)(i)
EUR	400,000	Volkswagen Int'l Finance NV, 2.50%, due 3/20/2022		456,729	^(h)(j)(k)
				1,092,182
Auto Parts & Equipment 1.0%
EUR	237,000	Grupo Antolin-Irausa SA, 3.38%, due 4/30/2026		224,364	^(h)
EUR	100,000	IHO Verwaltungs GmbH, 3.75% Cash/4.50% PIK, due 9/15/2026		112,945	^(h)(l)
EUR	150,000	LKQ Italia Bondco SpA, 3.88%, due 4/1/2024		187,194	^(h)
				524,503
Banks 1.2%
$	425,000	HSBC Holdings PLC, 6.00%, due 5/22/2027		441,150	^(i)(j)(k)
EUR	150,000	Lloyds Banking Group PLC, 1.00%, due 11/9/2023		171,881	^(h)
				613,031
Beverages 0.9%
$	270,000	Anheuser-Busch InBev Worldwide, Inc., 4.75%, due 1/23/2029		313,716
EUR	150,000	Sunshine Mid BV, 6.50%, due 5/15/2026		171,606	^(h)
				485,322
Building Materials 0.3%
EUR	152,000	Cemex SAB de CV, 3.13%, due 3/19/2026		173,953	^(h)
Chemicals 2.3%
EUR	100,000	Arkema SA, 2.75%, due 6/17/2024		116,967	^(h)(j)(k)
EUR	100,000	Axalta Coating Systems Dutch Holding B BV, 3.75%, due 1/15/2025		114,513	^(h)
EUR	100,000	Axalta Coating Systems LLC, 4.25%, due 8/15/2024		114,597	^(h)
EUR	203,000	CeramTec BondCo GmbH, 5.25%, due 12/15/2025		233,429	^(h)
EUR	250,000	Ineos Group Holdings SA, 5.38%, due 8/1/2024		284,922	^(h)
EUR	109,000	Kronos Int'l, Inc., 3.75%, due 9/15/2025		119,744	^(h)
EUR	100,000	SGL Carbon SE, 4.63%, due 9/30/2024		100,957	^(h)
EUR	100,000	Solvay Finance SA, 5.87%, due 6/3/2024		131,605	^(h)(j)(k)
				1,216,734
Commercial Services 2.3%
EUR	100,000	Avis Budget Finance PLC, 4.50%, due 5/15/2025		115,027	^(h)
EUR	190,000	Europcar Mobility Group, 4.13%, due 11/15/2024		200,071	^(h)
EUR	125,000	House of Finance NV, 4.38%, due 7/15/2026		136,478	^(h)
EUR	332,000	Intertrust Group BV, 3.38%, due 11/15/2025		386,566	^(h)
EUR	121,000	La Financiere Atalian SAS, 4.00%, due 5/15/2024		89,838	^(h)
EUR	100,000	Loxam SAS, 6.00%, due 4/15/2025		111,731	^(h)
EUR	136,000	Techem Verwaltungsgesellschaft 674 mbH, 6.00%, due 7/30/2026		164,548	^(h)
				1,204,259

See Notes to Financial Statements

211

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Computers 0.9%
EUR	100,000	Banff Merger Sub, Inc., 8.38%, due 9/1/2026	$	104,544	^(h)
$	320,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 6.02%, due 6/15/2026		365,193	^(i)(m)
				469,737
Diversified Financial Services 0.4%
EUR	206,000	Lincoln Financing S.a.r.l., (3M EURIBOR + 3.88%, Floor 3.88%), 3.88%, due 4/1/2024		229,085	^(d)(h)
Electric 3.5%
		EnBW Energie Baden-Wuerttemberg AG
EUR	100,000	3.63%, due 4/2/2076		116,302	^(h)(k)
EUR	100,000	3.38%, due 4/5/2077		118,085	^(h)(k)
$	200,000	Eskom Holdings SOC Ltd., 7.13%, due 2/11/2025		205,571	^(h)
GBP	417,000	NGG Finance PLC, 5.63%, due 6/18/2073		604,536	^(h)(i)(k)
GBP	155,000	NWEN Finance PLC, 5.88%, due 6/21/2021		208,308	^(h)
EUR	50,000	Orano SA, 3.50%, due 3/22/2021		58,024	^(h)
$	525,000	SSE PLC, 4.75%, due 9/16/2077		531,510	^(h)(i)(k)
				1,842,336
Electrical Components & Equipment 0.6%
EUR	196,000	Belden, Inc., 3.38%, due 7/15/2027		222,284	^(h)
EUR	100,000	Energizer Gamma Acquisition BV, 4.63%, due 7/15/2026		117,595	^(h)
				339,879
Engineering & Construction 1.4%
GBP	100,000	BAA SH PLC, 3.88%, due 3/1/2027		129,918	^(h)
EUR	200,000	Cellnex Telecom SA, 2.88%, due 4/18/2025		243,625	^(h)
$	200,000	China Minmetals Corp., 3.75%, due 11/13/2022		201,473	^(h)(j)(k)
EUR	134,000	Swissport Financing S.a.r.l., 9.00%, due 2/15/2025		153,257	^(h)
				728,273
Entertainment 1.5%
GBP	100,000	AMC Entertainment Holdings, Inc., 6.38%, due 11/15/2024		123,852
EUR	200,000	Cirsa Finance Int'l S.a.r.l., 4.75%, due 5/22/2025		231,371	^(h)
EUR	171,000	Int'l Game Technology PLC, 3.50%, due 6/15/2026		202,356	^(h)
EUR	100,000	Scientific Games Int'l, Inc., 3.38%, due 2/15/2026		112,608	^(h)
EUR	130,000	WMG Acquisition Corp., 3.63%, due 10/15/2026		152,947	^(h)
				823,134
Environmental Control 0.6%
GBP	100,000	Kelda Finance No. 3 PLC, 5.75%, due 2/17/2020		130,246	^(h)
EUR	185,000	Paprec Holding SA, 4.00%, due 3/31/2025		185,699	^(h)
				315,945
Food 1.1%
EUR	300,000	Casino Guichard Perrachon SA, 4.50%, due 3/7/2024		288,574	^(h)
GBP	100,000	Co-operative Group Holdings 2011 Ltd., 7.50%, due 7/8/2026		147,558	^(h)(n)
GBP	100,000	Premier Foods Finance PLC, 6.25%, due 10/15/2023		133,903	^(h)
				570,035

See Notes to Financial Statements

212

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Forest Products & Paper 0.4%
EUR	155,000	Smurfit Kappa Acquisitions, 2.75%, due 2/1/2025	$	188,424	^(h)
Gas 0.9%
		Centrica PLC
GBP	200,000	6.40%, due 9/4/2026		335,203	^(h)
EUR	132,000	3.00%, due 4/10/2076		150,167	^(h)(k)
				485,370
Hand - Machine Tools 0.2%
EUR	100,000	Colfax Corp., 3.25%, due 5/15/2025		114,314	^(h)
Healthcare - Products 0.3%
EUR	136,000	Avantor, Inc., 4.75%, due 10/1/2024		161,216	^(h)
Healthcare - Services 0.4%
EUR	165,000	Catalent Pharma Solutions, Inc., 4.75%, due 12/15/2024		189,086	^(h)
Home Builders 0.4%
GBP	145,000	Miller Homes Group Holdings PLC, 5.50%, due 10/15/2024		194,138	^(h)
Household Products - Wares 0.4%
EUR	200,000	Spectrum Brands, Inc., 4.00%, due 10/1/2026		234,906	^(h)
Insurance 0.3%
GBP	125,000	Phoenix Group Holdings, 5.75%, due 7/7/2021		172,103	^(h)
Internet 0.4%
EUR	200,000	Netflix, Inc., 3.63%, due 5/15/2027		234,737
Lodging 0.4%
GBP	170,000	TVL Finance PLC, (3M GBP LIBOR + 5.38%), 6.16%, due 7/15/2025		212,502	^(d)(h)
Machinery-Diversified 0.4%
EUR	225,000	Platin 1426 GmbH, 5.38%, due 6/15/2023		235,745	^(h)
Media 3.3%
		Altice Finco SA
EUR	100,000	9.00%, due 6/15/2023		115,556	^(h)
EUR	115,000	4.75%, due 1/15/2028		124,495	^(h)
		Altice Luxembourg SA
EUR	175,000	6.25%, due 2/15/2025		202,740	^(h)
EUR	100,000	8.00%, due 5/15/2027		121,703	^(h)
$	355,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.20%, due 3/15/2028		376,913	⁽ⁱ⁾
EUR	100,000	Summer BidCo BV, 9.00% Cash/9.75% PIK, due 11/15/2025		116,071	^(h)(l)
EUR	180,000	UPCB Finance IV Ltd., 4.00%, due 1/15/2027		210,792	^(h)
GBP	180,000	Virgin Media Secured Finance PLC, 6.25%, due 3/28/2029		248,027	^(h)
EUR	191,000	Ziggo BV, 4.25%, due 1/15/2027		229,471	^(h)
				1,745,768

See Notes to Financial Statements

213

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Mining 0.3%
EUR	130,000	Anglo American Capital PLC, 3.25%, due 4/3/2023	$	159,292	^(h)
Miscellaneous Manufacturers 0.5%
$	275,000	General Electric Co., Ser. D, 5.00%, due 1/21/2021		265,226	^(i)(j)(k)
Multi-National 0.4%
	200,000	Banque Ouest Africaine de Developpement, 5.00%, due 7/27/2027		211,960	^(h)
Oil & Gas 2.6%
	460,000	Apache Corp., 4.38%, due 10/15/2028		456,568	⁽ⁱ⁾
	200,000	KazMunayGas National Co. JSC, 6.38%, due 10/24/2048		251,560	^(h)
		Petrobras Global Finance BV
	150,000	5.38%, due 10/1/2029		213,481
	101,000	6.90%, due 3/19/2049		117,392
		Petroleos de Venezuela SA
GBP	21,649	6.00%, due 5/16/2024		1,299	^(h)(o)(p)
$	251,399	6.00%, due 11/15/2026		15,084	^(h)(o)(p)
	362,400	5.38%, due 4/12/2027		21,744	^(h)(o)(p)
		Petroleos Mexicanos
	16,000	6.50%, due 1/23/2029		16,688
	12,000	6.84%, due 1/23/2030		12,815	^(m)
	133,000	7.69%, due 1/23/2050		145,023	^(m)
EUR	100,000	Repsol Int'l Finance BV, 4.50%, due 3/25/2075		127,996	^(h)(k)
				1,379,650
Packaging & Containers 2.0%
EUR	250,000	ARD Finance SA, 6.63% Cash/7.38% PIK, due 9/15/2023		288,584	^(l)
GBP	150,000	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.75%, due 7/15/2027		200,086	^(h)
EUR	253,000	BWAY Holding Co., 4.75%, due 4/15/2024		290,902	^(h)
EUR	220,000	Crown European Holdings SA, 3.38%, due 5/15/2025		269,926	^(h)
				1,049,498
Pharmaceuticals 2.0%
$	365,000	CVS Health Corp., 4.30%, due 3/25/2028		396,215	⁽ⁱ⁾
EUR	200,000	Nidda BondCo GmbH, 5.00%, due 9/30/2025		227,579	^(h)
EUR	103,000	Rossini S.a.r.l., 6.75%, due 10/30/2025		126,971	^(h)
EUR	200,000	Teva Pharmaceutical Finance Netherlands II BV, 1.88%, due 3/31/2027		168,197	^(h)
EUR	110,000	Valeant Pharmaceuticals Int'l, Inc., 4.50%, due 5/15/2023		124,104	^(h)
				1,043,066
Pipelines 2.5%
$	200,000	Abu Dhabi Crude Oil Pipeline LLC, 4.60%, due 11/2/2047		230,874	^(m)
	440,000	Energy Transfer Operating L.P., Ser. B, 6.63%, due 2/15/2028		419,650	^(i)(j)(k)
	365,000	MPLX LP, 4.00%, due 3/15/2028		379,296	⁽ⁱ⁾
	280,000	Southern Gas Corridor CJSC, 6.88%, due 3/24/2026		326,200	^(h)
				1,356,020

See Notes to Financial Statements

214

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
Private Equity 0.4%
EUR	200,000	Vivion Investments S.a.r.l., 3.00%, due 8/8/2024	$	222,050	^(h)
Real Estate 0.2%
EUR	100,000	Summit Properties Ltd., 2.00%, due 1/31/2025		106,630	^(h)
Real Estate Investment Trusts 0.9%
GBP	198,000	Iron Mountain UK PLC, 3.88%, due 11/15/2025		256,108	^(h)
EUR	200,000	MPT Operating Partnership L.P./MPT Finance Corp., 3.33%, due 3/24/2025		247,420
				503,528
Retail 2.0%
EUR	103,000	eG Global Finance PLC, 3.63%, due 2/7/2024		112,326	^(h)
GBP	550,000	Next Group PLC, 4.38%, due 10/2/2026		798,336	^(h)(i)
EUR	130,000	Tasty Bondco 1 SA, 6.25%, due 5/15/2026		150,168	^(h)
				1,060,830
Software 1.0%
EUR	190,000	InterXion Holding NV, 4.75%, due 6/15/2025		230,438	^(h)
EUR	169,000	IQVIA, Inc., 3.25%, due 3/15/2025		192,726	^(h)
EUR	109,000	Playtech PLC, 4.25%, due 3/7/2026		129,102	^(h)
				552,266
Telecommunications 3.6%
EUR	145,000	Altice France SA, 5.88%, due 2/1/2027		178,272	^(h)
$	420,000	AT&T, Inc., 4.35%, due 3/1/2029		465,173	⁽ⁱ⁾
EUR	123,000	DKT Finance ApS, 7.00%, due 6/17/2023		145,068	^(h)
EUR	35,000	Olivetti Finance SA, Ser. 14, 7.75%, due 1/24/2033		57,917
EUR	100,000	SoftBank Group Corp., 5.00%, due 4/15/2028		122,409	^(h)
		Telecom Italia SpA
EUR	50,000	5.25%, due 2/10/2022		62,198	^(h)
EUR	350,000	3.63%, due 1/19/2024		428,667	^(h)
EUR	200,000	3.00%, due 9/30/2025		239,476	^(h)
GBP	170,000	Vodafone Group PLC, 4.88%, due 10/3/2078		234,250	^(h)(k)
				1,933,430
Water 0.4%
GBP	150,000	Anglian Water Osprey Financing PLC, 5.00%, due 4/30/2023		196,615	^(h)
		Total Corporate Bonds (Cost $24,948,416)		25,108,058
Asset-Backed Securities 7.8%
$	280,000	AM Capital Funding LLC, Ser. 2018-1, Class A, 4.98%, due 12/15/2023		293,985	^(m)
	250,000	Ares XLV CLO Ltd., Ser. 2017-45A, Class E, (3M USD LIBOR + 6.10%), 8.10%, due 10/15/2030		225,278	^(d)(m)
	300,000	Assurant CLO I Ltd., Ser. 2017-1A, Class E, (3M USD LIBOR + 6.46%), 8.43%, due 10/20/2029		287,655	^(d)(m)

See Notes to Financial Statements

215

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
		Bear Stearns Asset-Backed Securities Trust
$	229,321	Ser. 2004-SD3, Class M2, (1M USD LIBOR + 1.88%), 3.70%, due 9/25/2034	$	232,333	^(d)
	482,704	Ser. 2005-SD2, Class 1M2, (1M USD LIBOR + 1.00%), 2.82%, due 3/25/2035		487,876	^(d)
	250,000	Benefit Street Partners CLO XII Ltd., Ser. 2017-12A, Class D, (3M USD LIBOR + 6.41%), 8.41%, due 10/15/2030		221,992	^(d)(m)
	251,579	Carrington Mortgage Loan Trust, Ser. 2006-RFC1, Class A4, (1M USD LIBOR + 0.24%), 2.06%, due 3/25/2036		250,769	^(d)
	500,000	Dewolf Park CLO Ltd., Ser. 2017-1A, Class E, (3M USD LIBOR + 6.20%), 8.20%, due 10/15/2030		440,072	^(d)(m)
	250,000	Dryden 54 Senior Loan Fund, Ser. 2017-54A, Class E, (3M USD LIBOR + 6.20%), 8.17%, due 10/19/2029		220,116	^(d)(m)
	300,000	Flatiron CLO Ltd., Ser. 2017-1A, Class E, (3M USD LIBOR + 6.00%), 8.16%, due 5/15/2030		266,673	^(d)(m)
	250,000	Milos CLO Ltd., Ser. 2017-1A, Class E, (3M USD LIBOR + 6.30%), 8.27%, due 10/20/2030		226,113	^(d)(m)
	330,000	Newcastle Mortgage Securities Trust, Ser. 2006-1, Class M2, (1M USD LIBOR + 0.37%), 2.19%, due 3/25/2036		330,469	^(d)
	90,113	Securitized Asset Backed Receivables LLC Trust, Ser. 2004-DO1, Class M1, (1M USD LIBOR + 0.98%), 2.80%, due 7/25/2034		90,674	^(d)
	15,289	Structured Asset Securities Corp., Ser. 2006-AM1, Class A4, (1M USD LIBOR + 0.16%), 1.98%, due 4/25/2036		15,280	^(d)
	580,000	Trafigura Securitisation Finance PLC, Ser. 2017-1A, Class B, (1M USD LIBOR + 1.70%), 3.62%, due 12/15/2020		580,574	^(d)(m)
		Total Asset-Backed Securities (Cost $4,144,798)		4,169,859
Foreign Government Securities 10.0%
	200,000	Angolan Government International Bond, 8.25%, due 5/9/2028		209,092	^(h)
		Argentine Republic Government International Bond
EUR	137,610	7.82%, due 12/31/2033		73,300
EUR	450,000	3.38%, due 12/31/2038		196,377	⁽ⁿ⁾
$	80,000	Belize Government International Bond, 4.94%, due 2/20/2034		48,800	^(h)(n)
	243,000	Brazil Minas SPE via State of Minas Gerais, 5.33%, due 2/15/2028		258,190	^(h)
	200,000	Costa Rica Government International Bond, 7.16%, due 3/12/2045		199,002	^(h)
EUR	15,000	Cyprus Government International Bond, 2.75%, due 2/26/2034		20,863	^(h)
EUR	35,835	Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, due 4/15/2026		43,836	^(h)(q)
$	200,000	Development Bank of Mongolia LLC, 7.25%, due 10/23/2023		209,692	^(m)
	100,000	Dominican Republic International Bond, 6.85%, due 1/27/2045		112,751	^(h)
	200,000	Ecuador Government International Bond, 8.88%, due 10/23/2027		186,300	^(h)
	200,000	Egypt Government International Bond, 7.90%, due 2/21/2048		200,520	^(h)
	70,000	El Salvador Government International Bond, 7.75%, due 1/24/2023		76,476	^(h)
		French Republic Government Bond OAT
EUR	37,184	0.25%, due 7/25/2024		44,694	^(h)
EUR	26,171	0.10%, due 3/1/2029		32,576	^(h)
$	200,000	Ghana Government International Bond, 10.75%, due 10/14/2030		252,587	^(h)
	200,000	Indonesia Government International Bond, 5.13%, due 1/15/2045		237,535	^(h)
		Ireland Government Bond
EUR	10,000	2.40%, due 5/15/2030		13,893	^(h)
EUR	26,000	1.35%, due 3/18/2031		32,940	^(h)
		Italy Buoni Poliennali Del Tesoro
EUR	39,290	0.25%, due 11/20/2023		43,880	^(h)
EUR	30,094	0.40%, due 4/11/2024		33,639	^(h)
EUR	35,017	0.65%, due 10/28/2027		39,067	^(h)
EUR	33,000	3.00%, due 8/1/2029		43,895	^(h)
EUR	30,365	0.40%, due 5/15/2030		34,011	^(h)
		Ivory Coast Government International Bond
$	264,000	5.75%, due 12/31/2032		260,498	^(h)(n)
	96,800	5.75%, due 12/31/2032		95,629	^(h)(n)

See Notes to Financial Statements

216

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

PRINCIPAL AMOUNT^(a)			VALUE
EUR	34,000	Kingdom of Belgium Government Bond, 5.00%, due 3/28/2035	$	65,379	^(h)
$	140,000	Mexico Government International Bond, 5.75%, due 10/12/2110		162,576
	270,000	Nigeria Government International Bond, 7.88%, due 2/16/2032		278,423	^(h)
	200,000	Qatar Government International Bond, 4.00%, due 3/14/2029		222,175	^(h)
	200,000	Republic of South Africa Government International Bond, 4.85%, due 9/27/2027		203,259
		Russian Foreign Bond - Eurobond
	200,000	4.75%, due 5/27/2026		220,241	^(h)
	200,000	4.25%, due 6/23/2027		214,675	^(h)
		Sri Lanka Government International Bond
	200,000	5.88%, due 7/25/2022		201,795	^(h)
	200,000	6.75%, due 4/18/2028		195,462	^(h)
	200,000	Turkey Government International Bond, 6.13%, due 10/24/2028		197,117
		Ukraine Government International Bond
	100,000	7.75%, due 9/1/2025		107,250	^(h)
EUR	100,000	6.75%, due 6/20/2026		123,232	^(h)
$	100,000	7.75%, due 9/1/2027		107,490	^(h)
	93,700	Venezuela Government International Bond, 8.25%, due 10/13/2024		9,721	^(h)(o)(p)
		Total Foreign Government Securities (Cost $5,402,582)		5,308,838
NUMBER OF SHARES
Exchange-Traded Funds 6.7%
	105,147	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (Cost $4,044,711)		3,568,689
Short-Term Investments 0.6%
Investment Companies 0.6%
	328,683	State Street Institutional U.S. Government Money Market Fund Premier Class, 1.75%^(r) (Cost $328,683)		328,683	⁽ⁱ⁾
		Total Investments 95.1% (Cost $51,113,014)		50,554,925
		Other Assets Less Liabilities 4.9%		2,615,094	^(s)
		Net Assets 100.0%	$	53,170,019

(a) Principal amount is stated in the currency in which the security is denominated.

(b) Rate shown was the discount rate at the date of purchase.

(d) Variable or floating rate security. The interest rate shown was the current rate as of October 31, 2019 and changes periodically.

(f) Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.

See Notes to Financial Statements

217

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

(g) TBA (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total value of all such securities (excluding forward sales contracts, if any) at October 31, 2019, amounted to $1,132,732, which represents 2.1% of net assets of the Fund.

(h) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at October 31, 2019 amounted to $23,535,412, which represents 44.3% of net assets of the Fund.

(i) All or a portion of this security is segregated in connection with obligations for to be announced securities, futures, forward foreign currency contracts and/or swaps with a total value of $6,351,421.

(j) Perpetual Bond Security. The rate reflected was the rate in effect on October 31, 2019. The maturity date reflects the next call date.

(k) Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

(l) Payment-in-kind (PIK) security.

(m) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At October 31, 2019, these securities amounted to $3,726,055, which represents 7.0% of net assets of the Fund. Securities denoted with (m) but without (o), if any, have been deemed by the investment manager to be liquid.

(n) Step Bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown was the current rate as of October 31, 2019.

(o) Illiquid security.

(p) Defaulted security.

(q) Index-linked bond whose principal amount adjusts according to a government retail price index.

(r) Represents 7-day effective yield as of October 31, 2019.

(s) Includes the impact of the Fund's open positions in derivatives at October 31, 2019.

See Notes to Financial Statements

218

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

Derivative Instruments

Futures contracts ("futures")

At October 31, 2019, open positions in futures for the Fund were as follows:

Long Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
12/2019		65	Euro-Bund	$	12,451,652	$	(328,163	)
12/2019		25	U.S. Treasury Ultra Long Bond		4,743,750		(80,471	)
12/2019		179	U.S. Treasury Note, 2 Year		38,592,680		(66,153	)
12/2019		147	U.S. Treasury Note, 5 Year		17,522,859		(65,569	)
Total Long Positions				$	73,310,941	$	(540,356	)

Short Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
12/2019		34	Euro-Bobl	$	(5,104,816	)	$	76,598
12/2019		83	Euro-Bund		(15,899,801	)		431,187
12/2019		4	Euro-Buxl Bond, 30 Year		(936,673	)		52,642
12/2019		11	Euro-OAT		(2,065,736	)		45,883
12/2019		8	U.S. Treasury Long Bond		(1,291,000	)		27,075
12/2019		177	U.S. Treasury Note, 10 Year		(23,062,547	)		149,172
12/2019		126	U.S. Treasury Note, Ultra 10 Year		(17,905,781	)		265,885
12/2019		40	U.S. Treasury Ultra Long Bond		(7,590,000	)		126,736
12/2019		14	United Kingdom Long Gilt Bond		(2,409,041	)		13,236
Total Short Positions				$	(76,265,395	)	$	1,188,414

Options on exchange-traded futures contracts

Long Positions:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
11/2019		1	Put Options Exercise Price EUR 169.5 on German Euro-Bund Futures	$	191,564	$	(323	)
Total Long Positions				$	191,564	$	(323	)
Total Futures						$	647,735

The Fund had securities pledged in the amount of $892,611 to cover collateral requirements on open futures.

For the year ended October 31, 2019, the average notional value of futures for the Fund was $120,226,356 for long positions and $(129,798,790) for short positions.

See Notes to Financial Statements

219

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

Forward foreign currency contracts ("forward contracts")

At October 31, 2019, open forward contracts for the Fund were as follows:

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	310,161	AUD		209,684	USD	CITI	1/22/2020	$	4,552
	405,164	AUD		276,018	USD	CITI	1/22/2020		3,840
	13,991,165	AUD		9,464,114	USD	GSI	1/22/2020		199,964
	2,815,196	AUD		1,904,297	USD	GSI	1/22/2020		40,235
	47,114	AUD		31,870	USD	GSI	1/22/2020		673
	208,304	AUD		143,198	USD	RBC	1/22/2020		683
	2,119,932	AUD		1,434,070	USD	SG	1/22/2020		30,224
	797,251	AUD		539,316	USD	SG	1/22/2020		11,367
	324,260	AUD		219,535	USD	SSB	1/22/2020		4,440
	4,385,067	BRL		1,065,475	USD	GSI	1/22/2020		23,148
	3,558,368	BRL		861,987	USD	GSI	1/22/2020		21,402
	463,255	BRL		112,220	USD	GSI	1/22/2020		2,786
	10,876,163	CAD		8,181,441	USD	CITI	1/22/2020		79,871
	10,494,566	CAD		7,894,391	USD	CITI	1/22/2020		77,069
	783,024	CAD		589,132	USD	CITI	1/22/2020		5,637
	759,103	CAD		574,771	USD	CITI	1/22/2020		1,828
	363,347	CAD		275,952	USD	CITI	1/22/2020		39
	1,692,350	CAD		1,272,772	USD	RBC	1/22/2020		12,703
	12,502	CAD		9,402	USD	RBC	1/22/2020		94
	17,255,286	CAD		12,980,048	USD	SG	1/22/2020		126,718
	295,763	USD		386,162	CAD	GSI	1/22/2020		2,443
	344,569	USD		451,246	CAD	RBC	1/22/2020		1,811
	3,050,588	CHF		3,100,160	USD	CITI	1/22/2020		11,906
	277,197	CHF		282,444	USD	CITI	1/22/2020		339
	1,354,088	CHF		1,377,365	USD	GSI	1/22/2020		4,011
	44,214	CHF		44,843	USD	GSI	1/22/2020		262
	64,726	CHF		65,979	USD	RBC	1/22/2020		51
	8,617,804	CHF		8,754,017	USD	SSB	1/22/2020		37,459
	12,028	USD		8,663,409	CLP	CITI	1/22/2020		322
	13,493,854	CZK		575,431	USD	CITI	1/22/2020		15,129
	2,034,403	CZK		86,787	USD	GSI	1/22/2020		2,249
	13,209,190	CZK		563,917	USD	SSB	1/22/2020		14,184
	10,750,906	DKK		1,594,567	USD	SSB	1/22/2020		20,387
	5,637,545	EUR		6,218,945	USD	CITI	1/22/2020		103,605
	3,944,806	EUR		4,358,616	USD	CITI	1/22/2020		65,514
	372,899	EUR		416,675	USD	CITI	1/22/2020		1,534
	9,142	EUR		10,172	USD	CITI	1/22/2020		81
	13,003,670	EUR		14,393,190	USD	GSI	1/22/2020		190,527
	4,895,605	EUR		5,418,730	USD	GSI	1/22/2020		71,729
	3,005,315	EUR		3,326,451	USD	GSI	1/22/2020		44,033
	264,576	EUR		293,072	USD	GSI	1/22/2020		3,652
	104,436	EUR		116,388	USD	GSI	1/22/2020		738
	14,045	EUR		15,492	USD	GSI	1/22/2020		260

See Notes to Financial Statements

220

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	9,803,941	EUR		10,851,335	USD	JPM	1/22/2020	$	143,861
	282,348	EUR		312,512	USD	JPM	1/22/2020		4,143
	33,188	EUR		36,612	USD	JPM	1/22/2020		608
	417,154	EUR		460,135	USD	RBC	1/22/2020		7,707
	1,654,124	EUR		1,828,138	USD	SCB	1/22/2020		26,975
	148,278	EUR		163,877	USD	SCB	1/22/2020		2,418
	2,296,957	EUR		2,533,843	USD	SSB	1/22/2020		42,213
	37,809	EUR		41,848	USD	SSB	1/22/2020		555
	180,959	EUR		202,466	USD	SSB	1/22/2020		481
	22,663	EUR		25,000	USD	SSB	1/22/2020		416
	46,222	EUR		51,613	USD	SSB	1/22/2020		225
	6,055,715	GBP		7,417,997	USD	CITI	1/22/2020		447,043
	728,164	GBP		892,481	USD	GSI	1/22/2020		53,243
	116,516	GBP		147,900	USD	GSI	1/22/2020		3,428
	201,251	GBP		258,789	USD	GSI	1/22/2020		2,592
	9,157	GBP		11,548	USD	GSI	1/22/2020		345
	553	GBP		678	USD	GSI	1/22/2020		41
	4,859,743	GBP		5,962,803	USD	JPM	1/22/2020		348,933
	98,890	GBP		121,336	USD	JPM	1/22/2020		7,100
	37,164	GBP		45,523	USD	JPM	1/22/2020		2,744
	2,472,324	GBP		3,029,465	USD	RBC	1/22/2020		181,540
	505,681	GBP		619,637	USD	RBC	1/22/2020		37,131
	71,266	GBP		87,316	USD	SG	1/22/2020		5,243
	97,594	GBP		125,866	USD	SCB	1/22/2020		887
	8,080	GBP		9,897	USD	SCB	1/22/2020		597
	2,527,065	GBP		3,112,275	USD	SSB	1/22/2020		169,826
	751,536	GBP		920,867	USD	SSB	1/22/2020		55,212
	47,852	GBP		58,659	USD	SSB	1/22/2020		3,490
	33,613	GBP		41,187	USD	SSB	1/22/2020		2,469
	204,513,636	HUF		675,989	USD	GSI	1/22/2020		21,271
	28,408,400	JPY		263,921	USD	CITI	1/22/2020		555
	35,108,432	JPY		325,161	USD	GSI	1/22/2020		1,692
	5,296,979	JPY		48,910	USD	GSI	1/22/2020		403
	5,613,509	JPY		52,146	USD	GSI	1/22/2020		114
	26,668,692	JPY		247,158	USD	RBC	1/22/2020		1,122
	37,269,397	JPY		344,235	USD	SSB	1/22/2020		2,735
	28,833,304	JPY		266,790	USD	SSB	1/22/2020		1,642
	147,333	USD		15,652,626	JPY	CITI	1/22/2020		1,610
	1,614,195	USD		171,386,381	JPY	GSI	1/22/2020		18,624
	2,401,009	USD		254,813,079	JPY	JPM	1/22/2020		28,753
	2,696,886	USD		286,363,438	JPY	RBC	1/22/2020		30,903
	2,596,085	USD		275,597,827	JPY	SG	1/22/2020		30,328
	3,480,765	USD		370,425,818	JPY	SSB	1/22/2020		32,179
	431,791	USD		45,869,166	JPY	SSB	1/22/2020		4,759
	231,372	USD		24,622,816	JPY	SSB	1/22/2020		2,139
	63,011,198	KRW		52,928	USD	GSI	1/22/2020		1,011

See Notes to Financial Statements

221

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	3,255,886	MXN		163,666	USD	GSI	1/22/2020	$	3,602
	34,665,528	MXN		1,744,862	USD	RBC	1/22/2020		36,043
	31,480,791	MXN		1,584,561	USD	RBC	1/22/2020		32,731
	23,933,722	MXN		1,204,334	USD	SSB	1/22/2020		25,236
	22,283,006	MXN		1,121,270	USD	SSB	1/22/2020		23,496
	248,668	USD		4,840,190	MXN	GSI	1/22/2020		8
	788,522	NOK		85,682	USD	GSI	1/22/2020		106
	65,505	USD		598,166	NOK	GSI	1/22/2020		427
	2,725,046	USD		24,892,652	NOK	JPM	1/22/2020		16,822
	1,776,712	USD		16,231,240	NOK	SCB	1/22/2020		10,816
	4,076,228	USD		37,197,574	NOK	SSB	1/22/2020		29,276
	202,795	USD		1,848,594	NOK	SSB	1/22/2020		1,675
	322,393	USD		2,957,397	NOK	SSB	1/22/2020		639
	9,835,286	NZD		6,225,736	USD	CITI	1/22/2020		89,075
	378,402	NZD		239,528	USD	CITI	1/22/2020		3,427
	532,977	NZD		338,828	USD	CITI	1/22/2020		3,373
	9,411,107	NZD		5,961,183	USD	GSI	1/22/2020		81,281
	5,131,934	NZD		3,250,670	USD	GSI	1/22/2020		44,323
	201,732	NZD		128,055	USD	GSI	1/22/2020		1,468
	4,912,279	NZD		3,112,779	USD	JPM	1/22/2020		41,183
	1,573,333	NZD		996,162	USD	RBC	1/22/2020		14,007
	4,855,106	NZD		3,075,467	USD	SG	1/22/2020		41,786
	235,666	NZD		149,728	USD	SCB	1/22/2020		1,583
	151,182	USD		235,250	NZD	RBC	1/22/2020		138
	2,002,931	PLN		508,448	USD	CITI	1/22/2020		16,085
	26,020,674	RUB		393,707	USD	GSI	1/22/2020		7,847
	2,399,786	SEK		245,892	USD	CITI	1/22/2020		3,794
	2,742,847	SEK		283,798	USD	GSI	1/22/2020		1,583
	1,040,056	SEK		105,811	USD	JPM	1/22/2020		2,402
	42,463,887	SEK		4,320,363	USD	RBC	1/22/2020		97,806
	15,258,283	SEK		1,551,719	USD	SCB	1/22/2020		35,834
	3,428,990	SEK		355,870	USD	SCB	1/22/2020		900
	97,032,471	SEK		9,886,544	USD	SSB	1/22/2020		209,232
	694,768	SEK		70,789	USD	SSB	1/22/2020		1,498
	264,933	USD		2,544,854	SEK	SSB	1/22/2020		153
	466,615	TRY		77,562	USD	GSI	1/22/2020		2,346
	1,062,559	TRY		176,314	USD	SSB	1/22/2020		5,650
	547,415	USD		8,129,275	ZAR	GSI	1/22/2020		15,073
	5,713,091	ZAR		370,187	USD	CITI	1/22/2020		3,932
	35,784,902	ZAR		2,313,539	USD	GSI	1/22/2020		29,818
	872,728	ZAR		56,423	USD	GSI	1/22/2020		727
	31,966,871	ZAR		2,067,362	USD	RBC	1/22/2020		25,973
	7,699,280	ZAR		497,707	USD	SG	1/22/2020		6,477
	Total unrealized appreciation							$	3,940,456

See Notes to Financial Statements

222

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	260,970	USD		378,057	AUD	CITI	1/22/2020	$	(164	)
	129,893	USD		189,080	AUD	CITI	1/22/2020		(709	)
	145,848	USD		215,736	AUD	CITI	1/22/2020		(3,166	)
	273,153	USD		398,205	AUD	GSI	1/22/2020		(1,898	)
	271,545	USD		397,135	AUD	GSI	1/22/2020		(2,767	)
	2,694,246	USD		3,983,503	AUD	JPM	1/22/2020		(57,267	)
	2,127,740	USD		3,146,427	AUD	RBC	1/22/2020		(45,583	)
	3,233,511	USD		4,781,602	AUD	RBC	1/22/2020		(69,272	)
	179,202	USD		261,796	AUD	SCB	1/22/2020		(1,628	)
	1,155,128	USD		1,708,871	AUD	SCB	1/22/2020		(25,235	)
	276,280	USD		403,559	AUD	SSB	1/22/2020		(2,469	)
	262,134	USD		387,697	AUD	SSB	1/22/2020		(5,658	)
	4,533,527	USD		6,696,149	AUD	SSB	1/22/2020		(91,685	)
	41,343	USD		169,929	BRL	GSI	1/22/2020		(843	)
	52,495	USD		216,049	BRL	GSI	1/22/2020		(1,141	)
	52,844	USD		218,145	BRL	GSI	1/22/2020		(1,312	)
	451,911	USD		1,865,533	BRL	GSI	1/22/2020		(11,221	)
	264,191	CAD		202,078	USD	CITI	1/22/2020		(1,404	)
	5,058,154	USD		6,726,764	CAD	GSI	1/22/2020		(51,359	)
	2,743,829	USD		3,649,715	CAD	JPM	1/22/2020		(28,421	)
	11,048,711	USD		14,690,996	CAD	RBC	1/22/2020		(110,272	)
	68,720	USD		91,354	CAD	SG	1/22/2020		(671	)
	370,662	USD		492,925	CAD	SCB	1/22/2020		(3,754	)
	49,407	USD		65,706	CAD	SSB	1/22/2020		(502	)
	4,780,711	USD		6,352,638	CAD	SSB	1/22/2020		(44,624	)
	9,114,885	USD		12,111,914	CAD	SSB	1/22/2020		(85,079	)
	83,053	USD		81,965	CHF	CITI	1/22/2020		(564	)
	261,554	USD		257,487	CHF	CITI	1/22/2020		(1,122	)
	158,676	USD		155,796	CHF	GSI	1/22/2020		(260	)
	243,625	USD		241,403	CHF	GSI	1/22/2020		(2,643	)
	875,923	USD		861,358	CHF	JPM	1/22/2020		(2,794	)
	4,829,650	USD		4,748,314	CHF	RBC	1/22/2020		(14,355	)
	8,458,201	USD		8,312,255	CHF	SG	1/22/2020		(21,567	)
	225,257	USD		222,736	CHF	SCB	1/22/2020		(1,968	)
	837,171	USD		823,751	CHF	SCB	1/22/2020		(3,181	)
	41,662	USD		40,936	CHF	SSB	1/22/2020		(99	)
	8,665,864	CLP		12,013	USD	GSI	1/22/2020		(304	)
	86,781	USD		2,034,244	CZK	GSI	1/22/2020		(2,248	)
	465,853	USD		10,920,181	CZK	GSI	1/22/2020		(12,069	)
	1,571,248	USD		10,615,822	DKK	CITI	1/22/2020		(23,414	)
	278,201	EUR		312,578	USD	CITI	1/22/2020		(574	)
	59,636	USD		53,596	EUR	CITI	1/22/2020		(472	)
	284,608	USD		256,408	EUR	CITI	1/22/2020		(2,956	)
	249,110	USD		225,196	EUR	CITI	1/22/2020		(3,449	)
	2,918,585	USD		2,641,492	EUR	CITI	1/22/2020		(43,869	)
	5,092,642	USD		4,609,143	EUR	CITI	1/22/2020		(76,548	)
	534	USD		483	EUR	GSI	1/22/2020		(7	)

See Notes to Financial Statements

223

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	30,532	USD		27,364	EUR	GSI	1/22/2020	$	(157	)
	49,283	USD		44,103	EUR	GSI	1/22/2020		(178	)
	269,709	USD		240,663	EUR	GSI	1/22/2020		(197	)
	32,119	USD		28,917	EUR	GSI	1/22/2020		(312	)
	129,126	USD		115,421	EUR	GSI	1/22/2020		(319	)
	265,881	USD		239,554	EUR	GSI	1/22/2020		(2,780	)
	9,976,631	USD		9,045,046	EUR	GSI	1/22/2020		(167,458	)
	895,139	USD		809,245	EUR	RBC	1/22/2020		(12,435	)
	3,357,034	USD		3,034,906	EUR	RBC	1/22/2020		(46,637	)
	15,034,795	USD		13,592,114	EUR	RBC	1/22/2020		(208,866	)
	67,766	USD		61,232	EUR	SG	1/22/2020		(906	)
	1,034,694	USD		938,108	EUR	SG	1/22/2020		(17,402	)
	2,743,104	USD		2,478,623	EUR	SG	1/22/2020		(36,690	)
	58	USD		53	EUR	SSB	1/22/2020		(1	)
	12,151	USD		10,882	EUR	SSB	1/22/2020		(53	)
	353,224	USD		316,257	EUR	SSB	1/22/2020		(1,460	)
	535,312	USD		482,624	EUR	SSB	1/22/2020		(5,955	)
	608,645	USD		550,000	EUR	SSB	1/22/2020		(8,184	)
	2,221,506	USD		2,000,000	EUR	SSB	1/22/2020		(21,510	)
	10,294,314	USD		9,299,794	EUR	SSB	1/22/2020		(135,477	)
	11,457,761	USD		10,350,842	EUR	SSB	1/22/2020		(150,789	)
	26,933	USD		21,154	GBP	CITI	1/22/2020		(541	)
	240,388	USD		186,183	GBP	CITI	1/22/2020		(1,422	)
	873,661	USD		713,216	GBP	CITI	1/22/2020		(52,649	)
	5,267,116	USD		4,299,827	GBP	CITI	1/22/2020		(317,411	)
	12	USD		10	GBP	GSI	1/22/2020		(1	)
	9,679	USD		7,483	GBP	GSI	1/22/2020		(40	)
	34,555	USD		27,401	GBP	GSI	1/22/2020		(1,033	)
	184,783	USD		149,339	GBP	GSI	1/22/2020		(9,175	)
	3,493,036	USD		2,851,500	GBP	GSI	1/22/2020		(210,434	)
	4,072,228	USD		3,322,478	GBP	GSI	1/22/2020		(242,938	)
	55,174	USD		42,513	GBP	RBC	1/22/2020		(41	)
	7,096,485	USD		5,792,122	GBP	RBC	1/22/2020		(426,205	)
	683,564	USD		557,770	GBP	SG	1/22/2020		(40,856	)
	1,395,065	USD		1,138,336	GBP	SG	1/22/2020		(83,383	)
	1,421,878	USD		1,160,802	GBP	SCB	1/22/2020		(85,748	)
	407	USD		331	GBP	SSB	1/22/2020		(23	)
	2,462,297	USD		1,999,304	GBP	SSB	1/22/2020		(134,359	)
	623,421	USD		188,771,776	HUF	CITI	1/22/2020		(20,170	)
	187,500	USD		56,647,043	HUF	SSB	1/22/2020		(5,630	)
	24,297,808	JPY		227,925	USD	CITI	1/22/2020		(1,718	)
	234,077,575	JPY		2,203,290	USD	CITI	1/22/2020		(24,077	)
	16,577,922	JPY		156,138	USD	GSI	1/22/2020		(1,801	)
	220,724,118	JPY		2,078,714	USD	RBC	1/22/2020		(23,819	)
	431,147,790	JPY		4,060,422	USD	RBC	1/22/2020		(46,527	)
	152,196,142	JPY		1,433,662	USD	SG	1/22/2020		(16,748	)
	300,911,736	JPY		2,833,150	USD	SCB	1/22/2020		(31,725	)

See Notes to Financial Statements

224

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	5,478,233	JPY		51,600	USD	SSB	1/22/2020	$	(599	)
	286,090,078	JPY		2,688,291	USD	SSB	1/22/2020		(24,853	)
	271,667	USD		29,421,434	JPY	GSI	1/22/2020		(2,241	)
	136,689	USD		163,104,026	KRW	GSI	1/22/2020		(2,934	)
	186,848	USD		222,647,539	KRW	SSB	1/22/2020		(3,746	)
	2,389,937	USD		47,442,634	MXN	CITI	1/22/2020		(47,378	)
	406,712	USD		8,090,922	MXN	GSI	1/22/2020		(8,951	)
	2,075,667	USD		41,292,284	MXN	GSI	1/22/2020		(45,680	)
	697,148	USD		13,852,329	MXN	SG	1/22/2020		(14,501	)
	1,337,222	USD		26,574,606	MXN	SSB	1/22/2020		(28,021	)
	77,806,679	NOK		8,522,090	USD	CITI	1/22/2020		(57,024	)
	2,172,753	NOK		237,680	USD	GSI	1/22/2020		(1,293	)
	2,605,802	NOK		285,219	USD	RBC	1/22/2020		(1,718	)
	22,325,401	NOK		2,445,249	USD	RBC	1/22/2020		(16,332	)
	27,419,673	NOK		3,003,184	USD	SG	1/22/2020		(20,030	)
	1,088,381	NOK		119,182	USD	SSB	1/22/2020		(770	)
	232,981	USD		368,165	NZD	CITI	1/22/2020		(3,402	)
	3,479,824	USD		5,491,514	NZD	JPM	1/22/2020		(46,039	)
	1,637,168	USD		2,585,735	NZD	RBC	1/22/2020		(23,020	)
	7,647,825	USD		12,078,934	NZD	RBC	1/22/2020		(107,535	)
	169,478	USD		267,548	NZD	SG	1/22/2020		(2,303	)
	4,806,618	USD		7,587,999	NZD	SG	1/22/2020		(65,308	)
	132,491	USD		209,346	NZD	SCB	1/22/2020		(1,921	)
	4,182,250	USD		6,608,283	NZD	SCB	1/22/2020		(60,642	)
	87,419	USD		138,040	NZD	SSB	1/22/2020		(1,211	)
	1,734,330	USD		2,738,625	NZD	SSB	1/22/2020		(24,022	)
	508,263	USD		2,002,812	PLN	GSI	1/22/2020		(16,239	)
	5,985	USD		395,550	RUB	SG	1/22/2020		(119	)
	505,466	USD		33,257,828	RUB	SSB	1/22/2020		(7,772	)
	484,518	SEK		50,536	USD	RBC	1/22/2020		(125	)
	401,174	USD		3,886,813	SEK	CITI	1/22/2020		(3,231	)
	7,163,929	USD		70,410,675	SEK	CITI	1/22/2020		(161,973	)
	96,241	USD		945,406	SEK	GSI	1/22/2020		(2,124	)
	4,310,168	USD		42,340,115	SEK	GSI	1/22/2020		(95,124	)
	952,616	USD		9,363,601	SEK	JPM	1/22/2020		(21,623	)
	5,234	USD		51,439	SEK	RBC	1/22/2020		(118	)
	1,598	USD		15,705	SEK	SG	1/22/2020		(36	)
	2,529,277	USD		24,853,945	SEK	SG	1/22/2020		(56,660	)
	60,624	USD		595,901	SEK	SSB	1/22/2020		(1,377	)
	678,846	USD		10,476,628	ZAR	CITI	1/22/2020		(7,211	)
	141,622	USD		2,193,944	ZAR	JPM	1/22/2020		(2,047	)
	3,880,286	USD		59,999,442	ZAR	RBC	1/22/2020		(48,749	)
	159,442	USD		2,451,309	ZAR	SSB	1/22/2020		(1,081	)
	186,770	USD		2,871,465	ZAR	SSB	1/22/2020		(1,266	)
	4,083,084	ZAR		271,671	USD	GSI	1/22/2020		(4,293	)
	Total unrealized depreciation							$	(4,501,449	)
	Total net unrealized depreciation							$	(560,993	)

See Notes to Financial Statements

225

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

At October 31, 2019, the Fund had cash collateral of $210,000 and $590,000 deposited in segregated accounts for Goldman Sachs International and Royal Bank of Canada, respectively, to cover collateral requirements on over-the-counter derivatives.

For the year ended October 31, 2019, the Fund's investments in forward contracts had an average notional value of $549,939,120.

Credit default swap contracts ("credit default swaps")

At October 31, 2019, the Fund had outstanding credit default swaps as follows:

Centrally Cleared Credit Default Swaps—Buy Protection

Clearinghouse	Reference Entity	Notional Amount		Financing Rate Paid by the Fund			Payment Frequency	Maturity Date	Upfront Payments/ (Receipts)			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Value
ICE CC	CDX Emerging Markets Index, Ser. 32 V.1	USD	2,805,000		1.00	%	3M	12/20/2024	$	139,958		$	(10,397	)	$	(3,273	)	$	126,288
ICE CC	iTraxx Europe Crossover Index, Ser. 32 V.1	EUR	11,230,000		5.00	%	3M	12/20/2024		(1,602,071	)		57,986			(73,061	)		(1,617,146	)
Total									$	(1,462,113	)	$	47,589		$	(76,334	)	$	(1,490,858	)

For the year ended October 31, 2019, the average notional value of credit default swaps for the Fund was $19,334,265 for buy protection.

Interest rate swap contracts ("interest rate swaps")

At October 31, 2019, the Fund had outstanding interest rate swaps as follows:

Centrally cleared interest rate swaps

Clearinghouse	Notional Amount		Fund Receives/ Pays Floating Rate	Floating Rate Index	Annual Fixed- Rate			Frequency of Fund Receipt/ Payment	Maturity Date	Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Value
LCH	SEK	85,000,000	Receive	3M STIBOR		(0.17	)%	3M/1Y	12/23/2019	$	1,391		$	11,796		$	13,187
LCH	SEK	30,000,000	Receive	3M STIBOR		(0.01	)%	3M/1Y	7/18/2020		2,476			22			2,498
LCH	SEK	27,000,000	Receive	3M STIBOR		0.01	%	3M/1Y	8/29/2020		2,705			(33	)		2,672
LCH	SEK	9,000,000	Receive	3M STIBOR		0.15	%	3M/1Y	1/15/2021		(370	)		(1,188	)		(1,558	)
LCH	SEK	16,480,000	Receive	3M STIBOR		0.10	%	3M/1Y	8/9/2021		904			(524	)		380
CME	USD	550,000	Receive	3M USD LIBOR		2.43	%	3M/6M	12/7/2027		(37,080	)		(3,647	)		(40,727	)
	Total									$	(29,974	)	$	6,426		$	(23,548	)

See Notes to Financial Statements

226

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

At October 31, 2019, the Fund had $2,060,861 deposited in a segregated account to cover margin requirements for centrally cleared swaps.

For the year ended October 31, 2019, the average notional value of interest rate swaps was $18,413,540 when the Fund paid the fixed rate.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2019:

Asset Valuation Inputs

	Level 1		Level 2		Level 3^(b)		Total
Investments:
U.S. Treasury Obligations	$	—	$	7,201,649	$	—	$	7,201,649
Mortgage-Backed Securities^(a)		—		4,869,149		—		4,869,149
Corporate Bonds^(a)		—		25,108,058		—		25,108,058
Asset-Backed Securities		—		4,169,859		—		4,169,859
Foreign Government Securities		—		5,308,838		—		5,308,838
Exchange-Traded Funds		3,568,689		—		—		3,568,689
Short-Term Investments		—		328,683		—		328,683
Total Investments	$	3,568,689	$	46,986,236	$	—	$	50,554,925

(a)The Schedule of Investments provides information on the industry or sector categorization for the portfolio.

(b)The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining the value:

(000's omitted)	Beginning balance, as of 11/1/2018		Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ (depreciation)		Purchases		Sales		Transfers into Level 3		Transfers out of Level 3			Balance, as of 10/31/2019		Net change in unrealized appreciation/ (depreciation) from investments still held as of 10/31/2019
Investments in Securities:
Corporate Bonds^(c)
Airlines	$	173	$	—	$	—	$	—	$	—	$	—	$	—	$	(173	)	$	—	$	—
Total	$	173	$	—	$	—	$	—	$	—	$	—	$	—	$	(173	)	$	—	$	—

(c) At the beginning of the year, these investments were valued based on a single quotation obtained from a dealer. The Fund held no Level 3 investments at October 31, 2019.

See Notes to Financial Statements

227

Schedule of Investments Unconstrained Bond Fund^ (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of October 31, 2019:

Other Financial Instruments

	Level 1			Level 2			Level 3		Total
Futures^(a)
Assets	$	1,188,414		$	—		$	—	$	1,188,414
Liabilities		(540,679	)		—			—		(540,679	)
Forward Contracts^(a)
Assets		—			3,940,456			—		3,940,456
Liabilities		—			(4,501,449	)		—		(4,501,449	)
Swaps
Assets		—			145,025			—		145,025
Liabilities		—			(1,659,431	)		—		(1,659,431	)
Total	$	647,735		$	(2,075,399	)	$	—	$	(1,427,664	)

(a) Futures and forward contracts are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

228

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Statements of Assets and Liabilities

Neuberger Berman Income Funds

	CORE BOND FUND		EMERGING MARKETS DEBT FUND			FLOATING RATE INCOME FUND			HIGH INCOME BOND FUND			MUNICIPAL HIGH INCOME FUND		MUNICIPAL IMPACT FUND
	October 31, 2019		October 31, 2019			October 31, 2019			October 31, 2019			October 31, 2019		October 31, 2019
Assets
Investments in securities, at value* (Note A)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	378,908,704	$	155,704,717		$	230,932,197		$	2,311,872,195		$	127,579,365	$	58,110,131
Cash		9,340		—			—			64,475			64,627		1,051,696
Foreign currency^(b)		21,406		2,878,199			—			—			—		—
Cash collateral segregated for futures contracts (Note A)		196,708		136,568			—			—			—		—
Cash collateral segregated for centrally cleared swap contracts (Note A)		—		—			—			—			—		—
Cash collateral segregated for over-the-counter derivatives (Note A)		—		—			—			—			—		—
Dividends and interest receivable		1,957,057		2,447,815			800,277			32,504,076			1,528,884		653,936
Receivable for securities sold		2,815,452		1,716,616			1,753,189			25,051,075			—		1,301,063
Receivable for accumulated variation margin on futures contracts (Note A)		—		221,178			—			—			—		—
Receivable from Management—net (Note B)		—		—			—			—			13,038		13,199
Receivable for Fund shares sold		520,116		87,690			118,356			1,686,195			114,500		60,000
Receivable for accumulated variation margin on centrally cleared swap contracts^(c)(d) (Note A)		—		373,789			—			—			—		—
Receivable for bond forward contracts (Note A)		—		—			—			—			—		—
Receivable for forward foreign currency contracts (Note A)		—		1,222,677			—			—			—		—
Over-the-counter swap contracts, at value^(e) (Note A)		—		879,168			—			—			—		—
Receivable for unfunded loan commitments (Note A)		—		—			312			—			—		—
Prepaid expenses and other assets		43,957		28,615			22,603			102,391			28,631		14,708
Total Assets		384,472,740		165,697,032			233,626,934			2,371,280,407			129,329,045		61,204,733
Liabilities
Over-the-counter swap contracts, at value^(e) (Note A)		—		771,950			—			—			—		—
Cash collateral segregated for centrally cleared swap contracts due to broker (Note A)		—		135,001			—			—			—		—
Cash collateral segregated for over-the-counter derivatives due to broker (Note A)		—		270,000			—			—			—		—
Cash collateral segregated for futures contracts due to broker (Note A)		—		—			—			—			—		—
Payable to investment manager—net (Note B)		77,359		74,632			96,315			946,423			41,317		12,543
Due to custodian		—		—			—			—			—		—
Payable for securities purchased		15,031,864		831,801			8,099,746			18,836,827			4,581,576		1,984,173
Payable for Fund shares redeemed		152,681		210,018			270,688			2,723,269			151,430		4,851
Payable for accumulated variation margin on futures contracts (Note A)		128,316		—			—			—			—		—
Payable for bond forward contracts (Note A)		—		—			—			—			—		—
Payable for forward foreign currency contracts (Note A)		—		1,061,948			—			—			—		—
Payable for accumulated variation margin on centrally cleared swap contracts^(c)(d) (Note A)		—		—			—			—			—		—
Payable to administrator—net (Note B)		25,876		4,380			19,209			255,180			—		—
Payable to trustees		2,917		2,917			2,917			2,917			2,917		2,917
Payable for audit fees		33,900		54,190			40,900			64,296			28,950		28,900
Payable for custodian fees		36,471		16,525			82,251			98,036			20,221		18,319
Interest payable (Note A)		—		—			142			—			—		—
Distributions payable		363,307		3,763			28,642			1,634,401			786		9,094
Accrued capital gains taxes (Note A)		—		80,977			—			—			—		—
Other accrued expenses and payables		52,926		89,598			43,728			225,868			24,149		41,667
Total Liabilities		15,905,617		3,607,700			8,684,538			24,787,217			4,851,346		2,102,464
Net Assets	$	368,567,123	$	162,089,332		$	224,942,396		$	2,346,493,190		$	124,477,699	$	59,102,269
Net Assets consist of:
Paid-in capital	$	362,906,530	$	169,541,605		$	254,255,994		$	2,450,883,979		$	122,228,348	$	56,117,156
Total distributable earnings/(losses)		5,660,593		(7,452,273	)		(29,313,598	)		(104,390,789	)		2,249,351		2,985,113
Net Assets	$	368,567,123	$	162,089,332		$	224,942,396		$	2,346,493,190		$	124,477,699	$	59,102,269
Net Assets
Investor Class	$	11,347,686	$	—		$	—		$	86,030,436		$	—	$	—
Trust Class		—		—			—			—			—		—
Institutional Class		332,275,036		158,485,764			206,802,872			1,471,789,093			122,701,996		58,997,209
Class A		19,380,891		3,246,884			6,547,919			25,141,354			1,121,321		78,927
Class C		2,197,833		356,684			11,591,605			11,961,909			654,382		26,133
Class R3		—		—			—			4,191,128			—		—
Class R6		3,365,677		—			—			747,379,270			—		—

See Notes to Financial Statements

230

	MUNICIPAL INTERMEDIATE BOND FUND		SHORT DURATION BOND FUND			SHORT DURATION HIGH INCOME FUND			STRATEGIC INCOME FUND			UNCONSTRAINED BOND FUND
	October 31, 2019		October 31, 2019			October 31, 2019			October 31, 2019			October 31, 2019
Assets
Investments in securities, at value* (Note A)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	201,438,538	$	85,237,227		$	30,286,235		$	3,391,003,890		$	50,554,925
Cash		—		—			225			79,431			—
Foreign currency^(b)		—		—			—			1,088,900			2,817,519
Cash collateral segregated for futures contracts (Note A)		—		240,272			—			—			—
Cash collateral segregated for centrally cleared swap contracts (Note A)		—		—			—			—			2,060,861
Cash collateral segregated for over-the-counter derivatives (Note A)		—		—			—			50,000			800,000
Dividends and interest receivable		2,326,521		407,794			381,847			22,479,362			398,951
Receivable for securities sold		170,098		—			201,114			25,254,860			315,516
Receivable for accumulated variation margin on futures contracts (Note A)		—		—			—			5,486,793			647,735
Receivable from Management—net (Note B)		1,475		9,970			13,550			—			36,315
Receivable for Fund shares sold		42,316		2,659			—			6,579,613			—
Receivable for accumulated variation margin on centrally cleared swap contracts^(c)(d) (Note A)		—		—			—			—			—
Receivable for bond forward contracts (Note A)		—		—			—			6,289			—
Receivable for forward foreign currency contracts (Note A)		—		—			—			2,785,266			3,940,456
Over-the-counter swap contracts, at value^(e) (Note A)		—		—			—			—			—
Receivable for unfunded loan commitments (Note A)		—		—			—			—			—
Prepaid expenses and other assets		28,531		33,687			22,679			92,766			11,574
Total Assets		204,007,479		85,931,609			30,905,650			3,454,907,170			61,583,852
Liabilities
Over-the-counter swap contracts, at value^(e) (Note A)		—		—			—			—			—
Cash collateral segregated for centrally cleared swap contracts due to broker (Note A)		—		—			—			—			—
Cash collateral segregated for over-the-counter derivatives due to broker (Note A)		—		—			—			660,000			—
Cash collateral segregated for futures contracts due to broker (Note A)		—		—			—			8,833,626			733,618
Payable to investment manager—net (Note B)		23,797		14,090			10,902			965,508			20,374
Due to custodian		18,946		—			—			—			—
Payable for securities purchased		3,444,425		3,406,049			110,698			553,311,742			1,481,029
Payable for Fund shares redeemed		28,431		65,902			55,613			5,051,461			25,960
Payable for accumulated variation margin on futures contracts (Note A)		—		42,141			—			—			—
Payable for bond forward contracts (Note A)		—		—			—			57,594			—
Payable for forward foreign currency contracts (Note A)		—		—			—			2,091,200			4,501,449
Payable for accumulated variation margin on centrally cleared swap contracts^(c)(d) (Note A)		—		—			—			—			1,514,406
Payable to administrator—net (Note B)		—		—			—			434,432			—
Payable to trustees		2,917		2,917			2,917			2,917			2,917
Payable for audit fees		57,973		60,323			31,400			69,171			62,936
Payable for custodian fees		22,413		21,385			33,585			192,113			45,790
Interest payable (Note A)		—		—			—			—			—
Distributions payable		370,295		3,965			202			1,457,408			242
Accrued capital gains taxes (Note A)		—		—			—			2,654			—
Other accrued expenses and payables		40,663		36,969			23,908			213,761			25,112
Total Liabilities		4,009,860		3,653,741			269,225			573,343,587			8,413,833
Net Assets	$	199,997,619	$	82,277,868		$	30,636,425		$	2,881,563,583		$	53,170,019
Net Assets consist of:
Paid-in capital	$	191,798,268	$	87,097,807		$	45,745,659		$	2,916,616,940		$	66,926,500
Total distributable earnings/(losses)		8,199,351		(4,819,939	)		(15,109,234	)		(35,053,357	)		(13,756,481	)
Net Assets	$	199,997,619	$	82,277,868		$	30,636,425		$	2,881,563,583		$	53,170,019
Net Assets
Investor Class	$	13,271,975	$	21,829,500		$	—		$	—		$	—
Trust Class		—		1,962,722			—			8,632,460			—
Institutional Class		182,260,792		56,348,495			28,512,104			2,357,538,726			21,174,767
Class A		1,833,785		767,972			1,078,754			113,513,971			151,733
Class C		2,631,067		1,369,179			1,045,567			100,460,271			28,245
Class R3		—		—			—			—			—
Class R6		—		—			—			301,418,155			31,815,274

231

Statements of Assets and Liabilities (cont'd)

Neuberger Berman Income Funds (cont'd)

	CORE BOND FUND		EMERGING MARKETS DEBT FUND		FLOATING RATE INCOME FUND		HIGH INCOME BOND FUND		MUNICIPAL HIGH INCOME FUND		MUNICIPAL IMPACT FUND
	October 31, 2019		October 31, 2019		October 31, 2019		October 31, 2019		October 31, 2019		October 31, 2019
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		1,079,500		—		—		10,095,333		—		—
Trust Class		—		—		—		—		—		—
Institutional Class		31,544,895		18,369,303		21,656,789		172,458,803		11,591,690		3,340,276
Class A		1,846,075		376,728		685,719		2,950,451		106,003		4,467
Class C		209,113		41,372		1,214,104		1,401,219		61,809		1,479
Class R3		—		—		—		491,269		—		—
Class R6		319,480		—		—		87,545,703		—		—
Net Asset Value, offering and redemption price per share
Investor Class	$	10.51	$	—	$	—	$	8.52	$	—	$	—
Trust Class		—		—		—		—		—		—
Institutional Class		10.53		8.63		9.55		8.53		10.59		17.66
Class R3		—		—		—		8.53		—		—
Class R6		10.53		—		—		8.54		—		—
Net Asset Value and redemption price per share
Class A	$	10.50	$	8.62	$	9.55	$	8.52	$	10.58	$	17.67
Offering Price per share
Class A‡	$	10.97	$	9.00	$	9.97	$	8.90	$	11.05	$	18.45
Net Asset Value and offering price per share
Class C^	$	10.51	$	8.62	$	9.55	$	8.54	$	10.59	$	17.67
*Cost of Investments:
(a) Unaffiliated issuers	$	368,983,370	$	156,531,763	$	237,339,732	$	2,265,818,293	$	124,127,723	$	55,510,118
(b) Total cost of foreign currency	$	20,825	$	2,881,317	$	—	$	—	$	—	$	—
(c) Unamortized upfront receipts on centrally cleared swap contracts	$	—	$	—	$	—	$	—	$	—	$	—
(d) Unamortized upfront payments on centrally cleared swap contracts	$	—	$	—	$	—	$	—	$	—	$	—
(e) Unamortized upfront payments on over-the-counter swap contracts	$	—	$	39,875	$	—	$	—	$	—	$	—

‡ On single retail sales of less than $50,000. On sales of $50,000 or more or in certain other circumstances described in the Fund's prospectus, offering price is reduced.

^ Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See Notes to Financial Statements

232

	MUNICIPAL INTERMEDIATE BOND FUND		SHORT DURATION BOND FUND		SHORT DURATION HIGH INCOME FUND		STRATEGIC INCOME FUND		UNCONSTRAINED BOND FUND
	October 31, 2019		October 31, 2019		October 31, 2019		October 31, 2019		October 31, 2019
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		1,102,585		2,800,073		—		—		—
Trust Class		—		264,111		—		785,693		—
Institutional Class		15,155,858		7,233,002		2,986,908		214,503,054		2,399,744
Class A		152,618		103,425		112,894		10,318,233		17,182
Class C		218,847		184,331		109,508		9,141,404		3,200
Class R3		—		—		—		—		—
Class R6		—		—		—		27,447,186		3,603,354
Net Asset Value, offering and redemption price per share
Investor Class	$	12.04	$	7.80	$	—	$	—	$	—
Trust Class		—		7.43		—		10.99		—
Institutional Class		12.03		7.79		9.55		10.99		8.82
Class R3		—		—		—		—		—
Class R6		—		—		—		10.98		8.83
Net Asset Value and redemption price per share
Class A	$	12.02	$	7.43	$	9.56	$	11.00	$	8.83
Offering Price per share
Class A‡	$	12.55	$	7.62	$	9.98	$	11.49	$	9.22
Net Asset Value and offering price per share
Class C^	$	12.02	$	7.43	$	9.55	$	10.99	$	8.83
*Cost of Investments:
(a) Unaffiliated issuers	$	194,295,897	$	85,207,394	$	30,055,355	$	3,336,228,495	$	51,113,014
(b) Total cost of foreign currency	$	—	$	—	$	—	$	1,081,406	$	2,797,397
(c) Unamortized upfront receipts on centrally cleared swap contracts	$	—	$	—	$	—	$	—	$	(1,602,071	)
(d) Unamortized upfront payments on centrally cleared swap contracts	$	—	$	—	$	—	$	—	$	139,958
(e) Unamortized upfront payments on over-the-counter swap contracts	$	—	$	—	$	—	$	—	$	—

233

Statements of Operations

Neuberger Berman Income Funds

	CORE BOND FUND			EMERGING MARKETS DEBT FUND			FLOATING RATE INCOME FUND			HIGH INCOME BOND FUND			MUNICIPAL HIGH INCOME FUND			MUNICIPAL IMPACT FUND
	For the Year Ended October 31, 2019			For the Year Ended October 31, 2019			For the Year Ended October 31, 2019			For the Year Ended October 31, 2019			For the Year Ended October 31, 2019			For the Year Ended October 31, 2019
Investment Income:
Income (Note A):
Interest and other income—unaffiliated issuers	$	12,922,785		$	12,306,845		$	16,706,392		$	141,184,777		$	3,704,887		$	1,621,355
Dividend income—unaffiliated issuers		—			—			—			—			—			—
Foreign taxes withheld		—			(120,381	)		—			—			—			—
Total income	$	12,922,785		$	12,186,464		$	16,706,392		$	141,184,777		$	3,704,887		$	1,621,355
Expenses:
Investment management fees (Note B)		939,850			1,089,951			1,421,498			10,766,390			374,087			141,434
Administration fees (Note B):
Investor Class		28,238			—			—			242,111			—			—
Trust Class		—			—			—			—			—			—
Institutional Class		515,474			286,131			391,518			2,125,181			137,900			84,736
Class A		52,273			18,938			24,878			89,625			2,808			154
Class C		6,051			1,093			37,999			37,871			1,481			69
Class R3		—			—			—			10,849			—			—
Class R6		116			—			—			363,024			—			—
Distribution fees (Note B):
Investor Class		26,147			—			—			—			—			—
Trust Class		—			—			—			—			—			—
Class A		48,401			17,535			23,036			82,986			2,600			142
Class C		22,412			4,048			140,735			140,261			5,486			256
Class R3		—			—			—			20,092			—			—
Shareholder servicing agent fees:
Investor Class		20,458			—			—			39,396			—			—
Trust Class		—			—			—			—			—			—
Institutional Class		3,871			2,019			1,688			36,425			290			50,258
Class A		1,191			587			2,206			36,543			644			74
Class C		280			69			589			1,846			57			74
Class R6		52			—			—			23,886			—			—
Audit fees		33,900			60,206			40,900			64,296			28,950			28,900
Custodian and accounting fees		164,027			316,680			358,180			402,974			81,065			74,539
Insurance expense		12,812			7,125			11,509			81,429			2,900			1,878
Legal fees		64,591			59,859			56,247			78,113			58,901			117,647
Registration and filing fees		118,159			61,010			92,162			207,940			51,577			61,671
Shareholder reports		78,493			12,511			23,593			335,510			7,864			9,017
Trustees' fees and expenses		47,657			47,240			47,485			51,830			46,987			46,903
Interest expense		1,123			3,750			25,646	(Note E)		1,151			972			1,879
Miscellaneous		41,070			21,793			37,588			190,756			13,683			10,918
Total expenses		2,226,646			2,010,545			2,737,457			15,430,485			818,252			630,549
Expenses reimbursed by Management (Note B)		(371,913	)		(423,189	)		(515,444	)		(16,174	)		(336,104	)		(382,758	)
Total net expenses		1,854,733			1,587,356			2,222,013			15,414,311			482,148			247,791
Net investment income/(loss)	$	11,068,052		$	10,599,108		$	14,484,379		$	125,770,466		$	3,222,739		$	1,373,564

See Notes to Financial Statements

234

	MUNICIPAL INTERMEDIATE BOND FUND			SHORT DURATION BOND FUND			SHORT DURATION HIGH INCOME FUND			STRATEGIC INCOME FUND			UNCONSTRAINED BOND FUND
	For the Year Ended October 31, 2019			For the Year Ended October 31, 2019			For the Year Ended October 31, 2019			For the Year Ended October 31, 2019			For the Year Ended October 31, 2019
Investment Income:
Income (Note A):
Interest and other income—unaffiliated issuers	$	6,041,844		$	2,447,000		$	2,733,471		$	121,012,230		$	3,170,551
Dividend income—unaffiliated issuers		—			—			—			—			241,349
Foreign taxes withheld		—			—			—			(6,468	)		—
Total income	$	6,041,844		$	2,447,000		$	2,733,471		$	121,005,762		$	3,411,900
Expenses:
Investment management fees (Note B)		444,609			176,994			227,882			10,913,266			367,822
Administration fees (Note B):
Investor Class		35,661			58,597			—			—			—
Trust Class		—			9,680			—			42,382			—
Institutional Class		275,712			92,709			72,797			3,294,108			45,215
Class A		10,760			4,574			2,760			310,908			394
Class C		8,146			3,666			2,934			296,089			74
Class R3		—			—			—			—			—
Class R6		—			—			—			158,353			27,256
Distribution fees (Note B):
Investor Class		—			—			—			—			—
Trust Class		—			—			—			10,596			—
Class A		9,963			4,235			2,555			287,877			364
Class C		30,170			13,579			10,868			1,096,625			275
Class R3		—			—			—			—			—
Shareholder servicing agent fees:
Investor Class		9,747			27,945			—			—			—
Trust Class		—			448			—			5,155			—
Institutional Class		985			465			605			14,365			228
Class A		239			264			661			19,077			279
Class C		221			249			212			3,877			25
Class R6		—			—			—			4,854			140
Audit fees		57,973			60,323			31,400			69,171			62,936
Custodian and accounting fees		90,689			89,271			141,167			837,629			181,415
Insurance expense		7,223			2,984			2,043			92,171			3,072
Legal fees		58,780			53,691			57,664			57,251			53,606
Registration and filing fees		70,162			102,547			50,908			218,609			66,473
Shareholder reports		16,883			9,855			5,858			318,576			7,092
Trustees' fees and expenses		47,272			46,971			46,924			53,095			46,985
Interest expense		4,794			182			20			22,124			1,072
Miscellaneous		24,450			15,043			11,927			244,169			14,183
Total expenses		1,204,439			774,272			669,185			18,370,327			878,906
Expenses reimbursed by Management (Note B)		(281,947	)		(354,525	)		(270,553	)		(728,772	)		(392,124	)
Total net expenses		922,492			419,747			398,632			17,641,555			486,782
Net investment income/(loss)	$	5,119,352		$	2,027,253		$	2,334,839		$	103,364,207		$	2,925,118

235

Statements of Operations (cont'd)

Neuberger Berman Income Funds (cont'd)

	CORE BOND FUND			EMERGING MARKETS DEBT FUND			FLOATING RATE INCOME FUND			HIGH INCOME BOND FUND			MUNICIPAL HIGH INCOME FUND		MUNICIPAL IMPACT FUND
	For the Year Ended October 31, 2019			For the Year Ended October 31, 2019			For the Year Ended October 31, 2019			For the Year Ended October 31, 2019			For the Year Ended October 31, 2019		For the Year Ended October 31, 2019
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		5,437,437			(2,691,542	)*		(6,302,285	)		(21,842,323	)		206,883		263,062
Redemption in-kind		—			—			—			—			—		—
Settlement of bond forward contracts		—			—			—			—			—		—
Settlement of forward foreign currency contracts		—			(378,541	)		—			—			—		—
Settlement of foreign currency transactions		9,943			(30,803	)		—			—			—		—
Expiration or closing of futures contracts		(1,085,473	)		(801,668	)		—			—			—		—
Expiration or closing of swap contracts		—			(268,122	)		—			—			—		—
Change in net unrealized appreciation/ (depreciation) in value of:
Investment securities of unaffiliated issuers		24,757,326			16,605,509	**		(3,711,463	)		68,454,711			4,734,468		3,126,668
Unfunded loan commitments		—			—			1,042			—			—		—
Forward foreign currency contracts		—			581,479			—			—			—		—
Bond forward contracts		—			—			—			—			—		—
Foreign currency translations		17,704			42,504			—			—			—		—
Futures contracts		(323,536	)		219,635			—			—			—		—
Swap contracts		—			1,073,882			—			—			—		—
Net gain/(loss) on investments		28,813,401			14,352,333			(10,012,706	)		46,612,388			4,941,351		3,389,730
Net increase/(decrease) in net assets resulting from operations	$	39,881,453		$	24,951,441		$	4,471,673		$	172,382,854		$	8,164,090	$	4,763,294

* Net of foreign capital gains tax of $6,898 for Emerging Markets Debt Fund and $3,788 for Strategic Income Fund.

** Change in accrued foreign capital gains tax amounted to $(72,079) for Emerging Market Debt Fund and $(2,654) for Strategic Income Fund.

See Notes to Financial Statements

236

	MUNICIPAL INTERMEDIATE BOND FUND		SHORT DURATION BOND FUND			SHORT DURATION HIGH INCOME FUND			STRATEGIC INCOME FUND			UNCONSTRAINED BOND FUND
	For the Year Ended October 31, 2019		For the Year Ended October 31, 2019			For the Year Ended October 31, 2019			For the Year Ended October 31, 2019			For the Year Ended October 31, 2019
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		706,336		676,672			(582,620	)		26,311,106	*		(737,815	)
Redemption in-kind		—		—			—			(1,794,284	)		—
Settlement of bond forward contracts		—		—			—			368,492			—
Settlement of forward foreign currency contracts		—		—			—			14,608,706			2,691,516
Settlement of foreign currency transactions		—		—			—			(868,680	)		(608,233	)
Expiration or closing of futures contracts		—		298,521			—			(86,663,619	)		(7,218,044	)
Expiration or closing of swap contracts		—		—			—			220,213			(656,829	)
Change in net unrealized appreciation/ (depreciation) in value of:
Investment securities of unaffiliated issuers		11,202,697		973,941			1,281,354			162,498,660	**		3,574,276
Unfunded loan commitments		—		—			(413	)		230			—
Forward foreign currency contracts		—		—			—			(3,389,038	)		(1,309,061	)
Bond forward contracts		—		—			—			(51,305	)		—
Foreign currency translations		—		—			—			132,239			82,365
Futures contracts		—		(15,766	)		—			(12,992,889	)		(453,807	)
Swap contracts		—		—			—			—			(21,726	)
Net gain/(loss) on investments		11,909,033		1,933,368			698,321			98,379,831			(4,657,358	)
Net increase/(decrease) in net assets resulting from operations	$	17,028,385	$	3,960,621		$	3,033,160		$	201,744,038		$	(1,732,240	)

237

Statements of Changes in Net Assets

Neuberger Berman Income Funds

	CORE BOND FUND						EMERGING MARKETS DEBT FUND						FLOATING RATE INCOME FUND
	Fiscal Year Ended October 31, 2019			Fiscal Year Ended October 31, 2018			Fiscal Year Ended October 31, 2019			Fiscal Year Ended October 31, 2018			Fiscal Year Ended October 31, 2019			Fiscal Year Ended October 31, 2018
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	11,068,052		$	10,740,407		$	10,599,108		$	11,487,649		$	14,484,379		$	15,317,224
Net realized gain/(loss) on investments		4,361,907			(6,113,390	)		(4,170,676	)		(4,875,071	)		(6,302,285	)		(402,942	)
Change in net unrealized appreciation/ (depreciation) of investments		24,451,494			(14,790,506	)		18,523,009			(20,947,861	)		(3,710,421	)		(3,000,702	)
Net increase/(decrease) in net assets resulting from operations		39,881,453			(10,163,489	)		24,951,441			(14,335,283	)		4,471,673			11,913,580
Distributions to Shareholders From (Note A):
Distributable earnings:
Investor Class		(253,152	)		(226,566	)		—			—			—			—
Trust Class		—			—			—			—			—			—
Institutional Class		(9,630,153	)		(9,544,610	)		(6,084,654	)		(7,108,565	)		(13,480,972	)		(13,978,560	)
Class A		(467,959	)		(456,374	)		(197,926	)		(197,084	)		(443,114	)		(753,246	)
Class C		(37,340	)		(39,926	)		(8,401	)		(12,314	)		(573,832	)		(571,520	)
Class R3		—			—			—			—			—			—
Class R6		(6,292	)		—			—			—			—			—
Tax return of capital:
Investor Class		(59,291	)		(31,251	)		—			—			—			—
Institutional Class		(1,949,134	)		(1,107,274	)		(3,945,557	)		(4,001,607	)		—			—
Class A		(109,931	)		(63,061	)		(145,583	)		(128,467	)		—			—
Class C		(12,718	)		(8,401	)		(8,381	)		(10,505	)		—			—
Class R6		(1,614	)		—			—			—			—			—
Total distributions to shareholders		(12,527,584	)		(11,477,463	)		(10,390,502	)		(11,458,542	)		(14,497,918	)		(15,303,326	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		1,324,925			828,571			—			—			—			—
Trust Class		—			—			—			—			—			—
Institutional Class		118,807,560			173,592,111			61,315,025			90,516,430			152,168,862			171,455,587
Class A		5,550,368			2,092,066			2,131,472			10,647,571			1,582,981			8,427,161
Class C		711,546			254,670			25,299			471,946			265,956			1,530,878
Class R3		—			—			—			—			—			—
Class R6		3,385,955			—			—			—			—			—
Proceeds from reinvestment of dividends and distributions:
Investor Class		284,777			234,621			—			—			—			—
Trust Class		—			—			—			—			—			—
Institutional Class		7,105,915			7,129,832			9,941,289			10,733,998			13,208,218			13,227,919
Class A		533,687			497,036			335,922			323,006			353,838			566,565
Class C		35,723			38,455			14,419			18,618			384,090			381,061
Class R3		—			—			—			—			—			—
Class R6		—			—			—			—			—			—
Payments for shares redeemed:
Investor Class		(828,003	)		(1,653,280	)		—			—			—			—
Trust Class		—			—			—			—			—			—
Institutional Class		(192,017,094	)		(125,525,240	)		(121,706,299	)		(129,637,534	)		(282,893,763	)		(183,994,957	)
Class A		(6,381,585	)		(5,637,014	)		(8,506,123	)		(1,203,287	)		(15,217,548	)		(5,948,837	)
Class C		(928,780	)		(1,223,060	)		(188,106	)		(473,360	)		(5,310,584	)		(5,688,734	)
Class R3		—			—			—			—			—			—
Class R6		(4,283	)		—			—			—			—			—
Net increase/(decrease) from Fund share transactions		(62,419,289	)		50,628,768			(56,637,102	)		(18,602,612	)		(135,457,950	)		(43,357	)
Net Increase/(Decrease) in Net Assets		(35,065,420	)		28,987,816			(42,076,163	)		(44,396,437	)		(145,484,195	)		(3,433,103	)
Net Assets:
Beginning of year		403,632,543			374,644,727			204,165,495			248,561,932			370,426,591			373,859,694
End of year	$	368,567,123		$	403,632,543		$	162,089,332		$	204,165,495		$	224,942,396		$	370,426,591

See Notes to Financial Statements

238

	HIGH INCOME BOND FUND						MUNICIPAL HIGH INCOME FUND						MUNICIPAL IMPACT FUND
	Fiscal Year Ended October 31, 2019			Fiscal Year Ended October 31, 2018			Fiscal Year Ended October 31, 2019			Fiscal Year Ended October 31, 2018			Fiscal Year Ended October 31, 2019			Fiscal Year Ended October 31, 2018
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	125,770,466		$	133,388,892		$	3,222,739		$	3,316,441		$	1,373,564		$	1,345,510
Net realized gain/(loss) on investments		(21,842,323	)		(1,932,147	)		206,883			(34,213	)		263,062			(45,851	)
Change in net unrealized appreciation/ (depreciation) of investments		68,454,711			(134,280,078	)		4,734,468			(1,859,064	)		3,126,668			(2,230,292	)
Net increase/(decrease) in net assets resulting from operations		172,382,854			(2,823,333	)		8,164,090			1,423,164			4,763,294			(930,633	)
Distributions to Shareholders From (Note A):
Distributable earnings:
Investor Class		(4,874,294	)		(5,422,349	)		—			—			—			—
Trust Class		—			—			—			—			—			—
Institutional Class		(79,294,224	)		(72,816,234	)		(3,177,326	)		(3,287,513	)		(1,372,101	)		(1,443,780	)
Class A		(1,734,014	)		(2,673,205	)		(32,234	)		(17,287	)		(1,135	)		(236	)
Class C		(627,957	)		(828,514	)		(12,732	)		(11,641	)		(328	)		(165	)
Class R3		(199,809	)		(495,622	)		—			—			—			—
Class R6		(38,976,423	)		(51,152,375	)		—			—			—			—
Tax return of capital:
Investor Class		—			—			—			—			—			—
Institutional Class		—			—			—			—			—			—
Class A		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R6		—			—			—			—			—			—
Total distributions to shareholders		(125,706,721	)		(133,388,299	)		(3,222,292	)		(3,316,441	)		(1,373,564	)		(1,444,181	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		5,550,693			6,947,368			—			—			—			—
Trust Class		—			—			—			—			—			—
Institutional Class		1,098,520,829			297,994,293			49,388,141			18,281,478			6,390,443			117,859
Class A		72,800,536			50,258,078			1,520,083			993,763			51,600			25,000
Class C		639,343			485,571			402,974			176,994			—			25,000
Class R3		2,148,689			2,601,101			—			—			—			—
Class R6		184,071,040			109,461,329			—			—			—			—
Proceeds from reinvestment of dividends and distributions:
Investor Class		4,590,454			5,134,051			—			—			—			—
Trust Class		—			—			—			—			—			—
Institutional Class		62,063,355			61,548,532			3,177,326			3,287,163			1,252,176			1,302,870
Class A		1,529,427			2,358,947			23,380			14,218			610			—
Class C		379,715			504,395			12,119			10,964			—			—
Class R3		186,999			474,730			—			—			—			—
Class R6		38,201,120			51,034,547			—			—			—			—
Payments for shares redeemed:
Investor Class		(19,317,111	)		(25,981,873	)		—			—			—			—
Trust Class		—			—			—			—			—			—
Institutional Class		(922,417,021	)		(605,988,407	)		(22,364,490	)		(28,135,064	)		(4,338,660	)		(6,284,465	)
Class A		(86,983,742	)		(88,898,895	)		(1,305,985	)		(428,095	)		(563	)		—
Class C		(5,313,543	)		(7,601,966	)		(253,812	)		(438,255	)		—			—
Class R3		(1,720,932	)		(11,400,746	)		—			—			—			—
Class R6		(200,607,639	)		(895,187,336	)		—			—			—			—
Net increase/(decrease) from Fund share transactions		234,322,212			(1,046,256,281	)		30,599,736			(6,236,834	)		3,355,606			(4,813,736	)
Net Increase/(Decrease) in Net Assets		280,998,345			(1,182,467,913	)		35,541,534			(8,130,111	)		6,745,336			(7,188,550	)
Net Assets:
Beginning of year		2,065,494,845			3,247,962,758			88,936,165			97,066,276			52,356,933			59,545,483
End of year	$	2,346,493,190		$	2,065,494,845		$	124,477,699		$	88,936,165		$	59,102,269		$	52,356,933

239

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Income Funds

	MUNICIPAL INTERMEDIATE BOND FUND						SHORT DURATION BOND FUND						SHORT DURATION HIGH INCOME FUND
	Fiscal Year Ended October 31, 2019			Fiscal Year Ended October 31, 2018			Fiscal Year Ended October 31, 2019			Fiscal Year Ended October 31, 2018			Fiscal Year Ended October 31, 2019			Fiscal Year Ended October 31, 2018
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	5,119,352		$	5,385,813		$	2,027,253		$	1,382,450		$	2,334,839		$	3,507,351
Net realized gain/(loss) on investments		706,336			394,041			975,193			(528,251	)		(582,620	)		(616,131	)
Change in net unrealized appreciation/ (depreciation) of investments		11,202,697			(8,093,658	)		958,175			(678,978	)		1,280,941			(2,446,823	)
Net increase/(decrease) in net assets resulting from operations		17,028,385			(2,313,804	)		3,960,621			175,221			3,033,160			444,397
Distributions to Shareholders From (Note A):
Distributable earnings:
Investor Class		(341,134	)		(332,693	)		(543,998	)		(423,220	)		—			—
Trust Class		—			—			(46,548	)		(43,247	)		—			—
Institutional Class		(5,025,234	)		(5,623,892	)		(1,668,703	)		(1,205,726	)		(2,255,053	)		(3,406,763	)
Class A		(97,963	)		(158,732	)		(38,076	)		(34,737	)		(43,541	)		(64,942	)
Class C		(48,880	)		(49,027	)		(21,580	)		(13,382	)		(38,238	)		(33,421	)
Class R3		—			—			—			—			—			—
Class R6		—			—			—			—			—			—
Tax return of capital:
Investor Class		—			—			—			—			—			—
Institutional Class		—			—			—			—			—			—
Class A		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R6		—			—			—			—			—			—
Total distributions to shareholders		(5,513,211	)		(6,164,344	)		(2,318,905	)		(1,720,312	)		(2,336,832	)		(3,505,126	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		2,673,297			862,997			2,295,757			1,138,004			—			—
Trust Class		—			—			173,455			809,716			—			—
Institutional Class		26,733,857			46,378,636			34,487,723			32,614,223			10,524,818			36,893,274
Class A		213,843			1,974,554			3,626,142			3,182,157			220,766			206,496
Class C		218,268			645,544			595,261			184,349			302,430			105,402
Class R3		—			—			—			—			—			—
Class R6		—			—			—			—			—			—
Proceeds from reinvestment of dividends and distributions:
Investor Class		282,271			274,435			513,869			393,371			—			—
Trust Class		—			—			46,494			43,113			—			—
Institutional Class		784,427			1,977,904			1,668,558			1,193,248			2,122,723			3,402,460
Class A		87,409			138,245			35,328			22,468			43,279			64,200
Class C		31,588			31,538			16,880			9,600			37,079			32,423
Class R3		—			—			—			—			—			—
Class R6		—			—			—			—			—			—
Payments for shares redeemed:
Investor Class		(3,198,034	)		(1,633,021	)		(2,272,690	)		(4,254,735	)		—			—
Trust Class		—			—			(366,026	)		(1,025,943	)		—			—
Institutional Class		(59,849,074	)		(36,596,803	)		(35,639,765	)		(50,873,041	)		(63,190,184	)		(73,662,349	)
Class A		(5,275,378	)		(2,086,570	)		(4,373,616	)		(4,216,077	)		(269,884	)		(1,701,288	)
Class C		(1,034,366	)		(518,961	)		(430,313	)		(580,956	)		(294,682	)		(234,427	)
Class R3		—			—			—			—			—			—
Class R6		—			—			—			—			—			—
Net increase/(decrease) from Fund share transactions		(38,331,892	)		11,448,498			377,057			(21,360,503	)		(50,503,655	)		(34,893,809	)
Net Increase/(Decrease) in Net Assets		(26,816,718	)		2,970,350			2,018,773			(22,905,594	)		(49,807,327	)		(37,954,538	)
Net Assets:
Beginning of year		226,814,337			223,843,987			80,259,095			103,164,689			80,443,752			118,398,290
End of year	$	199,997,619		$	226,814,337		$	82,277,868		$	80,259,095		$	30,636,425		$	80,443,752

See Notes to Financial Statements

240

	STRATEGIC INCOME FUND						UNCONSTRAINED BOND FUND
	Fiscal Year Ended October 31, 2019			Fiscal Year Ended October 31, 2018			Fiscal Year Ended October 31, 2019			Fiscal Year Ended October 31, 2018
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	103,364,207		$	105,194,467		$	2,925,118		$	3,027,562
Net realized gain/(loss) on investments		(47,818,066	)		(4,510,012	)		(6,529,405	)		4,192,046
Change in net unrealized appreciation/ (depreciation) of investments		146,197,897			(128,393,528	)		1,872,047			(5,898,198	)
Net increase/(decrease) in net assets resulting from operations		201,744,038			(27,709,073	)		(1,732,240	)		1,321,410
Distributions to Shareholders From (Note A):
Distributable earnings:
Investor Class		—			—			—			—
Trust Class		(352,311	)		(666,656	)		—			—
Institutional Class		(79,965,455	)		(89,950,897	)		(882,144	)		(1,051,783	)
Class A		(3,745,676	)		(6,442,351	)		(2,959	)		(8,719	)
Class C		(2,800,544	)		(4,041,756	)		(419	)		(340	)
Class R3		—			—			—			—
Class R6		(11,106,490	)		(13,390,292	)		(1,447,692	)		(1,335,252	)
Tax return of capital:
Investor Class		(56,210	)		—			—			—
Institutional Class		(11,550,914	)		—			(285,343	)		—
Class A		(609,707	)		—			(1,380	)		—
Class C		(577,578	)		—			(260	)		—
Class R6		(1,563,839	)		—			(486,767	)		—
Total distributions to shareholders		(112,328,724	)		(114,491,952	)		(3,106,964	)		(2,396,094	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—			—
Trust Class		2,901,774			6,900,607			—			—
Institutional Class		879,370,988			915,494,401			11,948,133			18,574,275
Class A		60,999,530			56,054,640			85,233			74,866
Class C		14,049,457			15,262,480			2,408			3,219
Class R3		—			—			—			—
Class R6		79,664,923			56,909,714			527,659			1,603,489
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			—			—
Trust Class		378,573			653,788			—			—
Institutional Class		72,400,190			69,587,423			1,157,053			1,043,971
Class A		3,427,640			5,736,595			1,256			7,523
Class C		2,600,637			3,126,914			98			26
Class R3		—			—			—			—
Class R6		12,641,352			13,389,897			1,933,596			1,334,728
Payments for shares redeemed:
Investor Class		—			—			—			—
Trust Class		(14,409,674	)		(7,203,953	)		—			—
Institutional Class		(886,525,556	)		(696,395,584	)		(33,856,766	)		(21,155,287	)
Class A		(114,938,262	)		(85,486,267	)		(309,224	)		(142,769	)
Class C		(42,130,513	)		(39,754,532	)		(8	)		(11,452	)
Class R3		—			—			—			—
Class R6		(149,256,458	)		(16,455,779	)		(21,998,104	)		(820,566	)
Net increase/(decrease) from Fund share transactions		(78,825,399	)		297,820,344			(40,508,666	)		512,023
Net Increase/(Decrease) in Net Assets		10,589,915			155,619,319			(45,347,870	)		(562,661	)
Net Assets:
Beginning of year		2,870,973,668			2,715,354,349			98,517,889			99,080,550
End of year	$	2,881,563,583		$	2,870,973,668		$	53,170,019		$	98,517,889

241

Notes to Financial Statements Income Funds

Note A—Summary of Significant Accounting Policies:

1 General: Neuberger Berman Income Funds (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the Securities Act of 1933, as amended (the "1933 Act"). Each of Neuberger Berman Core Bond Fund ("Core Bond"), Neuberger Berman Emerging Markets Debt Fund ("Emerging Markets Debt"), Neuberger Berman Floating Rate Income Fund ("Floating Rate Income"), Neuberger Berman High Income Bond Fund ("High Income"), Neuberger Berman Municipal High Income Fund ("Municipal High Income"), Neuberger Berman Municipal Impact Fund ("Municipal Impact"), Neuberger Berman Municipal Intermediate Bond Fund ("Municipal Intermediate Bond"), Neuberger Berman Short Duration Bond Fund ("Short Duration"), Neuberger Berman Short Duration High Income Fund ("Short Duration High Income"), Neuberger Berman Strategic Income Fund ("Strategic Income") and Neuberger Berman Unconstrained Bond Fund ("Unconstrained Bond") (each individually a "Fund," and collectively, the "Funds") is a separate operating series of the Trust. Each Fund (except Emerging Markets Debt) is diversified. Under the 1940 Act, the status of a Fund that was registered as non-diversified may, under certain circumstances, change to that of a diversified fund (Unconstrained Bond became diversified in December 2017). Additionally, Municipal Impact became diversified in June 2018 in connection with its investment strategy change. Four Funds offer Investor Class shares, two offer Trust Class shares, eleven offer Institutional Class shares, eleven offer Class A shares, eleven offer Class C shares, one offers Class R3 shares and four offer Class R6 shares. The Trust's Board of Trustees (the "Board") may establish additional series or classes of shares without the approval of shareholders.

A balance indicated with a "—", reflects either a zero balance or a balance that rounds to less than 1.

The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services—Investment Companies."

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires Neuberger Berman Investment Advisers LLC ("Management" or "NBIA") to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

2 Portfolio valuation: In accordance with ASC 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of the Funds are carried at the value that Management believes a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds' investments, some of which are discussed below. Significant Management judgment may be necessary to value investments in accordance with ASC 820.

ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 – quoted prices in active markets for identical investments

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

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

242

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.

The value of the Funds' investments in equity securities, exchange-traded funds ("ETFs") and exchange-traded options purchased for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.

The value of the Funds' investments in debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations, or if quotations are not available, by methods which include various considerations based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Funds:

Corporate Bonds. Inputs used to value corporate debt securities generally include relative credit information, observed market movements, sector news, U.S. Treasury yield curve or relevant benchmark curve, and other market information, which may include benchmark yield curves, reported trades, broker-dealer quotes, issuer spreads, comparable securities, and reference data, such as market research publications, when available ("Other Market Information").

Convertible Bonds. Inputs used to value convertible bonds generally include underlying stock data, dealer quotes, conversion premiums, listed bond and preferred stock prices and other market information, which may include benchmark curves, trade execution data, and sensitivity analysis, when available.

U.S. Treasury Obligations. Inputs used to value U.S. Treasury securities generally include quotes from several inter-dealer brokers and Other Market Information.

U.S. Government Agency Securities. Inputs used to value U.S. Government Agency securities generally include obtaining benchmark quotes and Other Market Information.

Asset-Backed Securities and Mortgage-Backed Securities. Inputs used to value asset-backed securities and mortgage-backed securities generally include models that consider a number of factors, which may include the following: prepayment speeds, cash flows, spread adjustments and Other Market Information.

High Yield Securities. Inputs used to value high yield securities generally include a number of observations of equity and credit default swap curves related to the issuer and Other Market Information.

Municipal Debt Securities. Inputs used to value municipal debt securities include current trades, bid-wanted lists (which informs the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, and specific data on specialty issues.

Emerging Markets Debt, Sovereign Debt, and Quasi-Sovereign Debt. Inputs used to value emerging markets debt, sovereign debt and quasi-sovereign debt generally include dealer quotes, bond market activity, discounted cash flow models, and other relevant information such as credit spreads, benchmark curves and Other Market Information.

243

The value of forward contracts is determined by Management by obtaining valuations from independent pricing services based on actual traded currency rates on independent pricing services' networks, along with other traded and quoted currency rates provided to the pricing services by leading market participants (Level 2 inputs).

The value of loan assignments is determined by Management primarily by obtaining valuations from independent pricing services based on broker quotes (generally Level 2 or Level 3 inputs depending on the number of quotes available).

The value of futures is determined by Management by obtaining valuations from independent pricing services at the settlement price at the market close (Level 1 inputs).

The value of bond forwards is determined by Management by obtaining valuations from independent pricing services using a model that considers the current price of the underlying bond and the forward curve (Level 2 inputs).

The value of interest rate swaps is determined by Management primarily by obtaining valuations from independent pricing services based on references to the underlying rates including the local overnight index swap rate and the respective interbank offered forward rate to produce the daily price. The present value is calculated based off of expected cash flows based on swap parameters along with reference to the underlying yield curve and reference rate (generally Level 2 inputs).

The value of credit default swaps is determined by Management by obtaining valuations from independent pricing services using a model that considers a number of factors, which may include default probabilities, credit curves, recovery rates and cash flows (Level 2 inputs).

The value of cross currency swaps is determined by Management by obtaining valuations from independent pricing services based on present value of expected cash flows based on swap parameters along with reference to the underlying yield curve and reference rate (Level 2 inputs).

Management has developed a process to periodically review information provided by independent pricing services for all types of securities.

Investments in non-exchange traded investment companies are valued using the respective fund's daily calculated net asset value ("NAV") per share (Level 2 inputs).

If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not readily available, the security is valued using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Numerous factors may be considered when determining the fair value of a security based on Level 2 or Level 3 inputs, including available analyst, media or other reports, securities within the same industry with recent highly correlated performance, trading in futures or American Depositary Receipts and whether the issuer of the security being fair valued has other securities outstanding.

The value of the Funds' investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time on days the New York Stock Exchange ("NYSE") is open for business. The Board has approved the use of ICE Data Pricing and Reference Data LLC ("ICE") to evaluate the prices of foreign debt securities as of the time as of which a Fund's share price is calculated. ICE utilizes benchmark spread and yield curves and evaluates available market activity from the local close to the time as of which a Fund's share price is calculated (Level 2 inputs) to assist in determining prices for certain foreign debt securities. In the absence of precise information about the market values of these foreign securities as of the time as of which a Fund's share

244

price is calculated, the Board has determined on the basis of available data that prices evaluated in this way are likely to be closer to the prices a Fund could realize on a current sale than are the prices of those securities established at the close of the foreign markets in which the securities primarily trade.

Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.

3 Foreign currency translations: Core Bond, Emerging Markets Debt, Floating Rate Income, High Income, Short Duration, Short Duration High Income, Strategic Income and Unconstrained Bond may invest in foreign securities denominated in foreign currencies. The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are normally translated into U.S. dollars using the exchange rate as of 4:00 p.m. Eastern Time, on days the NYSE is open for business, to determine the value of investments, other assets and liabilities. Purchase and sale prices of securities, and income and expenses, are translated into U.S. dollars at the prevailing rate of exchange on the respective dates of such transactions. Net unrealized foreign currency gain/(loss), if any, arises from changes in the value of assets and liabilities, other than investments in securities, as a result of changes in exchange rates and is stated separately in the Statements of Operations.

4 Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as a Fund becomes aware of the dividends. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of discount (adjusted for original issue discount, where applicable) and amortization of premium, where applicable, is recorded on the accrual basis. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost and stated separately in the Statements of Operations. Included in net realized gain/(loss) on investments are proceeds from the settlement of class action litigation(s) in which certain of the Funds participated as a class member. The amounts of such proceeds for the year ended October 31, 2019, were $5,211, $19,428 and $150 for Core Bond, Short Duration and Strategic Income, respectively.

5 Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund to continue to qualify for treatment as a regulated investment company ("RIC") by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.

The Funds have adopted the provisions of ASC 740 "Income Taxes" ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. As of October 31, 2019, the Funds did not have any unrecognized tax positions.

245

At October 31, 2019, selected Fund information for all long security positions and derivative instruments, if any, for U.S. federal income tax purposes was as follows:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)
Core Bond	$	369,180,986	$	12,747,417	$	3,019,699	$	9,727,718
Emerging Markets Debt		157,806,292		9,965,240		11,056,715		(1,091,475	)
Floating Rate Income		237,405,606		833,004		7,306,101		(6,473,097	)
High Income		2,268,612,534		70,443,416		27,183,755		43,259,661
Municipal High Income		123,876,976		4,305,713		603,324		3,702,389
Municipal Impact		55,397,920		2,722,965		10,754		2,712,211
Municipal Intermediate Bond		193,182,249		8,407,210		150,921		8,256,289
Short Duration		85,366,602		293,198		422,573		(129,375	)
Short Duration High Income		30,109,996		428,646		252,407		176,239
Strategic Income		3,342,010,123		92,335,814		43,410,589		48,925,225
Unconstrained Bond		51,180,784		5,286,269		5,945,454		(659,185	)

Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund. The Funds may also utilize earnings and profits distributed to shareholders on redemption of their shares as a part of the dividends-paid deduction for income tax purposes.

Any permanent differences resulting from different book and tax treatment are reclassified at year-end and have no impact on net income, NAV or NAV per share of the Funds. For the year ended October 31, 2019, the Funds recorded the following permanent reclassifications primarily related to one or more of the following: gains (losses) & tax adjustments on securities redeemed in kind; adjustments to the prior period accumulated balances, distribution in excess and expiration of capital loss carryforwards. For the year ended October 31, 2019, the Funds recorded the following permanent reclassifications:

	Paid-in Capital			Distributable Earnings
Core Bond	$	—		$	—
Emerging Markets Debt		(61,268	)		61,268
Floating Rate Income		(835,287	)		835,287
High Income		—			—
Municipal High Income		(259,704	)		259,704
Municipal Impact		(156,098	)		156,098
Municipal Intermediate Bond		(351,020	)		351,020
Short Duration		(1,276,932	)		1,276,932
Short Duration High Income		—			—
Strategic Income		(1,794,895	)		1,794,895
Unconstrained Bond		—			—

246

The tax character of distributions paid during the years ended October 31, 2019, and October 31, 2018, was as follows:

	Distributions Paid From:
	Taxable Income				Tax-Exempt Income				Long-Term Capital Gain				Return of Capital				Total
	2019		2018		2019		2018		2019		2018		2019		2018		2019		2018
Core Bond	$	10,394,896	$	10,267,476	$	—	$	—	$	—	$	—	$	2,132,688	$	1,209,987	$	12,527,584	$	11,477,463
Emerging Markets Debt		6,290,981		7,317,963		—		—		—		—		4,099,521		4,140,579		10,390,502		11,458,542
Floating Rate Income		14,497,918		15,303,326		—		—		—		—		—		—		14,497,918		15,303,326
High Income		125,706,721		133,388,300		—		—		—		—		—		—		125,706,721		133,388,300
Municipal High Income		9,859		3,005		3,212,433		3,313,436		—		—		—		—		3,222,292		3,316,441
Municipal Impact		18,138		68		1,250,658		1,345,559		104,768		98,554		—		—		1,373,564		1,444,181
Municipal Intermediate Bond		644,458		—		4,450,231		5,385,850		418,522		778,494		—		—		5,513,211		6,164,344
Short Duration		2,318,905		1,720,312		—		—		—		—		—		—		2,318,905		1,720,312
Short Duration High Income		2,336,832		3,505,126		—		—		—		—		—		—		2,336,832		3,505,126
Strategic Income		97,970,476		114,491,952		—		—		—		—		14,358,248		—		112,328,724		114,491,952
Unconstrained Bond		2,333,214		2,396,094		—		—		—		—		773,750		—		3,106,964		2,396,094

As of October 31, 2019, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

	Undistributed Ordinary Income/(Loss)		Undistributed Tax-Exempt Income		Undistributed Long-Term Capital Gain		Unrealized Appreciation/ (Depreciation)			Loss Carryforwards and Deferrals			Other Temporary Differences			Total
Core Bond	$	—	$	—	$	—	$	9,754,503		$	(2,341,288	)	$	(1,752,622	)	$	5,660,593
Emerging Markets Debt		—		—		—		(1,086,785	)		(6,330,274	)		(35,214	)		(7,452,273	)
Floating Rate Income		49,875		—		—		(6,473,097	)		(22,828,969	)		(61,407	)		(29,313,598	)
High Income		1,880,603		—		—		43,259,661			(147,896,652	)		(1,634,401	)		(104,390,789	)
Municipal High Income		—		—		—		3,702,389			(1,437,421	)		(15,617	)		2,249,351
Municipal Impact		—		—		281,996		2,712,211			—			(9,094	)		2,985,113
Municipal Intermediate Bond		—		—		313,357		8,256,289			—			(370,295	)		8,199,351
Short Duration		176,037		—		—		(129,375	)		(4,862,634	)		(3,967	)		(4,819,939	)
Short Duration High Income		1,453		—		—		176,239			(15,284,605	)		(2,321	)		(15,109,234	)
Strategic Income		—		—		—		48,852,284			(68,714,232	)		(15,191,409	)		(35,053,357	)
Unconstrained Bond		—		—		—		(600,115	)		(13,137,826	)		(18,540	)		(13,756,481	)

The temporary differences between book basis and tax basis distributable earnings are primarily due to: losses disallowed and/or recognized on wash sales and straddles; timing differences of fund level distributions, mark-to-market adjustments on swaps, futures and forwards; amortization of bond premium, bank loan tax adjustments, loss limitation due to ownership change, unamortized organization expenses and tax adjustments related to treasury inflation protection securities, ("TIPS"), swap contracts and other investments.

247

To the extent each Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of each Fund not to distribute such gains. Capital loss carryforward rules allow for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term. As determined at October 31, 2019, the following Funds had unused capital loss carryforwards available for federal income tax purposes to offset net realized capital gains, if any, as follows:

	Capital Loss Carryforwards
	Long-Term			Short-Term
Core Bond	$	2,341,288		$	—
Emerging Markets Debt		4,464,800			1,865,474
Floating Rate Income		16,232,079			6,596,890
High Income		136,964,311			10,932,341
Municipal High Income		589,877			847,544
Municipal Impact		—			—
Municipal Intermediate Bond		—			—
Short Duration		4,342,151			520,483
Short Duration High Income		11,720,663	*		3,563,942	*
Strategic Income		68,714,232			—
Unconstrained Bond		3,789,876			9,347,950

* Future utilization is limited under current tax regulation.

During the year ended October 31, 2019, Core Bond, Emerging Markets Debt, Municipal High Income, Municipal Impact and Short Duration, utilized capital loss carryforwards of $5,960,710, $532,754, $183,838, $45,851 and $583,440, respectively.

During the year ended October 31, 2019, Floating Rate Income and Short Duration had capital loss carryforwards expire of $835,287 and $1,276,932, respectively.

6 Distributions to shareholders: Each Fund earns income, net of expenses, daily on its investments. Ordinarily, distributions from net investment income are declared on each business day and paid monthly, and distributions from net realized capital gains, if any, are generally distributed once a year (usually in December). Distributions to shareholders are recorded on the ex-date.

7 Expense allocation: Certain expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to a fund are charged to that fund. Expenses of the Trust that are not directly attributable to a particular series of the Trust (e.g., a Fund) are allocated among the series of the Trust, on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the series can otherwise be made fairly. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which Management serves as investment manager, that are not directly attributable to a particular investment company in the complex (e.g., the Trust) or series thereof are allocated among the investment companies in the complex or series thereof on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies in the complex or series thereof can otherwise be made fairly. Each Fund's expenses (other than those specific to each class) are allocated proportionally each day among its classes based upon the relative net assets of each class.

8 Dollar rolls: Core Bond, Emerging Markets Debt, Floating Rate Income, High Income, Short Duration, Short Duration High Income, Strategic Income and Unconstrained Bond may enter into dollar roll transactions with respect to mortgage-backed securities. In a dollar roll transaction, a Fund sells securities for delivery in the current month and simultaneously agrees to repurchase substantially similar (i.e., same type and coupon) securities on a specified future date from the same party. During the period before this repurchase, a Fund forgoes principal and interest payments on the securities. A Fund is compensated by the difference between the current sales price and

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the forward price for the future purchase (often referred to as the "drop"), as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls may increase fluctuations in a Fund's NAV and may be viewed as a form of leverage. There is a risk that the counterparty will be unable or unwilling to complete the transaction as scheduled, which may result in losses to a Fund.

9 When-issued/delayed delivery securities: Each Fund may purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time a Fund enters into a commitment to purchase a security, the transaction is recorded and the value of the security is reflected in the NAV. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues to a Fund until payment takes place. At the time a Fund enters into this type of transaction it is required to segregate cash or other liquid assets at least equal to the amount of the commitment. When-issued and delayed delivery transactions can have a leverage-like effect on a Fund, which can increase fluctuations in the Fund's NAV. Certain risks may arise upon entering into when-issued or delayed delivery securities transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

10 Foreign taxes: Foreign taxes withheld pertaining to interest or dividends, if any, represent amounts withheld by foreign tax authorities, net of refunds recoverable.

Emerging Markets Debt and Strategic Income accrue capital gains tax on unrealized and realized gains for certain securities. At October 31, 2019, Emerging Markets Debt and Strategic Income had accrued capital gains taxes of $80,977 and $2,654 respectively, which is reflected in the Statements of Assets and Liabilities. For the year ended October 31, 2019, Emerging Markets Debt and Strategic Income had realized capital gains taxes of $6,898 and $3,788, respectively, which is reflected in the Statements of Operations.

11 Investments in foreign securities: Investing in foreign securities may involve sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. These additional risks include the possibility of adverse political and economic developments (including political instability, nationalization, expropriation, or confiscatory taxation) and the potentially adverse effects of unavailability of public information regarding issuers, less governmental supervision and regulation of financial markets, reduced liquidity of certain financial markets, and the lack of uniform accounting, auditing, and financial reporting standards or the application of standards that are different or less stringent than those applied in the United States. Foreign securities also may experience greater price volatility, higher rates of inflation, and delays in settlement.

12 Securities lending: Each Fund, using State Street Bank and Trust Company ("State Street") as its lending agent, may loan securities to qualified brokers and dealers in exchange for negotiated lender's fees. These fees, if any, would be disclosed within the Statements of Operations under the caption "Income from securities loaned-net" and are net of expenses retained by State Street as compensation for its services as lending agent.

The initial cash collateral received by a Fund at the beginning of each transaction shall have a value equal to at least 102% of the prior day's market value of the loaned securities (105% in the case of international securities). Thereafter, the value of the cash collateral is monitored on a daily basis, and cash collateral is moved daily between a counterparty and a Fund until the close of the transaction. A Fund may only receive collateral in the form of cash (U.S. dollars). Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of State Street. The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities. Any increase or decrease in the fair value of the securities loaned and any interest earned or dividends paid or owed on those securities during the term of the loan would accrue to the Fund.

As of October 31, 2019, the Funds did not participate in securities lending.

13 Derivative instruments: Certain Funds' use of derivatives during the year ended October 31, 2019, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at October 31, 2019. The Funds have adopted the provisions of ASC 815 "Derivatives and Hedging" ("ASC 815"). The disclosure

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requirements of ASC 815 distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

Futures contracts: During the year ended October 31, 2019, Core Bond used futures to manage or adjust the risk profile and investment exposure of the Fund, including to adjust the duration and yield curve exposure of the Fund's portfolio. During the year ended October 31, 2019, Emerging Markets Debt and Short Duration used futures for economic hedging purposes, including as a maturity or duration management device. During the year ended October 31, 2019, Strategic Income and Unconstrained Bond used futures to manage or adjust the risk profile and investment exposure of the Fund or individual positions, to obtain or reduce exposure to certain markets, to establish net short or long positions for markets, currencies or securities, adjust the duration of the Fund's portfolio and to enhance total return.

At the time a Fund enters into a futures contract, it is required to deposit with the futures commission merchant a specified amount of cash or liquid securities, known as "initial margin," which is a percentage of the value of the futures contract being traded that is set by the exchange upon which the futures contract is traded. Each day, the futures contract is valued at the official settlement price of the board of trade or U.S. commodity exchange on which such futures contract is traded. Subsequent payments, known as "variation margin," to and from the broker are made on a daily basis, or as needed, as the market price of the futures contract fluctuates. Daily variation margin adjustments, arising from this "mark to market," are recorded by a Fund as unrealized gains or losses.

Although some futures by their terms call for actual delivery or acquisition of the underlying securities or currency, in most cases the contracts are closed out prior to delivery by offsetting purchases or sales of matching futures. When the contracts are closed, a Fund recognizes a gain or loss. Risks of entering into futures contracts include the possibility there may be an illiquid market, possibly at a time of rapidly declining prices, and/or a change in the value of the contract may not correlate with changes in the value of the underlying securities. Futures executed on regulated futures exchanges have minimal counterparty risk to a Fund because the exchange's clearinghouse assumes the position of the counterparty in each transaction. Thus, a Fund is exposed to risk only in connection with the clearinghouse and not in connection with the original counterparty to the transaction.

For U.S. federal income tax purposes, the futures transactions undertaken by a Fund may cause the Fund to recognize gains or losses from marking contracts to market even though its positions have not been sold or terminated, may affect the character of the gains or losses recognized as long-term or short-term, and may affect the timing of some capital gains and losses realized by the Fund. Also, a Fund's losses on transactions involving futures contracts may be deferred rather than being taken into account currently in calculating such Fund's taxable income.

Bond forward contracts: During the year ended October 31, 2019, Strategic Income used bond forwards to obtain economic exposure in the Fund to certain markets and securities. A bond forward is a contractual agreement between a Fund and another party to buy or sell an underlying asset at an agreed-upon future price and date. In a bond forward transaction, no cash premium is paid when the parties enter into the bond forward. If the transaction is collateralized, an exchange of margin collateral will take place according to an agreed-upon schedule. Otherwise, no asset of any kind changes hands until the bond forward matures (typically in 30 days) or is rolled over for another agreed-upon period. Generally, the value of the bond forward will change based on changes in the value of the underlying asset. Bond forwards are subject to market risk (the risk that the market value of the underlying bond may change), non-correlation risk (the risk that the market value of the bond forward might move independently of the market value of the underlying bond) and counterparty credit risk (the risk that a counterparty will be unable to meet its obligation under the contract). If there is no cash exchanged at the time a Fund enters into the bond forward, counterparty risk may be limited to the loss of any marked-to-market profit on the contract and any delays or limitations on the Fund's ability to sell or otherwise use the investments posted as collateral for the bond forward.

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Forward foreign currency contracts: During the year ended October 31, 2019, Emerging Markets Debt used forward contracts to manage or adjust views on foreign exchange rate movements and currency exposure, to apply foreign exchange leverage, and to gain exposure to the markets where the portfolio managers believe these instruments provide better liquidity and value than bonds. During the year ended October 31, 2019, Strategic Income used forward contracts to manage or adjust the risk profile for foreign currency exposures in the Fund, to obtain or reduce economic exposure, to establish net short or long positions for markets or securities and to enhance total return. During the year ended October 31, 2019, Unconstrained Bond used forward contracts to obtain or reduce exposure to certain markets, to establish net short or long positions for currencies, hedge risk and to enhance total return.

A forward contract is an agreement between two parties to buy or sell a specific currency for another at a set price on a future date, and is individually negotiated and privately traded by currency traders and their customers in the interbank market. The market value of a forward contract fluctuates with changes in forward currency exchange rates. Forward contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain or loss. At the consummation of a forward contract to purchase or sell currency, a Fund may either exchange the currencies specified at the maturity of the forward contract or enter into a closing transaction involving the purchase or sale of an offsetting forward contract. Closing transactions with respect to forward contracts are usually performed with the counterparty to the original forward contract. The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a contract is included in "Net realized gain/(loss) on settlement of forward foreign currency contracts" in the Statements of Operations. These contracts may involve market risk in excess of the unrealized gain or loss reflected in a Fund's Statement of Assets and Liabilities. In addition, a Fund could be exposed to risks associated with fluctuations in foreign currency and the risk the counterparty will fail to fulfill its obligation.

Credit default swap contracts: During the year ended October 31, 2019, Emerging Markets Debt used credit default swaps to manage or adjust credit risk of the Fund, to take advantage of the portfolio managers' views on credit risk, market pricing of credit events and in an effort to leverage risk exposures by selling protection. During the year ended October 31, 2019, Strategic Income and Unconstrained Bond used credit default swaps for economic hedging purposes, to manage or adjust the risk profile and investment exposure of the Fund or individual positions, to obtain or reduce exposure to certain markets, to establish net short or long positions for markets or securities and to enhance total return. When a Fund is the buyer of a credit default swap contract, it is entitled to receive the notional amount of the swap from the counterparty if a credit event occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and received no proceeds from the contract. When a Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If a Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make (or the risk of loss) would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may add economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The net periodic payments paid or received on the swap contract are accrued daily as a component of unrealized appreciation/(depreciation) and are recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation/(depreciation) in an amount equal to the daily valuation of swaps. For financial reporting purposes, unamortized upfront payments/(receipts), if any, are netted with unrealized appreciation or (depreciation) and net interest received or paid on swap contracts to determine the fair value of swaps.

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Interest rate swap contracts: During the year ended October 31, 2019, Emerging Markets Debt used interest rate swaps to manage or adjust interest rate risk of the Fund, to take advantage of the portfolio managers' views on interest rates and market pricing of future monetary policy, to obtain exposure on a maturity horizon where bonds are illiquid or are unavailable, and to obtain leveraged rate positions. During the year ended October 31, 2019, Unconstrained Bond used interest rate swaps to hedge risk, manage or adjust the risk profile of the Fund, obtain or reduce exposure to certain markets, establish net short positions for individual markets, adjust the duration of the Fund's portfolio, alter the Fund's exposure to interest rates and to enhance total return. Under the terms of interest rate swaps, the Fund agrees to pay the swap counterparty a fixed-rate payment in exchange for the counterparty's paying the Fund a variable-rate payment, or the Fund agrees to pay the swap counterparty a variable-rate payment in exchange for the counterparty's paying the Fund a fixed-rate payment. The fixed-rate and variable-rate payment flows are paid by one party to the other on a periodic basis and netted against each other when applicable. The Fund segregates cash or liquid securities having a value at least equal to the Fund's net payment obligations under any interest rate swaps, marked to market daily. There is no guarantee that these interest rate swap transactions will be successful in reducing or limiting risk.

Risks may arise if the counterparty to an interest rate swap contract fails to comply with the terms of its contract. The loss incurred due to the failure of a counterparty is generally limited to the net interest payment to be received by the Fund and/or the termination value at the end of the contract. Additionally, risks may arise if there is no liquid market for these agreements or from movements in interest rates unanticipated by Management.

Periodic expected interim net interest payments or receipts on the swaps are recorded as an adjustment to unrealized gains/losses, along with the fair value of the future periodic payment or receivable streams on the swaps. The unrealized gains/losses associated with the periodic interim net interest payments or receipts are reclassified to realized gains/losses in conjunction with the actual net payment or receipt of such amounts. The reclassifications do not impact the Fund's total net assets or its total net increase (decrease) in net assets resulting from operations.

Centrally cleared swap contracts: Certain clearinghouses currently offer clearing for limited types of derivative transactions. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty that is then cleared through a central clearinghouse. Upon acceptance of a swap by a central clearinghouse, the original swap is extinguished and replaced with a swap with the clearinghouse, thereby reducing or eliminating the Fund's exposure to the credit risk of the original counterparty. A Fund typically will be required to post specified levels of both initial and variation margin with the clearinghouse or at the instruction of the clearinghouse. The daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the centrally clearing party. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation and net interest received or paid on swap contracts to determine the fair value of swaps.

Cross currency swap contracts: During the year ended October 31, 2019, Emerging Markets Debt used cross currency swaps to manage or adjust interest rate risk of the Fund, to take advantage of the portfolio managers' views on interest rates and market pricing of future monetary policy, to obtain exposure on a maturity horizon where bonds are illiquid or are unavailable, and to obtain leveraged rate positions. Cross currency swaps are interest rate swaps in which interest payments and principal amounts are exchanged in two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. The entire principal value of a cross currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations. Additionally, risks may arise if there is no liquid market for these agreements or from movements in interest rates unanticipated by Management. Periodic expected interim net interest payments or receipts on the swaps are recorded as an adjustment to unrealized gains/losses, along with the fair value of the future periodic payment or receivable streams on the swaps. The unrealized gains/losses associated with the periodic interim net interest payments or receipts are reclassified to realized gains/losses in conjunction with the actual net payment or receipt of such amounts. The reclassifications do not impact the Fund's total net assets or its total net increase/(decrease) in net assets resulting from operations.

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Options: During the year ended October 31, 2019, Unconstrained Bond used options on exchange-traded futures contracts ("futures option") to manage or adjust the risk profile and investment exposure of the Fund or individual positions, to obtain or reduce exposure to certain markets, to establish net short or long positions for markets, currencies or securities, adjust the duration of the Fund's portfolio and to enhance total return.

Premiums paid by a Fund upon purchasing a call or put option are recorded in the asset section of the Fund's Statement of Assets and Liabilities and are subsequently adjusted to the current market value. When an option is exercised, closed, or expired, a Fund realizes a gain or loss and the asset is eliminated. For purchased call options, a Fund's loss is limited to the amount of the option premium paid.

Premiums received by a Fund upon writing a call option or a put option are recorded in the liability section of the Fund's Statement of Assets and Liabilities and are subsequently adjusted to the current market value. When an option is exercised, closed, or expired, a Fund realizes a gain or loss and the liability is eliminated.

When writing a covered call option, a Fund, in return for the premium, gives up the opportunity for profit from a price increase in the underlying security above the exercise price, but conversely retains the risk of loss should the price of the security decline. When writing a put option, a Fund, in return for the premium, takes the risk that it must purchase the underlying security at a price that may be higher than the current market price of the security. If a call or put option that a Fund has written expires unexercised, a Fund will realize a gain for the amount of the premium. All securities covering outstanding written options are held in escrow by the custodian bank.

A Fund may write or purchase futures option to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A futures option is an option contract in which the underlying instrument is a specific futures contract.

At October 31, 2019, the Funds listed below had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

Asset Derivatives
Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk		Currency Risk		Credit Risk		Total
Core Bond
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	33,427	$	13,517	$	—	$	46,944
Total Value—Assets		$	33,427	$	13,517	$	—	$	46,944
Emerging Markets Debt
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	316,927	$	—	$	—	$	316,927
Forward contracts	Receivable for forward foreign currency contracts		—		1,222,677		—		1,222,677
Centrally cleared swaps	Receivable/Payable for accumulated variation margin on centrally cleared swap contracts^(a)		770,178		—		—		770,178
Over-the-counter swaps	Over-the-counter swap contracts, at value^(a)		879,168		—		—		879,168
Total Value—Assets		$	1,966,273	$	1,222,677	$	—	$	3,188,950

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Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk			Currency Risk			Credit Risk		Total
Short Duration
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	13,078		$	—		$	—	$	13,078
Total Value—Assets		$	13,078		$	—		$	—	$	13,078
Strategic Income
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	6,794,743		$	80,875		$	—	$	6,875,618
Bond forward contracts	Receivable for bond forward contracts		6,289			—			—		6,289
Forward contracts	Receivable for forward foreign currency contracts		—			2,785,266			—		2,785,266
Total Value—Assets		$	6,801,032		$	2,866,141		$	—	$	9,667,173
Unconstrained Bond
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	1,188,414		$	—		$	—	$	1,188,414
Forward contracts	Receivable for forward foreign currency contracts		—			3,940,456			—		3,940,456
Centrally cleared swaps	Receivable/Payable for variation margin on centrally cleared swap contracts^(a)		18,737			—			126,288		145,025
Total Value—Assets		$	1,207,151		$	3,940,456		$	126,288	$	5,273,895
Liability Derivatives
Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk			Currency Risk			Credit Risk		Total
Core Bond
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	(175,260	)	$	—		$	—	$	(175,260	)
Total Value—Liabilities		$	(175,260	)	$	—		$	—	$	(175,260	)
Emerging Markets Debt
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	(95,749	)	$	—		$	—	$	(95,749	)
Forward contracts	Payable for forward foreign currency contracts		—			(1,061,948	)		—		(1,061,948	)
Centrally cleared swaps	Receivable/Payable for accumulated variation margin on centrally cleared swap contracts^(a)		(396,389	)		—			—		(396,389	)

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Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk			Currency Risk			Credit Risk			Total
Over-the-counter swaps	Over-the-counter swap contracts, at value^(a)	$	(101,363	)	$	(236,961	)	$	(433,626	)	$	(771,950	)
Total Value—Liabilities		$	(593,501	)	$	(1,298,909	)	$	(433,626	)	$	(2,326,036	)
Short Duration
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	(55,219	)	$	—		$	—		$	(55,219	)
Total Value—Liabilities		$	(55,219	)	$	—		$	—		$	(55,219	)
Strategic Income
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	(1,363,238	)	$	(25,587	)	$	—		$	(1,388,825	)
Bond forward contracts	Payable for bond forward contracts		(57,594	)		—			—			(57,594	)
Forward contracts	Payable for forward foreign currency contracts		—			(2,091,200	)		—			(2,091,200	)
Total Value—Liabilities		$	(1,420,832	)	$	(2,116,787	)	$	—		$	(3,537,619	)
Unconstrained Bond
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	(540,679	)	$	—		$	—		$	(540,679	)
Forward contracts	Payable for forward foreign currency contracts		—			(4,501,449	)		—			(4,501,449	)
Centrally cleared swaps	Receivable/Payable for accumulated variation margin on centrally cleared swap contracts^(a)		(42,285	)		—			(1,617,146	)		(1,659,431	)
Total Value—Liabilities		$	(582,964	)	$	(4,501,449	)	$	(1,617,146	)	$	(6,701,559	)

(a) "Centrally cleared swaps" and "over-the-counter swaps" reflect the cumulative unrealized appreciation/(depreciation) of the centrally cleared swap or over-the-counter swap contracts plus accrued interest as of October 31, 2019, which are reflected in the Statements of Assets and Liabilities under the captions "Receivable/Payable for accumulated variation margin on centrally cleared swap contracts" and "Over-the-counter swap contracts, at value", respectively.

The impact of the use of these derivative instruments on the Statements of Operations during the year ended October 31, 2019, was as follows:

Realized Gain/(Loss)
Derivative Type	Statements of Operations Location	Interest Rate Risk			Currency Risk			Credit Risk		Total
Core Bond
Futures	Net realized gain/(loss) on: Expiration or closing of futures contracts	$	(859,357	)	$	(226,116	)	$	—	$	(1,085,473	)
Total Realized Gain/(Loss)		$	(859,357	)	$	(226,116	)	$	—	$	(1,085,473	)

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Derivative Type	Statements of Operations Location	Interest Rate Risk			Currency Risk			Credit Risk			Total
Emerging Markets Debt
Futures	Net realized gain/(loss) on: Expiration or closing of futures contracts	$	(801,668	)	$	—		$	—		$	(801,668	)
Forward contracts	Net realized gain/(loss) on: Settlement of forward foreign currency contracts		—			(378,541	)		—			(378,541	)
Swaps	Net realized gain/(loss) on: Expiration or closing of swap contracts		(166,175	)		(80,485	)		(21,462	)		(268,122	)
Total Realized Gain/(Loss)		$	(967,843	)	$	(459,026	)	$	(21,462	)	$	(1,448,331	)
Short Duration
Futures	Net realized gain/(loss) on: Expiration or closing of futures contracts	$	298,521		$	—		$	—		$	298,521
Total Realized Gain/(Loss)		$	298,521		$	—		$	—		$	298,521
Strategic Income
Futures	Net realized gain/(loss) on: Expiration or closing of futures contracts	$	(86,753,398	)	$	89,779		$	—		$	(86,663,619	)
Bond forward contracts	Net realized gain/(loss) on: Settlement of bond forward contracts		368,492			—			—			368,492
Forward contracts	Net realized gain/(loss) on: Settlement of forward foreign currency contracts		—			14,608,706			—			14,608,706
Swaps	Net realized gain/(loss) on: Expiration or closing of swap contracts		—			—			220,213			220,213
Total Realized Gain/(Loss)		$	(86,384,906	)	$	14,698,485		$	220,213		$	(71,466,208	)
Unconstrained Bond
Futures	Net realized gain/(loss) on: Expiration or closing of futures contracts	$	(7,218,044	)	$	—		$	—		$	(7,218,044	)
Forward contracts	Net realized gain/(loss) on: Settlement of forward foreign currency contracts		—			2,691,516			—			2,691,516
Swaps	Net realized gain/(loss) on: Expiration or closing of swap contracts		—			—			(656,829	)		(656,829	)
Total Realized Gain/(Loss)		$	(7,218,044	)	$	2,691,516		$	(656,829	)	$	(5,183,357	)

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Change in Appreciation/(Depreciation)
Derivative Type	Statements of Operations Location	Interest Rate Risk			Currency Risk			Credit Risk			Total
Core Bond
Futures	Change in net unrealized appreciation/(depreciation) in value of: Futures contracts	$	(306,287	)	$	(17,249	)	$	—		$	(323,536	)
Total Change in Appreciation/(Depreciation)		$	(306,287	)	$	(17,249	)	$	—		$	(323,536	)
Emerging Markets Debt
Futures	Change in net unrealized appreciation/(depreciation) in value of: Futures contracts	$	219,635		$	—		$	—		$	219,635
Forward contracts	Change in net unrealized appreciation/(depreciation) in value of: Forward foreign currency contracts		—			581,479			—			581,479
Swaps	Change in net unrealized appreciation/(depreciation) in value of: Swap contracts		1,648,249			(175,693	)		(398,674	)		1,073,882
Total Change in Appreciation/(Depreciation)		$	1,867,884		$	405,786		$	(398,674	)	$	1,874,996
Short Duration
Futures	Change in net unrealized appreciation/(depreciation) in value of: Futures contracts	$	(15,766	)	$	—		$	—		$	(15,766	)
Total Change in Appreciation/(Depreciation)		$	(15,766	)	$	—		$	—		$	(15,766	)
Strategic Income
Futures	Change in net unrealized appreciation/(depreciation) in value of: Futures contracts	$	(13,018,223	)	$	25,334		$	—		$	(12,992,889	)
Bond forward contracts	Change in net unrealized appreciation/(depreciation) in value of: Bond forward contracts		(51,305	)		—			—			(51,305	)
Forward contracts	Change in net unrealized appreciation/(depreciation) in value of: Forward foreign currency contracts		—			(3,389,038	)		—			(3,389,038	)
Total Change in Appreciation/(Depreciation)		$	(13,069,528	)	$	(3,363,704	)	$	—		$	(16,433,232	)

257

Derivative Type	Statements of Operations Location	Interest Rate Risk			Currency Risk			Credit Risk		Total
Unconstrained Bond
Futures	Change in net unrealized appreciation/(depreciation) in value of: Futures contracts	$	(453,807	)	$	—		$	—	$	(453,807	)
Forward contracts	Change in net unrealized appreciation/(depreciation) in value of: Forward foreign currency contracts		—			(1,309,061	)		—		(1,309,061	)
Swaps	Change in net unrealized appreciation/(depreciation) in value of: Swap contracts		(57,796	)		—			36,070		(21,726	)
Total Change in Appreciation/(Depreciation)		$	(511,603	)	$	(1,309,061	)	$	36,070	$	(1,784,594	)

While the Funds may receive redeemable preference shares, rights and warrants in connection with their investments in securities, these preference shares, rights and warrants are not considered "derivative instruments" under ASC 815.

Management has concluded that the Funds, except Core Bond, Emerging Markets Debt, Short Duration, Strategic Income and Unconstrained Bond, did not hold any derivative instruments during the year ended October 31, 2019, that require additional disclosures pursuant to ASC 815.

The Funds are required to disclose both gross and net information for assets and liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. Emerging Markets Debt, Strategic Income and Unconstrained Bond held investments in these securities at October 31, 2019. The Funds' derivative assets and liabilities at fair value by type are reported gross in the Statements of Assets and Liabilities. The following tables present derivative assets and liabilities, by counterparty, net of amounts available for offset under a master netting or similar agreement and net of the related collateral received by a Fund for assets and pledged by a Fund for liabilities as of October 31, 2019.

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities
Emerging Markets Debt
Over-the-counter swap contracts	$	879,168	$	—	$	879,168
Forward contracts		1,222,677		—		1,222,677
Total	$	2,101,845	$	—	$	2,101,845
Strategic Income
Bond forward contracts	$	6,289	$	—	$	6,289
Forward contracts		2,785,266		—		2,785,266
Total	$	2,791,555	$	—	$	2,791,555
Unconstrained Bond
Forward contracts	$	3,940,456	$	—	$	3,940,456
Total	$	3,940,456	$	—	$	3,940,456

258

	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Liabilities Available for Offset			Cash Collateral Received^(a)			Net Amount^(b)
Emerging Markets Debt
CITI	$	225,636	$	(225,636	)	$	—		$	—
GSI		762,866		(568,517	)		(194,349	)		—
HSBC		4,137		(4,137	)		—			—
JPM		646,975		(646,975	)		—			—
MS		89,275		(39,045	)		—			50,230
SCB		245,764		(133,237	)		—			112,527
SSB		127,192		(127,192	)		—			—
Total	$	2,101,845	$	(1,744,739	)	$	(194,349	)	$	162,757
Strategic Income
CITI	$	3,864	$	—		$	—		$	3,864
GSI		2,526,322		(1,864,256	)		(660,000	)		2,066
JPM		48,080		(48,080	)		—			—
MS		18,980		(18,980	)		—			—
SCB		194,309		(112,483	)		—			81,826
Total	$	2,791,555	$	(2,043,799	)	$	(660,000	)	$	87,756
Unconstrained Bond
CITI	$	940,160	$	(856,618	)	$	—		$	83,542
GSI		899,485		(899,485	)		—			—
JPM		596,549		(158,191	)		—			438,358
RBC		480,443		(480,443	)		—			—
SCB		80,010		(80,010	)		—			—
SG		252,143		(252,143	)		—			—
SSB		691,666		(691,666	)		—			—
Total	$	3,940,456	$	(3,418,556	)	$	—		$	521,900

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities
Emerging Markets Debt Fund
Over-the-counter swap contracts	$	(771,950	)	$	—	$	(771,950	)
Forward contracts		(1,061,948	)		—		(1,061,948	)
Total	$	(1,833,898	)	$	—	$	(1,833,898	)
Strategic Income
Bond forward contracts	$	(57,594	)	$	—	$	(57,594	)
Forward contracts		(2,091,200	)		—		(2,091,200	)
Total	$	(2,148,794	)	$	—	$	(2,148,794	)
Unconstrained Bond
Forward contracts	$	(4,501,449	)	$	—	$	(4,501,449	)
Total	$	(4,501,449	)	$	—	$	(4,501,449	)

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	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities			Assets Available for Offset		Cash Collateral Pledged^(a)		Net Amount^(c)
Emerging Markets Debt
CITI	$	(237,947	)	$	225,636	$	—	$	(12,311	)
GSI		(568,517	)		568,517		—		—
HSBC		(13,242	)		4,137		—		(9,105	)
JPM		(678,685	)		646,975		—		(31,710	)
MS		(39,045	)		39,045		—		—
SCB		(133,237	)		133,237		—		—
SSB		(163,225	)		127,192		—		(36,033	)
Total	$	(1,833,898	)	$	1,744,739	$	—	$	(89,159	)
Strategic Income
GSI	$	(1,864,256	)	$	1,864,256	$	—	$	—
JPM		(61,424	)		48,080		13,344		—
MS		(110,631	)		18,980		—		(91,651	)
SCB		(112,483	)		112,483		—		—
Total	$	(2,148,794	)	$	2,043,799	$	13,344	$	(91,651	)
Unconstrained Bond
CITI	$	(856,618	)	$	856,618	$	—	$	—
GSI		(903,774	)		899,485		4,289		—
JPM		(158,191	)		158,191		—		—
RBC		(1,201,609	)		480,443		590,000		(131,166	)
SCB		(215,802	)		80,010		—		(135,792	)
SG		(377,180	)		252,143		—		(125,037	)
SSB		(788,275	)		691,666		—		(96,609	)
Total	$	(4,501,449	)	$	3,418,556	$	594,289	$	(488,604	)

(a) Collateral received (or pledged) is limited to an amount not to exceed 100% of the net amount of assets (or liabilities) in the tables presented above, for each respective counterparty.

(b) Net Amount represents amounts subject to loss as of October 31, 2019, in the event of a counterparty failure.

14 Indemnifications: Like many other companies, the Trust's organizational documents provide that its officers ("Officers") and trustees ("Trustees") are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, both in some of its principal service contracts and in the normal course of its business, the Trust enters into contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Trust's maximum exposure under these arrangements is unknown as this could involve future claims against the Trust.

15 Investment company securities and exchange-traded funds: The Funds may invest in shares of other registered investment companies, including ETFs, within the limitations prescribed by (a) the 1940 Act, (b) the exemptive order from the Securities and Exchange Commission ("SEC") that permits the Funds to invest in both affiliated and unaffiliated investment companies, including ETFs, in excess of the limits in Section 12(d)(1)(A) of the 1940 Act, subject to the terms and conditions of such order, or (c) the ETF's exemptive order or other relief. Some ETFs seek to track the performance of a particular market index. These indices include both broad-based market indices and more narrowly-based indices, including those relating to particular sectors, markets, regions or industries. However, some ETFs have an actively-managed investment objective. ETF shares are traded like

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traditional equity securities on a national securities exchange or NASDAQ. A Fund will indirectly bear its proportionate share of any management fees and other expenses paid by such other investment companies, which will decrease returns.

16 Unfunded loan commitments: The Funds may enter into certain credit agreements all or a portion of which may be unfunded. The Funds are obligated to fund these commitments at the borrower's discretion. As of October 31, 2019, the value of unfunded loan commitments was $53,612 for Floating Rate Income pursuant to the following loan agreement:

Floating Rate Income

Borrower				Principal Amount				Value
Merlin Entertainments PLC, Term Loan B DD, due 10/17/2026^(a)				$	53,434			$	53,612

(a) Variable or floating rate security. The interest rate shown was the current rate as of October 31, 2019 and changes periodically.

17 In-kind redemptions: In accordance with guidelines described in a Fund's prospectus and in accordance with procedures adopted by the Board, a Fund may distribute portfolio securities rather than cash as payment for a redemption of Fund shares ("in-kind redemption"). For financial reporting purposes, a Fund recognizes a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities. Gains and losses realized on in-kind redemptions are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the year ended October 31, 2019, Strategic Income realized a net loss of $(1,794,284) on $31,646,140 of in-kind redemptions.

18 Other: All net investment income and realized and unrealized capital gains and losses of each Fund are allocated, on the basis of relative net assets, pro rata among its respective classes.

Note B—Investment Management Fees, Administration Fees, Distribution Arrangements, and Other Transactions with Affiliates:

Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment management services, each Fund pays NBIA an investment management fee as a percentage of average daily net assets according to the following table:

	First $250 million			Next $250 million			Next $250 million			Next $250 million			Next $500 million			Next $500 million			Thereafter
For Core Bond and Municipal Impact:
		0.25	%		0.25	%		0.225	%		0.225	%		0.20	%		0.175	%		0.15	%
For Emerging Markets Debt:
		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
For Floating Rate Income:
		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
For High Income:
		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
For Municipal High Income:
		0.40	%		0.40	%		0.375	%		0.375	%		0.35	%		0.325	%		0.30	%
For Municipal Intermediate Bond^(a):
		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%

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	First $250 million			Next $250 million			Next $250 million			Next $250 million			Next $500 million			Next $500 million			Thereafter
For Short Duration:
		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%		0.175	%		0.15	%
For Short Duration High Income and Unconstrained Bond:
		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
For Strategic Income:
		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%

(a) 0.23% of the first $500 million, 0.225% for the next $500 million, 0.20% for the next $500 million, 0.175% for the next $500 million and 0.15% in excess of $2 billion prior to September 12, 2019.

Accordingly, for the year ended October 31, 2019, the investment management fee pursuant to the Management Agreement was equivalent to an annual effective rate of each Fund's average daily net assets, as follows:

	Effective Rate
Core Bond		0.25	%
Municipal High Income		0.40	%
Municipal Impact		0.25	%
Municipal Intermediate Bond		0.22	%
Short Duration		0.20	%

Each Fund retains NBIA as its administrator under an Administration Agreement. The administration fee is assessed at the Class level and each share class of a Fund, as applicable, pays NBIA an annual administration fee equal to the following: 0.27% for each of Investor Class, Class A, Class C and Class R3; 0.50% for Trust Class of Short Duration; 0.40% for Trust Class of Strategic Income; 0.15% for Institutional Class; and 0.05% for Class R6 (0.08% prior to December 6, 2018), each as a percentage of its average daily net assets. Additionally, NBIA retains State Street as its sub-administrator under a Sub-Administration Agreement. NBIA pays State Street a fee for all services received under the Sub-Administration Agreement.

NBIA has contractually agreed to waive fees and/or reimburse certain expenses of the Investor Class, Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 of each Fund that offers those classes so that the total annual operating expenses of those classes do not exceed the expense limitations as detailed in the following table. These undertakings exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, and dividend and interest expenses relating to short sales, if any (commitment fees relating to borrowings are treated as interest for purposes of this exclusion) ("annual operating expenses"); consequently, net expenses may exceed the contractual expense limitations.

At October 31, 2019, contingent liabilities to NBIA under the agreements were as follows:

					Expenses Reimbursed in Year Ended October 31,
					2017		2018		2019
					Subject to Repayment until October 31,
Class	Contractual Expense Limitation^(a)			Expiration	2020		2021		2022
Core Bond Investor Class		0.85	%	10/31/22	$	29,581	$	27,349	$	27,317
Core Bond Institutional Class		0.45	%	10/31/22		302,617		325,526		328,676
Core Bond Class A		0.85	%	10/31/22		16,842		13,557		13,844

262

					Expenses Reimbursed in Year Ended October 31,
					2017		2018			2019
					Subject to Repayment until October 31,
Class	Contractual Expense Limitation^(a)			Expiration	2020		2021			2022
Core Bond Class C		1.60	%	10/31/22	$	2,798	$	1,869		$	1,746
Core Bond Class R6		0.35	%	10/31/22		—		—			330	^(b)
Emerging Markets Debt Institutional Class		0.78	%^(c)	10/31/22		347,032		457,406			406,354
Emerging Markets Debt Class A		1.15	%^(c)	10/31/22		1,400		15,759			15,905
Emerging Markets Debt Class C		1.90	%^(c)	10/31/22		499		1,301			930
Floating Rate Income Institutional Class		0.70	%	10/31/22		400,905		475,802			469,596
Floating Rate Income Class A		1.07	%	10/31/22		28,087		30,445			19,217
Floating Rate Income Class C		1.82	%	10/31/22		28,361		26,854			26,631
High Income Investor Class		1.00	%	10/31/22		—		—			—
High Income Institutional Class		0.75	%	10/31/22		—		—			—
High Income Class A		1.12	%	10/31/22		9,011		11,115			16,174
High Income Class C		1.87	%	10/31/22		—		—			—
High Income Class R3		1.37	%	10/31/22		—		—			—
High Income Class R6		0.65	%^(c)	10/31/22		—		—			—
Municipal High Income Institutional Class		0.50	%	10/31/22		343,644		341,403			329,680
Municipal High Income Class A		0.87	%	10/31/22		2,162		2,546			4,413
Municipal High Income Class C		1.62	%	10/31/22		1,262		1,802			2,011
Municipal Impact Institutional Class		0.43	%^(c)	10/31/22		—		162,783			382,133
Municipal Impact Class A		0.80	%	10/31/22		—		89	^(d)		400
Municipal Impact Class C		1.55	%	10/31/22		—		91	^(d)		225
Municipal Intermediate Bond Investor Class		0.45	%^(c)	10/31/22		17,913		18,441			23.657
Municipal Intermediate Bond Institutional Class		0.30	%^(c)	10/31/22		150,041		202,676			248,495
Municipal Intermediate Bond Class A		0.67	%^(c)	10/31/22		4,415		6,691			5,508
Municipal Intermediate Bond Class C		1.42	%^(c)	10/31/22		3,184		3,285			4,287
Short Duration Investor Class		0.59	%^(c)	10/31/22		99,584		102,348			94,340
Short Duration Trust Class		0.69	%^(c)	10/31/22		10,328		11,423			8,902
Short Duration Institutional Class		0.39	%^(c)	10/31/22		204,660		232,853			239,009
Short Duration Class A		0.76	%^(c)	10/31/22		12,847		8,714			6,786
Short Duration Class C		1.51	%^(c)	10/31/22		7,070		5,866			5,488
Short Duration High Income Institutional Class		0.75	%	10/31/22		209,217		234,823			256,499
Short Duration High Income Class A		1.12	%	10/31/22		6,750		5,713			7,033
Short Duration High Income Class C		1.87	%	10/31/22		2,485		3,512			7,021
Strategic Income Trust Class		0.94	%^(c)	10/31/22		9,016		9,494			7,844
Strategic Income Institutional Class		0.59	%^(c)	10/31/22		305,847		540,043			573,799
Strategic Income Class A		0.99	%^(c)	10/31/22		18,909		20,071			13,789
Strategic Income Class C		1.69	%^(c)	10/31/22		66,990		63,520			53,704
Strategic Income Class R6		0.49	%^(c)	10/31/22		40,217		81,957			79,636

263

					Expenses Reimbursed in Year Ended October 31,
					2017		2018		2019
					Subject to Repayment until October 31,
Class	Contractual Expense Limitation^(a)			Expiration	2020		2021		2022
Unconstrained Bond Institutional Class		0.65	%	10/31/22	$	114,474	$	173,383	$	143,135
Unconstrained Bond Class A		1.02	%	10/31/22		3,521		1,991		980
Unconstrained Bond Class C		1.77	%	10/31/22		266		125		161
Unconstrained Bond Class R6		0.55	%^(c)	10/31/22		329,830		213,488		247,848

(a) Expense limitation per annum of the respective class's average daily net assets.

(b) Period from January 18, 2019 (Commencement of Operations) to October 31, 2019.

Class	Expense Limitation			Prior to
Emerging Markets Debt Institutional Class		0.90	%	2/28/17
Emerging Markets Debt Class A		1.27	%	2/28/17
Emerging Markets Debt Class C		2.02	%	2/28/17
High Income Class R6		0.68	%	12/6/18
Municipal Impact Institutional Class		1.00	%	6/18/18
Municipal Intermediate Bond Investor Class		0.65	%	2/28/18
Municipal Intermediate Bond Institutional Class		0.50	%	2/28/18
Municipal Intermediate Bond Class A		0.87	%	2/28/18
Municipal Intermediate Bond Class C		1.62	%	2/28/18
Municipal Intermediate Bond Investor Class		0.58	%	9/12/19
Municipal Intermediate Bond Institutional Class		0.43	%	9/12/19
Municipal Intermediate Bond Class A		0.80	%	9/12/19
Municipal Intermediate Bond Class C		1.55	%	9/12/19
Short Duration Investor Class		0.70	%	2/28/18
Short Duration Trust Class		0.80	%	2/28/18
Short Duration Institutional Class		0.50	%	2/28/18
Short Duration Class A		0.87	%	2/28/18
Short Duration Class C		1.62	%	2/28/18
Strategic Income Trust Class		1.10	%	12/1/16
Strategic Income Institutional Class		0.75	%	12/1/16
Strategic Income Class A		1.15	%	12/1/16
Strategic Income Class C		1.85	%	12/1/16
Strategic Income Class R6		0.68	%	12/1/16
Strategic Income Class R6		0.52	%	12/6/18
Unconstrained Bond Class R6		0.58	%	12/6/18

(d) Period from June 19, 2018 (Commencement of Operations) to October 31, 2018.

Each Fund has agreed that each of its respective classes will repay NBIA for fees and expenses waived or reimbursed for that class provided that repayment does not cause that class's annual operating expenses to exceed

264

its contractual expense limitation in place at the time the fees and expenses were waived or reimbursed, or the expense limitation in place at the time the Fund repays NBIA, whichever is lower. Any such repayment must be made within three years after the year in which NBIA incurred the expense.

During the year ended October 31, 2019, there was no repayment to NBIA under these agreements.

Neuberger Berman Europe Limited ("NBEL"), as the sub-adviser to Emerging Markets Debt and Unconstrained Bond, is retained by NBIA to choose each Fund's investments and handle its day-to-day business for the portion of each Fund's assets allocated to it by NBIA, and receives a monthly fee paid by NBIA. As investment manager, NBIA is responsible for overseeing the investment activities of NBEL. Several individuals who are Officers and/or Trustees of the Trust are also employees of NBEL and/or NBIA.

Each Fund also has a distribution agreement with Neuberger Berman BD LLC (the "Distributor") with respect to each class of shares. The Distributor acts as agent in arranging for the sale of class shares without sales commission or other compensation, except as described below, and bears the advertising and promotion expenses.

However, the Distributor receives fees from Core Bond's Investor Class, Strategic Income's Trust Class, High Income's Class R3, and each Fund's Class A and Class C under their distribution plans (each a "Plan", collectively, the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that, as compensation for administrative and other services provided to these classes, the Distributor's activities and expenses related to the sale and distribution of these classes, and ongoing services provided to investors in these classes, the Distributor receives from each of these respective classes a fee at the annual rate of 0.25% of Core Bond Investor Class', Core Bond Class A's, Emerging Markets Debt Class A's, Floating Rate Income Class A's, High Income Class A's, Municipal High Income Class A's, Municipal Impact Class A's, Municipal Intermediate Bond Class A's, Short Duration Class A's, Short Duration High Income Class A's, Strategic Income Class A's and Unconstrained Bond Class A's average daily net assets; 0.10% of Strategic Income Trust Class' average daily net assets; 0.50% of High Income Class R3's average daily net assets; and 1.00% of Core Bond Class C's, Emerging Markets Debt Class C's, Floating Rate Income Class C's, High Income Class C's, Municipal High Income Class C's, Municipal Impact Class C's, Municipal Intermediate Bond Class C's, Short Duration Class C's, Short Duration High Income Class C's, Strategic Income Class C's and Unconstrained Bond Class C's average daily net assets. The Distributor receives this amount to provide distribution and shareholder servicing for these classes and pays a portion of it to institutions that provide such services. Those institutions may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing. The amount of fees paid by each class during any year may be more or less than the cost of distribution and other services provided to that class. FINRA rules limit the amount of annual distribution fees that may be paid by a mutual fund and impose a ceiling on the cumulative distribution fees paid. The Trust's Plans comply with those rules.

Class A shares of each Fund (except Short Duration) are generally sold with an initial sales charge of up to 4.25%. Class A shares of Short Duration are generally sold with an initial sales charge of up to 2.50%. Class A shares of each Fund are generally sold with no contingent deferred sales charge ("CDSC"), except that a CDSC of 1.00% applies to certain redemptions made within 18 months following purchases of $1 million or more without an initial sales charge. Class C shares of each Fund are sold with no initial sales charge and a 1.00% CDSC if shares are sold within one year after purchase.

For the year ended October 31, 2019, Neuberger Berman, acting as underwriter and broker-dealer, received net initial sales charges from the purchase of Class A shares and CDSCs from the redemption of Class A and Class C shares as follows:

	Underwriter				Broker-Dealer
	Net Initial Sales Charge		CDSC		Net Initial Sales Charges		Net Initial Sales Charges
Core Bond Class A	$	155	$	—	$	—	$	—
Core Bond Class C		—		416		—		—

265

	Underwriter				Broker-Dealer
	Net Initial Sales Charge		CDSC		Net Initial Sales Charges		Net Initial Sales Charges
Emerging Markets Debt Class A	$	289	$	—	$	—	$	—
Emerging Markets Debt Class C		—		—		—		—
Floating Rate Income Class A		396		—		—		—
Floating Rate Income Class C		—		567		—		—
High Income Class A		219		—		—		—
High Income Class C		—		1,436		—		—
Municipal High Income Class A		817		—		—		—
Municipal High Income Class C		—		1,753		—		—
Municipal Impact Class A		115		—		—		—
Municipal Impact Class C		—		—		—		—
Municipal Intermediate Bond Class A		—		—		—		—
Municipal Intermediate Bond Class C		—		1,818		—		—
Short Duration Class A		393		—		—		—
Short Duration Class C		—		—		—		—
Short Duration High Income Class A		—		—		—		—
Short Duration High Income Class C		—		—		—		—
Strategic Income Class A		32,909		—		—		—
Strategic Income Class C		—		29,691		—		—
Unconstrained Bond Class A		—		—		—		—
Unconstrained Bond Class C		—		—		—		—

Note C—Securities Transactions:

During the year ended October 31, 2019, there were purchase and sale transactions of long-term securities (excluding swaps, bond forwards, forward contracts and futures) as follows:

	Purchases of U.S. Government and Agency Obligations		Purchases excluding U.S. Government and Agency Obligations		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities excluding U.S. Government and Agency Obligations
Core Bond	$	566,401,703	$	159,355,527	$	618,770,385	$	176,405,362
Emerging Markets Debt		—		120,819,953		—		154,393,301
Floating Rate Income		—		162,076,948		—		303,309,776
High Income		—		2,306,671,480		—		2,064,891,929
Municipal High Income		—		142,787,649		—		107,223,920
Municipal Impact		—		58,980,052		—		56,090,727
Municipal Intermediate Bond		—		187,896,304		—		221,165,082
Short Duration		30,365,454		82,557,727		30,354,664		78,222,006
Short Duration High Income		—		30,926,776		—		79,106,458
Strategic Income		8,631,974,442		1,744,092,483		8,820,270,506		2,098,686,089
Unconstrained Bond		41,929,354		25,331,920		55,350,229		55,876,163

During the year ended October 31, 2019, no brokerage commissions on securities transactions were paid to affiliated brokers.

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Note D—Fund Share Transactions:

Share activity for the years ended October 31, 2019, and October 31, 2018, was as follows:

	For the Year Ended October 31, 2019										For the Year Ended October 31, 2018
	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total			Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total
Core Bond
Investor Class		129,288		27,784		(81,520	)		75,552			82,477		23,386		(163,920	)		(58,057	)
Institutional Class		11,669,819		693,274		(18,958,065	)		(6,594,972	)		17,163,495		708,830		(12,431,092	)		5,441,233
Class A		544,560		52,162		(623,991	)		(27,269	)		207,834		49,606		(562,776	)		(305,336	)
Class C		69,568		3,489		(90,610	)		(17,553	)		25,131		3,831		(121,673	)		(92,711	)
Class R6^(a)		319,888		—		(408	)		319,480			—		—		—			—
Emerging Markets Debt
Institutional Class		7,343,891		1,181,758		(14,437,586	)		(5,911,937	)		10,084,579		1,231,630		(14,503,409	)		(3,187,200	)
Class A		254,996		40,054		(1,016,665	)		(721,615	)		1,167,464		37,820		(147,859	)		1,057,425
Class C		2,973		1,715		(22,545	)		(17,857	)		51,212		2,148		(53,869	)		(509	)
Floating Rate Income
Institutional Class		15,712,965		1,367,567		(29,270,410	)		(12,189,878	)		17,295,268		1,336,506		(18,565,746	)		66,028
Class A		163,715		36,745		(1,573,396	)		(1,372,936	)		850,847		57,243		(600,153	)		307,937
Class C		27,499		39,781		(548,500	)		(481,220	)		154,712		38,496		(574,130	)		(380,922	)
High Income
Investor Class		661,267		546,182		(2,302,538	)		(1,095,089	)		810,778		601,850		(3,041,624	)		(1,628,996	)
Institutional Class		130,670,292		7,364,804		(109,461,663	)		28,573,433			34,807,312		7,202,408		(70,709,757	)		(28,700,037	)
Class A		8,715,029		182,231		(10,448,641	)		(1,551,381	)		5,862,345		276,327		(10,381,148	)		(4,242,476	)
Class C		77,119		45,135		(631,901	)		(509,647	)		56,654		59,002		(886,365	)		(770,709	)
Class R3		253,610		22,174		(203,094	)		72,690			302,105		55,536		(1,340,945	)		(983,304	)
Class R6		21,665,740		4,536,329		(23,859,026	)		2,343,043			12,775,937		5,957,557		(104,223,985	)		(85,490,491	)
Municipal High Income
Institutional Class		4,714,758		306,240		(2,195,158	)		2,825,840			1,800,198		323,981		(2,775,585	)		(651,406	)
Class A		147,521		2,256		(126,447	)		23,330			98,084		1,402		(42,363	)		57,123
Class C		39,174		1,166		(24,777	)		15,563			17,352		1,081		(42,984	)		(24,551	)
Municipal Impact
Institutional Class		369,153		72,147		(250,539	)		190,761			6,964		76,973		(371,954	)		(288,017	)
Class A		2,985		35		(32	)		2,988			1,479		—		—			1,479	^(b)
Class C		—		—		—			—			1,479		—		—			1,479	^(b)

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	For the Year Ended October 31, 2019										For the Year Ended October 31, 2018
	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total			Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total
Municipal Intermediate Bond
Investor Class		222,174		23,837		(266,656	)		(20,645	)		74,609		23,669		(140,571	)		(42,293	)
Institutional Class		2,275,975		66,834		(5,143,138	)		(2,800,329	)		3,995,544		169,707		(3,172,491	)		992,760
Class A		18,211		7,453		(446,656	)		(420,992	)		169,612		11,947		(179,398	)		2,161
Class C		18,865		2,677		(87,660	)		(66,118	)		55,735		2,723		(44,542	)		13,916
Short Duration
Investor Class		297,520		66,255		(293,763	)		70,012			147,859		51,115		(552,273	)		(353,299	)
Trust Class		23,502		6,290		(49,886	)		(20,094	)		110,271		5,879		(139,859	)		(23,709	)
Institutional Class		4,467,502		215,326		(4,596,654	)		86,174			4,232,778		155,183		(6,588,355	)		(2,200,394	)
Class A		494,831		4,791		(594,127	)		(94,505	)		431,181		3,062		(572,912	)		(138,669	)
Class C		81,042		2,283		(58,438	)		24,887			25,227		1,310		(79,339	)		(52,802	)
Short Duration High Income
Institutional Class		1,110,991		223,973		(6,662,034	)		(5,327,070	)		3,878,638		355,700		(7,680,206	)		(3,445,868	)
Class A		23,186		4,552		(28,574	)		(836	)		21,586		6,703		(177,501	)		(149,212	)
Class C		32,490		3,903		(31,114	)		5,279			10,900		3,395		(24,398	)		(10,103	)
Strategic Income
Trust Class		269,644		35,070		(1,354,937	)		(1,050,223	)		634,575		60,075		(655,803	)		38,847
Institutional Class		81,372,377		6,680,421		(82,606,322	)		5,446,476			83,678,291		6,394,883		(63,966,130	)		26,107,044
Class A		5,651,265		317,392		(10,781,417	)		(4,812,760	)		5,113,702		526,205		(7,800,265	)		(2,160,358	)
Class C		1,294,692		240,429		(3,900,160	)		(2,365,039	)		1,390,919		287,177		(3,638,900	)		(1,960,804	)
Class R6		7,388,299		1,168,591		(13,979,131	)		(5,422,241	)		5,242,469		1,231,503		(1,504,001	)		4,969,971
Unconstrained Bond
Institutional Class		1,321,192		129,007		(3,762,920	)		(2,312,721	)		1,971,052		111,188		(2,236,591	)		(154,351	)
Class A		9,546		139		(34,285	)		(24,600	)		7,938		803		(15,168	)		(6,427	)
Class C		267		11		(1	)		277			340		3		(1,215	)		(872	)
Class R6		58,414		215,515		(2,496,965	)		(2,223,036	)		168,935		142,056		(87,112	)		223,879

(a) Period from January 18, 2019 (Commencement of Operations) to October 31, 2019.

(b) Period from June 19, 2018 (Commencement of Operations) to October 31, 2018.

Note E—Line of Credit:

At October 31, 2019, each Fund was a participant in a syndicated committed, unsecured $700,000,000 line of credit (the "Credit Facility"), to be used only for temporary or emergency purposes. Series of other investment

268

companies managed by NBIA also participate in this line of credit on substantially the same terms. Interest is charged on borrowings under this Credit Facility at the highest of (a) a federal funds effective rate plus 1.00% per annum, (b) a Eurodollar rate for a one-month period plus 1.00% per annum, and (c) an overnight bank funding rate plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. Each Fund that is a participant has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due, and interest charged on any borrowing made by such Fund and other costs incurred by such Fund. Because several mutual funds participate in the Credit Facility, there is no assurance that an individual Fund will have access to all or any part of the $700,000,000 at any particular time. There were no loans outstanding under the Credit Facility at October 31, 2019.

During the year ended October 31, 2019, the following Fund had borrowings under the Credit Facility:

Fund				Number of Days Borrowed				Greatest Amount Borrowed				Average Interest Rate				Interest Paid⁽¹⁾
Floating Rate Income					11			$	40,000,000				3.37	%		$	25,503

(1) Interest paid is reflected in the Statements of Operations under the caption "Interest expense."

Note F—Investments in Affiliates^(a):

At October 31, 2019, the following Funds were held by other affiliated funds which are also managed by NBIA:

	Held by	Percentage of Outstanding Shares Held
Emerging Markets Debt	Neuberger Berman Global Allocation Fund		0.13	%
Emerging Markets Debt	Neuberger Berman Multi-Asset Income Fund		0.40	%
Floating Rate Income	Neuberger Berman Global Allocation Fund		0.17	%
Floating Rate Income	Neuberger Berman Multi-Asset Income Fund		0.57	%
High Income	Neuberger Berman Global Allocation Fund		0.03	%
High Income	Neuberger Berman Multi-Asset Income Fund		0.06	%
Short Duration High Income	Neuberger Berman Global Allocation Fund		0.59	%

In addition, at October 31, 2019, affiliated persons, as defined in the 1940 Act, owned 0.34%, 8.02%, 6.83%, 2.63%, 0.04%, 0.09%, 0.00%, 13.84%, 0.48% and 0.17% of the outstanding shares of Core Bond, Emerging Markets Debt, Floating Rate Income, High Income, Municipal High Income, Municipal Impact, Municipal Intermediate Bond, Short Duration High Income, Strategic Income, and Unconstrained Bond, respectively.

(a) Affiliated persons, as defined in the 1940 Act.

Note G—Legal Matters:

On June 1, 2015, High Income was served with a lawsuit filed in the United States Bankruptcy Court for the Southern District of New York, entitled Motors Liquidation Company Avoidance Action Trust vs. JPMorgan Chase Bank, N.A. et al. and numbered Adv. No. 09-00504 (MG). In addition to the Fund, the lawsuit also named over five hundred other institutional investors as defendants. The lawsuit did not allege any misconduct by the defendants, but sought to recover payments made by General Motors Corporation (n/k/a Motors Liquidation Company) and its affiliates (collectively, "GM") to the defendants shortly prior to and after GM's Chapter 11 bankruptcy filing on June 1, 2009 (the "Petition Date"). The complaint alleged that GM made the payments to the defendants under a certain term loan agreement, dated as of November 29, 2006, as amended by that first

269

amendment dated as of March 4, 2009 (the "Term Loan Agreement"); that the payments occurred both during the ninety (90) days prior to the Petition Date (the "Prepetition Transfer") and after the Petition Date when all amounts due under the Term Loan Agreement were paid in full in connection with GM's postpetition financing (the "Postpetition Transfer"); that the lien purportedly securing the Term Loan Agreement was not perfected as of the Petition Date; and that the lenders under the Term Loan Agreement should therefore have been treated as unsecured creditors rather than paid in full as secured creditors. The plaintiff sought avoidance of the lien securing the Term Loan Agreement as unperfected under Section 544(a) of the Bankruptcy Code; disgorgement of all amounts paid to the defendants as Postpetition Transfer (plus interest) under Section 549 of the Bankruptcy Code; and disallowance of any bankruptcy claims of the defendants against GM until they repay all such amounts under Section 502(d) of the Bankruptcy Code. On February 1, 2019, the parties informed the Bankruptcy Court that they reached an agreement on terms to resolve the lawsuit. On May 10, 2019, the settlement agreement was signed by all the parties necessary to commence the Bankruptcy Court approval process. The Bankruptcy Court entered an order approving the settlement agreement on June 13, 2019 and as part of the settlement the Fund was reimbursed a percentage of the legal expenses incurred in defending the lawsuit (approximately $23,416).

Note H—Recent Accounting Pronouncements:

In March 2017, FASB issued Accounting Standards Update No. 2017-08, "Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities" ("ASU 2017-08"). ASU 2017-08 shortens the amortization period to the earliest call date for certain purchased callable debt securities held at a premium. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact of applying this guidance.

In August 2018, FASB issued Accounting Standards Update No. 2018-13, "Fair Value Measurement (Topic 820: Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement") ("ASU 2018-13"). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. ASU 2018-13 will require the disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements and the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 will also require that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and allows for early adoption of either the entire standard or only the provisions that eliminate or modify the disclosure requirements. Management has elected to adopt early the provisions that eliminate the disclosure requirements. Management is still currently evaluating the impact of applying the rest of the guidance.

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Financial Highlights

The following tables include selected data for a share outstanding throughout each period and other performance information
derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00),
respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. Net Asset
amounts with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A "—" indicates that the line
item was not applicable in the corresponding period.

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital			Total Distributions
Core Bond Fund
Investor Class
10/31/2019	$	9.77	$	0.26	$	0.78		$	1.04		$	(0.24	)	$	—		$	(0.06	)	$	(0.30	)
10/31/2018	$	10.31	$	0.23	$	(0.52	)	$	(0.29	)	$	(0.22	)	$	—		$	(0.03	)	$	(0.25	)
10/31/2017	$	10.54	$	0.20	$	(0.15	)	$	0.05		$	(0.19	)	$	(0.06	)	$	(0.03	)	$	(0.28	)
10/31/2016	$	10.37	$	0.21	$	0.22		$	0.43		$	(0.22	)	$	(0.04	)	$	—		$	(0.26	)
10/31/2015	$	10.50	$	0.22	$	(0.09	)	$	0.13		$	(0.19	)	$	(0.07	)	$	—		$	(0.26	)
Institutional Class
10/31/2019	$	9.79	$	0.30	$	0.79		$	1.09		$	(0.29	)	$	—		$	(0.06	)	$	(0.35	)
10/31/2018	$	10.34	$	0.28	$	(0.54	)	$	(0.26	)	$	(0.26	)	$	—		$	(0.03	)	$	(0.29	)
10/31/2017	$	10.57	$	0.24	$	(0.15	)	$	0.09		$	(0.23	)	$	(0.06	)	$	(0.03	)	$	(0.32	)
10/31/2016	$	10.39	$	0.25	$	0.23		$	0.48		$	(0.26	)	$	(0.04	)	$	—		$	(0.30	)
10/31/2015	$	10.52	$	0.26	$	(0.08	)	$	0.18		$	(0.24	)	$	(0.07	)	$	—		$	(0.31	)
Class A
10/31/2019	$	9.76	$	0.26	$	0.78		$	1.04		$	(0.24	)	$	—		$	(0.06	)	$	(0.30	)
10/31/2018	$	10.30	$	0.23	$	(0.52	)	$	(0.29	)	$	(0.22	)	$	—		$	(0.03	)	$	(0.25	)
10/31/2017	$	10.53	$	0.20	$	(0.15	)	$	0.05		$	(0.19	)	$	(0.06	)	$	(0.03	)	$	(0.28	)
10/31/2016	$	10.35	$	0.21	$	0.23		$	0.44		$	(0.22	)	$	(0.04	)	$	—		$	(0.26	)
10/31/2015	$	10.49	$	0.22	$	(0.10	)	$	0.12		$	(0.19	)	$	(0.07	)	$	—		$	(0.26	)
Class C
10/31/2019	$	9.77	$	0.19	$	0.78		$	0.97		$	(0.17	)	$	—		$	(0.06	)	$	(0.23	)
10/31/2018	$	10.31	$	0.16	$	(0.52	)	$	(0.36	)	$	(0.15	)	$	—		$	(0.03	)	$	(0.18	)
10/31/2017	$	10.54	$	0.13	$	(0.16	)	$	(0.03	)	$	(0.11	)	$	(0.06	)	$	(0.03	)	$	(0.20	)
10/31/2016	$	10.36	$	0.13	$	0.23		$	0.36		$	(0.14	)	$	(0.04	)	$	—		$	(0.18	)
10/31/2015	$	10.50	$	0.14	$	(0.09	)	$	0.05		$	(0.12	)	$	(0.07	)	$	—		$	(0.19	)
Class R6
Period from 1/18/2019^{^} to 10/31/2019	$	9.93	$	0.24	$	0.65		$	0.89		$	(0.23	)	$	—		$	(0.06	)	$	(0.29	)

See Notes to Financial Highlights

272

	Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^a			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Core Bond Fund
Investor Class
10/31/2019	$	—	$	10.51		10.81	%^b	$	11.3		1.12	%		0.85	%		2.60	%		147	%^c
10/31/2018	$	—	$	9.77		(2.83	)%^b	$	9.8		1.12	%		0.86	%		2.32	%		136	%^c
10/31/2017	$	—	$	10.31		0.54	%^b	$	11.0		1.13	%		0.86	%		1.97	%		175	%^c
10/31/2016	$	—	$	10.54		4.16	%^b	$	12.1		1.15	%		0.86	%		2.00	%		148	%^c
10/31/2015	$	—	$	10.37		1.28	%	$	12.5		1.14	%		0.85	%		2.08	%		125	%^c
Institutional Class
10/31/2019	$	—	$	10.53		11.24	%^b	$	332.3		0.55	%		0.45	%		2.98	%		147	%^c
10/31/2018	$	—	$	9.79		(2.52	)%^b	$	373.3		0.54	%		0.46	%		2.73	%		136	%^c
10/31/2017	$	—	$	10.34		0.95	%^b	$	338.0		0.55	%		0.46	%		2.37	%		175	%^c
10/31/2016	$	—	$	10.57		4.67	%^b	$	320.6		0.59	%		0.46	%		2.40	%		148	%^c
10/31/2015	$	—	$	10.39		1.69	%	$	240.3		0.61	%		0.45	%		2.49	%		125	%^c
Class A
10/31/2019	$	—	$	10.50		10.82	%^b	$	19.4		0.93	%		0.85	%		2.60	%		147	%^c
10/31/2018	$	—	$	9.76		(2.83	)%^b	$	18.3		0.92	%		0.86	%		2.32	%		136	%^c
10/31/2017	$	—	$	10.30		0.54	%^b	$	22.4		0.93	%		0.86	%		1.96	%		175	%^c
10/31/2016	$	—	$	10.53		4.26	%^b	$	25.9		0.98	%		0.86	%		2.01	%		148	%^c
10/31/2015	$	—	$	10.35		1.18	%	$	30.5		1.00	%		0.85	%		2.08	%		125	%^c
Class C
10/31/2019	$	—	$	10.51		9.99	%^b	$	2.2		1.68	%		1.60	%		1.85	%		147	%^c
10/31/2018	$	—	$	9.77		(3.55	)%^b	$	2.2		1.67	%		1.61	%		1.56	%		136	%^c
10/31/2017	$	—	$	10.31		(0.21	)%^b	$	3.3		1.68	%		1.61	%		1.22	%		175	%^c
10/31/2016	$	—	$	10.54		3.49	%^b	$	4.9		1.72	%		1.61	%		1.25	%		148	%^c
10/31/2015	$	—	$	10.36		0.43	%	$	3.4		1.75	%		1.60	%		1.33	%		125	%^c
Class R6
Period from 1/18/2019^{^} to 10/31/2019	$	—	$	10.53		9.06	%^b*	$	3.4		0.50	%**		0.36	%**		2.94	%**		147	%^{c^^}

273

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital			Total Distributions
Emerging Markets Debt Fund
Institutional Class
10/31/2019	$	8.03	$	0.45	$	0.59		$	1.04		$	(0.27	)	$	—		$	(0.17	)	$	(0.44	)
10/31/2018	$	9.02	$	0.46	$	(0.99	)	$	(0.53	)	$	(0.29	)	$	—		$	(0.17	)	$	(0.46	)
10/31/2017	$	8.90	$	0.48	$	0.10		$	0.58		$	(0.42	)	$	—		$	(0.04	)	$	(0.46	)
10/31/2016	$	8.41	$	0.51	$	0.48		$	0.99		$	—		$	—		$	(0.50	)	$	(0.50	)
10/31/2015	$	9.94	$	0.48	$	(1.52	)	$	(1.04	)	$	(0.08	)	$	(0.01	)	$	(0.40	)	$	(0.49	)
Class A
10/31/2019	$	8.02	$	0.42	$	0.59		$	1.01		$	(0.24	)	$	—		$	(0.17	)	$	(0.41	)
10/31/2018	$	9.01	$	0.42	$	(0.98	)	$	(0.56	)	$	(0.26	)	$	—		$	(0.17	)	$	(0.43	)
10/31/2017	$	8.90	$	0.46	$	0.08		$	0.54		$	(0.39	)	$	—		$	(0.04	)	$	(0.43	)
10/31/2016	$	8.41	$	0.47	$	0.49		$	0.96		$	—		$	—		$	(0.47	)	$	(0.47	)
10/31/2015	$	9.94	$	0.45	$	(1.52	)	$	(1.07	)	$	(0.08	)	$	(0.01	)	$	(0.37	)	$	(0.46	)
Class C
10/31/2019	$	8.02	$	0.36	$	0.59		$	0.95		$	(0.18	)	$	—		$	(0.17	)	$	(0.35	)
10/31/2018	$	9.01	$	0.36	$	(0.99	)	$	(0.63	)	$	(0.19	)	$	—		$	(0.17	)	$	(0.36	)
10/31/2017	$	8.90	$	0.38	$	0.09		$	0.47		$	(0.32	)	$	—		$	(0.04	)	$	(0.36	)
10/31/2016	$	8.41	$	0.41	$	0.49		$	0.90		$	—		$	—		$	(0.41	)	$	(0.41	)
10/31/2015	$	9.94	$	0.38	$	(1.52	)	$	(1.14	)	$	(0.06	)	$	(0.01	)	$	(0.32	)	$	(0.39	)
Floating Rate Income Fund
Institutional Class
10/31/2019	$	9.85	$	0.50	$	(0.30	)	$	0.20		$	(0.50	)	$	—		$	—		$	(0.50	)
10/31/2018	$	9.94	$	0.43	$	(0.09	)	$	0.34		$	(0.43	)	$	—		$	—		$	(0.43	)
10/31/2017	$	9.90	$	0.36	$	0.04		$	0.40		$	(0.36	)	$	—		$	(0.00	)	$	(0.36	)
10/31/2016	$	9.86	$	0.39	$	0.04		$	0.43		$	(0.39	)	$	—		$	(0.00	)	$	(0.39	)
10/31/2015	$	10.11	$	0.40	$	(0.25	)	$	0.15		$	(0.40	)	$	—		$	—		$	(0.40	)
Class A
10/31/2019	$	9.85	$	0.46	$	(0.29	)	$	0.17		$	(0.47	)	$	—		$	—		$	(0.47	)
10/31/2018	$	9.94	$	0.39	$	(0.09	)	$	0.30		$	(0.39	)	$	—		$	—		$	(0.39	)
10/31/2017	$	9.90	$	0.32	$	0.05		$	0.37		$	(0.33	)	$	—		$	(0.00	)	$	(0.33	)
10/31/2016	$	9.85	$	0.35	$	0.05		$	0.40		$	(0.35	)	$	—		$	(0.00	)	$	(0.35	)
10/31/2015	$	10.11	$	0.36	$	(0.26	)	$	0.10		$	(0.36	)	$	—		$	—		$	(0.36	)

See Notes to Financial Highlights

274

	Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^a			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Emerging Markets Debt Fund
Institutional Class
10/31/2019	$	—	$	8.63		13.26	%	$	158.5		1.00	%		0.79	%		5.36	%		68	%
10/31/2018	$	—	$	8.03		(6.15	)%	$	194.8		1.00	%		0.79	%		5.28	%		86	%
10/31/2017	$	—	$	9.02		6.77	%	$	247.7		1.02	%		0.81	%		5.41	%		64	%
10/31/2016	$	—	$	8.90		12.17	%	$	120.2		1.21	%		0.91	%		5.92	%		80	%
10/31/2015	$	0.00	$	8.41		(10.64	)%^d	$	168.7		1.07	%		0.90	%		5.35	%		100	%
Class A
10/31/2019	$	—	$	8.62		12.85	%	$	3.2		1.38	%		1.16	%		5.01	%		68	%
10/31/2018	$	—	$	8.02		(6.51	)%	$	8.8		1.39	%		1.16	%		4.88	%		86	%
10/31/2017	$	—	$	9.01		6.26	%	$	0.4		1.42	%		1.16	%		5.04	%		64	%
10/31/2016	$	—	$	8.90		11.76	%	$	0.1		1.73	%		1.28	%		5.56	%		80	%
10/31/2015	$	0.00	$	8.41		(10.96	)%^d	$	0.2		1.53	%		1.27	%		5.04	%		100	%
Class C
10/31/2019	$	—	$	8.62		12.01	%	$	0.4		2.14	%		1.91	%		4.25	%		68	%
10/31/2018	$	—	$	8.02		(7.21	)%	$	0.5		2.14	%		1.91	%		4.15	%		86	%
10/31/2017	$	—	$	9.01		5.47	%	$	0.5		2.13	%		1.90	%		4.31	%		64	%
10/31/2016	$	—	$	8.90		10.93	%	$	0.3		2.36	%		2.03	%		4.80	%		80	%
10/31/2015	$	0.00	$	8.41		(11.64	)%^d	$	0.3		2.21	%		2.02	%		4.23	%		100	%
Floating Rate Income Fund
Institutional Class
10/31/2019	$	—	$	9.55		2.12	%	$	206.8		0.89	%		0.71	%		5.16	%		60	%
10/31/2018	$	—	$	9.85		3.45	%	$	333.4		0.85	%		0.70	%		4.31	%		55	%
10/31/2017	$	—	$	9.94		4.14	%	$	335.8		0.82	%		0.70	%		3.67	%		76	%
10/31/2016	$	—	$	9.90		4.52	%	$	254.4		0.92	%		0.70	%		4.01	%		64	%
10/31/2015	$	—	$	9.86		1.48	%	$	294.0		0.84	%		0.70	%		3.96	%		44	%
Class A
10/31/2019	$	—	$	9.55		1.75	%	$	6.5		1.29	%		1.08	%		4.80	%		60	%
10/31/2018	$	—	$	9.85		3.07	%	$	20.3		1.23	%		1.07	%		3.94	%		55	%
10/31/2017	$	—	$	9.94		3.76	%	$	17.4		1.21	%		1.07	%		3.27	%		76	%
10/31/2016	$	—	$	9.90		4.24	%	$	23.3		1.31	%		1.07	%		3.65	%		64	%
10/31/2015	$	—	$	9.85		1.00	%	$	21.1		1.22	%		1.07	%		3.61	%		44	%

275

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital			Total Distributions
Floating Rate Income Fund (cont'd)
Class C
10/31/2019	$	9.85	$	0.39	$	(0.30	)	$	0.09		$	(0.39	)	$	—		$	—		$	(0.39	)
10/31/2018	$	9.94	$	0.31	$	(0.08	)	$	0.23		$	(0.32	)	$	—		$	—		$	(0.32	)
10/31/2017	$	9.90	$	0.25	$	0.04		$	0.29		$	(0.25	)	$	—		$	(0.00	)	$	(0.25	)
10/31/2016	$	9.86	$	0.28	$	0.04		$	0.32		$	(0.28	)	$	—		$	(0.00	)	$	(0.28	)
10/31/2015	$	10.11	$	0.29	$	(0.25	)	$	0.04		$	(0.29	)	$	—		$	—		$	(0.29	)
High Income Bond Fund
Investor Class
10/31/2019	$	8.35	$	0.46	$	0.17		$	0.63		$	(0.46	)	$	—		$	—		$	(0.46	)
10/31/2018	$	8.79	$	0.45	$	(0.44	)	$	0.01		$	(0.45	)	$	—		$	—		$	(0.45	)
10/31/2017	$	8.68	$	0.47	$	0.11		$	0.58		$	(0.47	)	$	—		$	—		$	(0.47	)
10/31/2016	$	8.50	$	0.46	$	0.18		$	0.64		$	(0.46	)	$	—		$	—		$	(0.46	)
10/31/2015	$	9.28	$	0.48	$	(0.72	)	$	(0.24	)	$	(0.48	)	$	(0.06	)	$	—		$	(0.54	)
Institutional Class
10/31/2019	$	8.36	$	0.47	$	0.17		$	0.64		$	(0.47	)	$	—		$	—		$	(0.47	)
10/31/2018	$	8.80	$	0.47	$	(0.44	)	$	0.03		$	(0.47	)	$	—		$	—		$	(0.47	)
10/31/2017	$	8.70	$	0.48	$	0.10		$	0.58		$	(0.48	)	$	—		$	—		$	(0.48	)
10/31/2016	$	8.51	$	0.48	$	0.18		$	0.66		$	(0.47	)	$	—		$	—		$	(0.47	)
10/31/2015	$	9.29	$	0.50	$	(0.72	)	$	(0.22	)	$	(0.50	)	$	(0.06	)	$	—		$	(0.56	)
Class A
10/31/2019	$	8.35	$	0.44	$	0.16		$	0.60		$	(0.43	)	$	—		$	—		$	(0.43	)
10/31/2018	$	8.79	$	0.43	$	(0.44	)	$	(0.01	)	$	(0.43	)	$	—		$	—		$	(0.43	)
10/31/2017	$	8.68	$	0.44	$	0.11		$	0.55		$	(0.44	)	$	—		$	—		$	(0.44	)
10/31/2016	$	8.50	$	0.44	$	0.18		$	0.62		$	(0.44	)	$	—		$	—		$	(0.44	)
10/31/2015	$	9.28	$	0.47	$	(0.73	)	$	(0.26	)	$	(0.46	)	$	(0.06	)	$	—		$	(0.52	)
Class C
10/31/2019	$	8.36	$	0.38	$	0.18		$	0.56		$	(0.38	)	$	—		$	—		$	(0.38	)
10/31/2018	$	8.81	$	0.37	$	(0.45	)	$	(0.08	)	$	(0.37	)	$	—		$	—		$	(0.37	)
10/31/2017	$	8.70	$	0.38	$	0.11		$	0.49		$	(0.38	)	$	—		$	—		$	(0.38	)
10/31/2016	$	8.51	$	0.38	$	0.19		$	0.57		$	(0.38	)	$	—		$	—		$	(0.38	)
10/31/2015	$	9.29	$	0.40	$	(0.72	)	$	(0.32	)	$	(0.40	)	$	(0.06	)	$	—		$	(0.46	)

See Notes to Financial Highlights

276

	Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^a			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Floating Rate Income Fund (cont'd)
Class C
10/31/2019	$	—	$	9.55		0.99	%	$	11.6		2.02	%		1.84	%		4.07	%		60	%
10/31/2018	$	—	$	9.85		2.30	%	$	16.7		1.97	%		1.82	%		3.17	%		55	%
10/31/2017	$	—	$	9.94		2.99	%	$	20.6		1.95	%		1.82	%		2.53	%		76	%
10/31/2016	$	—	$	9.90		3.36	%	$	24.6		2.05	%		1.82	%		2.91	%		64	%
10/31/2015	$	—	$	9.86		0.35	%	$	27.2		1.96	%		1.82	%		2.86	%		44	%
High Income Bond Fund
Investor Class
10/31/2019	$	—	$	8.52		7.72	%	$	86.0		0.86	%		0.86	%		5.44	%		96	%
10/31/2018	$	—	$	8.35		0.14	%^b	$	93.4		0.85	%		0.85	%		5.28	%		46	%
10/31/2017	$	—	$	8.79		6.84	%^bf	$	112.7		0.84	%		0.80	%^e		5.38	%^e		62	%
10/31/2016	$	—	$	8.68		7.90	%^b	$	134.8		0.83	%		0.83	%		5.54	%		72	%
10/31/2015	$	—	$	8.50		(2.61	)%	$	182.1		0.83	%		0.83	%		5.42	%		54	%
Institutional Class
10/31/2019	$	—	$	8.53		7.89	%	$	1,471.8		0.70	%		0.70	%		5.60	%		96	%
10/31/2018	$	—	$	8.36		0.31	%^b	$	1,202.7		0.69	%		0.69	%		5.44	%		46	%
10/31/2017	$	—	$	8.80		6.82	%^bf	$	1,519.4		0.70	%		0.70	%^e		5.49	%^e		62	%
10/31/2016	$	—	$	8.70		8.17	%^b	$	3,067.9		0.69	%		0.69	%		5.67	%		72	%
10/31/2015	$	—	$	8.51		(2.46	)%	$	2,056.5		0.69	%		0.69	%		5.56	%		54	%
Class A
10/31/2019	$	—	$	8.52		7.43	%	$	25.1		1.17	%		1.12	%		5.23	%		96	%
10/31/2018	$	—	$	8.35		(0.13	)%^b	$	37.6		1.14	%		1.12	%		4.98	%		46	%
10/31/2017	$	—	$	8.79		6.49	%^bf	$	76.8		1.14	%		1.12	%^e		5.05	%^e		62	%
10/31/2016	$	—	$	8.68		7.65	%^b	$	93.3		1.07	%		1.07	%		5.30	%		72	%
10/31/2015	$	—	$	8.50		(2.86	)%	$	102.1		1.08	%		1.08	%		5.18	%		54	%
Class C
10/31/2019	$	—	$	8.54		6.81	%	$	12.0		1.83	%		1.83	%		4.48	%		96	%
10/31/2018	$	—	$	8.36		(0.93	)%^b	$	16.0		1.82	%		1.82	%		4.31	%		46	%
10/31/2017	$	—	$	8.81		5.77	%^bf	$	23.6		1.81	%		1.81	%^e		4.38	%^e		62	%
10/31/2016	$	—	$	8.70		6.98	%^b	$	31.2		1.81	%		1.81	%		4.57	%		72	%
10/31/2015	$	—	$	8.51		(3.55	)%	$	40.7		1.81	%		1.81	%		4.45	%		54	%

277

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions
High Income Bond Fund (cont'd)
Class R3
10/31/2019	$	8.35	$	0.42	$	0.18		$	0.60		$	(0.42	)	$	—		$	—	$	(0.42	)
10/31/2018	$	8.80	$	0.41	$	(0.45	)	$	(0.04	)	$	(0.41	)	$	—		$	—	$	(0.41	)
10/31/2017	$	8.69	$	0.42	$	0.11		$	0.53		$	(0.42	)	$	—		$	—	$	(0.42	)
10/31/2016	$	8.50	$	0.42	$	0.19		$	0.61		$	(0.42	)	$	—		$	—	$	(0.42	)
10/31/2015	$	9.28	$	0.44	$	(0.72	)	$	(0.28	)	$	(0.44	)	$	(0.06	)	$	—	$	(0.50	)
Class R6
10/31/2019	$	8.36	$	0.48	$	0.18		$	0.66		$	(0.48	)	$	—		$	—	$	(0.48	)
10/31/2018	$	8.81	$	0.47	$	(0.45	)	$	0.02		$	(0.47	)	$	—		$	—	$	(0.47	)
10/31/2017	$	8.70	$	0.49	$	0.11		$	0.60		$	(0.49	)	$	—		$	—	$	(0.49	)
10/31/2016	$	8.51	$	0.48	$	0.19		$	0.67		$	(0.48	)	$	—		$	—	$	(0.48	)
10/31/2015	$	9.29	$	0.50	$	(0.72	)	$	(0.22	)	$	(0.50	)	$	(0.06	)	$	—	$	(0.56	)
Municipal High Income Fund
Institutional Class
10/31/2019	$	10.00	$	0.36	$	0.59		$	0.95		$	(0.36	)	$	—		$	—	$	(0.36	)
10/31/2018	$	10.20	$	0.36	$	(0.20	)	$	0.16		$	(0.36	)	$	—		$	—	$	(0.36	)
10/31/2017	$	10.42	$	0.36	$	(0.14	)	$	0.22		$	(0.36	)	$	(0.08	)	$	—	$	(0.44	)
10/31/2016	$	10.10	$	0.35	$	0.32		$	0.67		$	(0.35	)	$	(0.00	)	$	—	$	(0.35	)
Period from 6/22/2015^{^} to 10/31/2015	$	10.00	$	0.13	$	0.10		$	0.23		$	(0.13	)	$	—		$	—	$	(0.13	)
Class A
10/31/2019	$	10.00	$	0.32	$	0.58		$	0.90		$	(0.32	)	$	—		$	—	$	(0.32	)
10/31/2018	$	10.20	$	0.33	$	(0.20	)	$	0.13		$	(0.33	)	$	—		$	—	$	(0.33	)
10/31/2017	$	10.42	$	0.32	$	(0.14	)	$	0.18		$	(0.32	)	$	(0.08	)	$	—	$	(0.40	)
10/31/2016	$	10.11	$	0.30	$	0.32		$	0.62		$	(0.31	)	$	(0.00	)	$	—	$	(0.31	)
Period from 6/22/2015^{^} to 10/31/2015	$	10.00	$	0.12	$	0.10		$	0.22		$	(0.11	)	$	—		$	—	$	(0.11	)
Class C
10/31/2019	$	10.00	$	0.24	$	0.59		$	0.83		$	(0.24	)	$	—		$	—	$	(0.24	)
10/31/2018	$	10.21	$	0.25	$	(0.21	)	$	0.04		$	(0.25	)	$	—		$	—	$	(0.25	)
10/31/2017	$	10.42	$	0.24	$	(0.13	)	$	0.11		$	(0.24	)	$	(0.08	)	$	—	$	(0.32	)
10/31/2016	$	10.10	$	0.23	$	0.32		$	0.55		$	(0.23	)	$	(0.00	)	$	—	$	(0.23	)
Period from 6/22/2015^{^} to 10/31/2015	$	10.00	$	0.09	$	0.10		$	0.19		$	(0.09	)	$	—		$	—	$	(0.09	)

See Notes to Financial Highlights

278

	Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^a			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
High Income Bond Fund (cont'd)
Class R3
10/31/2019	$	—	$	8.53		7.37	%	$	4.2		1.30	%		1.30	%		4.98	%		96	%
10/31/2018	$	—	$	8.35		(0.49	)%^b	$	3.5		1.37	%		1.37	%		4.77	%		46	%
10/31/2017	$	—	$	8.80		6.20	%^bf	$	12.3		1.37	%		1.37	%^e§		4.81	%^e		62	%
10/31/2016	$	—	$	8.69		7.48	%^b	$	6.6		1.41	%		1.37	%		4.99	%		72	%
10/31/2015	$	—	$	8.50		(3.08	)%	$	7.5		1.32	%		1.32	%		4.93	%		54	%
Class R6
10/31/2019	$	—	$	8.54		8.12	%	$	747.4		0.60	%		0.60	%		5.69	%		96	%
10/31/2018	$	—	$	8.36		0.26	%^b	$	712.4		0.63	%		0.63	%		5.48	%		46	%
10/31/2017	$	—	$	8.81		7.03	%^bf	$	1,503.1		0.61	%		0.61	%^e		5.56	%^e		62	%
10/31/2016	$	—	$	8.70		8.26	%^b	$	908.2		0.61	%		0.61	%		5.75	%		72	%
10/31/2015	$	—	$	8.51		(2.39	)%	$	805.9		0.61	%		0.61	%		5.64	%		54	%
Municipal High Income Fund
Institutional Class
10/31/2019	$	—	$	10.59		9.62	%	$	122.7		0.86	%		0.50	%		3.46	%		112	%
10/31/2018	$	—	$	10.00		1.61	%	$	87.6		0.88	%		0.51	%		3.58	%		106	%
10/31/2017	$	—	$	10.20		2.24	%	$	96.1		0.86	%		0.50	%		3.53	%		107	%
10/31/2016	$	—	$	10.42		6.70	%	$	122.4		0.93	%		0.50	%		3.36	%		75	%
Period from 6/22/2015^{^} to 10/31/2015	$	—	$	10.10		2.27	%*	$	22.9		2.34	%^‡**		0.50	%^‡**		3.64	%^‡**		37	%*
Class A
10/31/2019	$	—	$	10.58		9.13	%	$	1.1		1.30	%		0.87	%		3.10	%		112	%
10/31/2018	$	—	$	10.00		1.24	%	$	0.8		1.35	%		0.88	%		3.23	%		106	%
10/31/2017	$	—	$	10.20		1.87	%	$	0.3		1.40	%		0.87	%		3.20	%		107	%
10/31/2016	$	—	$	10.42		6.21	%	$	0.8		1.47	%		0.87	%		2.90	%		75	%
Period from 6/22/2015^{^} to 10/31/2015	$	—	$	10.11		2.24	%*	$	5.0		2.94	%^‡**		0.86	%^‡**		3.41	%^‡**		37	%*
Class C
10/31/2019	$	—	$	10.59		8.41	%	$	0.7		1.99	%		1.62	%		2.32	%		112	%
10/31/2018	$	—	$	10.00		0.38	%	$	0.5		2.01	%		1.63	%		2.46	%		106	%
10/31/2017	$	—	$	10.21		1.20	%	$	0.7		1.99	%		1.62	%		2.41	%		107	%
10/31/2016	$	—	$	10.42		5.52	%	$	0.3		2.15	%		1.62	%		2.21	%		75	%
Period from 6/22/2015^{^} to 10/31/2015	$	—	$	10.10		1.87	%*	$	0.5		4.28	%^‡**		1.58	%^‡**		2.38	%^‡**		37	%*

279

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital			Total Distributions
Municipal Impact Fund
Institutional Class
10/31/2019	$	16.61	$	0.42	$	1.05		$	1.47		$	(0.42	)	$	—		$	—		$	(0.42	)
10/31/2018	$	17.32	$	0.40	$	(0.68	)	$	(0.28	)	$	(0.40	)	$	(0.03	)	$	—		$	(0.43	)
10/31/2017	$	17.76	$	0.39	$	(0.25	)	$	0.14		$	(0.39	)	$	(0.19	)	$	—		$	(0.58	)
10/31/2016	$	17.60	$	0.39	$	0.20		$	0.59		$	(0.39	)	$	(0.04	)	$	—		$	(0.43	)
10/31/2015	$	17.72	$	0.43	$	(0.08	)	$	0.35		$	(0.43	)	$	(0.04	)	$	—		$	(0.47	)
Class A
10/31/2019	$	16.61	$	0.35	$	1.06		$	1.41		$	(0.35	)	$	—		$	—		$	(0.35	)
Period from 6/19/2018^{^} to 10/31/2018	$	16.90	$	0.16	$	(0.29	)	$	(0.13	)	$	(0.16	)	$	—		$	—		$	(0.16	)
Class C
10/31/2019	$	16.61	$	0.23	$	1.05		$	1.28		$	(0.22	)	$	—		$	—		$	(0.22	)
Period from 6/19/2018^{^} to 10/31/2018	$	16.90	$	0.11	$	(0.29	)	$	(0.18	)	$	(0.11	)	$	—		$	—		$	(0.11	)
Municipal Intermediate Bond Fund
Investor Class
10/31/2019	$	11.39	$	0.28	$	0.68		$	0.96		$	(0.29	)	$	(0.02	)	$	—		$	(0.31	)
10/31/2018	$	11.81	$	0.25	$	(0.38	)	$	(0.13	)	$	(0.25	)	$	(0.04	)	$	—		$	(0.29	)
10/31/2017	$	11.97	$	0.23	$	(0.08	)	$	0.15		$	(0.23	)	$	(0.08	)	$	—		$	(0.31	)
10/31/2016	$	11.86	$	0.23	$	0.13		$	0.36		$	(0.23	)	$	(0.02	)	$	—		$	(0.25	)
10/31/2015	$	11.92	$	0.26	$	(0.05	)	$	0.21		$	(0.26	)	$	(0.01	)	$	—		$	(0.27	)
Institutional Class
10/31/2019	$	11.38	$	0.30	$	0.67		$	0.97		$	(0.30	)	$	(0.02	)	$	—		$	(0.32	)
10/31/2018	$	11.80	$	0.27	$	(0.38	)	$	(0.11	)	$	(0.27	)	$	(0.04	)	$	—		$	(0.31	)
10/31/2017	$	11.96	$	0.25	$	(0.09	)	$	0.16		$	(0.24	)	$	(0.08	)	$	—		$	(0.32	)
10/31/2016	$	11.85	$	0.25	$	0.13		$	0.38		$	(0.25	)	$	(0.02	)	$	—		$	(0.27	)
10/31/2015	$	11.91	$	0.28	$	(0.05	)	$	0.23		$	(0.28	)	$	(0.01	)	$	—		$	(0.29	)
Class A
10/31/2019	$	11.37	$	0.25	$	0.68		$	0.93		$	(0.26	)	$	(0.02	)	$	—		$	(0.28	)
10/31/2018	$	11.79	$	0.23	$	(0.38	)	$	(0.15	)	$	(0.23	)	$	(0.04	)	$	—		$	(0.27	)
10/31/2017	$	11.96	$	0.20	$	(0.09	)	$	0.11		$	(0.20	)	$	(0.08	)	$	(0.00	)	$	(0.28	)
10/31/2016	$	11.84	$	0.21	$	0.14		$	0.35		$	(0.21	)	$	(0.02	)	$	—		$	(0.23	)
10/31/2015	$	11.91	$	0.24	$	(0.06	)	$	0.18		$	(0.24	)	$	(0.01	)	$	—		$	(0.25	)

See Notes to Financial Highlights

280

	Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^a			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Municipal Impact Fund
Institutional Class
10/31/2019	$	—	$	17.66		8.93	%	$	59.0		1.11	%		0.44	%		2.43	%		100	%
10/31/2018	$	—	$	16.61		(1.61	)%	$	52.3		1.16	%^‡		0.87	%^‡		2.38	%^‡		92	%
10/31/2017	$	—	$	17.32		0.84	%^f	$	59.5		0.92	%		0.92	%^e		2.24	%^e		46	%
10/31/2016	$	—	$	17.76		3.38	%	$	62.3		0.96	%		0.96	%		2.19	%		28	%
10/31/2015	$	—	$	17.60		1.99	%	$	63.6		0.89	%		0.89	%		2.42	%		17	%
Class A
10/31/2019	$	—	$	17.67		8.58	%	$	0.1		1.51	%		0.81	%		2.01	%		100	%
Period from 6/19/2018^{^} to 10/31/2018	$	—	$	16.61		(0.78	)%*	$	0.0		1.77	%^‡**		0.81	%^‡**		2.47	%^‡**		92	%^{^^}
Class C
10/31/2019	$	—	$	17.67		7.75	%	$	0.0		2.43	%		1.55	%		1.31	%		100	%
Period from 6/19/2018^{^} to 10/31/2018	$	—	$	16.61		(1.06	)%*	$	0.0		2.55	%^‡**		1.56	%^‡**		1.71	%^‡**		92	%^{^^}
Municipal Intermediate Bond Fund
Investor Class
10/31/2019	$	—	$	12.04		8.46	%	$	13.3		0.75	%		0.57	%		2.40	%		92	%
10/31/2018	$	—	$	11.39		(1.10	)%	$	12.8		0.75	%		0.61	%		2.17	%		98	%
10/31/2017	$	—	$	11.81		1.28	%	$	13.8		0.78	%		0.65	%		1.94	%		71	%
10/31/2016	$	—	$	11.97		3.09	%	$	15.8		0.84	%		0.65	%		1.95	%		44	%
10/31/2015	$	—	$	11.86		1.82	%	$	16.2		0.84	%		0.65	%		2.21	%		22	%
Institutional Class
10/31/2019	$	—	$	12.03		8.63	%	$	182.3		0.55	%		0.42	%		2.54	%		92	%
10/31/2018	$	—	$	11.38		(0.95	)%	$	204.3		0.55	%		0.46	%		2.32	%		98	%
10/31/2017	$	—	$	11.80		1.43	%	$	200.1		0.58	%		0.50	%		2.10	%		71	%
10/31/2016	$	—	$	11.96		3.24	%	$	170.1		0.65	%		0.50	%		2.10	%		44	%
10/31/2015	$	—	$	11.85		1.97	%	$	137.0		0.66	%		0.50	%		2.36	%		22	%
Class A
10/31/2019	$	—	$	12.02		8.24	%	$	1.8		0.94	%		0.80	%		2.15	%		92	%
10/31/2018	$	—	$	11.37		(1.32	)%	$	6.5		0.93	%		0.83	%		1.95	%		98	%
10/31/2017	$	—	$	11.79		0.96	%	$	6.7		0.96	%		0.87	%		1.72	%		71	%
10/31/2016	$	—	$	11.96		2.95	%	$	10.1		1.03	%		0.87	%		1.70	%		44	%
10/31/2015	$	—	$	11.84		1.51	%	$	3.7		1.04	%		0.87	%		2.00	%		22	%

281

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions
Municipal Intermediate Bond Fund (cont'd)
Class C
10/31/2019	$	11.37	$	0.17	$	0.67		$	0.84		$	(0.17	)	$	(0.02	)	$	—	$	(0.19	)
10/31/2018	$	11.80	$	0.14	$	(0.39	)	$	(0.25	)	$	(0.14	)	$	(0.04	)	$	—	$	(0.18	)
10/31/2017	$	11.96	$	0.11	$	(0.08	)	$	0.03		$	(0.11	)	$	(0.08	)	$	—	$	(0.19	)
10/31/2016	$	11.84	$	0.12	$	0.14		$	0.26		$	(0.12	)	$	(0.02	)	$	—	$	(0.14	)
10/31/2015	$	11.91	$	0.15	$	(0.06	)	$	0.09		$	(0.15	)	$	(0.01	)	$	—	$	(0.16	)
Short Duration Bond Fund
Investor Class
10/31/2019	$	7.66	$	0.17	$	0.16		$	0.33		$	(0.19	)	$	—		$	—	$	(0.19	)
10/31/2018	$	7.79	$	0.12	$	(0.10	)	$	0.02		$	(0.15	)	$	—		$	—	$	(0.15	)
10/31/2017	$	7.86	$	0.07	$	(0.04	)	$	0.03		$	(0.10	)	$	—		$	—	$	(0.10	)
10/31/2016	$	7.87	$	0.06	$	0.02		$	0.08		$	(0.09	)	$	—		$	—	$	(0.09	)
10/31/2015	$	7.92	$	0.01	$	0.02		$	0.03		$	(0.08	)	$	—		$	—	$	(0.08	)
Trust Class
10/31/2019	$	7.30	$	0.15	$	0.16		$	0.31		$	(0.18	)	$	—		$	—	$	(0.18	)
10/31/2018	$	7.43	$	0.10	$	(0.10	)	$	0.00		$	(0.13	)	$	—		$	—	$	(0.13	)
10/31/2017	$	7.49	$	0.06	$	(0.03	)	$	0.03		$	(0.09	)	$	—		$	—	$	(0.09	)
10/31/2016	$	7.50	$	0.04	$	0.03		$	0.07		$	(0.08	)	$	—		$	—	$	(0.08	)
10/31/2015	$	7.55	$	0.00	$	0.02		$	0.02		$	(0.07	)	$	—		$	—	$	(0.07	)
Institutional Class
10/31/2019	$	7.65	$	0.18	$	0.17		$	0.35		$	(0.21	)	$	—		$	—	$	(0.21	)
10/31/2018	$	7.79	$	0.13	$	(0.11	)	$	0.02		$	(0.16	)	$	—		$	—	$	(0.16	)
10/31/2017	$	7.85	$	0.09	$	(0.03	)	$	0.06		$	(0.12	)	$	—		$	—	$	(0.12	)
10/31/2016	$	7.87	$	0.07	$	0.01		$	0.08		$	(0.10	)	$	—		$	—	$	(0.10	)
10/31/2015	$	7.92	$	0.03	$	0.02		$	0.05		$	(0.10	)	$	—		$	—	$	(0.10	)
Class A
10/31/2019	$	7.30	$	0.14	$	0.16		$	0.30		$	(0.17	)	$	—		$	—	$	(0.17	)
10/31/2018	$	7.42	$	0.09	$	(0.08	)	$	0.01		$	(0.13	)	$	—		$	—	$	(0.13	)
10/31/2017	$	7.49	$	0.05	$	(0.04	)	$	0.01		$	(0.08	)	$	—		$	—	$	(0.08	)
10/31/2016	$	7.49	$	0.04	$	0.03		$	0.07		$	(0.07	)	$	—		$	—	$	(0.07	)
10/31/2015	$	7.55	$	0.00	$	0.01		$	0.01		$	(0.07	)	$	—		$	—	$	(0.07	)

See Notes to Financial Highlights

282

	Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^a			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Municipal Intermediate Bond Fund (cont'd)
Class C
10/31/2019	$	—	$	12.02		7.43	%	$	2.6		1.68	%		1.54	%		1.43	%		92	%
10/31/2018	$	—	$	11.37		(2.14	)%	$	3.2		1.68	%		1.58	%		1.20	%		98	%
10/31/2017	$	—	$	11.80		0.30	%	$	3.2		1.71	%		1.62	%		0.97	%		71	%
10/31/2016	$	—	$	11.96		2.18	%	$	4.1		1.78	%		1.62	%		0.96	%		44	%
10/31/2015	$	—	$	11.84		0.76	%	$	2.2		1.80	%		1.62	%		1.24	%		22	%
Short Duration Bond Fund
Investor Class
10/31/2019	$	—	$	7.80		4.40	%^b	$	21.8		1.03	%		0.59	%		2.18	%		131	%
10/31/2018	$	—	$	7.66		0.22	%^b	$	20.9		1.09	%		0.63	%		1.50	%		99	%
10/31/2017	$	—	$	7.79		0.41	%^b	$	24.0		1.10	%		0.70	%		0.88	%		107	%
10/31/2016	$	—	$	7.86		0.98	%^b	$	28.9		1.21	%		0.70	%		0.70	%		104	%
10/31/2015	$	—	$	7.87		0.44	%	$	29.9		1.27	%		0.70	%		0.13	%		75	%
Trust Class
10/31/2019	$	—	$	7.43		4.25	%^b	$	2.0		1.15	%		0.69	%		2.07	%		131	%
10/31/2018	$	—	$	7.30		0.04	%^b	$	2.1		1.21	%		0.73	%		1.42	%		99	%
10/31/2017	$	—	$	7.43		0.40	%^b	$	2.3		1.23	%		0.80	%		0.78	%		107	%
10/31/2016	$	—	$	7.49		0.88	%^b	$	2.6		1.36	%		0.80	%		0.60	%		104	%
10/31/2015	$	—	$	7.50		0.30	%	$	3.0		1.43	%		0.80	%		0.03	%		75	%
Institutional Class
10/31/2019	$	—	$	7.79		4.62	%^b	$	56.3		0.78	%		0.39	%		2.37	%		131	%
10/31/2018	$	—	$	7.65		0.29	%^b	$	54.7		0.84	%		0.43	%		1.71	%		99	%
10/31/2017	$	—	$	7.79		0.74	%^b	$	72.8		0.84	%		0.50	%		1.10	%		107	%
10/31/2016	$	—	$	7.85		1.06	%^b	$	48.3		0.99	%		0.50	%		0.91	%		104	%
10/31/2015	$	—	$	7.87		0.64	%	$	30.3		1.04	%		0.50	%		0.32	%		75	%
Class A
10/31/2019	$	—	$	7.43		4.18	%^b	$	0.8		1.17	%		0.76	%		1.92	%		131	%
10/31/2018	$	—	$	7.30		0.11	%^b	$	1.4		1.24	%		0.81	%		1.28	%		99	%
10/31/2017	$	—	$	7.42		0.20	%^b	$	2.5		1.24	%		0.87	%		0.69	%		107	%
10/31/2016	$	—	$	7.49		0.94	%^b	$	4.9		1.36	%		0.87	%		0.54	%		104	%
10/31/2015	$	—	$	7.49		0.10	%	$	4.1		1.41	%		0.87	%		(0.03	)%		75	%

283

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital			Total Distributions
Short Duration Bond Fund (cont'd)
Class C
10/31/2019	$	7.29	$	0.09		$	0.17		$	0.26		$	(0.12	)	$	—		$	—		$	(0.12	)
10/31/2018	$	7.42	$	0.04		$	(0.10	)	$	(0.06	)	$	(0.07	)	$	—		$	—		$	(0.07	)
10/31/2017	$	7.49	$	(0.00	)	$	(0.04	)	$	(0.04	)	$	(0.03	)	$	—		$	—		$	(0.03	)
10/31/2016	$	7.50	$	(0.02	)	$	0.02		$	0.00		$	(0.01	)	$	—		$	—		$	(0.01	)
10/31/2015	$	7.55	$	(0.06	)	$	0.02		$	(0.04	)	$	(0.01	)	$	—		$	—		$	(0.01	)
Short Duration High Income Fund
Institutional Class
10/31/2019	$	9.43	$	0.44		$	0.12		$	0.56		$	(0.44	)	$	—		$	—		$	(0.44	)
10/31/2018	$	9.75	$	0.41		$	(0.32	)	$	0.09		$	(0.41	)	$	—		$	—		$	(0.41	)
10/31/2017	$	9.69	$	0.41		$	0.06		$	0.47		$	(0.41	)	$	—		$	—		$	(0.41	)
10/31/2016	$	9.63	$	0.40		$	0.06		$	0.46		$	(0.40	)	$	—		$	—		$	(0.40	)
10/31/2015	$	10.05	$	0.40		$	(0.42	)	$	(0.02	)	$	(0.40	)	$	—		$	—		$	(0.40	)
Class A
10/31/2019	$	9.43	$	0.40		$	0.14		$	0.54		$	(0.41	)	$	—		$	—		$	(0.41	)
10/31/2018	$	9.76	$	0.38		$	(0.33	)	$	0.05		$	(0.38	)	$	—		$	—		$	(0.38	)
10/31/2017	$	9.70	$	0.38		$	0.05		$	0.43		$	(0.37	)	$	—		$	—		$	(0.37	)
10/31/2016	$	9.63	$	0.36		$	0.07		$	0.43		$	(0.36	)	$	—		$	—		$	(0.36	)
10/31/2015	$	10.05	$	0.36		$	(0.42	)	$	(0.06	)	$	(0.36	)	$	—		$	—		$	(0.36	)
Class C
10/31/2019	$	9.42	$	0.33		$	0.13		$	0.46		$	(0.33	)	$	—		$	—		$	(0.33	)
10/31/2018	$	9.75	$	0.31		$	(0.33	)	$	(0.02	)	$	(0.31	)	$	—		$	—		$	(0.31	)
10/31/2017	$	9.69	$	0.30		$	0.06		$	0.36		$	(0.30	)	$	—		$	—		$	(0.30	)
10/31/2016	$	9.63	$	0.29		$	0.06		$	0.35		$	(0.29	)	$	—		$	—		$	(0.29	)
10/31/2015	$	10.05	$	0.29		$	(0.42	)	$	(0.13	)	$	(0.29	)	$	—		$	—		$	(0.29	)
Strategic Income Fund
Trust Class
10/31/2019	$	10.61	$	0.38		$	0.41		$	0.79		$	(0.35	)	$	—		$	(0.06	)	$	(0.41	)
10/31/2018	$	11.15	$	0.37		$	(0.51	)	$	(0.14	)	$	(0.40	)	$	—		$	—		$	(0.40	)
10/31/2017	$	11.06	$	0.33		$	0.11		$	0.44		$	(0.34	)	$	—		$	(0.01	)	$	(0.35	)
10/31/2016	$	10.79	$	0.32		$	0.30		$	0.62		$	(0.34	)	$	—		$	(0.01	)	$	(0.35	)
10/31/2015	$	11.32	$	0.32		$	(0.43	)	$	(0.11	)	$	(0.32	)	$	(0.06	)	$	(0.04	)	$	(0.42	)

See Notes to Financial Highlights

284

	Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^a			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Short Duration Bond Fund (cont'd)
Class C
10/31/2019	$	—	$	7.43		3.55	%^b	$	1.4		1.92	%		1.51	%		1.26	%		131	%
10/31/2018	$	—	$	7.29		(0.78	)%^b	$	1.2		1.98	%		1.55	%		0.57	%		99	%
10/31/2017	$	—	$	7.42		(0.55	)%^b	$	1.6		1.99	%		1.62	%		(0.06	)%		107	%
10/31/2016	$	—	$	7.49		0.05	%^b	$	3.0		2.11	%		1.62	%		(0.20	)%		104	%
10/31/2015	$	—	$	7.50		(0.49	)%	$	2.0		2.17	%		1.62	%		(0.79	)%		75	%
Short Duration High Income Fund
Institutional Class
10/31/2019	$	—	$	9.55		6.06	%	$	28.5		1.28	%		0.76	%		4.64	%		64	%
10/31/2018	$	—	$	9.43		0.98	%	$	78.4		1.05	%		0.75	%		4.30	%		78	%
10/31/2017	$	—	$	9.75		4.94	%	$	114.7		0.94	%		0.75	%		4.20	%		84	%
10/31/2016	$	—	$	9.69		4.92	%	$	107.0		0.87	%		0.75	%		4.20	%		51	%
10/31/2015	$	—	$	9.63		(0.22	)%	$	235.0		0.81	%		0.75	%		4.05	%		45	%
Class A
10/31/2019	$	—	$	9.56		5.78	%	$	1.1		1.82	%		1.13	%		4.26	%		64	%
10/31/2018	$	—	$	9.43		0.51	%	$	1.1		1.47	%		1.12	%		3.92	%		78	%
10/31/2017	$	—	$	9.76		4.55	%	$	2.6		1.35	%		1.12	%		3.86	%		84	%
10/31/2016	$	—	$	9.70		4.64	%	$	3.4		1.30	%		1.12	%		3.82	%		51	%
10/31/2015	$	—	$	9.63		(0.59	)%	$	2.8		1.21	%		1.12	%		3.68	%		45	%
Class C
10/31/2019	$	—	$	9.55		5.00	%	$	1.0		2.52	%		1.88	%		3.52	%		64	%
10/31/2018	$	—	$	9.42		(0.24	)%	$	1.0		2.21	%		1.88	%		3.20	%		78	%
10/31/2017	$	—	$	9.75		3.78	%	$	1.1		2.09	%		1.87	%		3.10	%		84	%
10/31/2016	$	—	$	9.69		3.77	%	$	1.2		2.05	%		1.87	%		3.10	%		51	%
10/31/2015	$	—	$	9.63		(1.33	)%	$	0.3		1.99	%		1.87	%		2.93	%		45	%
Strategic Income Fund
Trust Class
10/31/2019	$	—	$	10.99		7.60	%^b	$	8.6		1.02	%		0.94	%		3.53	%		113	%^c
10/31/2018	$	—	$	10.61		(1.24	)%^b	$	19.5		1.00	%		0.94	%		3.37	%		116	%^c
10/31/2017	$	—	$	11.15		4.09	%^b	$	20.0		1.00	%		0.94	%		3.03	%		136	%^c
10/31/2016	$	—	$	11.06		5.91	%	$	27.7		1.14	%		1.09	%		2.99	%		141	%^c
10/31/2015	$	—	$	10.79		(1.03	)%^b	$	53.1		1.14	%		1.06	%		2.90	%		103	%^c

285

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital			Total Distributions
Strategic Income Fund (cont'd)
Institutional Class
10/31/2019	$	10.62	$	0.42	$	0.40		$	0.82		$	(0.39	)	$	—		$	(0.06	)	$	(0.45	)
10/31/2018	$	11.16	$	0.41	$	(0.51	)	$	(0.10	)	$	(0.44	)	$	—		$	—		$	(0.44	)
10/31/2017	$	11.07	$	0.37	$	0.11		$	0.48		$	(0.38	)	$	—		$	(0.01	)	$	(0.39	)
10/31/2016	$	10.79	$	0.36	$	0.31		$	0.67		$	(0.38	)	$	—		$	(0.01	)	$	(0.39	)
10/31/2015	$	11.32	$	0.36	$	(0.43	)	$	(0.07	)	$	(0.35	)	$	(0.07	)	$	(0.04	)	$	(0.46	)
Class A
10/31/2019	$	10.63	$	0.37	$	0.41		$	0.78		$	(0.35	)	$	—		$	(0.06	)	$	(0.41	)
10/31/2018	$	11.17	$	0.36	$	(0.50	)	$	(0.14	)	$	(0.40	)	$	—		$	—		$	(0.40	)
10/31/2017	$	11.08	$	0.33	$	0.11		$	0.44		$	(0.34	)	$	—		$	(0.01	)	$	(0.35	)
10/31/2016	$	10.80	$	0.32	$	0.31		$	0.63		$	(0.34	)	$	—		$	(0.01	)	$	(0.35	)
10/31/2015	$	11.33	$	0.32	$	(0.43	)	$	(0.11	)	$	(0.32	)	$	(0.06	)	$	(0.04	)	$	(0.42	)
Class C
10/31/2019	$	10.62	$	0.30	$	0.40		$	0.70		$	(0.27	)	$	—		$	(0.06	)	$	(0.33	)
10/31/2018	$	11.15	$	0.29	$	(0.50	)	$	(0.21	)	$	(0.32	)	$	—		$	—		$	(0.32	)
10/31/2017	$	11.06	$	0.25	$	0.11		$	0.36		$	(0.26	)	$	—		$	(0.01	)	$	(0.27	)
10/31/2016	$	10.79	$	0.24	$	0.30		$	0.54		$	(0.26	)	$	—		$	(0.01	)	$	(0.27	)
10/31/2015	$	11.32	$	0.24	$	(0.43	)	$	(0.19	)	$	(0.24	)	$	(0.06	)	$	(0.04	)	$	(0.34	)
Class R6
10/31/2019	$	10.61	$	0.43	$	0.40		$	0.83		$	(0.40	)	$	—		$	(0.06	)	$	(0.46	)
10/31/2018	$	11.15	$	0.42	$	(0.51	)	$	(0.09	)	$	(0.45	)	$	—		$	—		$	(0.45	)
10/31/2017	$	11.06	$	0.38	$	0.11		$	0.49		$	(0.39	)	$	—		$	(0.01	)	$	(0.40	)
10/31/2016	$	10.79	$	0.37	$	0.30		$	0.67		$	(0.39	)	$	—		$	(0.01	)	$	(0.40	)
10/31/2015	$	11.32	$	0.37	$	(0.43	)	$	(0.06	)	$	(0.36	)	$	(0.07	)	$	(0.04	)	$	(0.47	)
Unconstrained Bond Fund
Institutional Class
10/31/2019	$	9.30	$	0.32	$	(0.47	)	$	(0.15	)	$	(0.24	)	$	—		$	(0.09	)	$	(0.33	)
10/31/2018	$	9.41	$	0.29	$	(0.17	)	$	0.12		$	(0.23	)	$	—		$	—		$	(0.23	)
10/31/2017	$	9.18	$	0.23	$	0.14		$	0.37		$	(0.10	)	$	—		$	(0.04	)	$	(0.14	)
10/31/2016	$	9.38	$	0.27	$	(0.20	)	$	0.07		$	—		$	—		$	(0.27	)	$	(0.27	)
10/31/2015	$	9.89	$	0.27	$	(0.49	)	$	(0.22	)	$	(0.16	)	$	—		$	(0.13	)	$	(0.29	)

See Notes to Financial Highlights

286

	Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^a			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Strategic Income Fund (cont'd)
Institutional Class
10/31/2019	$	—	$	10.99		7.87	%^b	$	2,357.5		0.62	%		0.59	%		3.84	%		113	%^c
10/31/2018	$	—	$	10.62		(0.89	)%^b	$	2,219.8		0.62	%		0.59	%		3.75	%		116	%^c
10/31/2017	$	—	$	11.16		4.45	%^b	$	2,041.0		0.63	%		0.59	%		3.37	%		136	%^c
10/31/2016	$	—	$	11.07		6.38	%	$	1,436.8		0.78	%		0.74	%		3.33	%		141	%^c
10/31/2015	$	—	$	10.79		(0.69	)%^b	$	1,355.2		0.78	%		0.71	%		3.25	%		103	%^c
Class A
10/31/2019	$	—	$	11.00		7.44	%^b	$	113.5		1.01	%		0.99	%		3.45	%		113	%^c
10/31/2018	$	—	$	10.63		(1.29	)%^b	$	160.8		1.01	%		0.99	%		3.32	%		116	%^c
10/31/2017	$	—	$	11.17		4.03	%^b	$	193.1		1.02	%		1.00	%		2.98	%		136	%^c
10/31/2016	$	—	$	11.08		5.95	%	$	290.5		1.18	%		1.14	%		2.96	%		141	%^c
10/31/2015	$	—	$	10.80		(1.08	)%^b	$	360.8		1.17	%		1.11	%		2.84	%		103	%^c
Class C
10/31/2019	$	—	$	10.99		6.70	%^b	$	100.5		1.74	%		1.69	%		2.75	%		113	%^c
10/31/2018	$	—	$	10.62		(1.89	)%^b	$	122.2		1.74	%		1.69	%		2.62	%		116	%^c
10/31/2017	$	—	$	11.15		3.31	%^b	$	150.2		1.75	%		1.69	%		2.28	%		136	%^c
10/31/2016	$	—	$	11.06		5.13	%	$	183.9		1.91	%		1.84	%		2.45	%		141	%^c
10/31/2015	$	—	$	10.79		(1.77	)%^b	$	202.9		1.91	%		1.81	%		2.14	%		103	%^c
Class R6
10/31/2019	$	—	$	10.98		7.98	%^b	$	301.4		0.52	%		0.50	%		3.94	%		113	%^c
10/31/2018	$	—	$	10.61		(0.83	)%^b	$	348.7		0.55	%		0.52	%		3.82	%		116	%^c
10/31/2017	$	—	$	11.15		4.52	%^b	$	311.0		0.56	%		0.52	%		3.43	%		136	%^c
10/31/2016	$	—	$	11.06		6.36	%	$	206.5		0.71	%		0.67	%		3.43	%		141	%^c
10/31/2015	$	—	$	10.79		(0.62	)%^b	$	230.9		0.71	%		0.64	%		3.32	%		103	%^c
Unconstrained Bond Fund
Institutional Class
10/31/2019	$	—	$	8.82		(1.66	)%	$	21.2		1.13	%		0.66	%		3.52	%		61	%^c
10/31/2018	$	—	$	9.30		1.24	%^b	$	43.8		1.06	%		0.67	%		3.03	%		57	%^c
10/31/2017	$	—	$	9.41		4.05	%	$	45.8		1.30	%		0.68	%		2.48	%		73	%^c
10/31/2016	$	—	$	9.18		0.79	%	$	4.7		1.24	%		0.66	%		3.01	%		50	%^c
10/31/2015	$	—	$	9.38		(2.28	)%	$	189.1		1.27	%		0.67	%		2.80	%		75	%^c

287

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains		Tax Return of Capital			Total Distributions
Unconstrained Bond Fund (cont'd)
Class A
10/31/2019	$	9.28	$	0.28	$	(0.44	)	$	(0.16	)	$	(0.20	)	$	—	$	(0.09	)	$	(0.29	)
10/31/2018	$	9.41	$	0.25	$	(0.19	)	$	0.06		$	(0.19	)	$	—	$	—		$	(0.19	)
10/31/2017	$	9.17	$	0.20	$	0.15		$	0.35		$	(0.07	)	$	—	$	(0.04	)	$	(0.11	)
10/31/2016	$	9.37	$	0.22	$	(0.19	)	$	0.03		$	—		$	—	$	(0.23	)	$	(0.23	)
10/31/2015	$	9.89	$	0.26	$	(0.53	)	$	(0.27	)	$	(0.12	)	$	—	$	(0.13	)	$	(0.25	)
Class C
10/31/2019	$	9.31	$	0.21	$	(0.47	)	$	(0.26	)	$	(0.13	)	$	—	$	(0.09	)	$	(0.22	)
10/31/2018	$	9.42	$	0.18	$	(0.17	)	$	0.01		$	(0.12	)	$	—	$	—		$	(0.12	)
10/31/2017	$	9.18	$	0.13	$	0.15		$	0.28		$	(0.00	)	$	—	$	(0.04	)	$	(0.04	)
10/31/2016	$	9.38	$	0.17	$	(0.20	)	$	(0.03	)	$	—		$	—	$	(0.17	)	$	(0.17	)
10/31/2015	$	9.89	$	0.19	$	(0.52	)	$	(0.33	)	$	(0.05	)	$	—	$	(0.13	)	$	(0.18	)
Class R6
10/31/2019	$	9.31	$	0.33	$	(0.48	)	$	(0.15	)	$	(0.24	)	$	—	$	(0.09	)	$	(0.33	)
10/31/2018	$	9.42	$	0.29	$	(0.17	)	$	0.12		$	(0.23	)	$	—	$	—		$	(0.23	)
10/31/2017	$	9.19	$	0.24	$	0.14		$	0.38		$	(0.11	)	$	—	$	(0.04	)	$	(0.15	)
10/31/2016	$	9.38	$	0.25	$	(0.17	)	$	0.08		$	—		$	—	$	(0.27	)	$	(0.27	)
10/31/2015	$	9.89	$	0.31	$	(0.53	)	$	(0.22	)	$	(0.16	)	$	—	$	(0.13	)	$	(0.29	)

See Notes to Financial Highlights

288

	Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^a			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Unconstrained Bond Fund (cont'd)
Class A
10/31/2019	$	—	$	8.83		(1.70	)%	$	0.2		1.70	%		1.03	%		3.13	%		61	%^c
10/31/2018	$	—	$	9.28		0.65	%^b	$	0.4		1.50	%		1.04	%		2.67	%		57	%^c
10/31/2017	$	—	$	9.41		3.78	%	$	0.5		1.78	%		1.06	%		2.13	%		73	%^c
10/31/2016	$	—	$	9.17		0.41	%	$	0.6		1.61	%		1.03	%		2.48	%		50	%^c
10/31/2015	$	—	$	9.37		(2.74	)%	$	0.1		1.76	%		1.14	%		2.73	%		75	%^c
Class C
10/31/2019	$	—	$	8.83		(2.75	)%	$	0.0		2.36	%		1.77	%		2.36	%		61	%^c
10/31/2018	$	—	$	9.31		0.12	%^b	$	0.0		2.26	%		1.78	%		1.94	%		57	%^c
10/31/2017	$	—	$	9.42		3.02	%	$	0.0		2.56	%		1.81	%		1.38	%		73	%^c
10/31/2016	$	—	$	9.18		(0.34	)%	$	0.0		2.40	%		1.78	%		1.86	%		50	%^c
10/31/2015	$	—	$	9.38		(3.36	)%	$	0.2		2.50	%		1.87	%		1.96	%		75	%^c
Class R6
10/31/2019	$	—	$	8.83		(1.56	)%	$	31.8		1.04	%		0.56	%		3.62	%		61	%^c
10/31/2018	$	—	$	9.31		1.31	%^b	$	54.3		0.99	%		0.60	%		3.12	%		57	%^c
10/31/2017	$	—	$	9.42		4.12	%	$	52.8		1.26	%		0.62	%		2.57	%		73	%^c
10/31/2016	$	—	$	9.19		0.97	%	$	49.7		1.13	%		0.59	%		2.66	%		50	%^c
10/31/2015	$	—	$	9.38		(2.21	)%	$	0.2		1.32	%		0.70	%		3.19	%		75	%^c

289

Notes to Financial Highlights Income Funds

# Represents the annualized ratios of net expenses to average daily net assets if Management had not reimbursed certain expenses and/or waived a portion of the investment management fee and if High Income and Municipal Impact had not received refunds, plus interest, from State Street noted in (f) below for custodian out-of-pocket expenses previously paid during the year ended October 31, 2017.

@ Calculated based on the average number of shares outstanding during each fiscal period.

** Annualized.

* Not annualized.

^ The date investment operations commenced.

‡ Organization expense and/or proxy-related expense, which is a non-recurring expense, is included in these ratios on a non-annualized basis.

§ After repayment of expenses previously reimbursed and/or fees previously waived by Management, as applicable. Had the Fund not made such repayments, the annualized ratios of net expenses to average net assets would have been:

				Year Ended October 31, 2017
High Income Class R3					1.35	%

^^ Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended October 31, 2019, for Core Bond and for the year ended October 31, 2018, for Municipal Impact.

a Total return based on per share NAV reflects the effects of changes in NAV on the performance of each Fund during each fiscal period. Returns assume income dividends and other distributions, if any, were reinvested, but do not reflect the effect of sales charges. Results represent past performance and do not indicate future results. Current returns may be lower or higher than the performance data quoted. Investment returns and principal will fluctuate and shares when redeemed may be worth more or less than original cost. Total return would have been lower if Management had not reimbursed and/or waived certain expenses. Total return would have been higher if Management had not recouped previously reimbursed and/or waived expenses.

b The class action proceeds listed in Note A of the Notes to Financial Statements, if any, had no impact on the Funds' total returns for the year ended October 31, 2019. The class action proceeds received in 2018, 2017, 2016 and 2015 had no impact on the Funds' total returns for the years ended October 31, 2018, 2017, 2016 and 2015, respectively.

c Excluding mortgage dollar roll transactions. Had mortgage dollar roll transactions been included, the portfolio turnover rate would have been:

	Year Ended October 31,
	2019			2018			2017			2016			2015
Core Bond		187	%		224	%		269	%		222	%		240	%
Strategic Income		325	%		345	%		352	%		363	%		357	%
Unconstrained Bond		86	%		77	%		88	%		65	%		86	%

d The voluntary contribution received in 2015 for Emerging Markets Debt had no impact on the Fund's total returns for the year ended October 31, 2015.

290

Notes to Financial Highlights Income Funds (cont'd)

e The custodian expenses refund noted in (f) below is non-recurring and is included in these ratios. Had High Income and Municipal Impact not received the refund, the annualized ratios of net expenses to average net assets and the annualized ratios of net investment income/(loss) to average net assets would have been:

	Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/(Loss) to Average Net Assets
	Year Ended October 31, 2017
High Income Bond Investor Class		0.84	%		5.34	%
High Income Bond Institutional Class		0.70	%		5.49	%
High Income Bond Class A		1.14	%		5.05	%
High Income Bond Class C		1.81	%		4.38	%
High Income Bond Class R3		1.37	%		4.81	%
High Income Bond Class R6		0.61	%		5.56	%
Municipal Impact Institutional Class		0.92	%		2.23	%

f In May 2016, the Funds' custodian, State Street, announced that it had identified inconsistencies in the way in which certain Funds were invoiced for categories of expenses, particularly those deemed "out-of-pocket" costs, from 1998 through November 2015, and refunded to High Income and Municipal Impact Funds certain expenses, plus interest, determined to be payable to those Funds for the period in question. These amounts were refunded to those Funds by State Street during the year ended October 31, 2017. These amounts had no impact on High Income's and Municipal Impact's total returns for the year ended October 31, 2017.

291

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of
Neuberger Berman Income Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Neuberger Berman Core Bond Fund, Neuberger Berman Floating Rate Income Fund, Neuberger Berman Municipal High Income Fund, Neuberger Berman Municipal Impact Fund, and Neuberger Berman Short Duration High Income Fund (the "Funds"), each a series of Neuberger Berman Income Funds (the "Trust"), including the schedule of investments, as of October 31, 2019, and 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 (with respect to Neuberger Berman Municipal High Income Fund, for each of the four years in the period then ended and for the period June 22, 2015 to October 31, 2015), and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of October 31, 2019, 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 their financial highlights for the periods stated above, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the 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 have served as the auditor of one or more of the funds in the Trust since 2005.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements 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 the Funds' 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, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our 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. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian, agent banks, companies and brokers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Philadelphia, Pennsylvania
December 20, 2019

292

Report of Independent Registered Public Accounting Firm

To the Shareholders of Neuberger Berman Emerging Markets Debt Fund, Neuberger Berman High Income Bond Fund, Neuberger Berman Municipal Intermediate Bond Fund, Neuberger Berman Short Duration Bond Fund, Neuberger Berman Strategic Income Fund and Neuberger Berman Unconstrained Bond Fund and the Board of Trustees of Neuberger Berman Income Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Neuberger Berman Emerging Markets Debt Fund, Neuberger Berman High Income Bond Fund, Neuberger Berman Municipal Intermediate Bond Fund, Neuberger Berman Short Duration Bond Fund, Neuberger Berman Strategic Income Fund, and Neuberger Berman Unconstrained Bond Fund (collectively referred to as the "Funds"), six of the series constituting Neuberger Berman Income Funds (the "Trust"), including the schedules of investments, as of October 31, 2019 and the related statements of operations, the statements of changes in net assets for each of the two years in the period ended, and the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds (six of the series constituting Neuberger Berman Income Funds) at October 31, 2019, the results of their operations, the changes in net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Neuberger Berman investment companies since 1954.

Boston, Massachusetts
December 20, 2019

293

Name, (Year of Birth), and Address⁽¹⁾	Position(s) and Length of Time Served⁽²⁾	Principal Occupation(s)⁽³⁾
Claudia A. Brandon (1956)	Executive Vice President since 2008 and Secretary since 1985	Senior Vice President, Neuberger Berman, since 2007 and Employee since 1999; Senior Vice President, NBIA, since 2008 and Assistant Secretary since 2004; formerly, Vice President, Neuberger Berman, 2002 to 2006; formerly, Vice President — Mutual Fund Board Relations, NBIA, 2000 to 2008; formerly, Vice President, NBIA, 1986 to 1999 and Employee, 1984 to 1999; Executive Vice President and Secretary, twenty-nine registered investment companies for which NBIA acts as investment manager and/or administrator.
Agnes Diaz (1971)	Vice President since 2013	Senior Vice President, Neuberger Berman, since 2012; Senior Vice President, NBIA, since 2012 and Employee since 1996; formerly, Vice President, Neuberger Berman, 2007 to 2012; Vice President, ten registered investment companies for which NBIA acts as investment manager and/or administrator.
Anthony DiBernardo (1979)	Assistant Treasurer since 2011	Senior Vice President, Neuberger Berman, since 2014; Senior Vice President, NBIA, since 2014, and Employee since 2003; formerly, Vice President, Neuberger Berman, 2009 to 2014; Assistant Treasurer, ten registered investment companies for which NBIA acts as investment manager and/or administrator.
Savonne L. Ferguson (1973)	Chief Compliance Officer since 2018	Senior Vice President, Chief Compliance Officer (Mutual Funds) and Associate General Counsel, NBIA, since November 2018; formerly, Vice President T. Rowe Price Group, Inc. (2018), Vice President and Senior Legal Counsel, T. Rowe Price Associates, Inc. (2014-2018), Vice President and Director of Regulatory Fund Administration, PNC Capital Advisors, LLC (2009-2014), Secretary, PNC Funds and PNC Advantage Funds (2010-2014); Chief Compliance Officer, twenty-nine registered investment companies for which NBIA acts as investment manager and/or administrator.
Corey A. Issing (1978)	Chief Legal Officer since 2016 (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002)	General Counsel and Head of Compliance — Mutual Funds since 2016 and Managing Director, NBIA, since 2017; formerly, Associate General Counsel (2015 to 2016), Counsel (2007 to 2015), Senior Vice President (2013-2016), Vice President (2009-2013); Chief Legal Officer (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002), twenty-nine registered investment companies for which NBIA acts as investment manager and/or administrator.
Sheila R. James (1965)	Assistant Secretary since 2002	Vice President, Neuberger Berman, since 2008 and Employee since 1999; Vice President, NBIA, since 2008; formerly, Assistant Vice President, Neuberger Berman, 2007; Employee, NBIA, 1991 to 1999; Assistant Secretary, twenty-nine registered investment companies for which NBIA acts as investment manager and/or administrator.
Brian Kerrane (1969)	Chief Operating Officer since 2015 and Vice President since 2008	Managing Director, Neuberger Berman, since 2013; Chief Operating Officer — Mutual Funds and Managing Director, NBIA, since 2015; formerly, Senior Vice President, Neuberger Berman, 2006 to 2014; Vice President, NBIA, 2008 to 2015 and Employee since 1991; Chief Operating Officer, ten registered investment companies for which NBIA acts as investment manager and/or administrator; Vice President, twenty-nine registered investment companies for which NBIA acts as investment manager and/or administrator.

Municipal High Income	99.69	%
Municipal Impact	99.40	%
Municipal Intermediate Bond	100.00	%

Capital Gains Distributions	Ordinary Income		Short-Term Capital Gains
Core Bond $—	$	13,405,221	$	—
Floating Rate Income —		15,483,338		—
High Income —		116,826,812		—
Municipal Impact 112,302		—		—
Municipal Intermediate Bond 418,522		—		—
Strategic Income —		93,798,119		—

By:	/s/ Joseph V. Amato
	Joseph V. Amato
	Chief Executive Officer and President

By:	/s/ John M. McGovern
	John M. McGovern
	Treasurer and Principal Financial
	and Accounting Officer